Innovative Industrial Propertie (IIPR) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Innovative Industrial Propertie

NYSE•Real Estate•REIT - Industrial

$55.91-0.50(-0.01%)Pre-market

Market Cap

$1.61B

P/E

11.6x

P/S

6.1x

P/B

0.9x

Innovative Industrial Properties, Inc. is an internally managed real estate investment trust focused on the acquisition, ownership and management of specialized industrial properties and financial investments in the life science industry. As of June 30, 2026, we owned 108 properties comprising an aggregate of approximately 8.4 million rentable square feet in 19 states. Innovative Industrial Properties, Inc. was established on June 15th 2016 and is incorporated in Maryland.

How this company scores

GoodMetricSide Score: 62/100

Strongest: Profitability (21/25); weakest: Growth (8/25).

Profitability21/25

Growth8/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality18/25

Strengths

Strong marginsInterest easily coveredCash-backed earningsConsistent free cash flow

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 11.6x5y range 10.0x – 54.8x

Currently near its 20-quarter median.

P/S · 6.1x5y range 5.0x – 30.6x

Currently below its 20-quarter median.

P/B · 0.9x5y range 0.7x – 3.9x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Revenue Decline

Red Flag

TTM revenue has contracted 11.8% — significant decline indicating deteriorating demand.

Price & Volume

Market Cap $1.61B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $263.65M
Q. Revenue: $63.31M
TTM EBITDA: $210.18M
TTM Op. Income: $135.62M
Q. Op. Income: $41.45M
TTM Net Income: $137.81M
Q. Net Income: $43.85M
EPS: $1.39
Shares Out.: $28.44M

$263.65M in TTM revenue declined 8.4% YoY, reaching $63.31M last quarter. TTM EBITDA of $210.18M and TTM operating income of $135.62M show growth is flowing through to the bottom line. TTM net income of $137.81M means revenue is converting into profit. Over the past year, TTM revenue is down 8% — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 95.2%
Op. Margin: 65.5%
Net Margin: 69.3%

Op. margin of 65.5% is up 19.5% YoY — cost efficiency is improving. Net margin at 69.3% Over the past year, operating margin is up 42% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 11.6x
P/S Ratio: 6.1x
P/B Ratio: 0.9x

At 11.6x P/E, the stock trades below typical market levels. P/S of 6.1x and P/B of 0.9x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is up 4% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $2.58B
Cash: $204.73M
Long-Term Debt: N/A
Book Value: $1.85B
D/E Ratio: N/A
Debt/EBITDA: 0.0

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $44.92M
TTM Free Cash Flow: $196.45M
FCF Margin: 74.5%
FCF / Net Income: 1.4

TTM FCF of $196.45M on $44.92M in operating cash flow. The FCF / Net Income ratio of 1.4x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is down 7% — a weakening trend.