Is Innovative Industrial Properties (IIPR) overvalued or fairly valued?

MarketChacha shows Innovative Industrial Properties's valuation in context — a trailing P/E of about 12.5, a forward P/E of about 12.0, a price-to-book of about 0.8 — alongside its revenue and profit growth and whether reported profit converts into operating cash, so you can judge value for yourself. MarketChacha does not issue ratings, price targets, or buy/sell advice.

Does Innovative Industrial Properties's reported profit turn into cash?

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash. MarketChacha computes this cash-conversion check (1.60×) from reported figures — education, not a rating.

What is Innovative Industrial Properties's revenue?

Innovative Industrial Properties reported revenue of $266.0M for FY2025, with net profit of $118.2M, per official filings.

What is the share price of Innovative Industrial Properties (IIPR)?

Innovative Industrial Properties last traded at $52.78 (+2.3% on the day), as of 10/20/2026 — a delayed quote shown for education, not investment advice.

Innovative Industrial Properties

IIPR · NYSE · Real Estate · United States

Snapshot

TickerIIPR

ExchangeNYSE

SectorReal Estate

IndustryREIT - Industrial

CountryUnited States

Employees24

HeadquartersSan Diego, United States

Websitewww.innovativeindustrialproperties.com

Filings tracked25

About Innovative Industrial Properties

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.

Who owns it

Insiders2.0%
Institutions79.7%
Public & other18.3%

433 institutional holders

Ownership breakdown from public market data.

Top holders

Blackrock Inc.18.13%
Vanguard Portfolio Management LLC10.22%
State Street Corporation5.91%
Vanguard Capital Management LLC4.69%
Charles Schwab Investment Management, Inc.2.35%
Arrowstreet Capital, Limited Partnership2.05%
Mirae Asset Global ETFs Holdings Ltd.1.90%
Invesco Ltd.1.80%

Largest institutional holders — last updated 6/30/2026.

Forensic scorecard

Margin has compressed by about 9.0 points over the period — profitability is trending down.

Cash conversion1.60×

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash.

Net margin trend53.5% → 44.5%

Margin has compressed by about 9.0 points over the period — profitability is trending down.

Return on equity6.4%

Latest ROE of 6.4% is on the low side — the business earns a modest return on shareholder capital.

Growth qualityrev -7% · PAT -15%

Profit growth is broadly tracking revenue growth — the earnings trend looks operational rather than one-off.

Computed by MarketChacha from reported figures (SEC XBRL). Education, not a rating or recommendation.

What's expected next

Next quarter

Rev $61.4M · EPS 0.88

Est. earnings growth -17.0%

Next fiscal year

Rev $258.8M · EPS 4.39

Est. earnings growth +5.8%

Analyst consensus estimates — not the company's own guidance.

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P/E ROE ROCE Margins Market cap

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Financials at a glance

Source: SEC XBRL

Annual

Quarterly · last 8

Revenue (FY2025)

$266.0M

Net margin

44.5%

ROE

6.4%

Revenue CAGR (2y)

-7.3%

Profit CAGR (2y)

-15.5%

EPS (FY2025)

3.93

Net profit (FY2025)

$118.2M

Ask MarketChacha about IIPR

Get a cited, plain-English answer — the “why”, not just data. Finance research only, never buy/sell advice.

Financials

Yearly

Period	Revenue	Net profit	EPS	Net margin	ROE
FY2025	$266.0M	$118.2M	3.93	44.5%	6.4%
FY2024	$308.5M	$161.7M	5.52	52.4%	8.3%
FY2023	$309.5M	$165.6M	5.77	53.5%	8.5%

Quarterly

Period	Revenue	Net profit	EPS	Net margin
2026Q2	$63.3M	$43.9M*	1.36	—
2026Q1	$69.0M	$32.8M	1.02	47.6%
2025Q3	$64.7M	$29.3M	0.97	45.3%
2025Q2	$62.9M	$26.0M	0.86	41.4%
2025Q1	$71.7M	$31.1M	1.03	43.3%
2024Q3	$76.5M	$40.2M	1.37	52.6%
2024Q2	$79.8M	$42.0M	1.44	52.6%
2024Q1	$75.5M	$39.4M	1.36	52.3%
2023Q3	$77.8M	$41.6M	1.45	53.4%
2023Q2	$76.5M	$41.3M	1.44	54.0%
2023Q1	$76.1M	$41.1M	1.43	54.0%

* Net profit includes one-off / non-operating items (e.g. a settlement or accounting gain), so it doesn’t reflect operating performance — net margin is hidden for that period.

Figures as reported, in reporting currency. Source: SEC XBRL.

Filings & announcements

2026

8-K — Other events, Exhibits
SEC9/1/2026material
10-Q filing
SEC8/4/2026
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC8/3/2026material
8-K — Other events, Exhibits
SEC7/21/2026material
8-K — Material agreement, Material financial obligation, Unregistered equity sale, Other events, Exhibits
SEC6/15/2026material
8-K — Reg FD disclosure, Other events, Exhibits
SEC6/11/2026material
8-K — Executive/director change, Shareholder vote results, Exhibits
SEC6/9/2026material
8-K — Material agreement, Material financial obligation, Exhibits
SEC5/22/2026material
8-K — Material agreement, Material financial obligation, Reg FD disclosure, Exhibits
SEC5/20/2026material
8-K — Material agreement, Material financial obligation, Exhibits
SEC5/19/2026material
8-K — Material agreement, Material financial obligation, Reg FD disclosure, Exhibits
SEC5/6/2026material
10-Q filing
SEC5/5/2026
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC5/4/2026material
8-K — Material agreement, Material financial obligation, Exhibits
SEC4/29/2026material
8-K — Executive/director change
SEC4/10/2026material
8-K — Reg FD disclosure, Other events, Exhibits
SEC3/16/2026material
8-K — Other events, Exhibits
SEC3/4/2026material
10-K filing
SEC2/24/2026
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC2/23/2026material

2025

8-K — Results of operations, Reg FD disclosure, Exhibits
SEC11/4/2025material
10-Q filing
SEC11/4/2025
8-K — Material agreement, Material financial obligation, Reg FD disclosure, Exhibits
SEC10/9/2025material
8-K — Material agreement, Material financial obligation, Reg FD disclosure, Exhibits
SEC10/2/2025material
8-K — Material agreement, Reg FD disclosure, Exhibits
SEC8/12/2025material
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC8/7/2025material

In the news

Education and discussion only — not investment advice. Financials from official filings (SEC/BSE) and reported company statements; market figures (delayed market data) are delayed and shown for reference only. Verify with the linked sources before acting.