Rankings
▼
Calendar
IIPR (Innovative Industrial Properties, Inc.) Stock Financials & Earnings | Market Cap Arena
IIPR
Innovative Industrial Properties, Inc.
Mkt Cap
$2B
Real Estate
·
REIT - Industrial
·
🇺🇸 United States
·
NYSE
Revenue (TTM)
$266M
Net Income (TTM)
$118M
EPS (TTM)
$3.93
Free Cash Flow (TTM)
$198M
Gross Margin
74.7%
Op. Margin
46.8%
Net Margin
44.5%
FCF Margin
74.5%
P/S Ratio (TTM)
5.8x
P/E Ratio (TTM)
13.0x
YoY Rev Growth
-13.8%
Employees
—
Earnings Reports
▶
Q4 2025
Browse All Reports
Quarterly
FY
Revenue & Profitability
Revenue
Gross Profit
Operating Income
Quarter
Revenue
Gross Profit
Op. Income
Q1 23
$76M
$70M
$43M
Q2 23
$76M
$71M
$43M
Q3 23
$78M
$72M
$44M
Q4 23
$79M
$72M
$44M
Q1 24
$75M
$69M
$42M
Q2 24
$80M
$73M
$42M
Q3 24
$77M
$69M
$42M
Q4 24
$77M
$69M
$42M
Q1 25
$72M
$64M
$34M
Q2 25
$63M
$56M
$29M
Q3 25
$65M
$57M
$29M
Q4 25
$67M
$22M
$32M
marketcaparena.com
Revenue Breakdown
IIPR
Innovative Industrial Properties, Inc.
Revenue Breakdown
Q4 2025
marketcaparena.com
Valuation
P/S Ratio
P/E Ratio
Quarter
P/S
P/E
Q1 23
5.3x
9.6x
Q2 23
5.2x
9.5x
Q3 23
5.1x
9.3x
Q4 23
5.0x
9.3x
Q1 24
5.0x
9.4x
Q2 24
4.9x
9.3x
Q3 24
4.9x
9.4x
Q4 24
5.0x
9.5x
Q1 25
5.0x
10.0x
Q2 25
5.3x
11.2x
Q3 25
5.6x
12.1x
Q4 25
5.8x
13.0x
marketcaparena.com
Operating Cash Flow
Operating Cash Flow
Free Cash Flow
Quarter
Operating CF
Free CF
Q1 23
$65M
$65M
Q2 23
$62M
$62M
Q3 23
$63M
$63M
Q4 23
$66M
$66M
Q1 24
$72M
$72M
Q2 24
$64M
$64M
Q3 24
$65M
$65M
Q4 24
$58M
$41M
Q1 25
$54M
$54M
Q2 25
$48M
$48M
Q3 25
$46M
$46M
Q4 25
$50M
$50M
marketcaparena.com
Capital Expenditures
CapEx
Quarter
CapEx
Q1 23
$0
Q2 23
$0
Q3 23
$0
Q4 23
$0
Q1 24
$0
Q2 24
$0
Q3 24
$0
Q4 24
$17M
Q1 25
$0
Q2 25
$0
Q3 25
$0
Q4 25
$0
marketcaparena.com
OpEx vs Revenue Growth (YoY)
Revenue Growth
OpEx Growth
Quarter
Revenue Growth
OpEx Growth
Q1 23
+17.9%
+32.8%
Q2 23
+8.4%
+25.3%
Q3 23
+9.8%
+15.1%
Q4 23
+12.3%
+34.2%
Q1 24
-0.8%
+2.2%
Q2 24
+4.4%
+13.4%
Q3 24
-1.7%
+1.7%
Q4 24
-3.0%
-1.3%
Q1 25
-4.9%
+13.0%
Q2 25
-21.2%
-9.2%
Q3 25
-15.5%
+2.0%
Q4 25
-13.1%
-0.7%
marketcaparena.com
Stock-Based Compensation
SBC ($)
% of Revenue
Quarter
SBC ($)
% of Revenue
Q1 23
$5M
6.3%
Q2 23
$5M
6.4%
Q3 23
$5M
6.3%
Q4 23
$5M
6.2%
Q1 24
$4M
5.7%
Q2 24
$4M
5.5%
Q3 24
$4M
5.6%
Q4 24
$0
0.0%
Q1 25
$2M
2.9%
Q2 25
$3M
4.2%
Q3 25
$3M
4.1%
Q4 25
$3M
4.0%
marketcaparena.com
OpEx Breakdown
G&A
Quarter
G&A
Q1 23
$10M
Q2 23
$11M
Q3 23
$11M
Q4 23
$11M
Q1 24
$10M
Q2 24
$10M
Q3 24
$9M
Q4 24
$9M
Q1 25
$8M
Q2 25
$9M
Q3 25
$9M
Q4 25
$8M
marketcaparena.com
War Chest
Cash & Equivalents
Short-Term Investments
Quarter
Cash
Short-term Investments
Total
Q1 23
$38M
$0
$38M
Q2 23
$93M
$0
$93M
Q3 23
$117M
$0
$117M
Q4 23
$140M
$0
$140M
Q1 24
$154M
$0
$154M
Q2 24
$121M
$0
$121M
Q3 24
$147M
$0
$147M
Q4 24
$146M
$0
$146M
Q1 25
$128M
$0
$128M
Q2 25
$100M
$0
$100M
Q3 25
$37M
$0
$37M
Q4 25
$48M
$0
$48M
marketcaparena.com
Shares Outstanding
Shares Outstanding
Quarter
Shares (Diluted)
QoQ Change
Q1 23
28M
+0.2%
Q2 23
28M
+0.1%
Q3 23
28M
+0.0%
Q4 23
28M
+0.1%
Q1 24
28M
+0.6%
Q2 24
29M
+0.4%
Q3 24
29M
+0.0%
Q4 24
29M
-0.1%
Q1 25
29M
+0.1%
Q2 25
28M
-0.9%
Q3 25
28M
-0.1%
Q4 25
28M
-0.0%
marketcaparena.com
Revenue Per Employee
Revenue / Employee
Year
Revenue/Employee
Employees
FY 15
—
—
FY 16
$64K
5
FY 17
$1M
6
FY 18
$2M
6
FY 19
$3M
13
FY 20
$8M
15
FY 21
$11M
18
FY 22
$15M
19
FY 23
$15M
21
FY 24
$14M
22
FY 25
$12M
23
marketcaparena.com