IIPR Stock Analysis: Innovative Industrial | NYSE
REIT - Industrial | NYSE, USA | Market Cap: 1.750m USD | 12M Return: 36% | US45781V1017 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 18.6M
EPS Trend: -82.3%
Qual. Beats: 1
Rev. Trend: -86.6%
Qual. Beats: -1
Warnings
Tailwinds
No distinct edge detected
Seasonality 9.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Innovative Industrial Properties, Inc. (IIPR) is a Maryland-incorporated REIT headquartered in San Diego, California. The company was formed in June 2016 and listed on the NYSE in December 2016. IIPR focuses on the acquisition, ownership, and management of specialized industrial properties and life science real estate.
As a REIT, IIPR operates under the U.S. tax framework that requires such entities to distribute the majority of their taxable income as dividends to shareholders in exchange for pass-through tax treatment. IIPRs portfolio is concentrated in regulated-tenant industrial facilities, including properties leased to state-licensed cannabis operators, which distinguishes it within the broader Industrial REITs sub-industry.
- Cannabis tenant defaults pressure FFO and dividend coverage
- Federal cannabis rescheduling unlocks institutional investor demand
- Rising interest rates compress cap rate spreads on acquisitions
| Net Income: 132.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.08 > 0.02 and ΔFCF/TA -2.08 > 1.0 |
| NWC/Revenue: -43.44% < 20% (prev 0.11%; Δ -43.55% < -1%) |
| CFO/TA 0.08 > 3% & CFO 200.0m > Net Income 132.0m |
| Net Debt (190.0m) to EBITDA (203.0m): 0.94 < 3 |
| Current Ratio: 0.64 > 1.5 & < 3 |
| Outstanding Shares: last quarter (29.2m) vs 12m ago 3.23% < -2% |
| Gross Margin: 74.29% > 18% (prev 89.88%; Δ -15.58% > 0.5%) |
| Asset Turnover: 10.79% > 50% (prev 12.49%; Δ -1.70% > 0%) |
| Interest Coverage Ratio: 3.30 > 6 (EBIT TTM 128.4m / Interest Expense TTM 38.9m) |
| A: -0.04 (Total Current Assets 204.7m - Total Current Liabilities 319.3m) / Total Assets 2.58b |
| B: -0.12 (Retained Earnings -313.0m / Total Assets 2.58b) |
| C: 0.05 (EBIT TTM 128.4m / Avg Total Assets 2.44b) |
| D: 2.54 (Book Value of Equity 1.85b / Total Liabilities 730.0m) |
| Altman-Z'' = 2.33 = BBB |
As of August 11, 2026, the stock is trading at USD 57.40 with a total of 356,265 shares traded. Over the past week, the price has changed by -2.03%, over one month by -10.92%, over three months by +4.76% and over the past year by +36.00%.
Current recommended Stop Loss: 55.10 (which is 4% or 1.2 ATR below the current price).
Innovative Industrial has received a consensus analysts rating of 3.00. Therefore, it is recommended to hold IIPR.
- StrongBuy: 1
- Buy: 1
- Hold: 2
- Sell: 1
- StrongSell: 1
| Analysts Target Price | 63.3 | 10.2% |
P/E Trailing = 15.4373
P/E Forward = 13.7363
P/S = 6.6381
P/B = 0.9545
Revenue TTM = 263.7m USD
EBIT TTM = 128.4m USD
EBITDA TTM = 203.0m USD
Long Term Debt = 290.6m USD (from longTermDebt, last fiscal year)
Short Term Debt = 319.3m USD (from shortTermDebt, last fiscal year)
Debt = 394.7m USD (from shortLongTermDebtTotal, last fiscal year) + Leases 998k
Net Debt = 190.0m USD (calculated: Debt 394.7m - CCE 204.7m)
Enterprise Value = 1.94b USD (1.75b + Debt 394.7m - CCE 204.7m)
Interest Coverage Ratio = 3.30 (Ebit TTM 128.4m / Interest Expense TTM 38.9m)
EV/FCF = 9.85x (Enterprise Value 1.94b / FCF TTM 197.0m)
FCF Yield = 10.16% (FCF TTM 197.0m / Enterprise Value 1.94b)
FCF Margin = 74.73% (FCF TTM 197.0m / Revenue TTM 263.7m)
Net Margin = 50.05% (Net Income TTM 132.0m / Revenue TTM 263.7m)
Gross Margin = 74.29% ((Revenue TTM 263.7m - Cost of Revenue TTM 67.8m) / Revenue TTM)
Gross Margin QoQ = none% (prev 35.15%)
Tobins Q-Ratio = 0.75 (Enterprise Value 1.94b / Total Assets 2.58b)
Interest Expense / Debt = 9.85% (Interest Expense 38.9m / Debt 394.7m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = 101.5m (EBIT 128.4m * (1 - 21.00%))
Current Ratio = 0.64 (Total Current Assets 204.7m / Total Current Liabilities 319.3m)
Debt / Equity = 0.21 (Debt 394.7m / totalStockholderEquity, last quarter 1.85b)
Debt / EBITDA = 0.94 (Net Debt 190.0m / EBITDA 203.0m)
Debt / FCF = 0.96 (Net Debt 190.0m / FCF TTM 197.0m)
Total Stockholder Equity = 1.86b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.40% (Net Income 132.0m / Total Assets 2.58b)
RoE = 7.08% (Net Income TTM 132.0m / Total Stockholder Equity 1.86b)
RoCE = 5.96% (EBIT 128.4m / Capital Employed (Equity 1.86b + L.T.Debt 290.6m))
RoIC = 3.95% (NOPAT 101.5m / Invested Capital 2.57b)
WACC = 6.90% (E(1.75b)/V(2.14b) * Re(6.70%) + D(394.7m)/V(2.14b) * Rd(9.85%) * (1-Tc(0.21)))
Discount Rate = 6.70% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 25.83 | Cagr: 1.20%
[DCF] Terminal Value 73.62% ; FCFF base≈207.8m ; Y1≈187.5m ; Y5≈160.5m
[DCF] Fair Price = 81.66 (EV 2.56b - Net Debt 190.0m = Equity 2.37b / Shares 29.0m; r=8.35% [WACC [floored]]; 5y FCF grow -12.02% → 2.50% )
EPS Correlation: -82.30 | EPS CAGR: -12.80% | SUE: 1.53 | # QB: 1
Revenue Correlation: -86.62 | Revenue CAGR: -6.51% | SUE: -3.66 | # QB: -1
EPS current Quarter (2026-09-30): EPS=1.09 | Chg30d=+1.70% | Revisions=+0% | Analysts=2
EPS current Year (2026-12-31): EPS=4.28 | Chg30d=-0.47% | Revisions=-25% | GrowthEPS=+8.9% | GrowthRev=+1.0%
EPS next Year (2027-12-31): EPS=4.79 | Chg30d=N/A | Revisions=+0% | GrowthEPS=+11.9% | GrowthRev=+3.1%
[Analyst] Revisions Ratio: -25% (up=0, down=1)