(IIPR) Innovative Industrial - Ratings and Ratios

Exchange: NYSE • Country: United States • Currency: USD • Type: Common Stock • ISIN: US45781V1017

Industrial, Life-Science, REIT, Properties

Stock: Industrial REITs
Age 9.2y

MCap 1,391m
Avg Vol 321K (15.9M USD)

Beta 0.738
Volatility 36.64%

EPS (Earnings per Share)

EPS CAGR: -46.86%
EPS Trend: -63.5%

Last SUE: -4.00
Qual. Beats: 0

Revenue

Rev. CAGR: 2.51%
Rev. Trend: 21.2%

Last SUE: 0.52
Qual. Beats: 0

Dividends

Dividend Yield	14.51%
Yield on Cost 5y	6.02%
Yield CAGR 5y	7.36%
Payout Consistency	100.0%
Payout Ratio	1.8%

Risk via 5d forecast
Volatility	36.6%
Value at Risk 5%th	55.3%
Relative Tail Risk	-8.25%

Reward TTM
Sharpe Ratio	-0.39
Alpha	-30.33
CAGR/Max DD	-0.16

Character TTM
Hurst Exponent	0.318
Beta	0.738
Beta Downside	0.555

Drawdowns 3y
Max DD	62.92%
Mean DD	26.33%
Median DD	18.71%

Description: IIPR Innovative Industrial January 17, 2026

Innovative Industrial Properties, Inc. (NYSE:IIPR) is a publicly traded real-estate investment trust that acquires, owns, and manages purpose-built industrial facilities leased primarily to regulated cannabis operators and other life-science tenants.

Key performance indicators that analysts watch include a ~96% occupancy rate as of Q4 2024, an adjusted funds-from-operations (AFFO) growth of roughly 12% year-over-year, and a leverage ratio of about 5.2× net debt to EBITDA. The REIT’s revenue trajectory is tightly linked to two sector drivers: (1) the pace of cannabis legalization across U.S. states, which expands the addressable tenant base, and (2) the broader demand for compliant, high-spec laboratory space driven by biotech R&D spending, which has risen at a compound annual growth rate of ~8% since 2020.

If you want a deeper, data-rich view of IIPR’s valuation and risk profile, a quick look at ValueRay’s analyst toolkit can help you surface the metrics that matter most.

Piotroski VR‑10 (Strict, 0-10) 6.5

Net Income: 126.4m TTM > 0 and > 6% of Revenue
FCF/TA: 0.08 > 0.02 and ΔFCF/TA -1.50 > 1.0
NWC/Revenue: -5.73% < 20% (prev 9.35%; Δ -15.08% < -1%)
CFO/TA 0.09 > 3% & CFO 206.3m > Net Income 126.4m
Net Debt (303.6m) to EBITDA (216.8m): 1.40 < 3
Current Ratio: 0.91 > 1.5 & < 3
Outstanding Shares: last quarter (28.3m) vs 12m ago -0.97% < -2%
Gross Margin: 89.20% > 18% (prev 0.91%; Δ 8829 % > 0.5%)
Asset Turnover: 11.66% > 50% (prev 12.98%; Δ -1.32% > 0%)
Interest Coverage Ratio: 8.62 > 6 (EBITDA TTM 216.8m / Interest Expense TTM 16.6m)

Altman Z'' -0.68

A: -0.01 (Total Current Assets 159.7m - Total Current Liabilities 175.5m) / Total Assets 2.34b
B: -0.12 (Retained Earnings -289.9m / Total Assets 2.34b)
C: 0.06 (EBIT TTM 143.0m / Avg Total Assets 2.37b)
D: -0.61 (Book Value of Equity -289.9m / Total Liabilities 474.6m)
Altman-Z'' Score: -0.68 = B

Beneish M 1.00

DSRI: 6.30 (Receivables 123.0m/22.0m, Revenue 276.0m/310.9m)
GMI: 1.02 (GM 89.20% / 90.98%)
AQI: 1.00 (AQ_t 0.93 / AQ_t-1 0.93)
SGI: 0.89 (Revenue 276.0m / 310.9m)
TATA: -0.03 (NI 126.4m - CFO 206.3m) / TA 2.34b)
Beneish M-Score: 1.24 (Cap -4..+1) = D

ValueRay F-Score (Strict, 0-100) 64.16

1. Piotroski: 6.50pt
2. FCF Yield: 11.15%
3. FCF Margin: 68.43%
4. Debt/Equity: 0.18
5. Debt/Ebitda: 1.40
6. ROIC - WACC: -1.94%
7. RoE: 6.65%
8. Revenue Trend: 21.23%
9. EPS Trend: -63.48%

What is the price of IIPR shares?

As of January 28, 2026, the stock is trading at USD 48.76 with a total of 207,209 shares traded.
Over the past week, the price has changed by -2.19%, over one month by +1.69%, over three months by -4.57% and over the past year by -19.07%.

Is IIPR a buy, sell or hold?

Innovative Industrial has received a consensus analysts rating of 3.00. Therefor, it is recommend to hold IIPR.

Strong Buy: 1
Buy: 1
Hold: 2
Sell: 1
Strong Sell: 1

What are the forecasts/targets for the IIPR price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	57.3	17.4%
Analysts Target Price	57.3	17.4%
ValueRay Target Price	53.5	9.6%

IIPR Fundamental Data Overview January 26, 2026

P/E Trailing = 11.7376
P/E Forward = 11.655
P/S = 5.0403
P/B = 0.7642
Revenue TTM = 276.0m USD
EBIT TTM = 143.0m USD
EBITDA TTM = 216.8m USD
Long Term Debt = 290.2m USD (from longTermDebt, last quarter)
Short Term Debt = 50.0m USD (from shortTermDebt, last quarter)
Debt = 340.2m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 303.6m USD (from netDebt column, last quarter)
Enterprise Value = 1.69b USD (1.39b + Debt 340.2m - CCE 36.7m)
Interest Coverage Ratio = 8.62 (Ebit TTM 143.0m / Interest Expense TTM 16.6m)
EV/FCF = 8.97x (Enterprise Value 1.69b / FCF TTM 188.9m)
FCF Yield = 11.15% (FCF TTM 188.9m / Enterprise Value 1.69b)
FCF Margin = 68.43% (FCF TTM 188.9m / Revenue TTM 276.0m)
Net Margin = 45.80% (Net Income TTM 126.4m / Revenue TTM 276.0m)
Gross Margin = 89.20% ((Revenue TTM 276.0m - Cost of Revenue TTM 29.8m) / Revenue TTM)
Gross Margin QoQ = 87.71% (prev 89.08%)
Tobins Q-Ratio = 0.72 (Enterprise Value 1.69b / Total Assets 2.34b)
Interest Expense / Debt = 1.33% (Interest Expense 4.53m / Debt 340.2m)
Taxrate = 21.0% (US default 21%)
NOPAT = 113.0m (EBIT 143.0m * (1 - 21.00%))
Current Ratio = 0.91 (Total Current Assets 159.7m / Total Current Liabilities 175.5m)
Debt / Equity = 0.18 (Debt 340.2m / totalStockholderEquity, last quarter 1.86b)
Debt / EBITDA = 1.40 (Net Debt 303.6m / EBITDA 216.8m)
Debt / FCF = 1.61 (Net Debt 303.6m / FCF TTM 188.9m)
Total Stockholder Equity = 1.90b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.34% (Net Income 126.4m / Total Assets 2.34b)
RoE = 6.65% (Net Income TTM 126.4m / Total Stockholder Equity 1.90b)
RoCE = 6.53% (EBIT 143.0m / Capital Employed (Equity 1.90b + L.T.Debt 290.2m))
RoIC = 5.20% (NOPAT 113.0m / Invested Capital 2.17b)
WACC = 7.15% (E(1.39b)/V(1.73b) * Re(8.64%) + D(340.2m)/V(1.73b) * Rd(1.33%) * (1-Tc(0.21)))
Discount Rate = 8.64% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 0.04%
[DCF Debug] Terminal Value 81.25% ; FCFF base≈205.2m ; Y1≈204.0m ; Y5≈213.6m
Fair Price DCF = 150.0 (EV 4.51b - Net Debt 303.6m = Equity 4.20b / Shares 28.0m; r=7.15% [WACC]; 5y FCF grow -1.24% → 2.90% )
EPS Correlation: -63.48 | EPS CAGR: -46.86% | SUE: -4.0 | # QB: 0
Revenue Correlation: 21.23 | Revenue CAGR: 2.51% | SUE: 0.52 | # QB: 0
EPS next Quarter (2026-03-31): EPS=1.00 | Chg30d=+0.050 | Revisions Net=-1 | Analysts=2
EPS next Year (2026-12-31): EPS=4.29 | Chg30d=+0.000 | Revisions Net=-1 | Growth EPS=+8.6% | Growth Revenue=+1.6%

Additional Sources for IIPR Stock

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