IIPR Stock Analysis: Innovative Industrial | NYSE
REIT - Industrial | NYSE, USA | Market Cap: 1.802m USD | 12M Return: 27.5% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 20.4M
EPS Trend: -87.4%
Qual. Beats: 0
Rev. Trend: -72.0%
Qual. Beats: 1
Warnings
Tailwinds
No distinct edge detected
Seasonality 9.6 years of data
Average return per month, with how dependable it is below — did the month move the same way every year (high) or randomly (low). Above 60 is a pattern worth trusting; under 40 is noise.
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: 120.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.08 > 0.02 and ΔFCF/TA -1.29 > 1.0 |
| NWC/Revenue: -105.3% < 20% (prev 6.80%; Δ -112.1% < -1%) |
| CFO/TA 0.08 > 3% & CFO 200.0m > Net Income 120.0m |
| Net Debt (277.9m) to EBITDA (216.4m): 1.28 < 3 |
| Current Ratio: 0.24 > 1.5 & < 3 |
| Outstanding Shares: last quarter (28.5m) vs 12m ago -0.42% < -2% |
| Gross Margin: 60.26% > 18% (prev 90.44%; Δ -30.18% > 0.5%) |
| Asset Turnover: 11.09% > 50% (prev 12.96%; Δ -1.86% > 0%) |
| Interest Coverage Ratio: 6.42 > 6 (EBIT TTM 142.1m / Interest Expense TTM 22.1m) |
| A: -0.12 (Total Current Assets 89.1m - Total Current Liabilities 366.2m) / Total Assets 2.39b |
| B: -0.14 (Retained Earnings -337.3m / Total Assets 2.39b) |
| C: 0.06 (EBIT TTM 142.1m / Avg Total Assets 2.37b) |
| D: 3.79 (Book Value of Equity 1.89b / Total Liabilities 499.4m) |
| Altman-Z'' = 3.17 = A |
| DSRI: 0.85 (Receivables 16.8m/22.8m, Revenue 263.2m/304.8m) |
| GMI: 1.50 (GM 90.44% / 60.26%) |
| AQI: 1.03 (AQ_t 0.96 / AQ_t-1 0.94) |
| SGI: 0.86 (Revenue 263.2m / 304.8m) |
| TATA: -0.03 (NI 120.0m - CFO 200.0m) / TA 2.39b) |
| Beneish M = -2.78 (Cap -4..+1) = A |
As of June 30, 2026, the stock is trading at USD 63.26 with a total of 688,165 shares traded. Over the past week, the price has changed by +5.59%, over one month by +8.50%, over three months by +28.80% and over the past year by +27.49%.
Current recommended Stop Loss: 61.00 (which is 3.6% or 1.3 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 | 61.8 | -2.4% |
P/E Trailing = 15.8559
P/E Forward = 14.6628
P/S = 6.9319
P/B = 1.0214
Revenue TTM = 263.2m USD
EBIT TTM = 142.1m USD
EBITDA TTM = 216.4m USD
Long Term Debt = 291.0m USD (from longTermDebt, last quarter)
Short Term Debt = 366.2m USD (from shortTermDebt, last quarter)
Debt = 367.0m USD (from shortLongTermDebtTotal, last quarter) + Leases 998k
Net Debt = 277.9m USD (calculated: Debt 367.0m - CCE 89.1m)
Enterprise Value = 2.08b USD (1.80b + Debt 367.0m - CCE 89.1m)
Interest Coverage Ratio = 6.42 (Ebit TTM 142.1m / Interest Expense TTM 22.1m)
EV/FCF = 10.56x (Enterprise Value 2.08b / FCF TTM 197.0m)
FCF Yield = 9.47% (FCF TTM 197.0m / Enterprise Value 2.08b)
FCF Margin = 74.85% (FCF TTM 197.0m / Revenue TTM 263.2m)
Net Margin = 45.58% (Net Income TTM 120.0m / Revenue TTM 263.2m)
Gross Margin = 60.26% ((Revenue TTM 263.2m - Cost of Revenue TTM 104.6m) / Revenue TTM)
Gross Margin QoQ = 35.15% (prev 32.41%)
Tobins Q-Ratio = 0.87 (Enterprise Value 2.08b / Total Assets 2.39b)
Interest Expense / Debt = 6.03% (Interest Expense 22.1m / Debt 367.0m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = 112.3m (EBIT 142.1m * (1 - 21.00%))
Current Ratio = 0.24 (Total Current Assets 89.1m / Total Current Liabilities 366.2m)
Debt / Equity = 0.19 (Debt 367.0m / totalStockholderEquity, last quarter 1.89b)
Debt / EBITDA = 1.28 (Net Debt 277.9m / EBITDA 216.4m)
Debt / FCF = 1.41 (Net Debt 277.9m / FCF TTM 197.0m)
Total Stockholder Equity = 1.87b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.06% (Net Income 120.0m / Total Assets 2.39b)
RoE = 6.41% (Net Income TTM 120.0m / Total Stockholder Equity 1.87b)
RoCE = 6.57% (EBIT 142.1m / Capital Employed (Equity 1.87b + L.T.Debt 291.0m))
RoIC = 4.72% (NOPAT 112.3m / Invested Capital 2.38b)
WACC = 6.80% (E(1.80b)/V(2.17b) * Re(7.22%) + D(367.0m)/V(2.17b) * Rd(6.03%) * (1-Tc(0.21)))
Discount Rate = 7.22% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -6.67 | Cagr: 0.29%
[DCF] Terminal Value 73.62% ; FCFF base≈207.8m ; Y1≈187.5m ; Y5≈160.5m
[DCF] Fair Price = 78.62 (EV 2.56b - Net Debt 277.9m = Equity 2.28b / Shares 29.0m; r=8.35% [WACC [floored]]; 5y FCF grow -12.02% → 2.50% )
EPS Correlation: -87.38 | EPS CAGR: -13.73% | SUE: -0.32 | # QB: 0
Revenue Correlation: -71.97 | Revenue CAGR: -4.85% | SUE: 1.72 | # QB: 1
EPS next Quarter (2026-09-30): EPS=1.09 | Chg30d=+1.70% | Revisions=N/A | Analysts=2
EPS current Year (2026-12-31): EPS=4.28 | Chg30d=-0.47% | Revisions=-20% | GrowthEPS=+8.9% | GrowthRev=+3.2%
EPS next Year (2027-12-31): EPS=4.79 | Chg30d=N/A | Revisions=N/A | GrowthEPS=+11.9% | GrowthRev=+0.6%
[Analyst] Revisions Ratio: -20%