INNOVATIVE INDUSTRIAL PROPERTIES INC financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data INNOVATIVE INDUSTRIAL PROPERTIES INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	6.42	14.8	44.7	117	205	276	310	309	266
General and administrative	5.5	6.38	9.82	14.2	23	38.5	42.8	37.4	33.7
Operating expenses	6.64	9.45	19.7	47.2	69.2	110	135	137	142
Operating income	-0.22	5.34	24.9	69.7	135	170	175	168	124
Interest expense	0	0	6.31	7.43	18.1	18.3	17.5	17.7	20.2
Interest income	0.15					3.2	8.45	11
Net income	-0.07	6.99	23.5	65.7	114	154	166	162	118
EBITDA	0.69	7.97	33.5	97.8	177	231	242	239	198
EPS, basic	-0.13	0.76	2.06	3.28	4.69	5.57	5.82	5.58	3.98
EPS, diluted	-0.13	0.75	2.03	3.27	4.55	5.52	5.77	5.52	3.93
Shares, basic (weighted)	3.38	7.14	10.5	19.4	23.9	27.3	28	28.2	28
Shares, diluted (weighted)	3.38	7.29	10.7	19.6	26.3	27.7	28.3	28.5	28.4
Dividend per share	0.55

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	11.8	13.1	82.2	126	81.1	87.1	140	146	47.6
Short-term investments	0	120	120	619	325	201	21.9	5	0
Lease right-of-use assets		0	1.2	0.98	1.07	1.74	1.36	0.95	0.51
Intangible assets							8.25	7.39	6.37
Total assets	80	281	746	1,768	2,085	2,415	2,391	2,378	2,371
Total liabilities	6.48	17.2	198	243	473	453	438	442	523
Total debt			135						394
Paid-in capital	64	261	554	1,559	1,673	2,065	2,096	2,124	2,113
Retained earnings	-4.46	0
Shareholders' equity	73.5	264	548	1,525	1,612	1,962	1,953	1,936	1,848
Total equity	73.5	264	548	1,525	1,612	1,962	1,953	1,936	1,848
Total liabilities and equity	80	281	746	1,768	2,085	2,415	2,391	2,378	2,371
Shares outstanding	3.5	9.78	12.6	23.9	25.6	28	28.1	28.3	28

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-0.07	6.99	23.5	65.7	114	154	166	162	118
Depreciation and amortization	0.92	2.63	8.6	28	41.8	61.3	67.2	70.8	74.1
Stock-based compensation	1.72	1.47	2.5	3.33	8.62	17.5	19.6	17.3	10.1
Change in payables	0.99	0.89	1.43	1.22
Cash from operations	5.02	15.7	44.9	111	189	234	256	258	198
Capital expenditures	-5.91
Purchases of investments	0	-185	-256	-1,078	-570	-389	-112	-45.1	-5.26
Cash from investing	-38.6	-199	-341	-1,027	-384	-396	-6.79	-56	-174
Debt repaid							0	-4.44	-8.7
Stock issued	0	193	286	1,004		352	9.56	11.8	0
Share buybacks	0						0	0	-20.1
Dividends paid	-1.05	-6.64	-22.6	-75.5	-131	-184	-203	-212	-216
Cash from financing	12.4	185	400	925	156	164	-196	-198	-123
Net change in cash	21.2	-1.29	-104	8.69	-39.6	2.15	53.1	4.55	-98.6
Free cash flow	-0.9
Interest paid	0	0	3.06	5.39	14.4	17.2	16.1	16.1	17.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $55.52 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	51.4%	Operating income / revenue.
EBITDA margin	79.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	52.3%	Net income / revenue.
Operating cash flow margin	74.5%	Cash from operations / revenue.
Return on equity (ROE)	7.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.3%	Net income / average total assets.
Return on invested capital (ROIC)	6.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	4.1%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	28.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-13.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	17.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-26.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-9.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	12.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-17.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-5.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	15.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-26.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-8.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	12.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-28.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-10.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	3.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-23.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-5.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	12.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-4.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-2.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	3.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-0.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	7.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	28.3%	Total liabilities / total assets.
Interest coverage	5.21x	Operating income / interest expense.
Goodwill and intangibles / assets	0.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.85B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.10x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.59	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$8.79	Revenue / diluted weighted shares.
Operating cash flow per share	$6.55	Cash from operations / diluted weighted shares.
Book value per share	$67.16	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$66.96	Tangible book value / shares outstanding.
Cash per share	$7.43	(Cash + short-term investments) / shares outstanding.
Payout ratio	156.6%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.53B	Share price x shares outstanding.
Enterprise value	$1.33B	Market cap + total debt - cash - short-term investments.
P/E	11.1x	Market cap / net income. Only when net income is positive.
P/S	5.81x	Market cap / revenue.
P/B	0.83x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.83x	Market cap / tangible book value, when positive.
P/OCF	7.79x	Market cap / cash from operations, when positive.
EV/Sales	5.03x	Enterprise value / revenue.
EV/EBIT	9.78x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.31x	Enterprise value / EBITDA, when both are positive.
Earnings yield	9.0%	Net income / market cap (the inverse of P/E).
Dividend yield	14.1%	Dividends paid over the period / market cap.
Shareholder yield	19.9%	(Dividends paid + share buybacks) / market cap.

What was INNOVATIVE INDUSTRIAL PROPERTIES INC's revenue in fiscal 2025?

INNOVATIVE INDUSTRIAL PROPERTIES INC reported revenue of $266.0M for fiscal 2025, 13.8% lower than the year before.

Was INNOVATIVE INDUSTRIAL PROPERTIES INC profitable in fiscal 2025?

Yes. Net income was $118.2M, a net margin of 44.5%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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