Innovative Industrial Properties Inc. (IIPR) intrinsic value & 10-year financials
Innovative Industrial Properties Inc. (IIPR) has a Graham intrinsic value of $130.54 per share. At $51.61 on Oct 20, 2026, the stock trades 60% below that value. Over the last 10 fiscal years revenue grew 59.3% a year to $266.0M, with an average return on invested capital of 6.3%.
- Graham intrinsic value
- $130.54
- Share price (Oct 20, 2026)
- $51.61
- Price vs Graham value
- 60% below
- Market cap
- $1.5B
- Revenue (FY2025)
- $266.0M
- Revenue growth (10-yr CAGR)
- 59.3%
- ROIC (10-yr avg)
- 6.3%
- Free cash flow (FY2025)
- —
IIPR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $266.0M | $118.2M | $3.93 | — | 46.7% | 5.4% |
| FY2024 | $308.5M | $161.7M | $5.52 | — | 54.6% | 8.3% |
| FY2023 | $309.5M | $165.6M | $5.77 | — | 56.4% | 8.5% |
| FY2022 | $276.4M | $154.4M | $5.52 | — | 61.4% | 8.6% |
| FY2021 | $204.6M | $114.0M | $4.55 | — | 66.2% | 7.3% |
| FY2020 | $116.9M | $65.7M | $3.27 | — | 59.7% | 10.9% |
| FY2019 | $44.7M | $23.5M | $2.03 | — | 55.8% | 3.9% |
| FY2018 | $14.8M | $7.0M | $0.75 | — | 36.1% | 4.1% |
| FY2017 | $6.4M | -$72.0K | -$0.13 | -$896.0K | -3.5% | -0.1% |
| FY2016 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
INNOVATIVE INDUSTRIAL PROPERTIES INC revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
INNOVATIVE INDUSTRIAL PROPERTIES INC has historically struggled to out-earn its cost of capital, averaging just 6.7% ROIC.
INNOVATIVE INDUSTRIAL PROPERTIES INC capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, INNOVATIVE INDUSTRIAL PROPERTIES INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $130.54 per share.