Innovative Industrial Properties financials
$54.51−1.27%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 31 | FY24 Dec 31 | FY23 Dec 31 | FY22 Dec 31 | FY21 Dec 31 | FY20 Dec 31 | FY19 Dec 31 | FY18 Dec 31 | FY17 Dec 31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $266.0M | $308.5M | $309.5M | $276.4M | $204.6M | $116.9M | $44.7M | $14.8M | $6.4M |
| Gross profit | $235.8M | $280.0M | $284.6M | $265.8M | $200.1M | $111.9M | $43.4M | $14.3M | $6.3M |
| Gross margin | 88.7% | 90.8% | 92.0% | 96.2% | 97.8% | 95.8% | 97.1% | 97.0% | 98.2% |
| Operating income | $124.4M | $171.8M | $174.6M | $166.0M | $135.4M | $69.7M | $24.9M | $5.3M | -$223.0K |
| Net income | $111.4M | $157.6M | $162.8M | $153.0M | $112.1M | $63.9M | $21.7M | $5.5M | -$454.0K |
| Net margin | 41.9% | 51.1% | 52.6% | 55.4% | 54.8% | 54.6% | 48.6% | 36.9% | −7.1% |
| Diluted EPS | $3.93 | $5.52 | $5.77 | $5.52 | $4.55 | $3.27 | $2.03 | $0.75 | $-0.13 |
| EBITDA | $202.0M | $242.6M | $241.8M | $225.1M | $176.8M | $97.8M | $33.5M | $8.0M | $805.0K |
| Operating cash flow | $198.2M | $258.4M | $255.5M | -$139.7M | -$185.8M | $110.8M | -$39.7M | -$6.6M | -$896.0K |
| Free cash flow | $174.8M | $195.4M | $105.5M | -$139.7M | -$185.8M | -$178.7M | — | — | — |
| Diluted shares | 28.4M | 28.5M | 28.3M | 27.7M | 26.3M | 19.6M | 10.7M | 7.3M | 3.4M |
Balance sheet
| Period end | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $47.6M | $146.2M | $140.2M | $87.1M | $81.1M | $126.0M |
| Short-term investments | $0.00 | $5.0M | $21.9M | $200.9M | $324.9M | $619.3M |
| Total debt | $396.1M | $308.1M | $300.9M | $301.5M | $326.1M | $136.7M |
| Total assets | $2.37B | $2.38B | $2.39B | $2.41B | $2.08B | $1.77B |
| Total liabilities | $522.9M | $442.0M | $438.1M | $452.9M | $472.9M | $195.0M |
| Shareholders' equity | $1.85B | $1.94B | $1.95B | $1.96B | $1.61B | $1.57B |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology