Innovative Indus Financials

IIPR

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 65/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

100

Innovative Indus has an operating margin of 54.6%, meaning the company retains $55 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is down from 56.4% the prior year.

Growth

Innovative Indus's revenue declined 0.3% year-over-year, from $309.5M to $308.5M. This contraction results in a growth score of 28/100.

Leverage

100

Innovative Indus carries a low D/E ratio of 0.23, meaning only $0.23 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Returns

Innovative Indus's ROE of 8.3% shows moderate profitability relative to equity, earning a score of 33/100. This is down from 8.5% the prior year.

Piotroski F-Score Neutral

4/9

Innovative Indus passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.60x

For every $1 of reported earnings, Innovative Indus generates $1.60 in operating cash flow ($258.4M OCF vs $161.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

9.5x

Innovative Indus earns $9.5 in operating income for every $1 of interest expense ($168.3M vs $17.7M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

This page shows Innovative Indus (IIPR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$308.5M

YoY-0.3%

5Y CAGR+47.2%

Innovative Indus generated $308.5M in revenue in fiscal year 2024. This represents a decrease of 0.3% from the prior year.

EBITDA

$239.2M

YoY-1.1%

5Y CAGR+48.1%

Innovative Indus's EBITDA was $239.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 1.1% from the prior year.

Free Cash Flow

N/A

Net Income

$161.7M

YoY-2.4%

5Y CAGR+47.1%

Innovative Indus reported $161.7M in net income in fiscal year 2024. This represents a decrease of 2.4% from the prior year.

EPS (Diluted)

$5.52

YoY-4.3%

5Y CAGR+22.1%

Innovative Indus earned $5.52 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 4.3% from the prior year.

Cash & Debt

$146.2M

YoY+4.3%

5Y CAGR+12.2%

Innovative Indus held $146.2M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

28M

YoY+0.7%

5Y CAGR+17.5%

Innovative Indus had 28M shares outstanding in fiscal year 2024. This represents an increase of 0.7% from the prior year.

Gross Margin

N/A

Operating Margin

54.6%

YoY-1.8pp

5Y CAGR-1.3pp

Innovative Indus's operating margin was 54.6% in fiscal year 2024, reflecting core business profitability. This is down 1.8 percentage points from the prior year.

Net Margin

52.4%

YoY-1.1pp

5Y CAGR-0.2pp

Innovative Indus's net profit margin was 52.4% in fiscal year 2024, showing the share of revenue converted to profit. This is down 1.1 percentage points from the prior year.

Return on Equity

8.3%

YoY-0.1pp

5Y CAGR+4.1pp

Innovative Indus's ROE was 8.3% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 0.1 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

IIPR Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$308.5M-0.3%	$309.5M+12.0%	$276.4M+35.1%	$204.6M+75.0%	$116.9M+161.7%	$44.7M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$37.4M-12.6%	$42.8M+11.2%	$38.5M+67.8%	$23.0M+61.9%	$14.2M+44.4%	$9.8M
Operating Income	$168.3M-3.6%	$174.6M+2.9%	$169.6M+25.3%	$135.4M+94.1%	$69.7M+179.7%	$24.9M
Interest Expense	$17.7M+1.2%	$17.5M-4.6%	$18.3M+1.2%	$18.1M+143.4%	$7.4M+17.8%	$6.3M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$161.7M-2.4%	$165.6M+7.3%	$154.4M+35.4%	$114.0M+73.4%	$65.7M+180.0%	$23.5M
EPS (Diluted)	$5.52-4.3%	$5.77+4.5%	$5.52+21.3%	$4.55+39.1%	$3.27+61.1%	$2.03

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$64.7M+2.9%	$62.9M-12.3%	$71.7M-6.5%	$76.7M-3.8%	$79.8M+5.8%	$75.5M-4.7%	$79.2M+1.7%	$77.8M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$8.7M+0.6%	$8.6M+2.0%	$8.5M-4.8%	$8.9M-8.0%	$9.7M+1.0%	$9.6M-12.3%	$10.9M-0.7%	$11.0M
Operating Income	$29.4M+1.8%	$28.9M-14.9%	$34.0M-19.1%	$42.0M-0.8%	$42.3M+0.7%	$42.0M-4.4%	$44.0M+0.2%	$43.8M
Interest Expense	$4.5M+1.8%	$4.4M-1.2%	$4.5M-0.8%	$4.5M+5.0%	$4.3M-1.6%	$4.4M+5.9%	$4.1M-4.3%	$4.3M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$29.3M+12.6%	$26.0M-16.3%	$31.1M-22.4%	$40.0M-4.7%	$42.0M+6.5%	$39.4M-5.3%	$41.6M+0.1%	$41.6M
EPS (Diluted)	$0.97+12.8%	$0.86-16.5%	$1.03-23.7%	$1.35-6.2%	$1.44+5.9%	$1.36-6.2%	$1.450.0%	$1.45

IIPR Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$2.4B-0.5%	$2.4B-1.0%	$2.4B+15.8%	$2.1B+17.9%	$1.8B+137.1%	$745.9M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$146.2M+4.3%	$140.2M+61.0%	$87.1M+7.4%	$81.1M-35.6%	$126.0M+53.2%	$82.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$442.0M+0.9%	$438.1M-3.3%	$452.9M-4.2%	$472.9M+94.5%	$243.1M+22.9%	$197.8M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	$134.7M
Total Equity	$1.9B-0.9%	$2.0B-0.5%	$2.0B+21.7%	$1.6B+5.7%	$1.5B+178.3%	$548.0M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$2.3B+1.4%	$2.3B-2.0%	$2.4B-1.1%	$2.4B-0.3%	$2.4B-0.6%	$2.4B+0.4%	$2.4B+0.1%	$2.4B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$36.7M-63.2%	$99.7M-22.1%	$128.0M-12.5%	$146.2M+21.0%	$120.8M-21.3%	$153.5M+9.4%	$140.2M+19.8%	$117.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$474.6M+11.8%	$424.6M-1.3%	$430.4M-2.6%	$442.0M+1.1%	$437.0M-1.6%	$444.1M+1.4%	$438.1M-0.6%	$440.8M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.9B-0.9%	$1.9B-2.2%	$1.9B-0.7%	$1.9B-0.6%	$1.9B-0.4%	$2.0B+0.1%	$2.0B+0.2%	$1.9B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

IIPR Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$258.4M+1.1%	$255.5M+9.1%	$234.1M+24.0%	$188.7M+70.3%	$110.8M+146.6%	$44.9M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$56.0M-724.9%	-$6.8M+98.3%	-$396.2M-3.2%	-$384.1M+62.6%	-$1.0B-201.5%	-$340.6M
Financing Cash Flow	-$197.9M-1.2%	-$195.6M-219.1%	$164.2M+5.4%	$155.8M-83.2%	$925.0M+131.3%	$400.0M
Dividends Paid	$212.0M+4.6%	$202.7M+10.2%	$183.9M+40.5%	$131.0M+73.5%	$75.5M+234.1%	$22.6M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$45.6M-5.9%	$48.4M-10.7%	$54.2M-6.2%	$57.8M-10.0%	$64.2M-10.3%	$71.6M+8.3%	$66.1M+4.8%	$63.1M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$109.7M-1805.2%	-$5.8M+66.4%	-$17.2M-381.2%	-$3.6M+92.0%	-$44.4M-208.7%	-$14.4M-1724.5%	-$789K-106.3%	$12.4M
Financing Cash Flow	$1.1M+101.5%	-$71.0M-28.4%	-$55.3M-0.4%	-$55.1M-5.1%	-$52.4M-15.6%	-$45.4M-7.8%	-$42.1M+17.6%	-$51.1M
Dividends Paid	$53.8M-1.2%	$54.5M+0.4%	$54.3M0.0%	$54.3M+4.4%	$52.0M+0.9%	$51.5M+1.5%	$50.7M0.0%	$50.7M
Share Buybacks	$0-100.0%	$19.8M+6733.8%	$290K	$0	$0	$0	N/A	N/A

IIPR Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	54.6%-1.8pp	56.4%-5.0pp	61.4%-4.8pp	66.2%+6.5pp	59.7%+3.8pp	55.8%
Net Margin	52.4%-1.1pp	53.5%-2.4pp	55.9%+0.1pp	55.7%-0.5pp	56.2%+3.7pp	52.6%
Return on Equity	8.3%-0.1pp	8.5%+0.6pp	7.9%+0.8pp	7.1%+2.8pp	4.3%+0.0pp	4.3%
Return on Assets	6.8%-0.1pp	6.9%+0.5pp	6.4%+0.9pp	5.5%+1.8pp	3.7%+0.6pp	3.1%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.230.0	0.220.0	0.23-0.1	0.29+0.1	0.16-0.1	0.25
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	45.5%-0.5pp	46.0%-1.4pp	47.4%-7.4pp	54.7%+1.7pp	53.1%-2.6pp	55.7%+0.2pp	55.5%-0.8pp	56.3%
Net Margin	45.3%+3.9pp	41.4%-2.0pp	43.3%-8.8pp	52.1%-0.5pp	52.6%+0.4pp	52.3%-0.4pp	52.6%-0.8pp	53.4%
Return on Equity	1.6%+0.2pp	1.4%-0.2pp	1.6%-0.5pp	2.1%-0.1pp	2.2%+0.1pp	2.0%-0.1pp	2.1%0.0pp	2.1%
Return on Assets	1.3%+0.1pp	1.1%-0.2pp	1.3%-0.4pp	1.7%-0.1pp	1.8%+0.1pp	1.6%-0.1pp	1.7%0.0pp	1.7%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.25+0.0	0.230.0	0.220.0	0.230.0	0.220.0	0.230.0	0.220.0	0.23
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Innovative Indus's annual revenue?

Innovative Indus (IIPR) reported $308.5M in total revenue for fiscal year 2024. This represents a -0.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Innovative Indus's revenue growing?

Innovative Indus (IIPR) revenue declined by 0.3% year-over-year, from $309.5M to $308.5M in fiscal year 2024.

Is Innovative Indus profitable?

Yes, Innovative Indus (IIPR) reported a net income of $161.7M in fiscal year 2024, with a net profit margin of 52.4%.

What is Innovative Indus's earnings per share (EPS)?

Innovative Indus (IIPR) reported diluted earnings per share of $5.52 for fiscal year 2024. This represents a -4.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Innovative Indus's EBITDA?

Innovative Indus (IIPR) had EBITDA of $239.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Innovative Indus's operating margin?

Innovative Indus (IIPR) had an operating margin of 54.6% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Innovative Indus's net profit margin?

Innovative Indus (IIPR) had a net profit margin of 52.4% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Innovative Indus's return on equity (ROE)?

Innovative Indus (IIPR) has a return on equity of 8.3% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Innovative Indus's operating cash flow?

Innovative Indus (IIPR) generated $258.4M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Innovative Indus's total assets?

Innovative Indus (IIPR) had $2.4B in total assets as of fiscal year 2024, including both current and long-term assets.

How many shares does Innovative Indus have outstanding?

Innovative Indus (IIPR) had 28M shares outstanding as of fiscal year 2024.

What is Innovative Indus's debt-to-equity ratio?

Innovative Indus (IIPR) had a debt-to-equity ratio of 0.23 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Innovative Indus's return on assets (ROA)?

Innovative Indus (IIPR) had a return on assets of 6.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Innovative Indus's Piotroski F-Score?

Innovative Indus (IIPR) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Innovative Indus's earnings high quality?

Innovative Indus (IIPR) has an earnings quality ratio of 1.60x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Innovative Indus cover its interest payments?

Innovative Indus (IIPR) has an interest coverage ratio of 9.5x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Innovative Indus?

Innovative Indus (IIPR) scores 65 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.