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

Innovative Indus (IIPR) reported diluted earnings per share of $3.93 for fiscal year 2025. This represents a -28.8% 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.

Innovative Indus Financials

IIPR

Trailing 12 months to June 30, 2026

Revenue $263.7M -8.4% YoY

Net Income $137.8M +0.3% YoY

EPS (Diluted) $4.41 -4.5% YoY

Free Cash Flow Not reported for the trailing 12 months

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 4, 2026 Currency USD FYE December

Innovative Indus (IIPR) reported $263.7M in revenue over the twelve months to Jun 30, 2026, down 8.4% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 9 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).

Rhea AI IIPR FY2025 2026-08-29

Asset-heavy property economics convert accounting earnings into cash, while FY2025 paired weaker revenue with distributions above operating cash flow.

FY2025 operating cash flow was $198M against net income of $118M, showing cash conversion exceeded reported profitability as non-cash and other operating adjustments bridged the gap. Yet dividends were $216M, so that cash conversion still did not fully fund distributions from operations.

The business is balance-sheet intensive: FY2025 assets were $2.37B against revenue of $266M, making asset returns more informative than sales margins alone. ROA fell from 6.8% in FY2024 to 5.0% in FY2025 as earnings weakened, showing the largely unchanged asset base absorbed less profit.

Revenue fell 13.8% in FY2025 while operating margin compressed from 54.6% to 46.7%; the paired movement points to weaker earnings throughput, not merely slower top-line growth. Liabilities increased 18.3% from FY2024 while assets were essentially flat, increasing the balance-sheet funding burden even though debt-to-equity remained 0.2x.

Financial Health Signals

Financial Health Score 71/100

Scored as: REITs peer group

Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Innovative Indus's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

FFO Margin

FFO Growth

Leverage

Interest Cov.

AFFO Margin

Dividend Cov.

Piotroski F-Score Partial

4/6

Innovative Indus passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.68x

For every $1 of reported earnings, Innovative Indus generates $1.68 in operating cash flow ($198.2M OCF vs $118.2M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

6.15x

Innovative Indus earns $6.15 in operating income for every $1 of interest expense ($124.1M vs $20.2M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$266.0M

YoY-13.8%

5Y CAGR+17.9%

Innovative Indus generated $266.0M in revenue in fiscal year 2025. This represents a decrease of 13.8% from the prior year.

EBITDA

$198.2M

YoY-17.1%

5Y CAGR+15.2%

Innovative Indus's EBITDA was $198.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 17.1% from the prior year.

Net Income

$118.2M

YoY-26.9%

5Y CAGR+12.5%

Innovative Indus reported $118.2M in net income in fiscal year 2025. This represents a decrease of 26.9% from the prior year.

EPS (Diluted)

$3.93

YoY-28.8%

5Y CAGR+3.7%

Innovative Indus earned $3.93 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 28.8% from the prior year.

Cash & Balance Sheet

Cash & Debt

$47.6M

YoY-67.5%

5Y CAGR-17.7%

Innovative Indus held $47.6M in cash against $393.7M in long-term debt as of fiscal year 2025.

Shares Outstanding

28M

YoY-0.7%

5Y CAGR+3.3%

Innovative Indus had 28M shares outstanding in fiscal year 2025. This represents a decrease of 0.7% from the prior year.

Free Cash Flow

Not reported for fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Operating Margin

46.7%

YoY-7.9pp

5Y CAGR-13.0pp

Innovative Indus's operating margin was 46.7% in fiscal year 2025, reflecting core business profitability. This is down 7.9 percentage points from the prior year.

Net Margin

44.5%

YoY-7.9pp

5Y CAGR-11.8pp

Innovative Indus's net profit margin was 44.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 7.9 percentage points from the prior year.

Return on Equity

6.4%

YoY-2.0pp

5Y CAGR+2.1pp

Innovative Indus's ROE was 6.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.0 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Capital Allocation

Share Buybacks

$20.1M

Innovative Indus spent $20.1M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

R&D Spending

Not reported for fiscal year 2025.

Capital Expenditures

Not reported for fiscal year 2025.

IIPR Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

IIPR quarterly income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17
Revenue	$263.7M	$266.0M-13.8%	$308.5M-0.3%	$309.5M+12.0%	$276.4M+35.1%	$204.6M+75.0%	$116.9M+161.7%	$44.7M+202.1%	$14.8M+130.3%	$6.4M
SG&A Expenses	$34.7M	$33.7M-9.9%	$37.4M-12.6%	$42.8M+11.2%	$38.5M+67.8%	$23.0M+61.9%	$14.2M+44.4%	$9.8M+54.0%	$6.4M+16.0%	$5.5M
Operating Income	$135.6M	$124.1M-26.3%	$168.3M-3.6%	$174.6M+2.9%	$169.6M+25.3%	$135.4M+94.1%	$69.7M+179.7%	$24.9M+367.1%	$5.3M+2493.7%	-$223K
Interest Expense	$26.0M	$20.2M+14.3%	$17.7M+1.2%	$17.5M-4.6%	$18.3M+1.2%	$18.1M+143.4%	$7.4M+17.8%	$6.3M	$0	$0
Net Income	$137.8M	$118.2M-26.9%	$161.7M-2.4%	$165.6M+7.3%	$154.4M+35.4%	$114.0M+73.4%	$65.7M+180.0%	$23.5M+236.1%	$7.0M+9801.4%	-$72K
EPS (Diluted)	$4.41	$3.93-28.8%	$5.52-4.3%	$5.77+4.5%	$5.52+21.3%	$4.55+39.1%	$3.27	$2.03+170.7%	$0.75	-$0.13

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$63.3M-8.2%	$69.0M+3.5%	$66.7M+3.0%	$64.7M+2.9%	$62.9M-12.3%	$71.7M-6.5%	$76.7M+0.3%	$76.5M
SG&A Expenses	$7.7M-25.4%	$10.3M+29.9%	$8.0M-8.2%	$8.7M+0.6%	$8.6M+2.0%	$8.5M-4.8%	$8.9M-4.7%	$9.3M
Operating Income	$41.4M+25.9%	$32.9M+3.3%	$31.8M+8.3%	$29.4M+1.8%	$28.9M-14.9%	$34.0M-19.1%	$42.0M+0.1%	$42.0M
Interest Expense	$8.3M+29.8%	$6.4M-4.4%	$6.7M+48.6%	$4.5M+1.8%	$4.4M-1.2%	$4.5M-0.8%	$4.5M+2.5%	$4.4M
Net Income	$43.9M+33.7%	$32.8M+3.0%	$31.8M+8.7%	$29.3M+12.6%	$26.0M-16.3%	$31.1M-22.4%	$40.0M-0.5%	$40.2M
EPS (Diluted)	$1.36+33.3%	$1.02-3.8%	$1.06+9.3%	$0.97+12.8%	$0.86-16.5%	$1.03-24.3%	$1.36-0.7%	$1.37

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Income Tax.

IIPR Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

IIPR quarterly balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17
Total Assets	$2.4B-0.3%	$2.4B-0.5%	$2.4B-1.0%	$2.4B+15.8%	$2.1B+17.9%	$1.8B+137.1%	$745.9M+165.0%	$281.5M+251.7%	$80.0M
Cash & Equivalents	$47.6M-67.5%	$146.2M+4.3%	$140.2M+61.0%	$87.1M+7.4%	$81.1M-35.6%	$126.0M+53.2%	$82.2M+530.2%	$13.1M+11.0%	$11.8M
Total Liabilities	$522.9M+18.3%	$442.0M+0.9%	$438.1M-3.3%	$452.9M-4.2%	$472.9M+94.5%	$243.1M+22.9%	$197.8M+1052.0%	$17.2M+165.1%	$6.5M
Long-Term Debt	$393.7M	N/A	N/A	N/A	N/A	N/A	$134.7M	N/A	N/A
Total Equity	$1.8B-4.5%	$1.9B-0.9%	$2.0B-0.5%	$2.0B+21.7%	$1.6B+5.7%	$1.5B+178.3%	$548.0M+107.4%	$264.3M+259.3%	$73.5M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0+100.0%	-$4.5M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$2.6B+7.8%	$2.4B+1.0%	$2.4B+1.4%	$2.3B+1.4%	$2.3B-2.0%	$2.4B-1.1%	$2.4B-0.7%	$2.4B
Cash & Equivalents	$204.7M+129.7%	$89.1M+87.2%	$47.6M+29.8%	$36.7M-63.2%	$99.7M-22.1%	$128.0M-12.5%	$146.2M-0.6%	$147.1M
Total Liabilities	$730.0M+46.2%	$499.4M-4.5%	$522.9M+10.2%	$474.6M+11.8%	$424.6M-1.3%	$430.4M-2.6%	$442.0M-1.5%	$448.8M
Long-Term Debt	N/A	N/A	$393.7M	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.9B-2.3%	$1.9B+2.5%	$1.8B-0.8%	$1.9B-0.9%	$1.9B-2.2%	$1.9B-0.7%	$1.9B-0.5%	$1.9B

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Retained Earnings.

IIPR Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

IIPR quarterly cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17
Operating Cash Flow	$196.4M	$198.2M-23.3%	$258.4M+1.1%	$255.5M+9.1%	$234.1M+24.0%	$188.7M+70.3%	$110.8M+146.6%	$44.9M+186.3%	$15.7M+212.9%	$5.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$5.9M
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$896K
Investing Cash Flow	-$229.8M	-$174.3M-211.3%	-$56.0M-724.9%	-$6.8M+98.3%	-$396.2M-3.2%	-$384.1M+62.6%	-$1.0B-201.5%	-$340.6M-71.0%	-$199.3M-415.6%	-$38.6M
Financing Cash Flow	$141.3M	-$122.5M+38.1%	-$197.9M-1.2%	-$195.6M-219.1%	$164.2M+5.4%	$155.8M-83.2%	$925.0M+131.3%	$400.0M+116.4%	$184.9M+1392.6%	$12.4M
Dividends Paid	$215.8M	$216.3M+2.0%	$212.0M+4.6%	$202.7M+10.2%	$183.9M+40.5%	$131.0M+73.5%	$75.5M+234.1%	$22.6M+240.0%	$6.6M+532.6%	$1.1M
Share Buybacks	$89.0M	$20.1M	$0	$0	N/A	N/A	N/A	N/A	N/A	$0

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$44.9M-19.8%	$56.0M+12.3%	$49.9M+9.5%	$45.6M-5.9%	$48.4M-10.7%	$54.2M-6.2%	$57.8M-10.9%	$64.9M
Investing Cash Flow	-$78.1M-22790.9%	-$341K+99.2%	-$41.7M+62.0%	-$109.7M-1805.2%	-$5.8M+66.4%	-$17.2M-381.2%	-$3.6M-155.7%	$6.4M
Financing Cash Flow	$151.7M+1170.3%	-$14.2M-616.4%	$2.7M+154.5%	$1.1M+101.5%	-$71.0M-28.4%	-$55.3M-0.4%	-$55.1M-22.6%	-$45.0M
Dividends Paid	$54.4M+1.2%	$53.8M0.0%	$53.8M0.0%	$53.8M-1.2%	$54.5M+0.4%	$54.3M0.0%	$54.3M0.0%	$54.3M
Share Buybacks	$89.0M	$0	$0	$0-100.0%	$19.8M+6733.8%	$290K	$0	$0

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.

IIPR Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

IIPR quarterly financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17
Operating Margin	46.7%-7.9pp	54.6%-1.8pp	56.4%-5.0pp	61.4%-4.8pp	66.2%+6.5pp	59.7%+3.8pp	55.8%+19.7pp	36.1%+39.6pp	-3.5%
Net Margin	44.5%-7.9pp	52.4%-1.1pp	53.5%-2.4pp	55.9%+0.1pp	55.7%-0.5pp	56.2%+3.7pp	52.6%+5.3pp	47.2%+48.4pp	-1.1%
Return on Equity	6.4%-2.0pp	8.3%-0.1pp	8.5%+0.6pp	7.9%+0.8pp	7.1%+2.8pp	4.3%0.0pp	4.3%+1.6pp	2.6%+2.7pp	-0.1%
Return on Assets	5.0%-1.8pp	6.8%-0.1pp	6.9%+0.5pp	6.4%+0.9pp	5.5%+1.8pp	3.7%+0.6pp	3.1%+0.7pp	2.5%+2.6pp	-0.1%
Debt-to-Equity	0.210.0x	0.230.0x	0.220.0x	0.23-0.1x	0.29+0.1x	0.16-0.1x	0.25+0.2x	0.070.0x	0.09
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-14.0%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Margin	65.5%+17.8pp	47.7%-0.1pp	47.8%+2.3pp	45.5%-0.5pp	46.0%-1.4pp	47.4%-7.4pp	54.7%-0.1pp	54.8%
Net Margin	69.3%+21.7pp	47.5%-0.2pp	47.8%+2.5pp	45.3%+3.9pp	41.4%-2.0pp	43.3%-8.8pp	52.1%-0.4pp	52.5%
Return on Equity	2.4%+0.6pp	1.7%0.0pp	1.7%+0.2pp	1.6%+0.2pp	1.4%-0.2pp	1.6%-0.5pp	2.1%0.0pp	2.1%
Return on Assets	1.7%+0.3pp	1.4%0.0pp	1.3%+0.1pp	1.3%+0.1pp	1.1%-0.2pp	1.3%-0.4pp	1.7%0.0pp	1.7%
Debt-to-Equity	0.39+0.1x	0.26+0.1x	0.210.0x	0.250.0x	0.230.0x	0.220.0x	0.230.0x	0.23

Not reported in any period shown, so not listed: Gross Margin, Current Ratio, FCF Margin.

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Where Innovative Indus Ranks

Frequently Asked Questions

What is Innovative Indus's annual revenue?

Innovative Indus (IIPR) reported $266.0M in total revenue for fiscal year 2025. This represents a -13.8% 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 13.8% year-over-year, from $308.5M to $266.0M in fiscal year 2025.

Is Innovative Indus profitable?

Yes, Innovative Indus (IIPR) reported a net income of $118.2M in fiscal year 2025, with a net profit margin of 44.5%.

What is Innovative Indus's EBITDA?

Innovative Indus (IIPR) had EBITDA of $198.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Innovative Indus have?

As of fiscal year 2025, Innovative Indus (IIPR) had $47.6M in cash and equivalents against $393.7M in long-term debt.

What is Innovative Indus's operating margin?

Innovative Indus (IIPR) had an operating margin of 46.7% in fiscal year 2025, 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 44.5% in fiscal year 2025, 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 6.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Innovative Indus's operating cash flow?

Innovative Indus (IIPR) generated $198.2M in operating cash flow during fiscal year 2025, 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 2025, including both current and long-term assets.

Does Innovative Indus buy back shares?

Yes, Innovative Indus (IIPR) spent $20.1M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Innovative Indus have outstanding?

Innovative Indus (IIPR) had 28M shares outstanding as of fiscal year 2025.

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

Innovative Indus (IIPR) had a debt-to-equity ratio of 0.21 as of fiscal year 2025, 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 5.0% for fiscal year 2025, 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 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 1.68x, 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 6.15x, 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 71 out of 100 on our Financial Health Score, indicating strong standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.