Compare price, profitability, solvency, and SEC-reported financials side by side—before deciding which assumptions deserve a closer look.
Decision snapshot: IIPR stock price vs BKH: inconclusive Relative valuation is incomplete for this pair. Review the available filing metrics before drawing a conclusion.
Quick read
Each company valued on the other's multiple, then compared with the market price.
Implied fair value · at BKH's multiple
Needs BKH P/E.
Implied fair value · at IIPR's multiple
Needs IIPR P/E.
Snapshot Sep 4, 4:00 PM ET
Metric by metric
Where each company leads, and how wide the gap is.
Growth lag
Pricing power
Operating leverage
Multiple premium
Not comparable
Lower leverage
Statements
Core statements aligned to each company's latest fiscal year.
SEC periods: IIPR FY 2025 (ended Dec 31, 2025) · BKH FY 2025 (ended Dec 31, 2025).
Trendline
Nine fiscal years of revenue, earnings, and margins before underwriting a re-rating.
Price framework
Market cap plus debt, less cash.
Capital structure 80% equity / 20% debt · EV / Revenue 7.23x · EV / EBITDA 9.22x
Capital structure 54% equity / 46% debt · EV / Revenue 4.37x · EV / EBITDA 13.78x
BKH carries the larger enterprise value at $10.10B against $1.92B; BKH trades on the lower EV / Revenue multiple (4.37x vs 7.23x); IIPR on the lower EV / EBITDA (9.22x vs 13.78x).
Price framework
The same filing-backed model used on each company's valuation page, with company-specific inputs and calculated scenarios.
Innovative Industrial Properties, Inc. · implied price per share
Five annual free-cash-flow observations are required for the filing-backed baseline.
Black Hills Corporation · implied price per share
Latest annual free cash flow must be positive to qualify the filing-backed baseline.
Balance sheet health
Financial health checks to separate durable balance sheets from potential value traps.
Financial strength on a 0–9 scale.
Bankruptcy-risk signal from balance sheet and earnings power.
Not enough data to score either balance sheet.
Debt / equity
Total debt against shareholders' equity
0.21x
1.23x
Net debt / EBITDA
Leverage against operating earnings
1.66x
6.16x
Cash and equivalents
Liquid reserves on the balance sheet
$47.60M
$182.80M
Total debt
Interest-bearing obligations outstanding
Comparable set
Where the pair sits against the wider comparable set.
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$393.72M
$4.70B
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