Innovative Industrial Properties, Inc.
$1.92B- Market cap
- $1.58B
- Debt
- +$393.72M
- Cash
- −$47.60M
Capital structure 80% equity / 20% debt · EV / Revenue 7.23x · EV / EBITDA 9.22x
Compare price, profitability, solvency, and SEC-reported financials side by side—before deciding which assumptions deserve a closer look.
Decision snapshot: IIPR stock price near parity vs ITRI $57.20 current versus $58.65 implied using P/E multiple.
Quick read
Each company valued on the other's multiple, then compared with the market price.
Implied fair value · at ITRI's multiple
Implied fair value · at IIPR's multiple
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
Value edge
Lower leverage
Statements
Core statements aligned to each company's latest fiscal year.
SEC periods: IIPR FY 2025 (ended Dec 31, 2025) · ITRI FY 2025 (ended Dec 31, 2025).
Trendline
Five 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 71% equity / 29% debt · EV / Revenue 2.09x · EV / EBITDA 11.77x
ITRI carries the larger enterprise value at $4.95B against $1.92B; ITRI trades on the lower EV / Revenue multiple (2.09x vs 7.23x); IIPR on the lower EV / EBITDA (9.22x vs 11.77x).
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.
Itron, Inc. · implied price per share
Debt and bridge-cash inputs are required to translate enterprise value into equity value.
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.
Debt / equity
Total debt against shareholders' equity
0.21x
1.00x
Net debt / EBITDA
Leverage against operating earnings
1.66x
1.67x
Cash and equivalents
Liquid reserves on the balance sheet
$47.60M
$1.02B
Total debt
Interest-bearing obligations outstanding
Comparable set
Where the pair sits against the wider comparable set.
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$393.72M
$1.72B
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