Innovative Industrial Properties, Inc. IIPR NYSE

Innovative Industrial Properties, Inc. (IIPR) generated $198.19M in operating cash flow for fiscal year 2025. After capital expenditures of $23.43M, free cash flow was $174.76M.

Free cash flow margin was 65.7% of revenue. Cash conversion ratio was 1.73x, indicating earnings are backed by cash.

The company returned $216.28M in dividends and $20.11M in share buybacks to shareholders during the period.

Criteria supported by this page:

• HEALTH (50/100, Partial) — cash generation is adequate but may not fully cover debt in stressed conditions
• MOAT (55/100, Partial) — cash flow generation is present but not at levels indicating a wide moat
• INCOME (100/100) — Cash conversion ratio was 1.73x confirms earnings are backed by real cash flow

Overall SharesGrow Score: 57/100 with 3/7 criteria passed.