Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $6.42M | $14.8M | $44.7M | $117M | $205M | $276M | $310M | $309M | $266M |
| Revenue growth | — | — | 130.3% | 202.1% | 161.7% | 75.0% | 35.1% | 12.0% | -0.3% | -13.8% |
| Operating income | — | -$223K | $5.34M | $24.9M | $69.7M | $135M | $170M | $175M | $168M | $124M |
| Operating margin | — | -3.5% | 36.1% | 55.8% | 59.7% | 66.2% | 61.4% | 56.4% | 54.6% | 46.7% |
| Net income | — | -$72.0K | $6.99M | $23.5M | $65.7M | $114M | $154M | $166M | $162M | $118M |
| Net margin | — | -1.1% | 47.2% | 52.6% | 56.2% | 55.7% | 55.9% | 53.5% | 52.4% | 44.5% |
| EPS (diluted) | — | -$0.13 | $0.75 | $2.03 | $3.27 | $4.55 | $5.52 | $5.77 | $5.52 | $3.93 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | — | $5.01M | $15.7M | $44.9M | $111M | $189M | $234M | $256M | $258M | $198M |
| Capital expenditures | — | $5.91M | — | — | — | — | — | — | — | — |
| Free cash flow | — | -$896K | — | — | — | — | — | — | — | — |
| Share buybacks | — | $0.00 | — | — | — | — | — | $0.00 | $0.00 | $20.1M |
| Dividends paid | — | $1.05M | $6.64M | $4.41M | $17.1M | $31.7M | $184M | $203M | $212M | $216M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $33.0M | $11.8M | $13.1M | $82.2M | $126M | $81.1M | $87.1M | $140M | $146M | $47.6M |
| Total assets | $63.3M | $80.0M | $281M | $746M | $1.77B | $2.08B | $2.41B | $2.39B | $2.38B | $2.37B |
| Total liabilities | $2.89M | $6.48M | $17.2M | $198M | $243M | $473M | $453M | $438M | $442M | $523M |
| Long-term debt | — | — | — | $135M | — | — | — | — | — | $394M |
| Shareholders' equity | $60.4M | $73.5M | $264M | $548M | $1.52B | $1.61B | $1.96B | $1.95B | $1.94B | $1.85B |
| Retained earnings | -$4.39M | -$4.46M | $0.00 | — | — | — | — | — | — | — |
| Shares (wtd avg diluted) | — | 3.38M | 7.29M | 10.7M | 19.6M | 26.3M | 27.7M | 28.3M | 28.5M | 28.4M |
Every figure is extracted from INNOVATIVE INDUSTRIAL PROPERTIES INC’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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