IIPR vs TRNO
Innovative Industrial Properties Inc. and Terreno Realty Corp., side by side — 9 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | IIPR | TRNO |
|---|---|---|
| Revenue | $266.0M | $476.4M |
| Net income | $118.2M | $403.0M |
| Gross margin | 98.6% | 65.1% |
| Net margin | 44.5% | 84.6% |
| Return on equity | 6.2% | 10.3% |
| Diluted EPS | $3.93 | $3.91 |
| Dividend / share | · | $2.02 |
| Payout ratio | 182.9% | 50.6% |
| Free cash flow | · | · |
| Equity | $1.8B | $4.1B |
| Net debt / equity | 0.19× | 0.22× |
| Current ratio | · | · |
| Revenue CAGR 5y | 17.9% | 20.6% |
| Profit CAGR 5y | 12.5% | 38.2% |
TRNO bills 1.8× the revenue of IIPR, and keeps more of each dollar of revenue as profit (84.6% against 44.5%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
9 years side by side
| Fiscal year | IIPR | TRNO |
|---|---|---|
| FY2025 | $266.0M | $476.4M |
| FY2024 | $308.5M | $382.6M |
| FY2023 | $309.5M | $323.6M |
| FY2022 | $276.4M | $276.2M |
| FY2021 | $204.6M | $221.9M |
| FY2020 | $116.9M | $186.9M |
| FY2019 | $44.7M | $171.0M |
| FY2018 | $14.8M | $151.7M |
| FY2017 | $6.4M | $132.5M |
Bottom line
| Fiscal year | IIPR | TRNO |
|---|---|---|
| FY2025 | $118.2M | $403.0M |
| FY2024 | $161.7M | $184.5M |
| FY2023 | $165.6M | $151.5M |
| FY2022 | $154.4M | $198.0M |
| FY2021 | $114.0M | $87.3M |
| FY2020 | $65.7M | $79.8M |
| FY2019 | $23.5M | $55.5M |
| FY2018 | $7.0M | $63.3M |
| FY2017 | $-72,000 | $53.1M |
9 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −$210,428,000 | TRNO |
| FY2024 | −$74,104,000 | TRNO |
| FY2023 | −$14,084,000 | TRNO |
| FY2022 | +$147,000 | IIPR |
| FY2021 | −$17,379,000 | TRNO |
| FY2020 | −$69,988,000 | TRNO |
| FY2019 | −$126,355,000 | TRNO |
| FY2018 | −$136,870,000 | TRNO |
| FY2017 | −$126,064,000 | TRNO |
The higher-revenue side has changed between IIPR and TRNO over this period. The gap has widened since the earliest year compared.
9 of 15 comparable fiscal years — a year missing data on either side is not counted.
9 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −40.1 pp | TRNO |
| FY2024 | +4.2 pp | IIPR |
| FY2023 | +6.7 pp | IIPR |
| FY2022 | −15.8 pp | TRNO |
| FY2021 | +16.4 pp | IIPR |
| FY2020 | +13.5 pp | IIPR |
| FY2019 | +20.1 pp | IIPR |
| FY2018 | +5.5 pp | IIPR |
| FY2017 | −41.2 pp | TRNO |
The higher net margin has changed hands between IIPR and TRNO over this period.
9 of 15 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
IIPR's net margin has been more volatile than TRNO's over the 9 comparable fiscal years — 17.2 percentage points of standard deviation against 16.1.
9 of 15 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between IIPR and TRNO over these 9 fiscal years — IIPR led in 6 and TRNO in 3.
9 of 15 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
IIPR's return on equity has been more volatile than TRNO's over the 9 comparable fiscal years — 2.6 percentage points of standard deviation against 2.0.
9 of 15 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between IIPR and TRNO over these 9 fiscal years — IIPR led in 5 and TRNO in 4.
9 of 15 comparable fiscal years — a year missing data on either side is not counted.