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Innovative Industrial PropertiesIIPR -1.45%78 Cyclically Adjusted PS Ratio is 8.52 as of Jul. 31, 2026, which is 16% above its 10-year median of 7.34. GuruFocus rates IIPR with a GF Score™ of 78/100 and a GF Value™ of $64.94 (Fairly Valued). The stock has 12 warning signs investors should review. Among 546 REITs companies, Innovative Industrial Properties ranks worse than 72.53% on this metric.
The historical rank and industry rank for Innovative Industrial Properties's Cyclically Adjusted PS Ratio or its related term are showing as below:
IIPR'
s Cyclically Adjusted PS Ratio Range Over the Past 10 Years
Min: 6.5 Med: 7.34 Max: 8.65
Current: 8.65
During the past 10 years, Innovative Industrial Properties's highest Cyclically Adjusted PS Ratio was 8.65. The lowest was 6.50. And the median was 7.34.
IIPR's Cyclically Adjusted PS Ratio is ranked worse than 72.53% of 546
companies
in the REITs industry
Industry Median: 5.885
vs IIPR: 8.65
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio. The Cyclically Adjusted Revenue per Share is the average of the inflation adjusted revenue per share of a company over the past 10 years.
Innovative Industrial Properties's adjusted revenue per share data of for the fiscal year that ended in Dec25 was $9.372. Add all the adjusted revenue per share for the past 10 years together and divide 10 will get our Cyclically Adjusted Revenue per Share, which is $7.03 for the trailing ten years ended in Dec25.
Shiller PE for Stocks: The True Measure of Stock Valuation
Innovative Industrial Properties (NYSE:IIPR) Cyclically Adjusted PS Ratio Explanation
Compared with the regular PS Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PS Ratio smoothed out the fluctuations of revenue during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Cyclically Adjusted PS Ratio should give similar results to regular PS Ratio.
Innovative Industrial Properties Cyclically Adjusted PS Ratio Related Terms
Innovative Industrial Properties Cyclically Adjusted PS Ratio Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Innovative Industrial Properties Cyclically Adjusted PS Ratio Chart
IIPR vs SMA, ILPT, NSA: Cyclically Adjusted PS Ratio Comparison
For the REIT - Industrial subindustry, Innovative Industrial Properties's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Innovative Industrial Properties Cyclically Adjusted PS Ratio vs REITs Industry
For the REITs industry and Real Estate sector, Innovative Industrial Properties's Cyclically Adjusted PS Ratio distribution charts can be found below:
* The bar in red indicates where Innovative Industrial Properties's Cyclically Adjusted PS Ratio falls into.
Innovative Industrial Properties Cyclically Adjusted PS Ratio Calculation
Like the Shiller PE Ratio, the Cyclically Adjusted PS Ratio takes the Revenue per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/S calculation. Because it considers this 10-year average, it's often referred to as the CAPS Ratio.
The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
What does a Cyclically Adjusted PS Ratio of 8.52 mean?
Innovative Industrial Properties (IIPR) has a Cyclically Adjusted PS Ratio of 8.52 as of Jul. 31, 2026. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on Innovative Industrial Properties and its competitors. This is 16% above median its historical median of 7.34. Over the past decade, Innovative Industrial Properties' Cyclically Adjusted PS Ratio has ranged from 6.50 to 8.65. According to the industry distribution chart, Innovative Industrial Properties ranks #396 out of 546 companies in the REITs industry, placing it in the top 72.5%.
Is Innovative Industrial Properties' Cyclically Adjusted PS Ratio too high?
Innovative Industrial Properties' current Cyclically Adjusted PS Ratio of 8.52 is 16% above median its 10-year median of 7.34. Over the past 10 years, this metric has ranged from a low of 6.50 to a high of 8.65. The REITs industry median Cyclically Adjusted PS Ratio is 5.89. Innovative Industrial Properties' value of 8.52 is 44.8% above this industry median. Based on the distribution chart, Innovative Industrial Properties ranks #396 out of 546 companies in the REITs industry, which is below the industry midpoint. Overall, Innovative Industrial Properties has a GF Score™ of 78/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Innovative Industrial Properties' Cyclically Adjusted PS Ratio compare to SMA and ILPT?
According to the REITs industry distribution chart, Innovative Industrial Properties ranks #396 out of 546 companies for Cyclically Adjusted PS Ratio. This places Innovative Industrial Properties in the lower half of its industry. The industry median Cyclically Adjusted PS Ratio is 5.89. Innovative Industrial Properties' value of 8.52 is 44.8% above this benchmark. Historically, Innovative Industrial Properties' own Cyclically Adjusted PS Ratio has ranged from 6.50 to 8.65 over the past decade. While the company's 10-year median is 7.34 vs. the industry median of 5.89, Innovative Industrial Properties has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PS Ratio for a REITs company?
The median Cyclically Adjusted PS Ratio among REITs companies is 5.89, based on 546 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PS Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PS Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Innovative Industrial Properties's current Cyclically Adjusted PS Ratio of 8.52 is 44.8% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PS Ratio mean?
A high Cyclically Adjusted PS Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on Innovative Industrial Properties and its competitors. For the REITs industry, the median Cyclically Adjusted PS Ratio is 5.89 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Innovative Industrial Properties's current Cyclically Adjusted PS Ratio is 8.52, which is 16% above median its own 10-year median of 7.34. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Innovative Industrial Properties stock overvalued right now?
Based on GuruFocus' analysis, Innovative Industrial Properties (IIPR) is currently considered Fairly Valued. The stock's GF Value™ is $64.94, compared to a current price of $59.90 — trading 7.8% below its estimated fair value. The current Cyclically Adjusted PS Ratio is 8.52, which is 16% above median its 10-year median of 7.34 and 44.8% above the REITs industry median of 5.89. Innovative Industrial Properties' overall GF Score™ is 78/100 with 12 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PS Ratio calculated?
Cyclically Adjusted PS Ratio is calculated from a company's financial statements. For Innovative Industrial Properties (IIPR), the current Cyclically Adjusted PS Ratio is 8.52 as of Jul. 31, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Innovative Industrial Properties (IIPR) Overvalued in 2026?
Based on GuruFocus' analysis, Innovative Industrial Properties stock appears to be undervalued.
The current stock price of $59.90 is trading 7.8% below its estimated GF Value™ of $64.94.
GuruFocus considers Innovative Industrial Properties to be Fairly Valued.
Key valuation signals for IIPR:
Cyclically Adjusted PS Ratio: 8.52 (16% above median its 10-year median of 7.34)
GF Value™: $64.94 vs. price of $59.90 (7.8% below fair value)
Industry Position: 44.8% above the REITs median (#396 of 546)
No single metric tells the full story. See the IIPR stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Innovative Industrial Properties Inc is a real estate investment trust focused on the acquisition, ownership and management of specialized industrial and commercial properties in the United States. Its properties are prominently leased to state-licensed operators for their regulated cannabis facilities. The company conducts its business through a traditional umbrella partnership real estate investment trust, or UPREIT structure, in which properties are owned by its Operating Partnership, directly or through subsidiaries. Its segments are: Cannabis Portfolio and Life Science Portfolio, with the majority of revenue coming from the Cannabis Portfolio segment, which involves acquiring, developing, and leasing real estate to regulated cannabis operators on long-term triple-net leases.
78GF Score
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Cyclically Adjusted PS Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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