Innovative Industrial Properties vs Millrose Properties
Millrose Properties is the larger business, with $600m of revenue in fiscal 2025 against $266m for Innovative Industrial Properties (2.3 times as much). Millrose Properties kept more of each dollar of sales as profit: a net margin of 63.3% against 44.5%. Innovative Industrial Properties carries less debt relative to equity (21.3% against 36.1%).
| Latest fiscal year | Innovative Industrial PropertiesIIPR, 2025 | Millrose PropertiesMRP, 2025 |
|---|---|---|
| Revenue | $266m | $600m |
| Revenue growth | -13.8% | — |
| Net income | $118m | $380m |
| Operating margin | 46.7% | 80.9% |
| Net margin | 44.5% | 63.3% |
| Return on equity | 6.2% | 6.5% |
| Free cash flow | $198m | — |
| Cash | $47.6m | $35.0m |
| Total debt | $394m | $2.11bn |
| Debt to equity | 21.3% | 36.1% |
| Dividend per share | — | $2.55 |
| Dividend yield | 14.4% | — |
| Share buybacks | $20.1m | — |
| Employees | 23 | — |
| Market value | $1.52bn | $4.31bn |
| Price vs our value range | Below our value range | — |
| Moat score | 64 (Moderate) | — |
| Insider trades, 12 months | 6 buys, 1 sales | 12 buys, 0 sales |