Innovative Industrial Properties vs Outfront Media
Outfront Media is the larger business, with $1.83bn of revenue in fiscal 2025 against $266m for Innovative Industrial Properties (6.9 times as much). Outfront Media grew faster (0.0% against -13.8%). Innovative Industrial Properties kept more of each dollar of sales as profit: a net margin of 44.5% against 8.0%. Innovative Industrial Properties carries less debt relative to equity (21.3% against 366.0%).
| Latest fiscal year | Innovative Industrial PropertiesIIPR, 2025 | Outfront MediaOUT, 2025 |
|---|---|---|
| Revenue | $266m | $1.83bn |
| Revenue growth | -13.8% | 0.0% |
| Net income | $118m | $147m |
| Operating margin | 46.7% | 16.0% |
| Net margin | 44.5% | 8.0% |
| Return on equity | 6.2% | 21.6% |
| Free cash flow | $198m | $219m |
| Cash | $47.6m | $99.9m |
| Total debt | $394m | $2.60bn |
| Debt to equity | 21.3% | 366.0% |
| Dividend per share | — | $1.20 |
| Dividend yield | 14.4% | 3.7% |
| Share buybacks | $20.1m | — |
| Employees | 23 | 1,986 |
| Market value | $1.52bn | $5.68bn |
| Price vs our value range | Below our value range | — |
| Moat score | 64 (Moderate) | 37 (Weak) |
| Insider trades, 12 months | 6 buys, 1 sales | 1 buys, 17 sales |