IIPR
Innovative Industrial Properties, Inc.
IIPR's fundamentals are mixed, but it looks cheap: trading at 12x earnings, below its usual 19x. Analysts expect earnings to hold roughly steady.
OPEN
Opendoor Technologies Inc.
There isn't enough reported data to score OPEN yet.
IIPR Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
IIPR's profitability is currently strong, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for real estate companies like IIPR.
OPEN Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Weak | |
| N/A | |
| N/A |
OPEN's revenue and profitability are currently under pressure. Free cash flow and net leverage aren't meaningful measures for real estate companies like OPEN.
IIPR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 12x | $54.93 | +4.3% |
| Current | 12x | $52.66 | — |
| Forward | 13x | $52.66 | — |
| Fair | 19x | $83.47 | +59% |
| Expensive | 51x | $228 | +333% |
Historical ranges are pointers, not guarantees.
IIPR's PE is in its cheap range at 12x. On analysts' estimates for next year's earnings, today's price would be 13x.
OPEN PE Valuation
OPEN has no meaningful PE right now: it lost money over the past year.
IIPR Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Stable | |
| Decline | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect IIPR's profitability to improve, but its revenue to decline.
OPEN Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses growing | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect OPEN's losses to grow, with revenue growing. However, they disagree widely on these estimates.
IIPR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.00 | -9.9% |
| Q3 2026 | $4.44 | +5.5% |
| Q2 2026 | $4.42 | -4.1% |
| Q1 2026 | $3.92 | -24% |
| Q4 2025 | $3.93 | -29% |
| Q3 2025 | $4.21 | -25% |
| Q2 2025 | $4.61 | -19% |
| Q1 2025 | $5.19 | -8.9% |
| Q4 2024 | $5.52 | -4.3% |
IIPR has the edge over OPEN on earnings quality, reporting a profit while its opponent remains loss making.
OPEN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$2.00 | -$1.56 |
| Q2 2026 | -$1.89 | -$1.46 |
| Q1 2026 | -$1.76 | -$1.24 |
| Q4 2025 | -$1.70 | -$1.14 |
| Q3 2025 | -$0.44 | +$0.09 |
| Q2 2025 | -$0.43 | +$0.15 |
| Q1 2025 | -$0.52 | -$0.10 |
| Q4 2024 | -$0.56 | -$0.14 |
OPEN lost $2.00 per share over the past year, and its loss has widened in each of the last five quarters.
IIPR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $64.9M | +0.4% |
| Q2 2026 | $63.3M | +0.7% |
| Q1 2026 | $69M | -3.8% |
| Q4 2025 | $66.7M | -13% |
| Q3 2025 | $64.7M | -15% |
| Q2 2025 | $62.9M | -21% |
| Q1 2025 | $71.7M | -4.9% |
| Q4 2024 | $76.7M | -3% |
IIPR's revenue has slid since its 2024 peak: $65M last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 45% | -0.2 points |
| Q2 2026 | 65% | +20 points |
| Q1 2026 | 48% | +0.3 points |
| Q4 2025 | 48% | -7 points |
| Q3 2025 | 45% | -9.4 points |
| Q2 2025 | 46% | -7.1 points |
| Q1 2025 | 47% | -8.4 points |
| Q4 2024 | 55% | -0.8 points |
IIPR has the edge over OPEN on profitability, with a higher operating margin.
OPEN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1B | +12% |
| Q2 2026 | $883M | -44% |
| Q1 2026 | $720M | -38% |
| Q4 2025 | $736M | -32% |
| Q3 2025 | $915M | -34% |
| Q2 2025 | $1.6B | +3.7% |
| Q1 2025 | $1.2B | -2.4% |
| Q4 2024 | $1.1B | +25% |
OPEN's revenue is recovering but still below its 2022 peak: $1B last quarter, up 12% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -18% | -11 points |
| Q2 2026 | -16% | -16 points |
| Q1 2026 | -22% | -17 points |
| Q4 2025 | -20% | -12 points |
| Q3 2025 | -7.4% | -2.6 points |
| Q2 2025 | -0.8% | +3.9 points |
| Q1 2025 | -4.9% | +2.5 points |
| Q4 2024 | -8.7% | +4.6 points |
OPEN's operating margin was −18% last quarter, down 11 points from the same quarter a year ago.
IIPR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $49.5M | +8.5% |
| Q2 2026 | $44.9M | -7.3% |
| Q1 2026 | $56M | +3.3% |
| Q4 2025 | $49.9M | -14% |
| Q3 2025 | $45.6M | -30% |
| Q2 2025 | $48.4M | -25% |
| Q1 2025 | $54.2M | -24% |
| Q4 2024 | $57.8M | -13% |
IIPR has the edge over OPEN on cash generation, producing positive trailing cash flow while its opponent burns cash.
OPEN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$836M | -294% |
| Q2 2026 | -$723M | -188% |
| Q1 2026 | -$250M | +$33M |
| Q4 2025 | $67M | +$150M |
| Q3 2025 | $432M | +671% |
| Q2 2025 | $821M | +$1.2B |
| Q1 2025 | -$283M | -$97M |
| Q4 2024 | -$83M | +$468M |
OPEN's free cash flow was −$1.7B over the past year, against $887M the year before. Free cash flow isn't a meaningful measure for real estate companies like OPEN.
IIPR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -6.8% | -2M shares |
| 1 year | -1.2% | -342K shares |
| 3 years | -1.1% | -304K shares |
| 5 years | +6.5% | +1.7M shares |
| Available history | +132% | +15.9M shares |
IIPR has the edge over OPEN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $89M |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | $19.8M |
| Q1 2025 | $290,000 |
IIPR spent $89M buying back its own shares over the past year.
OPEN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.7% | -16.3M shares |
| 1 year | +30% | +220M shares |
| 3 years | +42% | +282M shares |
| 5 years | +61% | +361M shares |
| Available history | +1042% | +866M shares |
OPEN has 949M diluted shares, up 30% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2019 | — |
IIPR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.6x | Moderate |
| Q2 2026 | 1.9x | Healthy |
| Q1 2026 | 1.4x | Healthy |
| Q4 2025 | 1.8x | Healthy |
| Q3 2025 | 1.5x | Healthy |
| Q2 2025 | 0.9x | Very low |
| Q1 2025 | 0.7x | Very low |
| Q4 2024 | 0.6x | Very low |
IIPR's net debt is about 2.6 years of its operating earnings (EBITDA), up from 1.5 years a year ago. Net leverage isn't a meaningful measure for real estate companies like IIPR.
OPEN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | 337.2x | High |
OPEN's net debt is more than 20 years of its operating earnings (EBITDA). Net leverage isn't a meaningful measure for real estate companies like OPEN.
IIPR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 44.1 | Neutral |
| Stochastic | 34.0 | Neutral |
IIPR's weekly RSI is 44 (neutral) and its Stochastic is 34 (neutral).
OPEN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 20.6 | Oversold |
| Stochastic | 1.2 | Oversold |
OPEN's weekly RSI is 21 (oversold) and its Stochastic is 1 (oversold).
IIPR PE vs Real Estate Sector
| Metric | IIPR | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 24x | 50% below |
| PE % | 11 | 23 | 12 pts below |
IIPR is trading at 12x earnings, a 50% discount to the Real Estate sector's median of 24x.
OPEN PE vs Real Estate Sector
OPEN has no meaningful PE right now: it lost money over the past year.
IIPR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $53.0 | 0.6% below |
| 20 week MA | $56.7 | 7.1% below |
| 50 week MA | $54.6 | 3.5% below |
| 100 week MA | $56.5 | 6.8% below |
| 200 week MA | $75.5 | 30% below |
IIPR is in a downtrend: it's below all five of its weekly moving averages, and 30% below its 200-week average.
OPEN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1.97 | 37% below |
| 20 week MA | $3.00 | 59% below |
| 50 week MA | $4.37 | 72% below |
| 100 week MA | $3.74 | 67% below |
| 200 week MA | $3.13 | 60% below |
OPEN is in a downtrend: it's below all five of its weekly moving averages, and 60% below its 200-week average.
IIPR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $75.3 | $188.4 | +150% |
| 2021 | $188.4 | $250.9 | +33% |
| 2022 | $250.9 | $103.3 | -59% |
| 2023 | $103.3 | $100.8 | -2.4% |
| 2024 | $100.8 | $68.1 | -32% |
| 2025 | $68.1 | $50.9 | -25% |
| 2026 YTD | $50.9 | $52.7 | +3.5% |
IIPR has the edge over OPEN on returns for 2026, with the stronger performance.
OPEN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.9 | $27.4 | +150% |
| 2021 | $27.4 | $14.9 | -46% |
| 2022 | $14.9 | $1.02 | -93% |
| 2023 | $1.02 | $4.48 | +339% |
| 2024 | $4.48 | $1.67 | -63% |
| 2025 | $1.67 | $6.01 | +260% |
| 2026 YTD | $6.01 | $1.24 | -79% |
OPEN's yearly returns have swung widely, from +339% in 2023 to −93% in 2022. It's down 79% so far in 2026.