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Side-by-side financial comparison of ARVINAS, INC. (ARVN) and INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR). Click either name above to swap in a different company.

INNOVATIVE INDUSTRIAL PROPERTIES INC is the larger business by last-quarter revenue ($66.7M vs $41.9M, roughly 1.6× ARVINAS, INC.). INNOVATIVE INDUSTRIAL PROPERTIES INC runs the higher net margin — 47.8% vs -83.8%, a 131.5% gap on every dollar of revenue. On growth, INNOVATIVE INDUSTRIAL PROPERTIES INC posted the faster year-over-year revenue change (-13.1% vs -59.1%). Over the past eight quarters, ARVINAS, INC.'s revenue compounded faster (10.0% CAGR vs -6.0%).

Arvinas, Inc. is a clinical-stage biotechnology company focused on developing targeted protein degradation therapies, including PROTAC molecules, to treat cancer and rare diseases. It operates primarily in the U.S. and global biopharma markets, advancing multiple pipeline candidates through clinical trials to address unmet medical needs.

Oxford Properties is a Canadian multinational corporation, with operations in real estate investment, development and property management. Its portfolio includes office, retail, industrial, multi-residential, life sciences and hotel assets. Established privately in 1960 and later wholly owned by the Ontario Municipal Employees Retirement System (OMERS) since 2003, the company is headquartered in Toronto with regional head offices in New York City, London, Australia, Singapore and Luxembourg. ...

ARVN vs IIPR — Head-to-Head

Bigger by revenue
IIPR
IIPR
1.6× larger
IIPR
$66.7M
$41.9M
ARVN
Growing faster (revenue YoY)
IIPR
IIPR
+45.9% gap
IIPR
-13.1%
-59.1%
ARVN
Higher net margin
IIPR
IIPR
131.5% more per $
IIPR
47.8%
-83.8%
ARVN
Faster 2-yr revenue CAGR
ARVN
ARVN
Annualised
ARVN
10.0%
-6.0%
IIPR

Income Statement — Q3 FY2025 vs Q4 FY2025

Metric
ARVN
ARVN
IIPR
IIPR
Revenue
$41.9M
$66.7M
Net Profit
$-35.1M
$31.8M
Gross Margin
Operating Margin
-104.5%
47.8%
Net Margin
-83.8%
47.8%
Revenue YoY
-59.1%
-13.1%
Net Profit YoY
28.7%
-20.4%
EPS (diluted)
$-0.48
$1.07

Green = leading value per metric. Periods may differ when fiscal calendars don't align.

8-Quarter Revenue & Profit Trend

Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.

Revenue
ARVN
ARVN
IIPR
IIPR
Q4 25
$66.7M
Q3 25
$41.9M
$64.7M
Q2 25
$62.9M
Q1 25
$188.8M
$71.7M
Q4 24
$59.2M
$76.7M
Q3 24
$102.4M
$76.5M
Q2 24
$76.5M
$79.8M
Q1 24
$25.3M
$75.5M
Net Profit
ARVN
ARVN
IIPR
IIPR
Q4 25
$31.8M
Q3 25
$-35.1M
$29.3M
Q2 25
$26.0M
Q1 25
$82.9M
$31.1M
Q4 24
$-45.1M
$40.0M
Q3 24
$-49.2M
$40.2M
Q2 24
$-35.2M
$42.0M
Q1 24
$-69.4M
$39.4M
Operating Margin
ARVN
ARVN
IIPR
IIPR
Q4 25
47.8%
Q3 25
-104.5%
45.5%
Q2 25
45.9%
Q1 25
37.8%
47.4%
Q4 24
-98.1%
54.7%
Q3 24
-58.9%
54.8%
Q2 24
-63.4%
53.1%
Q1 24
-329.2%
55.7%
Net Margin
ARVN
ARVN
IIPR
IIPR
Q4 25
47.8%
Q3 25
-83.8%
45.3%
Q2 25
41.4%
Q1 25
43.9%
43.3%
Q4 24
-76.2%
52.2%
Q3 24
-48.0%
52.6%
Q2 24
-46.0%
52.6%
Q1 24
-274.3%
52.3%
EPS (diluted)
ARVN
ARVN
IIPR
IIPR
Q4 25
$1.07
Q3 25
$-0.48
$0.97
Q2 25
$0.86
Q1 25
$1.14
$1.03
Q4 24
$-0.63
$1.35
Q3 24
$-0.68
$1.37
Q2 24
$-0.49
$1.44
Q1 24
$-0.97
$1.36

Balance Sheet & Financial Strength

Snapshot of each company's liquidity, leverage and book value from the latest quarter.

Metric
ARVN
ARVN
IIPR
IIPR
Cash + ST InvestmentsLiquidity on hand
$787.6M
$47.6M
Total DebtLower is stronger
$600.0K
$393.7M
Stockholders' EquityBook value
$564.4M
$1.8B
Total Assets
$844.3M
$2.4B
Debt / EquityLower = less leverage
0.00×
0.21×

8-quarter trend — quarters aligned by calendar period.

Cash + ST Investments
ARVN
ARVN
IIPR
IIPR
Q4 25
$47.6M
Q3 25
$787.6M
$41.9M
Q2 25
$104.9M
Q1 25
$954.3M
$133.3M
Q4 24
$1.0B
$151.2M
Q3 24
$1.1B
$172.4M
Q2 24
$1.2B
$160.9M
Q1 24
$1.2B
$173.5M
Total Debt
ARVN
ARVN
IIPR
IIPR
Q4 25
$393.7M
Q3 25
$600.0K
Q2 25
Q1 25
$700.0K
Q4 24
$800.0K
Q3 24
$800.0K
Q2 24
$900.0K
Q1 24
$900.0K
Stockholders' Equity
ARVN
ARVN
IIPR
IIPR
Q4 25
$1.8B
Q3 25
$564.4M
$1.9B
Q2 25
$1.9B
Q1 25
$660.1M
$1.9B
Q4 24
$561.7M
$1.9B
Q3 24
$586.0M
$1.9B
Q2 24
$600.2M
$1.9B
Q1 24
$609.7M
$2.0B
Total Assets
ARVN
ARVN
IIPR
IIPR
Q4 25
$2.4B
Q3 25
$844.3M
$2.3B
Q2 25
$2.3B
Q1 25
$1.0B
$2.4B
Q4 24
$1.1B
$2.4B
Q3 24
$1.2B
$2.4B
Q2 24
$1.3B
$2.4B
Q1 24
$1.2B
$2.4B
Debt / Equity
ARVN
ARVN
IIPR
IIPR
Q4 25
0.21×
Q3 25
0.00×
Q2 25
Q1 25
0.00×
Q4 24
0.00×
Q3 24
0.00×
Q2 24
0.00×
Q1 24
0.00×

Cash Flow & Capital Efficiency

How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.

Metric
ARVN
ARVN
IIPR
IIPR
Operating Cash FlowLast quarter
$-59.1M
$198.2M
Free Cash FlowOCF − Capex
$-59.2M
FCF MarginFCF / Revenue
-141.3%
Capex IntensityCapex / Revenue
0.2%
Cash ConversionOCF / Net Profit
6.22×
TTM Free Cash FlowTrailing 4 quarters
$-361.6M

8-quarter trend — quarters aligned by calendar period.

Operating Cash Flow
ARVN
ARVN
IIPR
IIPR
Q4 25
$198.2M
Q3 25
$-59.1M
$45.6M
Q2 25
$48.4M
Q1 25
$-88.9M
$54.2M
Q4 24
$-84.1M
$258.4M
Q3 24
$-128.0M
$64.9M
Q2 24
$50.3M
$64.2M
Q1 24
$-97.5M
$71.6M
Free Cash Flow
ARVN
ARVN
IIPR
IIPR
Q4 25
Q3 25
$-59.2M
Q2 25
Q1 25
$-89.3M
Q4 24
$-84.4M
Q3 24
$-128.7M
Q2 24
$49.6M
Q1 24
$-97.6M
FCF Margin
ARVN
ARVN
IIPR
IIPR
Q4 25
Q3 25
-141.3%
Q2 25
Q1 25
-47.3%
Q4 24
-142.6%
Q3 24
-125.7%
Q2 24
64.8%
Q1 24
-385.8%
Capex Intensity
ARVN
ARVN
IIPR
IIPR
Q4 25
Q3 25
0.2%
Q2 25
Q1 25
0.2%
Q4 24
0.5%
Q3 24
0.7%
Q2 24
0.9%
Q1 24
0.4%
Cash Conversion
ARVN
ARVN
IIPR
IIPR
Q4 25
6.22×
Q3 25
1.56×
Q2 25
1.86×
Q1 25
-1.07×
1.75×
Q4 24
6.46×
Q3 24
1.61×
Q2 24
1.53×
Q1 24
1.82×

Financial Flow Comparison

Revenue → gross profit → operating profit → net profit for each company.

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