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Side-by-side financial comparison of Caledonia Mining Corp Plc (CMCL) 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 $46.9M, roughly 1.4× Caledonia Mining Corp Plc). INNOVATIVE INDUSTRIAL PROPERTIES INC runs the higher net margin — 47.8% vs 7.0%, a 40.8% gap on every dollar of revenue. On growth, Caledonia Mining Corp Plc posted the faster year-over-year revenue change (13.8% vs -13.1%). Over the past eight quarters, Caledonia Mining Corp Plc's revenue compounded faster (17.1% CAGR vs -6.0%).

Hochschild Mining plc is a leading British-based silver and gold mining business operating in North, Central, and South America. It is headquartered in Lima, Peru, with a corporate office in London, is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. The main shareholder is the Peruvian businessman Eduardo Hochschild.

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. ...

CMCL vs IIPR — Head-to-Head

Bigger by revenue
IIPR
IIPR
1.4× larger
IIPR
$66.7M
$46.9M
CMCL
Growing faster (revenue YoY)
CMCL
CMCL
+26.9% gap
CMCL
13.8%
-13.1%
IIPR
Higher net margin
IIPR
IIPR
40.8% more per $
IIPR
47.8%
7.0%
CMCL
Faster 2-yr revenue CAGR
CMCL
CMCL
Annualised
CMCL
17.1%
-6.0%
IIPR

Income Statement — Q3 FY2024 vs Q4 FY2025

Metric
CMCL
CMCL
IIPR
IIPR
Revenue
$46.9M
$66.7M
Net Profit
$3.3M
$31.8M
Gross Margin
41.2%
Operating Margin
18.6%
47.8%
Net Margin
7.0%
47.8%
Revenue YoY
13.8%
-13.1%
Net Profit YoY
-33.3%
-20.4%
EPS (diluted)
$0.13
$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
CMCL
CMCL
IIPR
IIPR
Q4 25
$66.7M
Q3 25
$64.7M
Q2 25
$62.9M
Q1 25
$71.7M
Q4 24
$76.7M
Q3 24
$46.9M
$76.5M
Q2 24
$50.1M
$79.8M
Q1 24
$38.5M
$75.5M
Net Profit
CMCL
CMCL
IIPR
IIPR
Q4 25
$31.8M
Q3 25
$29.3M
Q2 25
$26.0M
Q1 25
$31.1M
Q4 24
$40.0M
Q3 24
$3.3M
$40.2M
Q2 24
$10.2M
$42.0M
Q1 24
$2.1M
$39.4M
Gross Margin
CMCL
CMCL
IIPR
IIPR
Q4 25
Q3 25
Q2 25
Q1 25
Q4 24
Q3 24
41.2%
Q2 24
45.8%
Q1 24
35.9%
Operating Margin
CMCL
CMCL
IIPR
IIPR
Q4 25
47.8%
Q3 25
45.5%
Q2 25
45.9%
Q1 25
47.4%
Q4 24
54.7%
Q3 24
18.6%
54.8%
Q2 24
32.2%
53.1%
Q1 24
13.8%
55.7%
Net Margin
CMCL
CMCL
IIPR
IIPR
Q4 25
47.8%
Q3 25
45.3%
Q2 25
41.4%
Q1 25
43.3%
Q4 24
52.2%
Q3 24
7.0%
52.6%
Q2 24
20.3%
52.6%
Q1 24
5.4%
52.3%
EPS (diluted)
CMCL
CMCL
IIPR
IIPR
Q4 25
$1.07
Q3 25
$0.97
Q2 25
$0.86
Q1 25
$1.03
Q4 24
$1.35
Q3 24
$0.13
$1.37
Q2 24
$0.42
$1.44
Q1 24
$0.07
$1.36

Balance Sheet & Financial Strength

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

Metric
CMCL
CMCL
IIPR
IIPR
Cash + ST InvestmentsLiquidity on hand
$7.2M
$47.6M
Total DebtLower is stronger
$393.7M
Stockholders' EquityBook value
$231.0M
$1.8B
Total Assets
$339.7M
$2.4B
Debt / EquityLower = less leverage
0.21×

8-quarter trend — quarters aligned by calendar period.

Cash + ST Investments
CMCL
CMCL
IIPR
IIPR
Q4 25
$47.6M
Q3 25
$41.9M
Q2 25
$104.9M
Q1 25
$133.3M
Q4 24
$151.2M
Q3 24
$7.2M
$172.4M
Q2 24
$15.4M
$160.9M
Q1 24
$1.8M
$173.5M
Total Debt
CMCL
CMCL
IIPR
IIPR
Q4 25
$393.7M
Q3 25
Q2 25
Q1 25
Q4 24
Q3 24
Q2 24
Q1 24
Stockholders' Equity
CMCL
CMCL
IIPR
IIPR
Q4 25
$1.8B
Q3 25
$1.9B
Q2 25
$1.9B
Q1 25
$1.9B
Q4 24
$1.9B
Q3 24
$231.0M
$1.9B
Q2 24
$231.1M
$1.9B
Q1 24
$220.3M
$2.0B
Total Assets
CMCL
CMCL
IIPR
IIPR
Q4 25
$2.4B
Q3 25
$2.3B
Q2 25
$2.3B
Q1 25
$2.4B
Q4 24
$2.4B
Q3 24
$339.7M
$2.4B
Q2 24
$338.5M
$2.4B
Q1 24
$321.8M
$2.4B
Debt / Equity
CMCL
CMCL
IIPR
IIPR
Q4 25
0.21×
Q3 25
Q2 25
Q1 25
Q4 24
Q3 24
Q2 24
Q1 24

Cash Flow & Capital Efficiency

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

Metric
CMCL
CMCL
IIPR
IIPR
Operating Cash FlowLast quarter
$4.6M
$198.2M
Free Cash FlowOCF − Capex
FCF MarginFCF / Revenue
Capex IntensityCapex / Revenue
Cash ConversionOCF / Net Profit
1.40×
6.22×
TTM Free Cash FlowTrailing 4 quarters

8-quarter trend — quarters aligned by calendar period.

Operating Cash Flow
CMCL
CMCL
IIPR
IIPR
Q4 25
$198.2M
Q3 25
$45.6M
Q2 25
$48.4M
Q1 25
$54.2M
Q4 24
$258.4M
Q3 24
$4.6M
$64.9M
Q2 24
$19.1M
$64.2M
Q1 24
$71.6M
Cash Conversion
CMCL
CMCL
IIPR
IIPR
Q4 25
6.22×
Q3 25
1.56×
Q2 25
1.86×
Q1 25
1.75×
Q4 24
6.46×
Q3 24
1.40×
1.61×
Q2 24
1.87×
1.53×
Q1 24
1.82×

Financial Flow Comparison

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

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