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Side-by-side financial comparison of INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) and SHORE BANCSHARES INC (SHBI). 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 $59.1M, roughly 1.1× SHORE BANCSHARES INC). On growth, SHORE BANCSHARES INC posted the faster year-over-year revenue change (11.8% vs -13.1%). Over the past eight quarters, SHORE BANCSHARES INC's revenue compounded faster (11.3% CAGR vs -6.0%).

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. ...

Shore Bancshares Inc. is a U.S. regional bank holding company headquartered in Maryland. It offers a full range of retail and commercial banking services, including deposit products, personal and commercial loans, and wealth management solutions, primarily serving local individual customers, small businesses and mid-sized enterprises in its operating regions.

IIPR vs SHBI — Head-to-Head

Bigger by revenue
IIPR
IIPR
1.1× larger
IIPR
$66.7M
$59.1M
SHBI
Growing faster (revenue YoY)
SHBI
SHBI
+25.0% gap
SHBI
11.8%
-13.1%
IIPR
Faster 2-yr revenue CAGR
SHBI
SHBI
Annualised
SHBI
11.3%
-6.0%
IIPR

Income Statement — Q4 FY2025 vs Q4 FY2025

Metric
IIPR
IIPR
SHBI
SHBI
Revenue
$66.7M
$59.1M
Net Profit
$31.8M
Gross Margin
Operating Margin
47.8%
35.2%
Net Margin
47.8%
Revenue YoY
-13.1%
11.8%
Net Profit YoY
-20.4%
EPS (diluted)
$1.07
$0.48

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
IIPR
IIPR
SHBI
SHBI
Q4 25
$66.7M
$59.1M
Q3 25
$64.7M
$56.4M
Q2 25
$62.9M
$56.6M
Q1 25
$71.7M
$53.0M
Q4 24
$76.7M
$52.9M
Q3 24
$76.5M
$50.5M
Q2 24
$79.8M
$50.6M
Q1 24
$75.5M
$47.7M
Net Profit
IIPR
IIPR
SHBI
SHBI
Q4 25
$31.8M
Q3 25
$29.3M
$14.3M
Q2 25
$26.0M
$15.5M
Q1 25
$31.1M
$13.8M
Q4 24
$40.0M
Q3 24
$40.2M
$11.2M
Q2 24
$42.0M
$11.2M
Q1 24
$39.4M
$8.2M
Operating Margin
IIPR
IIPR
SHBI
SHBI
Q4 25
47.8%
35.2%
Q3 25
45.5%
33.7%
Q2 25
45.9%
36.5%
Q1 25
47.4%
34.4%
Q4 24
54.7%
34.3%
Q3 24
54.8%
29.6%
Q2 24
53.1%
29.7%
Q1 24
55.7%
22.2%
Net Margin
IIPR
IIPR
SHBI
SHBI
Q4 25
47.8%
Q3 25
45.3%
25.5%
Q2 25
41.4%
27.4%
Q1 25
43.3%
26.0%
Q4 24
52.2%
Q3 24
52.6%
22.1%
Q2 24
52.6%
22.2%
Q1 24
52.3%
17.2%
EPS (diluted)
IIPR
IIPR
SHBI
SHBI
Q4 25
$1.07
$0.48
Q3 25
$0.97
$0.43
Q2 25
$0.86
$0.46
Q1 25
$1.03
$0.41
Q4 24
$1.35
$0.39
Q3 24
$1.37
$0.34
Q2 24
$1.44
$0.34
Q1 24
$1.36
$0.25

Balance Sheet & Financial Strength

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

Metric
IIPR
IIPR
SHBI
SHBI
Cash + ST InvestmentsLiquidity on hand
$47.6M
$355.6M
Total DebtLower is stronger
$393.7M
$89.1M
Stockholders' EquityBook value
$1.8B
$589.9M
Total Assets
$2.4B
$6.3B
Debt / EquityLower = less leverage
0.21×
0.15×

8-quarter trend — quarters aligned by calendar period.

Cash + ST Investments
IIPR
IIPR
SHBI
SHBI
Q4 25
$47.6M
$355.6M
Q3 25
$41.9M
$416.5M
Q2 25
$104.9M
$185.0M
Q1 25
$133.3M
$389.0M
Q4 24
$151.2M
$459.9M
Q3 24
$172.4M
$183.6M
Q2 24
$160.9M
$138.9M
Q1 24
$173.5M
$114.6M
Total Debt
IIPR
IIPR
SHBI
SHBI
Q4 25
$393.7M
$89.1M
Q3 25
$74.5M
Q2 25
$74.2M
Q1 25
$74.0M
Q4 24
$73.7M
Q3 24
$123.5M
Q2 24
$122.8M
Q1 24
$72.6M
Stockholders' Equity
IIPR
IIPR
SHBI
SHBI
Q4 25
$1.8B
$589.9M
Q3 25
$1.9B
$577.2M
Q2 25
$1.9B
$565.2M
Q1 25
$1.9B
$552.5M
Q4 24
$1.9B
$541.1M
Q3 24
$1.9B
$533.3M
Q2 24
$1.9B
$522.8M
Q1 24
$2.0B
$515.2M
Total Assets
IIPR
IIPR
SHBI
SHBI
Q4 25
$2.4B
$6.3B
Q3 25
$2.3B
$6.3B
Q2 25
$2.3B
$6.0B
Q1 25
$2.4B
$6.2B
Q4 24
$2.4B
$6.2B
Q3 24
$2.4B
$5.9B
Q2 24
$2.4B
$5.9B
Q1 24
$2.4B
$5.8B
Debt / Equity
IIPR
IIPR
SHBI
SHBI
Q4 25
0.21×
0.15×
Q3 25
0.13×
Q2 25
0.13×
Q1 25
0.13×
Q4 24
0.14×
Q3 24
0.23×
Q2 24
0.23×
Q1 24
0.14×

Cash Flow & Capital Efficiency

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

Metric
IIPR
IIPR
SHBI
SHBI
Operating Cash FlowLast quarter
$198.2M
$62.4M
Free Cash FlowOCF − Capex
$59.2M
FCF MarginFCF / Revenue
100.2%
Capex IntensityCapex / Revenue
5.4%
Cash ConversionOCF / Net Profit
6.22×
TTM Free Cash FlowTrailing 4 quarters
$110.6M

8-quarter trend — quarters aligned by calendar period.

Operating Cash Flow
IIPR
IIPR
SHBI
SHBI
Q4 25
$198.2M
$62.4M
Q3 25
$45.6M
$42.5M
Q2 25
$48.4M
$-8.3M
Q1 25
$54.2M
$19.8M
Q4 24
$258.4M
$46.9M
Q3 24
$64.9M
$9.1M
Q2 24
$64.2M
$3.0M
Q1 24
$71.6M
$2.4M
Free Cash Flow
IIPR
IIPR
SHBI
SHBI
Q4 25
$59.2M
Q3 25
$41.9M
Q2 25
$-9.2M
Q1 25
$18.8M
Q4 24
$41.7M
Q3 24
$8.4M
Q2 24
$1.4M
Q1 24
$614.0K
FCF Margin
IIPR
IIPR
SHBI
SHBI
Q4 25
100.2%
Q3 25
74.3%
Q2 25
-16.3%
Q1 25
35.4%
Q4 24
78.8%
Q3 24
16.7%
Q2 24
2.9%
Q1 24
1.3%
Capex Intensity
IIPR
IIPR
SHBI
SHBI
Q4 25
5.4%
Q3 25
1.0%
Q2 25
1.6%
Q1 25
1.9%
Q4 24
9.9%
Q3 24
1.2%
Q2 24
3.1%
Q1 24
3.7%
Cash Conversion
IIPR
IIPR
SHBI
SHBI
Q4 25
6.22×
Q3 25
1.56×
2.96×
Q2 25
1.86×
-0.54×
Q1 25
1.75×
1.44×
Q4 24
6.46×
Q3 24
1.61×
0.81×
Q2 24
1.53×
0.27×
Q1 24
1.82×
0.29×

Financial Flow Comparison

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

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