A Business at a Glance
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Terreno Realty Corp
TRNO
$7.5B
Mkt Cap
$72.68
+0.86%
Terreno Realty Corp (TRNO) has a current P/E ratio of 18.6, compared to its historical median P/E of 31.6. The stock is currently considered Fair based on its historical valuation range.
Terreno Realty Corp (TRNO) has a 5-year average return on invested capital (ROIC) of 6.4%. This is below average and may indicate limited pricing power.
Terreno Realty Corp (TRNO) has a market capitalization of $7.7B. It is classified as a mid-cap stock.
Yes, Terreno Realty Corp (TRNO) pays a dividend with a trailing twelve-month yield of 2.72%. The company also returns capital through share buybacks, with a buyback yield of 0.05%.
Based on historical P/E analysis, Terreno Realty Corp (TRNO) appears fair. The current P/E of 18.6 is 41% below its historical median of 31.6. The estimated fair value CAGR (P/E method) is 16.7%.
Terreno Realty Corp (TRNO) operates in the Real Estate industry, within the Real Estate sector.
Terreno Realty Corp (TRNO) reported annual revenue of $476 million in its most recent fiscal year, based on SEC EDGAR filings.
PART I Terreno Realty Corporation (“Terreno”, and together with its subsidiaries, “we”, “us”, “our”, “our Company” or “the Company”) acquires, owns and operates industrial real estate in six major coastal U.S. markets: New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C. We invest in several types of industrial real estate, including warehouse/distribution (approximately 80.5% of our total annualized base rent as of December 31, 2025), flex (including light industrial and research and development, or R&D) (approximately 3.4%), transshipment (approximately 6.0%) and improved land (approximately 10.1%). We target functional properties in infill locations that may be shared by multiple tenants and that cater to customer demand within the various submarkets in which we operate. Infill locations are geographic locations surrounded by high concentrations of already developed land and existing buildings.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 490M | 476M | 383M | 324M | 276M | 222M |
| Net Income | 422M | 401M | 184M | 151M | 197M | 87M |
| EPS | $4.08 | $3.91 | $1.92 | $1.81 | $2.61 | $1.23 |
| Free Cash Flow | 215M | 242M | 198M | 153M | 77M | 81M |
| ROIC | 0.0% | 8.8% | 5.1% | 5.4% | 8.0% | 4.7% |
| Gross Margin | - | 57.1% | 55.3% | 60.5% | 59.3% | 59.9% |
| Debt/Equity | 0.22 | 0.28 | 0.25 | 0.26 | 0.35 | 0.35 |
| Dividends/Share | $1.98 | $2.02 | $1.88 | $1.70 | $1.48 | $1.26 |
| Operating Income | 0 | 434M | 205M | 176M | 221M | 105M |
| Operating Margin | 0.0% | 91.1% | 53.5% | 54.2% | 80.0% | 47.3% |
| ROE | 9.8% | 10.3% | 5.6% | 5.9% | 9.2% | 4.8% |
| Shares Outstanding | 106M | 103M | 96M | 83M | 76M | 71M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 69M | 96M | 108M | 132M | 152M | 171M | 187M | 222M | 276M | 324M | 383M | 476M | 490M |
| Gross Margin | 44.3% | 34.6% | 40.3% | 44.3% | 46.7% | 57.9% | 57.6% | 59.9% | 59.3% | 60.5% | 55.3% | 57.1% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 9.5M | 15M | 19M | 20M | 22M | 24M | 23M | 27M | 31M | 38M | 43M | 47M | 48M |
| EBIT | 14M | 21M | 25M | 66M | 81M | 72M | 95M | 105M | 221M | 176M | 205M | 434M | 0 |
| Op. Margin | 20.0% | 21.6% | 22.6% | 49.7% | 53.5% | 41.8% | 51.0% | 47.3% | 80.0% | 54.2% | 53.5% | 91.1% | 0.0% |
| Net Income | 7.2M | 11M | 11M | 49M | 63M | 55M | 79M | 87M | 197M | 151M | 184M | 401M | 422M |
| Net Margin | 10.4% | 11.5% | 10.6% | 37.0% | 41.5% | 32.3% | 42.5% | 39.2% | 71.4% | 46.6% | 48.0% | 84.2% | 86.1% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 1.8% | 2.1% | 2.1% | 4.8% | 5.1% | 4.0% | 5.0% | 4.7% | 8.0% | 5.4% | 5.1% | 8.8% | 0.0% |
| ROE | 1.2% | 1.5% | 1.5% | 5.3% | 5.5% | 4.0% | 5.1% | 4.8% | 9.2% | 5.9% | 5.6% | 10.3% | 9.8% |
| ROA | 0.8% | 1.0% | 0.9% | 3.4% | 3.7% | 2.8% | 3.7% | 3.4% | 6.5% | 4.3% | 4.2% | 7.9% | 7.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 29M | 42M | 49M | 69M | 78M | 95M | 101M | 132M | 143M | 180M | 233M | 272M | 272M |
| Free Cash Flow | 9.6M | 23M | 22M | 42M | 67M | 82M | 90M | 81M | 77M | 153M | 198M | 242M | 215M |
| Owner Earnings | 8.1M | -39K | 5.4M | 23M | 28M | 40M | 45M | 72M | 67M | 93M | 124M | 133M | 130M |
| CapEx | 20M | 19M | 27M | 27M | 11M | 12M | 11M | 51M | 67M | 27M | 35M | 30M | 58M |
| Maint. CapEx | 19M | 36M | 34M | 38M | 41M | 44M | 46M | 51M | 66M | 73M | 94M | 122M | 124M |
| Growth CapEx | 559K | 0 | 0 | 0 | 0 | 0 | 0 | 603K | 848K | 0 | 0 | 0 | 0 |
| D&A | 19M | 36M | 34M | 38M | 41M | 44M | 46M | 51M | 66M | 73M | 94M | 122M | 124M |
| CapEx/OCF | 67.3% | 12.3% | 16.2% | 10.1% | 13.8% | 13.2% | 10.4% | 12.8% | 12.7% | 15.0% | 14.8% | 11.0% | 21.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 16M | 28M | 33M | 42M | 51M | 64M | 75M | 85M | 107M | 136M | 175M | 204M | 209M |
| Dividend Yield | 3.6% | 4.0% | 3.9% | 3.1% | 3.0% | 2.4% | 2.3% | 2.1% | 2.5% | 3.0% | 3.1% | 3.4% | 2.7% |
| Share Buybacks | 284K | 512K | 1.6M | 3.4M | 3.9M | 4.0M | 9.8M | 582K | 1.0M | 1.5M | 3.3M | 3.3M | 3.7M |
| Buyback Yield | 0.1% | 0.1% | 0.2% | 0.2% | 0.2% | 0.1% | 0.3% | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% | 0.0% |
| Stock-Based Comp | 2.1M | 6.1M | 9.4M | 8.7M | 9.3M | 11M | 9.8M | 9.6M | 10M | 13M | 15M | 18M | 18M |
| Debt Repayment | 0 | 0 | 50M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 114M | 362M | 453M | 426M | 450M | 381M | 352M | 516M | 744M | 606M | 887M | 1.1B | 854M |
| Cash & Equiv. | 191M | 22M | 14M | 36M | 31M | 110M | 107M | 204M | 26M | 165M | 18M | 25M | 88M |
| Long-Term Debt | 305M | 384M | 415M | 462M | 462M | 492M | 459M | 721M | 771M | 772M | 823M | 943M | 942M |
| Debt/Equity | 0.41 | 0.52 | 0.58 | 0.45 | 0.39 | 0.32 | 0.29 | 0.35 | 0.35 | 0.26 | 0.25 | 0.28 | 0.22 |
| Interest Coverage | 2.1 | 2.1 | 1.9 | 3.9 | 4.5 | 4.4 | 6.0 | 5.8 | 9.3 | 7.1 | 9.8 | 13.2 | 13.2 |
| Equity | 747M | 733M | 812M | 1.0B | 1.2B | 1.5B | 1.6B | 2.1B | 2.2B | 2.9B | 3.7B | 4.1B | 4.3B |
| Total Assets | 1.1B | 1.2B | 1.3B | 1.6B | 1.8B | 2.1B | 2.1B | 2.9B | 3.2B | 3.9B | 4.8B | 5.4B | 5.6B |
| Total Liabilities | 328M | 419M | 467M | 540M | 549M | 591M | 552M | 866M | 935M | 990M | 1.1B | 1.2B | 1.3B |
| Intangibles | N/A | N/A | 18M | 4.1M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | N/A | N/A | N/A | 4.8M | 14M | 2.6M | 5.9M | 2.8M | 88M | 96M | 95M | 289M | 303M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 0.23 | 0.26 | 0.26 | 0.95 | 1.09 | 0.85 | 1.16 | 1.23 | 2.61 | 1.81 | 1.92 | 3.91 | 4.08 |
| Owner EPS | 0.26 | -0.00 | 0.12 | 0.44 | 0.48 | 0.62 | 0.66 | 1.02 | 0.89 | 1.12 | 1.29 | 1.29 | 1.23 |
| Book Value | 24.02 | 17.27 | 18.42 | 19.91 | 21.63 | 23.38 | 23.20 | 29.11 | 29.52 | 35.00 | 38.28 | 40.41 | 40.63 |
| Cash Flow/Share | 0.94 | 0.99 | 1.12 | 1.35 | 1.34 | 1.46 | 1.48 | 1.87 | 1.90 | 2.16 | 2.43 | 2.65 | 5.17 |
| Dividends/Share | 0.51 | 0.65 | 0.75 | 0.81 | 0.89 | 1.02 | 1.12 | 1.26 | 1.48 | 1.70 | 1.88 | 2.02 | 1.98 |
| Shares Out. | 31.1M | 42.4M | 44.1M | 51.6M | 57.7M | 64.9M | 68.4M | 70.7M | 75.5M | 83.3M | 95.7M | 102.6M | 105.7M |
| Valuation | |||||||||||||
| P/E Ratio | 68.5 | 67.9 | 84.9 | 30.3 | 26.7 | 53.7 | 43.7 | 60.4 | 19.4 | 33.0 | 29.7 | 15.4 | 17.8 |
| P/FCF | 51.1 | 32.3 | 43.6 | 35.2 | 25.1 | 36.1 | 38.3 | 64.9 | 50.0 | 32.5 | 27.6 | 25.6 | 35.8 |
| EV/EBIT | N/A | N/A | N/A | 118.2 | 134.1 | N/A | 309.4 | 52.0 | 48.8 | 284.5 | 163.7 | 32.3 | N/A |
| Price/Book | 0.7 | 1.0 | 1.2 | 1.4 | 1.3 | 2.0 | 2.2 | 2.6 | 1.7 | 1.7 | 1.5 | 1.5 | 1.8 |
| Price/Sales | 6.4 | 7.2 | 8.0 | 10.2 | 11.4 | 15.2 | 17.5 | 18.3 | 15.7 | 14.2 | 14.8 | 12.6 | 15.7 |
| FCF Yield | 2.0% | 3.1% | 2.3% | 2.8% | 4.0% | 2.8% | 2.6% | 1.5% | 2.0% | 3.1% | 3.6% | 3.9% | 2.8% |
| Market Cap | 490M | 750M | 981M | 1.5B | 1.7B | 3.0B | 3.5B | 5.2B | 3.8B | 5.0B | 5.5B | 6.2B | 7.7B |
| Avg. Price | 14.07 | 16.29 | 19.41 | 26.30 | 30.05 | 40.01 | 47.87 | 57.59 | 57.32 | 55.21 | 59.15 | 58.43 | 72.68 |
| Year-End Price | 15.75 | 17.66 | 22.07 | 28.75 | 29.13 | 45.68 | 50.68 | 74.24 | 50.68 | 59.70 | 57.11 | 60.28 | 72.68 |
Terreno Realty Corp passes 6 of 9 quality checks, suggesting mixed fundamentals.
Terreno Realty Corp trades at 18.6x trailing earnings, compared to its 15-year median P/E of 31.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 31.3x vs a median of 35.7x. The company's 5-year average ROIC is 6.4% with a gross margin of 58.4%. Total shareholder yield (dividends) is 2.8%. At current prices, the estimated annualized return to fair value is +8.7%.
Terreno Realty Corp (TRNO) has a net profit margin of 84.2%. This is a strong margin indicating high profitability.
Terreno Realty Corp (TRNO) generated $242 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Terreno Realty Corp (TRNO) has a debt-to-equity ratio of 0.28. This indicates a conservatively financed balance sheet.
Terreno Realty Corp (TRNO) reported earnings per share (EPS) of $3.91 in its most recent fiscal year.
Terreno Realty Corp (TRNO) has a return on equity (ROE) of 10.3%. This indicates moderate shareholder returns.
Terreno Realty Corp (TRNO) has a 5-year average gross margin of 58.4%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for Terreno Realty Corp (TRNO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Terreno Realty Corp (TRNO) has a book value per share of $40.41, based on its most recent annual SEC filing.
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