(TRNO) Terreno Realty - Overview
Sector: Real Estate | Industry: REIT - Industrial | Exchange: NYSE (USA) | Market Cap: 6.983m USD | Total Return: 21.6% in 12m
Avg Turnover: 35.0M
EPS Trend: -55.6%
Qual. Beats: 0
Rev. Trend: 99.7%
Qual. Beats: 0
Warnings
Earnings expected to drop: P/E 16.1 → Forward 80.0
Altman Z'' 0.70 < 1.0 - financial distress zone
Tailwinds
No distinct edge detected
Terreno Realty Corporation (TRNO) is an internally managed real estate investment trust (REIT) focused on the acquisition and operation of industrial properties within six high-density coastal markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C. As of late 2025, the portfolio comprises over 300 buildings totaling approximately 20.2 million square feet, alongside 44 improved land parcels and several active development projects.
The company operates within the industrial REIT sector, which benefits from last-mile logistics demand driven by e-commerce and restricted land supply in core urban corridors. By maintaining a REIT structure, Terreno is required by law to distribute at least 90% of its taxable income to shareholders in the form of dividends.
Investors can further evaluate these regional market dynamics and valuation metrics by visiting ValueRay.
- High demand for infill industrial space drives significant cash rent spreads
- Supply constraints in six major coastal markets sustain high occupancy rates
- Rising interest rates increase cost of capital for future property acquisitions
- Improved land parcel utilization expands revenue beyond traditional warehouse leasing
- Strategic redevelopment projects accelerate net operating income growth in core urban hubs
| Net Income: 424.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.04 > 0.02 and ΔFCF/TA 0.60 > 1.0 |
| NWC/Revenue: -49.67% < 20% (prev 9.76%; Δ -59.43% < -1%) |
| CFO/TA 0.05 > 3% & CFO 272.4m > Net Income 424.3m |
| Net Debt (968.1m) to EBITDA (582.4m): 1.66 < 3 |
| Current Ratio: 0.27 > 1.5 & < 3 |
| Outstanding Shares: last quarter (105.2m) vs 12m ago 4.13% < -2% |
| Gross Margin: 63.89% > 18% (prev 0.74%; Δ 6.31k% > 0.5%) |
| Asset Turnover: 9.38% > 50% (prev 8.32%; Δ 1.06% > 0%) |
| Interest Coverage Ratio: 13.51 > 6 (EBITDA TTM 582.4m / Interest Expense TTM 33.9m) |
| A: -0.04 (Total Current Assets 87.9m - Total Current Liabilities 331.5m) / Total Assets 5.55b |
| B: 0.05 (Retained Earnings 303.3m / Total Assets 5.55b) |
| C: 0.09 (EBIT TTM 458.2m / Avg Total Assets 5.23b) |
| D: 0.21 (Book Value of Equity 267.8m / Total Liabilities 1.26b) |
| Altman-Z'' = 0.70 = B |
As of May 26, 2026, the stock is trading at USD 66.05 with a total of 706,700 shares traded.
Over the past week, the price has changed by +1.54%,
over one month by +0.15%,
over three months by +0.51% and
over the past year by +21.55%.
Terreno Realty has received a consensus analysts rating of 3.83. Therefore, it is recommended to buy TRNO.
- StrongBuy: 6
- Buy: 5
- Hold: 6
- Sell: 0
- StrongSell: 1
| Analysts Target Price | 70.3 | 6.4% |
P/E Trailing = 16.1098
P/E Forward = 80.0
P/S = 14.2386
P/B = 1.6255
P/EG = 7.1534
Revenue TTM = 490.4m USD
EBIT TTM = 458.2m USD
EBITDA TTM = 582.4m USD
Long Term Debt = 942.0m USD (from longTermDebt, last quarter)
Short Term Debt = 50.0m USD (from shortTermDebt, last quarter)
Debt = 1.06b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 968.1m USD (calculated: Debt 1.06b - CCE 87.9m)
Enterprise Value = 7.95b USD (6.98b + Debt 1.06b - CCE 87.9m)
Interest Coverage Ratio = 13.51 (Ebit TTM 458.2m / Interest Expense TTM 33.9m)
EV/FCF = 39.12x (Enterprise Value 7.95b / FCF TTM 203.2m)
FCF Yield = 2.56% (FCF TTM 203.2m / Enterprise Value 7.95b)
FCF Margin = 41.44% (FCF TTM 203.2m / Revenue TTM 490.4m)
Net Margin = 86.52% (Net Income TTM 424.3m / Revenue TTM 490.4m)
Gross Margin = 63.89% ((Revenue TTM 490.4m - Cost of Revenue TTM 177.1m) / Revenue TTM)
Gross Margin QoQ = 27.05% (prev 78.04%)
Tobins Q-Ratio = 1.43 (Enterprise Value 7.95b / Total Assets 5.55b)
Interest Expense / Debt = 3.21% (Interest Expense 33.9m / Debt 1.06b)
Taxrate = 21.0% (US default 21%)
NOPAT = 362.0m (EBIT 458.2m * (1 - 21.00%))
Current Ratio = 0.27 (Total Current Assets 87.9m / Total Current Liabilities 331.5m)
Debt / Equity = 0.25 (Debt 1.06b / totalStockholderEquity, last quarter 4.30b)
Debt / EBITDA = 1.66 (Net Debt 968.1m / EBITDA 582.4m)
Debt / FCF = 4.76 (Net Debt 968.1m / FCF TTM 203.2m)
Total Stockholder Equity = 4.10b (last 4 quarters mean from totalStockholderEquity)
RoA = 8.11% (Net Income 424.3m / Total Assets 5.55b)
RoE = 10.36% (Net Income TTM 424.3m / Total Stockholder Equity 4.10b)
RoCE = 9.10% (EBIT 458.2m / Capital Employed (Equity 4.10b + L.T.Debt 942.0m))
RoIC = 6.63% (NOPAT 362.0m / Invested Capital 5.46b)
WACC = 6.99% (E(6.98b)/V(8.04b) * Re(7.66%) + D(1.06b)/V(8.04b) * Rd(3.21%) * (1-Tc(0.21)))
Discount Rate = 7.66% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 100.00 | Cagr: 8.55%
[DCF] Terminal Value 77.97% ; FCFF base≈182.1m ; Y1≈208.7m ; Y5≈307.2m
[DCF] Fair Price = 34.56 (EV 4.62b - Net Debt 968.1m = Equity 3.65b / Shares 105.7m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: -55.63 | EPS CAGR: -3.64% | SUE: 0.13 | # QB: 0
Revenue Correlation: 99.67 | Revenue CAGR: 20.06% | SUE: 0.56 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.40 | Chg30d=+29.03% | Revisions=-20% | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.44 | Chg30d=+29.41% | Revisions=-20% | Analysts=1
EPS current Year (2026-12-31): EPS=1.96 | Chg30d=+49.62% | Revisions=-33% | GrowthEPS=+23.4% | GrowthRev=+7.8%
EPS next Year (2027-12-31): EPS=1.73 | Chg30d=+13.10% | Revisions=-20% | GrowthEPS=-11.9% | GrowthRev=+11.5%
[Analyst] Revisions Ratio: -33%