Real Estate · REIT - Industrial
Price
$65.98
Market Cap
$7.0B
Employees
49
Beta
1.06
Avg Volume
703,143
CEO
W. Blake Baird
Business Description
Terreno Realty Corporation, together with its subsidiaries, focuses on the acquisition, ownership, and management of industrial real estate assets. Their operations are strategically located in six key coastal U.S. markets: Los Angeles, the Northern New Jersey/New York City metropolitan area, the San Francisco Bay Area, Seattle, Miami, and Washington, D.C. It should be noted that all measurements concerning property size (square footage, acreage), occupancy rates, and the total number of properties detailed within their condensed consolidated financial statements are provided on an unaudited basis. As of September 30, 2020, the company's portfolio included 219 buildings, encompassing a total area of approximately 13.1 million square feet. Additionally, they possessed 22 developed land parcels spanning about 85.0 acres, alongside one property currently undergoing redevelopment, which is projected to contribute roughly 0.2 million square feet upon completion. Terreno operates as an internally managed corporation chartered in Maryland. The company chose to be designated as a Real Estate Investment Trust (REIT) for tax purposes, pursuant to Sections 856 through 860 of the Internal Revenue Code of 1986, effective from its taxable year concluded on December 31, 2010.
Business History
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
16.79
Stock Price: $65.98
EPS (Diluted): 3.93
EPS (Diluted): 3.93
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
1.45
Stock Price: $65.98
Total Equity: $4.15B
Shares: 102,723,758
Total Equity: $4.15B
Shares: 102,723,758
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
12.44
Market Cap: $7.01B
Total Debt: $943.34M
Cash: $25.02M
EBITDA: $557.43M
Total Debt: $943.34M
Cash: $25.02M
EBITDA: $557.43M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$6.9B
Market Cap: $7.01B
Total Debt: $943.34M
Cash: $25.02M
Total Debt: $943.34M
Cash: $25.02M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
75.8%
Gross Profit: $361.28M
Revenue: $476.38M
Revenue: $476.38M
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
40.4%
Operating Income: $192.43M
Revenue: $476.38M
Revenue: $476.38M
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
84.6%
Net Income: $402.99M
Revenue: $476.38M
Revenue: $476.38M
ROE (Profit from shareholder equity)
CALCNet Income / Total Equity
9.7%
Net Income: $402.99M
Total Equity: $4.15B
Total Equity: $4.15B
ROIC (Profit from all invested capital)
CALCNOPAT / Invested Capital
3.8%
Operating Income: $192.43M
Tax Rate: 0.0%
Equity: $4.15B
Total Debt: $943.34M
Cash: $25.02M
Tax Rate: 0.0%
Equity: $4.15B
Total Debt: $943.34M
Cash: $25.02M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
0.08
Current Assets: $27.93M
Current Liabilities: $331.46M
Current Liabilities: $331.46M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.23
Short-Term Debt: $200.00M
Long-Term Debt: $743.34M
Total Debt: $943.34M
Total Equity: $4.15B
Long-Term Debt: $743.34M
Total Debt: $943.34M
Total Equity: $4.15B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$4.64
Revenue: $476.38M
Shares: 102,723,758
Shares: 102,723,758
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$40.36
Total Equity: $4.15B
Shares: 102,723,758
Shares: 102,723,758
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$2.03
Operating CF: $271.86M
CapEx: -$63.41M
Shares: 102,723,758
CapEx: -$63.41M
Shares: 102,723,758
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
3.4%
Last Dividend: N/A
Stock Price: $65.98
Stock Price: $65.98
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $402.99M
Net Income: $402.99M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares TRNO against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 21, 2026 7:27pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $221.9M | $276.2M | $323.6M | $382.6M | $476.4M |
| Cost of Revenue | $56.2M | $68.9M | $79.1M | $98.1M | $115.1M |
| Gross Profit | $165.7M | $207.3M | $244.5M | $284.5M | $361.3M |
| Operating Expenses | $77.7M | $97.0M | $111.2M | $136.5M | $168.8M |
| Operating Income | $88.0M | $110.4M | $133.4M | $148.0M | $192.4M |
| Net Income | $87.3M | $198.0M | $151.5M | $184.5M | $403.0M |
| EBITDA | $156.0M | $287.6M | $249.5M | $299.3M | $557.4M |
| EPS | $0.87 | $2.61 | $1.81 | $1.92 | $3.93 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 21, 2026 7:27pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $204.4M | $26.4M | $165.4M | $18.1M | $25.0M |
| Total Current Assets | $244.0M | $75.5M | $222.3M | $24.6M | $27.9M |
| Total Assets | $2.9B | $3.2B | $3.9B | $4.8B | $5.4B |
| Current Liabilities | $70.6M | $80.4M | $100.8M | $210.1M | $331.5M |
| Long-Term Debt | $720.7M | $770.8M | $771.6M | $741.4M | $743.3M |
| Total Liabilities | $866.3M | $934.6M | $990.1M | $1.1B | $1.2B |
| Total Equity | $2.1B | $2.2B | $2.9B | $3.7B | $4.1B |
| Retained Earnings | $2.8M | $88.3M | $95.6M | $95.3M | $289.1M |
Cash Flow (Annual)
Last updated: Jun 21, 2026 7:27pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $132.2M | $143.2M | $179.7M | $232.7M | $271.9M |
| Capital Expenditure | -$51.3M | -$66.6M | -$53.1M | -$46.4M | -$63.4M |
| Free Cash Flow | $80.9M | $76.6M | $126.6M | $186.3M | $208.5M |
| Acquisitions (net) | $0 | $0 | $0 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $-582,000 | -$1.0M | -$1.5M | -$3.3M | $0 |
| Net Change in Cash | $97.0M | -$176.7M | $138.2M | -$147.9M | $7.2M |
Analyst Estimates (Annual)
Last updated: Jun 27, 2026 1:29am (8h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$574.0M $559.0M – $598.2M
|
$663.8M $663.8M – $663.8M
|
$736.8M $708.2M – $774.5M
|
$810.0M $778.5M – $851.4M
|
| EBITDA |
$488.6M $475.8M – $509.2M
|
$565.1M $565.0M – $565.1M
|
$627.2M $602.8M – $659.2M
|
$689.5M $662.7M – $724.7M
|
| Net Income |
$187.8M $180.7M – $195.0M
|
$196.7M $185.3M – $208.1M
|
$202.4M $192.1M – $215.8M
|
$0 |
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 21, 2026 7:27pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +24.5% | +17.2% | +18.2% | +24.5% |
| Gross Profit Growth | +25.1% | +17.9% | +16.4% | +27.0% |
| Operating Income Growth | +25.4% | +20.8% | +11.0% | +30.0% |
| Net Income Growth | +126.9% | -23.5% | +21.8% | +118.4% |
| EBITDA Growth | +84.4% | -13.3% | +20.0% | +86.2% |
Dividend History (Last 20)
Last updated: Jun 21, 2026 7:27pm (5d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-06-26 | $0.52 | 2026-05-06 | 2026-06-26 | 2026-07-10 |
| 2026-03-27 | $0.52 | 2026-02-04 | 2026-03-27 | 2026-04-10 |
| 2025-12-15 | $0.52 | 2025-11-05 | 2025-12-15 | 2026-01-09 |
| 2025-09-29 | $0.52 | 2025-08-06 | 2025-09-29 | 2025-10-10 |
| 2025-06-27 | $0.49 | 2025-05-07 | 2025-06-27 | 2025-07-11 |
| 2025-03-27 | $0.49 | 2025-02-05 | 2025-03-27 | 2025-04-04 |
| 2024-12-13 | $0.49 | 2024-11-06 | 2024-12-13 | 2025-01-07 |
| 2024-09-30 | $0.49 | 2024-08-07 | 2024-09-30 | 2024-10-11 |
| 2024-06-28 | $0.45 | 2024-05-08 | 2024-06-28 | 2024-07-12 |
| 2024-03-27 | $0.45 | 2024-02-07 | 2024-03-28 | 2024-04-05 |
| 2023-12-14 | $0.45 | 2023-11-01 | 2023-12-15 | 2024-01-05 |
| 2023-09-28 | $0.45 | 2023-08-02 | 2023-09-29 | 2023-10-13 |
| 2023-06-29 | $0.40 | 2023-05-03 | 2023-06-30 | 2023-07-14 |
| 2023-03-30 | $0.40 | 2023-02-08 | 2023-03-31 | 2023-04-06 |
| 2022-12-29 | $0.40 | 2022-11-02 | 2022-12-30 | 2023-01-13 |
| 2022-09-29 | $0.40 | 2022-08-03 | 2022-09-30 | 2022-10-14 |
| 2022-06-29 | $0.34 | 2022-05-04 | 2022-06-30 | 2022-07-14 |
| 2022-03-24 | $0.34 | 2022-02-09 | 2022-03-25 | 2022-04-08 |
| 2021-12-14 | $0.34 | 2021-11-03 | 2021-12-15 | 2022-01-05 |
| 2021-09-30 | $0.34 | 2021-08-04 | 2021-10-01 | 2021-10-15 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for TRNO — it's generated by the pipeline (
market-narrative step).
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30