Pricing Log in Create free account
Friday 6 November 2026 Export TRNO’s income statement to Excel — free account

Terreno Realty Corporation

TRNO Real Estate Reit Industrial

Terreno Realty Corporation’s revenue for fiscal 2025 (year ended December 2025) was $476.4 million, up 24.5% from fiscal 2024.

Revenue
+13.7%
EPS
−38.0%
Free cash flow
+119.0%
Total debt
−11.7%

Quarter to September 2026, against a year earlier

66.98 0.11 −0.16%
Market cap
$7.3B
P/E
19.9×
Fwd P/E
33.2×
Dividend yield
3.19%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Valuation Filings

Insider Decisions last twelve months

Sold, $m 1.56
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 1 — — — — — 3 — — —
Insider Ownership 1.91%

Capital & Financial Ratios $m

Size
Market Cap 7,310.00
Revenue ttm 518.86
Net income ttm 353.32
Free cash flow ttm 288.33
Net debt Q 852.33
Valuation
P/E 19.92
Forward P/E 33.20
Price / sales 14.01 (above 10: high)
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.59
Financial health
Current ratio Q 0.77
Debt / equity Q 0.21
Interest coverage Q 6.59
Growth
Revenue growth Q +13.74% (above 0%: growing)
Operating income growth Q +16.30% (above 0%: growing)
EPS, this year −44.47% (below 0%: weak)
EPS, next year A −16.45% (below 0%: weak)
Revenue, next year A +7.43%
EPS, past 5 yrs +27.51% (at or above 15%: strong)
EPS, next 5 yrs A −19.83% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 15.7×, against a ten-year median of 18.4×; over the ten years it ranged from 13.7× in 2016 to 29.5× in 2021.
P/E against its own 10 years 10.01%
10-year low 10-year high
P/S against its own 10 years 25.63%
10-year low 10-year high
P/B against its own 10 years 20.39%
10-year low 10-year high
EV/Sales against its own 10 years 18.12%
10-year low 10-year high

Dividends raised every year since 2017

Yield
3.19%
Annual rate
2.13
Payout ratio
63.6%
Growth, 2017–25
+11.6%/yr
  1. 0.84 ’17
  2. 0.92 ’18 +10
  3. 1.02 ’19 +11
  4. 1.12 ’20 +10
  5. 1.31 ’21 +17
  6. 1.48 ’22 +13
  7. 1.70 ’23 +15
  8. 1.88 ’24 +11
  9. 2.02 ’25 +7
  10. 2.16 ’26e +7
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 165 18 25 88
Receivables — — — —
Inventory — — — —
Other — — — —
165 18 25 88
2023 2024 2025 Q'26
Payables 62 79 77 115
ST’ Debt — — — —
Other — — — —
62 79 77 115

Compound Annual Growth %

10y 5y 3y
Sales 17.39% 20.58% 19.92%
Cash Flow 20.51% 21.89% 23.82%
Earnings 43.34% 38.26% 26.72%
Book Value 18.92% 21.16% 22.97%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.74 Actual 0.72

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.85 0.83 Miss by 0.02
Q1 FY26 0.67 0.68 Beat by 0.01
Q2 FY26 0.70 0.70 Met by 0.00
Q3 FY26 0.74 0.72 Miss by 0.02
Q4 FY26 0.74 — Reports 3 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.66 0.54 0.62 — —
’25 0.47 0.90 1.00 1.53 3.91
’24 0.40 0.37 0.37 0.78 1.92
’23 0.29 0.48 0.36 0.68 1.81
’22 0.26 1.28 0.29 0.78 2.61
’21 0.24 0.25 0.30 0.44 1.23
’20 0.19 0.45 0.33 0.19 1.16
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 124 125 132 — —
’25 110 112 116 137 476
’24 85 94 100 104 383
’23 75 80 83 86 324
’22 64 65 71 76 276
’21 51 53 57 61 222
’20 45 46 47 49 187
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 62 75 81 — —
’25 61 61 80 70 272
’24 47 64 70 51 233
’23 39 49 53 39 180
’22 28 35 46 34 143
’21 26 33 39 34 132
’20 22 23 32 24 101
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 37 (244) 81 — —
’25 14 (89) (429) (51) (555)
’24 (12) (434) 12 (320) (755)
’23 (349) 5 (20) (100) (464)
’22 (69) (194) (49) (45) (357)
’21 (86) (38) (147) (304) (575)
’20 (19) 4 14 (37) (38)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 10.7% a year for ten years.

Implied
10.7%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 108 132 152 171 187 222 276 324 383 476 519 +17.9% 512 572 666 +11.8%
Gross margin, % 72.03 72.92 73.63 74.15 73.73 74.66 75.05 75.56 74.36 75.84 76.04 +3.8 pt
EBT 15 53 63 56 80 87 198 151 184 403 353 +44.0%
EBT margin, % 13.94 40.08 41.73 32.46 42.70 39.32 71.69 46.81 48.22 84.59 68.10 +70.7 pt
Net income 15 53 63 56 80 87 198 151 184 403 353 +44.0%
Per share, $
Per share, $ Revenue 2.42 2.58 2.64 2.65 2.76 3.15 3.66 3.89 4.01 4.65 4.76 +7.5%
Earnings 0.26 0.95 1.09 0.86 1.17 1.23 2.61 1.81 1.92 3.92 3.35 +35.2%
Cash flow 1.10 1.35 1.35 1.47 1.49 1.87 1.90 2.16 2.44 2.65 2.65 +10.3%
Capex (3.82) (6.32) (4.53) (4.63) (2.05) (10.03) (6.62) (7.74) (10.34) (8.07) 0.00 +8.7%
Free cash flow (2.72) (4.97) (3.18) (3.17) (0.56) (8.16) (4.72) (5.58) (7.90) (5.42) 2.65 +7.9%
Book value 18.15 20.01 21.71 23.55 23.44 29.18 29.54 35.04 38.34 40.47 41.94 +9.3%
Shares, m 45 51 57 64 68 71 75 83 96 102 106 +9.6%
Valuation, ×
Valuation, × P/E 109.50 36.74 32.56 63.69 50.01 69.34 21.73 34.79 30.80 15.02 19.92 46.4
P/S 11.74 13.53 13.33 20.40 21.22 27.11 15.50 16.18 14.76 12.63 14.01 16.6
P/B 1.66 1.74 1.62 2.30 2.50 2.92 1.92 1.80 1.54 1.45 1.59 1.9
EV/Sales 15.54 16.83 16.25 22.71 23.17 29.54 18.30 18.16 16.97 14.65 15.65 19.2
EV/FCF (13.83) (8.74) (13.48) (19.04) (115.06) (11.40) (14.17) (12.67) (8.61) (12.58) (11.86) (23.0)
Cash, $m
Cash, $m Operating cash flow 49 69 78 95 101 132 143 180 233 272 288 +20.9%
Capex (171) (325) (260) (299) (139) (708) (500) (643) (987) (827) (973) +19.1%
Free cash flow (122) (255) (183) (204) (38) (575) (357) (464) (755) (555) 288 +18.4%
Balance, $m
Balance, $m Working capital (4) 14 6 82 80 159 (23) 104 (61) (52) (27) +33.0%
Net debt 411 437 443 396 366 540 772 639 845 966 852 +10.0%
Shareholders’ equity 812 1,027 1,248 1,517 1,588 2,058 2,230 2,915 3,662 4,146 4,570 +19.9%
Returns, %
Returns, % ROA 0.94 3.44 3.74 2.83 3.74 3.43 6.48 4.26 4.24 7.90 6.32 +7.0 pt
ROIC 1.09 1.67 1.82 1.92 2.18 2.11 2.27 2.34 2.05 2.35 2.49 +1.3 pt
ROE 1.58 5.47 5.53 3.99 5.11 4.77 9.20 5.86 5.59 10.28 8.21 +8.7 pt
People
People Employees 19 22 23 24 26 34 40 42 49 47 — +10.6%
Revenue/emp, $m 5.71 6.02 6.59 7.13 7.19 6.53 6.91 7.70 7.81 10.14 — +6.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 4 Nov 2026

Business profile

Updated

Terreno Realty is an internally managed real estate investment trust, or REIT, that acquires, owns and operates industrial properties. It leases buildings and land to businesses needing space for distribution, industrial activity and outdoor storage. Some properties accommodate a single tenant; others can be shared by multiple tenants.

Its properties include warehouses and distribution facilities, flex buildings, truck terminals and improved land. Warehouses generally have loading doors and truck courts for distribution. Flex buildings can combine office space with warehouse or manufacturing activity. Transshipment facilities serve truck movements, while improved land can be used for outdoor storage and vehicle parking.

Terreno Realty Corporation vs peers in Reit Industrial (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
EGP EastGroup Properties, Inc. $10.4B 32.9× 32.7× +9.50% (above 0%: growing) +15.87% (above 0%: growing) +22.82% (above 0%: growing) 74.02% 41.57% Compare
CUBE CubeSmart $10.2B 29.8× 27.9× +3.12% (above 0%: growing) +16.11% (above 0%: growing) −5.37% (below 0%: shrinking) 67.42% 42.77% Compare
LINE Lineage, Inc. $9.0B — (loss-making) — (loss-making) +0.81% (above 0%: growing) n/m +91.92% (above 0%: growing) 31.23% 3.97% Compare
REXR Rexford Industrial Realty, Inc. $8.1B — (loss-making) — (loss-making) −5.58% (below 0%: shrinking) −81.08% (below 0%: shrinking) +58.30% (above 0%: growing) 76.16% 39.41% Compare
FR First Industrial Realty Trust, Inc. $7.4B 20.1× 21.7× +8.65% (above 0%: growing) −10.20% (below 0%: shrinking) −240.72% (below 0%: shrinking) 74.45% 44.21% Compare
TRNO Terreno Realty Corporation $7.3B 19.9× 33.2× +13.74% (above 0%: growing) −38.00% (below 0%: shrinking) +118.95% (above 0%: growing) 75.26% 42.18%
STAG Stag Industrial, Inc. $7.1B 26.1× 33.6× +9.44% (above 0%: growing) +44.00% (above 0%: growing) +2,111.22% (above 0%: growing) 79.99% 38.36% Compare
COLD Americold Realty Trust Inc. $4.5B 19.0× — (loss-making) +4.20% (above 0%: growing) n/m +237.07% (above 0%: growing) 32.79% 107.39% Compare
SMA Smartstop Self Storage REIT Inc $2.3B 75.1× 54.8× +18.65% (above 0%: growing) n/m +93.06% (above 0%: growing) 60.10% 22.55% Compare
Median of peers $7.7B 28.0× 32.7× +6.43% +15.87% +75.11% 70.72% 40.49%

All 14 Reit Industrial stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 107.36%
Held by the ten largest 69.75%
Holder Shares Stake Change
BlackRock 18.74m 17.40% +940.29k
Vanguard 16.48m 15.30% +614.26k
Fidelity (FMR) 12.09m 11.23% +602.98k
T. Rowe Price 7.76m 7.20% −278.09k
State Street 5.96m 5.53% +157.80k
Principal Financial 4.35m 4.04% +161.08k
Geode Capital Management 2.98m 2.76% +227.92k
Invesco 2.85m 2.64% +1.35m
Charles Schwab 2.29m 2.12% +143.59k
Northern Trust 1.63m 1.52% +182.61k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 20 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 5.41m 2.78m 105.83
2024 5.31m 5.48m 96.74
2023 5.05m 4.28m 113.65
2022 4.43m (1.63m) 68.87
2021 3.84m 7.54m 156.04

Ownership

Directors and executive officers, together 1.90%
BlackRock, Inc. 16.40%
The Vanguard Group 14.40%
FMR LLC 10.40%
State Street Corporation 5.50%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Terreno Realty Corporation (TRNO) Latest News

21 Oct

Impact 3 · · Zacks
Impact 3 · · Business Wire

6 Oct

Impact 4 · · Business Wire

29 Sep

Impact 3 · · Simply Wall St.

3 Jul

Impact 3 ·

28 Jun

Impact 4 ·

26 Jun

Impact 3 ·

19 Jun

Impact 3 ·

18 Jun

Impact 3 ·

10 Jun

Impact 3 ·

8 Jun

Impact 3 · · Zacks

7 May

Impact 4 · · Simply Wall St.

25 Apr

Impact 4 · · Simply Wall St.

17 Apr

Impact 3 · · Zacks

14 Apr

Impact 3 · · Zacks

9 Apr

Impact 3 · · Zacks

8 Apr

Impact 3 · · Business Wire

5 Apr

Impact 4 · · Simply Wall St.

3 Mar

Impact 3 · · Simply Wall St.

19 Feb

Impact 3 · · Business Wire

5 Feb

Impact 4 · · Associated Press FinanceMT NewswiresSimply Wall St.MT NewswiresMT NewswiresTipRanksAssociated Press FinanceAssociated Press Finance

4 Feb

Impact 3 · · Business Wire

31 Jan

Impact 3 · · Simply Wall St.

30 Jan

Impact 4 · · Simply Wall St.

26 Jan

Impact 3 · · Zacks

21 Jan

Impact 3 · · ZacksZacksMT NewswiresAssociated Press FinanceZacksZacksBarchartZacks

20 Jan

Impact 4 · · Business Wire
Impact 4 · · Simply Wall St.

14 Jan

Impact 3 · · TipRanks

8 Jan

Impact 3 · · Business Wire

TRNO metrics, ten years each

stockrow.com/TRNO · Data as of Nov 4, 2026 · For information only; not investment advice. · © 2026 stockrow.com