TRNO Stock Analysis: Terreno Realty | NYSE
REIT - Industrial | NYSE, USA | Market Cap: 7.165m USD | 12M Return: 19% | US88146M1018 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 46.8M
EPS Trend: 75.4%
Qual. Beats: 0
Rev. Trend: 99.7%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Terreno Realty Corporation (NYSE: TRNO) is an internally managed industrial REIT that 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. As of September 30, 2025, the companys portfolio consisted of 307 buildings totaling approximately 20.2 million square feet, 44 improved land parcels (approximately 146.4 acres), six properties under development or redevelopment, and approximately 10.7 acres of land held for future development. Terreno elected REIT taxation under Sections 856–860 of the Internal Revenue Code commencing with its 2010 taxable year and was incorporated in November 2009, with its IPO in February 2010 and headquarters in Bellevue, Washington.
As an industrial REIT, Terreno generates revenue primarily through long-term leases of warehouses, distribution centers, and logistics facilities-asset classes that have benefited from the growth of e-commerce and supply-chain reshoring. Its focus on coastal, supply-constrained markets typically supports higher land values and rent growth compared with inland industrial submarkets, while the REIT structure requires the company to distribute the bulk of its taxable income to shareholders as dividends.
- Coastal infill industrial occupancy stays elevated amid limited new supply
- Same-store NOI grows on contractual rent escalators and mark-to-market
- Acquisition pipeline and development projects drive FFO per share growth
| Net Income: 388.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.07 > 0.02 and ΔFCF/TA 1.14 > 1.0 |
| NWC/Revenue: 0.43% < 20% (prev 15.56%; Δ -15.13% < -1%) |
| CFO/TA 0.05 > 3% & CFO 286.6m > Net Income 388.6m |
| Net Debt (1.00b) to EBITDA (549.1m): 1.83 < 3 |
| Current Ratio: 1.04 > 1.5 & < 3 |
| Outstanding Shares: last quarter (106.7m) vs 12m ago 3.55% < -2% |
| Gross Margin: 64.44% > 18% (prev 74.15%; Δ -9.71% > 0.5%) |
| Asset Turnover: 9.40% > 50% (prev 8.55%; Δ 0.85% > 0%) |
| Interest Coverage Ratio: 12.03 > 6 (EBIT TTM 423.8m / Interest Expense TTM 35.2m) |
| A: 0.00 (Total Current Assets 52.2m - Total Current Liabilities 50.0m) / Total Assets 5.71b |
| B: 0.05 (Retained Earnings 304.5m / Total Assets 5.71b) |
| C: 0.08 (EBIT TTM 423.8m / Avg Total Assets 5.35b) |
| D: 3.46 (Book Value of Equity 4.43b / Total Liabilities 1.28b) |
| Altman-Z'' = 4.34 = AA |
As of September 27, 2026, the stock is trading at USD 66.07 with a total of 604,202 shares traded. Over the past week, the price has changed by +0.49%, over one month by -3.38%, over three months by +1.91% and over the past year by +19.02%.
Current recommended Stop Loss: 64.70 (which is 2.1% or 1.3 ATR below the current price).
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 | 74.1 | 12.2% |
P/E Trailing = 17.6747
P/E Forward = 80.0
P/S = 14.2475
P/B = 1.6166
P/EG = 7.1534
Revenue TTM = 502.9m USD
EBIT TTM = 423.8m USD
EBITDA TTM = 549.1m USD
Long Term Debt = 942.5m 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 = 1.00b USD (calculated: Debt 1.06b - CCE 51.2m)
Enterprise Value = 8.17b USD (7.16b + Debt 1.06b - CCE 51.2m)
Interest Coverage Ratio = 12.03 (Ebit TTM 423.8m / Interest Expense TTM 35.2m)
EV/FCF = 20.10x (Enterprise Value 8.17b / FCF TTM 406.4m)
FCF Yield = 4.97% (FCF TTM 406.4m / Enterprise Value 8.17b)
FCF Margin = 80.80% (FCF TTM 406.4m / Revenue TTM 502.9m)
Net Margin = 77.27% (Net Income TTM 388.6m / Revenue TTM 502.9m)
Gross Margin = 64.44% ((Revenue TTM 502.9m - Cost of Revenue TTM 178.8m) / Revenue TTM)
Gross Margin QoQ = 76.25% (prev 27.05%)
Tobins Q-Ratio = 1.43 (Enterprise Value 8.17b / Total Assets 5.71b)
Interest Expense / Debt = 3.33% (Interest Expense 35.2m / Debt 1.06b)
Taxrate = 21.0% (US federal default 21%)
NOPAT = 334.8m (EBIT 423.8m * (1 - 21.00%))
Current Ratio = 0.31 (Total Current Assets 52.2m / Total Current Liabilities 168.6m)
Debt / Equity = 0.24 (Debt 1.06b / totalStockholderEquity, last quarter 4.43b)
Debt / EBITDA = 1.83 (Net Debt 1.00b / EBITDA 549.1m)
Debt / FCF = 2.47 (Net Debt 1.00b / FCF TTM 406.4m)
Total Stockholder Equity = 4.22b (last 4 quarters mean from totalStockholderEquity)
RoA = 7.27% (Net Income 388.6m / Total Assets 5.71b)
RoE = 9.21% (Net Income TTM 388.6m / Total Stockholder Equity 4.22b)
RoCE = 8.21% (EBIT 423.8m / Capital Employed (Equity 4.22b + L.T.Debt 942.5m))
RoIC = 5.89% (NOPAT 334.8m / Invested Capital 5.69b)
WACC = 6.53% (E(7.16b)/V(8.22b) * Re(7.10%) + D(1.06b)/V(8.22b) * Rd(3.33%) * (1-Tc(0.21)))
Discount Rate = 7.10% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 93.80 | Cagr: 8.15%
[DCF] Terminal Value 77.97% ; FCFF base≈362.8m ; Y1≈415.9m ; Y5≈612.0m
[DCF] Fair Price = 75.30 (EV 9.21b - Net Debt 1.00b = Equity 8.21b / Shares 109.0m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 75.38 | EPS CAGR: 9.60% | SUE: 0.0 | # QB: 0
Revenue Correlation: 99.71 | Revenue CAGR: 20.20% | SUE: -0.58 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.43 | Chg30d=-0.42% | Revisions=+40% | Analysts=3
EPS current Year (2026-12-31): EPS=1.82 | Chg30d=-6.26% | Revisions=+25% | GrowthEPS=+14.8% | GrowthRev=+7.3%
EPS next Year (2027-12-31): EPS=1.76 | Chg30d=+1.34% | Revisions=+40% | GrowthEPS=-3.2% | GrowthRev=+12.0%
[Analyst] Revisions Ratio: +62% (up=5, down=0)