TERRENO REALTY CORP (TRNO) Fundamental Analysis & Valuation

NYSE:TRNO • US88146M1018

Current stock price

62.11 USD
+1.74 (+2.88%)
Last:

This TRNO fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

8

1. TRNO Profitability Analysis

1.1 Basic Checks

  • In the past year TRNO was profitable.
  • In the past year TRNO had a positive cash flow from operations.
  • Each year in the past 5 years TRNO has been profitable.
  • Each year in the past 5 years TRNO had a positive operating cash flow.
TRNO Yearly Net Income VS EBIT VS OCF VS FCFTRNO Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M 400M

1.2 Ratios

  • With an excellent Return On Assets value of 7.45%, TRNO belongs to the best of the industry, outperforming 98.37% of the companies in the same industry.
  • The Return On Equity of TRNO (9.68%) is better than 85.37% of its industry peers.
  • TRNO has a Return On Invested Capital of 2.92%. This is comparable to the rest of the industry: TRNO outperforms 55.28% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for TRNO is in line with the industry average of 3.13%.
  • The last Return On Invested Capital (2.92%) for TRNO is above the 3 year average (2.76%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 7.45%
ROE 9.68%
ROIC 2.92%
ROA(3y)5.05%
ROA(5y)4.87%
ROE(3y)6.62%
ROE(5y)6.59%
ROIC(3y)2.76%
ROIC(5y)2.72%
TRNO Yearly ROA, ROE, ROICTRNO Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2 4 6 8

1.3 Margins

  • TRNO's Profit Margin of 84.22% is amongst the best of the industry. TRNO outperforms 99.19% of its industry peers.
  • In the last couple of years the Profit Margin of TRNO has grown nicely.
  • TRNO has a better Operating Margin (40.39%) than 86.18% of its industry peers.
  • In the last couple of years the Operating Margin of TRNO has grown nicely.
  • The Gross Margin of TRNO (75.84%) is better than 73.17% of its industry peers.
  • In the last couple of years the Gross Margin of TRNO has remained more or less at the same level.
Industry RankSector Rank
OM 40.39%
PM (TTM) 84.22%
GM 75.84%
OM growth 3Y0.37%
OM growth 5Y1.96%
PM growth 3Y5.67%
PM growth 5Y14.67%
GM growth 3Y0.35%
GM growth 5Y0.57%
TRNO Yearly Profit, Operating, Gross MarginsTRNO Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20 40 60 80

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5

2. TRNO Health Analysis

2.1 Basic Checks

  • TRNO has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
  • Compared to 1 year ago, TRNO has more shares outstanding
  • The number of shares outstanding for TRNO has been increased compared to 5 years ago.
  • The debt/assets ratio for TRNO is higher compared to a year ago.
TRNO Yearly Shares OutstandingTRNO Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20M 40M 60M 80M 100M
TRNO Yearly Total Debt VS Total AssetsTRNO Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B 4B 5B

2.2 Solvency

  • TRNO has an Altman-Z score of 3.29. This indicates that TRNO is financially healthy and has little risk of bankruptcy at the moment.
  • TRNO has a Altman-Z score of 3.29. This is amongst the best in the industry. TRNO outperforms 97.56% of its industry peers.
  • The Debt to FCF ratio of TRNO is 6.81, which is on the high side as it means it would take TRNO, 6.81 years of fcf income to pay off all of its debts.
  • TRNO's Debt to FCF ratio of 6.81 is amongst the best of the industry. TRNO outperforms 94.31% of its industry peers.
  • A Debt/Equity ratio of 0.23 indicates that TRNO is not too dependend on debt financing.
  • With an excellent Debt to Equity ratio value of 0.23, TRNO belongs to the best of the industry, outperforming 95.94% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.23
Debt/FCF 6.81
Altman-Z 3.29
ROIC/WACC0.36
WACC8.22%
TRNO Yearly LT Debt VS Equity VS FCFTRNO Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B 4B

2.3 Liquidity

  • A Current Ratio of 0.14 indicates that TRNO may have some problems paying its short term obligations.
  • TRNO's Current ratio of 0.14 is on the low side compared to the rest of the industry. TRNO is outperformed by 92.68% of its industry peers.
  • A Quick Ratio of 0.14 indicates that TRNO may have some problems paying its short term obligations.
  • With a Quick ratio value of 0.14, TRNO is not doing good in the industry: 92.68% of the companies in the same industry are doing better.
  • TRNO does not score too well on the current and quick ratio evaluation. However, as it has excellent solvency and profitability, these ratios do not necessarly indicate liquidity issues and need to be evaluated against the specifics of the business.
Industry RankSector Rank
Current Ratio 0.14
Quick Ratio 0.14
TRNO Yearly Current Assets VS Current LiabilitesTRNO Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50M 100M 150M 200M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

7

3. TRNO Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an impressive 102.58% over the past year.
  • The Earnings Per Share has been growing by 32.57% on average over the past years. This is a very strong growth
  • Looking at the last year, TRNO shows a very strong growth in Revenue. The Revenue has grown by 24.51%.
  • TRNO shows a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 20.58% yearly.
EPS 1Y (TTM)102.58%
EPS 3Y14.22%
EPS 5Y32.57%
EPS Q2Q%94.82%
Revenue 1Y (TTM)24.51%
Revenue growth 3Y19.92%
Revenue growth 5Y20.58%
Sales Q2Q%32.56%

3.2 Future

  • The Earnings Per Share is expected to decrease by -37.91% on average over the next years. This is quite bad
  • Based on estimates for the next years, TRNO will show a quite strong growth in Revenue. The Revenue will grow by 10.79% on average per year.
EPS Next Y-62.89%
EPS Next 2Y-37.91%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year8.6%
Revenue Next 2Y8.81%
Revenue Next 3Y14.02%
Revenue Next 5Y10.79%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
  • The estimated forward Revenue growth is still strong, although it is decreasing when compared to the stronger growth in the past years.
TRNO Yearly Revenue VS EstimatesTRNO Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 200M 400M 600M
TRNO Yearly EPS VS EstimatesTRNO Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 1 2 3

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4

4. TRNO Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 15.97, which indicates a correct valuation of TRNO.
  • TRNO's Price/Earnings ratio is rather cheap when compared to the industry. TRNO is cheaper than 90.24% of the companies in the same industry.
  • TRNO is valuated rather cheaply when we compare the Price/Earnings ratio to 25.23, which is the current average of the S&P500 Index.
  • With a Price/Forward Earnings ratio of 43.03, TRNO can be considered very expensive at the moment.
  • 66.67% of the companies in the same industry are more expensive than TRNO, based on the Price/Forward Earnings ratio.
  • When comparing the Price/Forward Earnings ratio of TRNO to the average of the S&P500 Index (22.42), we can say TRNO is valued expensively.
Industry RankSector Rank
PE 15.97
Fwd PE 43.03
TRNO Price Earnings VS Forward Price EarningsTRNO Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60

4.2 Price Multiples

  • 86.99% of the companies in the same industry are cheaper than TRNO, based on the Enterprise Value to EBITDA ratio.
  • 69.11% of the companies in the same industry are more expensive than TRNO, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 46.72
EV/EBITDA 22.95
TRNO Per share dataTRNO EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30

4.3 Compensation for Growth

  • TRNO has an outstanding profitability rating, which may justify a higher PE ratio.
  • TRNO's earnings are expected to decrease with -37.91% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)0.49
EPS Next 2Y-37.91%
EPS Next 3YN/A

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. TRNO Dividend Analysis

5.1 Amount

  • TRNO has a Yearly Dividend Yield of 3.36%. Purely for dividend investing, there may be better candidates out there.
  • TRNO's Dividend Yield is slightly below the industry average, which is at 7.32.
  • Compared to an average S&P500 Dividend Yield of 1.89, TRNO pays a better dividend.
Industry RankSector Rank
Dividend Yield 3.36%

5.2 History

  • On average, the dividend of TRNO grows each year by 12.59%, which is quite nice.
  • TRNO has paid a dividend for at least 10 years, which is a reliable track record.
  • TRNO has not decreased its dividend for at least 10 years, so it has a reliable track record of non decreasing dividend.
Dividend Growth(5Y)12.59%
Div Incr Years11
Div Non Decr Years11
TRNO Yearly Dividends per shareTRNO Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.5 1 1.5 2

5.3 Sustainability

  • TRNO pays out 50.82% of its income as dividend. This is a bit on the high side, but may be sustainable.
  • The Dividend Rate of TRNO has been growing, while earnings will be declining. This means the dividend growth is most likely not sustainable.
DP50.82%
EPS Next 2Y-37.91%
EPS Next 3YN/A
TRNO Yearly Income VS Free CF VS DividendTRNO Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M 400M
TRNO Dividend Payout.TRNO Dividend Payout, showing the Payout Ratio.TRNO Dividend Payout.PayoutRetained Earnings

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TRNO Fundamentals: All Metrics, Ratios and Statistics

TERRENO REALTY CORP

NYSE:TRNO (3/23/2026, 11:46:59 AM)

62.11

+1.74 (+2.88%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)02-04
Earnings (Next)05-05
Inst Owners108.47%
Inst Owner Change-1.75%
Ins Owners1.9%
Ins Owner Change0.07%
Market Cap6.47B
Revenue(TTM)476.38M
Net Income(TTM)401.19M
Analysts77.5
Price Target71.27 (14.75%)
Short Float %5.58%
Short Ratio7.53
Dividend
Industry RankSector Rank
Dividend Yield 3.36%
Yearly Dividend2.01
Dividend Growth(5Y)12.59%
DP50.82%
Div Incr Years11
Div Non Decr Years11
Ex-Date03-27
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)167.94%
Min EPS beat(2)166.04%
Max EPS beat(2)169.84%
EPS beat(4)4
Avg EPS beat(4)125.51%
Min EPS beat(4)29.8%
Max EPS beat(4)169.84%
EPS beat(8)7
Avg EPS beat(8)78%
EPS beat(12)11
Avg EPS beat(12)64.05%
EPS beat(16)14
Avg EPS beat(16)80.06%
Revenue beat(2)1
Avg Revenue beat(2)3.08%
Min Revenue beat(2)-0.8%
Max Revenue beat(2)6.97%
Revenue beat(4)1
Avg Revenue beat(4)1%
Min Revenue beat(4)-2.16%
Max Revenue beat(4)6.97%
Revenue beat(8)2
Avg Revenue beat(8)0.38%
Revenue beat(12)3
Avg Revenue beat(12)0.02%
Revenue beat(16)5
Avg Revenue beat(16)0.37%
PT rev (1m)4.78%
PT rev (3m)5.97%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-2.82%
EPS NY rev (1m)-12.47%
EPS NY rev (3m)-8.12%
Revenue NQ rev (1m)-0.06%
Revenue NQ rev (3m)0.56%
Revenue NY rev (1m)0.59%
Revenue NY rev (3m)-0.98%
Valuation
Industry RankSector Rank
PE 15.97
Fwd PE 43.03
P/S 13.58
P/FCF 46.72
P/OCF 23.8
P/B 1.56
P/tB 1.56
EV/EBITDA 22.95
EPS(TTM)3.89
EY6.26%
EPS(NY)1.44
Fwd EY2.32%
FCF(TTM)1.33
FCFY2.14%
OCF(TTM)2.61
OCFY4.2%
SpS4.57
BVpS39.8
TBVpS39.8
PEG (NY)N/A
PEG (5Y)0.49
Graham Number59.02
Profitability
Industry RankSector Rank
ROA 7.45%
ROE 9.68%
ROCE 3.69%
ROIC 2.92%
ROICexc 2.93%
ROICexgc 2.99%
OM 40.39%
PM (TTM) 84.22%
GM 75.84%
FCFM 29.07%
ROA(3y)5.05%
ROA(5y)4.87%
ROE(3y)6.62%
ROE(5y)6.59%
ROIC(3y)2.76%
ROIC(5y)2.72%
ROICexc(3y)2.81%
ROICexc(5y)2.79%
ROICexgc(3y)2.87%
ROICexgc(5y)2.85%
ROCE(3y)3.49%
ROCE(5y)3.44%
ROICexgc growth 3Y0.95%
ROICexgc growth 5Y1.54%
ROICexc growth 3Y0.96%
ROICexc growth 5Y1.54%
OM growth 3Y0.37%
OM growth 5Y1.96%
PM growth 3Y5.67%
PM growth 5Y14.67%
GM growth 3Y0.35%
GM growth 5Y0.57%
F-Score6
Asset Turnover0.09
Health
Industry RankSector Rank
Debt/Equity 0.23
Debt/FCF 6.81
Debt/EBITDA 3
Cap/Depr 109.7%
Cap/Sales 28%
Interest Coverage 7.01
Cash Conversion 86.58%
Profit Quality 34.52%
Current Ratio 0.14
Quick Ratio 0.14
Altman-Z 3.29
F-Score6
WACC8.22%
ROIC/WACC0.36
Cap/Depr(3y)178.33%
Cap/Depr(5y)159.75%
Cap/Sales(3y)42.59%
Cap/Sales(5y)37.87%
Profit Quality(3y)23.04%
Profit Quality(5y)35.01%
High Growth Momentum
Growth
EPS 1Y (TTM)102.58%
EPS 3Y14.22%
EPS 5Y32.57%
EPS Q2Q%94.82%
EPS Next Y-62.89%
EPS Next 2Y-37.91%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)24.51%
Revenue growth 3Y19.92%
Revenue growth 5Y20.58%
Sales Q2Q%32.56%
Revenue Next Year8.6%
Revenue Next 2Y8.81%
Revenue Next 3Y14.02%
Revenue Next 5Y10.79%
EBIT growth 1Y30%
EBIT growth 3Y20.36%
EBIT growth 5Y22.95%
EBIT Next Year74.03%
EBIT Next 3Y32.04%
EBIT Next 5Y21.74%
FCF growth 1Y131.48%
FCF growth 3Y39.55%
FCF growth 5Y18.01%
OCF growth 1Y16.84%
OCF growth 3Y23.82%
OCF growth 5Y21.88%

TERRENO REALTY CORP / TRNO Fundamental Analysis FAQ

What is the ChartMill fundamental rating of TERRENO REALTY CORP (TRNO) stock?

ChartMill assigns a fundamental rating of 6 / 10 to TRNO.


Can you provide the valuation status for TERRENO REALTY CORP?

ChartMill assigns a valuation rating of 4 / 10 to TERRENO REALTY CORP (TRNO). This can be considered as Fairly Valued.


Can you provide the profitability details for TERRENO REALTY CORP?

TERRENO REALTY CORP (TRNO) has a profitability rating of 8 / 10.


What are the PE and PB ratios of TERRENO REALTY CORP (TRNO) stock?

The Price/Earnings (PE) ratio for TERRENO REALTY CORP (TRNO) is 15.97 and the Price/Book (PB) ratio is 1.56.


How sustainable is the dividend of TERRENO REALTY CORP (TRNO) stock?

The dividend rating of TERRENO REALTY CORP (TRNO) is 6 / 10 and the dividend payout ratio is 50.82%.