Tejon Ranch Co. (TRC) 10-Year Financial Performance & Capital Metrics

TRC • • Industrial / General

IndustrialsConglomeratesAgribusiness & Real Estate ConglomeratesUS Agribusiness & Transportation

AboutTejon Ranch Co., together with its subsidiaries, operates as a diversified real estate development and agribusiness company. It operates through five segments: Commercial/Industrial Real Estate Development, Resort/Residential Real Estate Development, Mineral Resources, Farming, and Ranch Operations. The Commercial/Industrial Real Estate Development segment engages in the planning and permitting of land for development; construction of infrastructure projects, pre-leased buildings, and buildings to be leased or sold; and sale of land to third parties for their own development. It is also involved in the activities related to communications leases, and landscape maintenance. This segment leases land to two auto service stations with convenience stores, 13 fast-food operations, a motel, an antique shop, and a post office; various microwave repeater locations, radio and cellular transmitter sites, and fiber optic cable routes; and 32 acres of land for an electric power plant. The Resort/Residential Real Estate Development segment engages in land entitlement, planning, pre-construction engineering, stewardship, and conservation activities. The Mineral Resources segment includes oil and gas royalties, rock and aggregate royalties, and royalties from a cement operation leased to National Cement Company of California, Inc.; and the management of water assets and infrastructure projects. The Farming segment farms permanent crops, such as wine grapes in 1,036 acres, almonds in 2,262 acres, and pistachios in 1,053 acres. It also manages the farming of alfalfa and forage mix on 626 acres in the Antelope Valley; and leases 720 acres of land for growing vegetables, as well as almonds. The Ranch Operations segment provides game management and ancillary land services comprising grazing leases and filming, as well as various guided hunts. Tejon Ranch Co. was founded in 1843 and is based in Lebec, California.Show more

Revenue $42M -6.4%
EBITDA -$4M -489.6%
Net Income $3M -17.6%
EPS (Diluted) 0.10 -16.7%
Gross Margin 4.52% -67.2%
EBITDA Margin -10.3% -516.1%
Operating Margin -21.96% -165.6%
Net Margin 6.42% -12.0%
ROE 0.55% -18.6%
ROIC -1.36% -141.8%
Debt/Equity 0.14 +38.0%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Trading at only 0.9x book value

✗Weaknesses

✗Weak 3Y average ROE of 1.5%
✗Profits declining 24.0% over 5 years
✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-2%

5Y-3.29%

3Y-9.02%

TTM15.71%

Profit (Net Income) CAGR

10Y-7.16%

5Y-23.96%

3Y-20.47%

TTM1405.7%

EPS CAGR

10Y-9.11%

5Y-24.21%

3Y-20.63%

TTM235.54%

ROCE

10Y Avg-0.55%

5Y Avg-0.21%

3Y Avg0.09%

Latest-1.59%

Peer Comparison

US Agribusiness & Transportation

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TRCTejon Ranch Co.	453.16M	16.85	168.50	-6.38%	6.41%	0.61%		0.14
SEBSeaboard Corporation	4.44B	4635.00	51.15	-4.83%	4.05%	8.01%	0.18%	0.38

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	51.15M	45.58M	35.66M	45.62M	49.52M	37.83M	55.61M	79.22M	44.74M	41.89M
Revenue Growth %	-0%	-0.11%	-0.22%	0.28%	0.09%	-0.24%	0.47%	0.42%	-0.44%	-0.06%
Cost of Goods Sold+	41.53M	40.93M	33.06M	35.48M	41.59M	35.15M	46.03M	55.79M	38.57M	39.99M
COGS % of Revenue	0.81%	0.9%	0.93%	0.78%	0.84%	0.93%	0.83%	0.7%	0.86%	0.95%
Gross Profit+	9.61M	4.64M	2.6M	10.14M	7.93M	2.68M	9.58M	23.43M	6.17M	1.89M
Gross Margin %	0.19%	0.1%	0.07%	0.22%	0.16%	0.07%	0.17%	0.3%	0.14%	0.05%
Gross Profit Growth %	-0.25%	-0.52%	-0.44%	2.9%	-0.22%	-0.66%	2.57%	1.44%	-0.74%	-0.69%
Operating Expenses+	12.81M	12.55M	10.14M	9.71M	9.36M	9.43M	9.84M	9.7M	9.87M	11.09M
OpEx % of Revenue	0.25%	0.28%	0.28%	0.21%	0.19%	0.25%	0.18%	0.12%	0.22%	0.26%
Selling, General & Admin	12.81M	12.55M	10.14M	9.71M	9.36M	9.43M	9.84M	9.7M	0	11.09M
SG&A % of Revenue	0.25%	0.28%	0.28%	0.21%	0.19%	0.25%	0.18%	0.12%	-	0.26%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	-59K	0	0	0	0	9.87M	0
Operating Income+	-3.2M	-7.91M	-7.54M	436K	-1.43M	-6.75M	-260K	13.73M	-3.7M	-9.2M
Operating Margin %	-0.06%	-0.17%	-0.21%	0.01%	-0.03%	-0.18%	-0%	0.17%	-0.08%	-0.22%
Operating Income Growth %	-2.5%	-1.47%	0.05%	1.06%	-4.28%	-3.71%	0.96%	53.8%	-1.27%	-1.49%
EBITDA+	1.89M	-3.36M	-1.85M	5.86M	3.6M	-1.81M	4.33M	18.36M	1.11M	-4.31M
EBITDA Margin %	0.04%	-0.07%	-0.05%	0.13%	0.07%	-0.05%	0.08%	0.23%	0.02%	-0.1%
EBITDA Growth %	-0.73%	-2.77%	0.45%	4.16%	-0.38%	-1.5%	3.4%	3.24%	-0.94%	-4.9%
D&A (Non-Cash Add-back)	5.09M	4.55M	5.69M	5.42M	5.04M	4.94M	4.59M	4.63M	4.81M	4.88M
EBIT	-3.2M	-6.76M	-7.52M	436K	-1.43M	-6.75M	-260K	13.73M	-3.7M	-9.2M
Net Interest Income+	0	0	0	0	1.24M	0	0	0	0	2.27M
Interest Income	0	0	0	0	1.24M	0	0	0	0	2.27M
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	7.23M	8.76M	4.23M	5.12M	15.99M	6.83M	9.42M	9.47M	9.29M	12.86M
Pretax Income+	4.04M	851K	-2.7M	5.55M	14.56M	82K	9.16M	23.2M	5.59M	3.66M
Pretax Margin %	0.08%	0.02%	-0.08%	0.12%	0.29%	0%	0.16%	0.29%	0.12%	0.09%
Income Tax+	1.13M	336K	-1.12M	1.32M	3.98M	829K	3.82M	7.39M	2.32M	976K
Effective Tax Rate %	0.73%	0.66%	0.58%	0.77%	0.73%	-9.02%	0.58%	0.68%	0.58%	0.73%
Net Income+	2.95M	558K	-1.55M	4.25M	10.58M	-740K	5.35M	15.81M	3.27M	2.69M
Net Margin %	0.06%	0.01%	-0.04%	0.09%	0.21%	-0.02%	0.1%	0.2%	0.07%	0.06%
Net Income Growth %	-0.48%	-0.81%	-3.79%	3.74%	1.49%	-1.07%	8.23%	1.96%	-0.79%	-0.18%
Net Income (Continuing)	2.91M	757K	-1.82M	4.24M	10.58M	-747K	5.34M	15.81M	3.27M	2.69M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	39.67M	28.59M	28.57M	15.38M	15.38M	15.37M	15.36M	15.36M	15.36M	15.36M
EPS (Diluted)+	0.14	0.04	-0.07	0.16	0.40	-0.03	0.20	0.59	0.12	0.10
EPS Growth %	-0.46%	-0.71%	-2.79%	3.23%	1.5%	-1.07%	8.02%	1.95%	-0.8%	-0.17%
EPS (Basic)	0.14	0.04	-0.07	0.16	0.41	-0.03	0.20	0.60	0.12	0.10
Diluted Shares Outstanding	20.74M	20.78M	21.72M	25.98M	26.15M	26.21M	26.41M	26.65M	26.71M	26.82M
Basic Shares Outstanding	20.67M	20.74M	21.68M	25.95M	26.03M	26.21M	26.34M	26.48M	26.71M	26.81M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	48.89M	44.22M	103.9M	96.5M	82.18M	68.52M	62.97M	83.05M	79.81M	69.4M
Cash & Short-Term Investments	34.74M	27.93M	90.97M	79.66M	66.19M	58.09M	47.18M	72.56M	64.46M	53.71M
Cash Only	1.93M	1.26M	20.11M	15.91M	27.11M	55.32M	36.2M	39.12M	31.91M	39.27M
Short-Term Investments	32.81M	26.68M	70.87M	63.75M	39.08M	2.77M	10.98M	33.44M	32.56M	14.44M
Accounts Receivable	6.51M	8.74M	7.61M	10.88M	9.95M	4.59M	6.47M	4.45M	8.35M	7.92M
Days Sales Outstanding	46.46	69.99	77.88	87.02	73.33	44.31	42.48	20.52	68.14	68.98
Inventory	3.52M	3.08M	2.47M	2.62M	2.79M	2.99M	5.7M	3.37M	3.49M	3.97M
Days Inventory Outstanding	30.91	27.5	27.26	26.93	24.5	31.05	45.21	22.04	33.06	36.25
Other Current Assets	4.12M	4.46M	2.85M	3.35M	0	2.84M	0	2.66M	3.5M	3.81M
Total Non-Current Assets+	383.03M	395.49M	414.3M	432.55M	457.24M	467.83M	483.06M	483.75M	497.71M	538.6M
Property, Plant & Equipment	44.47M	46.03M	45.33M	46.09M	45.07M	46.25M	50.7M	52.98M	53.98M	56.39M
Fixed Asset Turnover	1.15x	0.99x	0.79x	0.99x	1.10x	0.82x	1.10x	1.50x	0.83x	0.74x
Goodwill	0	224.53M	239.32M	250.51M	0	0	0	0	0	0
Intangible Assets	6.51M	43.76M	47.13M	51.83M	25.84M	56.7M	51M	47.05M	52.13M	19.01M
Long-Term Investments	74.49M	76.22M	77.16M	80.43M	66.56M	33.52M	43.42M	41.89M	33.65M	65.06M
Other Non-Current Assets	2M	2.66M	3.79M	2.46M	319.06M	3.27M	1.62M	332.05M	357.95M	398.14M
Total Assets+	431.92M	439.7M	518.2M	529.05M	539.42M	536.35M	546.04M	566.79M	577.52M	608M
Asset Turnover	0.12x	0.10x	0.07x	0.09x	0.09x	0.07x	0.10x	0.14x	0.08x	0.07x
Asset Growth %	-0%	0.02%	0.18%	0.02%	0.02%	-0.01%	0.02%	0.04%	0.02%	0.05%
Total Current Liabilities+	10.32M	18.68M	10.48M	16.49M	15.14M	12.94M	15.6M	12.03M	11.56M	16.8M
Accounts Payable	3.25M	2.42M	3.54M	6.04M	6.14M	3.37M	4.54M	5.12M	6.46M	9.09M
Days Payables Outstanding	28.58	21.53	39.14	62.11	53.93	34.97	36.04	33.48	61.11	82.92
Short-Term Debt	815K	11.55M	4M	4.02M	4.18M	4.29M	4.47M	1.78M	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	557K	351K	366K	3.25M	2.92M	512K	251K	239K	286K	5.55M
Current Ratio	4.74x	2.37x	9.92x	5.85x	5.43x	5.30x	4.04x	6.90x	6.90x	4.13x
Quick Ratio	4.40x	2.20x	9.68x	5.69x	5.25x	5.06x	3.67x	6.62x	6.60x	3.90x
Cash Conversion Cycle	48.79	75.96	66	51.84	43.91	40.39	51.66	9.08	40.09	22.32
Total Non-Current Liabilities+	90.29M	86.55M	80.91M	77.88M	78.66M	78.08M	73.93M	77.17M	82.86M	102.25M
Long-Term Debt	73.22M	69.85M	65.82M	61.78M	57.48M	52.59M	48.16M	48.16M	47.94M	66.94M
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	13.17M	12.81M	10.93M	9.9M	0	925K	2.9M	7.18M	8.27M	9.06M
Other Non-Current Liabilities	13.25M	13.03M	11.69M	12.7M	15.46M	19.02M	14.47M	10.38M	15.21M	14.8M
Total Liabilities	100.61M	105.23M	91.39M	94.38M	93.8M	91.02M	89.53M	89.2M	94.43M	119.04M
Total Debt+	74.04M	81.41M	69.82M	65.8M	61.66M	56.88M	52.63M	49.94M	47.94M	66.94M
Net Debt	72.11M	80.15M	49.71M	49.89M	34.55M	1.56M	16.43M	10.82M	16.04M	27.68M
Debt / Equity	0.22x	0.24x	0.16x	0.15x	0.14x	0.13x	0.12x	0.10x	0.10x	0.14x
Debt / EBITDA	39.09x	-	-	11.23x	17.10x	-	12.14x	2.72x	43.31x	-
Net Debt / EBITDA	38.07x	-	-	8.51x	9.58x	-	3.79x	0.59x	14.49x	-
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	331.31M	334.47M	426.81M	434.67M	445.62M	445.33M	456.51M	477.59M	483.1M	488.96M
Equity Growth %	0.02%	0.01%	0.28%	0.02%	0.03%	-0%	0.03%	0.05%	0.01%	0.01%
Book Value per Share	15.98	16.09	19.65	16.73	17.04	16.99	17.28	17.92	18.09	18.23
Total Shareholders' Equity	291.63M	305.88M	398.24M	419.3M	430.25M	429.96M	441.15M	462.23M	467.73M	473.59M
Common Stock	10.34M	10.4M	12.95M	12.99M	13.05M	13.14M	13.2M	13.27M	13.39M	13.41M
Retained Earnings	71.39M	71.95M	70.39M	74.65M	85.23M	84.49M	89.83M	105.64M	108.91M	111.6M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-6.9M	-6.24M	-5.26M	-4.86M	-6.77M	-9.72M	-6.82M	-2.03M	-171K	87K
Minority Interest	39.67M	28.59M	28.57M	15.38M	15.38M	15.37M	15.36M	15.36M	15.36M	15.36M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	16.97M	5.58M	9.83M	14.35M	16.05M	15.48M	2.82M	8.53M	13.65M	14.31M
Operating CF Margin %	0.33%	0.12%	0.28%	0.31%	0.32%	0.41%	0.05%	0.11%	0.31%	0.34%
Operating CF Growth %	0.28%	-0.67%	0.76%	0.46%	0.12%	-0.04%	-0.82%	2.03%	0.6%	0.05%
Net Income	2.91M	515K	-1.58M	4.24M	10.58M	-747K	5.34M	15.81M	3.27M	2.69M
Depreciation & Amortization	5.09M	4.55M	4.55M	5.42M	5.04M	4.94M	4.59M	4.63M	4.81M	4.88M
Stock-Based Compensation	3.76M	4.58M	3.55M	3.25M	3.2M	4.49M	4.27M	2.88M	3.25M	4.18M
Deferred Taxes	-120K	1.94M	66K	175K	1.26M	2.25M	1.13M	2.87M	1.12M	784K
Other Non-Cash Items	2.33M	-2.3M	3.89M	1.51M	-1.47M	1.12M	-12.43M	-19.48M	5.82M	-1.43M
Working Capital Changes	3M	-3.7M	-652K	-242K	-2.56M	3.42M	-96K	1.84M	-4.61M	3.21M
Change in Receivables	2.73M	-1.6M	522K	-2.89M	154K	5.43M	-814K	3.24M	-4.48M	261K
Change in Inventory	0	0	0	0	0	0	0	1.05M	0	0
Change in Payables	0	0	0	0	0	0	0	-3.24M	0	0
Cash from Investing+	-12.66M	-10.24M	-68.21M	-13.25M	828K	19.78M	-14.65M	-1.89M	-14M	-25.75M
Capital Expenditures	-28.05M	-26.38M	-26.43M	-26.42M	-28.91M	-25.83M	-23.29M	-23.59M	-27.36M	-66.11M
CapEx % of Revenue	0.55%	0.58%	0.74%	0.58%	0.58%	0.68%	0.42%	0.3%	0.61%	1.58%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	6.86M	12.37M	3.11M	6.4M	7.64M	11.53M	19.88M	45.25M	12.38M	22.1M
Cash from Financing+	-8.02M	3.98M	77.23M	-5.31M	-5.67M	-7.04M	-6.09M	-4.42M	-6.87M	18.79M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	-2.9M	-8.73M	-1.09M	-1.67M	-2.23M	-1.79M	942K	-4.45M	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-11.08M	-20.8M	-16.6M	-12.07M	-12.86M	-10.35M	-20.48M	-15.06M	-13.71M	-51.79M
FCF Margin %	-0.22%	-0.46%	-0.47%	-0.26%	-0.26%	-0.27%	-0.37%	-0.19%	-0.31%	-1.24%
FCF Growth %	0.08%	-0.88%	0.2%	0.27%	-0.07%	0.2%	-0.98%	0.26%	0.09%	-2.78%
FCF per Share	-0.53	-1.00	-0.76	-0.46	-0.49	-0.39	-0.78	-0.57	-0.51	-1.93
FCF Conversion (FCF/Net Income)	5.75x	10.01x	-6.32x	3.37x	1.52x	-20.92x	0.53x	0.54x	4.18x	5.32x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	1.82M	1.14M	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	0.9%	0.17%	-0.41%	0.99%	2.4%	-0.17%	1.19%	3.38%	0.68%	0.55%
Return on Invested Capital (ROIC)	-0.6%	-1.45%	-1.27%	0.07%	-0.22%	-1.09%	-0.04%	2.14%	-0.56%	-1.36%
Gross Margin	18.79%	10.19%	7.28%	22.23%	16.01%	7.09%	17.23%	29.57%	13.8%	4.52%
Net Margin	5.77%	1.22%	-4.36%	9.33%	21.36%	-1.96%	9.62%	19.96%	7.3%	6.42%
Debt / Equity	0.22x	0.24x	0.16x	0.15x	0.14x	0.13x	0.12x	0.10x	0.10x	0.14x
FCF Conversion	5.75x	10.01x	-6.32x	3.37x	1.52x	-20.92x	0.53x	0.54x	4.18x	5.32x
Revenue Growth	-0.2%	-10.89%	-21.77%	27.94%	8.56%	-23.61%	47.01%	42.44%	-43.52%	-6.38%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Commercial and Industrial	-	-	-	12.8M	-	-	-	48.27M	18.63M	23.43M
Commercial and Industrial Growth	-	-	-	-	-	-	-	-	-61.41%	25.81%
Farming and Agriculture	-	-	-	18.56M	-	-	-	13M	13.95M	13.93M
Farming and Agriculture Growth	-	-	-	-	-	-	-	-	7.30%	-0.18%
Mineral Resources	-	-	-	14.39M	-	-	-	21.59M	14.52M	10.21M
Mineral Resources Growth	-	-	-	-	-	-	-	-	-32.74%	-29.68%
Ranch Operations	-	-	-	3.69M	-	-	-	4.11M	4.51M	5.2M
Ranch Operations Growth	-	-	-	-	-	-	-	-	9.77%	15.27%
Pistachios	2.27M	81K	1.45M	-	3.81M	890K	365K	-	-	-
Pistachios Growth	-	-96.43%	1692.59%	-	-	-76.62%	-58.99%	-	-	-
Almonds	1.26M	653K	352K	-	-61K	-	-	-	-	-
Almonds Growth	-	-48.17%	-46.09%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Tejon Ranch Co. (TRC) has a price-to-earnings (P/E) ratio of 168.5x. This suggests investors expect higher future growth.

Growth & Financials

Tejon Ranch Co. (TRC) reported $46.4M in revenue for fiscal year 2024. This represents a 26% decrease from $63.1M in 2011.

Tejon Ranch Co. (TRC) saw revenue decline by 6.4% over the past year.

Yes, Tejon Ranch Co. (TRC) is profitable, generating $3.0M in net income for fiscal year 2024 (6.4% net margin).

Dividend & Returns

Tejon Ranch Co. (TRC) has a return on equity (ROE) of 0.6%. This is below average, suggesting room for improvement.

Tejon Ranch Co. (TRC) had negative free cash flow of $11.3M in fiscal year 2024, likely due to heavy capital investments.

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