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TRNOTerreno Realty Corporation
$66.40$7.0B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
TRNO logo

Terreno Realty Corporation

TRNO
NYSE · Industrial REITs
$66.40
At close - Sep 22, 4:00 PM EDT - USD
Market Cap$7.06B
P/E16.9x
52W High$78.94
Volume769.55K
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Acquisition-Driven Growth Faces AFFO Coverage Strain

Terreno Realty's acquisition-led expansion has driven revenue up 11.1% YoY to $124.7M in 2026Q2, with total assets growing 29.5% since 2024Q1 to $5.7B. However, the company's earnings quality is clouded by volatile FFO per share (swinging from $0.62 to $1.90) ...

GrowthAccelerating
ProfitabilityStable
ValuationAttractive
TechnicalsMixed
Explore valuation models
MARKET ACTION

TRNO price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

10/12 Beats

EPS beat 10 of last 12 quarters

02

Valuation risk

-48% Peers

P/E is 48% below peer median

03

Market leadership

RS 48 · Lag

Laggard (Underperforming 52% of market)

04

Mixed Trend

Mixed

Price < 50DMA but > 200DMA

Next CatalystEstimated earnings · Nov 5

Market performance

Price History →

Trailing total returns as of 9/24/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
TRNO+14.27%
S&P 500 (^GSPC)+13.20%
1-Year Return
TRNO+16.42%
S&P 500 (^GSPC)+15.98%
3-Year Return
TRNO+24.75%
S&P 500 (^GSPC)+80.41%
5-Year Return
TRNO+15.30%
S&P 500 (^GSPC)+76.52%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y Low
16.8x
Forward P/E
31.3x
EV/EBITDA20th %ile
25.3x
FCF YieldCash Flow
3.0%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
16.8x
30.8x
20th· Low
EV/EBITDA
25.3x
28.2x
20th· Low
Price/FCF
33.7x
41.3x
40th· Fair
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$39.66-40.3%
Base (Fair)$53.58-18.5%
Bull$67.84+2.2%
$39.66 Bear$53.58 Base$67.84 Bull
Current Market Price: $66.40
Trades at a 23.9% premium to Base DCF ($53.58)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$476M+24.5% YoY
Net income
$403M+118.4% YoY
Free cash flow
$208M+11.9% YoY
Operating margin
40.4%+1.7 pts YoY
ROIC (TTM)3%
Avg ROIC 5Y-
ROE (TTM)10.3%
Piotroski Score5 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate10/12 (83%)
Revenue Beat Rate9/12 (75%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Aug 5, 2026
$0.54+31.7%
vs $0.41
$125M-1.9%
vs $127M
Q2 2026
May 6, 2026
$0.68+112.5%
vs $0.32
$124M+1.7%
vs $122M
Q1 2026
Feb 4, 2026
$0.83-2.4%
vs $0.85
$137M+4.0%
vs $132M
Q4 2025
Nov 5, 2025
$1.00+165.5%
vs $0.38
$116M+1.7%
vs $114M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Seeking Alpha·Sep 15, 2026
Terreno Realty Corporation: A Strong Quarter Keeps This A Buy

Terreno Realty Corporation maintains a 'Buy' rating, supported by robust Q2 operating performance and a resilient, supply-constrained coastal portfolio. TRNO delivered 11.1% revenue growth, 9.4% FFO/share growth, and a strong 97.6% occupancy, with cash rent spreads on new leases at 27.7%. Capital recycling remains disciplined, with recent acquisitions at a 5.3% cap rate and a conservative 2.5x net debt/EBITDA, validated by Moody's Baa1 rating.

Defense World·Sep 15, 2026
California State Teachers Retirement System Increases Stock Position in Terreno Realty Corporation $TRNO

California State Teachers Retirement System boosted its holdings in shares of Terreno Realty Corporation (NYSE: TRNO) by 6,470.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,988,278 shares of the real estate investment trust's stock after acquiring

Business Wire·Sep 8, 2026
Terreno Realty Corporation Announces Leases in Sunnyvale, CA

BELLEVUE, Wash.--(BUSINESS WIRE)--Terreno Realty Corporation Announces Leases in Sunnyvale, CA.

Zacks Investment Research·Aug 28, 2026
Terreno Realty Reshapes Its Portfolio, Sells Miami Asset

TRNO sells a Miami industrial property for $21.3 million as it reshapes its portfolio and pursues future growth.

Filtered for Terreno Realty CorporationMore Headlines
04

Compare before deciding

Benchmark TRNO against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Terreno Realty Corporation (TRNO)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
TRNO logoTRNOTerreno Realty CorporationCurrent
$66.40$7.06B16.9424.51%84.59%10.32%2.99%
PLD logoPLDPrologis, Inc.
$135.94$126.74B38.407.18%41.54%6.46%—
EGP logoEGPEastGroup Properties, Inc.
$203.44$10.94B41.7712.97%40.47%8.61%—
REXR logoREXRRexford Industrial Realty, Inc.
$38.23$8.74B44.457.13%-39.74%-4.55%—
FR logoFRFirst Industrial Realty Trust, Inc.
$61.89$8.2B33.108.58%47.96%12.99%—
STAG logoSTAGSTAG Industrial, Inc.
$37.32$7.14B25.5610.14%28.05%6.79%—

Compare TRNO vs Peers

Terreno Realty Corporation (TRNO) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs PLD

Most directly comparable listed peer for TRNO.

Scale Benchmark

vs AMZN

Larger-name benchmark to compare TRNO against a more recognizable public peer.

Peer Set

Compare Top 5

vs PLD, EGP, REXR, FR

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

TRNO SEC Filings & Documents

Terreno Realty Corporation (TRNO) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 6, 2026·SEC

Material company update

Feb 17, 2026·SEC

Material company update

Jan 8, 2026·SEC

10-K Annual Reports

5
FY 2026

Feb 4, 2026·SEC

FY 2025

Feb 5, 2025·SEC

FY 2024

Feb 7, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Aug 5, 2026·SEC

FY 2026

May 6, 2026·SEC

FY 2025

Nov 5, 2025·SEC

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TRNO Frequently Asked Questions

Terreno Realty Corporation (TRNO) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Terreno Realty Corporation's revenue?

Terreno Realty Corporation (TRNO) reported $502.9M in revenue for fiscal year 2025. This represents a 12375% increase from $4.0M in 2010.

How fast is Terreno Realty Corporation growing?

Terreno Realty Corporation (TRNO) grew revenue by 24.5% over the past year. This is strong growth.

Is TRNO profitable?

Yes, Terreno Realty Corporation (TRNO) is profitable, generating $388.6M in net income for fiscal year 2025 (84.6% net margin).

Dividend & Returns
Does TRNO pay dividends?

Yes, Terreno Realty Corporation (TRNO) pays a dividend with a yield of 2.99%. This makes it attractive for income-focused investors.

What is TRNO's return on equity?

Terreno Realty Corporation (TRNO) has a return on equity (ROE) of 10.3%. This is reasonable for most industries.

Industry Metrics
What is Terreno Realty Corporation's FFO?

Terreno Realty Corporation (TRNO) generated Funds From Operations (FFO) of $522.2M in the trailing twelve months. FFO is the primary profitability metric for REITs.

What if you invested $1,000 in TRNO back in 2010?

Total return calculator · dividends reinvested · 16+ years of data

See returns →