Terreno Realty Corporation (TRNO) Financial Ratios
16 years of historical data (2010–2025) · Real Estate · REIT - Industrial
EV/EBITDA
↓
24.71
↓-19% vs avg
5yr avg: 30.60
30Y Low13.3·High54.8
P/FCF
↓
32.82
↓-29% vs avg
5yr avg: 46.27
30Y Low28.9·High93.8
P/B Ratio
↓
1.59
↓-17% vs avg
5yr avg: 1.93
30Y Low0.8·High2.9
ROE
↑
10.3%
↓+44% vs avg
5yr avg: 7.2%
30Y Low-3%·High10%
Debt/EBITDA
↓
3.00
↓-24% vs avg
5yr avg: 3.94
30Y Low2.5·High23.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
TRNO Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Terreno Realty Corporation trades at 16.4x earnings, 59% below its 5-year average of 40.0x, sitting at the 7th percentile of its historical range. Compared to the Real Estate sector median P/E of 24.1x, the stock trades at a discount of 32%. On a free-cash-flow basis, the stock trades at 32.8x P/FCF, 29% below the 5-year average of 46.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.8B | $6.0B | $5.7B | $5.2B | $4.3B | $6.0B | $4.0B | $3.5B | $2.0B | $1.8B | $1.3B |
| Enterprise Value | $7.8B | $6.9B | $6.5B | $5.8B | $5.0B | $6.6B | $4.3B | $3.9B | $2.5B | $2.2B | $1.7B |
| P/E Ratio → | 16.42 | 14.98 | 30.80 | 34.62 | 21.79 | 98.03 | 68.03 | 102.15 | 31.97 | 36.91 | 109.58 |
| P/S Ratio | 14.36 | 12.66 | 14.81 | 16.15 | 15.56 | 27.21 | 21.34 | 20.49 | 13.33 | 13.59 | 11.75 |
| P/B Ratio | 1.59 | 1.45 | 1.55 | 1.79 | 1.93 | 2.93 | 2.51 | 2.31 | 1.19 | 1.23 | 1.05 |
| P/FCF | 32.82 | 28.93 | 30.43 | 41.26 | 56.12 | 74.62 | 57.44 | 55.96 | 41.58 | 42.78 | 57.13 |
| P/OCF | 25.16 | 22.18 | 24.36 | 29.08 | 30.02 | 45.67 | 39.47 | 37.01 | 26.05 | 25.91 | 25.88 |
P/E links to full P/E history page with 30-year chart
TRNO EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Terreno Realty Corporation's enterprise value stands at 24.7x EBITDA, 19% below its 5-year average of 30.6x. The Real Estate sector median is 17.0x, placing the stock at a 46% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 14.59 | 16.92 | 18.02 | 18.26 | 29.53 | 23.23 | 22.72 | 16.17 | 16.81 | 15.45 |
| EV / EBITDA | 24.71 | 22.13 | 26.76 | 28.23 | 28.63 | 47.25 | 28.05 | 27.32 | 13.34 | 13.63 | 14.53 |
| EV / EBIT | 40.32 | 15.94 | 31.51 | 33.08 | 22.73 | 62.24 | 63.44 | 65.99 | 30.10 | 31.87 | 59.47 |
| EV / FCF | — | 33.34 | 34.76 | 46.05 | 65.84 | 81.00 | 62.51 | 62.05 | 50.45 | 52.90 | 75.11 |
TRNO Profitability
Margins and return-on-capital ratios measuring operating efficiency
Terreno Realty Corporation earns an operating margin of 40.4%, significantly above the Real Estate sector average of 24.8%. ROE of 10.3% is modest. ROIC of 3.0% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 75.8% | 75.8% | 74.4% | 75.6% | 75.1% | 74.7% | 73.7% | 74.2% | 73.6% | 72.9% | 72.0% |
| Operating Margin | 40.4% | 40.4% | 38.7% | 41.2% | 40.0% | 39.7% | 61.2% | 60.2% | 53.7% | 52.7% | 26.0% |
| Net Profit Margin | 84.6% | 84.6% | 48.2% | 46.8% | 71.7% | 39.3% | 42.7% | 32.5% | 41.7% | 40.1% | 13.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.3% | 10.3% | 5.6% | 5.9% | 9.2% | 4.8% | 5.1% | 3.5% | 4.0% | 4.0% | 1.6% |
| ROA | 7.9% | 7.9% | 4.3% | 4.3% | 6.5% | 3.4% | 3.8% | 2.8% | 3.8% | 3.7% | 1.2% |
| ROIC | 3.0% | 3.0% | 2.8% | 3.1% | 3.0% | 2.9% | 4.5% | 3.8% | 3.0% | 3.0% | 1.6% |
| ROCE | 4.0% | 4.0% | 3.5% | 3.9% | 3.7% | 3.6% | 5.5% | 5.4% | 5.0% | 5.2% | 2.4% |
TRNO Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Terreno Realty Corporation carries a Debt/EBITDA ratio of 3.0x, which is moderately leveraged (62% below the sector average of 7.9x). Net debt stands at $918M ($943M total debt minus $25M cash). Interest coverage of 13.3x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.23 | 0.23 | 0.22 | 0.26 | 0.35 | 0.35 | 0.29 | 0.32 | 0.27 | 0.31 | 0.34 |
| Debt / EBITDA | 3.00 | 3.00 | 3.40 | 3.74 | 4.38 | 5.20 | 2.97 | 3.46 | 2.51 | 2.83 | 3.60 |
| Net Debt / Equity | — | 0.22 | 0.22 | 0.21 | 0.33 | 0.25 | 0.22 | 0.25 | 0.25 | 0.29 | 0.33 |
| Net Debt / EBITDA | 2.92 | 2.92 | 3.33 | 2.93 | 4.23 | 3.72 | 2.27 | 2.68 | 2.34 | 2.61 | 3.48 |
| Debt / FCF | — | 4.41 | 4.32 | 4.79 | 9.72 | 6.38 | 5.07 | 6.09 | 8.87 | 10.12 | 17.98 |
| Interest Coverage | 13.27 | 13.27 | 9.82 | 7.11 | 9.30 | 5.83 | 4.28 | 3.60 | 4.48 | 4.16 | 2.16 |
TRNO Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.08x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 2.20x to 0.08x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.08 | 0.08 | 0.12 | 2.20 | 0.94 | 3.45 | 2.00 | 2.24 | 1.26 | 0.95 | 0.21 |
| Quick Ratio | 0.08 | 0.08 | 0.12 | 2.20 | 0.94 | 3.45 | 2.00 | 2.24 | 1.26 | 0.95 | 0.21 |
| Cash Ratio | 0.08 | 0.08 | 0.09 | 1.64 | 0.33 | 2.89 | 1.98 | 1.91 | 0.44 | 0.79 | 0.16 |
| Asset Turnover | — | 0.09 | 0.08 | 0.08 | 0.09 | 0.08 | 0.09 | 0.08 | 0.08 | 0.08 | 0.08 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
TRNO Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Terreno Realty Corporation returns 3.1% to shareholders annually primarily through dividends. A payout ratio of 50.6% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 6.1% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.1% | 3.4% | 3.1% | 2.6% | 2.5% | 1.4% | 1.9% | 1.8% | 2.5% | 2.3% | 2.6% |
| Payout Ratio | 50.6% | 50.6% | 94.8% | 89.7% | 54.2% | 97.0% | 93.7% | 114.5% | 81.3% | 78.9% | 219.5% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.1% | 6.7% | 3.2% | 2.9% | 4.6% | 1.0% | 1.5% | 1.0% | 3.1% | 2.7% | 0.9% |
| FCF Yield | 3.0% | 3.5% | 3.3% | 2.4% | 1.8% | 1.3% | 1.7% | 1.8% | 2.4% | 2.3% | 1.8% |
| Buyback Yield | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.2% | 0.1% | 0.2% | 2.7% | 0.1% |
| Total Shareholder Yield | 3.1% | 3.4% | 3.1% | 2.6% | 2.5% | 1.4% | 2.1% | 1.9% | 2.7% | 5.1% | 2.7% |
| Shares Outstanding | — | $103M | $96M | $83M | $76M | $71M | $68M | $65M | $57M | $51M | $45M |
Peer Comparison
Compare TRNO with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 TRNOYou | $7B | 16.4 | 24.7 | 32.8 | 75.8% | 40.4% | 10.3% | 3.0% | 3.0 |
 PLD | $135B | 39.7 | 27.3 | 26.9 | 59.6% | 40.2% | 5.9% | 2.9% | 5.7 |
 EGP | $11B | 41.1 | 24.8 | 26.5 | 43.3% | 39.9% | 7.6% | 4.3% | 3.5 |
 REXR | $8B | 38.5 | 16.1 | 37.7 | 77.3% | 37.9% | 2.4% | 2.4% | 5.0 |
 FR | $8B | 33.0 | 21.7 | 71.3 | 22.6% | 42.3% | 9.0% | 4.5% | 5.2 |
 STAG | $7B | 25.9 | 16.9 | 18.0 | 61.3% | 37.7% | 7.6% | 3.5% | 5.3 |
 ILPT | $540M | -8.1 | 14.6 | 8.9 | 12.6% | 33.0% | -6.9% | 2.2% | 13.5 |
 PLYM | $979M | 7.1 | 13.3 | 10.2 | 68.9% | 18.2% | 25.9% | 2.1% | 5.4 |
 AMZN | $2.6T | 34.1 | 18.5 | 341.6 | 50.3% | 11.2% | 22.3% | 14.7% | 1.0 |
 UPS | $89B | 16.0 | 9.5 | 18.7 | 18.5% | 9.6% | 33.8% | 16.1% | 2.6 |
 FDX | $78B | 19.4 | 10.6 | 26.1 | 21.6% | 6.9% | 14.7% | 7.7% | 3.6 |
| Real Estate Median | — | 24.1 | 17.0 | 15.4 | 49.3% | 24.8% | 3.7% | 2.7% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 16 years · Updated daily
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TRNO — Frequently Asked Questions
Quick answers to the most common questions about buying TRNO stock.
What is Terreno Realty Corporation's P/E ratio?
Terreno Realty Corporation's current P/E ratio is 16.4x. The historical average is 66.1x. This places it at the 7th percentile of its historical range.
What is Terreno Realty Corporation's EV/EBITDA?
Terreno Realty Corporation's current EV/EBITDA is 24.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 26.0x.
What is Terreno Realty Corporation's ROE?
Terreno Realty Corporation's return on equity (ROE) is 10.3%. The historical average is 3.5%.
Is TRNO stock overvalued?
Based on historical data, Terreno Realty Corporation is trading at a P/E of 16.4x. This is at the 7th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Terreno Realty Corporation's dividend yield?
Terreno Realty Corporation's current dividend yield is 3.08% with a payout ratio of 50.6%.
What are Terreno Realty Corporation's profit margins?
Terreno Realty Corporation has 75.8% gross margin and 40.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Terreno Realty Corporation have?
Terreno Realty Corporation's Debt/EBITDA ratio is 3.0x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.