Terreno Realty Corporation

Terreno Realty Corporation

TRNOยทNYSE

$64.10

+0.023%
Real EstateREIT - Industrial

{Terreno Realty Corporation and together with its subsidiaries, the Company) acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C. All square feet, acres, occupancy and number of properties disclosed in these condensed notes to the consolidated financial statements are unaudited. As of September 30, 2020, the Company owned 219 buildings aggregating approximately 13.1 million square feet, 22 improved land parcels consisting of approximately 85.0 acres and one property under redevelopment expected to contain approximately 0.2 million square feet upon completion. The Company is an internally managed Maryland corporation and elected to be taxed as a real estate investment trust (REIT) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the Code), commencing with its taxable year ended December 31, 2010.}

At a Glance

Live Snapshot
Market Cap$6.81B
EPS3.9300
P/E Ratio16.31
Earnings Date08/05/2026

Intrinsic Alpha Methodology

Thesis Lenses

Signal ยท Driver ยท Risk

Signal

High confidence

Valuation multiple is mid-range (P/E 16.3).

Valuation inputs: P/E 16.3, earnings yield +6.1%, momentum +0.0%.

If multiples stay elevated while momentum fades, downside repricing risk rises.

Driver

High confidence

Return profile is soft (ROE +9.7%, ROIC +3.7%).

Profitability stack: net margin +84.6%, ROE +9.7%, ROIC +3.7%.

Quality deterioration often appears in margins before it shows up in headline EPS.

Risk

High confidence

Downside profile looks controlled across current risk inputs.

Risk factors: liabilities/assets +23.0%, momentum +0.0%, net margin +84.6%.

Higher leverage with weak momentum and thin margins can amplify drawdown severity.

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Terreno Realty Corporation Market vs Earnings Trajectory

TRNO ยท NYSE

Loading price and EPS data...

Terreno Realty Corporation

Terreno Realty Corporation Fair Value Envelope

TRNO ยท NYSE

Our analysis suggests that TRNO has a fair value of HIDDEN per share in the Base Case projection. With shares currently trading at $64.1, this represents a potential HIDDEN relative to our calculated worth for Terreno Realty Corporation.

Intrinsic Value
Current Price: $64.1
3Y+51.0%
5Y+357.0%
10Y+1412.0%
3Y+72.0%
5Y+155.0%
10Y+339.0%
3Y+104.0%
5Y+405.0%
10Y+2566.0%
3Y+90.0%
5Y+169.0%
10Y+452.0%
3Y+172.0%
5Y+200.0%
10Y+835.0%
3Y+70.0%
5Y+152.0%
10Y+321.0%
Terreno Realty Corporation

Terreno Realty Corporation Profit Bridge

TRNO ยท NYSE
Revenue476.38M
Cost of Goods Sold (115.10M)
Gross Profit361.28M
Operating Expenses (168.85M)
Operating Income192.43M
Interest Expense (32.86M)
Other Income/Expense210.56M
Pretax Income402.99M
Income Tax (0.00)
Net Income402.99M
Net Income
402.99M

Profitability Analysis

Gross Margin

75.8%

Exceptional pricing power and cost management. The company retains over half of revenue after direct costs.

Operating Margin

40.4%

Outstanding operational efficiency. The company generates substantial profit from core operations.

Net Profit Margin

84.6%

Exceptional profitability. The company converts a significant portion of revenue to bottom-line earnings.

Effective Tax Rate

0.0%

Below-average tax rate suggests effective tax planning, favorable jurisdictions, or tax credits.

Profitability Insight

Exceptional profitability across all levels: Strong pricing power, efficient operations, and healthy bottom line indicate a high-quality business with sustainable competitive advantages.

75.84%
Gross Profit Margin
2%
3Y+1.0%
5Y+3.0%
10Y+5.0%
40.39%
Operating Profit Margin
4%
3Y+1.0%
5Y-34.0%
10Y+55.0%
84.59%
Net Profit Margin
75%
3Y+18.0%
5Y+98.0%
10Y+507.0%
9.72%
Return on Equity
93%
3Y+9.0%
5Y+93.0%
10Y+422.0%
7.48%
Return on Assets
93%
3Y+20.0%
5Y+101.0%
10Y+533.0%
3.66%
Return on Invested Capital
15%
3Y+2.0%
5Y-33.0%
10Y+1031.0%
TRNO

Terreno Realty Corporation Cash Conversion Engine

TRNO ยท NYSE
Net Income402.99M
Depreciation & Amortization92.28M
Stock-Based Compensation17.72M
Change in Working Capital9.31M
Others-250.44M
Capital Expenditures-63.41M
Free Cash Flow208.46M

Cash Flow Quality Analysis

FCF Conversion Rate

51.7%

Weak cash conversion. Significant portion of earnings not converting to cashโ€”review working capital trends and capital intensity.

CapEx Intensity

23.3%

Moderate capital requirements typical of many stable businesses. Healthy balance between reinvestment and cash generation.

FCF Growth Trend

+11.9%

Steady FCF growth indicates consistent cash generation improvement. On a positive trajectory.

Working Capital Impact

+$9.31M

Working capital inflow boosted cash flow. Efficient management of receivables, inventory, and payables contributing positively.

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Terreno Realty Corporation Funding & Solvency Profile

TRNO ยท NYSE
Cash & Cash Equivalents87.87M
Net Receivables0.00
Inventory0.00
Other Current Assets0.00
Total Current Assets88 M
Property, Plant & Equipment0.00
Goodwill & Intangible Assets217.35M
Long-Term Investments0.00
Other Non-Current Assets0.00
Total Non-Current Assets0
Total Assets
5.55B

Financial Health Analysis

Current Ratio

0.19x

Warning: Liquidity concerns. Current assets may not be sufficient to cover short-term obligations.

Debt-to-Equity Ratio

0.29x

Conservative capital structure. The company relies primarily on equity financing, indicating low financial risk.

Working Capital

-385665000

Negative working capital indicates short-term liabilities exceed short-term assetsโ€”potential liquidity stress.

Asset Composition

2% Current

Capital-intensive business with significant long-term investments in property, equipment, or intangibles.

Financial Health Insight

Conservative with tight liquidity: Low debt is positive, but current ratio warrants attention. Consider whether the company is efficiently deploying its equity capital.

trno

Terreno Realty Corporation Street Expectations Map

TRNO ยท NYSE

Wall Street analysts project that TRNO stock may rise significantly over the coming 12 months. The consensus 1-year price target stands at 70.67, with estimates ranging from a low of 60.00 to a high of 79.00.

Lowest Target
60.00
-6.40%
Consensus Target
70.67
10.25%
Highest Target
79.00
23.24%

The consensus 1-year price target stands at 70.67, with estimates ranging from a low of 60.00 to a high of 79.00.

Analyst Consensus Analysis

Upside Potential

+10.3%

Moderate upside. Analysts expect positive returns but with limited margin of safety. Consider entry timing.

Analyst Agreement

26.9% spread

Good consensus alignment. Moderate target spread reflects general agreement on value drivers with some variance in assumptions.

Risk-Reward Profile

3.63x

Favorable risk-reward. Potential upside significantly exceeds downside risk, offering asymmetric return profile attractive for risk-tolerant investors.

Analyst Conviction

High

Positive outlook with reasonable agreement. Analysts generally optimistic about prospects with manageable uncertainty.

Market Sentiment Insight

Asymmetric upside: Strong return potential with favorable risk-reward profile. The limited downside relative to upside makes this an attractive risk-adjusted opportunity for growth-oriented portfolios.

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Terreno Realty Corporation Insider Positioning

TRNO ยท NYSE

During the last 12 months, insiders have sold $1.29M worth of TRNO shares, with no buying activity reported.

3 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

3-6 Months

Bought

0

0.00

Sold

7.0K

461.93K

Net Activity

-462K

-$462K

6-9 Months

Bought

0

0.00

Sold

4.8K

285.24K

Net Activity

-285K

-$285K

9-12 Months

Bought

0

0.00

Sold

10.0K

539.60K

Net Activity

-540K

-$540K

Top Buyers

No buying activity

Top Sellers

1
CMA

Coke Michael A

Director, Officer: President

10.0K sharesโ€ข1 transactions

$540K

2
CJJ

Cannon Jaime Jackson

Officer: Cfo

7.0K sharesโ€ข1 transactions

$462K

3
MJT

Meyer John Tull

Officer: Evp

4.8K sharesโ€ข1 transactions

$285K

Insider Activity Analysis

Net Insider Sentiment

Bearish

Strong bearish signal with $1.29M net selling. Heavy insider selling may indicate concerns about valuation or near-term prospects.

Buy/Sell Ratio

0.00:1

Very poor ratio. Heavy selling with minimal buying suggests insiders may be concerned about valuation or outlook.

Insider Participation

High Selling

3 insider sellers vs. 0 buyers. Widespread selling across multiple insiders may signal concerns.

0.84%
Dividend Yield
-5%
3Y+41.0%
5Y+68.0%
10Y+9.0%
ย 

trno Dividend History

TRNO
10Y CAGR +11%
Latest $0.52
Annual $2.57
5 year growth trend
Last Period: +0%