TERRENO REALTY CORP (TRNO) Fundamental Analysis & Valuation
NYSE:TRNO • US88146M1018
62.12 USD
-0.59 (-0.94%)
At close: Mar 12, 2026
62.12 USD
0 (0%)
After Hours: 3/12/2026, 8:13:50 PM
This TRNO fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.
We assign a fundamental rating of 6 out of 10 to TRNO. TRNO was compared to 123 industry peers in the Diversified REITs industry. While TRNO belongs to the best of the industry regarding profitability, there are some minor concerns on its financial health. TRNO is growing strongly while it is still valued neutral. This is a good combination! With these ratings, TRNO could be worth investigating further for growth investing!.
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.
- In the past 5 years TRNO has always been profitable.
- Each year in the past 5 years TRNO had a positive operating cash flow.
1.2 Ratios
- The Return On Assets of TRNO (7.45%) is better than 98.37% of its industry peers.
- With an excellent Return On Equity value of 9.68%, TRNO belongs to the best of the industry, outperforming 83.74% of the companies in the same industry.
- With a Return On Invested Capital value of 2.92%, TRNO perfoms like the industry average, outperforming 54.47% of the companies in the same industry.
- The Average Return On Invested Capital over the past 3 years for TRNO is in line with the industry average of 3.11%.
- The 3 year average ROIC (2.76%) for TRNO is below the current ROIC(2.92%), indicating increased profibility in the last year.
| Industry Rank | Sector 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%
1.3 Margins
- Looking at the Profit Margin, with a value of 84.22%, TRNO belongs to the top of the industry, outperforming 99.19% of the companies in the same industry.
- 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.
- TRNO's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector 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%
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
- TRNO has more shares outstanding than it did 5 years ago.
- The debt/assets ratio for TRNO is higher compared to a year ago.
2.2 Solvency
- An Altman-Z score of 3.40 indicates that TRNO is not in any danger for bankruptcy at the moment.
- With an excellent Altman-Z score value of 3.40, TRNO belongs to the best of the industry, outperforming 97.56% of the companies in the same industry.
- TRNO has a debt to FCF ratio of 6.81. This is a slightly negative value and a sign of low solvency as TRNO would need 6.81 years to pay back of all of its debts.
- With an excellent Debt to FCF ratio value of 6.81, TRNO belongs to the best of the industry, outperforming 94.31% of the companies in the same industry.
- A Debt/Equity ratio of 0.23 indicates that TRNO is not too dependend on debt financing.
- TRNO has a better Debt to Equity ratio (0.23) than 95.94% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.23 | ||
| Debt/FCF | 6.81 | ||
| Altman-Z | 3.4 |
ROIC/WACC0.36
WACC8.08%
2.3 Liquidity
- TRNO has a Current Ratio of 0.14. This is a bad value and indicates that TRNO is not financially healthy enough and could expect problems in meeting its short term obligations.
- The Current ratio of TRNO (0.14) is worse than 93.50% of its industry peers.
- TRNO has a Quick Ratio of 0.14. This is a bad value and indicates that TRNO is not financially healthy enough and could expect problems in meeting its short term obligations.
- TRNO's Quick ratio of 0.14 is on the low side compared to the rest of the industry. TRNO is outperformed by 93.50% of its industry peers.
- 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 Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.14 | ||
| Quick Ratio | 0.14 |
3. TRNO Growth Analysis
3.1 Past
- The Earnings Per Share has grown by an impressive 102.58% over the past year.
- Measured over the past years, TRNO shows a very strong growth in Earnings Per Share. The EPS has been growing by 32.57% on average per year.
- Looking at the last year, TRNO shows a very strong growth in Revenue. The Revenue has grown by 24.51%.
- Measured over the past years, TRNO shows a very strong growth in Revenue. The Revenue has been growing by 20.58% on average per year.
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
- The Revenue is expected to grow by 10.79% on average over the next years. This is quite good.
EPS Next Y-62.89%
EPS Next 2Y-37.91%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year8.41%
Revenue Next 2Y8.58%
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.
4. TRNO Valuation Analysis
4.1 Price/Earnings Ratio
- The Price/Earnings ratio is 15.97, which indicates a correct valuation of TRNO.
- Based on the Price/Earnings ratio, TRNO is valued cheaply inside the industry as 88.62% of the companies are valued more expensively.
- The average S&P500 Price/Earnings ratio is at 25.71. TRNO is valued slightly cheaper when compared to this.
- A Price/Forward Earnings ratio of 43.04 indicates a quite expensive valuation of TRNO.
- TRNO's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. TRNO is cheaper than 65.04% of the companies in the same industry.
- TRNO is valuated expensively when we compare the Price/Forward Earnings ratio to 23.82, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 15.97 | ||
| Fwd PE | 43.04 |
4.2 Price Multiples
- Based on the Enterprise Value to EBITDA ratio, TRNO is valued expensively inside the industry as 86.99% of the companies are valued cheaper.
- Compared to the rest of the industry, the Price/Free Cash Flow ratio of TRNO indicates a somewhat cheap valuation: TRNO is cheaper than 69.92% of the companies listed in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 46.73 | ||
| EV/EBITDA | 23.73 |
4.3 Compensation for Growth
- The excellent profitability rating of TRNO may justify a higher PE ratio.
- A cheap valuation may be justified as TRNO's earnings are expected to decrease with -37.91% in the coming years.
PEG (NY)N/A
PEG (5Y)0.49
EPS Next 2Y-37.91%
EPS Next 3YN/A
5. TRNO Dividend Analysis
5.1 Amount
- With a Yearly Dividend Yield of 3.27%, TRNO has a reasonable but not impressive dividend return.
- TRNO's Dividend Yield is slightly below the industry average, which is at 7.59.
- Compared to an average S&P500 Dividend Yield of 1.82, TRNO pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.27% |
5.2 History
- The dividend of TRNO is nicely growing with an annual growth rate of 12.59%!
- TRNO has been paying a dividend for at least 10 years, so it has 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
5.3 Sustainability
- 50.82% of the earnings are spent on dividend by TRNO. This is a bit on the high side, but may be sustainable.
- TRNO's earnings are declining while the Dividend Rate has been growing. This means the dividend growth is most likely not sustainable.
DP50.82%
EPS Next 2Y-37.91%
EPS Next 3YN/A
TRNO Fundamentals: All Metrics, Ratios and Statistics
62.12
-0.59 (-0.94%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)02-04 2026-02-04/amc
Earnings (Next)05-05 2026-05-05
Inst Owners108.47%
Inst Owner Change-1.76%
Ins Owners1.9%
Ins Owner Change0.07%
Market Cap6.47B
Revenue(TTM)476.38M
Net Income(TTM)401.19M
Analysts77.5
Price Target71.27 (14.73%)
Short Float %6.19%
Short Ratio8.36
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.27% |
Yearly Dividend2.01
Dividend Growth(5Y)12.59%
DP50.82%
Div Incr Years11
Div Non Decr Years11
Ex-Date03-27 2026-03-27 (0.52)
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)-28.47%
EPS NQ rev (3m)-2.82%
EPS NY rev (1m)-12.47%
EPS NY rev (3m)-8.12%
Revenue NQ rev (1m)1.72%
Revenue NQ rev (3m)0.62%
Revenue NY rev (1m)0.42%
Revenue NY rev (3m)-1.15%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 15.97 | ||
| Fwd PE | 43.04 | ||
| P/S | 13.58 | ||
| P/FCF | 46.73 | ||
| P/OCF | 23.8 | ||
| P/B | 1.56 | ||
| P/tB | 1.56 | ||
| EV/EBITDA | 23.73 |
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 Rank | Sector 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 Rank | Sector 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 | 3.4 |
F-Score6
WACC8.08%
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 Year8.41%
Revenue Next 2Y8.58%
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 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%.