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Terreno Realty Corp (TRNO) stock

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NYSE: TRNO NYSE Industrial REITs Next results ~November 4, 2026

C+ Fundamentals grade

Terreno Realty Corp is a US-listed company in the industrial REITs industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$73

Cash-flow model

Base case. Range ~$53–$98 across our lower- and higher-growth cases (13.4%–23.4% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 8% below our base value.

Price used: $66.76, November 2, 2026

Terreno Realty Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 3 selling0 purchases and 5 sales by directors and officers, last 12 monthsInsider trades
  • Funds198 adding, 152 cuttingOf 48 active managers that changed their stake, 22 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Terreno Realty files

Where Terreno Realty stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $503m, up 18.0% on a year earlier, slower than the 20.2% growth a quarter earlier. That growth ranks 2 of 9 among the industrial reits companies we cover. Free-cash-flow margin held at 43.1%. The diluted share count is up 4.3% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 3 of our 4 financial-health checks. Our cash-flow model value is $80.21 a share, against a share price of $65.08. At that price, our model says the market is pricing in about 14.9% a year of cash-flow growth for five years, slower than the 17.8% a year revenue growth it has delivered.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Terreno Realty Corp's trailing-twelve-month revenue grew 18.0% year on year, with a free-cash-flow margin of 43.1%. Where it stands out: net margin of 77.3% ranks 1 of 10 industrial reits companies we cover. Where it lags: change in share count of 4.3% ranks 9 of 9 industrial reits companies we cover.

Our discounted-cash-flow model values the business at ~$73 per share in the base case (~$53–$98 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 17.3% while net income grew 52.9%: a 36pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 18.0% over the last 12 months, against a median of 8.5% for industrial reits companies we cover.
  • Strong cash generation. 43.1% of revenue turned into free cash flow.

Things to watch

  • Share dilution. Diluted shares rose 4.3% in a year.
  • High debt. Long-term debt exceeds cash by $0.9bn, more than 1.5 times annual revenue.
  • High sales multiple. The shares trade at 14 times revenue while operating margins remain thin.
  • Growth easing. The growth rate is 2.1 points lower than a quarter earlier.
  • Weak cash conversion. Free cash flow was 56% of net income over the last 12 months.
  • Below peers: change in growth rate. Change in growth rate of -2.1pp ranks 9 of 10 industrial reits companies we cover (median -0.0pp).

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$0.65 against an average estimate of $0.41: beat by 58.6%
Revenue
$125m, up 11.1% on a year earlier
Next report
November 4, 2026; average EPS estimate $0.43

Terreno Realty's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.8%
  • 1 week+2.7%
  • 1 month+3.4%
  • This year+16.6%
  • 1 year+20.8%
  • 5 years+1.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$503M
Net margin
77.3%
EPS (TTM, diluted)
$3.71

Growth

Revenue growth
+18.0%
Change in growth rate
−2.1 pts
Share count change
+4.3%

Cash

Free cash flow (TTM)
$217M
FCF margin
43.1%
Stock pay % of revenue
3.6%

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for TRNO from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Terreno Realty Corp valuation models and calculator

What the price is pricing in

The share price implies about 15.3% a year of cash-flow growth for five years.That is close to the 17.8% a year revenue growth Terreno Realty has delivered.

  • Priced in15.3%
  • Last 12 months18.0%
  • 3 years a year18.7%
  • 5 years a year17.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($65.83, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$73
Price used
$65.83close November 3, 2026
Implied change
▲ +11%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Terreno Realty Corp's free cash flow after stock-based pay with after-tax interest added back ($228M, FY2026 Q2 TTM), growing 12.5% and 16.8% in the next two years (forecasts, guidance and its record), then back to 18.4% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$53–~$98 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Terreno Realty Corp's free cash flow after stock-based pay ( $228M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Terreno Realty Corp as an equity reit, with every model that fits that kind of business. Cost of equity 8.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.71 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$73 ~$53–$98 Primary model, counts double
Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. ~$89 ~$75–$110 Included
Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. ~$1.7 ~$40–$83 Left out: out of range vs price (0.03x)
Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. ~$36 ~$31–$44 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$68 ~$36–$89 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Terreno Realty Corp with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +34%
  • Free-cash-flow margin 1 point lower ▼ −2%
  • Last year's free-cash-flow margin change, if it persists ▼ −1%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $22$33$48$67$92$124
8.5% $15$23$33$47$65$88
10% $11$17$25$35$49$66

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$22.08$27.88$28.68$45.08$49.77$73.94$50.57$57.34$55.75$57.26$66.76
Market value$988m$1.4bn$1.6bn$2.9bn$3.4bn$5.2bn$3.8bn$4.8bn$5.3bn$5.9bn$7.0bn
+ Net debt (− = net cash)$404m$429m$434m$381m$354m$521m$749m$610m$812m$923m$897m
Enterprise value$1.4bn$1.9bn$2.1bn$3.3bn$3.7bn$5.8bn$4.6bn$5.4bn$6.2bn$6.8bn$7.9bn
Multiples
Price / sales 9.1x10.8x10.9x17.1x18.2x23.6x13.8x14.8x14.0x12.3x13.9x
Price / earnings 65.3x27.0x26.0x52.6x42.5x60.0x19.3x31.6x29.0x14.6x18.0x
Price / free cash flow 44.3x34.0x33.9x46.6x48.9x64.7x49.9x37.8x28.7x28.2x32.2x
EV / EBITDA ———————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

63 /100

Moderate moat

How hard Terreno Realty's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 3 / 20

    Net income has been a median 3.6% of total assets over 10 years.

  • Durability 20 / 20

    Net margin has been a median 45.8%; its worst year was 34.9%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 9 of 9 years, at a median 37.4% of revenue.

  • Discipline 8 / 20

    The diluted share count rose 51.8% over five years; stock-based pay has been a median 4.0% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $129m and EPS of $0.43 (range $0.39 to $0.45) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.82 +15% $512m +7%
Next $1.76 −3% $572m +12%

Next year's EPS estimate has moved +2.2% in 90 days, across 3 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −7.0% on 90 days ago. In the last 30 days, 1 analyst raised Terreno Realty Corp's forecast and 0 cut it.

Consensus EPS forecast Terreno Realty Corp, last 90 days
$1.70 $1.80 $1.90 $2.00 $2.10 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.96 Current fiscal year, 60 days ago: $1.95 Current fiscal year, 30 days ago: $1.95 Current fiscal year, 7 days ago: $2.08 Current fiscal year, Now: $1.82 $1.82 Next fiscal year, 90 days ago: $1.73 Next fiscal year, 60 days ago: $1.74 Next fiscal year, 30 days ago: $1.74 Next fiscal year, 7 days ago: $1.76 Next fiscal year, Now: $1.76 $1.76

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.96$1.73
60 days ago $1.95$1.74
30 days ago $1.95$1.74
7 days ago $2.08$1.76
Now $1.82$1.76

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.41 $0.65 +58.6%
Mar 2026 $0.35 $0.40 +12.5%
Dec 2025 $0.51 $0.46 −9.1%
Sept 2025 $0.37 $0.39 +7.2%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Terreno Realty Corp's revenue by +12.5% next year and +16.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+7.7%, weight 56%) and the company's own record (+18.4%, weight 44%) . How the weights are set.

Analyst recommendations

19 analysts, Oct 2026
Buy1263%
Hold526%
Sell211%

Monthly trend

  1. Oct 202657519
  2. Sep 202656619
  3. Aug 202656619
  4. Jul 202656619

Counts of recommendations published by analysts covering Terreno Realty Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
10.3%
of tradable shares
Days to cover
8.34
at average volume
Short interest, 1 month
−0%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.9%
of shares
Employees
47
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +20.8%

$55.24 on October 31, 2025 to $66.76

ThenNowEffect
Revenue (last 12 months) $426m $503m +18.0%
Net margin 59.7% 77.3% +29.5%
P/E multiple 21.8x 18.0x −17.6%
Share count 100m 105m −4.1%

Biggest factor: net margin.

Last 3 years +31.4%

$50.82 on November 3, 2023 to $66.76

ThenNowEffect
Revenue (last 12 months) $301m $503m +67.1%
Net margin 48.1% 77.3% +60.5%
P/E multiple 27.6x 18.0x −34.9%
Share count 79m 105m −24.7%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
TRNO+49%−32%+13%−3%+3%+17%
Industry peers (median)+60%−31%+22%−13%+14%+8%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TRNO58%33%42%58%58%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TRNO−11%−39%−22%−19%−25%−15%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 39% from December 31, 2021 to October 10, 2022. Getting back needed a 64% gain, reached on July 16, 2026, 1375 days after the low.

Price behaviour

52-week range
$55.86 – $74.43
From 52-week high
−10.3%
vs 50-day average
+2.3%
vs 200-day average
+2.8%
Volatility (1 year)
19%
Beta vs S&P 500
0.32

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Options strategies

All options ideas

How Terreno Realty Corp’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Terreno Realty Corp in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Terreno Realty Corp
$300M $350M $400M $450M $500M $550M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $313.1M Revenue (TTM), FY23 Q4: $323.6M Revenue (TTM), FY24 Q1: $334M Revenue (TTM), FY24 Q2: $348.7M Revenue (TTM), FY24 Q3: $365.4M Revenue (TTM), FY24 Q4: $382.6M Revenue (TTM), FY25 Q1: $408M Revenue (TTM), FY25 Q2: $426M Revenue (TTM), FY25 Q3: $442.6M Revenue (TTM), FY25 Q4: $476.4M Revenue (TTM), FY26 Q1: $490.4M Revenue (TTM), FY26 Q2: $502.9M $502.9M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $313.1M
FY23 Q4 $323.6M
FY24 Q1 $334M
FY24 Q2 $348.7M
FY24 Q3 $365.4M
FY24 Q4 $382.6M
FY25 Q1 $408M
FY25 Q2 $426M
FY25 Q3 $442.6M
FY25 Q4 $476.4M
FY26 Q1 $490.4M
FY26 Q2 $502.9M
Revenue growth, TTM YoY Terreno Realty Corp
15% 20% 25% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 20.0% Revenue growth, TTM YoY, FY23 Q4: 17.2% Revenue growth, TTM YoY, FY24 Q1: 16.4% Revenue growth, TTM YoY, FY24 Q2: 15.8% Revenue growth, TTM YoY, FY24 Q3: 16.7% Revenue growth, TTM YoY, FY24 Q4: 18.2% Revenue growth, TTM YoY, FY25 Q1: 22.2% Revenue growth, TTM YoY, FY25 Q2: 22.2% Revenue growth, TTM YoY, FY25 Q3: 21.1% Revenue growth, TTM YoY, FY25 Q4: 24.5% Revenue growth, TTM YoY, FY26 Q1: 20.2% Revenue growth, TTM YoY, FY26 Q2: 18.0% 18.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 20.0%
FY23 Q4 17.2%
FY24 Q1 16.4%
FY24 Q2 15.8%
FY24 Q3 16.7%
FY24 Q4 18.2%
FY25 Q1 22.2%
FY25 Q2 22.2%
FY25 Q3 21.1%
FY25 Q4 24.5%
FY26 Q1 20.2%
FY26 Q2 18.0%
FCF margin (TTM) Terreno Realty Corp
35% 40% 45% 50% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 38.2% FCF margin (TTM), FY23 Q4: 39.1% FCF margin (TTM), FY24 Q1: 42.2% FCF margin (TTM), FY24 Q2: 46.1% FCF margin (TTM), FY24 Q3: 48.2% FCF margin (TTM), FY24 Q4: 48.7% FCF margin (TTM), FY25 Q1: 46.5% FCF margin (TTM), FY25 Q2: 43.4% FCF margin (TTM), FY25 Q3: 43.9% FCF margin (TTM), FY25 Q4: 43.8% FCF margin (TTM), FY26 Q1: 43.6% FCF margin (TTM), FY26 Q2: 43.1% 43.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 38.2%
FY23 Q4 39.1%
FY24 Q1 42.2%
FY24 Q2 46.1%
FY24 Q3 48.2%
FY24 Q4 48.7%
FY25 Q1 46.5%
FY25 Q2 43.4%
FY25 Q3 43.9%
FY25 Q4 43.8%
FY26 Q1 43.6%
FY26 Q2 43.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 108 132 152 171 187 222 276 324 383 476 503
Net income 15 53 63 56 80 87 198 151 184 403 389
Diluted EPS $0.26 $0.95 $1.09 $0.85 $1.16 $1.23 $2.61 $1.81 $1.92 $3.91 $3.71
Growth (year on year)
Revenue — +22.2% +14.5% +12.8% +9.3% +18.8% +24.5% +17.2% +18.2% +24.5% +18.0%
Net income — +251.2% +19.2% −12.3% +43.7% +9.3% +126.9% −23.5% +21.8% +118.4% +52.9%
Diluted EPS — +265.4% +14.7% −22.0% +36.5% +6.0% +112.2% −30.7% +6.1% +103.6% +46.6%
Margins
Net margin 13.9% 40.1% 41.7% 32.5% 42.7% 39.3% 71.7% 46.8% 48.2% 84.6% 77.3%
Free-cash-flow margin 20.6% 31.8% 32.1% 36.6% 37.2% 36.5% 27.7% 39.1% 48.7% 43.8% 43.1%
Cash flow
Cash from operations 49 69 78 95 101 132 143 180 233 272 287
Capital spending 27 27 29 32 32 51 67 53 46 63 70
Free cash flow 22 42 49 63 69 81 77 127 186 208 217
Stock-based pay 9 9 9 11 10 10 10 13 15 18 18
Free cash flow after stock pay 13 33 39 52 60 71 66 113 171 191 199
Balance sheet
Cash 14 36 31 110 107 204 26 165 18 25 51
Total debt 418 465 465 492 461 725 775 775 830 948 948
Net debt (negative = net cash) 404 429 434 381 354 521 749 610 812 923 897
Diluted shares 45m 51m 57m 65m 68m 71m 76m 83m 96m 103m 105m
Returned to shareholders
Dividends 33 42 51 64 75 85 107 136 175 204 214
Buybacks 2 3 4 4 10 1 1 2 3 3 4
Total returned 35 45 55 68 85 85 108 137 178 207 217

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 4 checks passed · June 30, 2026
  • Short-term assets cover short-term liabilities The company doesn't report a short-term split. Not assessable.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $51m of cash against $942m of debt.
  • Debt below 40% of shareholders' equity Debt is 21% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 35% to 21% over five years.
  • A year's operating cash flow covers at least 20% of debt $287m of operating cash flow against $942m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Terreno Realty Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$3.7M
Dividends (TTM)
$214M
Returned to shareholders
100%
of free cash flow
Buybacks, last 3 fiscal years
$8.1M
Diluted share count
+4.3%
year over year
Total shareholder yield
3.0%
dividends 3.0% + buybacks 0.1% of market value
Dividend payout ratio
55%
of net income paid out

Competitors: side by side with peers

Closest by revenue in industrial reits
Last 12 months unless stated TRNO FIP LXP EGP FR STAG Median
Revenue, last 12 months $503m $659m $352m $770m $775m $901m $838m
Revenue growth, last 12 months 18.0% 72.3% −3.5% 10.4% 8.5% 9.3% 7.9%
Revenue growth, 3-year average 18.7% 28.8% 1.3% 11.8% 8.8% 9.0% 8.8%
Revenue growth, latest quarter 11.1% 52.7% 4.5% 9.5% 8.6% 9.4% 8.2%
Net margin 77.3% −84.0% 34.3% 41.0% 46.1% 29.9% 32.1%
Cash from operations / revenue 57.0% −8.7% 53.1% 70.4% 56.9% 53.3% 53.2%
Free-cash-flow margin 43.1% −48.3% −2.1% 62.9% 31.1% 18.0% 22.4%
Free-cash-flow margin, 3-year average 44.2% −47.0% 1.1% 56.0% 30.1% 37.2% 23.9%
Stock pay / revenue 3.6% 3.8% — 1.6% 2.9% 1.6% 2.2%
Change in share count 4.3% −0.7% −1.2% 3.0% 0.1% 2.7% 0.5%

Median of all 10 companies we cover in industrial reits. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

10 industrial reits companies
Measure Company Peer median Rank
Revenue growth Growth 18.0% 8.5% 2 of 10
Change in growth rate Growth -2.1pp -0.0pp 9 of 10
Net margin Profitability 77.3% 34.3% 1 of 10
Stock pay as % of revenue Cash generation 3.6% 2.2% 7 of 9
Long-term debt as % of assets Balance sheet 16.5% 35.5% 1 of 8
Change in share count Balance sheet 4.3% 0.5% 9 of 9

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$7.4B
Institutions reporting
379
Shares held vs prior quarter
▲ 3.2%
Positions opened / closed
41 / 30

Top buyers and sellers, Q2 2026: 198 institutions bought and 152 sold ; the biggest buyer was Invesco Ltd (+1.3M shares) and the biggest seller Resolution Capital Ltd (−644K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.2B 18.7M 16.4% ▲ 5.3%
FMR LLC $783M 12.1M 10.6% ▲ 5.2%
Vanguard Portfolio Management LLC $696M 10.7M 9.4% ▲ 4.2%
State Street Corp $389M 6.0M 5.3% ▲ 2.7%
Vanguard Capital Management LLC $310M 4.8M 4.2% ▲ 3.2%
Principal Financial Group Inc $282M 4.3M 3.8% ▲ 3.8%
Price T Rowe Associates Inc $257M 4.0M 3.5% ▲ 0.5%
T. Rowe Price Investment Management, Inc. $246M 3.8M 3.3% ▼ 7.3%
Geode Capital Management, LLC $193M 3.0M 2.6% ▲ 8.3%
Invesco Ltd. $184M 2.8M 2.5% ▲ 89.8%
Charles Schwab Investment Management Inc $148M 2.3M 2.0% ▲ 6.7%
Northern Trust Corp $106M 1.6M 1.4% ▲ 12.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Terreno Realty Corp's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $1.8M 5 trades by 3 insiders · 0% under pre-set plans
Net ▼ $1.8M net selling
Insider Date Trade Shares Price Value
Meyer John Tull EVP August 11, 2026 Sell 4,447 $68.64 $305,242
Cannon Jaime Jackson CFO August 10, 2026 Sell 3,602 $68.26 $245,873
Coke Michael A President August 7, 2026 Sell 8,000 $68.38 $547,040
Cannon Jaime Jackson CFO February 9, 2026 Sell 7,000 $65.99 $461,930
Meyer John Tull EVP November 7, 2025 Sell 4,758 $59.95 $285,242

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 15 trades and filings

No trades in Terreno Realty Corp disclosed in the last 12 months; 15 earlier trades on record.

  • Donald S. Beyer, Jr.(D-VA 8):Sale (full), $15,001 - $50,000, traded February 28, 2022, filed March 3, 2022
  • Donald S. Beyer, Jr.(D-VA 8):Purchase, $1,001 - $15,000, traded January 31, 2022, filed February 1, 2022
  • Donald S. Beyer, Jr.(D-VA 8):Purchase, $1,001 - $15,000, traded January 10, 2022, filed February 1, 2022

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Terreno Realty Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Terreno Realty Corp in brief

What does Terreno Realty Corp do?
Terreno Realty Corp is a US-listed company in the industrial REITs industry. Its financial year ends in December.
What is Terreno Realty Corp's stock ticker?
Terreno Realty Corp trades under the ticker TRNO on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Terreno Realty Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Terreno Realty Corp reported revenue of $503M, 18.0% higher than a year earlier, according to its SEC filings.
What is Terreno Realty Corp's free cash flow?
Terreno Realty Corp's free-cash-flow margin is 43.1% of revenue over the trailing twelve months.
What is Terreno Realty Corp's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Terreno Realty Corp's free cash flow after stock-based pay gives ~$73 per share in the base case, and ~$53–$98 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Terreno Realty Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., FMR LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Terreno Realty Corp buying back stock, and does it pay a dividend?
Terreno Realty Corp spent $3.7M on share repurchases over the trailing twelve months, and its diluted share count still rose 4.3% over the year.
What is Terreno Realty Corp's market cap?
On November 2, 2026, Terreno Realty Corp's market capitalisation was about $7B, with a price-to-earnings ratio of 18.0 and net debt of $897M. Market figures come from third-party market data and may be delayed.
Does Terreno Realty Corp pay a dividend?
Yes: Terreno Realty Corp paid $214M in dividends over the trailing twelve months, a dividend yield of 2.97% and a payout ratio of 55.0%.
How much debt does Terreno Realty Corp have?
Terreno Realty Corp's debt-to-equity ratio is 21.3%, from its latest balance sheet (35.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Terreno Realty Corp's competitors?
In our Industrial REITs peer group, the companies closest to Terreno Realty Corp are Ftai Infrastructure Inc., LXP Industrial Trust, Eastgroup Properties Inc, First Industrial Realty Trust Inc and Stag Industrial, Inc. The side-by-side comparison below sets their revenue, margins and growth against Terreno Realty Corp's.
Are insiders buying or selling Terreno Realty Corp stock?
Over the last 12 months, Terreno Realty Corp's directors and officers reported 0 open-market purchases and 5 sales on Form 4. The insider trading page charts every trade.
When is Terreno Realty Corp's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Terreno Realty Corp announces its own schedule.