Reading the tape
NYSE: TRNO
Terreno Realty Corporation
Real Estate · REIT - Industrial
Market Cap
$6.86B
52w High
$67.55
52w Low
$53.00
P/E
16.59
Volume
261.93K
Outstanding Shares
106.26M
Price vs Fundamentals
Why The Stock Is Moving
Fundamentals are supporting the moveModerate confidence
Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.
1Y Price: 13.44%Revenue (TTM): 24.51%FCF (TTM): 81.69%P/FCF: 8th pct
What changed
The stock rose 13.44% over the last year. Revenue grew 24.51% over the trailing twelve months. Operating margin moved from 38.69% to 40.39%. Free cash flow grew 81.69% over the trailing twelve months.
What the market seems to be pricing
The stock move broadly lines up with stronger business momentum, and the shares are still only around the 8th percentile of their historical P/FCF range.
What would invalidate this read
Operating margin is at 40.39%. Revenue grew 24.51% — this thesis depends on that trajectory holding. If revenue growth, margins, or free cash flow roll over while the stock keeps climbing, more of the move would be coming from multiple expansion than business progress.
Company profile
{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.
CEOW. Blake Baird
SectorReal Estate
IndustryREIT - Industrial
Employees49
IPO dateFeb 10, 2010
Valuation
Forward P/E—
EV/EBITDA12.44
Enterprise value$6.93B
Price / Book1.65
Stock splits
No stock splits recorded for this ticker.
Profitability & growth
Standard profitability metrics can be misleading for financial/insurance companies. GAAP requires unrealized investment gains/losses in net income (affecting ROE), and margins are blended across diverse business segments.
Revenue growth32.56%
Gross margin75.84%▲1.98%vs FY2024
Operating margin40.39%▲4.41%vs FY2024
ROE9.72%▲92.93%vs FY2024
Analyst consensus
RatingBuy
Target price$69.60▲7.82%
21
Buy
10
Hold
1
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
May 6, 2026
Q2 FY26 · EPS est $0.30 · Revenue est $122.37M
View
Dividends
$2.05/shareQuarterlyDividend Achiever · 12yrAdequateTRNO pays a dividend with a 3.18% dividend yield, 12 consecutive years of growth, growing at 12.52% annually, covered 1.0× by free cash flow.
Dividend Yield
3.18%
Annual Div / Share
$2.05
5yr CAGR
+12.52%
Doubles every ~5.9yr
FCF Coverage
1.0×
Adequate
Dividend Growth Rate
3yr CAGR
+10.93%
5yr CAGR
+12.52%
10yr CAGR
+11.84%
Dividend Safety
5/10Adequate
Dividend History
Annual dividends paid per share
YearAnnual DivYoY
2025$2.02+7.4%
2024$1.88+10.6%
2023$1.70+14.9%
2022$1.48+17.5%
2021$1.26+12.5%
2020$1.12+9.8%
2019$1.02+10.9%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$32/yr
$3/mo
In 5 yrs
$56/yr+76%
$5/mo
In 10 yrs
$99/yr+211%
$8/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$32/yr $3/mo | $56/yr+76% $5/mo | $99/yr+211% $8/mo |
Long-range projections use a capped 12% annual growth assumption.
Yield-on-cost grows from 3.18% → 9.86% over 10yr
Analysis
Dividend Strengths
Dividend Achiever
TRNO has raised its dividend for 12 consecutive years — qualifying as a Dividend Achiever, demonstrating long-term commitment to shareholder income.
Strong dividend growth rate
The 5-year CAGR of 12.52% meaningfully outpaces inflation, compounding real income growth for long-term holders.
Risks to Watch
No strong risk signal stands out from the latest period pair.