TRNO
Terreno Realty Corporation
TRNO's fundamentals are strong: revenue grew 17% and its operating margin rose 2 points to 42%. At 20x earnings, it's trading below its usual 33x. Analysts expect earnings to fall sharply.
TRNO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
TRNO's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for real estate companies like TRNO.
TRNO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 20x | $66.53 | — |
| Cheap | 22x | $75.01 | +13% |
| Fair | 33x | $111 | +67% |
| Forward | 38x | $66.53 | — |
| Expensive | 57x | $191 | +186% |
Historical ranges are pointers, not guarantees.
TRNO's PE is in its cheap range at 20x. Analysts expect earnings to fall, which would put today's price at 38x next year's earnings, in its fair range.
TRNO Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong decline | |
| Growth | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect TRNO's revenue to grow, but its earnings and profitability to decline.
TRNO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.74 | -48% |
| Q3 2026 | $3.36 | +6.7% |
| Q2 2026 | $3.74 | +48% |
| Q1 2026 | $4.10 | +106% |
| Q4 2025 | $3.91 | +104% |
| Q3 2025 | $3.15 | +73% |
| Q2 2025 | $2.52 | +39% |
| Q1 2025 | $1.99 | +3.6% |
| Q4 2024 | $1.92 | +6.1% |
TRNO's earnings per share have climbed steadily: $3.36 over the past year, up 6.7% from the year before, and higher year over year for eight quarters in a row.
TRNO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $132.2M | +14% |
| Q2 2026 | $124.7M | +11% |
| Q1 2026 | $124.4M | +13% |
| Q4 2025 | $137.5M | +33% |
| Q3 2025 | $116.2M | +17% |
| Q2 2025 | $112.2M | +19% |
| Q1 2025 | $110.4M | +30% |
| Q4 2024 | $103.7M | +20% |
TRNO's revenue has grown year over year every quarter since late 2020: $132M last quarter, up 14% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 42% | +0.9 points |
| Q2 2026 | 42% | +2.8 points |
| Q1 2026 | 41% | +1.8 points |
| Q4 2025 | 42% | +4 points |
| Q3 2025 | 41% | +1.9 points |
| Q2 2025 | 39% | -0.2 points |
| Q1 2025 | 39% | +0.5 points |
| Q4 2024 | 38% | -4.3 points |
TRNO's operating margin was 42% last quarter, up 0.9 points from the same quarter a year ago, near the top of its range since 2019.
TRNO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $54.1M | -17% |
| Q2 2026 | $53.7M | +6.1% |
| Q1 2026 | $47.9M | +13% |
| Q4 2025 | $49.8M | +40% |
| Q3 2025 | $65.5M | +17% |
| Q2 2025 | $50.6M | -8.6% |
| Q1 2025 | $42.5M | +8.6% |
| Q4 2024 | $35.5M | +41% |
TRNO's free cash flow was $205M over the past year, up 5.8% from the year before. Free cash flow isn't a meaningful measure for real estate companies like TRNO.
TRNO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +2.6% | +2.8M shares |
| 1 year | +6.1% | +6.3M shares |
| 3 years | +30% | +25.2M shares |
| 5 years | +55% | +38.7M shares |
| Available history | +63% | +42.5M shares |
TRNO has 109M diluted shares, up 6.1% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $1.5M |
| Q2 2026 | $34,000 |
| Q1 2026 | $2.3M |
| Q4 2025 | — |
| Q3 2025 | $1.3M |
| Q2 2025 | $51,000 |
| Q1 2025 | $1.9M |
| Q4 2024 | — |
TRNO has spent almost nothing on buybacks in the past year.
TRNO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.3x | Moderate |
| Q2 2026 | 2.7x | Moderate |
| Q1 2026 | 2.6x | Moderate |
| Q4 2025 | 2.9x | Moderate |
| Q3 2025 | 3.5x | Elevated |
| Q2 2025 | 2.3x | Moderate |
| Q1 2025 | 2.3x | Moderate |
| Q4 2024 | 3.3x | Elevated |
TRNO's net debt is about 2.3 years of its operating earnings (EBITDA), down from 3.5 years a year ago. Net leverage isn't a meaningful measure for real estate companies like TRNO.
TRNO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.8 | Neutral |
| Stochastic | 35.9 | Neutral |
TRNO's weekly RSI is 52 (neutral) and its Stochastic is 36 (neutral).
TRNO PE vs Real Estate Sector
| Metric | TRNO | Sector median | Relative |
|---|---|---|---|
| PE | 20x | 24x | 17% below |
| PE % | 14 | 23 | 9 pts below |
TRNO is trading at 20x earnings, a 17% discount to the Real Estate sector's median of 24x.
TRNO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $65.4 | 1.7% above |
| 20 week MA | $67.4 | 1.3% below |
| 50 week MA | $65.2 | 2.1% above |
| 100 week MA | $62.3 | 6.7% above |
| 200 week MA | $61.8 | 7.6% above |
TRNO's trend is mixed: it's above four of its five weekly moving averages, and 7.6% above its 200-week average.
TRNO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $53.8 | $57.5 | +7% |
| 2021 | $57.5 | $81.3 | +41% |
| 2022 | $81.3 | $57.5 | -29% |
| 2023 | $57.5 | $62.7 | +9% |
| 2024 | $62.7 | $59.1 | -5.7% |
| 2025 | $59.1 | $60.3 | +2% |
| 2026 YTD | $60.3 | $66.5 | +10% |
TRNO has finished higher in four of the last six years. It's up 10% so far in 2026.