Tearsheet

Terreno Realty (TRNO)

Market Price (11/7/2025): $60.96 | Market Cap: $6.3 Bil
Sector: Real Estate | Industry: Industrial REITs

Terreno Realty (TRNO)

Market Price (11/7/2025): $60.96
Market Cap: $6.3 Bil
Sector: Real Estate
Industry: Industrial REITs

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.6%, Dividend Yield is 3.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.5%	Weak multi-year price returns 2Y Excs Rtn is -41%, 3Y Excs Rtn is -61%	Expensive valuation multiples P/SPrice/Sales ratio is 14x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 24x
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 21%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 57%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 44%
3	Low stock price volatility Vol 12M is 28%

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.6%, Dividend Yield is 3.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.5%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 21%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 57%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 44%
3	Low stock price volatility Vol 12M is 28%
4	Weak multi-year price returns 2Y Excs Rtn is -41%, 3Y Excs Rtn is -61%
5	Expensive valuation multiples P/SPrice/Sales ratio is 14x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 24x

Market Valuation & Key Metrics

	11/7/25	2024	2023	2022	2021
Share Price CYE	$60.96	$57.65	$59.30	$52.30	$76.47
Market Cap CYE ($ Bil)	6.3	5.7	5.1	4.0	5.6
Total Debt ($ Bil)	1.0	0.8	0.8	0.8	0.7
Total Cash ($ Bil)	0.0	0.0	0.2	0.0	0.2
Enterprise Value ($ Bil)	7.3	6.5	5.9	4.8	6.3
Valuation Ratios
P/S TTM	14.2	14.8	16.1	15.5	27.1
P/EBIT TTM	17.9	27.5	29.6	19.4	57.1
P/E TTM	19.6	30.6	34.4	21.7	69.0
Sector Ratios
P/S TTM (Sector)	3.7	4.0	4.2	4.4	6.6
P/EBIT TTM (Sector)	11.4	12.6	13.1	13.1	16.2
P/E TTM (Sector)	16.1	19.1	19.2	18.0	23.4

	11/7/25	2024	2023
Share Price CYE	$60.96	$57.65	$59.30
Market Cap CYE ($ Bil)	6.3	5.7	5.1
Total Debt ($ Bil)	1.0	0.8	0.8
Total Cash ($ Bil)	0.0	0.0	0.2
Enterprise Value ($ Bil)	7.3	6.5	5.9
Valuation Ratios
P/S TTM	14.2	14.8	16.1
P/EBIT TTM	17.9	27.5	29.6
P/E TTM	19.6	30.6	34.4
Sector Ratios
P/S TTM (Sector)	3.7	4.0	4.2
P/EBIT TTM (Sector)	11.4	12.6	13.1
P/E TTM (Sector)	16.1	19.1	19.2

	TRNO	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.4
Rev Chg Q	16.7%	7.1%
Rev Chg LTM	21.1%	6.0%
Rev Chg 3Y Avg	19.3%	5.5%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	0.2
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	0.3
Op Mgn LTM	39.4%	18.8%
CFO/Rev LTM	57.1%	20.5%
Net Inc Mgn	72.5%	12.9%
VALUATION	HIGH
P/S	14.2	3.1
P/CFO	24.8	15.1
P/FCF	32.3	19.7
P/E	19.6	23.5

AI Generated Analysis | Feedback

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TRNO Stock

Return (1M): 4.63%

Factor Drivers of Stock Movement

The 8.9% change in TRNO stock from 8/7/2025 to 11/6/2025 was primarily driven by a 21.5% change in the company's Net Income Margin (%).

	8072025	11062025	Change
Stock Price ($)	54.15	58.98	8.92%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	426.00	442.61	3.90%
Net Income Margin (%)	59.66%	72.50%	21.52%
P/E Multiple	21.92	18.92	-13.71%
Shares Outstanding (Mil)	102.89	102.91	-0.02%
Cumulative Contribution			8.92%

LTM = Last Twelve Months as of date shown

The 6.4% change in TRNO stock from 5/8/2025 to 11/6/2025 was primarily driven by a 50.5% change in the company's Net Income Margin (%).

	5082025	11062025	Change
Stock Price ($)	55.46	58.98	6.35%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	408.01	442.61	8.48%
Net Income Margin (%)	48.18%	72.50%	50.48%
P/E Multiple	28.43	18.92	-33.46%
Shares Outstanding (Mil)	100.77	102.91	-2.13%
Cumulative Contribution			6.31%

LTM = Last Twelve Months as of date shown

The 2.1% change in TRNO stock from 11/6/2024 to 11/6/2025 was primarily driven by a 59.6% change in the company's Net Income Margin (%).

	11062024	11062025	Change
Stock Price ($)	57.77	58.98	2.09%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	365.40	442.61	21.13%
Net Income Margin (%)	45.42%	72.50%	59.63%
P/E Multiple	33.96	18.92	-44.31%
Shares Outstanding (Mil)	97.56	102.91	-5.48%
Cumulative Contribution			1.78%

LTM = Last Twelve Months as of date shown

The 14.2% change in TRNO stock from 11/7/2022 to 11/6/2025 was primarily driven by a 69.7% change in the company's Total Revenues ($ Mil).

	11072022	11062025	Change
Stock Price ($)	51.65	58.98	14.20%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	260.88	442.61	69.66%
Net Income Margin (%)	65.70%	72.50%	10.35%
P/E Multiple	22.75	18.92	-16.85%
Shares Outstanding (Mil)	75.50	102.91	-36.32%
Cumulative Contribution			-0.86%

LTM = Last Twelve Months as of date shown

Why The Stock Moved

AI Generated Analysis | Feedback

Here are the key points for why Terreno Realty (TRNO) stock moved by 7.3% between July 31, 2025, and November 7, 2025: 1. Strong Third Quarter 2025 Earnings Outperformance: Terreno Realty reported robust financial results for the third quarter of 2025, with sales reaching $116.25 million, a notable increase from $99.64 million in the prior year. Net income significantly grew to $103.38 million compared to $36.64 million a year ago, and basic earnings per share from continuing operations hit $1.00, exceeding the consensus estimate of $0.66 by $0.34.

2. Strategic Acquisitions and Dispositions: During the third quarter of 2025, Terreno Realty actively managed its portfolio through substantial investment activities, acquiring two industrial properties and a multi-market portfolio for an aggregate purchase price of approximately $472.6 million. Year-to-date acquisitions totaled 21 industrial buildings for about $596.1 million. Simultaneously, the company divested three properties and two land parcels for approximately $102.8 million, including a significant sale in Doral, Florida for $82.3 million.

3. Increased Cash Rents on Leases: The company demonstrated strong pricing power in its industrial real estate portfolio, achieving a 17.2% increase in cash rents on new and renewed leases during the third quarter of 2025.

4. Favorable New Lease Agreement with Early Termination Payment: Terreno Realty executed a new lease for 226,000 square feet in Newark, California, effective November 1, 2025. This agreement was facilitated by an early termination payment of approximately $13.5 million from the previous tenant and is expected to result in a net increase in revenue of approximately $4.4 million for the fourth quarter of 2025.

5. Declared Quarterly Dividend: Terreno Realty Corporation declared a regular cash dividend of $0.52 per common share for the quarter ending December 31, 2025, payable on January 9, 2026, signaling continued commitment to shareholder returns.

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Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
TRNO Return	10%	49%	-32%	13%	-3%	2%	27%
Peers Return	30%	61%	-34%	14%	-18%	-6%	22%
S&P 500 Return	16%	27%	-19%	24%	23%	14%	108%
Monthly Win Rates [3]
TRNO Win Rate	58%	58%	33%	42%	58%	60%
Peers Win Rate	58%	73%	37%	43%	50%	56%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
TRNO Max Drawdown	-20%	-7%	-39%	-9%	-13%	-13%
Peers Max Drawdown	-38%	-6%	-41%	-19%	-23%	-22%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: IIPR, AHH, PLD, REXR, CUBE.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/6/2025 (YTD)

How Low Can It Go

Unique Key	Event	TRNO	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-40.2%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	67.1%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-30.7%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	44.3%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	395 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-16.2%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	19.4%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	84 days	120 days

Compare to IIPR, AHH, PLD, REXR, CUBE

In The Past

Terreno Realty's stock fell -40.2% during the 2022 Inflation Shock from a high on 12/31/2021. A -40.2% loss requires a 67.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Terreno Realty (TRNO)

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.

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Better Bets than Terreno Realty (TRNO)

	TRNO	Better Performance than TRNO
Metric	Value	Industry (Industrial REITs)
Rev Chg LTM	21.1%
Rev Chg 3Y Avg	19.3%	REXR (19.8%)
Op Mgn LTM	39.4%	PLD (39.8%), EGP (39.9%), CUBE (41.7%), FR (42.2%), IIPR (49.9%)
CFO/Rev LTM	57.1%	PLD (59.3%), EGP (67.3%), CUBE (57.5%), FR (58.2%), IIPR (74.7%)
FCF/Rev LTM	43.9%	PLD (59.3%), EGP (67.3%), CUBE (57.5%), FR (58.2%), STAG (49.1%)
Total Yield	8.6%	CUBE (9.8%), IIPR (24.1%), PLYM (13.3%)

	TRNO	Better Performance than TRNO
Metric	Value	Sector (Real Estate)
Rev Chg LTM	21.1%	WELL (32.6%), SUI (31.4%), CTRE (47.6%), EPRT (24.2%), COMP (24.3%)
Rev Chg 3Y Avg	19.3%	WELL (20.9%), O (21.5%), VICI (23.5%), EXR (22.9%), REXR (19.8%)
Op Mgn LTM	39.4%	PLD (39.8%), AMT (46.4%), SPG (50.7%), O (45.7%), PSA (47.0%)
CFO/Rev LTM	57.1%	PLD (59.3%), SPG (65.3%), O (67.1%), PSA (67.3%), VICI (62.0%)
FCF/Rev LTM	43.9%	PLD (59.3%), SPG (50.7%), O (67.1%), PSA (61.2%), VICI (62.0%)
Total Yield	8.6%	VICI (14.5%), EQR (9.2%), ESS (8.7%), SUI (12.5%), OHI (10.3%)

	TRNO	Better Performance than TRNO
Metric	Value	All Other Sectors
Rev Chg LTM	21.1%	NVDA (71.6%), AVGO (28.0%), META (21.3%), LLY (36.8%), PLTR (47.2%)
Rev Chg 3Y Avg	19.3%	NVDA (92.0%), AVGO (24.0%), BRK-B (19.8%), LLY (23.4%), PLTR (29.3%)
Op Mgn LTM	39.4%	NVDA (58.1%), MSFT (46.3%), META (43.2%), LLY (43.0%), V (66.5%)
CFO/Rev LTM	57.1%	V (60.4%), BAC (57.3%), RY (135.4%), SCHW (82.3%), CME (65.0%)
FCF/Rev LTM	43.9%	V (56.8%), MA (52.5%), PLTR (46.0%), BAC (57.3%), APP (50.6%)
Total Yield	8.6%	XOM (9.7%), BABA (37.6%), UNH (8.7%), WFC (9.7%), TM (2196.5%)

		Best Bets In Real Estate Sector
	TRNO	CTRE	WPC	ADC	NNN	OHI	O	EPRT	GLPI	EPR	FCPT
What You Pay
P/E	18.9	28.8	40.0	41.7	19.0	23.4	53.5	24.6	16.1	18.8	22.6
P/EBIT	17.4	25.1	21.1	24.9	12.6	16.0	24.0	17.3	10.6	11.4	15.3
What You Get
Rev Chg Q	16.7%	82.4%	8.5%	18.7%	5.3%	12.9%	9.1%	23.7%	3.2%	4.3%	11.0%
Rev Chg LTM	21.1%	47.6%	5.6%	14.7%	4.5%	13.7%	14.7%	24.2%	4.4%	4.2%	8.3%
Rev Chg 3Y Avg	19.3%	21.2%	5.6%	19.5%	6.0%	6.3%	21.5%	24.2%	7.4%	3.9%	9.5%
FCF/Rev 3Y Avg	43.4%	88.9%	84.4%	73.1%	73.6%	71.6%	69.5%	69.3%	65.4%	63.9%	61.3%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 9.6%, alpha of 3.1%, and sharpe of 0.44

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	With Terreno Realty Stock Down 6.4% In A Week, How Confident Are You?	Return
2	Terreno Realty vs Eli Lilly: Which Is A Better Investment?	Counter-Intuitive Comparisons
3	Terreno Realty vs Essential Properties Realty Trust: Which Is A Better Investment?	Counter-Intuitive Comparisons
4	Better Bet Than TRNO Stock: Pay Less Than Terreno Realty To Get More From LLY, VRT
5	Better Bet Than TRNO Stock: Pay Less Than Terreno Realty To Get More From O, EPRT
6	Why Terreno Realty Stock Moved: TRNO Stock Has Lost 24% Since 2021 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S)
7	Terreno Realty (TRNO) Valuation Ratios Comparison	Financials
8	Terreno Realty Total Shareholder Return (TSR): 0.4% in 2024 and ...% 3-yr compounded annual returns (below peer average)
9	Time To Buy Terreno Realty Stock?	Buy or Fear
10	Terreno Realty (TRNO) Operating Cash Flow Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to TRNO. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
MPW_10312025_Short_Squeeze	10312025	MPW	Medical Properties Trust	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	-2.5%	-2.5%	-5.8%
TRNO_1312022_Quality_Momentum_RoomToRun_10%	01312022	TRNO	Terreno Realty	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-15.5%	-11.6%	-30.5%
TRNO_3312020_Quality_Momentum_RoomToRun_10%	03312020	TRNO	Terreno Realty	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	6.7%	14.0%	-11.4%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
MPW_10312025_Short_Squeeze	10312025	MPW	Medical Properties Trust	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	-2.5%	-2.5%	-5.8%
TRNO_1312022_Quality_Momentum_RoomToRun_10%	01312022	TRNO	Terreno Realty	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-15.5%	-11.6%	-30.5%
TRNO_3312020_Quality_Momentum_RoomToRun_10%	03312020	TRNO	Terreno Realty	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	6.7%	14.0%	-11.4%

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1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FSLY	Fastly	1.6	35.9%	16.2%
GDEN	Golden Entertainment	0.7	34.3%	-7.2%
HAE	Haemonetics	3.2	32.3%	-14.0%
APPN	Appian	2.8	30.8%	16.3%
LFST	LifeStance Health	2.4	29.9%	-15.2%
IOVA	Iovance Biotherapeutics	0.8	27.6%	-68.8%
SKYT	SkyWater Technology	0.9	27.2%	35.6%
BHF	Brighthouse Financial	3.8	26.8%	36.8%
DDOG	Datadog	66.1	23.1%	33.5%
HCC	Warrior Met Coal	4.3	22.9%	50.5%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASPN	Aspen Aerogels	0.3	-44.5%	-65.4%
ACVA	ACV Auctions	0.9	-37.5%	-76.4%
ELF	e.l.f. Beauty	4.3	-35.0%	-39.0%
CCOI	Cogent Communications	1.2	-34.9%	-65.5%
BLZE	Backblaze	0.3	-33.8%	2.7%
PRCH	Porch	1.1	-33.4%	116.1%
PRTH	Priority Technology	0.4	-30.1%	-58.7%
AOSL	Alpha & Omega Semiconductor	0.6	-27.5%	-46.9%
STKL	SunOpta	0.5	-26.6%	-49.9%
VAC	Marriott Vacations Worldwide	1.7	-26.4%	-43.0%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	1.7	123.7%	229.4%
CSIQ	Canadian Solar	1.8	49.1%	140.5%
BHF	Brighthouse Financial	3.8	43.8%	36.8%
GDEN	Golden Entertainment	0.7	39.4%	-7.2%
CSTL	Castle Biosciences	1.0	38.6%	25.9%
FSLY	Fastly	1.6	37.5%	16.2%
TDC	Teradata	2.7	35.5%	-9.1%
HAE	Haemonetics	3.2	34.2%	-14.0%
APPN	Appian	2.8	28.7%	16.3%
MTSR	Metsera	8.6	28.0%	81549900.0%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
SOC	Sable Offshore	0.4	-62.3%	-78.9%
QURE	uniQure	1.5	-59.5%	55.8%
DD	DuPont de Nemours	16.4	-51.9%	-47.8%
BHVN	Biohaven	0.9	-50.9%	-77.2%
ASPN	Aspen Aerogels	0.3	-45.4%	-65.4%
ACVA	ACV Auctions	0.9	-42.8%	-76.4%
SVV	Savers Value Village	1.2	-40.3%	-22.9%
BLZE	Backblaze	0.3	-40.2%	2.7%
CCOI	Cogent Communications	1.2	-38.0%	-65.5%
ELF	e.l.f. Beauty	4.3	-37.8%	-39.0%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
PRAX	Praxis Precision Medicines	3.7	217.5%	123.9%
VTYX	Ventyx Biosciences	0.7	141.8%	322.8%
INBX	Inhibrx Biosciences	1.3	141.0%	425.9%
TERN	Terns Pharmaceuticals	1.7	120.9%	229.4%
PUMP	ProPetro	1.1	88.9%	15.2%
CSIQ	Canadian Solar	1.8	87.1%	140.5%
REPL	Replimune	0.8	86.0%	-29.8%
VICR	Vicor	4.0	72.9%	84.2%
GLUE	Monte Rosa Therapeutics	1.1	68.7%	87.5%
ESTA	Establishment Labs	1.9	61.8%	40.9%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
SOC	Sable Offshore	0.4	-75.7%	-78.9%
FMC	FMC	1.6	-57.3%	-72.1%
QURE	uniQure	1.5	-54.1%	55.8%
ONDS	Ondas	0.8	-53.4%	105.1%
FI	Fiserv	33.9	-51.3%	-70.0%
LRN	Stride	3.0	-51.2%	-32.1%
ASPN	Aspen Aerogels	0.3	-50.5%	-65.4%
DD	DuPont de Nemours	16.4	-50.0%	-47.8%
NTLA	Intellia Therapeutics	1.3	-49.7%	5.7%
ELF	e.l.f. Beauty	4.3	-47.2%	-39.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FSLY	Fastly	1.6	35.9%	16.2%
GDEN	Golden Entertainment	0.7	34.3%	-7.2%
HAE	Haemonetics	3.2	32.3%	-14.0%
APPN	Appian	2.8	30.8%	16.3%
LFST	LifeStance Health	2.4	29.9%	-15.2%
IOVA	Iovance Biotherapeutics	0.8	27.6%	-68.8%
SKYT	SkyWater Technology	0.9	27.2%	35.6%
BHF	Brighthouse Financial	3.8	26.8%	36.8%
DDOG	Datadog	66.1	23.1%	33.5%
HCC	Warrior Met Coal	4.3	22.9%	50.5%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASPN	Aspen Aerogels	0.3	-44.5%	-65.4%
ACVA	ACV Auctions	0.9	-37.5%	-76.4%
ELF	e.l.f. Beauty	4.3	-35.0%	-39.0%
CCOI	Cogent Communications	1.2	-34.9%	-65.5%
BLZE	Backblaze	0.3	-33.8%	2.7%
PRCH	Porch	1.1	-33.4%	116.1%
PRTH	Priority Technology	0.4	-30.1%	-58.7%
AOSL	Alpha & Omega Semiconductor	0.6	-27.5%	-46.9%
STKL	SunOpta	0.5	-26.6%	-49.9%
VAC	Marriott Vacations Worldwide	1.7	-26.4%	-43.0%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	1.7	123.7%	229.4%
CSIQ	Canadian Solar	1.8	49.1%	140.5%
BHF	Brighthouse Financial	3.8	43.8%	36.8%
GDEN	Golden Entertainment	0.7	39.4%	-7.2%
CSTL	Castle Biosciences	1.0	38.6%	25.9%
FSLY	Fastly	1.6	37.5%	16.2%
TDC	Teradata	2.7	35.5%	-9.1%
HAE	Haemonetics	3.2	34.2%	-14.0%
APPN	Appian	2.8	28.7%	16.3%
MTSR	Metsera	8.6	28.0%	81549900.0%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
SOC	Sable Offshore	0.4	-62.3%	-78.9%
QURE	uniQure	1.5	-59.5%	55.8%
DD	DuPont de Nemours	16.4	-51.9%	-47.8%
BHVN	Biohaven	0.9	-50.9%	-77.2%
ASPN	Aspen Aerogels	0.3	-45.4%	-65.4%
ACVA	ACV Auctions	0.9	-42.8%	-76.4%
SVV	Savers Value Village	1.2	-40.3%	-22.9%
BLZE	Backblaze	0.3	-40.2%	2.7%
CCOI	Cogent Communications	1.2	-38.0%	-65.5%
ELF	e.l.f. Beauty	4.3	-37.8%	-39.0%

Peer Comparisons for Terreno Realty

Financials

	TRNO	IIPR	AHH	PLD	REXR	CUBE	Median
Name	Terreno .	Innovati.	Armada H.	Prologis	Rexford .	CubeSmart
Mkt Price	58.98	50.96	6.22	124.00	40.90	36.98	45.93
Mkt Cap	6.1	1.4	0.5	115.2	9.6	8.5	7.3
Rev LTM	443	276	455	8,738	998	1,108	726
Op Inc LTM	174	138	80	3,476	381	462	278
FCF LTM	194	206	58	5,186	207	637	206
FCF 3Y Avg	163	239	94	5,138	156	620	201
CFO LTM	253	206	58	5,186	547	637	400
CFO 3Y Avg	216	239	94	5,138	468	620	354

Growth & Margins

	TRNO	IIPR	AHH	PLD	REXR	CUBE	Median
Name	Terreno .	Innovati.	Armada H.	Prologis	Rexford .	CubeSmart
Rev Chg LTM	21.1%	-11.2%	-39.9%	10.7%	10.4%	4.2%	7.3%
Rev Chg 3Y Avg	19.3%	1.9%	12.5%	18.1%	19.8%	4.5%	15.3%
Rev Chg Q	16.7%	-15.5%	-48.8%	8.7%	4.7%	5.2%	5.0%
QoQ Delta Rev Chg LTM	3.9%	-4.1%	-16.8%	2.1%	1.2%	1.3%	1.2%
Op Mgn LTM	39.4%	49.9%	17.5%	39.8%	38.2%	41.7%	39.6%
Op Mgn 3Y Avg	39.9%	54.2%	14.1%	38.1%	37.8%	44.3%	39.0%
QoQ Delta Op Mgn LTM	0.5%	-2.3%	2.8%	0.4%	-0.7%	-1.7%	-0.1%
CFO/Rev LTM	57.1%	74.7%	12.8%	59.3%	54.8%	57.5%	57.3%
CFO/Rev 3Y Avg	57.8%	80.6%	15.1%	63.0%	52.4%	57.8%	57.8%
FCF/Rev LTM	43.9%	74.7%	12.8%	59.3%	20.7%	57.5%	50.7%
FCF/Rev 3Y Avg	43.4%	80.6%	15.1%	63.0%	17.6%	57.8%	50.6%

Valuation

	TRNO	IIPR	AHH	PLD	REXR	CUBE	Median
Name	Terreno .	Innovati.	Armada H.	Prologis	Rexford .	CubeSmart
Mkt Cap	6.1	1.4	0.5	115.2	9.6	8.5	7.3
P/S	13.7	5.2	1.1	13.2	9.6	7.6	8.6
P/EBIT	17.4	9.9	4.5	25.1	20.9	18.3	17.8
P/E	18.9	11.3	18.7	35.9	28.2	23.7	21.3
P/CFO	24.0	6.9	8.6	22.2	17.6	13.3	15.4
Total Yield	8.6%	24.1%	14.4%	2.8%	7.8%	9.8%	9.2%
Dividend Yield	3.3%	15.2%	9.1%	0.0%	4.2%	5.6%	4.9%
FCF Yield 3Y Avg	2.8%	10.8%	13.8%	4.7%	1.5%	6.3%	5.5%
D/E	0.2	0.2	3.2	0.3	0.3	0.4	0.3
Net D/E	0.2	0.2	3.1	0.3	0.3	0.4	0.3

Returns

	TRNO	IIPR	AHH	PLD	REXR	CUBE	Median
Name	Terreno .	Innovati.	Armada H.	Prologis	Rexford .	CubeSmart
1M Rtn	1.0%	-7.1%	-8.1%	6.9%	-1.7%	-7.6%	-4.4%
3M Rtn	8.9%	14.5%	-8.5%	17.7%	11.8%	-5.2%	10.4%
6M Rtn	6.4%	-1.9%	-5.0%	19.7%	23.6%	-10.7%	2.2%
12M Rtn	2.1%	-52.9%	-40.2%	13.0%	0.1%	-16.8%	-8.3%
3Y Rtn	14.2%	-38.5%	-32.2%	25.0%	-15.7%	8.4%	-3.6%
1M Excs Rtn	1.7%	-5.8%	-7.4%	7.4%	-0.9%	-6.9%	-3.4%
3M Excs Rtn	5.5%	10.0%	-13.9%	13.2%	7.4%	-8.7%	6.4%
6M Excs Rtn	-12.3%	-20.6%	-23.6%	1.1%	4.9%	-29.3%	-16.4%
12M Excs Rtn	-17.1%	-73.3%	-56.0%	-4.7%	-18.6%	-36.7%	-27.6%
3Y Excs Rtn	-61.4%	-113.5%	-108.5%	-48.8%	-92.0%	-72.4%	-82.2%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/5/2025	2/5/2025	2/7/2024	2/8/2023	2/9/2022	2/10/2021	2/6/2020
Key Financials
Total Revenue	443	383	324	276	222	187	171
Net Income	321	184	151	198	87	80	56
EPS	3.16	1.92	1.81	2.61	1.23	1.17	0.86
Growth Rates
Total Revenue Growth	21.1%	18.2%	17.2%	24.5%	18.8%	9.3%	12.8%
Net Income Growth	93.4%	21.8%	-23.5%	126.9%	9.3%	43.7%	-12.3%
Margins
Net Income Margin	72.5%	48.2%	46.8%	71.7%	39.3%	42.7%	32.5%
Cash & Debt
Total Cash	26	18	165	26	204	107	110
Total Debt	1,023	823	772	771	721	459	492
Net Debt / (Cash)	997	805	606	744	516	352	381
Cash Flows
Net Cash from Operations	253	233	180	143	132	101	95
Free Cash from Operations	194	186	127	77	81	69	63
Returns to Shareholders
Dividends	199	175	136	107	85	75	64
Share Repurchases	-0	-0	-0	-0	1	-0	4

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/5/2025	8/6/2025	5/7/2025	2/5/2025	11/6/2024	8/7/2024	5/8/2024	2/7/2024	11/1/2023	8/2/2023	5/3/2023	2/8/2023
Key Financials Quarterly
Total Revenue	116	112	110	104	100	94	85	86	83	80	75	76
Net Income	103	93	48	76	37	36	36	58	30	40	23	59
EPS	1.00	0.90	0.48	0.78	0.37	0.37	0.40	0.68	0.36	0.48	0.29	0.77
Key Financials TTM
Total Revenue TTM	443	426	408	383	365	349	334	324	313	301	287	276
Net Income TTM	321	254	197	184	166	160	164	151	153	145	202	198
Growth Rates Quarterly
Total Revenue Growth	16.7%	19.1%	29.9%	19.9%	20.2%	18.5%	13.9%	13.8%	17.1%	21.7%	16.6%	25.3%
Net Income Growth	182.1%	161.3%	33.5%	32.2%	20.9%	-11.3%	54.6%	-2.2%	35.1%	-58.5%	18.7%	82.5%
Margins Quarterly
Net Income Margin	88.9%	83.1%	43.6%	73.4%	36.8%	37.9%	42.4%	66.6%	36.6%	50.6%	31.3%	77.5%
Cash & Debt
Total Cash	26	128	157	18	244	182	650	165	96	59	11	26
Total Debt	1,023	742	742	823	672	772	772	772	771	771	771	771
Net Debt / (Cash)	997	614	585	805	428	590	122	606	675	712	760	744
Cash Flows Quarterly
FCF from Operations	80	61	61	51	70	64	47	39	53	49	39	34
Cash Flows TTM
FCF from Operations TTM	253	243	247	233	220	204	188	180	175	167	154	143
Returns to Shareholders Quarterly
Dividends	51	51	49	49	44	44	39	38	34	33	31	30
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	4.0%	4.0%	3.9%	3.6%	3.9%	3.7%	3.8%	4.3%	4.2%	4.0%	3.5%	4.2%
Return on Invested Capital (ROIC) TTM
ROIC TTM	3.6%	3.7%	3.6%	3.4%	3.6%	3.6%	3.9%	3.9%	3.8%	3.7%	3.5%	3.8%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Investing in real estate	324
Rental revenues		219
Tenant expense reimbursements		57
Single Segment			222	187	171
Total	324	276	222	187	171

Price Behavior

Price Behavior

Market Price	$58.98
Market Cap ($ Bil)	6.1
First Trading Date	02/10/2010
Distance from 52W High	-11.7%
	50 Days	200 Days
DMA Price	$58.23	$58.56
DMA Trend	indeterminate	up
Distance from DMA	1.3%	0.7%
	3M	1YR
Volatility	24.5%	27.8%
Downside Capture	35.85	67.61
Upside Capture	69.16	60.31
Correlation (SPY)	41.0%	56.3%

TRNO Betas & Captures as of 10/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.88	1.05	0.94	0.99	0.80	0.87
Up Beta	1.93	2.37	2.13	1.54	0.89	0.96
Down Beta	0.90	0.95	0.91	1.10	0.91	0.89
Up Capture	50%	53%	53%	44%	43%	42%
Bmk +ve Days	14	27	37	74	145	425
Stock +ve Days	13	23	34	68	130	380
Down Capture	60%	94%	60%	83%	79%	97%
Bmk -ve Days	9	17	28	53	106	327
Stock -ve Days	10	21	31	59	121	368

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of TRNO With Other Asset Classes (Last 1Y)
	TRNO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	1.8%	-2.2%	18.5%	45.0%	2.2%	-1.7%	50.6%
Annualized Volatility	27.7%	17.8%	19.6%	19.9%	16.2%	17.9%	37.1%
Sharpe Ratio	0.05	-0.27	0.74	1.76	-0.05	-0.24	0.86
Correlation With Other Assets		75.8%	55.6%	11.9%	25.5%	79.2%	16.2%

ETFs used for asset classes: Sector ETF = XLRE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of TRNO With Other Asset Classes (Last 5Y)
	TRNO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	3.2%	6.9%	16.8%	15.9%	13.8%	6.7%	50.4%
Annualized Volatility	25.1%	19.3%	17.1%	15.6%	18.9%	19.1%	49.2%
Sharpe Ratio	0.12	0.27	0.80	0.81	0.61	0.27	0.77
Correlation With Other Assets		77.8%	57.4%	14.7%	10.1%	78.8%	22.3%

Based On 10-Year Data

		Comparison of TRNO With Other Asset Classes (Last 10Y)
	TRNO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	12.9%	6.2%	14.3%	12.8%	5.1%	5.0%	78.6%
Annualized Volatility	24.6%	20.7%	18.0%	14.7%	17.7%	20.9%	56.2%
Sharpe Ratio	0.51	0.27	0.68	0.71	0.22	0.21	0.96
Correlation With Other Assets		76.2%	59.4%	11.1%	15.4%	77.8%	17.4%

Short Interest

Short Interest: As Of Date	10152025
Short Interest: Shares Quantity	5,253,708
Short Interest: % Change Since 9302025	-1.4%
Average Daily Volume	561,340
Days-to-Cover Short Interest	9.36
Basic Shares Quantity	102,912,261
Short % of Basic Shares	5.1%

Returns Analyses

	Title
0	With Terreno Realty Stock Down 6.4% In A Week, How Confident Are You?

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11052025	10-Q 9/30/2025
6302025	8062025	10-Q 6/30/2025
3312025	5072025	10-Q 3/31/2025
12312024	2052025	10-K 12/31/2024
9302024	11062024	10-Q 9/30/2024
6302024	8072024	10-Q 6/30/2024
3312024	5082024	10-Q 3/31/2024
12312023	2072024	10-K 12/31/2023
9302023	11012023	10-Q 9/30/2023
6302023	8022023	10-Q 6/30/2023
3312023	5032023	10-Q 3/31/2023
12312022	2082023	10-K 12/31/2022
9302022	11022022	10-Q 9/30/2022
6302022	8032022	10-Q 6/30/2022
3312022	5042022	10-Q 3/31/2022
12312021	2092022	10-K 12/31/2021

Insider Activity

Expand for More

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	COKE MICHAEL A	President	8142025	Sell	53.96	10,000	539,600	22,253,913	Form
1	POLK DENNIS		2132025	Sell	67.20	9,703	652,042	3,133,805	Form

External Quote Links

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2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Terreno Realty (TRNO)

Market Price (11/7/2025): $60.96 | Market Cap: $6.3 BilSector: Real Estate | Industry: Industrial REITs

Terreno Realty (TRNO)

Market Price (11/7/2025): $60.96Market Cap: $6.3 BilSector: Real EstateIndustry: Industrial REITs

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TRNO Stock

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Based On 1-Year Data

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Market Price (11/7/2025): $60.96 | Market Cap: $6.3 Bil
Sector: Real Estate | Industry: Industrial REITs

Market Price (11/7/2025): $60.96
Market Cap: $6.3 Bil
Sector: Real Estate
Industry: Industrial REITs