Tejon Ranch Company (TRC)
NYSE:TRC
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Tejon Ranch Company
(NYSE:TRC)
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Rating:51Neutral
Price Target:
$19.50
▲(22.87% Upside)
Action:Reiterated
Date:05/15/26
The score is held back primarily by weak cash-flow quality (negative free cash flow) and uneven operating profitability despite a conservatively levered balance sheet. Technicals are mixed-to-slightly supportive and the earnings call showed operational improvement and strong liquidity, but valuation is a major headwind given the extremely high P/E and no dividend support.
Positive Factors
Conservative balance sheet
A low debt-to-equity (~0.20) and a conservatively levered balance sheet provide durable financial resilience. Over months this reduces refinancing and interest-rate risk, preserves optionality to fund prioritized projects, and supports the company’s ability to withstand cyclical revenue or timing delays without forcing distressed asset sales.
Negative Factors
Negative free cash flow
Persistent negative free cash flow means capital expenditures and other outflows exceed operating cash generation afterCapEx. Over the coming months this forces reliance on revolver capacity or external capital, constraining reinvestment, slowing deleveraging, and raising funding risk for capital-intensive master planned community projects.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
A low debt-to-equity (~0.20) and a conservatively levered balance sheet provide durable financial resilience. Over months this reduces refinancing and interest-rate risk, preserves optionality to fund prioritized projects, and supports the company’s ability to withstand cyclical revenue or timing delays without forcing distressed asset sales.
Read all positive factors
Tejon Ranch Company (TRC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$522.26M
Dividend YieldN/A
Average Volume (3M)110.07K
Price to Earnings (P/E)841.1
Beta (1Y)0.48
Revenue Growth19.20%
EPS Growth-21.40%
CountryUS
Employees82
SectorIndustrials
Sector Strength72
IndustryConglomerates
Share Statistics
EPS (TTM)0.07
Shares Outstanding27,004,234
10 Day Avg. Volume103,060
30 Day Avg. Volume110,070
Financial Highlights & Ratios
PEG Ratio-58.30
Price to Book (P/B)0.89
Price to Sales (P/S)8.57
P/FCF Ratio-7.45
Enterprise Value/Market Cap1.18
Enterprise Value/Revenue12.15
Enterprise Value/Gross Profit90.91
Enterprise Value/Ebitda78.90
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.06
Revenue Forecast (FY)$48.25M
Tejon Ranch Company Business Overview & Revenue Model
Company Description
Tejon Ranch Co., together with its subsidiaries, operates as a diversified real estate development and agribusiness company. It operates through five segments: Commercial/Industrial Real Estate Development, Resort/Residential Real Estate Developme...
How the Company Makes Money
TRC makes money primarily by monetizing the economic value of its land and related assets through a mix of recurring lease income and transactional development-related proceeds. Key revenue streams include: (1) Real estate: TRC earns revenue from ...
Tejon Ranch Company Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call reported meaningful operational and financial progress: double-digit revenue growth (~13%), a notable reduction in operating and corporate costs (~14% and $2.4M), improved adjusted EBITDA (+$3.1M) and strong mineral and TRCC performance (36% mineral revenue growth, 100% TRCC industrial leasing, strong retail traffic and sales). These positives are tempered by a significant decline in farming revenue (~44%), ongoing farming cash and capex burdens, margin pressure in the TA Petro JV, and substantive shareholder skepticism about pursuing capital-intensive master planned community development given historical market treatment of similar public developers. Management emphasized liquidity (~$86M), JV monetization via partnerships (JV for new industrial building), and a stated intent to remain flexible on capital allocation. Overall, operational momentum and liquidity improvements outweigh the strategic and segment-specific concerns, but the long-term MPC risk and farming weakness remain notable headwinds.Positive Updates
Top-line Growth
Revenues and other income increased ~13% year-over-year to $10.8 million in Q1 2026 (from $9.6 million in Q1 2025), reflecting overall revenue momentum across segments.
Negative Updates
Farming Revenue Decline
Farming segment revenues fell to approximately $0.9 million in Q1 2026 from $1.6 million in Q1 2025, a decline of ~43.8% year-over-year, attributed to lower carryover crop available for sale after accelerated sales in the prior quarter.
Read all updates
Q1-2026 Updates
Positive
Negative
Top-line Growth
Revenues and other income increased ~13% year-over-year to $10.8 million in Q1 2026 (from $9.6 million in Q1 2025), reflecting overall revenue momentum across segments.
Read all positive updates
Company Guidance
Management's guidance emphasized near‑term project timing, leasing milestones and liquidity: the 510,000‑sqft Class A industrial building at TRCC (partnered with Dedeaux) is expected to be completed in Q1 next year; TRCC's 2.8 million‑sqft industrial portfolio is 100% leased, the commercial/retail portfolio is 95% leased and Outlet to Tejon is 92% occupied (outlet traffic +22% and sales +~12% YoY, with similar gains at the TA Petro travel center); Terra Vista (228 units delivered) is 71% leased and Phase 1 is on track to stabilize this summer. Financials cited as momentum drivers include revenues/other income up 13% to $10.8M (CEO noted a 16% revenue increase), operating costs down 14% (including a $2.4M reduction in corporate costs), net income +$1.6M, adjusted EBITDA +$3.1M to a 12‑month trailing $27.2M, and segment TTM adjusted EBITDA of Commercial $7.5M, Mineral $4.8M, Farming $2.2M and Branch ~$1.0M; Q1 segment details: commercial/industrial revenue $2.8M, JV equity earnings $1.3M, farming revenue ~$0.9M (vs $1.6M prior) with 150 new acres planted in April, mineral revenue +36% to $3.5M and segment operating profit > doubled to $1.0M. Liquidity was highlighted as ~$19.4M cash/marketable securities, ~$64.6M available on the revolver (total liquidity ≈$86M), and management said it will pursue external capital over the next several quarters for MPCs while continuing to prioritize TRCC leasing and cash‑generating projects.Tejon Ranch Company Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
78
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 50.88M | 49.59M | 41.89M | 44.74M | 79.22M | 55.61M |
| Gross Profit | 6.80M | 6.11M | 1.89M | 6.17M | 23.43M | 9.58M |
| EBITDA | 7.83M | -1.94M | -4.31M | 1.11M | 18.36M | 4.33M |
| Net Income | 1.69M | 75.00K | 2.69M | 3.27M | 15.81M | 5.35M |
Balance Sheet | ||||||
| Total Assets | 634.16M | 630.47M | 608.00M | 577.52M | 566.79M | 546.04M |
| Cash, Cash Equivalents and Short-Term Investments | 19.38M | 24.89M | 53.71M | 64.46M | 72.56M | 47.18M |
| Total Debt | 95.44M | 93.94M | 66.94M | 47.94M | 49.94M | 52.63M |
| Total Liabilities | 144.29M | 139.91M | 119.04M | 94.43M | 89.20M | 89.53M |
| Stockholders Equity | 474.51M | 475.20M | 473.59M | 467.73M | 462.23M | 441.15M |
Cash Flow | ||||||
| Free Cash Flow | -5.43M | -57.08M | -51.79M | -13.71M | -15.06M | -20.48M |
| Operating Cash Flow | 10.79M | 6.13M | 14.31M | 13.65M | 8.53M | 2.82M |
| Investing Cash Flow | -38.52M | -62.31M | -25.75M | -14.00M | -1.89M | -14.65M |
| Financing Cash Flow | 20.12M | 26.43M | 18.79M | -6.87M | -4.42M | -6.09M |
Tejon Ranch Company Technical Analysis
Neutral
15.87
Price Trends
19.31
Negative
17.96
Positive
17.17
Positive
Market Momentum
<0.01
Positive
45.99
Neutral
15.56
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TRC, the sentiment is Neutral. The current price of 15.87 is below the 20-day moving average (MA) of 19.65, below the 50-day MA of 19.31, and below the 200-day MA of 17.17, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 45.99 is Neutral, neither overbought nor oversold. The STOCH value of 15.56 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TRC.
Tejon Ranch Company Risk Analysis
Tejon Ranch Company disclosed 35 risk factors in its most recent earnings report. Tejon Ranch Company reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Tejon Ranch Company Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $750.55M | 8.56 | 16.63% | 10.18% | -7.45% | ― | |
65 Neutral | $1.13B | -3.67 | 21.08% | 8.97% | 1.11% | 114.50% | |
65 Neutral | $153.66M | 5.71 | -27.50% | ― | -69.74% | 63.94% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
54 Neutral | $904.34M | -4.81 | -46.27% | 20.53% | 7.52% | -1.67% | |
52 Neutral | $508.10M | -1.28 | -41.74% | 1.90% | 72.20% | -267.01% | |
51 Neutral | $522.26M | 841.11 | 0.36% | ― | 19.20% | -21.40% |
* Industrials Sector Average
TRC
Tejon Ranch Company
19.21
2.87
17.56%
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CRESY
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10.48
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-5.29%
TUSK
Mammoth Energy Services
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FIP
FTAI Infrastructure Incorporation
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Tejon Ranch Company Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Tejon Ranch Shareholders Approve Governance Changes and Directors
Positive
May 15, 2026
At its 2026 Annual Meeting of Shareholders held on May 13, 2026, Tejon Ranch Co. reported that a quorum was present and that all nine board nominees were elected to serve until the 2027 annual meeting, with shareholders also approving on an adviso...
Business Operations and StrategyFinancial Disclosures
Tejon Ranch Schedules First-Quarter 2026 Results Call
Neutral
Apr 30, 2026
Tejon Ranch Co., a diversified real estate development and agribusiness company with a 270,000-acre landholding in California, operates large-scale property and farming ventures positioned between Los Angeles and Bakersfield. Its strategy centers ...
Business Operations and StrategyShareholder Meetings
Tejon Ranch Proposes Shareholder Right to Call Meetings
Positive
Mar 19, 2026
On March 19, 2026, Tejon Ranch Co. said its board had approved adding a proposal to the 2026 annual meeting agenda that would allow shareholders or groups holding at least 25% of outstanding shares to call a special shareholder meeting. The measur...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Tejon Ranch Announces Director Change and Board Streamlining
Neutral
Mar 10, 2026
On March 9, 2026, Tejon Ranch Co. announced that Director Kenneth G. Yee will not stand for reelection at the 2026 annual meeting, after which the board will be reduced from ten to nine members and nine incumbent directors will stand for reelectio...
Business Operations and StrategyFinancial Disclosures
Tejon Ranch Schedules Release of 2025 Earnings Results
Neutral
Mar 5, 2026
Tejon Ranch Co. announced on March 5, 2026, that it will release its fourth quarter and full-year 2025 operating and financial results before the market opens on March 19, 2026. The company will host a conference call that same day at 5:00 p.m. Ea...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.