Terreno Realty Corp (TRNO)
NYSE:TRNO
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Terreno Realty
(NYSE:TRNO)
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Rating:75Outperform
Price Target:
$74.00
â–²(10.55% Upside)
Action:ReiteratedDate:02/19/26
The score is driven primarily by solid financial fundamentals (growth and conservative leverage) tempered by weaker 2025 cash-flow conversion and some margin pressure. Technicals are supportive with a clear uptrend, while valuation looks fair and recent financing actions improve flexibility but add potential dilution considerations.
Positive Factors
Coastal industrial focus
Terreno’s strategic focus on warehouses and distribution facilities in major coastal markets and near ports/transport hubs gives durable demand exposure to e-commerce and trade flows. Location-driven advantages support sustained occupancy, pricing power, and long-term rent growth versus generic industrial stock.
Negative Factors
Weakened cash-flow conversion
A marked drop in cash-to-earnings conversion suggests earnings are less cash-backed, raising sustainability concerns. Lower operating cash relative to net income and a decline in free cash flow can constrain internal funding for dividends, development or debt paydown and increase reliance on external capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Coastal industrial focus
Terreno’s strategic focus on warehouses and distribution facilities in major coastal markets and near ports/transport hubs gives durable demand exposure to e-commerce and trade flows. Location-driven advantages support sustained occupancy, pricing power, and long-term rent growth versus generic industrial stock.
Read all positive factors
Terreno Realty (TRNO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.93B
Dividend Yield3.38%
Average Volume (3M)583.79K
Price to Earnings (P/E)14.9
Beta (1Y)0.55
Revenue Growth24.51%
EPS Growth104.06%
CountryUS
Employees49
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)1.53
Shares Outstanding106,256,450
10 Day Avg. Volume649,820
30 Day Avg. Volume583,789
Financial Highlights & Ratios
PEG Ratio0.14
Price to Book (P/B)1.45
Price to Sales (P/S)12.63
P/FCF Ratio28.86
Enterprise Value/Market Cap1.13
Enterprise Value/Revenue16.38
Enterprise Value/Gross Profit21.60
Enterprise Value/Ebitda14.00
Forecast
1Y Price Target
$73.11Price Target Upside9.22% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)1.36
Revenue Forecast (FY)$507.38M
Terreno Realty Business Overview & Revenue Model
Company Description
{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, Mia...
How the Company Makes Money
Terreno Realty generates revenue primarily through rental income from its portfolio of industrial properties. The company leases its properties to a diverse range of tenants, including logistics companies, distributors, and e-commerce retailers, w...
Terreno Realty Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
80
Positive
Cash Flow
62
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 476.38M | 382.62M | 323.59M | 276.21M | 221.93M |
| Gross Profit | 361.28M | 284.53M | 244.50M | 207.31M | 165.68M |
| EBITDA | 557.43M | 299.33M | 249.47M | 287.63M | 156.00M |
| Net Income | 402.99M | 184.50M | 151.46M | 198.01M | 87.25M |
Balance Sheet | |||||
| Total Assets | 5.39B | 4.77B | 3.90B | 3.16B | 2.92B |
| Cash, Cash Equivalents and Short-Term Investments | 25.02M | 18.07M | 165.40M | 26.39M | 204.40M |
| Total Debt | 943.34M | 823.44M | 771.56M | 770.82M | 720.67M |
| Total Liabilities | 1.24B | 1.11B | 990.05M | 934.59M | 866.25M |
| Stockholders Equity | 4.15B | 3.66B | 2.91B | 2.23B | 2.06B |
Cash Flow | |||||
| Free Cash Flow | 208.46M | 186.25M | 126.62M | 76.60M | 80.92M |
| Operating Cash Flow | 271.86M | 232.69M | 179.68M | 143.21M | 132.21M |
| Investing Cash Flow | -452.39M | -915.48M | -570.39M | -337.66M | -666.44M |
| Financing Cash Flow | 187.76M | 534.91M | 528.86M | 17.73M | 631.20M |
Terreno Realty Technical Analysis
Positive
66.94
Price Trends
63.62
Positive
62.04
Positive
59.24
Positive
Market Momentum
1.02
Negative
74.90
Negative
92.39
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TRNO, the sentiment is Positive. The current price of 66.94 is above the 20-day moving average (MA) of 62.99, above the 50-day MA of 63.62, and above the 200-day MA of 59.24, indicating a bullish trend. The MACD of 1.02 indicates Negative momentum. The RSI at 74.90 is Negative, neither overbought nor oversold. The STOCH value of 92.39 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TRNO.
Terreno Realty Risk Analysis
Terreno Realty disclosed 53 risk factors in its most recent earnings report. Terreno Realty 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
Terreno Realty Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $8.50B | 13.39 | 12.77% | 2.98% | 8.82% | 28.07% | |
75 Outperform | $6.93B | 14.93 | 10.09% | 3.38% | 24.51% | 104.06% | |
75 Outperform | $10.82B | 26.14 | 8.37% | 3.15% | 11.31% | 20.09% | |
71 Outperform | $7.38B | 27.77 | 6.95% | 4.02% | 9.98% | -2.19% | |
67 Neutral | $3.00B | -2,814.46 | 4.52% | 5.33% | -3.81% | 52.53% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $8.10B | 20.49 | 2.71% | 4.30% | 2.02% | -23.68% |
* Real Estate Sector Average
TRNO
Terreno Realty
65.27
9.61
17.26%
EGP
Eastgroup Properties
200.18
38.70
23.97%
STAG
Stag Industrial
38.58
5.97
18.31%
FR
First Industrial Realty
62.14
14.77
31.18%
LXP
LXP Industrial Trust
51.84
13.48
35.13%
REXR
Rexford Industrial Realty
35.51
2.77
8.47%
Terreno Realty Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Terreno Realty Launches New $500 Million ATM Program
Positive
Feb 17, 2026
On February 17, 2026, Terreno Realty Corporation launched a new at-the-market equity offering program, allowing it to issue and sell up to $500 million of common stock from time to time through a syndicate of sales agents on the New York Stock Exc...
Business Operations and StrategyPrivate Placements and Financing
Terreno Realty expands credit facility with new term loan
Positive
Jan 8, 2026
On January 7, 2026, Terreno Realty LLC amended its senior credit agreement to add a new $200 million term loan maturing January 15, 2031, expanding its credit structure to a $600 million revolving facility maturing in 2029 and term loans totaling ...
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.