Is Terreno Realty (TRNO) overvalued or fairly valued?

MarketChacha shows Terreno Realty's valuation in context — a trailing P/E of about 21.2, a forward P/E of about 37.4, a price-to-book of about 1.6 — alongside its revenue and profit growth and whether reported profit converts into operating cash, so you can judge value for yourself. MarketChacha does not issue ratings, price targets, or buy/sell advice.

Does Terreno Realty's reported profit turn into cash?

Over 3 years, about 93% of reported profit turned into operating cash — most of it, but worth reading alongside the cash-flow statement. MarketChacha computes this cash-conversion check (0.93×) from reported figures — education, not a rating.

What is Terreno Realty's revenue?

Terreno Realty reported revenue of $476.4M for FY2025, with net profit of $403.0M, per official filings.

What is the share price of Terreno Realty (TRNO)?

Terreno Realty last traded at $65.65 (-0.2% on the day), as of 9/4/2026 — a delayed quote shown for education, not investment advice.

Terreno Realty

TRNO · NYSE · Real Estate · United States

Snapshot

TickerTRNO

ExchangeNYSE

SectorReal Estate

IndustryREIT - Industrial

CountryUnited States

Employees47

HeadquartersBellevue, United States

Websitewww.terreno.com

Filings tracked9

About Terreno Realty

Terreno Realty Corporation an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets. The firm announced today that it has executed new renewal leases totaling 233,000 square feet at Countyline Corporate Park Phase III in Hialeah, Florida. Countyline Corporate Park Buildings 26 and 28 total 422,000 square feet and are currently 100% leased to six tenants with 83,000 square feet expiring April 2027. To facilitate the new leases, Terreno Realty Corporation has executed an early termination effective July 31, 2026, with the tenant that was to expire April 2027. A provider of turbine engine disassembly, repair, logistics and storage services will relocate from 106,000 square feet in Building 28 expiring April 2030 to 83,000 square feet in Building 26. The lease will commence August 1, 2026, and expire March 2035. Terreno Realty Corporation has executed an early renewal and expansion lease with a global wholesale packaging provider in Building 28. The early renewal for 43,000 square feet will commence October 1, 2027, and expire January 2035. The expansion lease for 106,000 square feet is expected to commence November 1, 2026, and will expire in January 2035. After commencement of the new leases Countyline Corporate Park Buildings 26 and 28 will be 100% leased to five tenants. Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: New York City/Northern New Jersey; Los Angeles; Miami; San Francisco Bay Area; Seattle; and Washington, D.C. Terreno Realty Corporation was incorporated on 6th November 2009 and is based in Bellevue, United States.

Who owns it

Insiders1.9%
Institutions98.1%
Public & other0.0%

556 institutional holders

Ownership breakdown from public market data.

Top holders

Blackrock Inc.17.20%
FMR, LLC11.10%
Vanguard Portfolio Management LLC9.86%
State Street Corporation5.47%
Vanguard Capital Management LLC4.39%
Principal Financial Group, Inc.3.99%
Price (T.Rowe) Associates Inc3.64%
T. Rowe Price Investment Management, Inc.3.48%

Largest institutional holders — last updated 6/30/2026.

Forensic scorecard

Over 3 years, about 93% of reported profit turned into operating cash — most of it, but worth reading alongside the cash-flow statement.

Cash conversion0.93×

Over 3 years, about 93% of reported profit turned into operating cash — most of it, but worth reading alongside the cash-flow statement.

Net margin trend46.8% → 48.2%

Margin has expanded by about 1.4 points — the business is getting more profitable.

Growth qualityrev 21% · PAT 63%

Profit has grown much faster than revenue while recent results carried sizeable one-off items — some of the profit growth may not repeat.

One-off items1 of last 3 yrs

Recent reported profit includes sizeable one-off / non-operating items — the underlying operating trend may differ from the headline.

Computed by MarketChacha from reported figures (SEC XBRL). Education, not a rating or recommendation.

What's expected next

Next quarter

Rev $133.1M · EPS 0.47

Est. earnings growth +0.0%

Next fiscal year

Rev $572.7M · EPS 1.76

Est. earnings growth -15.2%

Analyst consensus estimates — not the company's own guidance.

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P/E ROE ROCE Margins Market cap

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Financials at a glance

Source: SEC XBRL

Annual

Quarterly · last 8

Revenue (FY2025)

$476.4M

ROE

9.7%

Revenue CAGR (2y)

+21.3%

Profit CAGR (2y)

+63.1%

EPS (FY2025)

3.91

Net profit (FY2025)

$403.0M

Ask MarketChacha about TRNO

Get a cited, plain-English answer — the “why”, not just data. Finance research only, never buy/sell advice.

Financials

Yearly

Period	Revenue	Net profit	EPS	Net margin	ROE
FY2025	$476.4M	$403.0M*	3.91	—	9.7%
FY2024	$382.6M	$184.5M	1.92	48.2%	5.0%
FY2023	$323.6M	$151.5M	1.81	46.8%	5.2%

* Net profit includes one-off / non-operating items (e.g. a settlement or accounting gain), so it doesn’t reflect operating performance — net margin is hidden for that period.

Quarterly

Period	Revenue	Net profit	EPS	Net margin
2026Q2	$124.7M	$57.6M	0.54	46.2%
2026Q1	$124.4M	$69.4M	0.66	55.8%
2025Q3	$116.2M	$103.4M*	1.00	—
2025Q2	$112.2M	$93.3M*	0.90	—
2025Q1	$110.4M	$48.1M	0.47	43.6%
2024Q3	$99.6M	$36.6M	0.37	36.8%
2024Q2	$94.2M	$35.7M	0.37	37.9%
2024Q1	$85.0M	$36.1M	0.40	42.4%
2023Q3	$82.9M	$30.3M	0.36	36.6%
2023Q2	$79.5M	$40.3M	0.48	50.6%
2023Q1	$74.7M	$23.3M	0.29	31.3%

* Net profit includes one-off / non-operating items (e.g. a settlement or accounting gain), so it doesn’t reflect operating performance — net margin is hidden for that period.

Figures as reported, in reporting currency. Source: SEC XBRL.

Filings & announcements

2026

10-Q filing
SEC8/5/2026
10-Q filing
SEC5/6/2026
8-K — Shareholder vote results
SEC5/6/2026material
8-K — Other events, Exhibits
SEC2/17/2026material
10-K filing
SEC2/4/2026
8-K — Material agreement, Material financial obligation, Exhibits
SEC1/8/2026material

2025

10-Q filing
SEC11/5/2025
8-K — Executive/director change
SEC11/5/2025material
10-Q filing
SEC8/6/2025

In the news

Education and discussion only — not investment advice. Financials from official filings (SEC/BSE) and reported company statements; market figures (delayed market data) are delayed and shown for reference only. Verify with the linked sources before acting.