TRNO
Terreno Realty CorporationReal Estate·REIT - Industrial
$65.69
$7.0B market cap
Revenue
$261.9M
Free Cash Flow
$87.1M
Rev Growth
+0.0%
FCF Margin
33.3%
P/FCF
80.2x
EV/FCF
91.3x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
{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 approxim
2-Year Price History
$66.05+23.9%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 124.4 | 107.9 | 50.7 | 69.4 | 61.9 | 37.3 | -24.6 | 87.9 | 1,056 | 105.2 | 8.0% | 12.0x | -- |
| Act | 2025-Q4 | 137.5 | 206.0 | 57.4 | 158.2 | 70.3 | 49.8 | -20.4 | 25.0 | 943.3 | 103.6 | 10.0% | 21.6x | -- |
Valuation & Metrics
Market Stats
Price$65.69
Market Cap$7.0B
Enterprise Value$8.0B
P/S Ratio26.7x
P/FCF80.2x
EV/FCF91.3x
FCF Margin (TTM)33.3%
FCF Yield1.2%
Dividend Yield (TTM)3.9%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$261.9M
Net Income$227.7M
Free Cash Flow$87.1M
Revenue Growth (YoY)+0.0%
EBITDA Margin119.8%
Net Margin86.9%
FCF Margin33.3%
CapEx % of Revenue17.2%
SBC % of Revenue1.7%
ROIC9.0%
WC Change % Rev-29.5%
Interest Coverage17.0x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares6.4M
Days to Cover11.4
Change (vs Prior)+8.7%
Need at least 2 settlement dates for chart
Employees
Headcount49
Revenue / Employee$5,345,327
Gross Profit / Employee$2,876,633
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
56.2%(-3.4% YoY)
349 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
39.5%(-0.4% YoY)
12 filers
Vanguard, iShares, SPDR
Market makers
0.5%(+0.4% YoY)
8 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $1.09B | $60.74 | +$612K | +$17.6M | -0.2% | $5.69T |
| FMR LLC | $706M | $57.73 | +$42.2M | +$3.4M | -0.0% | $1.89T |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $634M | $61.42 | +$634M | +$634M | — | $1.91T |
| STATE STREET CORPPassive | $359M | $56.58 | −$285K | +$5.5M | -0.2% | $2.89T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $285M | $61.42 | +$285M | +$285M | — | $4.04T |
| PRINCIPAL FINANCIAL GROUP INC | $257M | $59.88 | +$183M | +$156M | -0.5% | $186.29B |
| T. Rowe Price Investment Management, Inc. | $251M | $50.37 | +$9.9M | −$72.7M | -1.3% | $145.22B |
| PRICE T ROWE ASSOCIATES INC /MD/ | $243M | $55.69 | +$5.7M | −$12.8M | -0.2% | $864.93B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $169M | $57.39 | +$1.9M | +$12.9M | +2.3% | $1.61T |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $132M | $59.16 | +$3.9M | +$15.9M | +0.7% | $645.81B |
| Resolution Capital Ltd | $99.7M | $59.60 | +$6.2M | +$836K | -2.4% | $4.76B |
| DIMENSIONAL FUND ADVISORS LPPassive | $97.3M | $57.45 | +$2.3M | +$6.8M | -0.4% | $480.92B |
| MORGAN STANLEY | $94.7M | $55.84 | −$3.8M | −$19.5M | -0.3% | $1.65T |
| Invesco Ltd. | $92.1M | $54.88 | −$24K | −$26.4M | -0.2% | $652.04B |
| AMERICAN CENTURY COMPANIES INC | $90.0M | $58.12 | −$8.0M | −$8.7M | +0.7% | $193.48B |
| NORTHERN TRUST CORPPassive | $89.2M | $57.28 | +$7.1M | −$27.2M | -0.2% | $755.34B |
| JPMORGAN CHASE & CO | $75.0M | $57.12 | −$9.4M | +$9.2M | -0.2% | $1.47T |
| THRIVENT FINANCIAL FOR LUTHERANS | $73.7M | $57.35 | +$1.3M | +$1.4M | -0.2% | $51.55B |
| GOLDMAN SACHS GROUP INC | $67.4M | $59.78 | +$15.6M | +$2.7M | -0.2% | $760.93B |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $62.8M | $53.95 | −$2.3M | +$18.7M | -0.2% | $121.82B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.26%
avg per quarter
Holders (ex-self)
-0.26%
excl. this stock
Buyers (this Q)
-0.31%
175 buyers · $1.60B in
Sellers (this Q)
+0.09%
143 sellers · $0.13B out
alpha coverage: 86% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-6.3%
how holders react when this stock falls
On quiet Qs
-7.3%
−10% to +10% baseline
On rallies (+10%+)
-13.9%
how they react when this stock rises
Holders' portfolio flow this Q
+1.0%
inflows — adds are organic
Sellers' portfolio flow this Q
-3.6%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-5.5%
Holder mid (any stock)
-2.1%
Holder rally (any stock)
-3.2%
Biggest decreases this quarter
NOMURA ASSET MANAGEMENT INTERNATIONAL INC.−$16.5Mα+1.4JPMORGAN CHASE & CO−$9.4Mα-0.2AMERICAN CENTURY COMPANIES INC−$8.0Mα+0.7Legal & General Group Plc−$7.1Mα-0.1Point72 Asset Management, L.P.exited−$4.5MExodusPoint Capital Management, LPexited−$4.3MMORGAN STANLEY−$3.8Mα-0.3SCHRODER INVESTMENT MANAGEMENT GROUP−$2.3Mα-0.2MARSHALL WACE, LLPexited−$1.9MTWINBEECH CAPITAL LPexited−$1.2M
New buyers this quarter
Top-5 holders · 45.4%
BlackRock, Inc.--
FMR LLC--
VANGUARD PORTFOLIO MANAGEMENT LLC--
STATE STREET CORP--
VANGUARD CAPITAL MANAGEMENT LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
FMR LLC11.5MPRICE T ROWE ASSOCIATES INC /MD/3.9MPRINCIPAL FINANCIAL GROUP INC4.2MInvesco Ltd.1.5MT. Rowe Price Investment Management, Inc.4.1MPGGM Investments—GOLDMAN SACHS GROUP INC1.1MJPMORGAN CHASE & CO1.2MNORGES BANK—AMERICAN CENTURY COMPANIES INC1.5M
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Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$69.00500.0%
Last Year (19 analysts)$67.89330.0%
Current Price$65.69
Analyst Ratings
21
10
Buy: 21Hold: 10Sell: 1Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$1.29M
3 txns · 3 insiders · 21,758 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-02-09 | SELL | Cannon Jaime Jackson | officer: CFO | 7,000 | $65.99 | $462K | $7.26M |
| 2025-11-07 | SELL | Meyer John Tull | officer: EVP | 4,758 | $59.95 | $285K | $7.19M |
| 2025-08-14 | SELL | COKE MICHAEL A | director, officer: President | 10,000 | $53.96 | $540K | $22.25M |
Order Flow (FINRA, ~3w lag)
14.9%retail-0.6pp
20.9%dark-0.5pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Terreno Realty Corp: Sustainable Rents Masked by Asset Recycling and Non-Cash Accruals
Overall Risk
3/10
Fraud
2/10
Dilution
5/10
Insolvency
2/10
Earnings Overstated
4/10
Hidden Liabilities
3/10
Legal
2/10
Audit Warnings
2/10
Hidden Upside
7/10
Contextually Acceptable
8/10