QualityDipStocks / Finance · Real Estate
Terreno Realty TRNO
Outside our quality screen, so we don’t track its dips. It’s 11% below its 52-week high.
Outside our quality screen, trading near our fair value estimate.
- Fair value est.
- $62.74−6%
- Market Value
- $65.79price +2%
- Off 52-wk high
- −11%
- Risk vs market
- Lowbeta 0.33
4 bullish · 5 bearish See why
Repriced or dip?
Mixed signals
The price is 11% below its 52-week high (Jul 16), but the business held up: net cash (cash minus debt) −0.5% of market cap since the high, revenue +2.5%, free cash flow +1.4%.
Some numbers held up (net cash (cash minus debt) −0.5% of market cap since the high, revenue +2.5%, free cash flow +1.4%), others slipped (earnings per share −9.7%). The price is 11% below its 52-week high.
The price is 11% below its 52-week high, and the business changed too: earnings per share −9.7%.
Within 10% of its 52-week high, so there is no dip to judge yet.
The evidence 9 numbers, high vs now
- Revenue, last 12 months$490M → $503M (+2.5%)held up
- Revenue growth rate+20.2% → +18.0% a year (−2.1 pts)about the same
- Earnings per share, 12 months$4.01 → $3.63 (−9.7%)changed
- Free cash flow, 12 months$214M → $217M (+1.4%)held up
- Shares outstanding+1.4% (more shares, each owns less)held up
- Net cash (cash minus debt)−0.5% of market cap since the highheld up
- Stock vs its sector (Finance)stock −11%, sector median −4% since Jul 16held up
- Price fall vs business numbersprice −11%, revenue/EPS/FCF median +1% (shown, not scored)
- Valuation multipleP/FCF 36.9× at the high → 32.8× now (shown, not scored)
Business numbers as reported at the high (12 months to Mar 31, 2026) vs the latest filing (12 months to Jun 30, 2026). Each measure is scored from −1 (business changed) to +1 (business intact) and weighted: revenue, earnings per share, free cash flow, operating margin, revenue growth rate, share count, net cash and the move vs its sector. 60 or more reads as a dip, 40 or less as a repricing. Analyst estimates are not in our data, so they are not used. How to read it
Data-based read, not advice.
Priced in
How much growth the market assumed at the 52-week high, the low and today (a reverse DCF).
At the high ($75.08, Jul 16) the price assumed about 18%/yr free-cash-flow growth; at the low ($57.13, Oct 31) about 16%; today about 16%. The last 3 years delivered 40%/yr (free cash flow).
Dashed line: what the last 3 years delivered, 40%/yr (free cash flow)
| High | Low | Now | |
|---|---|---|---|
| Price | $75.08Jul 16 | $57.13Oct 31 | $66.76 |
| Implied growth | +18% | +16% | +16% |
| P/E | 18.7× | 23.3× | 18.4× |
| P/FCF | 36.9× | 31.8× | 32.8× |
| EV/Sales | 17.9× | 15.3× | 15.9× |
What this means: the higher the implied growth, the more the price already counts on. If today's number sits well below what the business has delivered, the market expects less than its track record.
How it’s computed
Reverse DCF: the same 10-year free-cash-flow model as our fair value estimate (9.5% discount rate, growth for years 1–5 fading to 3% by year 10, 3% after), solved for the growth that makes it equal the market value at each price. For the high and the low we use only the filings that were public on that day, so nothing from a later report leaks back. Market value = that close × diluted shares. P/E = market value / 12-month net income; Price / FCF = market value / 12-month free cash flow; EV / Sales = (market value + debt − cash) / 12-month revenue. Hidden when the share count moved over 20% (split, merger), free cash flow is negative, or the company reports in another currency.
Valuation
What we estimate it's worth, and how it ranks on value vs every stock we cover.
Fair value estimate
How the range is computed
Ten-year free-cash-flow DCF. Same 10-year free-cash-flow model as the base: discount rate 9.5% ±1 point and growth 15.0% ±2 points. Bear = 10.5% and 13.0%; bull = 8.5% and 17.0% (both fade to 3%). A model estimate from public filings, not a forecast of where the price will go.
Price sits inside the range.
What the price implies To be worth today’s price, TRNO’s free cash flow would need to grow about 16% a year for five years; our estimate uses 15%.
Risk vs market
How risk vs market is measured
One year of daily returns (Oct 31 to Nov 2, 252 sessions). Beta = how much TRNO moved for each 1% move in the S&P 500 (SPY); 1.0 moves with the market. Volatility is the yearly standard deviation of daily returns. Past behavior, not a forecast.
Moves much less than the market, but its own price swings are 1.5× the S&P 500’s (it moves on its own news).
- Beta vs S&P 500
- 0.33
- Volatility
- 20% vs 13% SPY
- Correlation SPY
- 0.22
- Correlation QQQ
- 0.05
How it ranks
Where TRNO stands vs every one of the 1,996 stocks we cover that has the number. Longer bar = better.
Not in the top quarter on any of these 3 measures
- Discount to fair value estimate6% · price above our base caseTop 49%of 1,314
- Dividends + buybacks yield3.1% · cash paid out or used to retire shares, vs market capTop 46%of 1,836
- Revenue growth, last 12 months+18% · vs the 12 months beforeTop 29%of 1,814
From SEC filings and our fair value estimate model. A ranking, not advice.
Valuation details
DCF $62.74 · MV $65.79 · FCF value $50.30
Assumes 15.0% growth for 5 years (revenue grew 19.9% a year FY22–FY25; capped at 15%), fading to 3%; 9.5% discount rate, 3% terminal growth. FCF base $2.03 a share (trailing 12 months to Jun 30, 2026), from the 10-Q filed Aug 5, 2026. Net debt $891M, not deducted.
Fundamentals
The business itself: sales, profits, cash and debt, from SEC filings.
Bull vs bear
Rule-based from the data on this page, strongest first. Not advice.
Top bullish points 4 of 5
GrowthDiluted EPS grew 104% to $3.91 in FY2025.
Cash returnsDividend yield of 3.0% ($214M paid over 12 months, 55% of earnings).
Cash returnsFree cash flow grew 17% over the last 12 months vs the 12 months before.
Balance sheetDebt / equity of 0.2×, below the 0.7× median for the 46 Finance companies we cover.
Top bearish points 5 of 5
Cash returnsShare count up 3.6% in a year: existing holders are being diluted.
ValuationP/E of 18.4×, above the 13.6× median for the 291 Finance companies we cover.
ProfitabilityReturn on equity of 9.2%, below the 12% median for the 291 Finance companies we cover.
QualityDoesn’t pass our quality screen: ROE under 12% and ROIC under 10%.
RiskReports earnings Nov 4 (consensus EPS $0.74): results can move the price sharply and reset Market Value.
All fundamentals
P/E 18.4 · FCF yield 3.0% · ROE 9%
Valuation
- P/E
- 18.4×Finance median 13.6×
- Price / FCF
- 32.8×
- FCF yield
- 3.0%
- EV / EBITDA
- n/aD&A or debt not tagged in SEC data
- Price / sales
- n/aneeds total revenue: the SEC revenue tag covers only part of this company's revenue (it is under 1.5x net income)
- Price / book
- 1.61×
- Market cap
- $7.1Bprice × diluted shares
- Enterprise value
- $8.0B
Growth
- Revenue, 12 months
- n/athe SEC revenue tag covers only part of this company's revenue (it is under 1.5x net income)
- Sales growth, 12 months
- n/aneeds total revenue: the SEC revenue tag covers only part of this company's revenue (it is under 1.5x net income)
- Sales growth, 3 yrs
- n/aneeds total revenue: the SEC revenue tag covers only part of this company's revenue (it is under 1.5x net income)
- Diluted EPS, 12 months
- $3.72
- EPS growth, last FY
- +103.6%
- Net income, 12 months
- $387M
- Net income growth
- +53%12 months vs before
Profitability
- Gross margin
- n/agross profit isn't reported (common for service and financial companies)
- Operating margin
- n/anot reported in its SEC filings
- Net margin
- n/aneeds total revenue: the SEC revenue tag covers only part of this company's revenue (it is under 1.5x net income)
- FCF margin
- 43.1%
- Return on equity
- 9%
- Return on invested capital
- n/aoperating income, debt, equity or cash not tagged
Balance sheet
- Cash & short-term inv.
- $51M
- Total debt
- $942M
- Net cash
- −$891M
- Debt / equity
- 0.21×
- Interest coverage
- n/ainterest expense not tagged in SEC data
Cash flow & returns
- Free cash flow, 12 months
- $217M
- FCF growth, 12 months
- +17%
- Dividend yield
- 3.00%$214M paid
- Payout ratio
- 55%
- Buybacks, 12 months
- $4M0.1% of market cap
- Share count, 1 year
- +3.6%diluted shares vs a year ago
- Stock-based comp
- $18M
Trailing 12 months to Jun 30, 2026; balance sheet at Jun 30, 2026. From Terreno Realty’s SEC filings. Sparklines show up to six fiscal years. n/a means we don’t hold that number, with the reason. How each is computed.
The business
FCF $0.2B · Sales +11%
- Free cash flow, 12 months$0.2B
- Free-cash-flow yield3.0%
- Gross margin76%
- Operating margin42%
- Return on invested capital3%
- Return on equity9%
- Sales growth (latest quarter vs year-ago quarter)+11%
- Net debt / EBITDA3.0×
Chart & levels
Where the price is vs its key levels and trends.
Key levels
Every level vs today’s $66.76
- 52-wk lowlowest close, 1 year$57.13−14.4%
- Fair value est.base case$62.74−6.0%
- Market Valueavg paid since Jan 8$65.79−1.5%
- PriceMon Nov 2 close$66.76you are here
- 52-wk highhighest close, 1 year$75.08+12.5%
Momentum & 52-week range
RSI 58 · 5 days +2.7%
Signals
Reversal signal setups, the public ledger and the next earnings date.
Setup & signals
No setup armed
No setup armed, so there’s no trigger or stop to track yet. Reversal signal rules only run on companies that pass our quality screen.
Next report
Nov 4
- DateWed Nov 4, after the close
- Consensus EPS$0.74
- Year-ago EPS$0.67
- QuarterSep/2026
From Nasdaq’s earnings calendar. A report resets Market Value.
TRNO is outside our quality screen
One text when a published rule fires on one of the 332 quality companies we track: the ticker, the price, the stop and a link to the numbers. Nothing else.
Voices & buzz
Who is talking about it, and how it compares with peers.
Who’s talking about it
Notable investors, executives, analysts and public figures on Terreno Realty in the last 48 hours. Headlines as published, each linked. Their words, not ours.
No notable mentions in the last 48 hours. Checked Nov 3, 1:01 PM ET.
Compare with peers
Closest in size in Real Estate
Information only, not investment advice. Fair value estimates and talking points are rule-based model output from public data and can be wrong; stop levels are reference points, not orders. How every number is computed.