Terreno Realty TRNO
United StatesReal Estate · REIT - IndustrialUSD
74.12 USD (+17.0%)
17 analysts
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Terreno Realty Corporation is a US real estate investment trust (REIT) that acquires, develops, and manages modern industrial properties (logistics and distribution warehouses) in high-demand US markets, generating income primarily from long-term lease rents.
Key points
from its scores- ✓Very solid balance sheet7.4
- ✓Good share-price trend7.0
- ✕Weak growth3.9
- ✕Demanding valuation4.7
- !Modest dividend5.0
AI analysis
bottom line, main risk, context and newsThe quality of industrial assets and a sound balance sheet provide support, but the expensive valuation and rising rate environment limit near-term upside potential.
Terreno Realty shows solid financial health (Net Debt/EBITDA of 2.95, score 7.76) and a high gross margin (76.21%), but its valuation is demanding (EV/EBITDA of 25.65) and earnings growth is deeply negative (-40.20%), weighing on its profile. The rise in long-term US rates is an additional headwind for a REIT with moderate debt and long-duration valuation.
The main risk is interest rate sensitivity: with an EV/EBITDA of 25.65 and debt at 2.95 times EBITDA, a sustained rise in long-term US rates compresses the REIT's valuation and makes its growth financing more expensive.
Context and risks
The rise in long-term US interest rates directly pressures Terreno Realty, an industrial REIT with Net Debt/EBITDA of 2.95 and an EV/EBITDA of 25.65, whose valuation depends on future cash flows discounted at higher rates. Moreover, the listed real estate sector is especially sensitive to financing costs, and the 32nd percentile position in the 52-week range reflects some relative weakness.
Is Terreno Realty stock cheap or expensive?
at the analysis dateOn P/E and Price / book, it trades in line with the Real Estate median (within 15%).
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 17.0 | 21.6 | −21% |
| EV / EBITDA | 25.7 | 18.5 | +39% |
| Price / book | 1.5 | 1.4 | +8% |
| Price / sales | 13.7 | 6.3 | +118% |
Sector: median of the 100 Real Estate companies analysed. In bold, the multiples used for the comparison.
Valuation score: 4.7 out of 10 (median for Real Estate: 4.9).
Average analyst target: 74.12 USD, +17.0% versus the price.
Classic formulas with standard assumptions (0.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Real Estate medianValuation
- P/E
- 17.0
- Forward P/E
- 35.9
- EV / EBITDA
- 25.7
- Price / book
- 1.5
- Price / sales
- 13.7
- PEG
- 7.15
- Market cap
- 6.9B USD
- Enterprise value
- 7.8B USD
Profitability
- ROE
- 9.3%
- ROA
- 2.4%
- ROIC (approx.)
- 3.9%
- Gross margin
- 76.2%
- Operating margin
- 41.8%
- Net margin
- 77.3%
- Free cash flow
- 319.5M USD
- FCF yield
- 4.6%
- Cash conversion
- 105%
Solvency
- Total debt
- 948.3M USD
- Net debt
- 897.1M USD
- Cash
- 51.2M USD
- EBITDA
- 304.1M USD
- Net debt / EBITDA
- 2.95
- Debt / equity
- 21.40
- Current ratio
- 0.62
- Quick ratio
- 0.60
Growth
- Revenue growth
- +11.1%
- Earnings growth
- −40.2%
- EPS (TTM)
- 3.72 USD
- EPS (forward)
- 1.76 USD
Dividend
- Dividend yield
- 3.6%
- Payout
- 55.9%
Risk and market
- Beta
- 1.04
- Analyst consensus
- Buy (17)
- Target price
- 74.12 USD
- 52-week range
- 55.92 – 78.94
Recent news
All TRNO news →Compare it with its sector
All 100 in Real Estate →Frequently asked questions about Terreno Realty
Is Terreno Realty stock cheap or expensive?
On P/E and Price / book, it trades in line with the Real Estate median (within 15%). Valuation score: 4.7 out of 10 (median for Real Estate: 4.9). Average analyst target: 74.12 USD, +17.0% versus the price. This is not investment advice.
What score does Terreno Realty get on MeridIAn Screener?
It scores 5.7 out of 10, rank 1,281 of 2,130 (better than 39% of the companies analysed). Its strongest category is Financial health (7.4) and its weakest, Growth (3.9). Analysis of 08/10/2026.
What is Terreno Realty's P/E ratio?
Its P/E is 17.0: the share price equals 17.0 times earnings per share over the last 12 months. The Real Estate median is 21.6. Based on the earnings analysts expect, the forward P/E is 35.9.
How much is Terreno Realty worth on the stock market?
Its market capitalisation is 6.9B USD.
Does Terreno Realty pay a dividend?
Yes: its dividend yield is 3.60% and it pays out 56% of its earnings.
How has Terreno Realty stock performed over the last year?
It has risen 17.1% over the last year, excluding dividends. Over the last 52 weeks it has traded between 55.92 and 78.94 USD. Past performance does not guarantee future results.
What do analysts think of Terreno Realty?
17 analysts cover it; their average recommendation is “Buy” and their average target is 74.12 USD (+17.0% versus the price). It is an estimate, not market data.