Terreno Realty Corporation (TRNO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+85.5%

$123.72

vs $66.71 price

Levered DCF

$66.82

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.76

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	14.94×	30.8×	34.62×	21.79×	98.03×	68.03×	100.26×	31.97×
P/B	1.45×	1.54×	1.79×	1.93×	2.92×	2.5×	2.3×	1.62×
P/S	12.63×	14.76×	16.11×	15.54×	27.11×	21.22×	20.4×	13.33×
EV / EBITDA	12.44×	22.88×	24.7×	18.57×	44.04×	39.65×	39.4×	20.68×
Gross margin	75.8%	74.4%	75.6%	75.1%	74.7%	73.7%	74.2%	73.6%
Operating margin	40.4%	38.7%	41.2%	40.0%	39.7%	61.2%	60.2%	53.7%
Net margin	84.6%	48.2%	46.8%	71.7%	39.3%	42.7%	32.5%	41.7%
Current ratio	0.08×	0.12×	2.2×	0.94×	3.45×	2×	2.24×	1.26×
Debt / equity	0.23×	0.22×	0.26×	0.35×	0.35×	0.29×	0.32×	0.37×
Interest coverage	5.86×	7.08×	5.38×	4.63×	4.88×	7.15×	6.3×	4.48×
Dividend yield	3.4%	3.1%	2.6%	2.5%	1.4%	1.9%	1.8%	2.5%
Payout ratio	50.6%	94.8%	89.7%	54.2%	97.0%	93.7%	114.5%	81.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.7%	5.0%	5.2%	8.9%	4.2%	5.0%	3.7%	5.1%
Return on invested capital	3.7%	3.2%	3.5%	3.6%	3.1%	5.5%	5.0%	3.4%
Return on assets	7.5%	3.9%	3.9%	6.3%	3.0%	3.7%	2.6%	3.5%
Free cash flow yield	3.5%	3.3%	2.4%	1.8%	1.3%	1.8%	1.8%	2.4%
Earnings yield	6.7%	3.3%	2.9%	4.6%	1.5%	2.0%	1.6%	3.1%
Enterprise value	$6.9B	$6.5B	$5.8B	$5B	$6.5B	$4.3B	$3.9B	$2.5B
Net debt / EBITDA	1.65×	2.86×	2.57×	2.74×	3.48×	3.23×	3.88×	3.63×
Cash conversion cycle (days)	-245	-235	-222	-201	-228	-198	-195	-96