# Tejon Ranch Co. (TRC)

> Source: Nexqual · https://nexqual.com/TRC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Tejon Ranch Co. (TRC), nexqual.com/TRC" · informational, not investment advice.

**Price:** USD 16.61 (+3.55% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 16.04 · day 16.24–16.88 · 52w 15.31–21.31 · market cap $449M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $56.8M, net income $6.0M (10.6% margin) (SEC filings).
- Valuation: P/E 74.3x (avg 1988.6x at the last 3 fiscal year-ends).
- Analysts: None (1 analysts), mean target USD 26.25 (range 26.25–26.25).
- Total return with dividends: 1Y +3.0% vs S&P 500 +14.9%; 5Y -10.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.02, revenue estimate $12.0M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | — | $79.2M | $44.7M | $41.9M | $49.6M | $56.8M |
| Gross profit | — | $31.2M | $13.0M | $12.8M | $14.5M | — |
| Operating income | -$260K | $13.7M | -$3.7M | -$9.2M | -$8.0M | -$515K |
| Net income | $5.3M | $15.8M | $3.3M | $2.7M | $75K | $6.0M |
| EPS (diluted) | $0.20 | $0.59 | $0.12 | $0.10 | $0.00 | — |
| Free cash flow | -$18.1M | -$14.1M | -$7.7M | -$42.9M | — | — |
| Gross margin | — | 39.4% | 29.1% | 30.5% | 29.2% | — |
| Operating margin | — | 17.3% | -8.3% | -22.0% | -16.0% | -0.9% |
| Net margin | — | 20.0% | 7.3% | 6.4% | 0.2% | 10.6% |
| Revenue growth | — | — | -43.5% | -6.4% | +18.4% | — |
| Cash + short-term investments | $47.2M | $72.6M | $64.5M | $53.7M | $24.9M | — |
| Total debt | $52.8M | $50.2M | $47.9M | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 74.3x · P/S 7.9x · P/B 0.9x · Earnings yield 1.35%
P/E at fiscal year-ends: Dec 2025 5666.5x, Dec 2024 158.5x, Dec 2023 140.7x.

## Analysts
Consensus None, 1 analysts; mean target USD 26.25 (low 26.25, high 26.25).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +3.0% | -10.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +3.0% | -2.1% |
| Volatility (annualized) | 21.1% | 24.7% |
| Max drawdown | -22.5% (May 2026→Aug 2026) | -32.3% (Nov 2021→Sep 2022) |

## Peers (Conglomerates)
VMI (Valmont Industries, Inc.) USD 435.87 -2.81% · HON (Honeywell International Inc.) USD 218.31 +1.67% · MMM (3M Company) USD 175.56 +0.47% · NSC (Norfolk Southern Corporation) USD 338.23 +3.09% · HWM (Howmet Aerospace Inc.) USD 193.29 -7.14% · NOC (Northrop Grumman Corporation) USD 552.35 +2.42%

## More
Full page: https://nexqual.com/TRC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in TRC's own 10-K filed 2026-03-19 (https://www.sec.gov/Archives/edgar/data/96869/000162828026019685/trc-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | TRC-MRC | "The above mentioned increase was partially offset by a decrease of $276,000 in revenue from the PEF lease due to lower spark spread payments, and a reduction of $255,000 in management fees compared to 2023, when we compl…" |
| Partner | TravelCenters of America | "Our joint venture with TravelCenters of America owns and operates two travel and truck stop facilities, two restaurants, 13 fast-food operations, and five separate gas stations with convenience stores within TRCC-West an…" |
| Partner | Rockefeller Group Development | "We are involved in a joint venture with Rockefeller Development Group, or RDG, as of December 31, 2025." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Real estate - commercial/industrial | $9.7M | 67.8% | +89.8% | — | — |
| Mineral resources | $1.8M | 12.5% | +18.5% | $899,000 | 50.3% |
| Ranch operations | $1.2M | 8.4% | +10.8% | -$93,000 | -7.8% |
| Multifamily | $857,000 | 6.0% | +5613.3% | $345,000 | 40.3% |
| Farming | $750,000 | 5.3% | +23.6% | -$536,000 | -71.5% |
| Total revenue | $14.3M | 100% | — | $348,000 | 2.4% |

## Customer concentration

Period ended 2025-12-31: 9% of revenue from unnamed direct customers (10-K, filed 2026-03-19).

## Company outlook (8-K filed 2026-08-06)

- "Outlook: The Tejon Ranch Commerce Center remains the Company's primary mixed-use development platform, with the new industrial Building 1B on track for an early 2027 delivery."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.02 | $0.02 | +0.0% | $12.0M | 1 |
| Next quarter (ends 2026-12-31) | $0.06 | $0.06 | +0.0% | $19.2M | 1 |
| Current fiscal year (ends 2026-12-31) | $0.18 | $0.11 | +63.6% | $55.0M | 1 |
| Next fiscal year (ends 2027-12-31) | — | — | — | $0 | — |