Terreno Realty Corporation (TRNO) Stock Price & Analysis
Terreno Realty Corporation (TRNO) closed at USD 65.64 on Thursday, October 22, 2026, up 0.12% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 65.56; the Oct 22, 2026 session ranged USD 64.59–66.1 on volume of 808,802 shares. Market capitalization is $7.15B, with a 52-week range of USD 56.09–78.94 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 10:08 UTC.
Also available as compact Markdown for AI agents: nexqual.com/TRNO.md
Key facts (TRNO)
- Last four reported quarters (through Jun 30, 2026): revenue $503M, net income $389M (77.3% margin) (SEC filings).
- Valuation: P/E 18.4x (avg 26.7x at the last 3 fiscal year-ends), net debt $891M.
- 1 of 80 tracked superinvestors hold TRNO (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $1.1M; 3 not under a Rule 10b5-1 plan ($1.1M); 0 by opportunistic insiders, 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.26 on a 1–5 scale) (19 analysts), mean target USD 73.47 (range 60–85).
- Total return with dividends: 1Y +11.4% vs S&P 500 +14.9%; 5Y +5.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.43, revenue estimate $129M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (TRNO)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $222M | $276M | $324M | $383M | $476M | $503M |
| Net income | $87.3M | $198M | $151M | $184M | $403M | $389M |
| EPS (diluted) | $1.23 | $2.61 | $1.81 | $1.92 | $3.91 | — |
| Net margin | 39.3% | 71.7% | 46.8% | 48.2% | 84.6% | 77.3% |
| Revenue growth | +18.8% | +24.5% | +17.2% | +18.2% | +24.5% | — |
| Cash + short-term investments | $204M | $26.4M | $165M | $18.1M | $25.0M | — |
| Total debt | $721M | $771M | $772M | $823M | $943M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (TRNO)
P/E 18.4x · P/S 14.2x · EV/Sales 16.0x · P/B 1.6x · Earnings yield 5.43% · Dividend yield (paid, TTM) 2.99% · Buyback yield (TTM) 0.05% · Net debt $891M · EV $8.04B
P/E at fiscal year-ends: Dec 2025 15.0x, Dec 2024 30.7x, Dec 2023 34.5x.
Superinvestors (SEC 13F-HR, Q2 2026) (TRNO)
1 of 80 tracked investors hold TRNO. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Christopher Davis | Davis Advisors | 0.03% | $7.2M | Reduced -2.2% |
Insider sales (SEC Form 4, open-market, last ~7 months) (TRNO)
0 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-11 | Meyer John Tull | EVP | 4,447 | $305K | 2.2% | No | Too little history (no open-market trades in 2023) |
| 2026-08-10 | Cannon Jaime Jackson | CFO | 3,602 | $246K | 1.9% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-07 | Coke Michael A | President | 8,000 | $547K | 1.3% | No | Routine (sold in Aug each year 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (TRNO)
Consensus Buy (mean 2.26 on a 1–5 scale), 19 analysts; mean target USD 73.47 (low 60, high 85).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Piper Sandler | Target lowered | Overweight | $91 → $85 |
| 2026-09-01 | Wells Fargo | Target raised | Equal-Weight | $64 → $70 |
| 2026-08-19 | Mizuho | Target raised | Underperform | $56 → $60 |
| 2026-08-17 | Cantor Fitzgerald | Target raised | Overweight | $75 → $77 |
| 2026-08-12 | Scotiabank | Target raised | Sector Outperform | $68 → $72 |
| 2026-08-12 | Keybanc | Target raised | Overweight | $72 → $75 |
| 2026-08-10 | Citigroup | Target raised | Neutral | $70 → $73 |
| 2026-07-24 | Goldman Sachs | Target raised | Buy | $75 → $85 |
| 2026-07-21 | Piper Sandler | Target raised | Overweight | $79 → $91 |
| 2026-07-16 | Barclays | Target raised | Equal-Weight | $60 → $69 |
Total return (dividends reinvested) (TRNO)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | +11.4% | +5.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +11.5% | +1.1% |
| Volatility (annualized) | 19.4% | 25.0% |
| Max drawdown | -14.9% (Jul 2026→Oct 2026) | -38.8% (Dec 2021→Oct 2022) |
TRNO analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.43 | $0.44 | -2.7% | $129.2M | 3 |
| Next quarter (ends Dec 2026) | $0.45 | $0.47 | -5.2% | $133.0M | 3 |
| Current fiscal year (ends Dec 2026) | $1.82 | $1.96 | -7.0% | $511.8M | 2 |
| Next fiscal year (ends Dec 2027) | $1.76 | $1.73 | +2.2% | $571.7M | 3 |
TRNO options: expected move
Options price a move of about ±8.2% (±$5.40) by Dec 18, 2026, which includes earnings on Nov 4, 2026.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Dec 18, 2026 | 56 | 24.3% | ±8.2% |
| Mar 19, 2027 | 147 | 23.4% | ±10.2% |
| Jun 17, 2027 | 237 | 21.8% | ±13.9% |
30-day implied volatility 32.6% vs 16.4% realized over the last 30 trading days. Put/call ratio (volume) —. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 10:08 UTC)
| Price | USD 65.64 |
|---|---|
| Change | ▲ 0.12% (up) |
| Previous Close | USD 65.56 |
| Open | USD 65.71 |
| Day Range | USD 64.59 – 66.1 |
| 52-Week Range | USD 56.09 – 78.94 |
| Volume | 808,802 shares |
| Market Cap | $7.15B |
| Exchange | NYQ |
Technical Analysis (TRNO)
Nexqual's technical model rates TRNO "NEUTRAL" based on 2 bullish and 3 bearish signals across 127 daily candles, as of October 23, 2026 at 10:08 UTC.
| Overall Signal | NEUTRAL |
|---|---|
| RSI (14) | 54.19 (neutral) |
| vs SMA50 | Below (USD 66.01) |
| MACD | -0.27 (negative) |
Analyst Ratings (TRNO)
Wall Street analysts rate TRNO "Buy" based on 19 analysts, with a mean price target of USD 73.47 (range USD 60–85), per Nexqual as of October 23, 2026 at 10:08 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 19 |
| Mean Target | USD 73.47 |
| High Target | USD 85 |
| Low Target | USD 60 |
| Buy / Hold / Sell | 12 / 5 / 2 |
Earnings (TRNO)
| Next Earnings Date | 2026-11-04 |
|---|---|
| EPS Estimate | USD 0.43 |
| Revenue Estimate | $129.21M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.65 vs est 0.41 ▲ beat |
| 2026-03-31 | USD 0.4 vs est 0.35 ▲ beat |
| 2025-12-31 | USD 0.46 vs est 0.51 ▼ miss |
| 2025-09-30 | USD 0.39 vs est 0.37 ▲ beat |
Source: Nexqual, October 23, 2026 at 10:08 UTC.
Financials & Fundamentals (TRNO)
| Total Revenue | $502.88M |
|---|---|
| Revenue Growth (latest quarter, YoY) | +11.10% |
| Gross Margin | +76.21% |
| Operating Margin | +41.77% |
| Profit Margin | +77.27% |
| ROE | +9.28% |
| Debt / Equity | 0.21 |
| Current Ratio | 0.62 |
| Total Cash | $51.21M |
| Total Debt | $948.29M |
Source: Nexqual, October 23, 2026 at 10:08 UTC.
Financial Health Score (TRNO)
Nexqual rates Terreno Realty Corporation's overall financial health "Solid" across five dimensions, as of October 23, 2026 at 10:08 UTC.
| Growth | Strong — Revenue +25% YoY (annual) |
|---|---|
| Profitability | Strong — Gross margin 76%, operating 42% (last 12 months) |
| Balance Sheet | Solid — $51M cash and investments vs $942M debt (Jun 2026, SEC) |
| Cash Flow | Solid — Operating cash flow $272M (FY ended Dec 2025, 10-K) |
| Efficiency | Mixed — ROE 9%, ROA 2.4% |
Ownership (TRNO)
| Insider Ownership | +1.91% |
|---|---|
| Institutional Ownership | +109.35% |
| Shares Outstanding | 108.97M |
| Float | 106.82M |
| Short % of Float | +10.11% |
Source: Nexqual, October 23, 2026 at 10:08 UTC.
Leadership (TRNO)
Terreno Realty Corporation is led by W. Blake Baird, Co-Founder, Chairman & CEO, per Nexqual as of October 23, 2026 at 10:08 UTC.
| Co-Founder, Chairman & CEO | W. Blake Baird |
|---|---|
| Co-Founder, President & Director | Michael A. Coke |
| Executive VP, CFO, Head of Investor Relations, Secretary & Principal Accounting Officer | Jaime Jackson Cannon |
| Executive VP & COO | John Tull Meyer |
Major Backers & Investors (TRNO)
Notable institutional backers of Terreno Realty Corporation include FMR, LLC, Principal Financial Group, Inc., Price (T.Rowe) Associates Inc, according to Nexqual as of October 23, 2026 at 10:08 UTC.
Active Investors
| Investor | Stake |
|---|---|
| FMR, LLC | 11.1% |
| Principal Financial Group, Inc. | 3.99% |
| Price (T.Rowe) Associates Inc | 3.64% |
| T. Rowe Price | 3.48% |
| Fidelity | 2.99% |
| Invesco | 2.61% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 17.2% |
| Vanguard Group | 14.25% |
| State Street | 5.47% |
| Geode Capital | 2.73% |
Source: Nexqual, October 23, 2026 at 10:08 UTC.
From Terreno Realty Corporation's Latest SEC 10-K Filing (filed 2026-02-04)
Key Strengths & Strategy (as disclosed to the SEC)
- We believe that our organization and method of operation have enabled and will continue to enable us to meet the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes.
Legal & Regulatory Risks (Item 1A, quoted)
- We may from time to time be subject to litigation that may negatively impact our cash flow, financial condition, results of operations and market price of our common stock.
- Compliance or failure to comply with regulatory requirements could result in substantial costs.
- We may be subject to adverse legislative or regulatory tax changes that could reduce the market price of our common stock.
- Trade policies, tariffs and related government actions may cause a decline in economic activity and disrupt supply chains, which could have a material adverse impact on our business.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| STAG | Stag Industrial, Inc. | USD 36.51 | ▲ 0.14% |
| FR | First Industrial Realty Trust, | USD 55.29 | ▼ 6.92% |
| REXR | Rexford Industrial Realty, Inc. | USD 36.28 | ▼ 1.41% |
| LINE | Lineage, Inc. | USD 35.09 | ▲ 2.42% |
| CUBE | CubeSmart | USD 40.15 | ▲ 3.05% |
| EGP | EastGroup Properties, Inc. | USD 202.7 | ▼ 0.3% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 10:08 UTC. This page is informational and not investment advice.
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