Terreno Realty Corporation Common Stock (TRNO)

FairStock Score: 76/100 — HIGH CONVICTION

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach REITs differently because depreciation and property sales distort reported EPS. Terreno owns coastal industrial real estate, and the revenue record is respectable: FY2023 $323.6M, FY2024 $382.6M, FY2025 $476.4M. In fiscal Q2 2026 (quarter ended 2026-06-30), revenue was $124.7M, up from $112.2M in fiscal Q2 2025, but net income dropped to $57.6M from $93.3M, and diluted EPS fell to $0.54 from $0.90. That profit swing is a yellow flag. The balance sheet looks conservative: debt-to-equity 0.21 and Altman Z-Score 3.47, both FairStock calculations. At the $65.87 close on 2026-10-13, P/B is 1.60, P/E is 17.71, dividend yield 3.47%, FCF yield 3.0%, and EV/EBITDA 14.70. Those are not bargain-basement numbers. FFO and AFFO—the right REIT measures—are not in the data, so I would lean on revenue trend, leverage, P/B, and dividend. The coastal industrial niche has advantages, but 47 employees and a 3.5% yield don't give me a large valuation cushion. FairStock's 76/100 score is decent; I'd want more proof that net income normalizes.

In plain English: Terreno owns warehouses and industrial buildings in six coastal U.S. markets. Revenue has been rising and the company uses little debt, but recent profit fell from a year earlier. Based on the numbers given, the shares look roughly fair rather than clearly cheap or expensive.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer