Latest Ratios: P/E Ratio 17.5x · EV/EBITDA 26.2x · ROE 10.3%. (2010–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.3B | $6.0B | $5.7B | $5.2B | $4.3B | $6.0B | $4.0B | $3.5B | $2.0B | $1.8B | $1.3B |
| Enterprise Value | $8.2B | $6.9B | $6.5B | $5.8B | $5.0B | $6.6B | $4.3B | $3.9B | $2.5B | $2.2B | $1.7B |
| P/E Ratio → | 17.54 | 14.98 | 30.80 | 34.62 | 21.79 | 98.03 | 68.03 | 102.15 | 31.97 | 36.91 | 109.58 |
| P/S Ratio | 15.35 | 12.66 | 14.81 | 16.15 | 15.56 | 27.21 | 21.34 | 20.49 | 13.33 | 13.59 | 11.75 |
| P/B Ratio | 1.70 | 1.45 | 1.55 | 1.79 | 1.93 | 2.93 | 2.51 | 2.31 | 1.19 | 1.23 | 1.05 |
| P/FCF | 35.07 | 28.93 | 30.43 | 41.26 | 56.12 | 74.62 | 57.44 | 55.96 | 41.58 | 42.78 | 57.13 |
| P/OCF | 26.89 | 22.18 | 24.36 | 29.08 | 30.02 | 45.67 | 39.47 | 37.01 | 26.05 | 25.91 | 25.88 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 14.59 | 16.92 | 18.02 | 18.26 | 29.53 | 23.23 | 22.72 | 16.17 | 16.81 | 15.45 |
| EV / EBITDA | 26.21 | 22.13 | 26.76 | 28.23 | 28.63 | 47.25 | 28.05 | 27.32 | 13.34 | 13.63 | 14.53 |
| EV / EBIT | 42.76 | 15.94 | 31.51 | 33.08 | 22.73 | 62.24 | 63.44 | 65.99 | 30.10 | 31.87 | 59.47 |
| EV / FCF | — | 33.34 | 34.76 | 46.05 | 65.84 | 81.00 | 62.51 | 62.05 | 50.45 | 52.90 | 75.11 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 75.8% | 75.8% | 74.4% | 75.6% | 75.1% | 74.7% | 73.7% | 74.2% | 73.6% | 72.9% | 72.0% |
| Operating Margin | 40.4% | 40.4% | 38.7% | 41.2% | 40.0% | 39.7% | 61.2% | 60.2% | 53.7% | 52.7% | 26.0% |
| Net Profit Margin | 84.6% | 84.6% | 48.2% | 46.8% | 71.7% | 39.3% | 42.7% | 32.5% | 41.7% | 40.1% | 13.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.3% | 10.3% | 5.6% | 5.9% | 9.2% | 4.8% | 5.1% | 3.5% | 4.0% | 4.0% | 1.6% |
| ROA | 7.9% | 7.9% | 4.3% | 4.3% | 6.5% | 3.4% | 3.8% | 2.8% | 3.8% | 3.7% | 1.2% |
| ROIC | 3.0% | 3.0% | 2.8% | 3.1% | 3.0% | 2.9% | 4.5% | 3.8% | 3.0% | 3.0% | 1.6% |
| ROCE | 4.0% | 4.0% | 3.5% | 3.9% | 3.7% | 3.6% | 5.5% | 5.4% | 5.0% | 5.2% | 2.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.23 | 0.23 | 0.22 | 0.26 | 0.35 | 0.35 | 0.29 | 0.32 | 0.27 | 0.31 | 0.34 |
| Debt / EBITDA | 3.00 | 3.00 | 3.40 | 3.74 | 4.38 | 5.20 | 2.97 | 3.46 | 2.51 | 2.83 | 3.60 |
| Net Debt / Equity | — | 0.22 | 0.22 | 0.21 | 0.33 | 0.25 | 0.22 | 0.25 | 0.25 | 0.29 | 0.33 |
| Net Debt / EBITDA | 2.92 | 2.92 | 3.33 | 2.93 | 4.23 | 3.72 | 2.27 | 2.68 | 2.34 | 2.61 | 3.48 |
| Debt / FCF | — | 4.41 | 4.32 | 4.79 | 9.72 | 6.38 | 5.07 | 6.09 | 8.87 | 10.12 | 17.98 |
| Interest Coverage | 13.27 | 13.27 | 9.82 | 7.11 | 9.30 | 5.83 | 4.28 | 3.60 | 4.48 | 4.16 | 2.16 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.08 | 0.08 | 0.12 | 2.20 | 0.94 | 3.45 | 2.00 | 2.24 | 1.26 | 0.95 | 0.21 |
| Quick Ratio | 0.08 | 0.08 | 0.12 | 2.20 | 0.94 | 3.45 | 2.00 | 2.24 | 1.26 | 0.95 | 0.21 |
| Cash Ratio | 0.08 | 0.08 | 0.09 | 1.64 | 0.33 | 2.89 | 1.98 | 1.91 | 0.44 | 0.79 | 0.16 |
| Asset Turnover | — | 0.09 | 0.08 | 0.08 | 0.09 | 0.08 | 0.09 | 0.08 | 0.08 | 0.08 | 0.08 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.9% | 3.4% | 3.1% | 2.6% | 2.5% | 1.4% | 1.9% | 1.8% | 2.5% | 2.3% | 2.6% |
| Payout Ratio | 50.6% | 50.6% | 94.8% | 89.7% | 54.2% | 97.0% | 93.7% | 114.5% | 81.3% | 78.9% | 219.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.7% | 6.7% | 3.2% | 2.9% | 4.6% | 1.0% | 1.5% | 1.0% | 3.1% | 2.7% | 0.9% |
| FCF Yield | 2.9% | 3.5% | 3.3% | 2.4% | 1.8% | 1.3% | 1.7% | 1.8% | 2.4% | 2.3% | 1.8% |
| Buyback Yield | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.2% | 0.1% | 0.2% | 2.7% | 0.1% |
| Total Shareholder Yield | 2.9% | 3.4% | 3.1% | 2.6% | 2.5% | 1.4% | 2.1% | 1.9% | 2.7% | 5.1% | 2.7% |
| Shares Outstanding | — | $103M | $96M | $83M | $76M | $71M | $68M | $65M | $57M | $51M | $45M |
Geographic concentration and liquidity
According to recent market data, Terreno's P/FFO multiple has consistently hovered near 38x-40x, suggesting that investors are assigning a significant scarcity premium to its infill-focused portfolio compared to broader industrial REIT peers that trade at lower multiples despite larger, more diversified asset bases.
The elevated valuation appears to reflect the market's confidence in Terreno's ability to capture outsized rent growth in supply-constrained coastal hubs. Investors should monitor whether this premium remains sustainable if the spread between acquisition cap rates and the company's cost of capital continues to compress.
Based on reported financial statements, Terreno maintained a robust NOI margin of 78.0% in 2025Q4, which underscores the firm's effective utilization of triple-net lease structures that successfully shift the burden of rising property-level operating expenses directly to the tenant base.
This high margin profile suggests that the company's internal management structure is well-aligned with its small-bay asset strategy. However, the sustainability of these margins may be tested if municipal property tax assessments in key markets like New Jersey or California experience significant upward revisions.
As reported in quarterly filings, the FFO payout ratio reached a low of 27.4% in 2025Q4, indicating that the company retains a substantial portion of its cash flow to fund internal growth initiatives and maintain a significant buffer for its dividend distributions.
The low payout ratio suggests that the dividend is well-covered by recurring earnings, even when accounting for the inherent volatility in FFO caused by asset dispositions. This financial flexibility appears to be a core component of the company's strategy to minimize reliance on external debt markets.
Based on the company's reported figures, Terreno maintains a remarkably low debt-to-equity ratio of 0.11 as of 2026Q1, which stands in stark contrast to broader industrial REIT peers and suggests a fortress balance sheet capable of weathering significant market volatility or interest rate fluctuations.
This minimal leverage profile provides the company with significant dry powder to pursue acquisitions during periods of market dislocation. While this conservative stance is a clear strength, investors should monitor whether it may lead to suboptimal capital efficiency if the firm fails to deploy capital aggressively.
The standard P/E ratio is frequently misapplied to Terreno, as it fails to account for the significant non-cash depreciation charges inherent in real estate accounting, which artificially depress net income and obscure the company's true recurring earnings power.
Investors should prioritize FFO or AFFO over P/E to better understand the cash-generating capacity of the portfolio. Relying on P/E may lead to a fundamental misunderstanding of the company's valuation, as it ignores the underlying value of the real estate assets and the impact of capital expenditures.
Includes 30+ ratios · 16 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying TRNO stock.
Terreno Realty Corporation's current P/E ratio is 17.5x. The historical average is 66.1x. This places it at the 7th percentile of its historical range.
Terreno Realty Corporation's current EV/EBITDA is 26.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 26.0x.
Terreno Realty Corporation's return on equity (ROE) is 10.3%. The historical average is 3.5%.
Based on historical data, Terreno Realty Corporation is trading at a P/E of 17.5x. This is at the 7th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Terreno Realty Corporation's current dividend yield is 2.89% with a payout ratio of 50.6%.
Terreno Realty Corporation has 75.8% gross margin and 40.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Terreno Realty Corporation's Debt/EBITDA ratio is 3.0x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.