TRNO · Real estate(real estate) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Terreno Realty Corp reported revenue of $476.4 million in fiscal 2025, after growing 17.9% a year over the previous 9 years. Of the $1.4 billion its operations generated over 10 years, 71.9% went to dividends; the share count rose 116.7%. On the accounting screens, it passes 4 of 7 Piotroski tests; 1 of the six cross-checks between its statements fires.
Revenue, fiscal 2025476.4M+17.9% a year over 9 years
Operating margin—gross margin —
Return on invested capital—
Free cash flow—
Net debt ÷ EBITDA—net debt 918.3M
Piotroski F-score4/7tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
0200.0M400.0M600.0M
2016Revenue 108.4M
2017Revenue 132.5M
2018Revenue 151.7M
2019Revenue 171.0M
2020Revenue 186.9M
2021Revenue 221.9M
2022Revenue 276.2M
2023Revenue 323.6M
2024Revenue 382.6M
2025Revenue 476.4M
2016201720182019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
+19.9%
+20.6%
+17.9%
Net income
+26.7%
+38.2%
+44.0%
Earnings per share
+14.4%
+27.4%
+32.2%
Dividend per share
+11.8%
+12.6%
+12.3%
Shares
+10.8%
+8.5%
+9.0%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
GrossOperatingNetFree cash flow
0.0%25.0%50.0%75.0%100.0%
2016Net 13.9%
2017Net 40.1%
2018Net 41.7%
2019Net 32.5%
2020Net 42.7%
2021Net 39.3%
2022Net 71.7%
2023Net 46.8%
2024Net 48.2%
2025Net 84.6%
2016201720182019202020212022202320242025
Return on invested capital
Economic profit
Needs a cost of capital, which comes from the valuation below.
Return on equity
9.7%
Return on assets
7.5%
Asset turnover
0.09×
Overheads (SG&A)
9.9% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
0200.0M400.0M600.0M
2016Net income 15.1M
2017Net income 53.1M
2018Net income 63.3M
2019Net income 55.5M
2020Net income 79.8M
2021Net income 87.3M
2022Net income 198.0M
2023Net income 151.5M
2024Net income 184.5M
2025Net income 403.0M
2016201720182019202020212022202320242025
Where 10 years of operating cash went, 2016–2025
1.4B generated by the business. Each band is its share of that total.
Reinvested in the business 0%0
Acquisitions 0%0
Dividends 72%971.6M
Share buybacks 2%32.4M
Kept, or used to pay down debt 26%347.7M
Over the same years it paid 113.8M in stock. The share count rose 116.7%. The buybacks did not even cover what was handed out in stock.
Per share
Earnings per shareFree cash flow per shareDividend per share
$0.00$1.00$2.00$3.00$4.00
2016Earnings per share $0.32Dividend per share $0.70
2017Earnings per share $1.03Dividend per share $0.82
2018Earnings per share $1.10Dividend per share $0.89
2019Earnings per share $0.86Dividend per share $0.98
2020Earnings per share $1.17Dividend per share $1.10
2021Earnings per share $1.23Dividend per share $1.20
2022Earnings per share $2.62Dividend per share $1.42
2023Earnings per share $1.82Dividend per share $1.63
2024Earnings per share $1.93Dividend per share $1.83
2025Earnings per share $3.92Dividend per share $1.98
2016201720182019202020212022202320242025
Shares outstanding
Diluted shares
40.0M60.0M80.0M100.0M120.0M
2016Diluted shares 47.4M
2017Diluted shares 51.4M
2018Diluted shares 57.5M
2019Diluted shares 64.7M
2020Diluted shares 68.2M
2021Diluted shares 70.8M
2022Diluted shares 75.6M
2023Diluted shares 83.4M
2024Diluted shares 95.8M
2025Diluted shares 102.7M
2016201720182019202020212022202320242025
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
0250.0M500.0M750.0M1.0B
2016Net debt 401.1M
2017Net debt 426.0M
2018Net debt 431.1M
2019Net debt 381.5M
2020Net debt 351.9M
2021Net debt 516.3M
2022Net debt 744.4M
2023Net debt 606.2M
2024Net debt 805.4M
2025Net debt 918.3M
2016201720182019202020212022202320242025
Net debt ÷ EBITDA
—
Interest coverage
— operating income ÷ interest
Current ratio
— current assets ÷ current liabilities
Cash conversion cycle
—
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
4of 7 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✓Profitability improvedReturn on assets higher than a year beforepassed
✕Profit backed by cashOperating cash flow above net income (low accruals)failed
✕Less long-term debtLong-term debt as a share of assets fellfailed
–More liquidCurrent ratio higher than a year before — not reportedno data
✕No new sharesShare count did not growfailed
–Better gross marginGross margin higher than a year before — not reportedno data
✓Sells more per assetAsset turnover higher than a year beforepassed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
The accounts lack a line it needs (retained earnings, current assets or liabilities).
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Reported profit comfortably exceeds the cash generated (403M against 272M).
Benign
Growth consuming working capital, or the seasonality of the year-end.
Worrying
Profit held up by accounting entries that do not turn into money.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 3 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market$1.1M3 sale(s) by 3 insider(s)
Under pre-arranged plans0%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
