Terreno Realty Corp. (TRNO) intrinsic value & 10-year financials
Terreno Realty Corp. (TRNO) has a Graham intrinsic value of $129.87 per share. At $64.06 on Oct 17, 2026, the stock trades 51% below that value. Over the last 10 fiscal years revenue grew 17.9% a year to $476.4M, with an average return on invested capital of 4.5%.
- Graham intrinsic value
- $129.87
- Share price (Oct 17, 2026)
- $64.06
- Price vs Graham value
- 51% below
- Market cap
- $6.6B
- Revenue (FY2025)
- $476.4M
- Revenue growth (10-yr CAGR)
- 17.9%
- ROIC (10-yr avg)
- 4.5%
- Free cash flow (FY2025)
- —
TRNO 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $476.4M | $403.0M | $3.91 | — | — | 8.5% |
| FY2024 | $382.6M | $184.5M | $1.92 | — | — | 4.6% |
| FY2023 | $323.6M | $151.5M | $1.81 | — | — | 4.7% |
| FY2022 | $276.2M | $198.0M | $2.61 | — | — | 7.1% |
| FY2021 | $221.9M | $87.3M | $1.23 | — | — | 3.9% |
| FY2020 | $186.9M | $79.8M | $1.16 | — | — | 4.2% |
| FY2019 | $171.0M | $55.5M | $0.85 | — | — | 3.1% |
| FY2018 | $151.7M | $63.3M | $1.09 | — | — | 4.0% |
| FY2017 | $132.5M | $53.1M | $0.95 | — | — | 4.0% |
| FY2016 | $108.4M | $15.1M | — | — | — | 1.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Terreno Realty Corp is a consistent compounder, expanding top-line revenue at 17.9% annually over the past decade.
Terreno Realty Corp has historically struggled to out-earn its cost of capital, averaging just 4.5% ROIC.
Over the decade, Terreno Realty Corp shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Terreno Realty Corp is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $129.87 per share.