Terreno Realty Corporation

NYSE:TRNO Stock Report

Market Cap: US$6.7b

Terreno Realty Valuation

Is TRNO undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of TRNO when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
US$76.59
Fair Value
12.9% undervalued intrinsic discount
17
Number of Analysts

Below Fair Value: TRNO ($66.72) is trading below our estimate of fair value ($76.59)

Significantly Below Fair Value: TRNO is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TRNO?

Key metric: As TRNO is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for TRNO. This is calculated by dividing TRNO's market cap by their current earnings.
What is TRNO's PE Ratio?
PE Ratio36.2x
EarningsUS$183.71m
Market CapUS$6.66b

Price to Earnings Ratio vs Peers

How does TRNO's PE Ratio compare to its peers?

The above table shows the PE ratio for TRNO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average34x
STAG STAG Industrial
34.6x4.7%US$6.6b
FR First Industrial Realty Trust
25.6x-1.4%US$7.6b
EGP EastGroup Properties
41x11.3%US$9.3b
REXR Rexford Industrial Realty
34.9x12.0%US$9.5b
TRNO Terreno Realty
36.2x1.8%US$6.7b

Price-To-Earnings vs Peers: TRNO is expensive based on its Price-To-Earnings Ratio (36.2x) compared to the peer average (34x).

Price to Earnings Ratio vs Industry

How does TRNO's PE Ratio compare vs other companies in the Global Industrial REITs Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
TRNO 36.2xIndustry Avg. 18.4xNo. of Companies10PE01224364860+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: TRNO is expensive based on its Price-To-Earnings Ratio (36.2x) compared to the Global Industrial REITs industry average (18.6x).

Price to Earnings Ratio vs Fair Ratio

What is TRNO's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TRNO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio36.2x
Fair PE Ratio32.4x

Price-To-Earnings vs Fair Ratio: TRNO is expensive based on its Price-To-Earnings Ratio (36.2x) compared to the estimated Fair Price-To-Earnings Ratio (32.4x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst TRNO forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$66.72
US$68.59
+2.8%
9.1%US$80.00US$58.00n/a17
Feb ’26US$65.42
US$67.63
+3.4%
9.6%US$80.00US$58.00n/a16
Jan ’26US$59.14
US$69.27
+17.1%
8.2%US$80.00US$58.00n/a15
Dec ’25US$60.63
US$70.13
+15.7%
10.3%US$87.00US$59.00n/a15
Nov ’25US$59.90
US$72.13
+20.4%
8.5%US$87.00US$62.00n/a15
Oct ’25US$65.63
US$72.47
+10.4%
8.5%US$88.00US$62.00n/a15
Sep ’25US$69.04
US$72.47
+5.0%
8.5%US$88.00US$62.00n/a15
Aug ’25US$68.45
US$67.67
-1.1%
11.7%US$87.00US$57.00n/a15
Jul ’25US$59.43
US$67.73
+14.0%
12.2%US$89.00US$57.00n/a15
Jun ’25US$56.58
US$67.71
+19.7%
12.6%US$89.00US$57.00n/a14
May ’25US$54.28
US$70.00
+29.0%
9.1%US$87.00US$62.00n/a14
Apr ’25US$64.09
US$68.43
+6.8%
9.0%US$80.00US$52.00n/a14
Mar ’25US$65.50
US$67.71
+3.4%
8.7%US$80.00US$52.00n/a14
Feb ’25US$61.41
US$66.43
+8.2%
9.5%US$80.00US$52.00US$65.4214
Jan ’25US$62.67
US$64.79
+3.4%
11.1%US$80.00US$52.00US$59.1414
Dec ’24US$58.98
US$65.31
+10.7%
9.5%US$80.00US$56.00US$60.6313
Nov ’24US$54.28
US$68.62
+26.4%
8.8%US$80.00US$60.00US$59.9013
Oct ’24US$56.80
US$70.50
+24.1%
7.8%US$80.00US$63.00US$65.6312
Sep ’24US$60.90
US$70.50
+15.8%
7.8%US$80.00US$63.00US$69.0412
Aug ’24US$58.85
US$69.83
+18.7%
6.9%US$80.00US$63.00US$68.4512
Jul ’24US$60.10
US$71.30
+18.6%
6.1%US$80.00US$64.00US$59.4310
Jun ’24US$60.51
US$71.30
+17.8%
6.1%US$80.00US$64.00US$56.5810
May ’24US$60.35
US$71.78
+18.9%
6.1%US$80.00US$64.00US$54.289
Apr ’24US$64.60
US$71.10
+10.1%
6.3%US$80.00US$64.00US$64.0910
Mar ’24US$61.64
US$70.64
+14.6%
6.5%US$80.00US$64.00US$65.5011
Feb ’24US$64.88
US$66.00
+1.7%
7.1%US$74.00US$57.00US$61.4111
Analyst Price Target
Consensus Narrative from 17 Analysts
US$68.59
Fair Value
2.7% undervalued intrinsic discount
17
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

Discover undervalued companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/02/16 09:27
End of Day Share Price 2025/02/14 00:00
Earnings2024/12/31
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Terreno Realty Corporation is covered by 27 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
David RodgersBaird
Brendan LynchBarclays
Connor SiverskyBerenberg