Terreno Realty (TRNO)
Market Price (3/30/2026): $60.69 | Market Cap: $6.3 BilSector: Real Estate | Industry: Industrial REITs
Terreno Realty (TRNO)
Market Price (3/30/2026): $60.69Market Cap: $6.3 BilSector: Real EstateIndustry: Industrial REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.7%, Dividend Yield is 3.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.6% | Weak multi-year price returns2Y Excs Rtn is -20%, 3Y Excs Rtn is -49% | Expensive valuation multiplesP/SPrice/Sales ratio is 13x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 23x |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 25% | Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.29 | Key risksTRNO key risks include [1] a higher debt burden that increases its vulnerability to rising interest rates, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 57%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 44% | ||
| Low stock price volatilityVol 12M is 26% | ||
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, E-commerce Logistics & Data Centers, and Automation & Robotics. Themes include Last-Mile Delivery, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.7%, Dividend Yield is 3.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.6% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 25% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 57%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 44% |
| Low stock price volatilityVol 12M is 26% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, E-commerce Logistics & Data Centers, and Automation & Robotics. Themes include Last-Mile Delivery, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -20%, 3Y Excs Rtn is -49% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.29 |
| Expensive valuation multiplesP/SPrice/Sales ratio is 13x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 23x |
| Key risksTRNO key risks include [1] a higher debt burden that increases its vulnerability to rising interest rates, Show more. |
Qualitative Assessment
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1. Mixed Macroeconomic Signals in the Industrial Real Estate Sector: The broader industrial real estate market presented a mixed picture, leading to balanced investor sentiment. While national industrial vacancy increased to 7.6% in Q4 2025 due to new supply outpacing demand and year-over-year rent growth slowed to 1.3%, signaling a challenging environment, there was also renewed momentum in industrial demand. Q4 2025 net absorption improved sharply by 29% from the prior year, and overall U.S. industrial vacancy held relatively stable at 7.1%, suggesting market stabilization. This equilibrium of positive and negative trends for the sector likely contributed to TRNO's stable stock movement.
2. Strong Q4 2025 Earnings Beat Tempered by One-Off Gains: Terreno Realty reported robust Q4 2025 financial results, with earnings per share (EPS) of $0.84, significantly beating analysts' estimates of $0.45 by 86.67%. Funds from operations (FFO) per share also increased to $0.83 in Q4 2025, up from $0.62 in Q4 2024, and cash rents on new and renewed leases rose by approximately 29.8% during the quarter. However, reports indicated that a "large one-off gain" in 2025 significantly contributed to these strong results, raising concerns among some investors about the sustainability of such high earnings levels going forward, thereby dampening sustained upward momentum.
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Stock Movement Drivers
Fundamental Drivers
The -1.7% change in TRNO stock from 11/30/2025 to 3/29/2026 was primarily driven by a -21.5% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 61.73 | 60.69 | -1.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 443 | 476 | 7.6% |
| Net Income Margin (%) | 72.5% | 84.6% | 16.7% |
| P/E Multiple | 19.8 | 15.5 | -21.5% |
| Shares Outstanding (Mil) | 103 | 103 | -0.3% |
| Cumulative Contribution | -1.7% |
Market Drivers
11/30/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| TRNO | -1.7% | |
| Market (SPY) | -5.3% | 32.3% |
| Sector (XLRE) | -2.9% | 60.9% |
Fundamental Drivers
The 7.8% change in TRNO stock from 8/31/2025 to 3/29/2026 was primarily driven by a 41.8% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 56.29 | 60.69 | 7.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 426 | 476 | 11.8% |
| Net Income Margin (%) | 59.7% | 84.6% | 41.8% |
| P/E Multiple | 22.8 | 15.5 | -31.8% |
| Shares Outstanding (Mil) | 103 | 103 | -0.3% |
| Cumulative Contribution | 7.8% |
Market Drivers
8/31/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| TRNO | 7.8% | |
| Market (SPY) | 0.6% | 31.3% |
| Sector (XLRE) | -3.7% | 62.6% |
Fundamental Drivers
The -6.6% change in TRNO stock from 2/28/2025 to 3/29/2026 was primarily driven by a -55.6% change in the company's P/E Multiple.| (LTM values as of) | 2282025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 65.00 | 60.69 | -6.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 383 | 476 | 24.5% |
| Net Income Margin (%) | 48.2% | 84.6% | 75.4% |
| P/E Multiple | 35.0 | 15.5 | -55.6% |
| Shares Outstanding (Mil) | 99 | 103 | -3.8% |
| Cumulative Contribution | -6.6% |
Market Drivers
2/28/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| TRNO | -6.6% | |
| Market (SPY) | 9.8% | 57.6% |
| Sector (XLRE) | -4.1% | 75.9% |
Fundamental Drivers
The 7.9% change in TRNO stock from 2/28/2023 to 3/29/2026 was primarily driven by a 72.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282023 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 56.24 | 60.69 | 7.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 276 | 476 | 72.5% |
| Net Income Margin (%) | 71.7% | 84.6% | 18.0% |
| P/E Multiple | 21.6 | 15.5 | -28.0% |
| Shares Outstanding (Mil) | 76 | 103 | -26.3% |
| Cumulative Contribution | 7.9% |
Market Drivers
2/28/2023 to 3/29/2026| Return | Correlation | |
|---|---|---|
| TRNO | 7.9% | |
| Market (SPY) | 69.4% | 49.6% |
| Sector (XLRE) | 16.1% | 73.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TRNO Return | 49% | -32% | 13% | -3% | 3% | 6% | 22% |
| Peers Return | 66% | -30% | 19% | -14% | 15% | -2% | 34% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -5% | 72% |
Monthly Win Rates [3] | |||||||
| TRNO Win Rate | 58% | 33% | 42% | 58% | 58% | 67% | |
| Peers Win Rate | 77% | 33% | 55% | 43% | 68% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| TRNO Max Drawdown | -7% | -39% | -9% | -13% | -13% | 0% | |
| Peers Max Drawdown | -5% | -38% | -10% | -19% | -13% | -4% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PLD, REXR, EGP, FR, STAG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/27/2026 (YTD)
How Low Can It Go
| Event | TRNO | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -40.2% | -25.4% |
| % Gain to Breakeven | 67.1% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -30.7% | -33.9% |
| % Gain to Breakeven | 44.3% | 51.3% |
| Time to Breakeven | 395 days | 148 days |
| 2018 Correction | ||
| % Loss | -16.2% | -19.8% |
| % Gain to Breakeven | 19.4% | 24.7% |
| Time to Breakeven | 84 days | 120 days |
Compare to PLD, REXR, EGP, FR, STAG
In The Past
Terreno Realty's stock fell -40.2% during the 2022 Inflation Shock from a high on 12/31/2021. A -40.2% loss requires a 67.1% gain to breakeven.
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About Terreno Realty (TRNO)
AI Analysis | Feedback
Here are a few analogies to describe Terreno Realty (TRNO):
- TRNO is like the landlord for the warehouses and distribution centers that companies like Amazon or FedEx use, but specifically in major coastal markets.
- TRNO is like a Marriott or Hilton, but instead of hotels, it owns industrial warehouses and distribution centers in prime urban logistics hubs.
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- Leasing of Industrial Buildings: Providing space within industrial buildings to tenants.
- Leasing of Improved Land Parcels: Offering developed land parcels for various industrial uses to tenants.
- Industrial Property Development and Redevelopment: Creating and improving industrial real estate assets for future leasing.
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Major Customers of Terreno Realty (TRNO)
Terreno Realty Corporation (TRNO) is a real estate investment trust (REIT) that acquires, owns, and operates industrial real estate. As such, its customers are not individuals but rather businesses that lease its industrial buildings and land parcels.
The provided background information describes the company's portfolio (industrial buildings, improved land parcels) and its operating markets (six major coastal U.S. markets). However, it does not list the names of its specific tenant companies, whether public or private. Therefore, we cannot identify its major customers by name from the information given.
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W. Blake Baird, Chairman & Chief Executive Officer, Co-Founder
Blake Baird co-founded Terreno Realty Corporation. Prior to co-founding Terreno, he served as President and a Director of AMB Property Corporation (now Prologis, NYSE:PLD) and Chairman of its Investment Committee. He led a significant transformation of AMB, shifting its focus to industrial properties near major airports and seaports, internalizing property operations, and expanding internationally. Mr. Baird joined AMB in January 1999 as Chief Investment Officer, became President in January 2000, and was elected to the Board in 2001. Before joining AMB, he was a Managing Director of Morgan Stanley & Co., where he headed Real Estate Investment Banking for the western United States, having spent 15 years at Morgan Stanley and Dean Witter, with 11 years focused on real estate. He also co-founded Terreno Capital Partners LLC, a private real estate investment firm, serving as Managing Partner from September 2007 to February 2010. Mr. Baird currently serves as a Director of Sunstone Hotel Investors, Inc. (NYSE:SHO) and previously was a Director of Matson, Inc. (NYSE:MATX) from 2012-2020 and Alexander & Baldwin, Inc. (NYSE:ALEX) from 2006-2012.
Jaime J. Cannon, Executive Vice President & Chief Financial Officer
Jaime Cannon joined Terreno Realty Corporation in March 2010 and currently oversees the company's finance, accounting, and sustainability efforts. Before joining Terreno, he worked at AMB Property Corporation (now Prologis, NYSE:PLD) from 2003 to 2010, holding various positions, most recently as Vice President, Treasury. From 1997 to 2003, Mr. Cannon worked at Arthur Andersen and PriceWaterhouseCoopers, specializing in real estate companies as an Audit Manager.
Michael A. Coke, President, Co-Founder
Michael A. Coke is a Co-Founder and President of Terreno Realty Corporation.
John T. Meyer, Executive Vice President & Chief Operating Officer
John T. Meyer joined Terreno Realty Corporation in 2010 and oversees the company's operations. Prior to Terreno, he was Senior Vice President, Director of Transactions, Southwest Region of North America for AMB Property Corporation (now Prologis, NYSE: PLD). During his two decades at AMB, he was responsible for expanding the portfolio in the Western United States through acquisitions and development, and oversaw areas including Finance, Operations, Airport Facilities, and Customer Development.
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The key risks to Terreno Realty's (TRNO) business are primarily linked to the broader economic and real estate market conditions, along with specific geopolitical factors affecting its coastal industrial property portfolio.
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Interest Rate Environment: Elevated interest rates pose a significant risk to Terreno Realty. High rates increase the cost of borrowing for new property acquisitions and developments, which can dampen growth opportunities. Moreover, a higher interest rate environment can make fixed-income investments more attractive, potentially diverting capital away from Real Estate Investment Trusts (REITs) and impacting their valuations. Terreno Realty specifically identifies interest rate risk as a primary market risk due to its reliance on debt for liquidity, capital expenditures, and portfolio expansion.
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Economic Downturn, Industrial Real Estate Demand, and Oversupply: An overall economic downturn could lead to decreased demand for industrial space, directly affecting Terreno Realty's occupancy rates and rental income. While the industrial real estate sector has demonstrated resilience, market operating conditions weakened in both 2023 and 2024. This was partly due to an excess of new industrial developments entering the market colliding with a slowdown in industrial absorption nationally. Changes in the demand for industrial real estate are considered a sector-specific risk for the company.
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Trade Policies and Geopolitical Risks: Terreno Realty faces elevated exposure to macroeconomic and tenant-level stress due to shifting U.S. and foreign trade policies, including the implementation of new and retaliatory tariffs. Such policies can lead to higher costs and compressed profit margins for import- and export-dependent tenants, increasing the risk of tenant defaults and lease renegotiations. Prolonged trade frictions and uncertainty surrounding future governmental actions could also reduce overall economic activity and logistics demand within Terreno Realty's core infill industrial markets, negatively impacting occupancy, rental rates, and cash flows.
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Terreno Realty (TRNO) operates in six major coastal U.S. markets, focusing on industrial real estate. The addressable market size for their main products or services can be identified by examining industrial real estate sales volumes and total industrial inventory in these regions.
- Los Angeles, U.S.: The industrial real estate market in Los Angeles saw sales of approximately $1.2 billion in Q4 2025, with annual activity around $4 billion as of Q3 2025.
- Northern New Jersey/New York City, U.S.: The Northern New Jersey industrial market had a sales volume of $127.4 million in Q1 2024, compared to $890.3 million in Q1 2023. In 2020, the Northern New Jersey industrial market had an overall inventory of approximately 492.3 million square feet.
- San Francisco Bay Area, U.S.: Industrial sales in the San Francisco Bay Area totaled approximately $119 million in Q3 2025, with sales volume reaching roughly $500 million over the past year.
- Seattle, U.S.: The Puget Sound region, which includes Seattle, had an industrial inventory of 409.6 million square feet in Q4 2025. Year-to-date industrial real estate sales in Seattle had exceeded $1 billion by July 2021.
- Miami, U.S.: The Miami industrial market recorded a sales volume of $1.5 billion in 2023 and $271 million in Q1 2024. The sales volume for the last 12 months as of Q4 2023 also stood at $1.5 billion.
- Washington, D.C., U.S.: The Washington D.C. metro area's industrial market has a total inventory of approximately 211 million square feet.
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Terreno Realty (TRNO) is expected to drive future revenue growth over the next 2-3 years through several key strategies:- Increased Rents on New and Renewed Leases: Terreno Realty has consistently demonstrated the ability to secure significantly higher cash rents on both new and renewed leases. In the first quarter of 2025, the company saw a 34.2% increase in cash rents on new and renewed leases for its operating portfolio. Similarly, for the full year 2025, cash rents on new and renewed leases grew by 25.4%, following a 36.5% increase in Q4 2024. The company anticipates that rental rates for new or renewed leases in 2026 will continue to be above current rates, indicating a sustained favorable pricing environment in its target markets.
- Strategic Acquisitions of Industrial Properties: The company actively pursues strategic acquisitions to expand its portfolio and enhance revenue-generating capacity. In 2025, Terreno Realty acquired 12 industrial properties and one portfolio for approximately $683.5 million. In Q4 2024, acquisitions amounted to $409.5 million, contributing to growth in 2025, with a total of $884 million acquired in 2024. This ongoing acquisition strategy, focused on properties that offer attractive returns and align with its urban infill focus, will continue to directly increase rental income.
- Development and Redevelopment Projects: Terreno Realty is engaged in opportunistic development and redevelopment projects that will bring new supply to its high-demand markets. As of December 31, 2025, six properties were under development or redevelopment, projected to comprise nine buildings totaling approximately 1.2 million square feet upon completion. These projects are expected to stabilize and commence lease-up between 2026 and 2028. A significant project, Countyline Corporate Park Phase IV in Miami, is anticipated to deliver 2.2 million square feet of industrial space by 2027. The completion and leasing of these new assets will be a substantial driver of future revenue.
- High Occupancy and Tenant Retention in Coastal Infill Markets: The company's strategy of focusing on functional industrial real estate in infill locations within major coastal U.S. markets contributes to consistently high occupancy rates and strong tenant retention. As of March 31, 2025, the operating portfolio's occupancy was 96.6%, an increase of 40 basis points year over year. The same-store portfolio maintained a 97.4% occupancy rate for the quarter. High occupancy minimizes revenue leakage and ensures a stable stream of rental income, further supported by early lease renewals that secure long-term cash flows.
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Share Repurchases
- Terreno Realty Corporation's Board of Directors approved a share repurchase program authorizing the company to repurchase up to 3,000,000 shares of its outstanding common stock through December 31, 2026.
- The company did not repurchase any shares of common stock during the fourth quarter of 2024.
- Similarly, Terreno Realty Corporation did not repurchase any common stock in the second quarter of 2025.
Share Issuance
- In 2024, Terreno Realty Corporation issued 11,654,544 shares of common stock, including a public offering and at-the-market (ATM) program, generating aggregate gross proceeds of $747.2 million.
- Year-to-date through September 30, 2025, the company issued 3,506,371 shares of common stock through its ATM program, receiving gross proceeds of $237.4 million.
- From August 28, 2024, through February 13, 2026, under a prior ATM program, Terreno Realty Corporation issued 6,977,280 shares of common stock, receiving approximately $464.4 million in gross proceeds.
Inbound Investments
- No information is available regarding large investments made in Terreno Realty by third-parties (e.g., a strategic partner or private equity firm) over the last 3-5 years.
Outbound Investments
- No information is available regarding instances where Terreno Realty made a strategic investment in another company over the last 3-5 years.
Capital Expenditures
- In 2025, Terreno Realty Corporation acquired 12 industrial properties and one portfolio for approximately $683.5 million, funded through existing cash, dispositions, and debt.
- During 2025, the company commenced development of two properties with a total expected investment of $109.6 million and completed the development and stabilization of three properties with a total expected investment of $117.0 million.
- As of December 31, 2025, Terreno Realty had six properties under development or redevelopment, which are expected to consist of nine buildings totaling approximately 1.2 million square feet upon completion.
Latest Trefis Analyses
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| 12122025 | LINE | Lineage | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 11.7% | 11.7% | -7.3% |
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| 01312022 | TRNO | Terreno Realty | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | -15.5% | -11.6% | -30.5% |
| 03312020 | TRNO | Terreno Realty | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 6.7% | 14.0% | -11.4% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 58.94 |
| Mkt Cap | 7.6 |
| Rev LTM | 786 |
| Op Inc LTM | 314 |
| FCF LTM | 432 |
| FCF 3Y Avg | 379 |
| CFO LTM | 472 |
| CFO 3Y Avg | 425 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.4% |
| Rev Chg 3Y Avg | 14.3% |
| Rev Chg Q | 9.1% |
| QoQ Delta Rev Chg LTM | 2.2% |
| Op Mgn LTM | 39.4% |
| Op Mgn 3Y Avg | 39.1% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 57.0% |
| CFO/Rev 3Y Avg | 57.2% |
| FCF/Rev LTM | 52.3% |
| FCF/Rev 3Y Avg | 52.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 7.6 |
| P/S | 11.8 |
| P/EBIT | 23.1 |
| P/E | 33.1 |
| P/CFO | 18.4 |
| Total Yield | 6.7% |
| Dividend Yield | 3.1% |
| FCF Yield 3Y Avg | 4.6% |
| D/E | 0.3 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -8.4% |
| 3M Rtn | -0.1% |
| 6M Rtn | 9.4% |
| 12M Rtn | 6.2% |
| 3Y Rtn | 17.8% |
| 1M Excs Rtn | -0.7% |
| 3M Excs Rtn | 7.7% |
| 6M Excs Rtn | 14.1% |
| 12M Excs Rtn | -5.5% |
| 3Y Excs Rtn | -36.5% |
Price Behavior
| Market Price | $60.69 | |
| Market Cap ($ Bil) | 6.3 | |
| First Trading Date | 02/10/2010 | |
| Distance from 52W High | -7.8% | |
| 50 Days | 200 Days | |
| DMA Price | $62.94 | $58.69 |
| DMA Trend | up | up |
| Distance from DMA | -3.6% | 3.4% |
| 3M | 1YR | |
| Volatility | 19.7% | 26.4% |
| Downside Capture | 0.24 | 0.51 |
| Upside Capture | 64.32 | 59.59 |
| Correlation (SPY) | 35.3% | 58.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.27 | 0.28 | 0.28 | 0.46 | 0.79 | 0.80 |
| Up Beta | 0.40 | 0.39 | 0.45 | 0.96 | 0.94 | 0.88 |
| Down Beta | 0.49 | 0.62 | 0.37 | 0.35 | 0.85 | 0.83 |
| Up Capture | 90% | 51% | 36% | 53% | 41% | 37% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 13 | 23 | 31 | 68 | 134 | 385 |
| Down Capture | -64% | -38% | 0% | 23% | 72% | 92% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 8 | 18 | 30 | 56 | 117 | 364 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TRNO | |
|---|---|---|---|---|
| TRNO | -1.0% | 26.3% | -0.07 | - |
| Sector ETF (XLRE) | -1.0% | 16.3% | -0.24 | 76.6% |
| Equity (SPY) | 14.5% | 18.9% | 0.59 | 58.6% |
| Gold (GLD) | 50.2% | 27.7% | 1.46 | 10.9% |
| Commodities (DBC) | 17.8% | 17.6% | 0.85 | 29.1% |
| Real Estate (VNQ) | 0.4% | 16.4% | -0.15 | 80.5% |
| Bitcoin (BTCUSD) | -23.7% | 44.2% | -0.49 | 20.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TRNO | |
|---|---|---|---|---|
| TRNO | 4.0% | 24.7% | 0.14 | - |
| Sector ETF (XLRE) | 3.9% | 19.0% | 0.11 | 77.9% |
| Equity (SPY) | 11.8% | 17.0% | 0.54 | 56.8% |
| Gold (GLD) | 20.7% | 17.7% | 0.96 | 13.1% |
| Commodities (DBC) | 11.6% | 18.9% | 0.50 | 10.6% |
| Real Estate (VNQ) | 3.0% | 18.8% | 0.07 | 79.5% |
| Bitcoin (BTCUSD) | 4.0% | 56.6% | 0.29 | 22.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TRNO | |
|---|---|---|---|---|
| TRNO | 12.9% | 24.5% | 0.51 | - |
| Sector ETF (XLRE) | 5.9% | 20.4% | 0.25 | 76.5% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 58.8% |
| Gold (GLD) | 13.3% | 15.8% | 0.70 | 11.8% |
| Commodities (DBC) | 8.2% | 17.6% | 0.39 | 15.5% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 77.6% |
| Bitcoin (BTCUSD) | 66.4% | 66.8% | 1.06 | 17.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/04/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/05/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/07/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/08/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Meyer, John Tull | EVP | Direct | Sell | 11072025 | 59.95 | 4,758 | 285,242 | 7,190,943 | Form |
| 2 | Coke, Michael A | President | Direct | Sell | 8142025 | 53.96 | 10,000 | 539,600 | 22,253,913 | Form |
| 3 | Polk, Dennis | Direct | Sell | 2132025 | 67.20 | 9,703 | 652,042 | 3,133,805 | Form | |
| 4 | Cannon, Jaime Jackson | CFO | Direct | Sell | 2102026 | 65.99 | 7,000 | 461,930 | 7,261,408 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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