MeritValue

Terreno Realty Corp

TRNOdata completeness 88%15 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Terreno Realty Corp earns about 7% on equity, but has diluted owners by 45% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $18.61 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$221.9M1$276.2M2$323.6M3$382.6M3$476.4M3
Net income$87.3M4$198M5$151.5M6$184.5M6$403M6
Operating cash flow$132.2M7$143.2M8$179.7M9$232.7M9$271.9M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$720.7M10$770.8M11$771.6M12$823.4M13$943.3M13
Cash & equivalents$204.4M14$26.4M15$165.4M15$18.1M15$25M15
Diluted shares70.8M75.6M83.4M95.8M102.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$403.63
your share of equity
Profit it earned you last year
$39.23
Free cash flow it threw off
—
Debt you’d be carrying
$91.83

10 shares is a claim on $403.63 of net worth that earned you $39.23 last year, against $91.83 of debt.

iii. Is this a good business?
Moat signal · return on equity
7% avg · 5y
FY21 4%FY22 9%FY23 5%FY24 5%FY25 10%

It earned an average 7% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+45% shares · 5y

Share count is up 45% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 31% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$18.61
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$184.5M
  • growthAssumed0.0%
Graham Number
$59.59
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001476150-24-000004 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001476150-25-000004 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001476150-26-000011 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001476150-24-000004 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001476150-25-000004 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001476150-26-000011 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001476150-24-000004 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001476150-25-000004 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001476150-26-000011 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001476150-23-000004 (LongTermDebt)
  11. 10-K · period ending 2022-12-31 · accession 0001476150-24-000004 (LongTermDebt)
  12. 10-K · period ending 2023-12-31 · accession 0001476150-25-000004 (LongTermDebt)
  13. 10-K · period ending 2024-12-31 · accession 0001476150-26-000011 (LongTermDebt)
  14. 10-K · period ending 2021-12-31 · accession 0001476150-25-000004 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001476150-26-000011 (CashAndCashEquivalentsAtCarryingValue)