Stock fact sheet · data as of
Terreno Realty Corporation (TRNO): fair value, margin of safety and Wheel Score
Real Estate · REIT - Industrial · United States · Value
Is TRNO undervalued?
At 64.81 (close of 16 Oct 2026), TRNO trades 30% over the GLS average fair value of 49.67, with 1 of 9 models above the price. The stock earns none of the Wheel Score's Value points at this price. That is a statement about price against trailing fundamentals, not about the company's prospects - the Wall Street View and the Growth tab on the Quote page carry the forward numbers.
There is a wide gap between Lynch (14.59) and DCF (116.49). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
The nightly engine files TRNO under Value: positive earnings at a P/E of 18 or less.
Nine valuation models for TRNO
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 116.49 | +80% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 58.42 | -10% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 58.84 | -9% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 14.59 | -77% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 43.31 | -33% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 40.51 | -37% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 43.01 | -34% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 31.34 | -52% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 40.52 | -37% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -11.14 | -117% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 73.92 | +14% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Terreno Realty Corporation scores 5 of 9 on the Piotroski F-score: a middling result that falls one point short of the Sunday Scan's "6 or more" rule. Some of the nine tests on profitability, leverage and efficiency are failed, so the accounts are worth a look before selling a put on the name. A GLS Moat score of 8.2/10 puts TRNO among the more durable businesses we track: over ten years the metrics the score watches (revenue, EPS, book value, margins, cash flow, ROIC) have mostly moved the right way, year after year.
Returns on capital are moderate - ROIC 7.9%, ROE 9.7%, ROA 7.5% - with debt at 0.23 times equity and a free-cash-flow yield of 2.6%.
The dividend yield is 3.29% at a payout ratio of 55%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold. Revenue comes mainly from Tenant Expense Reimbursement 100% (quarter Q3 FY2018).
Institutional ownership scores 10/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 5 / 9 | ROIC | 7.9% |
|---|---|---|---|
| GLS Moat | 8.2 / 10 | ROE | 9.7% |
| Debt / equity | 0.23 | ROA | 7.5% |
| Free-cash-flow yield | 2.6% | Payout ratio | 55% |
| Institutions | 10 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 52: Fair
A Wheel Score of 52 puts Terreno Realty Corporation in the Fair band - below the 70 the Sunday Scan requires. Value 0/25, Health 11/20, Moat 12/15, Premium 13/20 and Stability 16/20; the weakest part is Value (0/25).
Implied volatility is 28% on the near-the-money contracts 20-60 days out: some premium, but under the 35-60% range the Wheel Score pays full marks for (13 of 20 points). Chain open interest is thin - 73 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 557k shares a day on a market cap of $7.1B, with a beta of 1.04; the Stability part of the Wheel Score gives that 16 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 0 / 25 | -30% margin of safety | |
| Health | 11 / 20 | Piotroski 5/9 | |
| Moat | 12 / 15 | moat 8.2/10 | |
| Premium | 13 / 20 | implied volatility 28% | |
| Stability | 16 / 20 | 557k shares/day, $7.1B cap, beta 1.04 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 4 Nov 2026 (after the close), 19 days away; a 30-45-day put sold today would expire after it, which is worth weighing against the premium.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in REIT - Industrial
The 12 companies below are the closest to Terreno Realty Corporation by market cap within the REIT - Industrial industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| STAG STAG Industrial, Inc. | 35.88 | 28.22 | -27% | 54Fair | $6.9B |
| LINE Lineage, Inc. | 34.11 | 36.11 | +6% | 45Weak | $7.8B |
| FR First Industrial Realty Trust, Inc. | 58.78 | 31.42 | -87% | 56Fair | $7.8B |
| REXR Rexford Industrial Realty, Inc. | 37.50 | 22.01 | -70% | 45Weak | $8.6B |
| CUBE CubeSmart | 38.56 | 28.62 | -35% | 57Fair | $8.7B |
| EGP EastGroup Properties, Inc. | 194.43 | 97.58 | -99% | 51Fair | $10.5B |
| COLD Americold Realty Trust, Inc. | 13.92 | 7.20 | -93% | 45Weak | $4.0B |
| LXP LXP Industrial Trust | 61.01 | 53.23 | -15% | 66Good | $3.6B |
| SMA Smartstop Self Storage REIT Inc | 32.59 | 29.99 | -9% | 59Fair | $1.8B |
| EXR Extra Space Storage Inc. | 137.69 | 96.97 | -42% | 53Fair | $29.1B |
| IIPR Innovative Industrial Properties, Inc. | 53.20 | 76.13 | +30% | 74Good | $1.5B |
| PLDGP Prologis, Inc. | 50.25 | 52.05 | +3% | 39No options | $38.4B |
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Start free See the Sunday ScanQuestions about TRNO
Is TRNO undervalued right now?
No: at 64.81 the stock trades 30% above the GLS average fair value of 49.67 (data as of 16 Oct 2026), well beyond what trailing earnings, cash flow and book value support.
What is the Wheel Score of TRNO and what does it mean?
TRNO scores 52 out of 100 (Fair). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for TRNO?
49.67 per share as of 16 Oct 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Terreno Realty Corporation report earnings next?
The next earnings report is due on 4 Nov 2026 (after the close), 19 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does TRNO have listed options, and how liquid are they?
Yes. The nightly snapshot found 114 listed contracts with 73 open interest across all expiries and implied volatility of 28% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.