TRNO · Intrinsic value
Is Terreno Realty Corporation (TRNO) overvalued or undervalued?
Terreno Realty Corporation (TRNO) trades at the delayed market price of $64.05 a share. That price already implies revenue growth of more than 25%/yr. TickerWorth's dcf fair value is $17.95 a share (257% above fair value), as of Oct 19, 2026. It is a model estimate, and every input behind it is sourced below.
Model by Miraaj Patel · generated from SEC filings and market data · Updated Oct 19, 2026 · How these pages are made
Is TRNO overvalued?
- DCF fair value
- $17.95
- Market price
- $64.05
- Downside to fair value
- 72.0%
- Verdict
- 257% above fair value
Reverse DCF: Today's price implies revenue growth of more than 25%/yr. Above about 25% a year the reverse-DCF stops being informative. It solves for revenue growth alone — holding margins, capital intensity and the forecast horizon fixed — so a price well above our cash-flow model's value has nowhere to go but growth, and the solver returns a rate the model can't reconcile. Read it as "the price implies growth we can't justify", not as a forecast.
Get the Undervalued Company of the Week.
TRNO DCF valuation: what the price assumes
At a recent price of $64.05, Terreno Realty Corporation (TRNO) trades 257% above TickerWorth's base-case discounted-cash-flow (DCF) fair value of $17.95 per share — meaning the market currently prices TRNO overvalued vs our estimate of what the business is intrinsically worth. Our fair value sits below the market, an implied -72.0% move to close the gap if the business performs in line with our assumptions. This is an educational model, not a price target or a recommendation — the value moves with the inputs, which you can test yourself using the WACC slider below.
Read the full reasoning
The valuation discounts Terreno Realty Corporation's projected free cash flows at a weighted-average cost of capital (WACC) of 9.5%, with a long-run terminal growth rate of 2.5%. About 73% of the enterprise value comes from the terminal value — the portion beyond the explicit forecast window — which is typical for a stable, cash-generative business and a reminder that small changes in the discount rate or terminal growth assumption swing the intrinsic value meaningfully.
Running the DCF in reverse — solving for the growth the current price already assumes — TRNO would need sustained revenue growth of more than 25%/yr to justify today's price, against about 7.5% a year compounded in our base case. We don't quote a precise figure here, because past about 25% a year the reverse-DCF stops being informative: it solves for revenue growth alone, holding margins, capital intensity and the forecast horizon fixed, so a price well above our fair value has nowhere to go but growth. The honest reading is that the price implies growth this model can't reconcile — not that we forecast it.
Sensitivity matters more than any single number. Across a reasonable band of discount-rate assumptions, TRNO's modeled DCF value ranges from about $11.42 to $31.62 per share. If that range still sits below today's price, the market is optimistic relative to the model across the whole band; if it brackets the price, the stock is roughly fairly valued on our assumptions. Use the interactive slider to see exactly where your own cost-of-capital view lands.
How to read this page: the DCF fair value is what Terreno Realty Corporation would be worth if its cash flows grow as modeled and are discounted at the stated WACC. The assumptions table shows every input and its source; the reverse-DCF shows what the market believes; the sensitivity band shows how fragile the answer is. None of this is investment advice — it is a transparent, auditable framework for forming your own view of TRNO's intrinsic value. Figures update as new filings and prices come in.
Every input behind TRNO's DCF
| Input | Value |
|---|---|
| Base-year revenueTerreno Realty Corporation FY2025 10-K (accession 0001476150-26-000011): us-gaap:Revenues, FY2025 full year. | $476,380,000 |
| Base EBIT marginTerreno Realty Corporation FY2025 10-K (accession 0001476150-26-000011): derived: revenue 476,383,000 − CostsAndExpenses 284,296,000 = 192,087,000 (no operating-income tag) = 40.32%, FY2025. | 40.3% |
| Forecast revenue growthESTIMATEAssumption — TickerWorth's 5-year explicit forecast | 11% → 9% → 8% → 6% → 4% |
| Risk-free rateLive feed — US 10-year Treasury yield (^TNX) | 5.1% |
| BetaLive feed — yfinance, 5-year monthly beta vs the S&P 500 (clamped to 0.4–2.5) | 1.04 |
| Terminal growthESTIMATEAssumption — TickerWorth house default 2.5%, held below WACC | 2.5% |
| Diluted sharesTerreno Realty Corporation FY2025 10-K (accession 0001476150-26-000011): WeightedAverageNumberOfDilutedSharesOutstanding = 102,723,758 shares, FY2025. | 103M |
| Market priceDelayed quote · as of 2026-10-19 22:19 UTC | $64.05 |
Change TRNO's assumptions
The discount-rate dial and the editable model
ProChange growth, margin and WACC yourself — Pro (7-day free trial, card required).
Common questions
What is TRNO's intrinsic value?
TickerWorth's base-case DCF fair value for Terreno Realty Corporation (TRNO) is $17.95 per share, versus a market price of $64.05 (257% above fair value).
Is TRNO overvalued or undervalued?
On our DCF model TRNO looks overvalued vs fair value at $64.05. This is an educational estimate, not advice.
What discount rate is used for TRNO?
A WACC of 9.5% and a terminal growth rate of 2.5%.
Is Terreno Realty stock undervalued?
TickerWorth's dcf fair value for Terreno Realty Corporation (TRNO) is $17.95 against a market price of $64.05. Our read: 257% above fair value. This is a model estimate, not investment advice.
Terreno Realty (TRNO) DCF valuation and fair value
Our dcf fair value for Terreno Realty Corporation (TRNO) is $17.95, built on a 9.5% discount rate (WACC) and 2.5% terminal growth. Every assumption is listed on this page with its source.
What growth is priced into Terreno Realty stock?
Today's price implies revenue growth of more than 25%/yr. Above about 25% a year the reverse-DCF stops being informative. It solves for revenue growth alone — holding margins, capital intensity and the forecast horizon fixed — so a price well above our cash-flow model's value has nowhere to go but growth, and the solver returns a rate the model can't reconcile. Read it as "the price implies growth we can't justify", not as a forecast. This is a reverse DCF: it holds our cash-flow model's other inputs and solves for the revenue growth that makes the model equal today's price of $64.05. A model estimate, not investment advice.
Stocks below our fair value instead
Not investment advice. TickerWorth Score is a model output.
Educational tool. Every output reflects the assumptions shown — not a prediction and not investment advice. TickerWorth is not a licensed investment adviser, and these figures are estimates from public filings and market data that can be wrong.