The business behind the dividend
| Measure | TRNO | Median | Formula |
|---|---|---|---|
| Return on equity | 9.7% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $461.17m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $208.46m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | 84.6% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.23x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 0.67x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 2.4% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Current ratio, Interest cover, Operating margin, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 9.7% | 5.0% | 5.2% | 8.9% | 4.2% | 5.0% | 3.7% | 5.1% | 5.2% | 1.9% | 5.0% |
| Net margin | 84.6% | 48.2% | 46.8% | 71.7% | 39.3% | 42.7% | 32.5% | 41.7% | 40.1% | 13.9% | 41.7% |
| Debt to equity | 0.23x | 0.22x | 0.26x | 0.35x | 0.35x | 0.29x | 0.32x | 0.37x | 0.45x | 0.51x | 0.32x |
| Cash conversion | 0.67x | 1.26x | 1.19x | 0.72x | 1.52x | 1.27x | 1.71x | 1.23x | 1.31x | 3.26x | 1.26x |
How it compares in real estate
Among the 11 real estate companies here measured on free cash flow, Terreno Realty pays out less than 9 of them. The median for that group is 112.8%, against this company’s 97.8%.
Closest on free cash flow
- LTC Properties (LTC) 83.4%
- Global Net Lease (GNL) 101.4%
- Manhattan Bridge Capital (LOAN) 106.8%
- Blackstone Real Estate Income Trust (BSTT) 107.1%
Same sector and same denominator, so the figures are comparable. All 130 in real estate →