Terreno Realty's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Terreno Realty (TRNO) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Terreno Realty vs Its Competitors
- TTM: Trailing 12-month revenue of 503M vs 14,630M combined for its competitors (3.3% combined share).
- Trending: Latest-quarter revenue run-rate is holding steady (-0.8% annualized vs trailing 12 months), vs holding steady (+1.8%) for its tracked peer group.
- Growth: Terreno Realty generated 11.1% revenue growth year over year in Q2 2026, vs 5.8% for its competitors combined.
- Profitability: Its 46.0% net margin compares with -10.1% for the peer group.
- Scale: Terreno Realty ranks #8 of 73 companies by market capitalization in the Real Estate Operations industry, holding 1.9% of industry market cap.
- Peer revenue share: Terreno Realty accounted for 3.2% of combined revenue among its tracked peer group, up from 3.1% a year earlier.
- Peer differentiation: Revenue per employee of $10.70M compares with $2.14M for the peer group (5.0x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
TRNO Sales vs. its Competitors, Q2 2026
Terreno Realty reported revenue growth of 11.12 % year on year in Q2 2026, above its competitors' combined revenue growth of 5.77 %.
With a net margin of 45.96 %, Terreno Realty achieved higher profitability than its competitors (-10.11 %).
Terreno Realty generated 3.24 % of the combined sales of its peer group, up from 3.09 % a year earlier.
API endpoints for this dataset
Terreno Realty vs. its Competitors, Q2 2026
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Terreno Realty reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Terreno Realty and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Terreno Realty Corporation | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (7) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (4) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Terreno Realty's competitor groups requires a Commercial License.
For context: the Real Estate Operations industry grew revenue 5.0% year over year, combined, vs 11.1% for Terreno Realty. Terreno Realty's share of combined industry revenue moved from 0.14% to 0.15%, a gain of 0.01 percentage points.
Terreno Realty's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Terreno Realty Corporation | Yes | Yes | Yes | No |
| Competitors combined (9) | ||||
| Similar-Size Competitors (10) | ||||
| Similar Growth & Profitability (8) | 75.00 % (6 of 8) | 100.00 % (8 of 8) | 87.50 % (7 of 8) | 0.00 % (0 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
TRNO Stock Performance relative to its Competitors
TRNO Stock Performance relative to Similar-Size Competitors
TRNO Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Industrial Logistics Properties Trust | 282.9% | Outperformed |
| 2 | Eastgroup Properties Inc | 282.9% | Outperformed |
| 3 | Prologis Inc | 282.9% | Outperformed |
| 4 | Sky Harbour Group Corporation | 282.9% | Outperformed |
| 5 | First Industrial Realty Trust Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Terreno Realty's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Terreno Realty's Comment on Competition and Industry Peers
Publicly Traded Peers of Terreno Realty Corporation
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Terreno Realty Corporation |
7,084.11 | 502.88 |
 Prologis Inc |
121,612.95 | 9,189.77 |
 Sun Communities Inc |
14,820.96 | 2,065.90 |
 Eastgroup Properties Inc |
10,435.51 | 770.49 |
 Rexford Industrial Realty Inc |
8,335.26 | 977.78 |
 First Industrial Realty Trust Inc |
7,130.73 | 744.83 |
| SUBTOTAL | 180,816.73 | 15,877.57 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Terreno Realty Corporation versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Terreno Realty's Competitors Named by the Company
Competitive relationships identified from Terreno Realty reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Stag Industrial inc | Company report | 85% |
| Granite Real Estate Investment Trust | Company report | 85% |
| First Industrial Realty Trust Inc | Company report | 85% |
| Industrial Logistics Properties Trust | Company report | 85% |
| Rexford Industrial Realty Inc | Company report | 85% |
| Prologis Inc | Company report | 85% |
| Lxp Industrial Trust | Company report | 85% |
| Duke Realty Corporation | Company report | 85% |
| Eastgroup Properties Inc | Company report | 85% |
Company report basis, confidence, active dates and source counts for Terreno Realty's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Terreno Realty's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Prologis Inc | Real Estate Operations Segment 93.21 % |
| Sun Communities Inc | MH 54.08 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Terreno Realty's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Terreno Realty Corporation | 7,084 | 10,699,574 | 8,230,234 |
| Prologis Inc | 121,613 | 3,279,717 | 1,574,047 |
| Sun Communities Inc | 14,821 | 571,638 | -211,760 |
| Eastgroup Properties Inc | 10,436 | 7,408,548 | 3,041,135 |
| Rexford Industrial Realty Inc | 8,335 | 3,819,469 | -1,873,434 |
| First Industrial Realty Trust Inc | 7,131 | 4,900,191 | 2,362,586 |
| PEERS TOTAL | 173,733 | 2,138,047 | 574,716 |
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Terreno Realty's Position in Industry Market Structure
Market-capitalization share and concentration across all 66 companies in Terreno Realty's industry classification, broader than the peer set above. Market cap in millions of $.Terreno Realty ranks #8 of 66 companies by market capitalization in its industry, holding 1.95 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 1,528, indicating a moderately concentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Airbnb Inc | 113,424 | 31.14 % |
| 2 | Ke Holdings inc | 65,449 | 17.97 % |
| 3 | Cbre Group Inc | 39,821 | 10.93 % |
| 4 | Rollins Inc | 18,269 | 5.02 % |
| 5 | Api Group Corporation | 1,234 | 5.2% |
| 6 | Jones Lang Lasalle Incorporated | 1,234 | 5.2% |
| 7 | Invitation Homes Inc | 1,234 | 5.2% |
| 8 | Terreno Realty Corporation | 7,084 | 1.95 % |
| 9 | Firstservice Corporation | 1,234 | 5.2% |
| 10 | Frontdoor Inc | 1,234 | 5.2% |
Market cap and industry share for the rest of Terreno Realty's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-06.
Terreno Realty's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 3 | Cbre Group Inc | 39,821 | -9.68 % |
| 4 | Rollins Inc | 18,269 | -37.17 % |
| 5 | Api Group Corporation | 17,856 | 12.42 % |
| 6 | Jones Lang Lasalle Incorporated | 17,400 | 29.90 % |
| 7 | Invitation Homes Inc | 1,234 | 12.3% |
| 8 | Terreno Realty Corporation | 7,084 | 14.88 % |
| 9 | Firstservice Corporation | 1,234 | 12.3% |
| 10 | Frontdoor Inc | 1,234 | 12.3% |
| 11 | Brookfield Property Partners L p | 1,234 | 12.3% |
| 12 | Colliers International Group Inc | 1,234 | 12.3% |
| 13 | Millrose Properties Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Terreno Realty's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-06. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Terreno Realty's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Real Estate Operations industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (113 companies). See the full Real Estate Operations industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 0.00 % | 27.51 % (avg) | -27.5 pp |
| Operating Margin | 48.62 % | industry median | +44.1 pp |
| EBITDA Margin | - | 17.32 % (avg) | - |
| Capital Intensity (Capex / Revenue) | 193.53 % | 14.72 % (avg) | +178.8 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Terreno Realty's Valuation vs Competitive Position
Valuation multiples vs the Real Estate Operations industry average (113 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Real Estate Operations industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 17.5x | 32.8x | -15.2x |
| EV / EBITDA | 12.8x | 15.6x | -2.8x |
| P/B | 1.7x | 3.1x | -1.4x |
| Return on Equity | 9.17 % | industry aggregate | 2.63 % |
| Return on Invested Capital | 2.51 % | 0.60 % (avg) | 1.91 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Terreno Realty's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 14.47 % | 12.77 % | 9.27 % | 18.75 % | 24.46 % | 17.15 % | 18.24 % | 24.51 % |
| Operating Margin | 32.46 % | 34.40 % | 36.47 % | 39.59 % | 64.37 % | 41.14 % | 38.67 % | 40.32 % |
| Return on Invested Capital | 1.74 % | 1.73 % | 1.85 % | 2.08 % | 3.41 % | 2.04 % | 1.80 % | 2.09 % |
| P/E | 35.0x | 65.6x | 49.3x | 63.5x | 22.9x | 31.3x | 32.0x | 15.4x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Terreno Realty's Strategic Group Map
Terreno Realty is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
Terreno Realty's trailing-12-month revenue growth of 18.1% and operating margin of 48.6% compares with an average of 11.7% growth and 44.0% margin across its 8 closest peers by combined growth, margin and ROIC -- Terreno Realty sits above that peer average on growth and above it on margin.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Terreno Realty's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Terreno Realty falls in the Dog quadrant: relative market share of 0.06x vs its largest competitor, in an industry growing revenue 5.4% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Terreno Realty's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Moderate | Industry HHI of 1,528 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | High (capital intensive) | Capital intensity (capex / revenue) of 193.53 % vs industry average 14.72 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Terreno Realty's dedicated Suppliers and Customers pages, not here.
Terreno Realty's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Terreno Realty falls in the Medium attractiveness / Medium strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Terreno Realty's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Operating margin 44.1 points above the industry median.
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
- Low relative market share vs the industry leader (0.06x).
Opportunities
- Trades at a lower P/E than the industry average (17.5x vs 32.8x) despite a higher return on invested capital -- a possible re-rating opportunity.
Threats
- High capital intensity requires continuous reinvestment just to keep pace with the industry.
Methodology: see Methodology: SWOT Analysis.
Terreno Realty's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Terreno Realty Corporation | 0.44 | 0.44 | 0.12 |
| Prologis Inc | 0.62 | 0.62 | 0.61 |
| Sun Communities Inc | - | 2.90 | 0.71 |
| Eastgroup Properties Inc | 0.07 | 0.16 | 0.45 |
| Rexford Industrial Realty Inc | 1.39 | 2.63 | 0.38 |
| First Industrial Realty Trust Inc | 0.28 | 0.34 | 0.49 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Terreno Realty's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Terreno Realty Corporation | Q2 2026 | +11.1 % | -38.3 % |
| Prologis Inc | Q2 2026 | +11.1 % | +70.7 % |
| Sun Communities Inc | Q3 2026 | +0.4 % | +1,057.8 % |
| Eastgroup Properties Inc | Q3 2026 | +9.5 % | +17.1 % |
| Rexford Industrial Realty Inc | Q3 2026 | -5.6 % | -81.3 % |
| First Industrial Realty Trust Inc | Q1 2026 | +10.0 % | +179.7 % |
| PEERS TOTAL | +6.5 % | +56.4 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Terreno Realty's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Terreno Realty Corporation | Q2 2026 | - | +44.1 % |
| Prologis Inc | Q2 2026 | +717.8 % | +88.4 % |
| Sun Communities Inc | Q3 2026 | +3.6 % | - |
| Eastgroup Properties Inc | Q3 2026 | +26,065.3 % | +7.9 % |
| Rexford Industrial Realty Inc | Q3 2026 | -1.5 % | -37.2 % |
| First Industrial Realty Trust Inc | Q1 2026 | +11.0 % | - |
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Terreno Realty's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Terreno Realty Corporation | 7.04% | 7.02% | 9.17% |
| Prologis Inc | 4.45% | 3.12% | 7.64% |
| Sun Communities Inc | - | - | - |
| Eastgroup Properties Inc | 5.69% | 5.95% | 8.90% |
| Rexford Industrial Realty Inc | - | - | - |
| First Industrial Realty Trust Inc | 6.41% | 4.16% | 12.96% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Terreno Realty's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Terreno Realty Corporation | 17.80 | 14.09 |
| Prologis Inc | 28.47 | 13.23 |
| Sun Communities Inc | - | 7.17 |
| Eastgroup Properties Inc | 32.79 | 13.54 |
| Rexford Industrial Realty Inc | - | 8.52 |
| First Industrial Realty Trust Inc | 20.80 | 9.57 |
| PEERS AVERAGE | 40.01 | 11.39 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.