TRNO Terreno Realty Corporation Common Stock
$68.77
Price · Aug 19, 2026
Fundamentals as of Aug 5, 2026
52W Range
$54–$79
59% of range
Analyst Rating
BUY
25 analysts
Price Target
$73
+7% upside
P/E (TTM)
18.0
ROE
10.0%
Net Profit Margin
84.6%
TRNO Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$68.77
Market Cap
$7.27B
P/E (TTM)
18.0
EPS (TTM)
$3.91
Revenue (TTM)
$476M
Div Yield
2.8%
ROE
10.0%
Debt/Equity
—
52W Range
$54 – $79
TRNO Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$476M
2016-12-31
→
2025-12-31
EPS
$3.91
2017-12-31
→
2025-12-31
Free Cash Flow
—
Margins
84.6%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
TRNO
Peer Median
P/E (TTM)
18.0
30.8
P/S (TTM)
15.3
9.5
P/B
1.8
1.5
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
TRNO
Peer Median
Net Profit Margin
84.6%
34.0%
ROA
7.9%
3.6%
ROE
10.0%
6.7%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
TRNO
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
TRNO
Peer Median
Revenue YoY
24.5%
—
Revenue CAGR 3Y
19.9%
—
Revenue CAGR 5Y
20.6%
—
EPS YoY
103.6%
—
Net Income YoY
118.4%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
TRNO
Peer Median
Payout Ratio
50.6%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
2.8%
Payout Ratio
50.6%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| June 26, 2026 | $0.5200 |
| March 27, 2026 | $0.5200 |
| Dec. 15, 2025 | $0.5200 |
| Sept. 29, 2025 | $0.5200 |
| June 27, 2025 | $0.4900 |
| March 27, 2025 | $0.4900 |
| Dec. 13, 2024 | $0.4900 |
| Sept. 30, 2024 | $0.4900 |
| June 28, 2024 | $0.4500 |
| March 27, 2024 | $0.4500 |
| Dec. 14, 2023 | $0.4500 |
| Sept. 28, 2023 | $0.4500 |
| June 29, 2023 | $0.4000 |
| March 30, 2023 | $0.4000 |
| Dec. 29, 2022 | $0.4000 |
| Sept. 29, 2022 | $0.4000 |
| June 29, 2022 | $0.3400 |
| March 24, 2022 | $0.3400 |
| Dec. 14, 2021 | $0.3400 |
| Sept. 30, 2021 | $0.3400 |
TRNO Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
25 analysts
- Strong Buy 6 24.0%
- Buy 10 40.0%
- Hold 7 28.0%
- Sell 2 8.0%
- Strong Sell 0 0.0%
12-Month Price Target
17 analysts · 2026-08-16
Median
$74.00
Now
$68.77
Low
$56.00
High
$91.00
Median target
$74.00
+7.6%
Mean target
$73.41
+6.7%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.44%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.54 | $0.45 | 0.09% |
| March 31, 2026 | $0.66 | $0.33 | 0.33% |
| Dec. 31, 2025 | $1.52 | $0.57 | 0.95% |
| Sept. 30, 2025 | $1.00 | $0.37 | 0.63% |
| June 30, 2025 | $0.90 | $0.38 | 0.52% |
| March 31, 2025 | $0.47 | $0.36 | 0.11% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| TRNO | $6.08B | 15.0 | 24.5% | 84.6% | 10.0% | — |
| PLD | $118.62B | 35.9 | 7.2% | 37.9% | 6.2% | — |
| EGP | $9.50B | 36.6 | 12.7% | 35.7% | 7.6% | — |
| LINE | $7.95B | -81.4 | 0.28% | -1.9% | -1.2% | — |
| FR | $7.59B | 30.6 | 8.6% | 34.0% | 9.3% | — |
| REXR | $8.97B | 45.0 | 7.1% | 21.1% | 2.5% | — |
| STAG | $7.02B | — | 10.1% | 32.4% | 7.8% | — |
| COLD | $3.66B | -32.1 | -2.4% | -4.4% | -3.7% | — |
| LXP | $2.93B | 27.2 | -2.3% | 32.3% | 5.5% | — |
| IIPR | $1.33B | 12.1 | -13.8% | 44.5% | 6.3% | — |
| ILPT | $369M | -5.5 | — | — | -12.6% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $476M | $383M | $324M | $276M | $222M | $187M | $171M | $152M | $132M | $108M | |
| SG&A Expense | $47M | $43M | $38M | $31M | $27M | $23M | $24M | $22M | $20M | $19M | |
| Operating Expenses | $284M | $235M | $190M | $167M | $134M | $119M | $112M | $102M | $93M | $87M | |
| Interest Expense | · | · | $25M | $24M | $18M | $16M | $16M | $18M | $17M | $13M | |
| Other Non-op | $211M | $37M | $18M | $89M | $-605.0K | $12M | $-3M | $14M | $14M | $-6M | |
| Net Income | $403M | $184M | $151M | $198M | $87M | $80M | $56M | $63M | $53M | $15M | |
| EPS (Basic) | $3.92 | $1.92 | $1.81 | $2.61 | $1.23 | $1.17 | $0.86 | $1.09 | $0.95 | · | |
| EPS (Diluted) | $3.91 | $1.92 | $1.81 | $2.61 | $1.23 | $1.16 | $0.85 | $1.09 | $0.95 | · | |
| Shares (Basic) | 102,459,881 | 95,524,549 | 83,169,028 | 75,498,107 | 70,534,202 | 67,762,927 | 64,428,406 | 57,486,399 | 51,357,719 | · | |
| Shares (Diluted) | 102,723,758 | 95,842,137 | 83,371,099 | 75,586,480 | 70,793,670 | 68,170,066 | 64,722,976 | 57,486,399 | 51,357,719 | · |
Balance Sheet 11
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $25M | $18M | $165M | $26M | $204M | $107M | $110M | $31M | $36M | $14M | |
| Intangibles | · | · | · | · | · | · | · | · | $4M | $18M | |
| Total Assets | $5.39B | $4.77B | $3.90B | $3.16B | $2.92B | $2.14B | $2.11B | $1.80B | $1.57B | $1.28B | |
| Total Liabilities | $1.24B | $1.11B | $990M | $935M | $866M | $552M | $591M | $549M | $540M | $467M | |
| Long-term Debt | $943M | $823M | $772M | $771M | $721M | $459M | $492M | $462M | $462M | $415M | |
| Common Stock | $1M | $994.0K | $876.0K | $765.0K | $752.0K | $686.0K | $673.0K | $610.0K | $553.0K | $474.0K | |
| Retained Earnings | $289M | $95M | $96M | $88M | $3M | $6M | $3M | $14M | $5M | · | |
| AOCI | · | · | · | · | $0 | $-183.0K | $-437.0K | $-761.0K | $-1M | $-898.0K | |
| Stockholders' Equity | $4.15B | $3.66B | $2.91B | $2.23B | $2.06B | $1.59B | $1.52B | $1.25B | $1.03B | $812M | |
| Liabilities + Equity | $5.39B | $4.77B | $3.90B | $3.16B | $2.92B | $2.14B | $2.11B | $1.80B | $1.57B | $1.28B | |
| Shares Outstanding | 103,571,992 | 99,238,003 | 87,487,098 | 76,463,482 | 75,068,575 | 68,376,364 | 67,252,787 | 61,013,711 | 55,368,737 | 47,414,365 |
Cash Flow 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $122M | $94M | $73M | $66M | $51M | $46M | $44M | $41M | $38M | $34M | |
| Stock-based Comp | $18M | $15M | $13M | $10M | $10M | $10M | $11M | $9M | $9M | $9M | |
| Amort. of Intangibles | · | · | · | · | · | · | · | · | $50M | $41M | |
| Operating Cash Flow | $272M | $233M | $180M | $143M | $132M | $101M | $95M | $78M | $69M | $49M | |
| Investing Cash Flow | $-452M | $-915M | $-570M | $-338M | $-666M | $-52M | $-251M | $-235M | $-249M | $-150M | |
| Net Debt Issued | · | · | · | · | · | · | · | $0 | · | $-50M | |
| Stock Issued | $281M | $743M | $671M | $79M | $462M | $65M | $278M | $209M | $255M | $101M | |
| Stock Repurchased | $3M | $3M | $2M | $1M | $582.0K | $10M | $4M | $4M | $3M | $2M | |
| Net Stock Activity | $278M | $739M | $670M | $78M | $462M | $55M | $274M | $205M | $252M | $100M | |
| Dividends Paid | $204M | $175M | $136M | $107M | $85M | $75M | $64M | $51M | $42M | $33M | |
| Financing Cash Flow | $188M | $535M | $529M | $18M | $631M | $-54M | $235M | $149M | $204M | $94M | |
| Net Change in Cash | $7M | $-148M | $138M | $-177M | $97M | $-5M | $78M | $-8M | $24M | $-7M |
Profitability 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 84.6% | 48.2% | 46.8% | 71.7% | 39.3% | 42.7% | 32.5% | 41.7% | · | · | |
| ROA | 7.9% | 4.2% | 4.3% | 6.5% | 3.5% | 3.8% | 2.8% | 3.8% | 3.7% | 1.2% | |
| ROE | 10.0% | 5.1% | 5.4% | 9.0% | 4.6% | 5.0% | 3.7% | 5.2% | 5.8% | 2.0% |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | · | · |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 24.5% | 18.2% | 17.2% | 24.5% | 18.8% | · | · | · | · | · | |
| Revenue CAGR 3Y | 19.9% | 19.9% | 20.1% | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 20.6% | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 103.6% | 6.1% | -30.6% | 112.2% | 6.0% | · | · | · | · | · | |
| EPS CAGR 3Y | 14.4% | 16.0% | 16.0% | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 27.5% | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 118.4% | 21.8% | -23.5% | 126.9% | 9.3% | · | · | · | · | · | |
| Net Income CAGR 3Y | 26.7% | 28.3% | 23.8% | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 38.2% | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 22.2% | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $476M | $383M | $324M | $276M | $222M | $187M | $171M | $152M | $132M | $108M | |
| Net Income TTM | $403M | $184M | $151M | $198M | $87M | $80M | $56M | $63M | $53M | $15M | |
| Market Cap | $6.08B | $5.87B | $5.48B | $4.35B | $6.40B | $3.93B | $3.64B | $2.15B | $1.94B | $1.35B | |
| P/E | 15.0 | 30.8 | 34.6 | 21.8 | 69.3 | 50.4 | 63.7 | 32.3 | 36.9 | · | |
| P/S | 12.8 | 15.3 | 16.9 | 15.7 | 28.8 | 21.1 | 21.3 | 14.1 | 14.7 | 12.5 | |
| P/B | 1.5 | 1.6 | 1.9 | 2.0 | 3.1 | 2.5 | 2.4 | 1.7 | 1.9 | 1.7 | |
| P / Tangible Book | 1.5 | 1.6 | 1.9 | 2.0 | 3.1 | 2.5 | · | · | · | · | |
| P / Cash Flow | 22.4 | 25.2 | 30.5 | 30.4 | 48.4 | 38.9 | 38.5 | 27.7 | 27.9 | 27.4 | |
| Dividend Yield | 3.4% | 3.0% | 2.5% | 2.5% | 1.3% | 1.9% | 1.8% | 2.4% | 2.2% | 2.5% | |
| Earnings Yield | 6.7% | 3.2% | 2.9% | 4.6% | 1.4% | 2.0% | 1.6% | 3.1% | 2.7% | · | |
| Payout Ratio | 50.6% | 94.8% | 89.7% | 54.2% | 97.0% | 93.7% | 114.5% | 81.3% | 78.8% | 219.5% | |
| Annual Payout | $204M | $175M | $136M | $107M | $85M | $75M | $64M | $51M | $42M | $33M |
Income Statement 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $125M | $124M | $137M | $116M | $112M | $110M | $104M | $100M | $94M | $85M | $86M | $83M | $80M | $75M | $76M | $71M | |
| SG&A Expense | $14M | $12M | $12M | $12M | $12M | $12M | $11M | $11M | $11M | $11M | $10M | $9M | $10M | $9M | $8M | $8M | |
| Operating Expenses | $73M | $74M | $80M | $68M | $69M | $67M | $65M | $60M | $57M | $52M | $50M | $48M | $47M | $46M | $46M | $42M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $5M | · | $6M | $6M | $7M | · | $6M | |
| Other Non-op | $5M | $19M | $101M | $55M | $50M | $5M | $37M | $-3M | $-1M | $3M | $21M | $-5M | $7M | $-5M | $29M | $-6M | |
| Net Income | $58M | $69M | $158M | $103M | $93M | $48M | $76M | $37M | $36M | $36M | $58M | $30M | $40M | $23M | $59M | $22M | |
| EPS (Basic) | $0.54 | $0.66 | $1.54 | $1.00 | $0.90 | $0.48 | $0.78 | $0.37 | $0.37 | $0.40 | $0.68 | $0.36 | $0.48 | $0.29 | $0.77 | $0.30 | |
| EPS (Diluted) | $0.54 | $0.66 | $1.54 | $1.00 | $0.90 | $0.47 | $0.78 | $0.37 | $0.37 | $0.40 | $0.68 | $0.36 | $0.48 | $0.29 | $0.77 | $0.30 | |
| Shares (Basic) | 106,553,877 | 104,911,360 | -204,108,527 | 102,912,261 | 102,888,326 | 100,767,821 | -187,200,869 | 97,561,792 | 96,289,755 | 88,873,871 | -163,884,512 | 84,041,413 | 83,116,241 | 79,895,886 | -150,447,309 | 75,495,232 | |
| Shares (Diluted) | 106,672,278 | 105,223,672 | -204,471,320 | 103,136,057 | 103,012,111 | 101,046,910 | -187,870,945 | 97,870,794 | 96,406,139 | 89,436,149 | -164,356,624 | 84,266,740 | 83,116,241 | 80,344,742 | -150,627,640 | 75,588,750 |
Balance Sheet 9
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $51M | $88M | $25M | $26M | $128M | $157M | $18M | $244M | $182M | $650M | $165M | $96M | $59M | $11M | $26M | $10M | |
| Total Assets | $5.71B | $5.55B | $5.39B | $5.33B | $4.98B | $4.91B | $4.77B | $4.57B | $4.47B | $4.44B | · | $3.74B | $3.64B | $3.58B | · | $3.11B | |
| Total Liabilities | $1.28B | $1.26B | $1.24B | $1.33B | $1.04B | $1.01B | $1.11B | $940M | $1.03B | $994M | · | $1.00B | $989M | $978M | · | $957M | |
| Long-term Debt | $942M | $942M | $943M | $1.02B | $742M | $742M | $823M | $672M | $772M | $772M | · | $771M | $771M | $771M | · | $781M | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $994.0K | $994.0K | $964.0K | $963.0K | · | $850.0K | $833.0K | $827.0K | · | $757.0K | |
| Retained Earnings | $305M | $303M | $289M | $185M | $135M | $93M | $95M | $68M | $80M | $88M | · | $77M | $85M | $78M | · | $60M | |
| Stockholders' Equity | $4.43B | $4.30B | $4.15B | $4.00B | $3.94B | $3.90B | $3.66B | $3.63B | $3.44B | $3.44B | $2.91B | $2.74B | $2.65B | $2.60B | $2.23B | $2.15B | |
| Liabilities + Equity | $5.71B | $5.55B | $5.39B | $5.33B | $4.98B | $4.91B | $4.77B | $4.57B | $4.47B | $4.44B | · | $3.74B | $3.64B | $3.58B | · | $3.11B | |
| Shares Outstanding | 107,715,487 | 105,717,386 | 103,571,992 | 102,861,798 | 102,799,526 | 102,790,614 | 99,238,003 | 99,227,029 | 96,212,243 | 96,195,439 | 87,487,098 | 84,871,366 | 83,236,177 | 82,609,838 | 76,463,482 | 75,640,135 |
Cash Flow 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $29M | $29M | $38M | $28M | $28M | $27M | $26M | $24M | $23M | $21M | $19M | $18M | $18M | $18M | $19M | $17M | |
| Stock-based Comp | $5M | $5M | $4M | $4M | $5M | $4M | $4M | $4M | $4M | $3M | $3M | $3M | $4M | $3M | $3M | $3M | |
| Operating Cash Flow | $75M | $62M | $70M | $80M | $61M | $61M | $51M | $70M | $64M | $47M | $39M | $53M | $49M | $39M | $34M | $46M | |
| Investing Cash Flow | $-186M | $-74M | $19M | $-410M | $-38M | $-24M | $-310M | $-58M | $-499M | $-49M | $-91M | $-73M | $-19M | $-387M | $-24M | $-95M | |
| Stock Issued | $132M | $135M | $44M | $0 | $0 | $237M | $0 | $204M | $-1.0K | $538M | $158M | $96M | $51M | $366M | $48M | $29M | |
| Stock Repurchased | $34.0K | $2M | $0 | $1M | $51.0K | $2M | $0 | $2M | $55.0K | $983.0K | $8.0K | $773.0K | $105.0K | $627.0K | $34.0K | $518.0K | |
| Net Stock Activity | · | $133M | · | · | · | $235M | · | · | · | $537M | · | · | · | $366M | · | · | |
| Dividends Paid | $55M | $54M | $54M | $51M | $51M | $49M | $49M | $44M | $44M | $39M | $38M | $34M | $33M | $31M | $30M | $26M | |
| Financing Cash Flow | $75M | $75M | $-91M | $228M | $-51M | $101M | $33M | $50M | $-44M | $496M | $118M | $60M | $17M | $334M | $7M | $50M | |
| Net Change in Cash | $-36M | $63M | $-1M | $-102M | $-28M | $139M | $-226M | $61M | $-478M | $494M | $66M | $40M | $46M | $-14M | $17M | $664.0K |
Profitability 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 46.2% | 55.8% | · | 88.9% | 83.1% | 43.6% | · | 36.8% | 37.9% | 42.4% | · | 36.6% | 50.6% | 31.2% | · | 31.7% | |
| ROA | 1.1% | 1.3% | · | 2.1% | 2.0% | 1.0% | · | 0.88% | 0.88% | 0.90% | · | 0.89% | 1.2% | 0.72% | · | 0.80% | |
| ROE | 1.4% | 1.7% | · | 2.7% | 2.5% | 1.3% | · | 1.1% | 1.2% | 1.2% | · | 1.2% | 1.7% | 1.0% | · | 1.1% |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 |
Valuation (TTM) 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $478M | $463M | · | $439M | $417M | $389M | · | $362M | $342M | $322M | · | $308M | $290M | $275M | · | $257M | |
| Net Income TTM | $324M | $314M | · | $281M | $214M | $157M | · | $139M | $142M | $130M | · | $116M | $183M | $162M | · | $160M | |
| Market Cap | $6.98B | $6.49B | · | $5.84B | $5.76B | $6.50B | · | $6.63B | $5.69B | $6.39B | · | $4.82B | $5.00B | $5.34B | · | $4.01B | |
| P/E | 20.9 | 20.3 | · | 20.7 | 26.6 | 39.3 | · | 44.6 | 36.8 | 43.4 | · | 39.7 | 25.6 | 30.3 | · | 24.8 | |
| P/S | 14.6 | 14.0 | · | 13.3 | 13.8 | 16.7 | · | 18.3 | 16.7 | 19.8 | · | 15.7 | 17.2 | 19.4 | · | 15.6 | |
| P/B | 1.6 | 1.5 | · | 1.5 | 1.5 | 1.7 | · | 1.8 | 1.7 | 1.9 | · | 1.8 | 1.9 | 2.1 | · | 1.9 | |
| P / Tangible Book | 1.6 | 1.5 | · | 1.5 | 1.5 | 1.7 | · | 1.8 | 1.7 | 1.9 | · | 1.8 | 1.9 | 2.1 | · | 1.9 | |
| P / Cash Flow | · | 104.9 | · | · | · | 105.8 | · | · | · | 135.8 | · | · | · | 137.5 | · | · | |
| Earnings Yield | 4.8% | 4.9% | · | 4.8% | 3.8% | 2.5% | · | 2.2% | 2.7% | 2.3% | · | 2.5% | 3.9% | 3.3% | · | 4.0% | |
| Payout Ratio | · | 78.0% | · | · | · | 101.6% | · | · | · | 108.3% | · | · | · | 131.8% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $476M | $383M | $324M | $276M | $222M |
| Net Income | $403M | $184M | $151M | $198M | $87M |
| Diluted EPS | $3.91 | $1.92 | $1.81 | $2.61 | $1.23 |
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Institutional owners (13F) 399 filers · $4.1B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 50 (+10 vs prior Q) | 29 (+1 vs prior Q) | 150 (+2 vs prior Q) | 111 (-10 vs prior Q) | +23.5M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD PORTFOLIO MANAGEMENT LLC | $696,036,361 | 10,746,277 | 16.90% | Shares |
| FMR LLC | $429,512,604 | 6,631,351 | 10.43% | Shares |
| STATE STREET CORP | $389,032,503 | 5,959,932 | 9.45% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $309,872,569 | 4,784,199 | 7.52% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $272,204,412 | 4,202,631 | 6.61% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $166,507,354 | 2,570,261 | 4.04% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $148,069,920 | 2,286,088 | 3.60% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $97,720,572 | 1,508,732 | 2.37% | Shares |
| AMERICAN CENTURY COMPANIES INC | $84,442,203 | 1,303,724 | 2.05% | Shares |
| TWO SIGMA INVESTMENTS, LP | $80,911,137 | 1,249,207 | 1.96% | Shares |
| NORGES BANK | $80,187,527 | 1,238,035 | 1.95% | Shares |
| Resolution Capital Ltd | $63,465,856 | 979,865 | 1.54% | Shares |
| Copeland Capital Management, LLC | $47,730,731 | 736,926 | 1.16% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $45,682,929 | 705,310 | 1.11% | Shares |
| CONGRESS ASSET MANAGEMENT CO | $39,250,967 | 606,005 | 0.95% | Shares |
| VANGUARD GROUP INC | $38,566,540 | 656,899 | 0.94% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $34,841,078 | 537,920 | 0.85% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $33,379,220 | 515,350 | 0.81% | Shares |
| JANUS HENDERSON GROUP PLC | $32,794,848 | 533,823 | 0.80% | Shares |
| GOLDMAN SACHS GROUP INC | $31,418,891 | 485,084 | 0.76% | Shares |
| SEGALL BRYANT & HAMILL, LLC | $30,769,571 | 475,059 | 0.75% | Shares |
| TUDOR INVESTMENT CORP ET AL | $28,054,737 | 433,144 | 0.68% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $27,658,000 | 427,015 | 0.67% | Shares |
| MORGAN STANLEY | $27,564,104 | 425,569 | 0.67% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $26,862,820 | 408,560 | 0.65% | Shares |
| Uniplan Investment Counsel, Inc. | $26,102,366 | 403,000 | 0.63% | Shares |
| OSTERWEIS CAPITAL MANAGEMENT INC | $24,726,919 | 381,765 | 0.60% | Shares |
| CRAMER ROSENTHAL MCGLYNN LLC | $24,112,640 | 372,281 | 0.59% | Shares |
| Public Sector Pension Investment Board | $23,652,903 | 365,183 | 0.57% | Shares |
| Chevy Chase Trust Holdings, LLC | $21,769,323 | 336,102 | 0.53% | Shares |
| NEUBERGER BERMAN GROUP LLC | $21,176,196 | 326,945 | 0.51% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $19,447,060 | 300,248 | 0.47% | Shares |
| RHUMBLINE ADVISERS | $18,634,949 | 287,710 | 0.45% | Shares |
| DAVIDSON INVESTMENT ADVISORS | $17,817,320 | 275,086 | 0.43% | Shares |
| BANK OF AMERICA CORP /DE/ | $17,737,524 | 273,854 | 0.43% | Shares |
| AMERIPRISE FINANCIAL INC | $17,492,438 | 270,026 | 0.42% | Shares |
| APG Asset Management US Inc. | $16,184,134 | 245,177 | 0.39% | Shares |
| Swiss National Bank | $13,815,441 | 213,300 | 0.34% | Shares |
| Boston Trust Walden Corp | $13,594,446 | 209,888 | 0.33% | Shares |
| California Public Employees Retirement System | $12,999,209 | 200,698 | 0.32% | Shares |
| Hudson Bay Capital Management LP | $12,779,574 | 197,307 | 0.31% | Shares |
| Congress Wealth Management LLC / DE / | $12,605,704 | 224,820 | 0.31% | Shares |
| BARCLAYS PLC | $12,104,736 | 186,888 | 0.29% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $11,952,462 | 184,537 | 0.29% | Shares |
| HOWLAND CAPITAL MANAGEMENT LLC | $11,215,425 | 171,782 | 0.27% | Shares |
| NOMURA ASSET MANAGEMENT CO LTD | $11,128,781 | 171,820 | 0.27% | Shares |
| CRAWFORD INVESTMENT COUNSEL INC | $11,110,952 | 171,545 | 0.27% | Shares |
| Legal & General Group Plc | $10,554,725 | 162,957 | 0.26% | Shares |
| Asset Management One Co., Ltd. | $9,960,973 | 162,178 | 0.24% | Shares |
| STRS OHIO | $9,806,178 | 151,400 | 0.24% | Shares |
| RAYMOND JAMES FINANCIAL INC | $9,795,264 | 151,231 | 0.24% | Shares |
| ALLIANCEBERNSTEIN L.P. | $9,762,586 | 158,948 | 0.24% | Shares |
| Qube Research & Technologies Ltd | $9,427,533 | 145,554 | 0.23% | Shares |
| Susquehanna Portfolio Strategies, LLC | $9,131,922 | 140,990 | 0.22% | Shares |
| Granite Investment Partners, LLC | $8,764,676 | 135,320 | 0.21% | Shares |
| Phocas Financial Corp. | $8,664,931 | 133,780 | 0.21% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $8,652,236 | 133,584 | 0.21% | Shares |
| Cerity Partners LLC | $8,239,980 | 127,219 | 0.20% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $7,947,085 | 122,697 | 0.19% | Shares |
| Edgestream Partners, L.P. | $7,892,289 | 121,851 | 0.19% | Shares |
| Impax Asset Management Group plc | $7,772,400 | 120,000 | 0.19% | Shares |
| Verition Fund Management LLC | $7,641,435 | 117,978 | 0.19% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $7,467,137 | 121,575 | 0.18% | Shares |
| ProShare Advisors LLC | $7,465,001 | 115,254 | 0.18% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $7,378,663 | 113,921 | 0.18% | Shares |
| PRUDENTIAL FINANCIAL INC | $7,360,916 | 113,647 | 0.18% | Shares |
| Davis Selected Advisers | $7,191,866 | 111,037 | 0.17% | Shares |
| Aptus Capital Advisors, LLC | $7,108,507 | 109,750 | 0.17% | Shares |
| Toroso Investments, LLC | $6,704,858 | 114,203 | 0.16% | Shares |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $6,684,588 | 103,205 | 0.16% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $6,458,217 | 99,710 | 0.16% | Shares |
| Moody Aldrich Partners LLC | $6,399,017 | 98,796 | 0.16% | Shares |
| Vanguard Investments Australia, Ltd. | $6,129,056 | 94,628 | 0.15% | Shares |
| BlackRock, Inc. | $6,056,125 | 93,502 | 0.15% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $5,919,460 | 91,392 | 0.14% | Shares |
| Masterton Capital Management, LP | $5,828,005 | 89,980 | 0.14% | Shares |
| BERNZOTT CAPITAL ADVISORS | $5,824,512 | 103,879 | 0.14% | Shares |
| MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC | $5,727,028 | 88,421 | 0.14% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $5,706,496 | 88,104 | 0.14% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $5,647,944 | 87,200 | 0.14% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $5,630,798 | 86,935 | 0.14% | Shares |
| TWO SIGMA ADVISERS, LP | $5,096,087 | 86,801 | 0.12% | Shares |
| NFJ INVESTMENT GROUP, LLC | $4,859,823 | 75,032 | 0.12% | Shares |
| Amundi | $4,840,910 | 74,740 | 0.12% | Shares |
| PEREGRINE CAPITAL MANAGEMENT LLC | $4,787,993 | 73,923 | 0.12% | Shares |
| GSI Capital Advisors LLC | $4,786,503 | 73,900 | 0.12% | Shares |
| MACQUARIE GROUP LTD | $4,632,674 | 71,525 | 0.11% | Shares |
| Allianz Asset Management GmbH | $4,554,885 | 70,324 | 0.11% | Shares |
| BAMCO INC /NY/ | $4,373,594 | 67,525 | 0.11% | Shares |
| MetLife Investment Management, LLC | $4,226,825 | 65,259 | 0.10% | Shares |
| Balyasny Asset Management L.P. | $4,121,121 | 63,627 | 0.10% | Shares |
| MARSHALL WACE, LLP | $4,016,129 | 62,006 | 0.10% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $4,005,960 | 61,849 | 0.10% | Shares |
| VIRGINIA RETIREMENT SYSTEMS ET Al | $3,962,925 | 67,500 | 0.10% | Shares |
| SEI INVESTMENTS CO | $3,535,930 | 54,587 | 0.09% | Shares |
| Illinois Municipal Retirement Fund | $3,522,322 | 54,382 | 0.09% | Shares |
| CENTERSQUARE INVESTMENT MANAGEMENT LLC | $3,510,534 | 54,200 | 0.09% | Shares |
| MARTINGALE ASSET MANAGEMENT L P | $3,394,078 | 52,402 | 0.08% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $3,265,120 | 50,411 | 0.08% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $3,180,790 | 49,109 | 0.08% | Shares |
Company insiders 15 insiders · 2 officers · 9 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Melinda Weston | Chief Accounting Officer | Feb. 16, 2024 F | 17,462 | 0 | 0 | $0 |
| Andrew Thomas Burke | EVP | Jan. 7, 2022 A | 53,373 | 0 | 0 | $0 |
| Dennis Polk | Director | Feb. 11, 2025 S | 46,634 | 0 | 0 | $0 |
| Gary N Boston | Director | May 7, 2024 A | 5,402 | 0 | 0 | $0 |
| Irene H Oh | Director | May 7, 2024 A | 4,357 | 0 | 0 | $0 |
| Leroy E Carlson | Director | May 7, 2024 A | 37,148 | 0 | 0 | $0 |
| Douglas M Pasquale | Director | May 7, 2024 A | 109,875 | 0 | 0 | $0 |
| Linda Assante | Director | May 2, 2023 A | 5,598 | 0 | 0 | $0 |
| David M Lee | Director | May 3, 2022 A | 3,518 | 0 | 0 | $0 |
| Gabriela Franco Parcella | Director | May 4, 2021 A | 3,592 | 0 | 0 | $0 |
| Peter J Merlone | Director | April 18, 2017 J | 0 | 0 | 0 | $0 |
| John Tull Meyer | — | Aug. 11, 2026 S | 131,825 | 0 | 1 | $-305,242 |
| Jaime Jackson Cannon | — | Aug. 10, 2026 S | 114,787 | 0 | 1 | $-245,873 |
| Michael A Coke | — | Aug. 7, 2026 S | 425,381 | 0 | 1 | $-547,040 |
| Blake W Baird | — | Aug. 4, 2026 A | 695,997 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 80 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| SPRE · Tidal Trust I | 4.85% | 150,118 NS | May 31, 2026 | N-PORT |
| PSR · Invesco Actively Managed Exchange-T… | 4.39% | 38,350 | Aug. 8, 2026 | Daily |
| IRET · Tidal Trust II | 3.38% | 1,373 NS | April 30, 2026 | N-PORT |
| JRE · Janus Detroit Street Trust | 3.29% | 2,021 NS | April 30, 2026 | N-PORT |
| INDS · Pacer Funds Trust | 2.69% | 46,971 NS | April 30, 2026 | N-PORT |
| PPTY · ETF Series Solutions | 2.65% | 9,943 NS | May 31, 2026 | N-PORT |
| RITA · ETF Series Solutions | 2.13% | 2,907 NS | April 30, 2026 | N-PORT |
| REIT · ALPS ETF Trust | 1.95% | 15,525 NS | May 31, 2026 | N-PORT |
| CSMD · Professionally Managed Portfolios | 1.63% | 108,610 NS | April 30, 2026 | N-PORT |
| PSCF · Invesco Exchange-Traded Fund Trust … | 1.58% | 6,280 | Aug. 8, 2026 | Daily |
| GSC · Goldman Sachs ETF Trust | 1.55% | 59,720 NS | May 31, 2026 | N-PORT |
| BLDG · Cambria ETF Trust | 1.30% | 10,196 NS | April 30, 2026 | N-PORT |
| FPRO · FIDELITY COVINGTON TRUST | 1.16% | 2,658 NS | April 30, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 1.15% | 47,952 | Aug. 8, 2026 | Daily |
| OSCV · ETF Series Solutions | 1.04% | 109,203 NS | April 30, 2026 | N-PORT |
| SMDV · ProShares Trust | 1.00% | 99,831 NS | May 31, 2026 | N-PORT |
| XSLV · Invesco Exchange-Traded Fund Trust … | 0.95% | 34,285 | Aug. 8, 2026 | Daily |
| GQRE · FlexShares Trust | 0.83% | 48,552 NS | April 30, 2026 | N-PORT |
| USRT · iShares Trust | 0.58% | 392,998 SH | Aug. 8, 2026 | Daily |
| IJT · iShares Trust | 0.57% | 690,840 SH | Aug. 8, 2026 | Daily |
| DFAR · Dimensional ETF Trust | 0.54% | 138,806 NS | April 30, 2026 | N-PORT |
| VIOG · VANGUARD ADMIRAL FUNDS | 0.53% | 88,574 SH | Aug. 8, 2026 | Daily |
| SCHH · SCHWAB STRATEGIC TRUST | 0.49% | 737,140 NS | May 31, 2026 | N-PORT |
| BBRE · J.P. Morgan Exchange-Traded Fund Tr… | 0.48% | 89,380 NS | May 31, 2026 | N-PORT |
| IWN · iShares Trust | 0.47% | 1,000,285 SH | Aug. 8, 2026 | Daily |
| XJR · iShares Trust | 0.45% | 12,562 SH | Aug. 8, 2026 | Daily |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.44% | 16,533 | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.44% | 93,328 SH | Aug. 8, 2026 | Daily |
| FREL · FIDELITY COVINGTON TRUST | 0.43% | 94,974 NS | April 30, 2026 | N-PORT |
| FNY · First Trust Exchange-Traded AlphaDE… | 0.42% | 33,491 NS | April 30, 2026 | N-PORT |
| IJR · iShares Trust | 0.40% | 6,482,797 SH | Aug. 8, 2026 | Daily |
| AVRE · AMERICAN CENTURY ETF TRUST | 0.39% | 47,637 NS | May 31, 2026 | N-PORT |
| REET · iShares Trust | 0.38% | 287,101 SH | Aug. 8, 2026 | Daily |
| VNQ · VANGUARD SPECIALIZED FUNDS | 0.37% | 4,044,166 SH | Aug. 8, 2026 | Daily |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.37% | 371,613 SH | Aug. 8, 2026 | Daily |
| DFGR · Dimensional ETF Trust | 0.34% | 184,496 NS | April 30, 2026 | N-PORT |
| ERET · iShares Trust | 0.34% | 697 SH | Aug. 8, 2026 | Daily |
| BKSE · BNY Mellon ETF Trust | 0.31% | 3,800 NS | April 30, 2026 | N-PORT |
| SAA · ProShares Trust | 0.30% | 1,247 NS | May 31, 2026 | N-PORT |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.29% | 26,231 NS | April 30, 2026 | N-PORT |
| IJS · iShares Trust | 0.23% | 283,894 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.23% | 2,727,186 SH | Aug. 8, 2026 | Daily |
| VIOV · VANGUARD ADMIRAL FUNDS | 0.22% | 67,673 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.22% | 92,253 | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.21% | 615,812 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.20% | 44,330 NS | April 30, 2026 | N-PORT |
| EBIT · Harbor ETF Trust | 0.17% | 299 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.17% | 4,816 NS | May 31, 2026 | N-PORT |
| HSMV · First Trust Exchange-Traded Fund III | 0.15% | 706 NS | April 30, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.15% | 1,547,348 SH | Aug. 8, 2026 | Daily |