Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
Terreno Realty Corporation
Net PP&E was missing, so the physical footprint could not be scored. Capex is 0.52x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Physical asset ratio
—Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$5.39BtotalAssetsResult —
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
—Fixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$476.38MtotalRevenueNet PP&E—Not reportedResult —
Revenue per dollar of the physical asset base.
Capex / D&A
0.52xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$63.41McapitalExpendituresD&A$121.58MdepreciationAndAmortizationResult 0.52x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$38.19Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.39BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$223.55MintangibleAssetsLiabilities$1.24BtotalLiabTangible book$3.92BShares102,723,758commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $38.19
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.72xPrice / tangible bookPrice / tangible book per sharePrice$65.62Latest quoteTangible book / share$38.192025-12-31Result 1.72x
Price $65.62.
Fixed-charge coverage
2.12xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$557.43MebitdaCapex$63.41McapitalExpendituresInterest$32.86MinterestExpenseShort-term debt$200.00MshortTermDebtEBITDA − capex$494.02MPrincipal due is short-term debt.Result 2.12x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$208.46MfreeCashFlowMarket cap$7.16BMarketCapitalizationResult 2.9%
Latest free cash flow divided by current market cap ($7.16B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$192.43MoperatingIncomeTax expense—Not reportedPretax income$402.99MincomeBeforeTaxTax rate—Equity$4.15BtotalStockholderEquityDebt$943.34MshortLongTermDebtTotalCash$25.02McashInvested capital$5.06BROIC needs a positive pretax income so an effective tax rate can be calculated.Result —
After-tax operating income over equity plus debt minus cash.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 93.3%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.68BpropertyPlantEquipmentInventory-$25.00KinventoryTotal assets$1.80BtotalAssetsResult 93.3% | 0.09xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$151.66MtotalRevenueNet PP&E$1.68BpropertyPlantEquipmentResult 0.09x | 0.78xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$28.98McapitalExpendituresD&A$37.12MdepreciationAndAmortizationResult 0.78x | $20.33Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.80BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$79.27MintangibleAssetsLiabilities$548.71MtotalLiabTangible book$1.17BShares57,486,399commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $20.33 | 2.41xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$118.62MebitdaCapex$28.98McapitalExpendituresInterest$18.21MinterestExpenseShort-term debt$19.00MshortTermDebtEBITDA − capex$89.65MPrincipal due is short-term debt.Result 2.41x | $48.62MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$77.60MtotalCashFromOperatingActivitiesCapex$28.98McapitalExpendituresFree cash flow$48.62MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $48.62M | 3.4%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$81.50MoperatingIncomeTax expense$18.21MincomeTaxExpensePretax income$63.29MincomeBeforeTaxTax rate28.8%Equity$1.25BtotalStockholderEquityDebt$486.99MshortLongTermDebtTotalCash$31.00McashInvested capital$1.70BResult 3.4% | 0.05xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$81.50MoperatingIncomeNet PP&E$1.68BpropertyPlantEquipmentResult 0.05x |
| 2019 | 99.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.95BpropertyPlantEquipmentInventory$143.10MinventoryTotal assets$2.11BtotalAssetsUses the property line, which is larger than net PP&E ($600.00K, propertyPlantAndEquipmentNet).Result 99.1% | 0.09xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$171.02MtotalRevenueNet PP&E$1.95BpropertyPlantEquipmentResult 0.09x | 0.82xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$32.07McapitalExpendituresD&A$39.33MdepreciationAndAmortizationResult 0.82x | $22.07Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.11BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$88.59MintangibleAssetsLiabilities$591.34MtotalLiabTangible book$1.43BShares64,722,976commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $22.07 | 0.18xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$98.22MebitdaCapex$32.07McapitalExpendituresInterest$16.34MinterestExpenseShort-term debt$347.67MshortTermDebtEBITDA − capex$66.15MPrincipal due is short-term debt.Result 0.18x | $62.62MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$94.69MtotalCashFromOperatingActivitiesCapex$32.07McapitalExpendituresFree cash flow$62.62MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $62.62M | 3.3%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$102.90MoperatingIncomeTax expense$21.02MincomeTaxExpensePretax income$55.52MincomeBeforeTaxTax rate37.9%Equity$1.52BtotalStockholderEquityDebt$519.27MlongTermDebt + shortLongTermDebtCash$110.08McashInvested capital$1.93BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 3.3% | 0.05xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$102.90MoperatingIncomeNet PP&E$1.95BpropertyPlantEquipmentResult 0.05x |
| 2020 | 93.1%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.99BpropertyPlantEquipmentInventory$1.00inventoryTotal assets$2.14BtotalAssetsUses the property line, which is larger than net PP&E ($400.00K, propertyPlantAndEquipmentNet).Result 93.1% | 0.09xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$186.88MtotalRevenueNet PP&E$1.99BpropertyPlantEquipmentResult 0.09x | 0.78xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$31.61McapitalExpendituresD&A$40.46MdepreciationAndAmortizationResult 0.78x | $21.99Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.14BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$88.86MintangibleAssetsLiabilities$551.64MtotalLiabTangible book$1.50BShares68,170,066commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $21.99 | 0.21xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$108.88MebitdaCapex$31.61McapitalExpendituresInterest$16.00MinterestExpenseShort-term debt$348.06MshortTermDebtEBITDA − capex$77.27MPrincipal due is short-term debt.Result 0.21x | $69.44MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$101.05MtotalCashFromOperatingActivitiesCapex$31.61McapitalExpendituresFree cash flow$69.44MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $69.44M | 4.3%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$114.30MoperatingIncomeTax expense$21.42MincomeTaxExpensePretax income$79.80MincomeBeforeTaxTax rate26.8%Equity$1.59BtotalStockholderEquityDebt$485.81MlongTermDebt + shortLongTermDebtCash$107.18McashInvested capital$1.97BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 4.3% | 0.06xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$114.30MoperatingIncomeNet PP&E$1.99BpropertyPlantEquipmentResult 0.06x |
| 2021 | 96.9%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.63BpropertyPlantAndEquipmentNetInventory$205.20MinventoryTotal assets$2.92BtotalAssetsResult 96.9% | 0.08xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$221.93MtotalRevenueNet PP&E$2.63BpropertyPlantAndEquipmentNetResult 0.08x | 1.19xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$51.29McapitalExpendituresD&A$43.00MdepreciationAndAmortizationResult 1.19x | $27.46Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.92BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$114.13MintangibleAssetsLiabilities$866.25MtotalLiabTangible book$1.94BShares70,793,670commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $27.46 | 0.15xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$148.31MebitdaCapex$51.29McapitalExpendituresInterest$18.05MinterestExpenseShort-term debt$621.18MshortTermDebtEBITDA − capex$97.02MPrincipal due is short-term debt.Result 0.15x | $80.92MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$132.21MtotalCashFromOperatingActivitiesCapex$51.29McapitalExpendituresFree cash flow$80.92MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $80.92M | 2.4%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$88.03MoperatingIncomeTax expense$25.74MincomeTaxExpensePretax income$87.25MincomeBeforeTaxTax rate29.5%Equity$2.06BtotalStockholderEquityDebt$765.70MlongTermDebt + shortLongTermDebtCash$204.40McashInvested capital$2.62BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 2.4% | 0.03xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$88.03MoperatingIncomeNet PP&E$2.63BpropertyPlantAndEquipmentNetResult 0.03x |
| 2022 | 98.1%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.08BpropertyPlantEquipmentInventory$29.77MinventoryTotal assets$3.16BtotalAssetsResult 98.1% | 0.09xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$276.21MtotalRevenueNet PP&E$3.08BpropertyPlantEquipmentResult 0.09x | 1.35xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$66.61McapitalExpendituresD&A$49.49MdepreciationAndAmortizationResult 1.35x | $28.02Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.16BtotalAssetsGoodwill-$11.75MgoodWillIntangibles$123.55MintangibleAssetsLiabilities$934.59MtotalLiabTangible book$2.12BShares75,586,480commonStockSharesOutstandingResult $28.02 | 0.34xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$271.36MebitdaCapex$66.61McapitalExpendituresInterest$23.85MinterestExpenseShort-term debt$571.83MshortTermDebtEBITDA − capex$204.75MPrincipal due is short-term debt.Result 0.34x | $76.60MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$143.21MtotalCashFromOperatingActivitiesCapex$66.61McapitalExpendituresFree cash flow$76.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $76.60M | 3.2%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$110.35MoperatingIncomeTax expense$23.85MincomeTaxExpensePretax income$198.01MincomeBeforeTaxTax rate12.0%Equity$2.23BtotalStockholderEquityDebt$820.51MlongTermDebt + shortLongTermDebtCash$26.39McashInvested capital$3.02BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 3.2% | 0.04xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$110.35MoperatingIncomeNet PP&E$3.08BpropertyPlantEquipmentResult 0.04x |
| 2023 | 94.3%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.52BpropertyPlantAndEquipmentNetInventory$167.07MinventoryTotal assets$3.90BtotalAssetsResult 94.3% | 0.09xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$323.59MtotalRevenueNet PP&E$3.52BpropertyPlantAndEquipmentNetResult 0.09x | 0.89xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$53.06McapitalExpendituresD&A$59.30MdepreciationAndAmortizationResult 0.89x | $34.36Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.90BtotalAssetsGoodwill-$96.94MgoodWillIntangibles$147.33MintangibleAssetsLiabilities$990.05MtotalLiabTangible book$2.86BShares83,371,099commonStockSharesOutstandingResult $34.36 | 1.46xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$235.55MebitdaCapex$53.06McapitalExpendituresInterest$24.80MinterestExpenseShort-term debt$100.00MshortTermDebtEBITDA − capex$182.50MPrincipal due is short-term debt.Result 1.46x | $126.62MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$179.68MtotalCashFromOperatingActivitiesCapex$53.06McapitalExpendituresFree cash flow$126.62MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $126.62M | 2.8%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$133.35MoperatingIncomeTax expense$38.72MincomeTaxExpensePretax income$151.46MincomeBeforeTaxTax rate25.6%Equity$2.91BtotalStockholderEquityDebt$771.56MshortLongTermDebtTotalCash$165.40McashInvested capital$3.52BResult 2.8% | 0.04xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$133.35MoperatingIncomeNet PP&E$3.52BpropertyPlantAndEquipmentNetResult 0.04x |
| 2024 | 95.6%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.56BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$4.77BtotalAssetsInventory was not reported and is treated as zero.Result 95.6% | 0.08xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$382.62MtotalRevenueNet PP&E$4.56BpropertyPlantAndEquipmentNetResult 0.08x | 0.61xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$46.43McapitalExpendituresD&A$76.63MdepreciationAndAmortizationResult 0.61x | $36.04Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.77BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$208.48MintangibleAssetsLiabilities$1.11BtotalLiabTangible book$3.45BShares95,842,137commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $36.04 | 2.29xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$282.05MebitdaCapex$46.43McapitalExpendituresInterest$20.92MinterestExpenseShort-term debt$82.00MshortTermDebtEBITDA − capex$235.62MPrincipal due is short-term debt.Result 2.29x | $186.25MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$232.69MtotalCashFromOperatingActivitiesCapex$46.43McapitalExpendituresFree cash flow$186.25MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $186.25M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$148.03MoperatingIncomeTax expense—Not reportedPretax income$184.50MincomeBeforeTaxTax rate—Equity$3.66BtotalStockholderEquityDebt$823.44MshortLongTermDebtTotalCash$18.07McashInvested capital$4.47BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.03xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$148.03MoperatingIncomeNet PP&E$4.56BpropertyPlantAndEquipmentNetResult 0.03x |
| 2025 | —Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$5.39BtotalAssetsResult — | —Fixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$476.38MtotalRevenueNet PP&E—Not reportedResult — | 0.52xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$63.41McapitalExpendituresD&A$121.58MdepreciationAndAmortizationResult 0.52x | $38.19Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.39BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$223.55MintangibleAssetsLiabilities$1.24BtotalLiabTangible book$3.92BShares102,723,758commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $38.19 | 2.12xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$557.43MebitdaCapex$63.41McapitalExpendituresInterest$32.86MinterestExpenseShort-term debt$200.00MshortTermDebtEBITDA − capex$494.02MPrincipal due is short-term debt.Result 2.12x | $208.46MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$271.86MtotalCashFromOperatingActivitiesCapex$63.41McapitalExpendituresFree cash flow$208.46MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $208.46M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$192.43MoperatingIncomeTax expense—Not reportedPretax income$402.99MincomeBeforeTaxTax rate—Equity$4.15BtotalStockholderEquityDebt$943.34MshortLongTermDebtTotalCash$25.02McashInvested capital$5.06BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | —EBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$192.43MoperatingIncomeNet PP&E—Not reportedResult — |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: —
Inventory: —
Total assets: $5.39B
Goodwill: $0.00
Intangibles: $223.55M
Liabilities: $1.24B
Tangible book: $3.92B
Shares: 102,723,758
Revenue: $476.38M
Capex: $63.41M
D&A: $121.58M
EBITDA: $557.43M
Interest: $32.86M
Short-term debt: $200.00M
Free cash flow: $208.46M
Operating income: $192.43M
Invested capital: $5.06B
Tax rate: —