Share count
27Mpeak FY2025
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TRC, Tejon Ranch Co
We are a diversified real estate development company anchored by the Tejon Ranch Commerce Center, a 20 million-square-foot commercial and industrial development strategically located along Interstate 5 at the gateway between the Los Angeles Basin and California's Central Valley.
For the year ended December 31, 2025, our Commercial/Industrial Real Estate segment generated $15.4 million of operating income, inclusive of equity in earnings from unconsolidated joint ventures.
Typical of newly delivered apartment communities, lease-up is expected to occur over time as market awareness builds and occupancy trends toward stabilized levels.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$50M
+18.4% YoY · 6% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $51M 5-yr avg $44M
Revenue $10M +15.8% vs yr-ago qtr
Operating margin −11.9% yr-ago −50.7%
Net income $150K yr-ago ($1M)
Net margin 1.6% yr-ago −17.9%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Occupancy, rents, and the cost of debt. Read on funds from operations and net asset value, because GAAP depreciation distorts the earnings, and a property downturn meets a balance sheet built on leverage. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Funds from operations per share have shrunk (−2% a year). The quality and location of the properties, the lease terms and occupancy, and the cost of the debt are what the 10-K settles, and no single ratio captures them.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2016–2025
realized figures from each filing · older years to the left| 2016’16 | 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| $46M | $35M | $46M | $50M | $38M | $7M | $79M | $45M | $42M | $50M | $51M | RevenueRevenue |
| $800K | ($2M) | $4M | $11M | ($740K) | $5M | $16M | $3M | $3M | $75K | $2M | Net incomeNet inc. |
| Cash flow & returns | |||||||||||
| $5M | $4M | $10M | $16M | $3M | $10M | $20M | $8M | $8M | $6M | $8M | Funds from operationsFFO |
| Balance sheet | |||||||||||
| $440M | $518M | $529M | $539M | $536M | $546M | $567M | $578M | $608M | $630M | $634M | Total assetsAssets |
| 19% | 14% | 12% | 11% | 11% | — | — | — | — | — | — | Debt / assetsDebt/assets |
| $82M | $70M | $66M | $62M | $57M | $53M | $50M | $48M | — | — | $48M | Total debtDebt |
| $54M | ($21M) | $50M | $35M | $2M | $17M | $11M | $16M | — | — | ($27M) | Net debt / (cash)Net debt |
| $306M | $398M | $419M | $430M | $430M | $441M | $462M | $468M | $474M | $475M | $475M | Shareholders’ equityEquity |
| Per share | |||||||||||
| 20.8M | 21.7M | 26.0M | 26.1M | 26.3M | 26.4M | 26.7M | 26.7M | 26.8M | 26.9M | 27.0M | Shares out (diluted)Shares |
| $0.26 | $0.18 | $0.37 | $0.60 | $0.11 | $0.38 | $0.77 | $0.30 | $0.28 | $0.23 | $0.30 | FFO / shareFFO/sh |
| $14.72 | $18.34 | $16.14 | $16.45 | $16.32 | $16.70 | $17.34 | $17.51 | $17.66 | $17.63 | $17.56 | Book value / shareBVPS |
Per-share growththe realized rate an owner's share compounded
| 9-yr | 5-yr | |
|---|---|---|
| Revenue / share | −2.0%/yr | +5.1%/yr |
| EPS | −25.3%/yr | — |
| Capital spending / share | −16.8%/yr | −22.1%/yr |
| Book value / share | +2.0%/yr | +1.6%/yr |
The record, charted
FY2016–2025Each measure over its full record; the current point and the worst year marked.
Revenue
$50Mlow FY2021
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Is it a good business?
- about $0.23 per shareNet income $75K + depreciation $6M
What this means
GAAP net income with property depreciation added back, because the buildings a REIT charges against earnings usually hold or grow their value. This, not net income, is what a REIT is actually priced on. It is an approximation here: where a filing reports gains on property sales, we remove them, the way the NAREIT definition does.
- Not enough data
What this means
FFO or dividends missing.
Is it sound?
- Not cleanly capturedIndustry peers: median 33%
What this means
This REIT tags its borrowings in a way the pipeline could not fully total, so we decline to show a leverage figure rather than a misleadingly low one. The debt schedule in the 10-K is where to read its true leverage.
- Not enough data
What this means
Operating income or interest is missing, or operating income sits far below net income (a triple-net REIT's lease income bypasses the operating line), so an EBITDA coverage would mislead — read it on net income against the interest bill, and on debt / assets, instead.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$33M
- Cash & short-term investments$75M
- Receivables$5M
- Inventory$6M
Current liabilities$12M
- Accounts payable$6M
- Other current liabilities$6M
Current ratio2.76×all current assets ÷ what's due · Graham looked for 2×
Quick ratio2.25×stricter: inventory excluded
Cash ratio6.17×strictest: cash alone against what's due
Working capital$21Mthe cushion left after near-term bills
Revenue, latest quarter vs. a year ago+15.8%the freshest read on whether the business is still growing
Current ratio, recent quarters3.4× → 2.8×
Deeper floors
Tangible book value$457Mequity stripped of goodwill & intangibles
Net current asset value($111M)Graham's net-net: current assets less all liabilities
Deferred revenue$14Mcustomer cash collected before delivery; operating float
From the company's latest filing.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Chief executive | Pay, as filed | “Actually paid” | Owner earnings |
|---|---|---|---|---|
| 2023 | Mr. Bielli | $3.9M | $3.6M | ($8M) |
| 2024 | Mr. Bielli | $5.4M | $3.8M | ($43M) |
| 2025 | Mr. Bielli | $1.5M | $1.5M | ($411K) |
| 2025 | Mr. Walker | $2.4M | $2.4M | ($411K) |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.
- Insider ownership21.9%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- CEO pay ratio24:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
- Stock-based compensation$2M
The slice of the business handed to employees in shares this year, 3% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
Peers, Specialty REITs
The same industry, side by side on the REIT lens. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | FFO margin | FFO / assets | Payout (FFO) | Debt / assets |
|---|---|---|---|---|---|
| MRPMillrose Properties Inc. | $600M | — | — | — | 23% |
| FPHFive Point Holdings LLC Class A | $110M | 15% | 1.0% | — | 21% |
| LANDGladstone Land Corporation | $88M | 43% | 2.3% | 50% | 54% |
| FPIFarmland Partners Inc. | $52M | 22% | 1.2% | 81% | 45% |
| TRCTejon Ranch Co | $50M | 18% | 1.3% | — | 12% |
| FRPHFRP Holdings Inc. | $43M | 40% | 3.2% | — | 25% |
| SKYHSky Harbour Group Corporation | $28M | -183% | -3.5% | — | 40% |
| MLPMaui Land & Pineapple Company Inc. | $19M | -16% | -4.3% | — | — |
| Group median | — | 18% | 1.2% | — | 25% |
The price
What a price has to assume.
What the price implies
price / FFOA REIT is priced on a multiple of its funds from operations (FFO), the cash it earns once the depreciation on its buildings is added back. Type today’s price; we show the multiple you would pay and the income and growth it implies.
$
The assumptions
FFO / share, delivered5%/yr’20→’25
The justified multiple is 1 ÷ (required return − growth), a perpetuity on FFO. At an 8% required return and 3% growth, a REIT is worth about 20× FFO.
Enter a price above to run it.
Price / FFO—
Justified by growth—
Dividend yield—
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
FFO about $0.30 per share on 27M shares. The dials set the multiple they justify; your price sets the multiple you are paying. FFO here adds back depreciation and removes property-sale gains, the NAREIT method; it does not net out maintenance capex (AFFO), occupancy or lease terms, which the 10-K does.
Cite: Owner Scorecard, "Tejon Ranch Co (TRC), the owner's record," https://ownerscorecard.com/c/TRC, data as of 2026-07-09.
Manual order: ← TR its page in the Manual TREE →
Industry order: ← SKYH the Real Estate Development & Services chapter TRNO →