Millrose Properties (MRP) vs Terreno Realty (TRNO)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 8, 2026.
Summary
Terreno Realty (TRNO) has outperformed Millrose Properties (MRP) over the past year, gaining 8.5% versus a loss of 29.3%. Terreno Realty is the larger company by market cap ($6.90 billion vs $3.76 billion), about 1.8 times the size. On valuation, Millrose Properties trades at a lower forward P/E (7.0x vs 35.9x for Terreno Realty).
Millrose Properties offers the higher dividend yield (13.31% vs 3.28%). Terreno Realty converts more of its revenue into profit, with a net margin of 84.6% versus 63.3%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | MRP | TRNO |
|---|---|---|
| Share price | $22.62 | $63.34 |
| Market cap | $3.76B | $6.90B |
| 1-day change | -2.37% | -1.39% |
| YTD return | -24.27% | +7.89% |
| 1-year return | -29.33% | +8.51% |
| 5-year return | — | -7.47% |
| P/E ratio (TTM) | 7.88 | 17.03 |
| Forward P/E | 6.99 | 35.89 |
| EPS (TTM) | $2.87 | $3.72 |
| Dividend yield | 13.31% | 3.28% |
| Annual dividend | $3.01 | $2.08 |
| Revenue (latest FY) | $600.46M | $476.38M |
| Revenue growth (YoY) | — | +24.51% |
| Net income (latest FY) | $379.86M | $402.99M |
| Operating margin | 80.95% | — |
| Net margin | 63.26% | 84.59% |
| 52-week high | $33.49 | $78.94 |
| 52-week low | $21.85 | $55.92 |
| Distance from 52-week high | -32.46% | -19.76% |
| Analyst consensus | strong_buy | buy |
| Avg. price target upside | +61.80% | +17.02% |
| Average volume | 1.69M | 745.01K |
| Shares outstanding | 154.23M | 108.97M |
| Employees | — | 47 |
| Sector | Finance | Finance |
| Industry | Real Estate | Real Estate |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- TRNO has outperformed MRP by 37.8 percentage points over the past year.
- Terreno Realty trades at a higher earnings multiple (17.0x vs 7.9x trailing P/E).
- Millrose Properties offers a meaningfully higher dividend yield (13.31% vs 3.28%).
- Terreno Realty is more profitable, keeping 84.6 cents of every revenue dollar as net income versus 63.3 cents for Millrose Properties.
About Millrose Properties
MRP stock →Millrose Properties, Inc. is the premier permanent capital solution for residential homebuilders and developers.
Finance · Real Estate
About Terreno Realty
TRNO stock →Terreno Realty Corporation an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets.
Finance · Real Estate · 47 employees
MRP vs TRNO FAQ
Which is bigger, Millrose Properties or Terreno Realty?
Terreno Realty (TRNO) is larger, with a market capitalization of $6.90B compared with $3.76B for Millrose Properties (MRP).
Which stock has performed better over the past year, MRP or TRNO?
TRNO returned +8.51% over the past 12 months, compared with -29.33% for MRP (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, MRP or TRNO?
MRP has the lower trailing P/E at 7.9, versus 17.0 for TRNO. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Which pays a higher dividend, Millrose Properties or Terreno Realty?
Millrose Properties has the higher yield at 13.31%, compared with 3.28% for Terreno Realty.
Are Millrose Properties and Terreno Realty in the same industry?
Yes. Both are classified in the Real Estate industry within the Finance sector.