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Side-by-side financial comparison of Latham Group, Inc. (SWIM) and Terreno Realty Corp (TRNO). Click either name above to swap in a different company.
Terreno Realty Corp is the larger business by last-quarter revenue ($137.5M vs $100.0M, roughly 1.4× Latham Group, Inc.). Terreno Realty Corp runs the higher net margin — 115.1% vs -7.0%, a 122.1% gap on every dollar of revenue. On growth, Terreno Realty Corp posted the faster year-over-year revenue change (32.6% vs 14.5%). Over the past eight quarters, Terreno Realty Corp's revenue compounded faster (27.2% CAGR vs -4.9%).
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
Terreno Realty Corp is a publicly traded real estate investment trust that specializes in owning, operating, and acquiring high-quality industrial real estate assets. Its portfolio mainly includes distribution warehouses and logistics facilities located in high-demand coastal U.S. metropolitan markets, serving tenants across e-commerce, last-mile delivery, retail supply chain, and light manufacturing segments.
SWIM vs TRNO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $100.0M | $137.5M |
| Net Profit | $-7.0M | $158.2M |
| Gross Margin | 28.0% | — |
| Operating Margin | -10.7% | — |
| Net Margin | -7.0% | 115.1% |
| Revenue YoY | 14.5% | 32.6% |
| Net Profit YoY | 76.0% | 107.9% |
| EPS (diluted) | $-0.06 | $1.54 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $100.0M | $137.5M | ||
| Q3 25 | $161.9M | $116.2M | ||
| Q2 25 | $172.6M | $112.2M | ||
| Q1 25 | $111.4M | $110.4M | ||
| Q4 24 | $87.3M | $103.7M | ||
| Q3 24 | $150.5M | $99.6M | ||
| Q2 24 | $160.1M | $94.2M | ||
| Q1 24 | $110.6M | $85.0M |
| Q4 25 | $-7.0M | $158.2M | ||
| Q3 25 | $8.1M | $103.4M | ||
| Q2 25 | $16.0M | $93.3M | ||
| Q1 25 | $-6.0M | $48.1M | ||
| Q4 24 | $-29.2M | $76.1M | ||
| Q3 24 | $5.9M | $36.6M | ||
| Q2 24 | $13.3M | $35.7M | ||
| Q1 24 | $-7.9M | $36.1M |
| Q4 25 | 28.0% | — | ||
| Q3 25 | 35.4% | — | ||
| Q2 25 | 37.1% | — | ||
| Q1 25 | 29.5% | — | ||
| Q4 24 | 24.6% | — | ||
| Q3 24 | 32.4% | — | ||
| Q2 24 | 33.1% | — | ||
| Q1 24 | 27.7% | — |
| Q4 25 | -10.7% | — | ||
| Q3 25 | 13.3% | — | ||
| Q2 25 | 14.3% | — | ||
| Q1 25 | -4.4% | — | ||
| Q4 24 | -14.9% | — | ||
| Q3 24 | 8.9% | — | ||
| Q2 24 | 12.5% | — | ||
| Q1 24 | -1.9% | — |
| Q4 25 | -7.0% | 115.1% | ||
| Q3 25 | 5.0% | 88.9% | ||
| Q2 25 | 9.3% | 83.1% | ||
| Q1 25 | -5.4% | 43.6% | ||
| Q4 24 | -33.4% | 73.4% | ||
| Q3 24 | 3.9% | 36.8% | ||
| Q2 24 | 8.3% | 37.9% | ||
| Q1 24 | -7.1% | 42.4% |
| Q4 25 | $-0.06 | $1.54 | ||
| Q3 25 | $0.07 | $1.00 | ||
| Q2 25 | $0.13 | $0.90 | ||
| Q1 25 | $-0.05 | $0.47 | ||
| Q4 24 | $-0.24 | $0.78 | ||
| Q3 24 | $0.05 | $0.37 | ||
| Q2 24 | $0.11 | $0.37 | ||
| Q1 24 | $-0.07 | $0.40 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $25.0M |
| Total DebtLower is stronger | $279.8M | $943.3M |
| Stockholders' EquityBook value | $405.9M | $4.1B |
| Total Assets | $823.2M | $5.4B |
| Debt / EquityLower = less leverage | 0.69× | 0.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $25.0M | ||
| Q3 25 | — | $26.2M | ||
| Q2 25 | — | $128.4M | ||
| Q1 25 | — | $156.5M | ||
| Q4 24 | — | $18.1M | ||
| Q3 24 | — | $243.7M | ||
| Q2 24 | — | $182.0M | ||
| Q1 24 | — | $649.6M |
| Q4 25 | $279.8M | $943.3M | ||
| Q3 25 | $281.1M | $1.0B | ||
| Q2 25 | $281.5M | $742.4M | ||
| Q1 25 | $306.9M | $741.9M | ||
| Q4 24 | $281.5M | $823.4M | ||
| Q3 24 | $282.8M | $672.2M | ||
| Q2 24 | $282.4M | $772.0M | ||
| Q1 24 | $282.8M | $771.8M |
| Q4 25 | $405.9M | $4.1B | ||
| Q3 25 | $408.4M | $4.0B | ||
| Q2 25 | $398.4M | $3.9B | ||
| Q1 25 | $381.1M | $3.9B | ||
| Q4 24 | $387.2M | $3.7B | ||
| Q3 24 | $416.6M | $3.6B | ||
| Q2 24 | $408.1M | $3.4B | ||
| Q1 24 | $391.8M | $3.4B |
| Q4 25 | $823.2M | $5.4B | ||
| Q3 25 | $844.4M | $5.3B | ||
| Q2 25 | $822.1M | $5.0B | ||
| Q1 25 | $824.6M | $4.9B | ||
| Q4 24 | $794.2M | $4.8B | ||
| Q3 24 | $853.4M | $4.6B | ||
| Q2 24 | $830.0M | $4.5B | ||
| Q1 24 | $808.6M | $4.4B |
| Q4 25 | 0.69× | 0.23× | ||
| Q3 25 | 0.69× | 0.26× | ||
| Q2 25 | 0.71× | 0.19× | ||
| Q1 25 | 0.81× | 0.19× | ||
| Q4 24 | 0.73× | 0.22× | ||
| Q3 24 | 0.68× | 0.19× | ||
| Q2 24 | 0.69× | 0.22× | ||
| Q1 24 | 0.72× | 0.22× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $23.3M | $271.9M |
| Free Cash FlowOCF − Capex | $14.1M | — |
| FCF MarginFCF / Revenue | 14.1% | — |
| Capex IntensityCapex / Revenue | 9.2% | — |
| Cash ConversionOCF / Net Profit | — | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $38.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.3M | $271.9M | ||
| Q3 25 | $51.0M | $79.5M | ||
| Q2 25 | $36.0M | $60.6M | ||
| Q1 25 | $-46.9M | $61.4M | ||
| Q4 24 | $6.2M | $232.7M | ||
| Q3 24 | $37.2M | $70.0M | ||
| Q2 24 | $52.4M | $64.3M | ||
| Q1 24 | $-34.5M | $47.0M |
| Q4 25 | $14.1M | — | ||
| Q3 25 | $45.2M | — | ||
| Q2 25 | $29.1M | — | ||
| Q1 25 | $-50.3M | — | ||
| Q4 24 | $-98.0K | — | ||
| Q3 24 | $33.2M | — | ||
| Q2 24 | $47.9M | — | ||
| Q1 24 | $-39.9M | — |
| Q4 25 | 14.1% | — | ||
| Q3 25 | 27.9% | — | ||
| Q2 25 | 16.8% | — | ||
| Q1 25 | -45.2% | — | ||
| Q4 24 | -0.1% | — | ||
| Q3 24 | 22.1% | — | ||
| Q2 24 | 29.9% | — | ||
| Q1 24 | -36.0% | — |
| Q4 25 | 9.2% | — | ||
| Q3 25 | 3.6% | — | ||
| Q2 25 | 4.0% | — | ||
| Q1 25 | 3.1% | — | ||
| Q4 24 | 7.2% | — | ||
| Q3 24 | 2.7% | — | ||
| Q2 24 | 2.8% | — | ||
| Q1 24 | 4.8% | — |
| Q4 25 | — | 1.72× | ||
| Q3 25 | 6.29× | 0.77× | ||
| Q2 25 | 2.25× | 0.65× | ||
| Q1 25 | — | 1.28× | ||
| Q4 24 | — | 3.06× | ||
| Q3 24 | 6.32× | 1.91× | ||
| Q2 24 | 3.95× | 1.80× | ||
| Q1 24 | — | 1.30× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
TRNO
| Disposal Group Disposed Of By Sale Not Discontinued Operations | $109.5M | 80% |
| Other | $23.8M | 17% |
| At Market Equity Offering Program500Million | $4.1M | 3% |
