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Side-by-side financial comparison of Terreno Realty Corp (TRNO) and VIRTUS INVESTMENT PARTNERS, INC. (VRTS). Click either name above to swap in a different company.
VIRTUS INVESTMENT PARTNERS, INC. is the larger business by last-quarter revenue ($208.0M vs $137.5M, roughly 1.5× Terreno Realty Corp). Terreno Realty Corp runs the higher net margin — 115.1% vs 16.3%, a 98.8% gap on every dollar of revenue. On growth, Terreno Realty Corp posted the faster year-over-year revenue change (32.6% vs -10.9%). Over the past eight quarters, Terreno Realty Corp's revenue compounded faster (27.2% CAGR vs -3.2%).
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.
VIRTUS INVESTMENT PARTNERS, INC.VRTSEarnings & Financial Report
Virtus Investment Partners, Inc. is an American company which operates as a multi-manager asset management business, comprising a number of individual affiliated managers, each having its own investment process and brand, and the services of unaffiliated sub advisers.
TRNO vs VRTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $137.5M | $208.0M |
| Net Profit | $158.2M | $33.9M |
| Gross Margin | — | — |
| Operating Margin | — | 19.1% |
| Net Margin | 115.1% | 16.3% |
| Revenue YoY | 32.6% | -10.9% |
| Net Profit YoY | 107.9% | -14.2% |
| EPS (diluted) | $1.54 | $5.15 |
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 | $137.5M | $208.0M | ||
| Q3 25 | $116.2M | $216.4M | ||
| Q2 25 | $112.2M | $210.5M | ||
| Q1 25 | $110.4M | $217.9M | ||
| Q4 24 | $103.7M | $233.5M | ||
| Q3 24 | $99.6M | $227.0M | ||
| Q2 24 | $94.2M | $224.4M | ||
| Q1 24 | $85.0M | $222.0M |
| Q4 25 | $158.2M | $33.9M | ||
| Q3 25 | $103.4M | $31.3M | ||
| Q2 25 | $93.3M | $42.7M | ||
| Q1 25 | $48.1M | $28.1M | ||
| Q4 24 | $76.1M | $39.5M | ||
| Q3 24 | $36.6M | $49.1M | ||
| Q2 24 | $35.7M | $26.0M | ||
| Q1 24 | $36.1M | $37.9M |
| Q4 25 | — | 19.1% | ||
| Q3 25 | — | 21.7% | ||
| Q2 25 | — | 21.5% | ||
| Q1 25 | — | 16.8% | ||
| Q4 24 | — | 21.7% | ||
| Q3 24 | — | 24.3% | ||
| Q2 24 | — | 19.7% | ||
| Q1 24 | — | 14.5% |
| Q4 25 | 115.1% | 16.3% | ||
| Q3 25 | 88.9% | 14.5% | ||
| Q2 25 | 83.1% | 20.3% | ||
| Q1 25 | 43.6% | 12.9% | ||
| Q4 24 | 73.4% | 16.9% | ||
| Q3 24 | 36.8% | 21.6% | ||
| Q2 24 | 37.9% | 11.6% | ||
| Q1 24 | 42.4% | 17.1% |
| Q4 25 | $1.54 | $5.15 | ||
| Q3 25 | $1.00 | $4.65 | ||
| Q2 25 | $0.90 | $6.12 | ||
| Q1 25 | $0.47 | $4.05 | ||
| Q4 24 | $0.78 | $4.65 | ||
| Q3 24 | $0.37 | $5.71 | ||
| Q2 24 | $0.37 | $2.43 | ||
| Q1 24 | $0.40 | $4.10 |
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 | $943.3M | $390.0M |
| Stockholders' EquityBook value | $4.1B | $934.0M |
| Total Assets | $5.4B | $4.3B |
| Debt / EquityLower = less leverage | 0.23× | 0.42× |
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 | $943.3M | $390.0M | ||
| Q3 25 | $1.0B | $390.6M | ||
| Q2 25 | $742.4M | $231.3M | ||
| Q1 25 | $741.9M | $231.7M | ||
| Q4 24 | $823.4M | $232.1M | ||
| Q3 24 | $672.2M | $237.5M | ||
| Q2 24 | $772.0M | $247.6M | ||
| Q1 24 | $771.8M | $253.0M |
| Q4 25 | $4.1B | $934.0M | ||
| Q3 25 | $4.0B | $918.7M | ||
| Q2 25 | $3.9B | $896.4M | ||
| Q1 25 | $3.9B | $893.7M | ||
| Q4 24 | $3.7B | $897.5M | ||
| Q3 24 | $3.6B | $889.0M | ||
| Q2 24 | $3.4B | $868.7M | ||
| Q1 24 | $3.4B | $871.7M |
| Q4 25 | $5.4B | $4.3B | ||
| Q3 25 | $5.3B | $3.9B | ||
| Q2 25 | $5.0B | $3.7B | ||
| Q1 25 | $4.9B | $3.7B | ||
| Q4 24 | $4.8B | $4.0B | ||
| Q3 24 | $4.6B | $3.6B | ||
| Q2 24 | $4.5B | $3.6B | ||
| Q1 24 | $4.4B | $3.5B |
| Q4 25 | 0.23× | 0.42× | ||
| Q3 25 | 0.26× | 0.43× | ||
| Q2 25 | 0.19× | 0.26× | ||
| Q1 25 | 0.19× | 0.26× | ||
| Q4 24 | 0.22× | 0.26× | ||
| Q3 24 | 0.19× | 0.27× | ||
| Q2 24 | 0.22× | 0.29× | ||
| Q1 24 | 0.22× | 0.29× |
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 | $271.9M | $-67.2M |
| Free Cash FlowOCF − Capex | — | $-74.1M |
| FCF MarginFCF / Revenue | — | -35.6% |
| Capex IntensityCapex / Revenue | — | 3.3% |
| Cash ConversionOCF / Net Profit | 1.72× | -1.99× |
| TTM Free Cash FlowTrailing 4 quarters | — | $100.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $271.9M | $-67.2M | ||
| Q3 25 | $79.5M | $108.3M | ||
| Q2 25 | $60.6M | $75.8M | ||
| Q1 25 | $61.4M | $-3.8M | ||
| Q4 24 | $232.7M | $1.8M | ||
| Q3 24 | $70.0M | $69.1M | ||
| Q2 24 | $64.3M | $70.0M | ||
| Q1 24 | $47.0M | $-34.5M |
| Q4 25 | — | $-74.1M | ||
| Q3 25 | — | $106.9M | ||
| Q2 25 | — | $74.2M | ||
| Q1 25 | — | $-6.8M | ||
| Q4 24 | — | $-3.8M | ||
| Q3 24 | — | $68.7M | ||
| Q2 24 | — | $68.6M | ||
| Q1 24 | — | $-36.5M |
| Q4 25 | — | -35.6% | ||
| Q3 25 | — | 49.4% | ||
| Q2 25 | — | 35.2% | ||
| Q1 25 | — | -3.1% | ||
| Q4 24 | — | -1.6% | ||
| Q3 24 | — | 30.3% | ||
| Q2 24 | — | 30.6% | ||
| Q1 24 | — | -16.4% |
| Q4 25 | — | 3.3% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | — | 1.4% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.6% | ||
| Q1 24 | — | 0.9% |
| Q4 25 | 1.72× | -1.99× | ||
| Q3 25 | 0.77× | 3.45× | ||
| Q2 25 | 0.65× | 1.77× | ||
| Q1 25 | 1.28× | -0.13× | ||
| Q4 24 | 3.06× | 0.04× | ||
| Q3 24 | 1.91× | 1.41× | ||
| Q2 24 | 1.80× | 2.69× | ||
| Q1 24 | 1.30× | -0.91× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
VRTS
| Open End Funds | $68.9M | 33% |
| Retail Separate Accounts | $51.3M | 25% |
| Institutional Accounts | $39.6M | 19% |
| Administration And Shareholder Service Fees | $18.4M | 9% |
| Closed End Funds | $15.9M | 8% |
| Distribution And Service Fees | $12.3M | 6% |
