FirstService Corporation (FSV) vs Terreno Realty Corporation (TRNO)
A side-by-side comparison of FirstService Corporation and Terreno Realty Corporation across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of October 6, 2026. Differences are shown without an overall score or investment verdict.
Total return — FSV vs TRNO
growth of $100 · dividends reinvested · last 10yFSV vs TRNO: by the numbers
- •TRNO is the larger company ($6.83B vs $5.92B market cap).
- •TRNO converts more revenue to profit (77.27% vs 2.88% net margin).
- •TRNO grew revenue faster over the past five years (20.25% vs 12.78% CAGR).
- •TRNO pays the higher dividend yield (3.23% vs 0.90%).
Metrics side by side
Valuation
| Metric | FSV | TRNO |
|---|---|---|
| P/E ratio | 36.91 | 17.27 |
| Forward P/E | 21.29 | 30.44 |
| PEG ratio | 3.94 | 0.49 |
| P/S ratio | 1.06 | 13.58 |
| P/B ratio | 4.86 | 1.54 |
| EV / EBITDA | 13.49 | 23.48 |
| FCF yield | 5.70% | 2.72% |
For REITs like Terreno Realty Corporation, GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
Profitability
| Metric | FSV | TRNO |
|---|---|---|
| Gross margin | 29.84% | 75.84% |
| Operating margin | 6.24% | 41.42% |
| Net margin | 2.88% | 77.27% |
| ROE | 13.21% | 8.77% |
| ROIC | 7.32% | 3.65% |
Dividends
| Metric | FSV | TRNO |
|---|---|---|
| Dividend yield | 0.90% | 3.23% |
| Payout ratio | 33.24% | 55.91% |
Terreno Realty Corporation's payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Growth (annualized)
| Metric | FSV | TRNO |
|---|---|---|
| Revenue CAGR (5Y) | 12.78% | 20.25% |
| EPS CAGR (5Y) | 9.22% | 35.52% |
| FCF CAGR (5Y) | 12.06% | 18.95% |
| Total return CAGR (5Y) | -5.96% | 3.13% |
Frequently asked
- Which has grown faster, FSV or TRNO?
- Over the past five years, TRNO grew revenue faster — FSV at a 12.78% CAGR versus TRNO at 20.25%.
- Does FSV or TRNO pay a bigger dividend?
- FSV yields 0.90% and TRNO yields 3.23% based on trailing dividends and the latest price.
- Is FSV or TRNO more profitable?
- TRNO runs the higher net margin — FSV at 2.88% versus TRNO at 77.27%.
- How have FSV and TRNO total returns compared?
- Over the past 10 years, FSV delivered 11.71% and TRNO delivered 12.76% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
FirstService & Terreno Realty appear in these rankings
Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified October 6, 2026.