Basis: Latest reported fiscal quarter. Source: stored company filings and market data; unavailable inputs remain N/A.
Is the operating margin high or low?
The operating margin of 40.74% is 23% below its 5-year average of 53.18%, near the low end of its 5-year range (37.81%–65.55%).
As of the fiscal period ended Tuesday, March 31, 2026. 0.86% above its 12-month average of 40.39%.
Reported quarterly operating margin; no daily interpolation.
OPERATING MARGIN
40.74%
OPERATING MARGIN AVG TTM
40.39%
OPERATING MARGIN AVG 3Y
47.08%
OPERATING MARGIN AVG 5Y
53.18%
OPERATING MARGIN AVG 10Y
50.11%
OPERATING MARGIN AVG 15Y
41.04%
OPERATING MARGIN AVG 20Y
N/A
CURRENT VS TTM AVG
+0.86%
CURRENT VS 3Y AVG
-13.47%
CURRENT VS 5Y AVG
-23.40%
CURRENT VS 10Y AVG
-18.70%
CURRENT VS 15Y AVG
-0.73%
CURRENT VS 20Y AVG
N/A
SECTOR MEDIAN · REAL ESTATE
28.86%
median of 40 covered companies
CURRENT VS SECTOR MEDIAN
+41.15%
vs the sector median at left
Terreno Realty Corporation
Market Cap
$7.62B
Operating Margin
40.74%
TTM Avg
40.39%
3Y Avg
47.08%
5Y Avg
53.18%
Market Cap
$8.73B
Operating Margin
41.59%
TTM Avg
41.50%
3Y Avg
40.62%
5Y Avg
40.74%
Market Cap
$8.97B
Operating Margin
-42.76%
TTM Avg
-7.62%
3Y Avg
8.22%
5Y Avg
20.35%
Market Cap
$9.34B
Operating Margin
47.92%
TTM Avg
48.18%
3Y Avg
48.61%
5Y Avg
50.68%
Market Cap
$10.72B
Operating Margin
36.03%
TTM Avg
37.61%
3Y Avg
40.03%
5Y Avg
39.38%
Market Cap
$11.14B
Operating Margin
18.44%
TTM Avg
18.80%
3Y Avg
19.25%
5Y Avg
19.49%
| NAME | MARKET CAP | OPERATING MARGIN | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| Terreno Realty Corporation (TRNO) | $7.62B | 40.74% | 40.39% | 47.08% | 53.18% |
| First Industrial Realty Trust, Inc. (FR)vs › | $8.73B | 41.59% | 41.50% | 40.62% | 40.74% |
| Alexandria Real Estate Equities, Inc. (ARE)vs › | $8.97B | -42.76% | -7.62% | 8.22% | 20.35% |
| NNN REIT, Inc. (NNN)vs › | $9.04B | 63.13% | 64.00% | 64.37% | 62.66% |
| Agree Realty Corporation (ADC)vs › | $9.34B | 47.92% | 48.18% | 48.61% | 50.68% |
| CubeSmart (CUBE)vs › | $9.42B | 39.51% | 42.64% | 41.85% | 43.95% |
| Federal Realty Investment Trust (FRT)vs › | $10.72B | 36.03% | 37.61% | 40.03% | 39.38% |
| Camden Property Trust (CPT)vs › | $11.14B | 18.44% | 18.80% | 19.25% | 19.49% |
| BXP, Inc. (BXP)vs › | $11.18B | 55.71% | 42.85% | 37.89% | 36.34% |
| Apple Hospitality REIT, Inc. (APLE)vs › | $3.90B | 17.56% | 19.09% | 18.32% | 10.94% |
Gross Margin
75.8%
Operating Margin
40.7%
Operating Margin = Operating Income / Revenue
Operating margin is the percentage of revenue remaining after operating expenses, reflecting operating efficiency.
Expanded definitions: Investopedia, Wikipedia, Corporate Finance Institute
| DATE | OPERATING MARGIN |
|---|---|
| 2026-03-31 | 40.74% |
| 2025-12-31 | 41.78% |
| 2025-09-30 | 41.34% |
| 2025-06-30 | 39.16% |
| 2025-03-31 | 38.93% |
| 2024-12-31 | 37.81% |
| 2024-09-30 | 39.35% |
| 2024-06-30 | 39.17% |
| 2024-03-31 | 38.45% |
| 2023-12-31 | 63.86% |
| 2023-09-30 | 64.26% |
| 2023-06-30 | 64.32% |
| 2023-03-31 | 62.83% |
| 2022-12-31 | 65.55% |
| 2022-09-30 | 64.24% |
| 2022-06-30 | 63.03% |
| 2022-03-31 | 61.85% |
| 2021-12-31 | 62.24% |
| 2021-09-30 | 63.33% |
| 2021-06-30 | 62.18% |
| 2021-03-31 | 62.33% |
| 2020-12-31 | 36.23% |
| 2020-09-30 | 63.18% |
| 2020-06-30 | 61.50% |
| 2020-03-31 | 60.73% |
| 2019-12-31 | 60.28% |
| 2019-09-30 | 43.17% |
| 2019-06-30 | 34.58% |
| 2019-03-31 | 48.42% |
| 2018-12-31 | 69.69% |
| 2018-09-30 | 38.33% |
| 2018-06-30 | 66.50% |
| 2018-03-31 | 39.73% |
| 2017-12-31 | 44.84% |
| 2017-09-30 | 75.65% |
| 2017-06-30 | 58.98% |
| 2017-03-31 | 30.42% |
| 2016-12-31 | 18.34% |
| 2016-09-30 | 23.37% |
| 2016-06-30 | 22.69% |
| 2016-03-31 | 40.94% |
| 2015-12-31 | 15.10% |
| 2015-09-30 | 26.41% |
| 2015-06-30 | 52.94% |
| 2015-03-31 | 5.75% |
| 2014-12-31 | 24.77% |
| 2014-09-30 | 20.98% |
| 2014-06-30 | 20.06% |
| 2014-03-31 | 21.37% |
| 2013-12-31 | 40.28% |
| 2013-09-30 | 24.96% |
| 2013-06-30 | 21.84% |
| 2013-03-31 | 22.07% |
| 2012-12-31 | 61.26% |
| 2012-09-30 | 23.45% |
| 2012-06-30 | 18.07% |
| 2012-03-31 | 11.28% |
| 2011-12-31 | 14.15% |
| 2011-09-30 | 11.03% |
| 2011-06-30 | -39.75% |
| 2011-03-31 | -27.83% |
| 2010-12-31 | -10.22% |
| 2010-09-30 | -401.09% |
| 2010-06-30 | -368.17% |
| 2010-03-31 | -6308.33% |
