olivLaw · US equity research
Tejon Ranch Co. TRC
Real Estate · SIC 6500 · Vertical: Real Estate (SIC 6500)
Tejon Ranch Co. (TRC) is a California real estate development and agribusiness company anchored by Tejon Ranch Commerce Center, covering about 270,000 acres with a fully leased industrial portfolio. It is expanding into multifamily rental housing, but revenue still depends on land sales and on economic and regulatory cycles.
At the close of 04 Nov 2026, Tejon Ranch Co. (TRC) stock was 16.28 USD (−0.12% on the day), with market capitalisation 439.9 m USD, P/E 71.3 on diluted EPS of 0.23 USD over the last 12 months, beta 0.33, 52-week range 15.66–20.48 USD. Latest reported quarter (Q2 2026): revenue of 14.3 m USD (+71.7% YoY), net income of 2.6 m USD, diluted EPS 0.10 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 48.4
- neutral
- Bollinger (20, 2)
- 15.99 – 16.72
- in the lower half of the band · %B 0.39 · band width 4.4%
- SMA 50 / 200
- 16.27 / 17.74
- mixed trend
- MACD (12, 26, 9)
- 0.01 / 0.01
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.6% | −1.1% | +1.7 pp | — |
| 3 months | −1.0% | −0.5% | −0.6 pp | — |
| 6 months | −17.4% | +4.4% | −21.8 pp | — |
| Year to date | +3.2% | +12.3% | −9.1 pp | — |
| 1 year | +4.5% | +13.5% | −9.1 pp | −12.2% |
| 3 years | −0.3% | +76.4% | −76.7 pp | −5.4% |
| 5 years | −20.0% | +63.7% | −83.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10.9 m | 17.9 m | 8.2 m | 8.3 m | 12.0 m | 21.1 m | 9.5 m | 14.3 m |
| Gross profit | 2.5 m | 7.7 m | 1.2 m | 3.5 m | 3.4 m | 6.5 m | 2.0 m | 6.8 m |
| Operating income | -3.8 m | 2.1 m | -4.2 m | -4.1 m | -2.0 m | 2.3 m | -1.1 m | 348.0 k |
| Depreciation & amortisation | 1.2 m | 1.7 m | 1.0 m | 1.1 m | 1.7 m | 2.2 m | 1.5 m | 1.4 m |
| Pre-tax income | -4.0 k | 5.7 m | -2.7 m | -1.3 m | 699.0 k | 4.5 m | 209.0 k | 3.5 m |
| Income tax | 1.8 m | 1.3 m | -1.3 m | 435.0 k | -972.0 k | 2.9 m | 59.0 k | 843.0 k |
| Net income | -1.8 m | 4.5 m | -1.5 m | -1.7 m | 1.7 m | 1.6 m | 151.0 k | 2.6 m |
| Diluted EPS | -0.07 | 0.17 ≈ | -0.05 | -0.06 | 0.06 | 0.06 ≈ | 0.01 | 0.10 |
| Operating cash flow | 2.1 m ≈ | 13.3 m | -1.3 m | -381.0 k ≈ | -2.4 m ≈ | 10.2 m | 3.3 m | 1.3 m ≈ |
| Capex | 18.9 m ≈ | 16.2 m | 17.5 m | 19.6 m ≈ | 12.2 m ≈ | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 32 percentile of its own 31-quarter history (min 22.6, median 133.3, max 1,926.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 45.6 m | 49.5 m | 37.8 m | unavailable | 79.2 m | 44.7 m | 41.9 m | 49.6 m |
| Revenue YoY | +29.4% | +8.6% | −23.6% | unavailable | unavailable | −43.5% | −6.4% | +18.4% |
| Net income | 4.3 m | 10.6 m | -740.0 k | 5.3 m | 15.8 m | 3.3 m | 2.7 m | 75.0 k |
| Net income YoY | unavailable | +148.6% | −107.0% | unavailable | +195.6% | −79.3% | −17.6% | −97.2% |
| Diluted EPS | 0.16 | 0.40 | -0.03 | 0.20 | 0.59 | 0.12 | 0.10 | 0.00 |
| Diluted EPS YoY | unavailable | +150.0% | −107.5% | unavailable | +195.0% | −79.7% | −16.7% | −100.0% |
| net % | 9.3% | 21.4% | -2.0% | unavailable | 20.0% | 7.3% | 6.4% | 0.2% |
| Free cash flow | -8.2 m | -9.2 m | -6.8 m | -18.1 m | -14.1 m | -7.7 m | -42.9 m | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 9.5 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 490.6 m USD
- Total assets
- 630.5 m USD
- Debt / equity
- unavailable
- Current ratio
- 4.14x
- ROE
- 0.0%
- ROA
- 0.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 37.8 m | — | 79.2 m | 44.7 m | 41.9 m | 49.6 m | SEC (XBRL)· 19 Mar 2026verified |
| Gross profit | — | — | 31.2 m | 13.0 m | 12.8 m | 14.5 m | SEC (XBRL)· 19 Mar 2026verified |
| Operating income | -6.7 m | -260.0 k | 13.7 m | -3.7 m | -9.2 m | -8.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Depreciation & amortisation | 4.9 m | 4.6 m | 4.6 m | 4.8 m | 4.9 m | 6.0 m | SEC (XBRL)· 19 Mar 2026verified |
| EBITDA | -1.8 m ≈ | 4.3 m ≈ | 18.4 m ≈ | 1.1 m ≈ | -4.3 m ≈ | -1.9 m ≈ | SEC (XBRL)· 19 Mar 2026derived |
| Pre-tax income | 82.0 k | 9.2 m | 23.2 m | 5.6 m | 3.7 m | 1.2 m | SEC (XBRL)· 19 Mar 2026verified |
| Income tax | 829.0 k | 3.8 m | 7.4 m | 2.3 m | 976.0 k | 1.1 m | SEC (XBRL)· 19 Mar 2026verified |
| Net income | -740.0 k | 5.3 m | 15.8 m | 3.3 m | 2.7 m | 75.0 k | SEC (XBRL)· 19 Mar 2026verified |
| Diluted EPS | -0.03 | 0.20 | 0.59 | 0.12 | 0.10 | 0.00 | SEC (XBRL)· 19 Mar 2026verified |
| Weighted average diluted shares | 26.3 m | 26.4 m | 26.7 m | 26.7 m | 26.8 m | 26.9 m | SEC (XBRL)· 19 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 55.3 m | 36.2 m | 39.1 m | 31.9 m | 39.3 m | 9.5 m | SEC (XBRL)· 19 Mar 2026verified |
| Receivables | 4.6 m | 6.5 m | 4.5 m | 8.4 m | 7.9 m | 9.4 m | SEC (XBRL)· 19 Mar 2026verified |
| Inventories | 3.0 m | 5.7 m | 3.4 m | 3.5 m | 4.0 m | 3.3 m | SEC (XBRL)· 19 Mar 2026verified |
| Current assets | 68.5 m | 63.0 m | 83.0 m | 79.8 m | 69.4 m | 39.3 m | SEC (XBRL)· 19 Mar 2026verified |
| Property, plant & equipment, net | 46.2 m | 50.7 m | 53.0 m | 54.0 m | 56.4 m | 59.3 m | SEC (XBRL)· 19 Mar 2026verified |
| Intangibles (excl. goodwill) | 24.5 m | 23.1 m | 21.7 m | 20.4 m | 19.0 m | 17.6 m | SEC (XBRL)· 19 Mar 2026verified |
| Total assets | 536.3 m | 546.0 m | 566.8 m | 577.5 m | 608.0 m | 630.5 m | SEC (XBRL)· 19 Mar 2026verified |
| Accounts payable | 3.4 m | 4.5 m | 5.1 m | 6.5 m | 9.1 m | 5.2 m | SEC (XBRL)· 19 Mar 2026verified |
| Short-term debt | 4.3 m | 4.5 m | 1.8 m | 0 | — | — | SEC (XBRL)· 06 Mar 2024verified |
| Long-term debt | 52.6 m | 48.2 m | 48.2 m | 0 | — | — | SEC (XBRL)· 06 Mar 2024verified |
| Current liabilities | 12.9 m | 15.6 m | 12.0 m | 11.6 m | 16.8 m | 9.5 m | SEC (XBRL)· 19 Mar 2026verified |
| Total liabilities | 91.0 m | 89.5 m | 89.2 m | 94.4 m | 119.0 m | 139.9 m | SEC (XBRL)· 19 Mar 2026verified |
| Equity | 445.3 m | 456.5 m | 477.6 m | 483.1 m | 489.0 m | 490.6 m | SEC (XBRL)· 19 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 15.5 m | 2.8 m | 8.5 m | 13.7 m | 14.3 m | 6.1 m | SEC (XBRL)· 19 Mar 2026verified |
| Capex | 22.3 m | 20.9 m | 22.6 m | 21.3 m | 57.2 m | — | SEC (XBRL)· 06 Mar 2025verified |
| Free cash flow | -6.8 m ≈ | -18.1 m ≈ | -14.1 m ≈ | -7.7 m ≈ | -42.9 m ≈ | — | SEC (XBRL)· 06 Mar 2025derived |
| Investing cash flow | 19.8 m | -14.7 m | -1.9 m | -14.0 m | -25.7 m | -62.3 m | SEC (XBRL)· 19 Mar 2026verified |
| Financing cash flow | -7.0 m | -6.1 m | -4.4 m | -6.9 m | 18.8 m | 26.4 m | SEC (XBRL)· 19 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Market and valuation
9 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 52.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 439.9 m USD
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 8.78 – 29.27 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Net asset value (NAV)unavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
- Peers: P/B8.78 – 29.27 (Mid 15.00)19 companies used · median multiple 0.8x · quartiles 0.5x – 1.7xAEI, AHRT, AIRE, BEEP, CBRE, CHCI, CIGI, CMTG, CURB, CWK, FOR, FRPH, GTY, HPP, IIPR, LPA, OPI, TRNO, UE
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 52.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 1.3% | 45 (vs peers) | 13% |
| EBITDA margin · Quality | 11.0% | 0 (on a fixed band) | 17% |
| Revenue CAGR 3Y · Growth | -14.5% | 0 (on a fixed band) | 17% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| P/B · Valuation | 0.9x | 52 (vs peers) | 38% |
| P/E (TTM) · Valuation | 71.3x | 20 (vs peers) | 17% |
| Dividend yield · Returns | unavailable | unavailable | — |
| Payout ratio (EPS) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/2 factors with a value
- Growth0/100 · 1/1 factors with a value
- Quality19/100 · 2/2 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation42/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TEJON RANCH CO. (TRC). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 49.6 m USD in 2025; YoY growth 18.4%; net margin 10.6%; ROE 1.3%.
The estimated value range is 8.78–29.27 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 15.00 USD, the price of 16.28 USD leaves a potential of -7.9% (value / price − 1) and a margin of safety of -8.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 52.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- EBITDA margin: 11.0%
- Revenue CAGR 3Y: -14.5%
- P/E (TTM): 71.3x
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, Interest coverage, Dividend yield, Payout ratio (EPS).
Versus the vertical median
Real Estate (SIC 6500) · same industry (4-digit SIC) · compared with 31 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CBRECbre Group, Inc. | 40.7 bn | 30.2 | 16.1% | 3.1% | +13.4% | −13% / +79% |
| VTMXVesta Real Estate Corporation, S.A.B. de C.V. | 32.7 bn | 131.8 | 9.1% | 85.4% | +12.2% | +19% / −2% |
| TRNOTerreno Realty Corporation | 7.5 bn | 20.3 | 8.3% | 68.1% | +24.5% | +8% / +19% |
| FSVFirstService Corporation | 7.1 bn | 49.0 | 14.9% | 3.5% | +5.4% | −1% / −1% |
| CIGIColliers International Group Inc. | 4.0 bn | 48.8 | 15.7% | 4.0% | +15.3% | −32% / −5% |
| CURBCurbline Properties Corp. | 3.7 bn | 125.4 | 1.3% | 11.2% | +51.3% | +26% / unavailable |
| CWKCushman & Wakefield Ltd. | 3.5 bn | 50.5 | 3.4% | 0.6% | +8.9% | −11% / +82% |
| UEUrban Edge Properties | 2.7 bn | 24.6 | 7.9% | 22.2% | +6.1% | +10% / +26% |
| GTYGetty Realty Corp. | 1.9 bn | 17.4 | 8.9% | 42.4% | +9.0% | +1% / −2% |
| IIPRInnovative Industrial Properties, Inc. | 1.6 bn | 12.5 | 7.6% | 53.2% | −13.8% | +14% / −31% |
| FORForestar Group Inc. | 1.3 bn | 7.5 | 9.6% | 9.9% | +10.1% | −2% / −18% |
| HPPHudson Pacific Properties, Inc. | 572.8 m | — | -19.8% | -69.1% | −1.3% | −24% / −74% |
| DUOFangdd Network Group Ltd. | 548.5 m | — | -17.9% | -23.9% | +9.2% | −68% / −96% |
| AHRTAh Realty Trust, Inc. | 500.6 m | — | -6.7% | -18.2% | +4.1% | +3% / −38% |
| TRCTejon Ranch Co. | 439.9 m | 71.3 | 1.3% | 10.6% | +18.4% | +4% / −0% |
| FRPHFrp Holdings, Inc. | 360.7 m | 2,041,655.0 | 0.0% | 0.2% | +2.6% | −19% / −32% |
| MLPMaui Land & Pineapple Co Inc | 289.5 m | — | -16.1% | -28.6% | +68.2% | −8% / −2% |
| OPIOffice Properties Income Trust | 285.6 m | — | -40.5% | -73.0% | −11.8% | unavailable / unavailable |
| CMTGClaros Mortgage Trust, Inc. | 261.0 m | — | -36.5% | -391.9% | −24.4% | −44% / −85% |
| CHCIComstock Holding Companies, Inc. | 165.7 m | 6.7 | 36.4% | 32.2% | +22.6% | +46% / +352% |
| BEEPMobile Infrastructure Corporation | 100.4 m | — | -16.1% | -67.2% | −5.2% | −22% / −54% |
| LPALogistic Properties of the Americas | 78.1 m | 7.5 | 4.3% | 20.9% | +14.3% | −27% / unavailable |
| OZBelpointe PREP, LLC | 47.6 m | — | — | -212.1% | +243.4% | −41% / −50% |
| AEIAlset Inc. | 21.1 m | — | -43.4% | -951.4% | −78.8% | −80% / −54% |
| CWDCalibercos Inc. | 4.7 m | — | — | -117.3% | −60.7% | −80% / −98% |
1- and 3-year price returns: for TRC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 8.52 Total return -48% · Per year -48% | 15.14 Total return -7% · Per year -7% | 22.91 Total return 41% · Per year 41% |
| 3 years | 6.77 Total return -58% · Per year -25% | 13.67 Total return -16% · Per year -6% | 22.91 Total return 41% · Per year 12% |
| 5 years | 5.37 Total return -67% · Per year -20% | 12.33 Total return -24% · Per year -5% | 22.91 Total return 41% · Per year 7% |
- Exit P/E± 3.42
- Net margin± 2.39
- Annual revenue growth± 2.16
- Annual dilution± 0.20
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Tejon Ranch Co. (TRC) is a California real estate development and agribusiness company anchored by Tejon Ranch Commerce Center, covering about 270,000 acres with a fully leased industrial portfolio. It is expanding into multifamily rental housing, but revenue still depends on land sales and on economic and regulatory cycles. 12
SWOT
Strengths
- Contiguous land and a position along a heavily traveled freeway give a strategic advantage that is hard to replicate 1.
- The TRCC industrial portfolio is fully leased, with nationally recognized tenants 12.
- Diversification into farming, mineral resources and royalties adds complementary recurring income 13.
Weaknesses
- Activity is geographically concentrated in California, exposing the company to the state's economic and regulatory conditions 1.
- Revenue is volatile, depending on occasional land sales and water sales 13.
- Corporate expenses rose in 2025, mainly due to defense against shareholder activism, which reduced profit 1.
Opportunities
- Stabilization of Terra Vista and the opening of a new casino could lift traffic and sales in the commercial area 3.
- Re-entitlement of Centennial could unlock a major residential portfolio if the process advances 2.
- New industrial joint ventures could expand capacity without absorbing all of the company's capital 3.
Risks
- Litigation and Centennial re-entitlementhigh
The Centennial approvals were set aside, and re-entitlement could be challenged in court again, delaying the project 12.
- Geographic concentrationmedium
All developable land is in California, so an economic or regulatory change in the state could affect results directly 1.
- Real estate cyclicalitymedium
If the property market enters a downturn when projects reach development, sales could be postponed 1.
- Reliance on land salesmedium
Quarterly profit can swing widely if land or water sales do not occur in the expected period 23.
- Tenant risklow
Non-payment of rent or non-renewal of leases could reduce cash flow from affected properties 1.
Investment thesis
What would need to be true (bull case)
- If TRCC stays fully leased and Terra Vista reaches stabilization, recurring revenue could grow and lessen reliance on land sales 13.
- Corporate cost control and higher adjusted EBITDA in the second quarter could support improved profitability 3.
- A 270,000-acre landholding offers long-term development options if the residential projects obtain the necessary approvals 12.
What would break the thesis
- Repeated litigation and the setting aside of Centennial approvals show that development can be delayed or blocked, which could affect growth plans 12.
- Profit remains volatile and depends on occasional land and water sales, which makes results hard to predict 13.
- Concentration in California and cost pressures from insurance and financing could limit demand over the medium term 1.
What to watch
- Progress of Centennial re-entitlement and the RPDEIRlate 2026
- Occupancy at Terra Vista at TejonQ3 2026
- Delivery of industrial Building 1B at TRCCearly 2027
- Almond and pistachio yields after harvestnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Tejon Ranch Co. is a diversified real estate development company whose main asset is Tejon Ranch Commerce Center (TRCC), a commercial and industrial park of 20 million square feet along Interstate 5 between the Los Angeles Basin and California's Central Valley 1. The company holds about 270,000 acres of contiguous land, on which it runs development, leasing, farming, mineral royalties and ranch operations 1. In 2025 it began reporting Multifamily as a separate segment, with the launch of Terra Vista at Tejon 1.
The platform has six reporting segments: commercial/industrial real estate, multifamily, resort/residential real estate, mineral resources, farming and ranch operations 1. The company also operates nine joint ventures that develop portions of its land, including those with TravelCenters of America, Majestic Realty and Rockefeller Development Group 1.
Over the long term the company holds entitlements for Mountain Village, Grapevine and Centennial, with more than 35,000 housing units in total, although Centennial is in re-entitlement after the 2019 approvals were set aside 12. The timing of residential development therefore remains uncertain and dependent on administrative and court processes 1.
Segments
Commercial/industrial real estate
This is the largest contributor to operating profit, with revenue from leases, land sales and a leased power plant 1. The TRCC industrial portfolio is fully leased, and the commercial portfolio was 95% leased at June 30, 2026 23.
Market context
The Los Angeles industrial market is considered among the largest in the country, with high rents and low vacancy, which supports demand for TRCC space 1. Land values in the area have risen significantly in recent years, but the market remains sensitive to financing costs and California's economic conditions 1.
The residential market depends on occupancy, wildfire insurance costs and interest rates, factors that could influence demand for Centennial, Mountain Village and Grapevine 1. The timing of these projects also depends on local approvals and possible litigation 2.
Trends
- Industrial growth in Los Angelestailwind
Demand for logistics space in the Los Angeles area supports full occupancy at TRCC and interest in new buildings 1.
- Residential lease-up at Terra Vistatailwind
Stabilization at Terra Vista could produce steadier recurring revenue if occupancy keeps rising 23.
- Financing costs and interest ratesheadwind
High rates and tighter credit can reduce demand for land and slow industrial development 1.
- Cyclical farm and water pricesmixed
Crop revenue and water sales depend on prices and water allocations, which introduces volatility 23.
Competitive position
The company competes with other industrial areas in Northern, Central and Southern California for tenants and land buyers, as well as with other Interstate 5 and State Route 99 interchange locations 1. Its residential projects will compete with other housing options in Santa Clarita Valley, Lancaster, Palmdale and Bakersfield 1.
In the recreation and second-home segment, Mountain Village will compete with a broad range of projects, which could limit absorption 1. Intense competition may reduce sales and affect operating results 1.
- Other Southern California industrial parks
Compete for industrial tenants and land buyers across Northern, Central and Southern California 1.
- Residential developers in Santa Clarita Valley, Lancaster and Palmdale
Offer housing alternatives that could compete with Centennial and Grapevine once approved 1.
- Fuel stops and travel centers along Interstate 5 and State Route 99
Compete for commercial leasing opportunities at highway interchanges 1.
- Recreation and second-home destinations in the region
Compete for discretionary consumer spending relevant to Mountain Village 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report29 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report30 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report15 May 2026Shareholder vote · Financial statements and exhibits
- Quarterly report11 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Current report30 Apr 2026Regulation FD disclosure · Financial statements and exhibits
- Proxy statement03 Apr 2026
- Annual report19 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Tejon Ranch Co. · 19 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Tejon Ranch Co. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Tejon Ranch Co. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.