TRC

MKT CAP:$533M

Tejon Ranch Co.

Market Cap

$533M

Industrials·Conglomerates·🇺🇸 United States·NYSE

Industrials·Conglomerates·🇺🇸·NYSE

Stock Price

$19.34+$3.68 (+23.50%)

Apr 22, 2026

Company Details

Tejon Ranch Co., together with its subsidiaries, operates as a diversified real estate development and agribusiness company. It operates through five segments: Commercial/Industrial Real Estate Development, Resort/Residential Real Estate De...

CEO

Matthew Walker

IPO Date

Mar 17, 1980

Website

tejonranch.com

Key Metrics TTM

Revenue

$50M

+18.4% YoY

Net Income

$73.0K

EPS (Diluted)

$0.01

Free Cash Flow

-$33M

Revenue / Share

$1.84

Gross Margin

12.3%

Operating Margin

-16.0%

Net Margin

0.1%

FCF Margin

-65.9%

P/S

10.7x

P/E

7296.7x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Mar 19, 2026

$50M+18.4%EPS $0.00

Q4 2025

Mar 19, 2026

$21M+17.7%EPS $0.06

Q3 2025

Nov 6, 2025

$12M+10.3%EPS $0.06

Q2 2025

Aug 7, 2025

$8M+46.0%EPS -$0.06

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$17M	$5M	$3M
Q4 21	$13M	$3M	-$516.0K
Q1 22	$21M	$8M	$5M
Q2 22	$9M	-$133.0K	-$2M
Q3 22	$31M	$13M	$11M
Q4 22	$17M	$3M	-$153.0K
Q1 23	$12M	$3M	$486.0K
Q4 23	$16M	$696.0K	-$2M
Q1 24	$7M	-$1M	-$4M
Q2 24	$6M	-$191.0K	-$4M
Q3 24	$11M	-$847.0K	-$4M
Q4 24	$18M	$4M	$2M
Q1 25	$8M	$70.0K	-$4M
Q2 25	$8M	$845.0K	-$4M
Q3 25	$12M	$844.0K	-$2M
Q4 25	$21M	$4M	$2M

Valuation

Quarter	P/S	P/E
Q2 21	7.3x	32.7x
Q4 21	8.3x	32.9x
Q1 22	7.8x	48.7x
Q2 22	6.9x	41.8x
Q3 22	5.3x	23.1x
Q4 22	6.5x	32.6x
Q1 23	6.9x	36.7x
Q4 23	5.8x	29.0x
Q1 24	7.7x	93.4x
Q2 24	10.9x	133.5x
Q3 24	11.7x	—
Q4 24	10.1x	157.7x
Q1 25	10.0x	198.7x
Q2 25	10.1x	—
Q3 25	9.3x	144.6x
Q4 25	8.6x	5823.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	-$5M	-$12M
Q4 21	$5M	-$907.0K
Q1 22	$8M	$3M
Q2 22	-$5M	-$13M
Q3 22	-$790.0K	-$6M
Q4 22	$7M	$2M
Q1 23	$3M	-$6M
Q4 23	-$1M	-$9M
Q1 24	$777.0K	-$13M
Q2 24	-$2M	-$16M
Q3 24	$2M	-$16M
Q4 24	$13M	-$7M
Q1 25	-$1M	-$28M
Q2 25	-$381.0K	$26M
Q3 25	-$2M	-$15M
Q4 25	$10M	-$16M

Capital Expenditures

Quarter	CapEx
Q2 21	$7M
Q4 21	$6M
Q1 22	$5M
Q2 22	$8M
Q3 22	$5M
Q4 22	$5M
Q1 23	$9M
Q4 23	$8M
Q1 24	$13M
Q2 24	$14M
Q3 24	$18M
Q4 24	$20M
Q1 25	$27M
Q2 25	$27M
Q3 25	$12M
Q4 25	$27M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+42.8%	+7.5%
Q4 21	+44.9%	+30.3%
Q1 22	+3.8%	-5.9%
Q2 22	-10.1%	-4.0%
Q3 22	+89.2%	+45.2%
Q4 22	+34.7%	+30.7%
Q1 23	-41.7%	-25.5%
Q4 23	+74.4%	+59.8%
Q1 24	-76.5%	-44.4%
Q2 24	-67.4%	-47.5%
Q3 24	-11.5%	+24.4%
Q4 24	+10.9%	-14.6%
Q1 25	+10.8%	+8.6%
Q2 25	+46.0%	+33.8%
Q3 25	+10.3%	-4.5%
Q4 25	+17.7%	+19.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$949.0K	5.7%
Q4 21	$1M	8.6%
Q1 22	$1M	5.8%
Q2 22	$0	0.0%
Q3 22	$1.0K	0.0%
Q4 22	$789.0K	4.5%
Q1 23	$621.0K	5.1%
Q4 23	$883.0K	5.5%
Q1 24	$513.0K	6.9%
Q2 24	$2M	32.4%
Q3 24	$2M	16.0%
Q4 24	$96.0K	0.5%
Q1 25	$666.0K	8.1%
Q2 25	$624.0K	7.5%
Q3 25	-$133.0K	-1.1%
Q4 25	$554.0K	2.6%

OpEx Breakdown

Quarter	G&A
Q2 21	$2M
Q4 21	$3M
Q1 22	$2M
Q2 22	$2M
Q3 22	$2M
Q4 22	$3M
Q1 23	$2M
Q3 24	$3M
Q3 25	$3M

Revenue Segments

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$37M	$20M	$56M
Q2 22	$18M	$27M	$46M
Q3 22	$30M	$31M	$62M
Q4 22	$39M	$33M	$73M
Q1 23	$40M	$35M	$76M
Q2 23	$27M	$40M	$67M
Q3 23	$43M	$29M	$73M
Q4 23	$32M	$33M	$64M
Q1 24	$36M	$25M	$61M
Q2 24	$33M	$17M	$50M
Q3 24	$27M	$14M	$41M
Q4 24	$39M	$14M	$54M
Q1 25	$12M	$21M	$33M
Q2 25	$3M	$18M	$20M
Q3 25	$4M	$17M	$21M
Q4 25	$10M	$15M	$25M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	26M	+0.6%	+1.5%
Q4 21	27M	+0.4%	+1.9%
Q1 22	26M	-0.1%	+0.8%
Q2 22	27M	+0.2%	+1.0%
Q3 22	27M	+0.0%	+0.5%
Q4 22	27M	+0.7%	+0.8%
Q1 23	27M	-0.3%	+0.6%
Q4 23	27M	+0.3%	+0.8%
Q1 24	27M	+0.2%	+0.9%
Q2 24	27M	+0.2%	+0.4%
Q3 24	27M	0.0%	+0.8%
Q4 24	27M	-0.1%	+0.3%
Q1 25	27M	+0.1%	+0.2%
Q2 25	27M	0.0%	+0.0%
Q3 25	27M	0.0%	+0.0%
Q4 25	27M	+0.4%	+0.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	$195.7K	85
Q4 21	$144.0K	90
Q1 22	$233.6K	90
Q2 22	$103.0K	90
Q3 22	$349.7K	90
Q4 22	$223.8K	78
Q1 23	$157.2K	78
Q4 23	$185.8K	87
Q1 24	$85.1K	87
Q2 24	$65.4K	87
Q3 24	$124.8K	87
Q4 24	$218.7K	82
Q1 25	$100.1K	82
Q2 25	$101.3K	82
Q3 25	$146.0K	82
Q4 25	$324.7K	65

Revenue / Employee