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Tejon Ranch Co.

TRC

Tejon Ranch Co. • NYSE
$16.23 ▼ -0.12% (-0.02)
Market Cap $436.49 M
52w High $19.39
52w Low $14.71
Dividend Yield 0%
P/E 147.55
Volume 38.96K
Outstanding Shares 26.89M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $11.969M ▲ $2.868M ▼ $1.67M ▲ 13.953% ▲ $0.12 ▲ $2.389M ▲
Q2-2025 $8.307M ▲ $4.9M ▲ $-1.712M ▼ -20.609% ▼ $-0.064 ▼ $-2.96M ▲
Q1-2025 $8.209M ▼ $4.236M ▲ $-1.464M ▼ -17.834% ▼ $-0.05 ▼ $-3.151M ▼
Q4-2024 $17.935M ▲ $2.298M ▼ $4.483M ▲ 24.996% ▲ $0.17 ▲ $3.874M ▲
Q3-2024 $10.856M $2.945M $-1.836M -16.912% $-0.19 $-2.576M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $21.044M ▲ $629.587M ▲ $140.997M ▲ $473.23M ▲
Q2-2025 $20.054M ▼ $618.541M ▲ $131.65M ▲ $471.532M ▼
Q1-2025 $32.931M ▼ $614.555M ▲ $126.717M ▲ $472.478M ▼
Q4-2024 $53.708M ▲ $607.998M ▲ $119.042M ▲ $473.594M ▲
Q3-2024 $41.261M $598.037M $114.354M $468.32M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.671M ▲ $-2.38M ▼ $-6.549M ▲ $10M ▲ $1.071M ▲ $-2.38M ▼
Q2-2025 $-1.713M ▼ $-381K ▲ $-16.901M ▲ $7.5M ▲ $-9.782M ▲ $26.181M ▲
Q1-2025 $-1.466M ▼ $-1.345M ▼ $-32.65M ▼ $7.01M ▲ $-26.985M ▼ $-27.907M ▼
Q4-2024 $4.482M ▲ $13.269M ▲ $-8.371M ▲ $7M ▼ $11.898M ▲ $-7.228M ▲
Q3-2024 $-1.836M $2.071M $-15.734M $8M $-5.663M $-16.397M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Commercial and Industrial
Commercial and Industrial
 $10.00M ▲$0 ▼$10.00M ▲$10.00M ▲
Farming and Agriculture
Farming and Agriculture
 $10.00M ▲$0 ▼$0 ▲$0 ▲
Mineral Resources
Mineral Resources
 $0 ▲$0 ▲$0 ▲$0 ▲
Ranch Operations
Ranch Operations
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Tejon Ranch’s income statement shows a land-rich company with relatively small and uneven earnings today. Revenue has been modest and somewhat lumpy, with one notably stronger year recently and softer activity since. Profitability tends to hover around break-even at the operating level, with only thin profits in most years and a small loss in the weakest year. Earnings per share spiked in the strong year but then dropped back to low, though still positive, levels. Overall, the pattern fits a project‑driven business where occasional big transactions or leases can make a year look good, but the underlying run‑rate is still modest and sensitive to timing of deals and development milestones.

Balance Sheet

Balance Sheet The balance sheet is the company’s main strength. Total assets have inched up over time, reflecting the large land base and continuing development work. Equity is solid and has gradually grown, suggesting a conservative capital structure. Debt exists but appears moderate relative to the overall asset base, and changes in debt levels have been incremental rather than dramatic. Cash reserves are not large, but they have stayed within a relatively steady band, implying careful liquidity management. In simple terms, Tejon looks asset‑rich and not overly leveraged, which is consistent with a long‑horizon land and development story.

Cash Flow

Cash Flow Cash flows highlight the long‑term, build‑for‑the‑future nature of the business. Operating cash flow has been consistently positive but modest, not enough on its own to fully cover all the development spending. Free cash flow has been negative in every year shown, mainly because the company is continually investing in land improvements, infrastructure, and projects. This means the company is in a long investment phase: cash is going out today in hopes of higher cash inflows later as projects lease up, sell, or begin operations. It also means the company depends on its asset base, financing access, or selective asset monetization to support ongoing investment.

Competitive Edge

Competitive Edge Tejon’s edge comes from what it owns and where it sits. It controls an unusually large, contiguous block of land in a strategic location along major California transportation routes—something competitors simply cannot recreate. On top of that, it holds meaningful water rights and has learned to operate within California’s complex regulatory system, which is a high barrier for new entrants. Its portfolio is diversified across industrial and commercial property, agriculture, hunting, and filming, which helps smooth out some volatility. However, its fortunes are still heavily tied to one state, one region, and long, slow approval processes, which creates concentration and regulatory risk. The business also faces cyclical exposure to real estate markets, interest rates, and agricultural prices.

Innovation and R&D

Innovation and R&D While Tejon does not do traditional lab-style R&D, it is innovating in how it develops and manages land. The company is focusing on sustainable, master‑planned communities with ambitious environmental goals, including net‑zero greenhouse gas targets and extensive use of renewable energy and electric vehicle infrastructure. It is also deploying advanced water conservation techniques and smart farming practices, which are particularly valuable in drought‑prone California. Partnerships with environmental organizations and a strong emphasis on design, conservation, and long‑term resource management are part of its “innovation engine.” Future‑oriented projects—such as the large residential communities and the planned Hard Rock Hotel & Casino—represent significant but long‑dated value drivers, with meaningful execution, timing, and regulatory risks attached.

Summary

Tejon Ranch is best understood as a long‑duration land and development platform rather than a traditional steady‑earnings industrial company. Current income is thin and somewhat erratic, but underpinned by a very strong, hard‑asset balance sheet. Cash flow is being deliberately reinvested into large, multi‑year projects, resulting in negative free cash flow today in pursuit of higher value tomorrow. The company’s competitive moat rests on irreplaceable land, water assets, and hard‑won regulatory expertise, plus a diversified set of ways to monetize its acreage. At the same time, its prospects are tied to long approval timelines, capital‑intensive build‑outs, and regional and regulatory risks in California. Overall, the story is less about near‑term profits and more about whether and how the company can successfully convert its unique land position into sustainable, higher‑earning communities and commercial assets over many years.

NEWS

November 13, 2025 · 5:00 PM UTC

Tejon Ranch Co. CEO Issues Letter Ahead of Investor Engagement Event

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November 6, 2025 · 6:15 AM UTC

Tejon Ranch Co. Announces Third Quarter 2025 Financial Results

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October 22, 2025 · 8:50 AM UTC

Tejon Ranch Co. Announces Date for Third Quarter 2025 Earnings Release and Conference Call

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