Tejon Ranch Co (NYSE: TRC) is a California-based real estate and agribusiness company that owns and operates approximately 270,000 acres of land in Kern County and Los Angeles County. Revenue comes from five segments: commercial and industrial real estate leasing, multifamily residential rentals, mineral resources royalties, farming operations, and ranch operations. The commercial real estate segment generated $15.0M in FY2025 revenue, farming $18.7M, mineral resources $9.6M, ranch operations $5.5M, and the newly active multifamily segment $0.7M, for total segment revenues of $49.6M in FY2025. TRC also holds equity stakes in joint ventures including Petro Travel Plaza Holdings LLC, which contributed $6.1M in equity earnings in FY2025. The company controls entitlements for three large-scale master-planned communities, Mountain Village, Centennial, and Grapevine, collectively comprising 34,783 housing units and over 15.3M square feet of commercial development. Matthew Walker has served as President and CEO since 2025.

Revenue model

Transactional and recurring revenue across five segments: commercial and industrial property leases, multifamily apartment rents (Terra Vista at Tejon, 228 units, in lease-up as of FY2025), royalties and fees from mineral resources, crop sales from farming (almonds, pistachios, wine grapes), and ranch operations income. Equity earnings from unconsolidated joint ventures, including a travel plaza partnership, supplement direct segment revenues.

Products and services

Commercial and industrial real estate at Tejon Ranch Commerce Center (TRCC); multifamily rental apartments at Terra Vista at Tejon (228 units, completed FY2025); mineral resource royalties; almond, pistachio, and wine grape farming; ranch operations; master-planned residential communities in entitlement (Mountain Village, 3,450 units; Centennial, 19,333 units; Grapevine, 12,000 units); outlet retail via TRCC/Rock Outlet Center joint venture.

Customers and end markets

Commercial and industrial tenants at TRCC; multifamily residential renters in Kern County; commodity buyers for almonds, pistachios, and wine grapes; oil and mineral resource operators. No single customer concentration percentages disclosed in the filing excerpts.

Value-chain role

Landowner, developer, and operator. TRC entitles, develops, leases, and in some cases holds long-term ownership of commercial, industrial, and residential properties on its proprietary land holdings. In farming, it acts as a direct agricultural producer. In mineral resources, it collects royalties and fees from third-party operators on its land.

Geographic exposure

Primarily Kern County and Los Angeles County, California. Key projects include TRCC in Kern County, Mountain Village (26,417 acres, Kern County), Centennial (12,323 acres, Los Angeles County), and Grapevine (8,010 acres, Kern County).

Source: SEC 10-K, filed 2026-03-19

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