A Business at a Glance
0 of 5 daily views used (5 remaining). Sign up free for 10 daily views, or try AAPL for a full preview.
We are the world’s largest global temperature-controlled warehouse REIT, with a modern and strategically located network of properties. Our business is competitively positioned to deliver a seamless end-to-end, technology-enabled, customer experience for thousands of customers, each with their own unique requirements in the temperature-controlled supply chain. As of December 31, 2025, we operated an interconnected global temperature-controlled warehouse network, comprising approximately 88 million square feet and 3.1 billion cubic feet of capacity across 501 warehouses predominantly located in densely populated critical-distribution markets, with 326 in North America, 89 in Asia-Pacific, and 86 in Europe. We have a well-diversified and stable customer base and currently serve more than 11,000 customers that include household names of the largest food retailers, manufacturers, processors, and food service distributors in the industry.
| Metric | TTM | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Revenue | 5.4B | 5.4B | 5.3B | 5.3B |
| Net Income | -100M | -100M | -664M | -77M |
| EPS | $-0.43 | $-0.43 | $-3.70 | $-0.73 |
| Free Cash Flow | 196M | 196M | 12M | 30M |
| ROIC | 1.0% | 1.3% | -4.9% | 2.7% |
| Gross Margin | 15.4% | 15.4% | 16.6% | 18.6% |
| Debt/Equity | 0.81 | 0.81 | 0.65 | 1.92 |
| Dividends/Share | $2.31 | $2.11 | $0.91 | $0.20 |
| Operating Income | 181M | 181M | -361M | 398M |
| Operating Margin | 3.4% | 3.4% | -6.8% | 7.5% |
| ROE | -1.2% | -1.2% | -7.7% | -1.5% |
| Shares Outstanding | 233M | 233M | 179M | 228M |
| Metric | 2023 | |||
|---|---|---|---|---|
| Income Statement | ||||
| Revenue | 5.3B | 5.3B | 5.4B | 5.4B |
| Gross Margin | 18.6% | 16.6% | 15.4% | 15.4% |
| R&D | N/A | N/A | N/A | N/A |
| SG&A | 502M | 539M | 574M | 574M |
| EBIT | 398M | -361M | 181M | 181M |
| Op. Margin | 7.5% | -6.8% | 3.4% | 3.4% |
| Net Income | -77M | -664M | -100M | -100M |
| Net Margin | -1.4% | -12.4% | -1.9% | -1.9% |
| Non-Recurring | 32M | 57M | 92M | 92M |
| Returns on Capital | ||||
| ROIC | 2.7% | -4.9% | 1.3% | 1.0% |
| ROE | -1.5% | -7.7% | -1.2% | -1.2% |
| ROA | -0.4% | -3.6% | -0.5% | -0.5% |
| Cash Flow | ||||
| Op. Cash Flow | 796M | 703M | 943M | 943M |
| Free Cash Flow | 30M | 12M | 196M | 196M |
| Owner Earnings | 10M | -388M | -78M | -78M |
| CapEx | 766M | 691M | 747M | 747M |
| Maint. CapEx | 760M | 876M | 895M | 895M |
| Growth CapEx | 6.0M | 0 | 0 | 0 |
| D&A | 760M | 876M | 895M | 895M |
| CapEx/OCF | N/A | 98.3% | 79.2% | 79.2% |
| Capital Allocation | ||||
| Dividends Paid | 46M | 234M | 537M | 537M |
| Dividend Yield | N/A | 1.9% | 5.2% | 6.5% |
| Share Buybacks | 12M | 42M | 82M | 82M |
| Buyback Yield | N/A | 0.4% | 1.0% | 1.0% |
| Stock-Based Comp | 26M | 215M | 126M | 126M |
| Debt Repayment | 96M | 7.1B | 231M | 231M |
| Balance Sheet | ||||
| Net Debt | 9.6B | 5.4B | 6.6B | 6.6B |
| Cash & Equiv. | 68M | 175M | 66M | 66M |
| Long-Term Debt | 9.0B | 4.9B | 6.1B | 6.1B |
| Debt/Equity | 1.92 | 0.65 | 0.81 | 0.81 |
| Interest Coverage | 0.8 | -0.8 | 0.7 | 0.7 |
| Equity | 5.1B | 8.6B | 8.2B | 8.2B |
| Total Assets | 18.9B | 18.7B | 19.2B | 19.2B |
| Total Liabilities | 12.8B | 9.0B | 9.9B | 9.9B |
| Intangibles | 1.3B | 1.1B | 1.1B | 1.1B |
| Retained Earnings | -879M | -1.9B | -2.4B | -2.4B |
| Working Capital | -109M | -208M | -309M | -309M |
| Current Assets | 1.3B | 1.3B | 1.2B | 1.2B |
| Current Liabilities | 1.4B | 1.5B | 1.5B | 1.5B |
| Per Share Data | ||||
| EPS | -0.73 | -3.70 | -0.43 | -0.43 |
| Owner EPS | 0.04 | -2.16 | -0.34 | -0.34 |
| Book Value | 22.13 | 48.13 | 35.46 | 35.46 |
| Cash Flow/Share | 3.49 | 3.92 | 4.05 | 3.42 |
| Dividends/Share | 0.20 | 0.91 | 2.11 | 2.31 |
| Shares Out. | 228.2M | 179.5M | 232.6M | 232.6M |
| Valuation | ||||
| P/E Ratio | N/A | N/A | N/A | -82.6 |
| P/FCF | N/A | 832.1 | 40.5 | 42.1 |
| EV/EBIT | N/A | N/A | 77.3 | 82.3 |
| Price/Book | N/A | 1.2 | 1.0 | 1.0 |
| Price/Sales | N/A | 2.4 | 1.9 | 1.5 |
| FCF Yield | N/A | 0.1% | 2.5% | 2.4% |
| Market Cap | N/A | 10.0B | 7.9B | 8.3B |
| Avg. Price | N/A | 70.48 | 44.69 | 35.51 |
| Year-End Price | N/A | 55.64 | 34.15 | 35.51 |
Lineage, Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 41.1x vs a median of 40.5x. The company's 5-year average gross margin is 16.9%. Total shareholder yield (dividends + buybacks) is 7.5%. At current prices, the estimated annualized return to fair value is +193.1%.
Lineage, Inc. (LINE) has a 5-year average return on invested capital (ROIC) of -0.3%. This is below average and may indicate limited pricing power.
Lineage, Inc. (LINE) has a market capitalization of $8.3B. It is classified as a mid-cap stock.
Yes, Lineage, Inc. (LINE) pays a dividend with a trailing twelve-month yield of 6.50%. The company also returns capital through share buybacks, with a buyback yield of 0.99%.
Lineage, Inc. (LINE) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
Lineage, Inc. (LINE) reported annual revenue of $5.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
Lineage, Inc. (LINE) has a net profit margin of -1.9%. The company is currently unprofitable.
Lineage, Inc. (LINE) generated $196 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Lineage, Inc. (LINE) has a debt-to-equity ratio of 0.81. This indicates moderate leverage.
Lineage, Inc. (LINE) reported earnings per share (EPS) of $-0.43 in its most recent fiscal year.
Lineage, Inc. (LINE) has a return on equity (ROE) of -1.2%. A negative ROE may indicate losses or negative equity.
Lineage, Inc. (LINE) has a 5-year average gross margin of 16.9%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 3 years of financial data for Lineage, Inc. (LINE), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Lineage, Inc. (LINE) has a book value per share of $35.46, based on its most recent annual SEC filing.