Lineage, Inc.
- Open
- 38.79
- Day high
- 39.11
- Day low
- 38.36
- Prev close
- 38.78
- Volume
- 316K
- Mkt cap
- $8.8B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.1
- P/S
- 1.6
- Yield
- 5.51%
- Per share
- $2.12
- ▲Insiders net buying $1.8M over the last 3 months (2 open-market buys, 0 sales)
- 🏛Institutions accumulating (13F)
Lineage, Inc. (LINE) is a Real Estate company listed on NASDAQ. The stock is down 5% over the past year. Over the trailing 3 months, insiders filed 2 open-market buys and 0 sales (SEC Form 4). Drillr has 1 published research article covering LINE.
Lineage, Inc. (LINE) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
LINE earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | $-0.22 | $-0.13 | +40.0% | $1.4B | +0.5% |
| May 6, 2026 | $-0.23 | $-0.18 | +20.1% | $1.3B | -1.2% |
| Feb 25, 2026 | $0.73 | $0.03 | -96.4% | $1.3B | -3.4% |
| Nov 5, 2025 | $0.78 | $-0.44 | -156.4% | $1.4B | -0.1% |
| Aug 6, 2025 | $0.75 | $-0.03 | -104.0% | $1.4B | -3.3% |
| Apr 30, 2025 | $0.82 | $0.01 | -98.8% | $1.3B | -3.2% |
| Feb 26, 2025 | $0.71 | $-0.33 | -146.5% | $1.3B | -0.3% |
| Jul 25, 2024 | $0.81 | $-0.46 | -156.4% | $1.3B | +0.1% |
| Mar 30, 2024 | — | $-0.02 | — | $1.3B | — |
| Dec 30, 2023 | — | $-1.95 | — | $1.3B | — |
| Nov 6, 2019 | — | $0.13 | — | $133M | — |
| Aug 7, 2019 | — | $0.18 | — | $134M | — |
LINE insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Sep 1, 2026 | Marchetti Kevin Patrickdirector, 10 percent owner, officer: Co-Executive Chairman | Buy | 25,000 | $39.50 |
| Aug 10, 2026 | LeMasters Robb A.officer: Chief Financial Officer | Buy | 20,000 | $41.33 |
| Jun 11, 2026 | Falotico Nancy Joydirector | Grant | 4,490 | — |
| Jun 11, 2026 | Turner Michael Johndirector | Grant | 4,490 | — |
| Jun 11, 2026 | Wentworth Lynn Adirector | Grant | 4,490 | — |
| Jun 11, 2026 | ARCHAMBEAU SHELLYE Ldirector | Grant | 4,490 | — |
| Apr 27, 2026 | Fleming Abigail Sofficer: Chief Accounting Officer | Tax | 205 | $35.55 |
| Apr 3, 2026 | McGowan Brian Jeffreyofficer: See Remarks | Grant | 28,799 | — |
| Apr 3, 2026 | Bryan Gregory A.officer: See Remarks. | Grant | 13,118 | — |
| Apr 3, 2026 | Bryan Gregory A.officer: See Remarks. | Tax | 2,137 | $32.76 |
| Apr 3, 2026 | Fleming Abigail Sofficer: Chief Accounting Officer | Grant | 12,203 | — |
| Apr 3, 2026 | Fleming Abigail Sofficer: Chief Accounting Officer | Tax | 276 | $32.76 |
| Apr 3, 2026 | Smith Timothy Conradofficer: Chief Commercial Officer | Grant | 20,745 | — |
| Apr 3, 2026 | McGowan Brian Jeffreyofficer: See Remarks | Tax | 676 | $32.76 |
| Apr 3, 2026 | Lehmkuhl Gregdirector, officer: President & CEO | Grant | 68,334 | — |
Source: LINE SEC Form 4 filings, latest Sep 1, 2026. For informational purposes only — not investment advice.
See the full LINE insider & 13F page →Lineage, Inc. company profile
Overview
Lineage, Inc. (NASDAQ:LINE) is a temperature-controlled warehouse real estate investment trust (REIT) founded in 2008 and headquartered in Novi, Michigan. The company went public in July 2024 through what became the largest REIT IPO of all time, raising significant capital to fuel its growth strategy. Lineage operates as the world's largest temperature-controlled warehouse network, providing critical cold storage infrastructure for the global food supply chain. The company has grown through a combination of organic development and strategic acquisitions to become a dominant player in the cold storage industry, serving major food producers, retailers, and distributors across multiple continents.
Business
Lineage operates in the specialized cold storage real estate sector, which is a critical component of the global food supply chain infrastructure. The company provides temperature-controlled warehousing and logistics services for perishable goods, including frozen and refrigerated foods, pharmaceuticals, and other temperature-sensitive products. Cold storage facilities maintain specific temperature ranges (typically between -20°F to 35°F) to preserve product quality and extend shelf life, making them essential for food safety and distribution. The company operates through two primary business segments: 1. **Global Warehousing Segment** (87% of total Net Operating Income): This segment consists of industrial real estate properties that provide temperature-controlled warehousing services. These facilities store frozen and refrigerated products for customers on a per-pallet or per-cubic-foot basis. The segment includes both owned and leased warehouse facilities across North America, Europe, and Asia-Pacific. Revenue is generated through storage fees, handling charges, and ancillary services. This segment represents the core REIT business model, generating stable rental income from long-term customer relationships. 2. **Global Integrated Solutions Segment** (13% of total Net Operating Income): This segment provides specialized cold-chain services including transportation, freight forwarding, customs brokerage, and supply chain optimization. The company offers end-to-end logistics solutions that complement its warehousing operations, helping customers manage their entire cold supply chain from production to final delivery. This segment generates revenue through service fees, transportation charges, and logistics management contracts. The cold storage industry serves as a critical link between food production and consumption, with facilities strategically located near major population centers, ports, and transportation hubs. Lineage's network effect allows customers to store and move products efficiently across multiple markets through a single provider relationship.
Revenue model
Lineage generates revenue through multiple streams within its two business segments. The Global Warehousing segment operates on a traditional real estate model, charging customers storage fees based on space utilization (per pallet or cubic foot), handling fees for moving products in and out of facilities, and various ancillary services. Customers typically enter into long-term contracts with minimum volume guarantees, providing stable recurring revenue. The company maintains over 42% of its new business under volume guarantee arrangements, which helps ensure predictable cash flows. The Global Integrated Solutions segment operates on a service fee model, charging for transportation, logistics management, customs brokerage, and supply chain optimization services. This segment complements the warehousing business by providing comprehensive cold-chain solutions, often bundled with storage services to create higher customer switching costs and increased wallet share. Several factors influence Lineage's profitability margins. **Positive margin drivers** include the company's scale advantages in negotiating with utilities and equipment suppliers, operational efficiency improvements through automation and technology (particularly the proprietary LinOS warehouse execution system), pricing power due to limited cold storage supply in key markets, and the ability to pass through inflationary costs to customers through contractual escalations. The company's investment-grade credit rating also provides access to lower-cost capital for expansion. **Margin pressure factors** include rising energy costs (cold storage facilities are energy-intensive), labor cost inflation and availability challenges, competitive pricing pressure during periods of excess capacity, seasonal demand fluctuations that affect utilization rates, and the capital-intensive nature of facility development and automation. Customer inventory destocking, as experienced in recent quarters, can also temporarily impact throughput and margins. Additionally, new supply coming online in key markets can create pricing pressure, though management notes that new supply peaked in 2023 and is expected to decline significantly in 2024-2025.
Competitive moat
Lineage possesses a moderate to strong competitive moat built primarily on network effects, high switching costs, and operational scale advantages. The company's global network of temperature-controlled facilities creates significant value for customers who need to store and distribute products across multiple markets. This network effect becomes more valuable as it expands, making it difficult for competitors to replicate the geographic coverage and integrated service offerings. **Switching costs** are substantial for customers due to the specialized nature of cold storage operations, long-term contracts with volume commitments, and the operational complexity of changing logistics providers for temperature-sensitive products. Food safety regulations and quality certifications create additional barriers to switching, as customers must ensure new providers meet stringent standards. The company's **scale advantages** manifest in several ways: lower per-unit costs for energy, equipment, and technology investments; greater negotiating power with suppliers and customers; and the ability to invest in proprietary technology like LinOS that smaller competitors cannot afford to develop. Lineage's investment-grade credit rating provides access to capital at lower costs than many competitors. However, the moat faces several challenges. The cold storage industry has relatively low barriers to entry for well-capitalized competitors, and large food companies or private equity firms can develop competing facilities. **Technological disruption** could come from alternative preservation methods or supply chain innovations that reduce cold storage needs. **Regional competition** remains intense, particularly from specialized local operators who may offer more competitive pricing in specific markets. The company's recent IPO and improved capital structure strengthen its competitive position, but the cyclical nature of food inventory levels and ongoing new supply additions in key markets continue to pressure pricing power. Overall, Lineage's moat is solid but not impregnable, requiring continued investment in technology, customer relationships, and strategic acquisitions to maintain competitive advantages.
Risks & safety
Lineage presents a moderate margin of safety profile with some areas of concern around leverage and profitability metrics. **Liquidity and Solvency:** • Cash position of $195 million as of Q1 2025, down from $412 million in Q3 2024 • Current ratio of 0.99, indicating tight short-term liquidity • Debt-to-equity ratio of 0.83, representing moderate leverage for a REIT • Investment-grade credit ratings from Moody's and Fitch provide access to capital markets • Free cash flow turned negative at -$12 million in Q1 2025, concerning for a REIT **Profitability Concerns:** • Net income has been consistently negative, with -$80 million in Q4 2024 • Return on equity remains negative at -0.8% as of Q4 2024 • EBITDA margins are pressured, though adjusted EBITDA guidance suggests improvement expected **Valuation Metrics:** • EV/EBITDA of 17.0x appears reasonable for a growing REIT • Price-to-book ratio of 1.56x suggests modest premium to asset value • AFFO per share guidance of $3.40-$3.60 implies reasonable dividend coverage **Other Considerations:** • Recent IPO provides capital flexibility but stock price volatility remains high • Strong asset base of $18.7 billion provides substantial collateral value • Dividend yield appears sustainable based on AFFO projections, though payout ratio is relatively high for a growth-oriented REIT
Recent development
Over the past few years, Lineage has undergone significant strategic transformation, culminating in its successful IPO in July 2024. The company has focused heavily on technology innovation, developing its proprietary **LinOS warehouse execution system** that has shown double-digit productivity improvements in pilot programs. This technology platform represents a key competitive differentiator, with management expecting broader rollout to transform operations and lower cost structures across the network. **Strategic acquisitions** have been a major growth driver, including the recent acquisitions of ColdPoint Logistics for $223 million, Luik Natie for $66 million, and Bellingham Cold Storage for $121 million. The company has also announced landmark agreements with Tyson Foods and planned greenfield development of two new automated warehouses requiring $740 million in investment. These moves demonstrate Lineage's strategy to expand both organically and through acquisitions while increasing automation capabilities. The company has made significant **operational improvements**, achieving investment-grade credit ratings from both Moody's and Fitch, reducing leverage to under 5x EBITDA, and implementing lean methodologies across over 40 warehouses. The opening of the state-of-the-art fully automated facility in Hazleton, Pennsylvania represents the company's commitment to next-generation cold storage technology. **Financial restructuring** through the IPO has strengthened Lineage's balance sheet considerably, providing over $1.5 billion in capital deployment capacity for future growth. The company initiated its first dividend at $2.11 per share annually, establishing itself as an income-generating REIT while maintaining growth investment capabilities. Management has also focused on cost control and labor productivity improvements to navigate the challenging demand environment while positioning for future volume recovery.
LINE company profile · for informational purposes only — not investment advice.
Track LINE with Drillr
SEC filings, earnings calls, insider activity, alt-data signals — all queryable through Drillr's AI terminal and MCP API.
Try Drillr for free