Lineage, Inc. (LINE)

Price$38.65Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because the income yield is decent but leverage remains demanding.

At the observed market price, Lineage trades at about 13.5 times the midpoint of management's 2026 adjusted funds from operations guidance of $2.80-$3.05 per share. Adjusted funds from operations is a property-focused earnings measure that deducts recurring maintenance spending. The $2.13 annualized dividend yields about 5.4%, while common equity is valued near 1.14 times book. Those are reasonable, not distressed, valuations because leverage is about 6.0 times adjusted operating earnings and second-quarter property cash earnings fell 6.2% year over year. Lineage+1

Big pictureCash generation is improving, yet heavy investment and borrowing still limit returns to shareholders.

Revenue stayed near $5.34-$5.36 billion from 2023 through 2025, while operating cash flow rose from $501 million in 2022 to $943 million in 2025. The 2024 listing increased common shares from about 162 million to 228 million, diluting earlier owners but helping debt fall sharply. In 2025, $747 million of capital spending left only about $196 million after all investment, versus $537 million of dividends and $82 million of buybacks. Debt then climbed to $6.22 billion by June 2026, showing continued dependence on outside capital. SEC+1

Business strengthLineage has durable food-storage demand, but warehouse profits are only beginning a cyclical recovery.

Cold storage serves food producers, retailers and distributors, helping demand remain steadier than many property businesses. Still, Lineage has been working through an inventory downturn: same-warehouse net operating income fell 5.8% in 2025 and remained down 2.9% in the second quarter of 2026. Encouragingly, physical occupancy rose 0.9 percentage points year over year to 73.8%. Liquidity was about $1.6 billion, but first-half interest expense rose 35% to $171 million, so improving warehouse performance must outrun rising financing costs. SEC+2Lineage+2

What could change the storyA sustained occupancy rebound could unlock upside, while stalled recovery would expose the debt load.

The strongest bull case is better occupancy plus $134 million of expected annual property profit from developments already underway. Management improved 2026 same-warehouse profit guidance to a decline of 3% through flat despite a roughly $15 million second-half fire headwind. The bear case is stalled throughput and persistently high interest costs. Illustratively, $3.30 of future adjusted funds from operations at 15 times suggests about 25% upside; $2.50 at 11 times suggests roughly 30% downside. Those are valuation scenarios, not forecasts. SEC+1

AI: News

Second-quarter guidance raisedSecond-quarter results topped expectations, and management raised its yearly cash-earnings outlook despite weaker annual comparisons.

On August 5, Lineage reported $1.361 billion of quarterly revenue, up 0.8%, while adjusted operating earnings fell 1.8% to $320 million and adjusted funds from operations fell 6.2% to $198 million. Management nevertheless lifted full-year adjusted funds from operations guidance to $2.80-$3.05 per share from $2.75-$3.00 and improved its same-warehouse profit outlook. Shares fell about 2% on the announcement day, but that timing alone does not establish that earnings caused the move. SEC+2SEC+2

Los Angeles warehouse fireA major Los Angeles warehouse fire created a repair obligation and a measurable second-half earnings drag.

A fire on June 17 damaged Lineage's leased Boyle Heights facility and destroyed customer inventories. The company said initial cleanup and demolition costs should be at least $50 million, with the final rebuilding cost still unknown and insurance expected to offset qualifying expenses. Management later incorporated about a $15 million second-half adjusted operating-earnings headwind into guidance. The shares fell roughly 3% on June 17, although the price move cannot reliably be attributed solely to the fire. StockAnalysis.com+3SEC+3SEC+3

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Revenue

2022

2023

2024

2025

Net income

2022

2023

2024

2025

Free cash flow

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022
Revenue	$5.36B	$5.34B	$5.34B	$4.93B
Gross profit	$1.72B	$1.76B	$1.75B	$1.46B
Gross margin	32.14%	33.00%	32.80%	29.53%
Operating expenses	$5.17B	$5.70B	$4.94B	$4.63B
Operating income	$181.0M	−$361.0M	$398.0M	$297.0M
Operating margin	3.38%	−6.76%	7.45%	6.03%
EBITDA	$1.08B	$515.0M	$1.16B	$975.0M
EBITDA margin	20.09%	9.64%	21.68%	19.78%
Net income	−$100.0M	−$664.0M	−$77.0M	−$63.0M
Net profit margin	−1.87%	−12.43%	−1.44%	−1.28%
Basic EPSper basic share	-$0.43	-$3.70	-$0.73	-$0.51
Diluted EPSper diluted share	-$0.43	-$3.70	-$0.73	-$0.51

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈68.44%of listed shares

Forste Adam Matthew Schwartz155.84M shares · Nov 10, 2025

View holders

Top 20 reported holders of LINE
Holder	% owned
Forste Adam Matthew Schwartz	≈68.44%155.84M shares
Marchetti Kevin Patrick	≈68.32%155.56M shares
BG Lineage Holdings, LLC	≈68.19%155.28M shares
NORGES BANK	6.11%13.92M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	2.52%5.73M shares
BlackRock, Inc.	2.31%5.26M shares
D1 Capital Partners L.P.	2.08%4.74M shares
AQR CAPITAL MANAGEMENT LLC	2.05%4.67M shares
BANK OF AMERICA CORP /DE/	1.58%3.61M shares
VANGUARD CAPITAL MANAGEMENT LLC	1.30%2.96M shares
HighTower Advisors, LLC	1.00%2.29M shares
BAILLIE GIFFORD & CO	1.00%2.27M shares
STATE STREET CORP	0.83%1.9M shares
DARLINGTON PARTNERS CAPITAL MANAGEMENT, LP	0.67%1.53M shares
GEODE CAPITAL MANAGEMENT, LLC	0.61%1.4M shares
UBS Group AG	0.53%1.2M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	0.49%1.11M shares
FULLER & THALER ASSET MANAGEMENT, INC.	0.47%1.08M shares
Bank of New York Mellon Corp	0.45%1.03M shares
CANADA PENSION PLAN INVESTMENT BOARD	0.42%954.25K shares

Percentages use 227.7M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Reported positions exceed 100% in total, so the circle shows the selected holder only.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys25$12.33M disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Mar 12, 2026Form 4	Marchetti Kevin PatrickCo-Executive Chairman	BuyCommon Stock	13.3K	$37.50	$498.8K	113.7K
Mar 9, 2026Form 4	Marchetti Kevin PatrickCo-Executive Chairman	BuyCommon Stock	11.2K	$39.05	$438.2K	100.4K
Nov 21, 2025Form 4	Fleming Abigail SChief Accounting Officer	BuyCommon Stock	500	$33.57	$16.8K	5.9K
Nov 13, 2025Form 4	LeMasters Robb A.Chief Financial Officer	BuyCommon Stock	30.0K	$33.74	$1.01M	60.0K
Nov 10, 2025Form 4	Marchetti Kevin PatrickCo-Executive Chairman	BuyCommon Stock	14.5K	$33.72	$488.9K	89.2K

Review ownership filings at SEC.gov ↗

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Lineage, Inc. (LINE)

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