Americold Realty (COLD) AI Stock Analysis

• Market Cap: $3.61B
• Dividend Yield: 7.21%
• Average Volume (3M): 5.05M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.45
• Revenue Growth: -2.60%
• EPS Growth: 78.16%
• Country: US
• Employees: 13,755
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Industrial
• EPS (TTM): -0.31
• Shares Outstanding: 284,879,670
• 10 Day Avg. Volume: 6,396,083
• 30 Day Avg. Volume: 5,046,346
• PEG Ratio: -1.51
• Price to Book (P/B): 1.27
• Price to Sales (P/S): 1.41
• P/FCF Ratio: -16.92
• Enterprise Value/Market Cap: 2.21
• Enterprise Value/Revenue: 3.07
• Enterprise Value/Gross Profit: 76.21
• Enterprise Value/Ebitda: 21.02
• 1Y Price Target: $13.78
• Price Target Upside: 8.68% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 11
• EPS Forecast (FY): -0.05
• Revenue Forecast (FY): $2.54B

• Rating: 50 Neutral
• Price Target: $13.50 ▲(6.47% Upside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 02/27/26

The score is held back primarily by weak financial performance (multi-year losses, 2025 revenue and margin deterioration, and negative 2025 free cash flow) and a cautious 2026 outlook that implies lower AFFO alongside high leverage and demand/occupancy headwinds. Offsetting factors include improving technical momentum (positive MACD and price above key short-term averages) and a high dividend yield, plus management actions on costs, portfolio optimization, and deleveraging.

Positive Factors

Stable operating cash flow

Consistently positive operating cash flow ($360–$412M 2023–2025) provides a durable liquidity base to fund maintenance capex, support distributions and execute portfolio actions. Reliable OCF helps bridge volatile free cash flow years and underpins ongoing deleveraging and operational investments over the next 2–6 months.

Higher fixed-contract mix & services margin

A shift to ~60% fixed-commitment contracts materially improves multi-year revenue visibility and cash flow stability versus transaction exposure. Concurrent services margin expansion (Q4 ~14%, FY 12.7%) reflects operational improvements that are less cyclical, supporting sustainable NOI and recurring fee-based income through demand cycles.

Active portfolio & deleveraging actions

Management is executing tangible balance-sheet and portfolio moves—term loan refinancing, Series A repayment, asset exits/idleings and targeted JV/asset sales—aimed at materially lowering leverage. These actions increase flexibility, reduce near-term refinancing risk, and can enhance long-term returns if executed while preserving core cash flows.

Negative Factors

Rising leverage

Higher leverage (debt-to-equity ~1.56) reduces financial flexibility for a capital-intensive REIT and magnifies sensitivity to interest costs and occupancy swings. With returns negative across most years and elevated net leverage, the balance sheet constrains growth and makes timely deleveraging essential to avoid sustained pressure on AFFO and dividend coverage.

Revenue and margin deterioration

A sharp revenue decline and severe gross margin compression in 2025 signal structural earnings weakness, not just transitory noise. Sustained lower volumes and compressed margins undermine cash flow conversion and AFFO stability, forcing greater reliance on cost actions, asset sales or capital redeployment to restore long-term profitability.

Industry oversupply & occupancy risk

Material incremental cold‑storage capacity (management cited ~15%) combined with cautious customer inventories tightens pricing and occupancy over the medium term. This structural oversupply increases renewal and pricing pressure, limits upside from new development, and lengthens the timeline for occupancy and revenue recovery.

Americold Realty Business Overview & Revenue Model

Company Description

Americold is the world's largest publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses. Based in Atlanta, Georgia, Americold owns and operates 185 temperature-controlled warehouses, with over 1 billion refrigerated cubic feet of storage, in the United States, Australia, New Zealand, Canada, and Argentina. Americold's facilities are an integral component of the supply chain connecting food producers, processors, distributors and retailers to consumers.

How the Company Makes Money

Americold generates revenue primarily through leasing its temperature-controlled warehouse space to food producers, distributors, and retailers. The company's revenue model is built around long-term contracts with customers, which provides a stable income stream. Key revenue streams include rental income from warehouse space, fees for additional services such as transportation and inventory management, and value-added services tailored to meet specific customer needs. Partnerships with major food and beverage companies enhance its market position and contribute to steady demand for its services. Additionally, Americold may benefit from economies of scale and operational efficiencies as it expands its facility portfolio and optimizes its logistics operations.

Americold Realty Financial Statement Overview

Summary

Operating cash flow is consistently positive, but overall fundamentals are pressured by multi-year net losses, a sharp 2025 revenue decline and severe gross margin compression, rising leverage (debt-to-equity up), and volatile free cash flow that turned sharply negative in 2025.

Income Statement

Revenue has been under pressure, with a sharp decline in 2025 (down ~31% year-over-year) after being roughly flat in 2024. Profitability is the main concern: net income has been negative for multiple years (only 2020 was positive), and 2025 margins deteriorated materially (gross margin fell to ~4% vs ~32% in 2024), suggesting significant cost/one-time headwinds. EBITDA margin has been relatively steady in the mid-teens, but weak bottom-line results and the 2025 margin compression weigh heavily on quality of earnings.

Balance Sheet

The asset base is sizable and equity remains meaningful, but leverage has risen: debt-to-equity increased to ~1.56 in 2025 from ~1.12 in 2024, reflecting higher reliance on debt financing. Returns on equity are negative across most years, consistent with persistent net losses, which limits balance-sheet strength despite a large equity cushion. Overall, the balance sheet is serviceable for a REIT, but increasing leverage and weak profitability elevate risk.

Cash Flow

Operating cash flow is consistently positive ($360–$412M in 2023–2025), which is a stabilizing factor. However, free cash flow is volatile and turned sharply negative in 2025 (about -$217M) after being positive in 2024, indicating heavy reinvestment/capex or weaker cash conversion. Cash generation is not consistently keeping pace with the capital needs of the business, which reduces financial flexibility.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.60B	2.67B	2.67B	2.91B	2.71B
Gross Profit	104.66M	846.73M	770.57M	695.96M	629.78M
EBITDA	379.40M	392.96M	165.76M	417.64M	388.42M
Net Income	-114.55M	-94.31M	-336.21M	-19.44M	-30.45M
Balance Sheet
Total Assets	8.12B	7.74B	7.87B	8.10B	8.22B
Cash, Cash Equivalents and Short-Term Investments	136.86M	47.65M	60.39M	53.06M	82.96M
Total Debt	4.50B	3.68B	3.49B	3.58B	3.42B
Total Liabilities	5.20B	4.43B	4.23B	4.32B	4.19B
Stockholders Equity	2.88B	3.28B	3.62B	3.77B	4.02B
Cash Flow
Free Cash Flow	-217.20M	102.42M	35.92M	-22.95M	-218.77M
Operating Cash Flow	359.64M	411.88M	366.15M	300.00M	273.06M
Investing Cash Flow	-658.00M	-313.18M	-357.07M	-348.49M	-1.24B
Financing Cash Flow	383.26M	-106.78M	-285.00K	23.32M	431.49M

Americold Realty Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 12.68
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For COLD, the sentiment is Positive. The current price of 12.68 is below the 20-day moving average (MA) of 12.87, below the 50-day MA of 12.89, and below the 200-day MA of 13.84, indicating a neutral trend. The MACD of 0.15 indicates Negative momentum. The RSI at 51.48 is Neutral, neither overbought nor oversold. The STOCH value of 66.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for COLD.

Americold Realty Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EXR	75 Outperform	$33.03B	32.63	7.10%	5.01%	3.38%	17.16%
PLD	74 Outperform	$134.14B	39.63	6.21%	3.16%	10.75%	4.29%
CUBE	71 Outperform	$9.37B	28.19	11.94%	5.69%	4.19%	-12.19%
PSA	71 Outperform	$53.73B	33.96	18.82%	4.63%	2.30%	-0.22%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
LINE	60 Neutral	$9.08B	-93.06	-1.16%	6.18%	0.44%	75.40%
COLD	50 Neutral	$3.61B	-57.93	-3.72%	7.21%	-2.60%	78.16%

Americold Realty Corporate Events

Americold Realty Reports Q4 Results, Issues 2026 Guidance

On February 19, 2026, Americold reported fourth-quarter 2025 results showing adjusted funds from operations of $0.38 per share, up 3% year over year, despite a 1.2% decline in revenue to $658.5 million and a wider net loss of $88.3 million, or $0.31 per share. For full-year 2025, revenue fell 2.4% to $2.6 billion and adjusted FFO per share slipped 2.7% to $1.43, as lower warehouse volumes and economic occupancy reflected consumer conservatism and new industry capacity, although services margins and warehouse segment NOI improved on cost reductions and site exits.

Management highlighted achieving a 60% fixed-commitment contract mix and ongoing margin expansion in its Global Warehouse segment, underscoring progress on operational performance and commercial strategy in a challenging cold storage market. Looking ahead, Americold outlined 2026 priorities centered on strengthening its balance sheet, improving profitability of its global real estate portfolio, focusing capital on customer-driven developments, expanding in high-value retail solutions, and executing cost-reduction initiatives, and it issued 2026 AFFO guidance of $1.20 to $1.30 per share, signaling a prudent outlook aimed at reinforcing long-term earnings power for shareholders.

The most recent analyst rating on (COLD) stock is a Sell with a $13.00 price target. To see the full list of analyst forecasts on Americold Realty stock, see the COLD Stock Forecast page.

Americold Realty Announces CFO Transition and Leadership Changes

On January 26, 2026, Americold Realty Trust announced a chief financial officer transition, appointing veteran real estate finance executive Christopher Papa as executive vice president and CFO effective February 23, 2026, with a compensation package that includes a $650,000 base salary, performance-linked annual incentives and significant equity grants. The board also named current chief investment officer Scott Henderson as interim CFO from January 26, 2026, until Papa joins, while confirming that outgoing CFO Jay Wells had departed the company that day on terms consistent with an involuntary termination without cause; in parallel, chief legal officer Nathan Harwell assumed the expanded role of chief legal and people officer, consolidating oversight of legal, compliance and human resources. Alongside these leadership changes, Americold reaffirmed its full-year 2025 AFFO per share guidance and indicated it expects fourth-quarter 2025 AFFO per share between $0.36 and $0.38, signaling management’s confidence in its financial outlook as it executes its 2026 strategic plan and seeks to bolster balance sheet strength, capital allocation discipline and long-term value creation for shareholders.

The most recent analyst rating on (COLD) stock is a Hold with a $11.00 price target. To see the full list of analyst forecasts on Americold Realty stock, see the COLD Stock Forecast page.

Americold Realty Adds New Term Loan to Refinance Debt

On December 19, 2025, Americold Realty Trust, Inc. and its operating partnership amended their existing credit agreement to add a new $250 million unsecured delayed draw term loan facility. The company plans to use most of this 2025 Delayed Draw Facility to repay approximately $200 million of 4.68% senior unsecured notes maturing on January 8, 2026, with the remainder available for general corporate purposes, a move that refines its debt profile and provides additional financial flexibility for ongoing operations.

The most recent analyst rating on (COLD) stock is a Hold with a $13.00 price target. To see the full list of analyst forecasts on Americold Realty stock, see the COLD Stock Forecast page.

Americold Realty, Ancora pact to enhance governance

On December 22, 2025, Americold Realty Trust entered into a cooperation agreement with shareholder Ancora and appointed Joseph Reece and Stephen Sleigh as independent directors to its board, expanding the board from nine to 11 members and committing to nominate them at the 2026 annual meeting. As part of the agreement, Americold created a five-member Finance Committee, chaired by director David Neithercut with Reece as vice chair, to review the company’s portfolio, evaluate potential asset sales including possible international divestitures, and make recommendations on capital allocation, debt reduction, dividend maintenance and preservation of core assets, while Ancora agreed to standstill and voting commitments through the defined standstill period, signaling a collaborative approach to governance and an intensified focus on profitability, portfolio optimization and shareholder value.

The most recent analyst rating on (COLD) stock is a Buy with a $14.00 price target. To see the full list of analyst forecasts on Americold Realty stock, see the COLD Stock Forecast page.

Americold Realty Reaffirms 2025 Financial Outlook

On December 9, 2025, Americold Realty Trust, Inc. reaffirmed its 2025 full-year financial outlook during an investor presentation, aligning with its third-quarter earnings release. The company emphasized its strategic focus on growth through infrastructure, expertise, and partnerships, while addressing various risks and uncertainties that could impact its operations and market positioning.

The most recent analyst rating on (COLD) stock is a Hold with a $11.00 price target. To see the full list of analyst forecasts on Americold Realty stock, see the COLD Stock Forecast page.