Americold Realty (COLD)
NYSE:COLD
Top Page
Americold Realty
(NYSE:COLD)
Select Model
Select Model
Rating:50Neutral
Price Target:
$11.50
â–¼(-4.01% Downside)
Action:ReiteratedDate: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
Consistent operating cash flow
Americold generates consistently positive operating cash flow, which supports dividend distributions, funds maintenance capex, and provides a base for deleveraging. For a capital‑intensive REIT, steady OCF is a durable cash cushion that underpins liquidity and operational continuity over the medium term.
Negative Factors
Elevated leverage
Leverage near 6.8x materially constrains financial flexibility for a capital‑intensive REIT, increasing sensitivity to interest costs and refinancing risk. Deleveraging initiatives are underway but meaningful progress will take time, leaving balance‑sheet risk elevated in the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent operating cash flow
Americold generates consistently positive operating cash flow, which supports dividend distributions, funds maintenance capex, and provides a base for deleveraging. For a capital‑intensive REIT, steady OCF is a durable cash cushion that underpins liquidity and operational continuity over the medium term.
Read all positive factors
Americold Realty (COLD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.42B
Dividend Yield7.21%
Average Volume (3M)4.39M
Price to Earnings (P/E)―
Beta (1Y)0.53
Revenue Growth-2.60%
EPS Growth78.16%
CountryUS
Employees13,755
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)-0.31
Shares Outstanding284,879,670
10 Day Avg. Volume4,572,618
30 Day Avg. Volume4,391,114
Financial Highlights & Ratios
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 Cap2.27
Enterprise Value/Revenue2.99
Enterprise Value/Gross Profit74.37
Enterprise Value/Ebitda20.51
Forecast
1Y Price Target
$14.46Price Target Upside20.70% Upside
Rating ConsensusHold
Number of Analyst Covering12
EPS Forecast (FY)-0.06
Revenue Forecast (FY)$2.52B
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 warehous...
How the Company Makes Money
Americold primarily makes money by generating revenue from its temperature-controlled warehouse network and, as a REIT, distributing a portion of its taxable income to shareholders. Key revenue streams typically include: (1) storage revenue earned...
Americold Realty Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Neutral
The call presents a cautiously constructive view: the company reported sequential and year-over-year operational improvements (Q4 AFFO beat, NOI/EBITDA/AFFO increases, improved services margin and occupancy momentum) and has materially progressed cost-savings, portfolio optimization, new-business wins, and financing actions. However, significant near-term headwinds remain — including elevated leverage (6.8x), industry overcapacity (notably in U.S. forward-distribution and ports), expected revenue/occupancy pressure in 2026, a material renewal cadence with customers paring back commitments, and guidance that implies a year-over-year AFFO decline. Management has clear priorities and actionable plans (deleveraging, portfolio review, cost reductions, disciplined development), but benefits will take time to realize. Overall, highlights (operational improvement, margin gains, contract stability, cost cuts, and portfolio/financing actions) are notable and actionable, but are balanced by meaningful macro and industry pressures that temper the near-term outlook.Positive Updates
Quarterly and Full-Year AFFO
Q4 2025 AFFO per share of $0.38 (slightly ahead of expectations); full-year 2025 AFFO of $1.43 per share (in line with expectations).
Negative Updates
Guidance Indicates Decline in AFFO
2026 AFFO guidance of $1.20–$1.30 implies a decline versus 2025 AFFO $1.43; the midpoint decline is ~12.6% (range: -9.1% to -16.1%), signaling near-term earnings pressure.
Read all updates
Q4-2025 Updates
Positive
Negative
Quarterly and Full-Year AFFO
Q4 2025 AFFO per share of $0.38 (slightly ahead of expectations); full-year 2025 AFFO of $1.43 per share (in line with expectations).
Read all positive updates
Company Guidance
Americold guided full‑year 2026 AFFO of $1.20–$1.30 per share (Q4 2025 AFFO was $0.38; FY2025 AFFO $1.43), noting Q1 is expected to be the low quarter with sequential improvement and that the outlook excludes any unannounced transactions or consumer demand inflection. They expect same‑store revenue of ~$2.20–$2.27 billion, same‑store NOI of $735–$785 million and total company NOI of $780–$845 million, with core EBITDA $570–$620 million, core SG&A $218–$228 million, interest expense $171–$180 million, maintenance CapEx $60–$70 million, transportation NOI roughly $31 million and non‑same‑store NOI ~ $20–$22 million at the midpoint. Guidance assumes revenue per pallet down ~100–200 bps and economic occupancy flat to down up to 300 bps (Q4 economic occupancy rose 280 bps sequentially); Q4 services margin was nearly 14% (FY 12.7%, up ~1,000 bps over two years), services revenue per pallet +2.4% and storage revenue per pallet +0.3% in Q4. Capital and balance‑sheet actions include a December $250 million term loan ($150M to pay revolver, $100M to cash), subsequent $200M Series A repayment, year‑end leverage of 6.8x with a target to move materially lower toward ~6x or below via JV or asset sales, $30M of annualized cost savings largely completed, Project Orion cash spend reduced by ~$50M, and portfolio actions (10 sites exited/idled in 2025 removing >22M cubic feet / >65,000 pallet positions; nine sites identified for 2026; same‑store pool recast to 215 from 219).Americold Realty Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
45
Neutral
Cash Flow
38
Negative
| 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
Positive
11.98
Price Trends
12.00
Negative
11.86
Positive
12.79
Negative
Market Momentum
-0.14
Negative
56.11
Neutral
86.81
Negative
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 11.98 is above the 20-day moving average (MA) of 11.28, below the 50-day MA of 12.00, and below the 200-day MA of 12.79, indicating a neutral trend. The MACD of -0.14 indicates Negative momentum. The RSI at 56.11 is Neutral, neither overbought nor oversold. The STOCH value of 86.81 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for COLD.
Americold Realty Risk Analysis
Americold Realty disclosed 55 risk factors in its most recent earnings report. Americold Realty reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Americold Realty Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $30.71B | 24.31 | 7.12% | 5.01% | 3.38% | 17.16% | |
71 Outperform | $8.86B | 24.70 | 11.96% | 5.69% | 4.19% | -12.19% | |
68 Neutral | $131.30B | 35.12 | 6.28% | 3.16% | 10.75% | 4.29% | |
67 Neutral | $51.47B | 25.52 | 19.03% | 4.63% | 2.30% | -0.22% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
60 Neutral | $7.83B | -81.43 | -1.18% | 6.18% | 0.44% | 75.40% | |
50 Neutral | $3.42B | -32.08 | -3.75% | 7.21% | -2.60% | 78.16% |
* Real Estate Sector Average
COLD
Americold Realty
12.01
-5.56
-31.63%
CUBE
Cubesmart
38.85
3.77
10.74%
EXR
Extra Space Storage
139.21
13.25
10.52%
PLD
Prologis
138.02
46.32
50.51%
PSA
Public Storage
293.27
26.49
9.93%
LINE
Lineage, Inc.
34.47
-14.83
-30.09%
Americold Realty Corporate Events
Business Operations and StrategyFinancial Disclosures
Americold Realty Reports Q4 Results, Issues 2026 Guidance
Negative
Feb 19, 2026
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....
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Americold Realty Announces CFO Transition and Leadership Changes
Positive
Jan 26, 2026
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 pack...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.