Lineage, Inc. (LINE)
NASDAQ:LINE
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Lineage, Inc.
(NASDAQ:LINE)
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Rating:66Neutral
Price Target:
$48.00
â–²(27.35% Upside)
Action:Reiterated
Date:06/12/26
The score is driven by solid technical momentum and an improving financial position (better leverage and consistent operating cash flow). It is held back by persistent net losses/uneven free cash flow and earnings-call risks including AFFO per-share pressure, volume/occupancy softness, and leverage still above target; the dividend yield provides partial support.
Positive Factors
Balance sheet improvement
Material deleveraging has meaningfully strengthened Lineage’s financial flexibility. A much lower debt-to-equity ratio and a larger equity cushion reduce refinancing risk, support capital allocation (development, dividends) and give time to stabilize operating metrics through cycles.
Negative Factors
Persistent unprofitability
Despite improving leverage and steady revenue, Lineage has not generated positive returns on equity historically. Persistent losses indicate structural challenges converting NOI and EBITDA into net earnings, which limits long-term shareholder return unless operational margins or capital efficiency improve.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet improvement
Material deleveraging has meaningfully strengthened Lineage’s financial flexibility. A much lower debt-to-equity ratio and a larger equity cushion reduce refinancing risk, support capital allocation (development, dividends) and give time to stabilize operating metrics through cycles.
Read all positive factors
Lineage, Inc. (LINE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.15B
Dividend Yield6.18%
Average Volume (3M)1.07M
Price to Earnings (P/E)―
Beta (1Y)0.63
Revenue Growth1.06%
EPS Growth79.49%
CountryUS
Employees26,000
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)-0.62
Shares Outstanding227,674,360
10 Day Avg. Volume1,046,819
30 Day Avg. Volume1,073,628
Financial Highlights & Ratios
PEG Ratio0.92
Price to Book (P/B)0.97
Price to Sales (P/S)1.49
P/FCF Ratio40.71
Enterprise Value/Market Cap1.80
Enterprise Value/Revenue3.40
Enterprise Value/Gross Profit30.70
Enterprise Value/Ebitda13.43
Forecast
1Y Price Target
$43.70Price Target Upside15.95% Upside
Rating ConsensusHold
Number of Analyst Covering11
EPS Forecast (FY)-0.76
Revenue Forecast (FY)$5.41B
Lineage, Inc. Business Overview & Revenue Model
Company Description
Lineage, Inc. operates as a real estate investment trust (REIT) primarily focused on temperature-controlled warehouse properties. Its business activities are organized into two main divisions: Global Warehousing and Global Integrated Solutions. Th...
How the Company Makes Money
Lineage primarily makes money by charging customers for temperature-controlled warehousing and associated cold-chain logistics services. Key revenue streams generally include: (1) storage fees for keeping products in refrigerated facilities (often...
Lineage, Inc. Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call conveyed cautious optimism: operational results in Q1 beat expectations (EBITDA +3.3%, revenue flat, stabilized occupancy trends, pricing progress and strong international performance) and management reinforced a disciplined plan for cost savings, development ramp and technological productivity gains. However, meaningful near-term challenges remain, including AFFO per share decline due to hedge expirations, weakened throughput and container volumes (-17% YoY), pockets of excess capacity in late-supply U.S. markets, and leverage that is above target. Management reiterated full-year guidance while expressing increased conviction in achieving the midpoint, signaling stability but continued caution.Positive Updates
Adjusted EBITDA Growth
Adjusted EBITDA increased 3.3% year-over-year to $314 million in Q1 2026, beating expectations and reflecting operational resilience.
Negative Updates
AFFO per Share Decline
AFFO per share decreased 9.3% YoY to $0.78 in Q1 2026, primarily due to expiration of prior-year interest rate hedges; this drove a notable YoY decline in reported per-share cash flow.
Read all updates
Q1-2026 Updates
Positive
Negative
Adjusted EBITDA Growth
Adjusted EBITDA increased 3.3% year-over-year to $314 million in Q1 2026, beating expectations and reflecting operational resilience.
Read all positive updates
Company Guidance
Lineage reiterated 2026 guidance with annual same‑store NOI down 4% to 1%, total warehouse NOI −2% to +1%, GIS NOI 0%–2%, adjusted EBITDA $1.25B–$1.30B and AFFO $2.75–$3.00 per share (fully diluted share count ~260M in Q2, ~259M for the year), while saying Q1 results increased conviction toward the midpoint; Q1 metrics included adjusted EBITDA $314M (+3.3% YoY), AFFO $201M or $0.78/sh (−9.3% YoY), same‑store NOI −0.9% YoY, same‑store physical occupancy 76.4% (−290 bps sequential), economic occupancy 82%, rent/storage/blast revenue per physical pallet +2.2% YoY, throughput −3.3% and services revenue per throughput pallet +50 bps; management noted FX helped same‑store NOI by ~250 bps in Q1 (≈100 bps expected in Q2), admin expense should normalize to ~$120M–$125M/quarter, a $50M+ admin cost reduction is targeted (≈half in 2026, full in 2027 with ~$15M upfront spend), balance sheet at ~$7.9B net debt with $1.6B liquidity and ~$600M maturities in 2026, adjusted net debt/transaction EBITDA 5.3x (reported leverage 6.0x; target 5.0–5.5x), and development upside from 22 projects (>$1.2B invested to date, expected >$150M incremental EBITDA when stabilized and a non‑same‑store ramp toward ~ $20M/quarter).Lineage, Inc. Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
68
Positive
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.36B | 5.36B | 5.34B | 5.34B | 4.93B | 3.70B |
| Gross Profit | 594.00M | 826.00M | 1.76B | 1.75B | 1.46B | 1.13B |
| EBITDA | 1.36B | 1.05B | 547.00M | 1.24B | 976.00M | 632.90M |
| Net Income | -146.00M | -98.00M | -664.00M | -77.00M | -63.00M | -153.30M |
Balance Sheet | ||||||
| Total Assets | 19.05B | 19.18B | 18.66B | 18.87B | 18.56B | 16.42B |
| Cash, Cash Equivalents and Short-Term Investments | 67.00M | 66.00M | 173.00M | 68.00M | 170.60M | 209.10M |
| Total Debt | 8.19B | 8.66B | 6.88B | 11.05B | 10.69B | 9.60B |
| Total Liabilities | 9.99B | 9.94B | 8.97B | 12.85B | 12.45B | 11.14B |
| Stockholders Equity | 8.09B | 8.25B | 8.64B | 5.05B | 5.17B | 4.34B |
Cash Flow | ||||||
| Free Cash Flow | 153.00M | 196.00M | 12.00M | 30.00M | -312.00M | -359.20M |
| Operating Cash Flow | 934.00M | 943.00M | 703.00M | 796.00M | 501.00M | 329.90M |
| Investing Cash Flow | -1.09B | -1.07B | -919.00M | -1.07B | -2.37B | -3.41B |
| Financing Cash Flow | 29.00M | 14.00M | 320.00M | 136.00M | 1.84B | 3.03B |
Lineage, Inc. Technical Analysis
Positive
37.69
Price Trends
38.56
Positive
37.59
Positive
37.06
Positive
Market Momentum
1.58
Negative
64.41
Neutral
77.38
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LINE, the sentiment is Positive. The current price of 37.69 is below the 20-day moving average (MA) of 41.98, below the 50-day MA of 38.56, and above the 200-day MA of 37.06, indicating a bullish trend. The MACD of 1.58 indicates Negative momentum. The RSI at 64.41 is Neutral, neither overbought nor oversold. The STOCH value of 77.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LINE.
Lineage, Inc. Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $8.60B | 24.29 | 12.77% | 2.98% | 8.82% | 28.07% | |
77 Outperform | $7.09B | 16.48 | 10.36% | 3.38% | 20.19% | 105.93% | |
75 Outperform | $10.89B | 37.02 | 8.37% | 3.15% | 11.31% | 20.09% | |
71 Outperform | $7.27B | 29.74 | 6.95% | 4.02% | 9.98% | -2.19% | |
66 Neutral | $10.15B | -69.30 | -1.75% | 6.18% | 1.06% | 79.49% | |
66 Neutral | $7.83B | 34.16 | 2.71% | 4.30% | 2.02% | -23.68% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
LINE
Lineage, Inc.
44.57
1.67
3.89%
EGP
Eastgroup Properties
202.66
36.47
21.94%
STAG
Stag Industrial
38.00
2.60
7.35%
TRNO
Terreno Realty
66.66
9.25
16.11%
FR
First Industrial Realty
62.79
14.78
30.80%
REXR
Rexford Industrial Realty
34.71
-0.55
-1.55%
Lineage, Inc. Corporate Events
Executive/Board ChangesShareholder Meetings
Lineage Shareholders Reaffirm Board, Auditor and Executive Pay
Positive
Jun 12, 2026
At its annual meeting of stockholders held on June 9, 2026, Lineage, Inc. shareholders voted to elect all ten director nominees to serve on the board until the 2027 annual meeting, with each candidate receiving substantial support despite some var...
Business Operations and StrategyDividendsFinancial Disclosures
Lineage Posts Modest Growth and Raises Dividend Outlook
Positive
May 6, 2026
On May 6, 2026, Lineage, Inc. reported first-quarter 2026 results showing total revenue up 0.4% to $1,297 million, a GAAP net loss of $51 million, and adjusted EBITDA up 3.3% to $314 million with margin improving to 24.2%. AFFO declined 8.2% to $2...
Business Operations and StrategyExecutive/Board Changes
Lineage Announces CIO Retirement and Leadership Transition Plan
Neutral
Apr 9, 2026
Lineage, Inc., listed on Nasdaq under the ticker LINE, is the world’s largest global temperature-controlled warehouse REIT, operating more than 500 facilities totaling about 88 million square feet and 3.1 billion cubic feet of capacity acros...
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.