Lineage, Inc. (LINE)
NASDAQ:LINE
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Lineage, Inc.
(NASDAQ:LINE)
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Rating:60Neutral
Price Target:
$36.00
â–¼(-4.48% Downside)
Action:ReiteratedDate:02/25/26
Overall score reflects improved balance-sheet quality and stronger operating/free cash flow, partially offset by persistent GAAP losses and cooling revenue/NOI trends. Technicals are mildly positive (above key shorter-term averages with neutral momentum), while valuation is helped by the high dividend but constrained by negative earnings and cautious 2026 guidance.
Positive Factors
Balance-sheet Deleveraging
Material debt reduction and sizable equity (~$8.2B on ~$19.2B assets) materially improve financial flexibility. Lower leverage reduces interest burden and increases capacity for capex, dividends, and opportunistic M&A, supporting durable capital allocation over the medium term.
Negative Factors
Same‑Store NOI Pressure
Persistent same‑store NOI declines signal weakening core warehouse economics and lower yield on existing assets. This structural pressure reduces internal cash generation from legacy operations and raises dependency on new developments, asset sales, and cost programs to sustain distributable cash flow.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet Deleveraging
Material debt reduction and sizable equity (~$8.2B on ~$19.2B assets) materially improve financial flexibility. Lower leverage reduces interest burden and increases capacity for capex, dividends, and opportunistic M&A, supporting durable capital allocation over the medium term.
Read all positive factors
Lineage, Inc. (LINE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.38B
Dividend Yield6.18%
Average Volume (3M)1.03M
Price to Earnings (P/E)―
Beta (1Y)0.55
Revenue Growth0.28%
EPS Growth86.60%
CountryUS
Employees26,000
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)0.03
Shares Outstanding227,140,440
10 Day Avg. Volume907,889
30 Day Avg. Volume1,029,266
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 Cap2.00
Enterprise Value/Revenue3.13
Enterprise Value/Gross Profit20.29
Enterprise Value/Ebitda12.13
Forecast
1Y Price Target
$43.75Price Target Upside16.08% Upside
Rating ConsensusHold
Number of Analyst Covering13
EPS Forecast (FY)-0.66
Revenue Forecast (FY)$5.45B
Lineage, Inc. Business Overview & Revenue Model
Company Description
Lineage, Inc. engages in the provision of temperature-controlled warehouse real estate investment trust (REIT). It operates through the Global Warehousing and Global Integrated Solutions segments. The Global Warehousing segment composes of industr...
How the Company Makes Money
Lineage primarily makes money by charging customers for temperature-controlled warehousing and related logistics services. Key revenue streams generally include (1) storage fees for holding inventory in refrigerated facilities (often structured by...
Lineage, Inc. Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Neutral
The call communicated a mix of stabilizing operational signs and meaningful tactical progress (AFFO beat, tax savings, occupancy stabilization, strong GIS growth, active development pipeline and asset monetizations) alongside persistent near-term headwinds in core warehousing (same-store NOI declines, lower throughput and container volumes, elevated industry supply in select markets) and conservative 2026 guidance. Management emphasized cost savings, portfolio optimization, and capital deployment flexibility to navigate the environment and position the company for medium-term upside.Positive Updates
AFFO and Cash Generation Beat
Q4 total AFFO of $214,000,000 and AFFO per share of $0.83 were flat year-over-year and ahead of expectations; full year AFFO per share increased 2.4% to $3.37. Q4 outperformance driven by better maintenance CapEx management and cash tax planning.
Negative Updates
Same-Store NOI and Warehouse NOI Pressure
Same-store NOI declined 5.0% year-over-year in Q4 (same-store NOI $340,000,000) and full-year same-store NOI declined 5.8%; total warehouse NOI declined 2.4% in Q4 to $373,000,000 and full-year total warehouse NOI declined 3.3% to $1,480,000,000.
Read all updates
Q4-2025 Updates
Positive
Negative
AFFO and Cash Generation Beat
Q4 total AFFO of $214,000,000 and AFFO per share of $0.83 were flat year-over-year and ahead of expectations; full year AFFO per share increased 2.4% to $3.37. Q4 outperformance driven by better maintenance CapEx management and cash tax planning.
Read all positive updates
Company Guidance
Lineage’s 2026 guidance calls for same‑store NOI down 4% to 1%, total warehouse NOI down 2% to up 1%, GIS NOI 0%–2%, adjusted EBITDA $1.25B–$1.30B and AFFO per share $2.75–$3.00; management also guided admin expense $465M–$480M, stock‑based comp $125M, interest expense $340M–$360M, current tax expense for AFFO $20M–$30M and recurring capex roughly $170M–$180M. They expect net pricing gains of 1%–2% (having worked through ~65% of warehousing revenue), a seasonal cadence starting at the low end of the year with improvement into 2H, a $50M annualized admin/indirect savings target (about half hitting 2026), a stable ~400–600 bps spread between physical and economic occupancy, and balance‑sheet metrics of $7.7B net debt, $1.9B liquidity, net debt/adjusted EBITDA ~6.0x (5.2x on an adjusted basis).Lineage, Inc. Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
63
Positive
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 5.36B | 5.34B | 5.34B | 4.93B | 3.70B |
| Gross Profit | 826.00M | 1.76B | 1.75B | 1.46B | 1.13B |
| EBITDA | 1.05B | 547.00M | 1.24B | 976.00M | 632.90M |
| Net Income | -98.00M | -664.00M | -77.00M | -63.00M | -153.30M |
Balance Sheet | |||||
| Total Assets | 19.18B | 18.66B | 18.87B | 18.56B | 16.42B |
| Cash, Cash Equivalents and Short-Term Investments | 66.00M | 173.00M | 68.00M | 170.60M | 209.10M |
| Total Debt | 8.66B | 6.88B | 11.05B | 10.69B | 9.60B |
| Total Liabilities | 9.94B | 8.97B | 12.85B | 12.45B | 11.14B |
| Stockholders Equity | 8.25B | 8.64B | 5.05B | 5.17B | 4.34B |
Cash Flow | |||||
| Free Cash Flow | 196.00M | 12.00M | 30.00M | -312.00M | -359.20M |
| Operating Cash Flow | 943.00M | 703.00M | 796.00M | 501.00M | 329.90M |
| Investing Cash Flow | -1.07B | -919.00M | -1.07B | -2.37B | -3.41B |
| Financing Cash Flow | 14.00M | 320.00M | 136.00M | 1.84B | 3.03B |
Lineage, Inc. Technical Analysis
Positive
37.69
Price Trends
36.45
Positive
35.63
Positive
37.15
Positive
Market Momentum
0.06
Negative
63.69
Neutral
90.80
Negative
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 above the 20-day moving average (MA) of 34.11, above the 50-day MA of 36.45, and above the 200-day MA of 37.15, indicating a bullish trend. The MACD of 0.06 indicates Negative momentum. The RSI at 63.69 is Neutral, neither overbought nor oversold. The STOCH value of 90.80 is Negative, 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 | $8.50B | 13.39 | 12.77% | 2.98% | 8.82% | 28.07% | |
75 Outperform | $10.82B | 26.14 | 8.37% | 3.15% | 11.31% | 20.09% | |
75 Outperform | $6.93B | 14.93 | 10.09% | 3.38% | 24.51% | 104.06% | |
71 Outperform | $7.38B | 27.79 | 6.95% | 4.02% | 9.98% | -2.19% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $8.10B | 20.49 | 2.71% | 4.30% | 2.02% | -23.68% | |
60 Neutral | $8.38B | -81.43 | -1.18% | 6.18% | 0.28% | 86.60% |
* Real Estate Sector Average
LINE
Lineage, Inc.
36.88
-7.70
-17.28%
EGP
Eastgroup Properties
201.20
42.71
26.95%
STAG
Stag Industrial
38.58
6.72
21.10%
TRNO
Terreno Realty
65.20
10.51
19.22%
FR
First Industrial Realty
62.01
15.53
33.41%
REXR
Rexford Industrial Realty
35.89
4.23
13.37%
Lineage, Inc. Corporate Events
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...
Business Operations and StrategyDividendsFinancial Disclosures
Lineage Posts Flat 2025 Results, Issues 2026 Guidance
Negative
Feb 25, 2026
On February 25, 2026, Lineage reported fourth-quarter and full-year 2025 results, showing flat annual revenue at $5.36 billion, a GAAP net loss of $113 million, and a modest 2.3% decline in adjusted EBITDA to $1.30 billion, while AFFO rose 22.7% t...
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.