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Americold Realty (COLD)
NYSE:COLD
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Americold Realty
(NYSE:COLD)
51Neutral
Positive Factors
Cost Management
Cost cutting and project Orion are helping significantly, service margins are expected to be 12% or better.
Earnings Performance
4Q AFFO per share beat consensus and estimates, mostly due to cost savings.
Pricing Power
COLD showed better ability to hold onto pricing power, +1.7% for SS rent/occupied pallet and +3.5% SS service rent per pallet.
Negative Factors
Expense Management
COLD expects Core SG&A to be in the range of $240 to $245 million for the year, driven by incremental Q1 2025 licensing expense of approximately $4 million associated with their new Oracle SaaS environment, and $3 million of labor costs, previously capitalized as part of Project Orion, that will now be expensed.
Financial Guidance
COLD reported weaker than expected results and lowered FY guidance.
Revenue Growth
Same-store operations took a notable dip as SSREV decelerated to -1.4%.
Americold Realty (COLD) vs. S&P 500 (SPY)
Market Cap
$5.18B
Dividend Yield4.89%
Average Volume (3M)3.13M
Price to Earnings (P/E)―
Beta (1Y)0.55
Revenue Growth-1.18%
EPS Growth62.96%
CountryUS
Employees13,755
SectorReal Estate
Sector Strength67
IndustryREIT - Industrial
Share Statistics
EPS (TTM)-0.06
Shares Outstanding284,725,600
10 Day Avg. Volume4,287,902
30 Day Avg. Volume3,127,047
Financial Highlights & Ratios
PEG Ratio1.63
Price to Book (P/B)1.63
Price to Sales (P/S)0.00
P/FCF Ratio1.35K
Enterprise Value/Market Cap1.75
Enterprise Value/Revenue0.85
Enterprise Value/Gross Profit10.79
Enterprise Value/Ebitda7.59
Forecast
1Y Price Target
$24.36Price Target Upside33.85% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
Americold Realty Business Overview & Revenue Model
Company DescriptionAmericold 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 MoneyAmericold Realty Trust primarily generates revenue through leasing its temperature-controlled warehouse space to tenants in the food industry. Its revenue model is centered around long-term contracts with food producers, distributors, and retailers who require reliable cold storage solutions. The company also earns income from value-added services such as inventory management, transportation, and logistics support, which complement its core warehousing services. Additionally, Americold's strategic partnerships and acquisitions help expand its network and customer base, further enhancing its revenue potential. The company's earnings are significantly influenced by factors such as location, facility utilization rates, and the overall demand for cold storage solutions in the food supply chain.
Americold Realty Financial Statement Overview
Summary
Americold Realty's financial performance is mixed. The income statement reveals negative net income and a downward trend in revenue, indicating growth challenges. The balance sheet shows a moderate debt-to-equity ratio, while cash flow analysis highlights challenges in free cash flow due to high capital expenditures. Overall, the company's financial stability is balanced by a stable equity position, but profitability needs improvement.Income Statement
Americold Realty's income statement reveals a mixed performance. The company experienced a negative net income in recent periods, impacting net profit margins. Gross profit margins are stable, but revenue has shown a downward trend in the latest TTM period compared to previous years, indicating potential challenges in maintaining growth.45
Neutral
Balance Sheet
The balance sheet of Americold Realty shows a moderate debt-to-equity ratio, slightly increasing over time, which might indicate growing reliance on debt. The equity ratio is stable, providing some assurance of balance sheet health. However, the negative net income affects return on equity, signaling a need for improvement in profitability.55
Neutral
Cash Flow
Cash flow analysis shows fluctuating free cash flow with a recent decline in the TTM period. Operating cash flow remains positive, but the free cash flow to net income ratio is unfavorable due to negative net income. The company's cash flow management appears challenged by high capital expenditures, affecting free cash flow growth.50
Neutral
| Breakdown | |||||
| TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 2.63B | 2.67B | 2.67B | 2.91B | 2.71B | 1.99B | Gross Profit |
| 841.74M | 846.73M | 770.57M | 695.96M | 629.67M | 551.50M | EBIT |
| 104.40M | 124.01M | -108.31M | 127.59M | 128.49M | 168.45M | EBITDA |
| 366.77M | 392.96M | 165.76M | 467.14M | 448.33M | 325.15M | Net Income Common Stockholders |
| -120.43M | -94.31M | -336.21M | -19.47M | -30.31M | 24.54M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 59.20M | 47.65M | 60.39M | 53.06M | 82.96M | 621.05M | Total Assets |
| 7.79B | 7.74B | 7.87B | 8.10B | 8.22B | 7.83B | Total Debt |
| 3.50B | 3.68B | 3.49B | 3.58B | 3.42B | 3.23B | Net Debt |
| 3.44B | 3.63B | 3.43B | 3.53B | 3.34B | 2.61B | Total Liabilities |
| 4.19B | 4.43B | 4.23B | 4.32B | 4.19B | 4.04B | Stockholders Equity |
| 3.58B | 3.28B | 3.62B | 3.77B | 4.02B | 3.79B |
| Cash Flow | Free Cash Flow | ||||
| 3.84M | 102.42M | 35.92M | -22.95M | -218.77M | -108.67M | Operating Cash Flow |
| 380.09M | 411.88M | 366.15M | 300.00M | 273.06M | 293.68M | Investing Cash Flow |
| -500.57M | -313.18M | -357.07M | -348.49M | -1.24B | -2.25B | Financing Cash Flow |
| 102.56M | -106.78M | -285.00K | 23.32M | 431.49M | 2.33B |
Americold Realty Technical Analysis
Negative
18.20
Price Trends
19.93
Negative
20.69
Negative
23.25
Negative
Market Momentum
-0.62
Positive
42.78
Neutral
58.57
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For COLD, the sentiment is Negative. The current price of 18.2 is below the 20-day moving average (MA) of 18.87, below the 50-day MA of 19.93, and below the 200-day MA of 23.25, indicating a bearish trend. The MACD of -0.62 indicates Positive momentum. The RSI at 42.78 is Neutral, neither overbought nor oversold. The STOCH value of 58.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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
Overall Rating
UnderperformOutperform
Sector (60)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $759.63M | 5.41 | 26.05% | 5.82% | -3.48% | 615.20% | |
75 Outperform | $1.60B | 10.95 | 7.78% | 13.34% | -1.33% | -8.62% | |
74 Outperform | $10.01B | 25.79 | 13.72% | 4.72% | 2.15% | -5.99% | |
60 Neutral | $2.82B | 10.29 | 0.39% | 8508.26% | 5.90% | -17.41% | |
57 Neutral | $4.93B | 61.88 | 5.66% | 6.15% | -9.89% | -70.29% | |
51 Neutral | $5.18B | ― | -3.56% | 4.89% | -1.18% | 62.96% | |
48 Neutral | $10.89B | ― | -9.72% | 1.91% | ― | ― |
* Real Estate Sector Average
Performance Comparison
COLD
Americold Realty
18.20
-6.24
-25.53%
CUBE
Cubesmart
43.68
1.73
4.12%
NSA
National Storage Affiliates
36.72
0.92
2.57%
IIPR
Innovative Industrial Properties
56.96
-46.13
-44.75%
PLYM
Plymouth Industrial Reit
16.50
-3.51
-17.54%
LINE
Lineage, Inc.
47.63
-33.38
-41.20%
Americold Realty Earnings Call Summary
Earnings Call Date:May 08, 2025
(Q1-2025)
| % Change Since: -1.14%|
Next Earnings Date:Jul 31, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mix of positive operational achievements and strategic developments, such as increased fixed commitments and successful pipeline execution. However, these were tempered by significant challenges, including revised guidance due to economic pressures and consumer confidence issues. The sentiment is balanced with notable highlights and lowlights.Q1-2025 Updates
Positive Updates
Increase in Fixed Commitment Contracts
Fixed commitment contracts increased to 60% of rent and storage revenue, achieving a long-term goal and demonstrating commercial excellence and strong customer relationships.
Labor Efficiency Improvements
Improved labor metrics with perm-to-temp hours ratio increasing to 78:22 and associate turnover decreasing by 300 basis points to 29%.
Development and Expansion Projects
Active development projects worth approximately $500 million are on track, including facilities in Kansas City, Allentown, and Dubai, with strong strategic partnerships driving growth.
Quarterly Dividend Increase
The board approved a 5% increase in the quarterly dividend to 23¢ per share, reflecting confidence in operational resilience and cash flow generation.
Successful New Business Pipeline
Americold has successfully closed on approximately half of their $200 million pipeline, ahead of last year's pace.
Acquisition in Houston
Acquired a facility in Houston for $127 million, including equipment upgrades, to support a significant retail customer win and potential future expansion.
Negative Updates
Economic and Consumer Confidence Challenges
Consumer confidence is at a low point, with tariffs and inflation fears impacting demand and causing customers to adjust product portfolios.
Occupancy and Revenue Pressures
Same-store economic occupancy declined approximately 270 basis points, and there are expectations of flat to 2% growth for revenue and occupancy.
Revised Guidance Due to Economic Environment
Revised full-year AFFO per share guidance to $1.42-$1.52 due to changes in the macroeconomic environment, including tariffs and inflation.
Pricing Pressure from Competitors
There is noted pricing pressure in the market from competitors using price to drive volumes, potentially impacting Americold's market share.
Exit from Underperforming Facilities
Strategic exits from five facilities due to underperformance, with additional two facilities identified for potential exit.
Company Guidance
During the Americold Realty Trust's First Quarter 2025 earnings call, management discussed several key metrics and guidance adjustments due to changing macroeconomic conditions. Fiscal year 2025 Adjusted Funds From Operations (AFFO) per share guidance was revised to between $1.42 and $1.52, reflecting headwinds such as tariffs, inflation risks, and declining consumer confidence. The company reported a decline in same-store economic occupancy by approximately 270 basis points sequentially from Q4 2024, with rent and storage revenue from fixed commitment contracts reaching 60% of total storage revenue, a notable achievement from under 40% three years ago. Labor metrics improved, with associate turnover decreasing by 300 basis points to 29%, and the perm-to-temp hours ratio increasing to 78:22. Additionally, same-store warehouse services margins rose by 110 basis points year-over-year to 11.2%. On the development front, Americold managed a pipeline totaling about $1 billion, with significant projects in Kansas City, Port Saint John, and Christchurch, among others. Despite these challenges, the company showed resilience with a strong start to the year, emphasizing its focus on operational priorities and customer partnerships.Americold Realty Corporate Events
M&A TransactionsDividendsFinancial Disclosures
Americold Realty Announces Q1 2025 Financial Results
Neutral
May 8, 2025
On May 8, 2025, Americold Realty Trust announced its first quarter 2025 financial results, reporting an AFFO of $0.34 per share and a 5% increase in quarterly dividends. The company completed the acquisition of a Houston warehouse, securing a significant new retail customer, which enhances its industry-leading presence in the retail segment. Despite a 5.4% decrease in total revenues to $629.0 million and a net loss of $16.5 million, Americold remains confident in its long-term growth, adjusting its near-term outlook due to macroeconomic headwinds.
Spark’s Take on COLD Stock
According to Spark, TipRanks’ AI Analyst, COLD is a Neutral.
Americold Realty’s overall stock score reflects a mixed outlook. Financial performance is hindered by profitability and cash flow challenges, despite balanced leverage. Technical indicators show a bearish trend, while valuation metrics suggest overvaluation risks. Positively, the earnings call and corporate events indicate strategic improvements and expansion plans, which may bolster future performance. However, occupancy and NOI challenges remain key risks.
To see Spark’s full report on COLD stock, click here.
Business Operations and StrategyFinancial Disclosures
Americold Realty Reports Strong 2024 Financial Performance
Positive
Feb 20, 2025
Americold Realty Trust reported strong performance for the fourth quarter and full year of 2024, achieving significant growth in key metrics including a 16% increase in its Adjusted Funds from Operations (FFO) per share and a $125 million increase in Same Store Warehouse Services Net Operating Income (NOI). Despite a decrease in total revenues, the company improved its warehouse services margins and announced several strategic expansions, including a $79 million development in Canada and a $34 million expansion in New Zealand, which are expected to create long-term shareholder value.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
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.