Americold Realty Trust (COLD)
NYSE:COLD
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Americold Realty
(NYSE:COLD)
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Rating:60Neutral
Price Target:
$16.50
▲(28.91% Upside)
Action:Reiterated
Date:06/01/26
The score is held back primarily by weak financial performance (ongoing net losses, negative ROE, and higher leverage) despite solid operating cash flow. Technicals are supportive with strong trend momentum, while valuation is mixed (high yield but negative P/E). The latest earnings call is a positive offset, highlighted by maintained AFFO guidance and a JV aimed at material deleveraging, though near-term NOI and pricing pressures remain.
Positive Factors
Balance-sheet deleveraging via EQT JV
The EQT joint venture is a structural capital recycle that will provide roughly $1.1 billion of cash to pay near‑term maturities, materially lower reported leverage and preserve day‑to‑day operational control via retained 30% NOI and management fees, improving long‑term financial flexibility and reducing refinancing risk.
Negative Factors
Elevated leverage and remaining refinancing risk
Leverage is meaningfully elevated versus target levels, increasing interest expense sensitivity and constraining strategic optionality. Even after the JV's ~0.75x pro‑forma reduction, the company must pursue further deleveraging to reach its ≤6x goal, leaving residual refinancing and covenant risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet deleveraging via EQT JV
The EQT joint venture is a structural capital recycle that will provide roughly $1.1 billion of cash to pay near‑term maturities, materially lower reported leverage and preserve day‑to‑day operational control via retained 30% NOI and management fees, improving long‑term financial flexibility and reducing refinancing risk.
Read all positive factors
Americold Realty (COLD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.17B
Dividend Yield7.21%
Average Volume (3M)4.80M
Price to Earnings (P/E)―
Beta (1Y)0.69
Revenue Growth-1.06%
EPS Growth7.64%
CountryUS
Employees13,755
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)-0.39
Shares Outstanding285,306,060
10 Day Avg. Volume5,348,574
30 Day Avg. Volume4,800,817
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 Cap2.16
Enterprise Value/Revenue3.45
Enterprise Value/Gross Profit95.33
Enterprise Value/Ebitda23.59
Forecast
1Y Price Target
$15.05Price Target Upside17.54% Upside
Rating ConsensusHold
Number of Analyst Covering12
EPS Forecast (FY)0.04
Revenue Forecast (FY)$2.54B
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:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
Overall the call presents a constructive and strategic tone. Management reported an AFFO beat, executed significant cost savings, stabilized physical occupancy, secured a large JV with EQT that should materially improve the balance sheet, and continued to win and expand customer relationships and international projects. Offsetting these positives are near-term headwinds: Q1 warehouse NOI declined ~4.5%, storage pricing pressure persists, leverage remains elevated at 7.1x (albeit improving pro forma), and the JV will create a modest AFFO headwind depending on closing timing. On balance, the strategic actions (JV, cost cuts, portfolio optimization and commercial wins) and the operational stabilization outweigh the short-term earnings and market challenges.Positive Updates
AFFO Beat and Consistent Execution
Delivered AFFO per share of $0.29 in Q1, beating analyst consensus; the company has now delivered three straight quarters that met or exceeded AFFO per share consensus and management maintained full-year AFFO guidance (previously in the ~$120M–$130M range) while executing strategic initiatives.
Negative Updates
Q1 Warehouse NOI Decline
Warehouse NOI decreased by 4.5% in Q1, driven by ongoing storage pricing pressure, lower throughput and a modest $2M energy cost headwind in the quarter.
Read all updates
Q1-2026 Updates
Positive
Negative
AFFO Beat and Consistent Execution
Delivered AFFO per share of $0.29 in Q1, beating analyst consensus; the company has now delivered three straight quarters that met or exceeded AFFO per share consensus and management maintained full-year AFFO guidance (previously in the ~$120M–$130M range) while executing strategic initiatives.
Read all positive updates
Company Guidance
Management said Q1 AFFO per share was $0.29 (above consensus) and reiterated full‑year AFFO guidance of $120–$130 million, noting the pending EQT joint venture (12 properties; Americold seed pool >$1.3 billion; blended cap rate ~7%; ~$3,300 per pallet; ~ $231M revenue / ~$103M NOI in FY2025) is expected to close in Q3 and generate roughly $1.1 billion of proceeds to repay 2026, 2027 and part of 2028 maturities. Americold will retain a 30% share of JV NOI, receive a ~$15–$20M annual management fee, and expects the JV to reduce net debt / pro forma core EBITDA from 7.1x at Q1 by about 0.75x toward a ≤6x target. Management also warned the JV could be a ~ $0.10 per‑share AFFO headwind on a full‑year basis (about $0.06 in H2 depending on close timing) but said current operating performance (Q1 warehouse NOI down 4.5%, physical occupancy flat YoY, Europe physical occupancy +800 bps, churn 2.5%, 34% of at‑risk fixed commitments renewed representing ~ $100M revenue, 59% of rent/storage from fixed commitments) plus executed cost saves ($30M identified and completed; >400 indirect positions removed) give them confidence in maintaining guidance.Americold Realty Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
52
Neutral
Cash Flow
57
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.60B | 2.60B | 2.67B | 2.67B | 2.91B | 2.71B |
| Gross Profit | 94.32M | 104.66M | 846.73M | 770.57M | 695.96M | 629.78M |
| EBITDA | 381.19M | 379.40M | 392.96M | 165.76M | 417.64M | 388.42M |
| Net Income | -111.72M | -114.55M | -94.31M | -336.21M | -19.44M | -30.45M |
Balance Sheet | ||||||
| Total Assets | 8.08B | 8.12B | 7.74B | 7.87B | 8.10B | 8.22B |
| Cash, Cash Equivalents and Short-Term Investments | 39.83M | 136.86M | 47.65M | 60.39M | 53.06M | 82.96M |
| Total Debt | 4.56B | 4.50B | 3.68B | 3.49B | 3.58B | 3.42B |
| Total Liabilities | 5.22B | 5.20B | 4.43B | 4.23B | 4.32B | 4.19B |
| Stockholders Equity | 2.82B | 2.88B | 3.28B | 3.62B | 3.77B | 4.02B |
Cash Flow | ||||||
| Free Cash Flow | 42.81M | -217.20M | 102.42M | 35.92M | -22.95M | -218.77M |
| Operating Cash Flow | 369.31M | 359.64M | 411.88M | 366.15M | 300.00M | 273.06M |
| Investing Cash Flow | -557.29M | -658.00M | -313.18M | -357.07M | -348.49M | -1.24B |
| Financing Cash Flow | 184.82M | 383.26M | -106.78M | -285.00K | 23.32M | 431.49M |
Americold Realty Technical Analysis
Positive
12.80
Price Trends
13.20
Positive
12.75
Positive
12.47
Positive
Market Momentum
0.51
Positive
54.59
Neutral
22.35
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 12.8 is below the 20-day moving average (MA) of 14.82, below the 50-day MA of 13.20, and above the 200-day MA of 12.47, indicating a neutral trend. The MACD of 0.51 indicates Positive momentum. The RSI at 54.59 is Neutral, neither overbought nor oversold. The STOCH value of 22.35 is Neutral, 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 49 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $136.89B | 36.21 | 7.01% | 3.16% | 6.72% | -0.91% | |
74 Outperform | $53.83B | 28.57 | 20.48% | 4.63% | 2.90% | -3.92% | |
73 Outperform | $32.19B | 32.46 | 6.97% | 5.01% | 4.16% | 3.52% | |
70 Outperform | $8.89B | 27.83 | 11.95% | 5.69% | 5.02% | -15.68% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $9.84B | -66.28 | -1.75% | 6.18% | 1.06% | 79.49% | |
60 Neutral | $4.17B | ― | -3.77% | 7.21% | -1.06% | 7.64% |
* Real Estate Sector Average
COLD
Americold Realty
14.71
-1.34
-8.33%
CUBE
Cubesmart
40.31
-0.66
-1.62%
EXR
Extra Space Storage
145.31
2.16
1.51%
PLD
Prologis
144.54
39.40
37.48%
PSA
Public Storage
309.68
19.07
6.56%
LINE
Lineage, Inc.
42.63
0.34
0.81%
Americold Realty Corporate Events
Business Operations and StrategyFinancial Disclosures
Americold Realty Highlights Long-Term Cold Storage Growth Strategy
Positive
Jun 1, 2026
On June 1, 2026, Americold Realty published an investor presentation on its website providing supplemental financial and operational information and positioning itself as a compelling long-term growth story in the cold storage sector. The deck hig...
Business Operations and StrategyPrivate Placements and Financing
Americold Realty Extends Maturity of Term Loan Facility
Positive
May 22, 2026
On May 18, 2026, Americold Realty Operating Partnership, L.P., a subsidiary of Americold Realty Trust, Inc., amended its existing credit agreement with Bank of America, N.A. and a syndicate of lenders. The Fourth Amendment extends the maturity dat...
Executive/Board ChangesShareholder Meetings
Americold Realty Shareholders Weigh Governance and Executive Pay
Neutral
May 19, 2026
At its 2026 annual meeting held on May 18, Americold Realty Trust, Inc. shareholders voted on a slate of director nominees, with most candidates receiving strong support but notable opposition to some board members, including Mark R. Patterson, wh...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Americold Realty Updates Investor Presentation, Reaffirms Growth Focus
Positive
May 7, 2026
On May 7, 2026, Americold Realty posted an updated investor presentation outlining its financial and operational profile, emphasizing its status as a global leader in temperature-controlled warehousing with a diversified, integrated network of col...
Business Operations and Strategy
Americold Realty Forms Major North American Storage Venture
Positive
May 7, 2026
On May 7, 2026, Americold Realty Trust, Inc. announced it had agreed to form a North American cold storage joint venture with EQT’s Active Core Infrastructure fund that will own, operate and potentially develop high-quality refrigerated ware...
Business Operations and StrategyFinancial Disclosures
Americold Realty reports flat Q1 results, reaffirms outlook
Neutral
May 7, 2026
Americold reported first-quarter 2026 results on May 7, 2026, posting total revenue of $629.9 million, essentially flat year on year, as higher transportation services revenue offset lower Global Warehouse volumes amid competitive pressure, shifti...
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.