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Lineage, Inc.
(NASDAQ:LINE)
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Rating:60Neutral
Price Target:
$36.00
â–¼(-12.71% Downside)
Action:Reiterated
Date:08/06/26
LINE scores moderately due to strong and improving cash generation plus a markedly healthier balance sheet, reinforced by a cautiously positive earnings update with raised full-year guidance. These are tempered by ongoing GAAP net losses and margin volatility, along with weak near-term technical momentum (below key short-term moving averages and negative MACD).
Positive Factors
Improving Cash Generation
Rising operating cash flow and positive free cash flow indicate improving underlying cash earnings from the cold-chain platform. This supports reinvestment, debt service and shareholder distributions while providing greater resilience against operating volatility and elevated capital requirements over the coming quarters.
Negative Factors
Persistent Net Losses and Margin Volatility
Persistent GAAP losses show that operating scale and EBITDA generation have not yet translated into consistent bottom-line profitability. Volatile and sharply lower gross margins could limit retained cash, weaken returns on equity and make earnings more sensitive to pricing, mix and cost pressures.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving Cash Generation
Rising operating cash flow and positive free cash flow indicate improving underlying cash earnings from the cold-chain platform. This supports reinvestment, debt service and shareholder distributions while providing greater resilience against operating volatility and elevated capital requirements over the coming quarters.
Read all positive factors
Lineage, Inc. (LINE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.85B
Dividend Yield6.29%
Average Volume (3M)1.01M
Price to Earnings (P/E)―
Beta (1Y)0.64
Revenue Growth1.03%
EPS Growth72.17%
CountryUS
Employees24,000
SectorGeneral
Sector StrengthN/A
IndustryREIT - Industrial
Share Statistics
EPS (TTM)-0.72
Shares Outstanding227,710,000
10 Day Avg. Volume1,235,124
30 Day Avg. Volume1,009,516
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 Cap2.41
Enterprise Value/Revenue3.52
Enterprise Value/Gross Profit32.13
Enterprise Value/Ebitda13.94
Forecast
1Y Price Target
$42.86Price Target Upside3.92% Upside
Rating ConsensusHold
Number of Analyst Covering15
EPS Forecast (FY)-0.7
Revenue Forecast (FY)$5.39B
Lineage, Inc. Business Overview & Revenue Model
Company Description
Lineage, Inc. is the world’s largest global temperature-controlled warehouse REIT with a network of 498 strategically located facilities totaling approximately 87 million square feet and approximately 3.1 billion cubic feet of capacity across coun...
How the Company Makes Money
Lineage makes money primarily by charging customers for cold-chain warehousing and logistics services. Key revenue streams generally include: (1) storage revenue—fees for occupying refrigerated/frozen warehouse space, often tied to pallet position...
Lineage, Inc. Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 09, 2026
Earnings Call Sentiment Positive
The call conveyed a cautiously positive tone: the company delivered better-than-expected Q2 financials (adjusted EBITDA $320M; AFFO $198M), raised full-year AFFO and same-store NOI guidance, demonstrated improving operational KPIs (occupancy up 90 bps, services revenue +2.1%), and highlighted productive investments (LinOS rollout, development pipeline with 71% pre-leased). Key challenges include the Big Bear facility fire (estimated ~$15M EBITDA drag plus remediation/legal uncertainty), trade-related volume headwinds (container volumes down 14%), a $7M GIS legal settlement and near-term leverage above target (~6.0x). Overall, positive operational momentum, disciplined cost control and development progress outweigh the near-term shocks and cyclical headwinds, but execution on insurance recovery, portfolio monetization and GIS margin recapture will be important to sustain the positive trajectory.Positive Updates
Adjusted EBITDA and AFFO Beat
Q2 adjusted EBITDA of approximately $320M and AFFO of ~$198M ($0.76/share) both came in ahead of internal expectations and consensus, driven by stronger same-store and non-same-store NOI and favorable timing of maintenance CapEx and tax items.
Negative Updates
Big Bear Facility Fire and Near-Term Impact
Fire at 500k sq ft Big Bear facility (~1% of capacity) caused customer relocations, an estimated ~$15M adjusted EBITDA drag across Q3/Q4, remediation and legal costs (to be excluded from adjusted EBITDA) and ~$3.3M in community support; timing and insurance recoveries remain uncertain.
Read all updates
Q2-2026 Updates
Positive
Negative
Adjusted EBITDA and AFFO Beat
Q2 adjusted EBITDA of approximately $320M and AFFO of ~$198M ($0.76/share) both came in ahead of internal expectations and consensus, driven by stronger same-store and non-same-store NOI and favorable timing of maintenance CapEx and tax items.
Read all positive updates
Company Guidance
Management maintained the adjusted EBITDA midpoint while narrowing the range and raised full‑year guidance, moving same‑store NOI to -3% to 0% (up from -4% to -1%) and AFFO to $2.80–$3.05 per share (from $2.75–$3.00), while expecting total warehouse NOI of -2% to +1%; GIS NOI was lowered to -4% to -2% (from 0% to +2%). They tightened admin expense guidance to $460–$470M (versus prior quarterly run‑rate guidance of $120–$125M), said FX will be a minimal H2 factor, and flagged a roughly $15M adjusted‑EBITDA drag from the Big Bear fire (with any business‑interruption insurance recoveries to be recognized below EBITDA and excluded from adjusted EBITDA), while expecting non‑same‑store NOI (net of Big Bear) of about $20M per quarter in Q3–Q4. The company cited operational drivers for the upgrade (better occupancy, pricing and cost control), noted Q3 should be the weakest YoY same‑store NOI quarter with Q4 close to flat, and reminded investors of its balance‑sheet position (Q2 net debt ≈ $7.8B, liquidity ≈ $1.6B, adjusted net debt/transaction‑adjusted EBITDA ≈ 5.3x) and target leverage of 5.0x–5.5x.Lineage, Inc. Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
64
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.37B | 5.36B | 5.34B | 5.34B | 4.93B | 3.70B |
| Gross Profit | 589.00M | 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 | -169.00M | -98.00M | -664.00M | -77.00M | -63.00M | -153.30M |
Balance Sheet | ||||||
| Total Assets | 18.90B | 19.18B | 18.66B | 18.87B | 18.56B | 16.42B |
| Cash, Cash Equivalents and Short-Term Investments | 58.00M | 66.00M | 173.00M | 68.00M | 170.60M | 209.10M |
| Total Debt | 7.99B | 8.66B | 6.88B | 11.05B | 10.69B | 9.60B |
| Total Liabilities | 10.03B | 9.94B | 8.97B | 12.85B | 12.45B | 11.14B |
| Stockholders Equity | 7.89B | 8.25B | 8.64B | 5.05B | 5.17B | 4.34B |
Cash Flow | ||||||
| Free Cash Flow | 244.00M | 196.00M | 12.00M | 30.00M | -312.00M | -359.20M |
| Operating Cash Flow | 987.00M | 943.00M | 703.00M | 796.00M | 501.00M | 329.90M |
| Investing Cash Flow | -635.00M | -1.07B | -919.00M | -1.07B | -2.37B | -3.41B |
| Financing Cash Flow | -374.00M | 14.00M | 320.00M | 136.00M | 1.84B | 3.03B |
Lineage, Inc. Technical Analysis
Negative
41.24
Price Trends
37.84
Negative
39.96
Negative
37.70
Negative
Market Momentum
-1.03
Negative
35.25
Neutral
50.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LINE, the sentiment is Negative. The current price of 41.24 is above the 20-day moving average (MA) of 35.25, above the 50-day MA of 37.84, and above the 200-day MA of 37.70, indicating a bearish trend. The MACD of -1.03 indicates Negative momentum. The RSI at 35.25 is Neutral, neither overbought nor oversold. The STOCH value of 50.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for LINE.
Lineage, Inc. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $129.45B | 29.01 | 7.90% | 3.23% | 7.35% | 21.58% | |
71 Outperform | $7.01B | 27.60 | 6.94% | 4.28% | 9.63% | 3.17% | |
69 Neutral | $29.51B | 29.59 | 7.14% | 4.83% | 4.16% | -1.68% | |
69 Neutral | $8.20B | 21.38 | 13.42% | 3.31% | 8.44% | 34.29% | |
60 Neutral | $7.85B | -46.68 | -2.07% | 6.29% | 1.03% | 72.17% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | $3.98B | -8.70 | -16.36% | 6.66% | -0.21% | -727.73% |
* General Sector Average
LINE
Lineage, Inc.
33.78
-4.27
-11.22%
EXR
Extra Space Storage
134.08
-8.38
-5.88%
PLD
Prologis
130.46
11.44
9.61%
STAG
Stag Industrial
35.88
-0.15
-0.42%
FR
First Industrial Realty
58.80
6.85
13.19%
COLD
Americold Realty
13.81
1.11
8.77%
Lineage, Inc. Corporate Events
Executive/Board Changes
Lineage Appoints New Director Amid Leadership Transition
Neutral
Sep 24, 2026
On September 22, 2026, Lineage director James Wyper resigned from the board, with the company stating his departure did not stem from any disagreement over operations or policies. The board thanked Wyper for his years of service and confirmed that...
Business Operations and StrategyDividendsFinancial Disclosures
Lineage Reports Mixed Q2 Results Amid Industry Stabilization
Neutral
Aug 5, 2026
On August 5, 2026, Lineage, Inc. reported second-quarter 2026 results showing total revenue up 0.8% to $1,361 million, but a GAAP net loss of $32 million, or $0.13 per diluted share. Adjusted EBITDA slipped 1.8% to $320 million with margin down 60...
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.