Want to see LINE full AI Analyst Report?
Top Page
Lineage, Inc.
(NASDAQ:LINE)
Select Model
Select Model
Rating:60Neutral
Price Target:
$43.00
â–²(3.81% Upside)
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
Strengthening cash generation
Sustained OCF improvement and positive free cash flow provide durable internal funding for maintenance, development and dividends. This reduces reliance on external financing, supports capital allocation flexibility for growth projects and cushions the business through cyclical volumes over the next several quarters.
Negative Factors
Persistent GAAP losses and weak profitability
Ongoing GAAP losses and depressed gross margins indicate the company has not yet converted top‑line scale into consistent bottom‑line profitability. This undermines durable shareholder returns, may constrain reinvestment capacity and keeps long‑term return on equity negative unless structural margin recovery occurs.
Read all positive and negative factors
Positive Factors
Negative Factors
Strengthening cash generation
Sustained OCF improvement and positive free cash flow provide durable internal funding for maintenance, development and dividends. This reduces reliance on external financing, supports capital allocation flexibility for growth projects and cushions the business through cyclical volumes over the next several quarters.
Read all positive factors
Lineage, Inc. (LINE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.51B
Dividend Yield5.08%
Average Volume (3M)917.00K
Price to Earnings (P/E)―
Beta (1Y)0.59
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. Volume850,289
30 Day Avg. Volume917,004
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$45.07Price Target Upside8.82% Upside
Rating ConsensusHold
Number of Analyst Covering14
EPS Forecast (FY)-0.75
Revenue Forecast (FY)$5.40B
Lineage, Inc. Business Overview & Revenue Model
Company Description
Lineage, Inc. (LINE) is a temperature-controlled logistics company focused on the cold chain. It operates a network of refrigerated warehouses and provides related logistics services for customers that need cold storage and handling, such as food ...
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 11, 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. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $10.92B | 35.56 | 8.61% | 2.91% | 10.80% | 22.88% | |
75 Outperform | $8.62B | 22.86 | 13.42% | 2.82% | 8.44% | 34.29% | |
73 Outperform | $7.43B | 18.34 | 9.21% | 2.86% | 18.05% | 47.75% | |
71 Outperform | $7.09B | 28.27 | 6.94% | 3.70% | 9.63% | 3.17% | |
67 Neutral | $8.08B | -19.80 | -4.75% | 4.44% | 0.58% | -234.18% | |
60 Neutral | $9.51B | -57.69 | -2.07% | 5.12% | 1.03% | 72.17% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
LINE
Lineage, Inc.
41.75
4.56
12.25%
EGP
Eastgroup Properties
203.06
47.31
30.38%
STAG
Stag Industrial
36.75
3.66
11.07%
TRNO
Terreno Realty
68.22
16.40
31.66%
FR
First Industrial Realty
62.87
15.95
33.99%
REXR
Rexford Industrial Realty
36.23
0.31
0.86%
Lineage, Inc. Corporate Events
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...
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...
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.