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World's largest temperature-controlled warehouse REIT, storing and moving frozen/refrigerated food for the cold chain.
World's largest temperature-controlled warehouse REIT, storing and moving frozen/refrigerated food for the cold chain.
Charges customers rent for each pallet position stored, often under minimum-commitment contracts, and fees for handling goods in and out, plus transport and value-added services, so occupancy and handling volumes carry results. Growth has come largely from acquiring other cold-storage operators and building near ports. Listed in 2024; Bay Grove, its original investor, is the largest owner.
Moat: narrow (scale, installed base, switching costs). Global network scale and integration into customers' cold-chain logistics create real switching costs.
Headquarters: Novi, Michigan, United States · Founded: 2008 · Employees: 24,000
Size Lineage (LINE) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $8.91B, the 835th largest of 3,117 United States companies the cockpit tracks. Shares closed at $39.13 on 6 Nov 2026.
Performance Over six months the shares fell 2.1%, against -0.1% for the median peer and -1.1% for the United States market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 1.0% over the last twelve months (peer median +7.2%); the operating margin is 4.3% (peer median 38.6%).
Valuation It trades at 1.13× book value against a peer median of 1.88× (8th cheapest of 21).
Price implies The share price implies a return on equity of about 9.9%; Lineage delivers -2.0%, so the price asks more than the business earns today.
Backlog Backlog (remaining performance obligations) was $1.74B at 30 Jun 2026, up 44% on a year earlier — 0.3 years of trailing revenue. Backlog detail →
Short interest Short interest is 3.1% of the free float (15 Oct 2026).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $5.37B | $5.36B | $5.34B | $5.34B | $4.93B |
| Revenue growth | — | 0% | 0% | +8% | — |
| Gross profit | $788M | $826M | $886M | $992M | $778M |
| EBITDA | $1.16B | $1.15B | $1.22B | $1.25B | $1.06B |
| Net income | -$164M | -$98.0M | -$706M | -$117M | -$77.2M |
| Free cash flow | $244M | $196M | $12.0M | $29.3M | -$312M |
| Capital expenditure | $743M | $747M | $691M | $766M | $813M |
| Total debt | $8.14B | $8.06B | $7.03B | $11.1B | $10.8B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Lineage LINE | $8.91B | -2% | +1% | -2% | 1.13× | 9.9% |
| Americold Realty Trust COLD | $4.57B | +8% | 0% | -16% | 1.89× | 15.5% |
| Prologis PLD | $123B | -11% | +7% | 8% | 2.16× | 20.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LINE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.6% | +6.5% | 3rd highest of 21 |
| 6-month return | -2.1% | -0.1% | 8th lowest of 21 |
| Return on equity | -2.0% | 9.1% | 3rd lowest of 20 |
| Price / book | 1.13× | 1.88× | 8th cheapest of 21 |
| ROE the price implies | 9.9% | 13.8% | 7th least demanding of 21 |
| ROE delivered | -2.0% | 9.1% | 3rd lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Lineage LINE | United States | $8.91B | -2% | +1% | -2% | 1.13× | 9.9% | -2.0% |
| CapitaLand Ascendas REIT A17U.SI | Singapore | $8.83B | -9% | +7% | 7% | 0.99× | 5.2% | 7.0% |
| CareTrust REIT CTRE | United States | $9.03B | -8% | +53% | 9% | 2.01× | 14.7% | 9.1% |
| Agree Realty ADC | United States | $9.09B | -8% | +18% | 4% | 1.34× | 8.2% | 3.8% |
| Ryman Hospitality Properties RHP | United States | $9.11B | +19% | +13% | 26% | 6.58× | 55.9% | 26.0% |
| Brixmor Property BRX | United States | $9.21B | +1% | +5% | 14% | 3.05× | 23.1% | 14.2% |
| CapitaLand Investment 9CI.SI | Singapore | $9.22B | -11% | -15% | 1% | 0.94× | 7.9% | 1.5% |
| Federal Realty Investment Trust FRT | United States | $9.74B | -2% | +8% | 14% | 3.14× | 23.7% | 13.6% |
| MERLIN Properties SOCIMI MRL.MC | Spain | $8.05B | -23% | +13% | 10% | 0.77× | 8.0% | 9.9% |
| Rexford Industrial Realty REXR | United States | $8.02B | +4% | -2% | -6% | 1.16× | 11.7% | -5.9% |
| Vicinity Centres VCX.AX | Australia | $8.01B | 0% | +3% | 12% | 0.94× | 9.7% | 12.0% |
| Janus Living JAN | United States | $9.93B | +15% | n/a | n/a | 2.41× | 15.7% | n/a |
| Choice Properties Real Estate Investment Trust CHP-UN.TO | Canada | $7.95B | -1% | +4% | -2% | 2.66× | 14.7% | -1.7% |
| CubeSmart CUBE | United States | $10.1B | +11% | +3% | 13% | 4.06× | 30.4% | 13.1% |
| NNN REIT NNN | United States | $7.89B | -7% | +7% | 9% | 1.75× | 12.9% | 8.9% |
| Alexandria Real Estate Equities ARE | United States | $7.80B | -2% | -10% | -9% | 0.52× | 7.0% | -9.1% |
| Stockland SGP.AX | Australia | $7.74B | +15% | +15% | 10% | 1.04× | 11.7% | 9.5% |
| BXP BXP | United States | $10.4B | +11% | +3% | 10% | 2.00× | 17.2% | 10.4% |
| EastGroup Properties EGP | United States | $10.4B | -6% | +10% | 9% | 2.92× | 22.3% | 8.9% |
| Land Securities LAND.L | United Kingdom | $7.51B | +20% | +7% | 5% | 0.77× | 11.9% | 5.3% |
| COPT Defense Properties CDP | United States | $7.43B | +4% | +7% | 11% | 2.42× | 17.3% | 11.2% |
Lineage reported $1.74B of remaining performance obligations at 30 Jun 2026, up 44% from a year earlier and up 1% from the previous quarter. That is 0.3 years of trailing revenue already under contract. Book-to-bill last quarter: 1.01.