XVARY Composite Score
55
/ 100
Below Average
Combines growth, value, risk, and momentum factors into a single institutional-grade score.
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What it is
Lineage stores and moves frozen and refrigerated food through 488 temperature-controlled warehouses around the world.
How it gets paid
Last year Lineage made $5.3B in revenue. warehousing was the main engine at $3.71B, or 70% of sales.
What just happened
Lineage printed $0.03 EPS versus a -$0.10 estimate, but the bigger story was revenue that was basically flat.
At a Glance
B+ balance sheet — decent shape, but not bulletproof
6.6% dividend yield — cash in your pocket every quarter
0.5% return on capital — nothing to write home about
$0.45 fy2028 eps est
$6B fy2026 rev est
XVARY composite: 55/100 — below average
What They Do
Lineage stores and moves frozen and refrigerated food through 488 temperature-controlled warehouses around the world.
Cold storage is not a spare-bedroom business. Lineage runs 488 warehouses with 86 million square feet and 3.1 billion cubic feet of capacity as of December 31, 2024. If your food supply chain depends on frozen space near ports, plants, and cities, you do not casually switch providers.
How They Make Money
$5.3B
annual revenue
warehousing
$3.71B
+3.0%
transportation services
$0.74B
+3.0%
value-added services
$0.42B
+2.0%
global integrated solutions
$0.32B
+4.0%
other
$0.11B
0.0%
The Products That Matter
Temperature-controlled warehousing
cold-storage facilities
$5.3B annual revenue
this is the whole business in the current public feed. You are not buying a collection of unrelated segments. You are buying one cold-chain property story at scale.
core revenue base
Revenue path
fy2026 outlook
$6B estimate
the next step up in revenue is visible. The catch is that more sales only matter if they lift returns above today's 0.5% return on capital.
scale test
Shareholder appeal
dividend case
6.6% yield
for now, the income stream does more work than the earnings line. That makes this look less like a growth story and more like a yield story with execution risk attached.
income hook
Key Numbers
6.6%
dividend yield
Yield → cash payout on your purchase price → so what: you are being paid a lot up front because the market doubts the durability.
71.9%
insider ownership
Insider ownership → management's share count → so what: the people in charge feel the stock moves in their own net worth.
0.5%
return on capital
Return on capital → profit earned on invested money → so what: for every $100 tied up in the business, Lineage earns about $0.50.
488
warehouses
This is the physical network behind the story. Scale matters more when your product melts.
Financial Health
B+
Strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- net profit margin 1.5% — keeps 2 cents of every dollar in revenue
- return on equity 1% — $0.01 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total Return vs. Market
source: institutional data · return history unavailable
What Just Happened
beat estimates
Lineage printed $0.03 EPS versus a -$0.10 estimate, but the bigger story was revenue that was basically flat.
The latest reported quarter showed a profit against expectations, while company-reported Q4 2025 revenue was $1.336B, down 0.2% vs. prior year. Earlier interim results looked mixed too: September-quarter revenue rose 3% to $1.38B and adjusted EBITDA rose 2% to a record $341M, while adjusted FFO per share fell 6% to $0.85.
$1.34B
revenue
$0.03
eps
$341M
adjusted ebitda
the number that mattered
The number that mattered was $0.85 of adjusted FFO per share, down 6%, because REIT investors care less about accounting noise and more about cash available to support the dividend.
-
We are welcoming lineage, incorporated into the institutional data.lineage is the world’s largest global temperature-controlled warehouse reit, possessing a modern network of 488 strategically located facilities. its business delivers a seamless, end-to-end, technology-enabled customer experience to over 13,000 customers, each with their own unique requirements within the temperature-controlled supply chain. the company operates and reports through two segments: global warehousing and global integrated solutions. the former provides warehousing storage and services, while the latter provides supply chain services that facilitate the movement of products through the food supply chain. lineage’s diversified and stable customer base includes large food retailers, manufacturers, processors, and food service distributors. the company boasts walmart, amazon, pepsico, tyson foods, sysco, and general mills as household-name customers, among others.
-
The reit delivered mixed results in the recent september interim.
-
Total revenue increased 3% to $1.38 billion, while adjusted ebitda increased 2% to a record $341 million.
-
These were accompanied by adjusted ffo per share of $0.85, a 6% decline from the prior-year period.
-
The global warehousing segment performed in-line with previously reduced expectations, as same-store physical occupancy improved sequentially by 50 basis points to 75%.
source: company earnings report, 2026
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What Could Go Wrong
The main risk is simple: the dividend story is outrunning the profit story. On this page's numbers, Lineage looks more convincing as an income vehicle than as a high-return business.
Med
Dividend coverage pressure
A 6.6% yield gets attention. A 1.5% net margin does not leave much cushion underneath it. If operations wobble, the payout becomes the first thing investors debate.
income demand is supporting the equity case today. If that support weakens, the stock loses its cleanest selling point.
Med
Scale without returns
$5.3B in revenue is real scale. 0.5% return on capital and 1% return on equity are not the marks of a business compounding shareholder value at an attractive rate.
if revenue rises toward the $6B estimate without a better return profile, the stock stays stuck in income territory instead of rerating higher.
Med
The public data trail is still messy
This snapshot's risk and news feed includes items that look more like packaging and document references than clean operating catalysts. When the feed is noisy, investors can misread signal as story.
that does not change the business, but it does raise the odds of the stock swinging on half-formed narratives instead of clean fundamental read-throughs.
the combined picture is not hidden: high yield, thin profit, low returns, and a still-forming public narrative.
Source: institutional data · regulatory filings · risk analysis
Pay Attention To
Metric
Yield versus margin
6.6% dividend yield against a 1.5% net margin. Those two numbers belong in the same sentence every time you look at LINE.
Trend
Institutional buying streak
145 buyers versus 107 sellers in 3Q2025, with net buying across three straight quarters. Follow whether that support keeps showing up.
Calendar
The $6B revenue checkpoint
The next clean operating test is simple: can Lineage move from $5.3B in revenue toward the $6B fiscal 2026 estimate without the return profile staying stuck near 0.5%.
Risk
Target data that does not line up cleanly
The source feed shows a $27 midpoint while the 3–5 year range lists $40–$60. When target fields disagree, trust the operating numbers first.
Analyst Rankings
risk profile
average
risk rank 3 — typical risk profile — neither especially safe nor risky.
Source: institutional data
Institutional Activity
institutions have been net buying for 3 consecutive quarters — 145 buyers vs. 107 sellers in 3q2025. total institutional holdings: 62.0M shares. net buying for 3 quarters.
Source: institutional data
Price Targets
3-5 year target range
$12
$41
$36
Current price
$27
Target midpoint · 25% from current · 3-5yr high: $60 (+65% · 18% ann'l return)
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