Share count
228Mpeak FY2025
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LINE, Lineage Inc.
We are the world's largest global temperature-controlled warehouse REIT, with a modern and strategically located network of properties.
We have a well-diversified and stable customer base and currently serve more than 11,000 customers that include household names of the largest food retailers, manufacturers, processors, and food service distributors in the industry.
As of December 31, 2025, we owned, operated, leased, and managed multiple types of temperature-controlled warehouses across our global network, which we group into four types: distribution, public, production advantaged, and managed warehouses.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$5.4B
+0.3% YoY · 3% 3-yr CAGR
Vital signs · TTM, with 4-yr average
Revenue $5.4B 4-yr avg $5.2B
Revenue $1.3B +0.4% vs yr-ago qtr
Operating margin 2.8% yr-ago 4.3%
Net income ($51M) yr-ago $0
Net margin −3.9% yr-ago 0.0%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is Global Warehousing (74%) and Global Integrated Solutions (26%).
- Situation
- Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand.
- What moves the needle
- Occupancy, rents, and the cost of debt. Read on funds from operations and net asset value, because GAAP depreciation distorts the earnings, and a property downturn meets a balance sheet built on leverage. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Funds from operations per share have shrunk (−5% a year). The dividend takes 70% of FFO, and is covered. Debt is 33% of assets, conservative for a REIT. The quality and location of the properties, the lease terms and occupancy, and the cost of the debt are what the 10-K settles, and no single ratio captures them.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 10-K →Global Warehousing is 74% of revenue, with Global Integrated Solutions the other meaningful segment at 26%.
Revenue by reportable segment, FY2025
- Global Warehousing74%$4.0B
- Global Integrated Solutions26%$1.4B
By geographyUnited States65%Europe22%Asia Pacific8%Canada5%Other foreign0%
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2022–2025
realized figures from each filing · older years to the left| 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|
| Income statement | |||||
| $4.9B | $5.3B | $5.3B | $5.4B | $5.4B | RevenueRevenue |
| ($63M) | ($77M) | ($664M) | ($100M) | ($146M) | Net incomeNet inc. |
| Cash flow & returns | |||||
| $615M | $683M | $212M | $795M | $770M | Funds from operationsFFO |
| Balance sheet | |||||
| 29% | 7% | 110% | 68% | 70% | Dividend payout (FFO)Payout |
| $9.4B | $10.0B | $10.3B | $11.4B | $11.4B | Real estate (gross)RE gross |
| — | $18.9B | $18.7B | $19.2B | $19.0B | Total assetsAssets |
| — | 48% | 27% | 32% | 33% | Debt / assetsDebt/assets |
| — | $9.0B | $5.0B | $6.1B | $6.3B | Total debtDebt |
| — | $8.9B | $4.8B | $6.0B | $6.2B | Net debt / (cash)Net debt |
| 1.1× | 0.8× | -0.8× | 0.7× | 0.6× | Interest coverageInt. cov. |
| $5.8B | $5.1B | $8.6B | $8.2B | $8.1B | Shareholders’ equityEquity |
| Per share | |||||
| 152M | 162M | 191M | 228M | 227M | Shares out (diluted)Shares |
| $4.05 | $4.22 | $1.11 | $3.49 | $3.39 | FFO / shareFFO/sh |
| $1.18 | $0.28 | $1.23 | $2.36 | $2.36 | Dividends / shareDiv/sh |
| $38.22 | $31.18 | $45.23 | $36.17 | $35.63 | Book value / shareBVPS |
Per-share growththe realized rate an owner's share compounded
| 3-yr | 5-yr | |
|---|---|---|
| Revenue / share | −10.2%/yr | −10.2%/yr (3-yr) |
| Dividends / share | +25.8%/yr | +25.8%/yr (3-yr) |
| Capital spending / share | −15.1%/yr | −15.1%/yr (3-yr) |
| Book value / share | −1.8%/yr | −1.8%/yr (3-yr) |
The year, in the company's words
the filing →Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.
- Global Integrated Solutions-3.3%
“Global integrated solutions segment revenues were $1,405 million for the year ended December 31, 2025, a decrease of $48 million, or 3.3%, compared to $1,453 million for the year ended December 31, 2024. The decrease was primarily due to the divestiture of the Spain Transportation business which occurred in August 2025 and lower transportation volumes, partially offset by higher foodservice and direct-to-consumer volumes.”
✓ figure matches the filed record
The record, charted
FY2022–2025Each measure over its full record; the current point and the worst year marked.
Revenue
$5.4Blow FY2022
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Material weakness in financial controls
“We identified a material weakness in our internal control over financial reporting as of December 31, 2025.”
The figures below are only as sound as the controls that produced them. read the note →
Is it a good business?
- about $3.49 per shareNet income ($100M) + depreciation $895M
In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.
What this means
GAAP net income with property depreciation added back, because the buildings a REIT charges against earnings usually hold or grow their value. This, not net income, is what a REIT is actually priced on. It is an approximation here: where a filing reports gains on property sales, we remove them, the way the NAREIT definition does.
- CoveredDividends $537M ÷ FFO $795MIndustry peers: median 73%
What this means
A REIT must distribute most of its taxable income, so a high payout is normal and the question is whether FFO covers it. Above 100%, the trust is funding the dividend with debt or asset sales, and a cut usually follows.
Is it sound?
- Debt / assets 32%ConservativeTotal debt $6.1B ÷ assets $19.2BIndustry peers: median 51%
What this means
Every REIT runs on leverage; how much is the question. Heavy debt is what turns a property downturn into a wipeout, as 2008 showed, so a conservative balance sheet is part of the moat here, not a drag on it.
- Strong(operating income + depreciation) ÷ interest $256MIndustry peers: median 3.4×
What this means
How many times the property cash earnings cover the interest bill. Comfortable coverage is what lets a REIT refinance through a tight credit market instead of being forced to sell into one.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$1.3B
- Cash & short-term investments$67M
- Receivables$917M
- Inventory$137M
- Other current assets$142M
Current liabilities$1.5B
- Debt due within a year$2M
- Accounts payable$1.3B
- Other current liabilities$215M
Current ratio0.85×all current assets ÷ what's due · Graham looked for 2×
Quick ratio0.76×stricter: inventory excluded
Cash ratio0.04×strictest: cash alone against what's due
Working capital($227M)the cushion left after near-term bills
Debt due this year vs. cash$2M due · $67M cash
covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet
Revenue, latest quarter vs. a year ago+0.4%the freshest read on whether the business is still growing
Current ratio, recent quarters1.1× → 0.8×
Deeper floors
Tangible book value$3.6Bequity stripped of goodwill & intangibles
Net current asset value($8.7B)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$6.9B$648M of it operating leases; with finance leases, “total fixed claims” below reaches $8.1B (annual-report basis)
Deferred revenue$78Mcustomer cash collected before delivery; operating float
From the company's latest filing.
Lease obligations
the lease note, SEC EDGAR →Debt by another name. What the business owes on the property, aircraft, stores and equipment it rents rather than owns is a fixed claim due on a schedule; added back to the debt, it is the true leverage. That ladder, operating and finance leases together, and what it adds to the debt on the page above.
Operating leasesFinance leases
Lease payments by year, scaled to the largest; “later” is everything beyond year five, shown apart. These are the contractual cash payments, before the interest the filing imputes back out to the balance-sheet liability.
Due in the next 12 months$261Ma fixed cash payment, owed whether or not the business has a good year
Total lease payments$3.3Bevery year plus the tail, undiscounted: the full cash the leases will take
On the balance sheet$1.9Bthe present value of those payments, the recognised lease liability
True leverage: debt plus leases
On-balance-sheet debt$6.1B
Lease obligations (present value)$1.9B
Total fixed claims on the business$8.1B
Counting the leases the way Buffett does, the fixed claims on this business come to $8.1B, of which the leases are 24%. The lease wall above and the debt schedule together are the calendar of what must be paid, and when.
Lease ladder read from the ASC 842 tags in the company’s Dec 31, 2025 annual report and reconciled: the yearly buckets sum to the undiscounted total, which less the imputed interest equals the balance-sheet liability; a ladder that doesn’t tie out is withheld.
Acquisitions & goodwill
from the balance sheet & the 4-year cash-flow recordGoodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.
Goodwill & intangibles$4.6B24% of all assets; the premium carried on the balance sheet for businesses acquired
Against book equity42%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital
Cash spent acquiring$2.7Bover 4 years buying other businesses, against $3.0B of capital spent building
$48M written down across 1 year (2025): goodwill the company has already conceded it overpaid for, charged against earnings. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.
Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 4-year record, from the company's own filings.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid.
- Insider ownership<1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- Stock-based compensation$126M
The slice of the business handed to employees in shares this year, 2% of revenue, equal to 70% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- How much of the revenue rides on one buyer?≈$1.8B · 33% of revenue on the largest customers (TTM)
“Approximately 33.0% of our total revenue for the year ended December 31, 2025 came from our top 25 customers.”verify →
- Which reported numbers are a judgment call?Management names Acquisitions, Stock compensation as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Specialty REITs
The same industry, side by side on the REIT lens. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | FFO margin | FFO / assets | Payout (FFO) | Debt / assets |
|---|---|---|---|---|---|
| WYWeyerhaeuser | $6.9B | 17% | 7.5% | 74% | 33% |
| IRMIron Mountain Inc | $6.9B | 20% | 6.5% | 73% | 66% |
| LINELineage Inc. | $5.4B | 13% | 3.6% | 48% | 32% |
| COLDAmericold | $2.6B | 10% | 3.5% | 73% | 56% |
| LAMRLamar Advertising | $2.3B | 36% | 11.9% | — | 51% |
| OUTOUTFRONT Media Inc. | $1.8B | 16% | 5.1% | 70% | 48% |
| HHHHoward Hughes Holdings Inc. | $1.5B | 19% | 2.9% | — | 55% |
| EPREPR Properties | $718M | 53% | 5.7% | 80% | 49% |
| Group median | — | 18% | 5.4% | 73% | 50% |
The price
What a price has to assume.
What the price implies
price / FFOA REIT is priced on a multiple of its funds from operations (FFO), the cash it earns once the depreciation on its buildings is added back. Type today’s price; we show the multiple you would pay and the income and growth it implies.
$
The assumptions
FFO / share, delivered−16%/yr’22→’25
The justified multiple is 1 ÷ (required return − growth), a perpetuity on FFO. At an 8% required return and 3% growth, a REIT is worth about 20× FFO.
Enter a price above to run it.
Price / FFO—
Justified by growth—
Dividend yield—
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
FFO about $3.39 per share on 228M shares. The dials set the multiple they justify; your price sets the multiple you are paying. FFO here adds back depreciation and removes property-sale gains, the NAREIT method; it does not net out maintenance capex (AFFO), occupancy or lease terms, which the 10-K does.
Cite: Owner Scorecard, "Lineage Inc. (LINE), the owner's record," https://ownerscorecard.com/c/LINE, data as of 2026-07-09.
Manual order: ← LIND its page in the Manual LION →
Industry order: ← LANDP the REITs — Specialty & Diversified chapter LTC →