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Friday 6 November 2026
Export LINE’s income statement to Excel — free account
Lineage, Inc.
LINE Real Estate Reit Industrial
Lineage, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $5.4 billion, roughly unchanged from fiscal 2024.
- Revenue
- +0.81%
- EPS
- −333.3%
- Free cash flow
- +91.9%
- Total debt
- +5.87%
Quarter to June 2026, against a year earlier
39.23
0.30
−0.76%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | 3,702 | 4,928 | 5,342 | 5,340 | 5,355 | 5,371 | +9.7% | 5,391 | 5,538 | 5,805 | +2.7% | |
| Gross margin, % | — | — | — | — | — | 30.54 | 29.53 | 32.80 | 33.00 | 32.14 | 31.97 | +1.6 pt | ||||||
| EBT | — | — | — | — | — | (206) | (70) | (110) | (840) | (115) | (189) | (13.5%) | ||||||
| EBT margin, % | — | — | — | — | — | (5.56) | (1.42) | (2.06) | (15.73) | (2.15) | (3.52) | +3.4 pt | ||||||
| Net income | — | — | — | — | — | (176) | (76) | (96) | (751) | (113) | (189) | (10.5%) | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | 28.26 | 32.42 | 32.98 | 27.96 | 23.49 | 23.56 | (4.5%) | |||||
| Earnings | — | — | — | — | — | (1.33) | (0.50) | (0.73) | (3.70) | (0.43) | (0.72) | (24.6%) | ||||||
| Cash flow | — | — | — | — | — | 2.52 | 3.30 | 4.91 | 3.68 | 4.14 | 4.33 | +13.2% | ||||||
| Capex | — | — | — | — | — | (6.85) | (5.32) | (4.61) | (3.58) | (2.97) | (2.89) | (18.9%) | ||||||
| Free cash flow | — | — | — | — | — | (4.33) | (2.03) | 0.30 | 0.10 | 1.17 | 1.44 | n/m | ||||||
| Book value | — | — | — | — | — | 0.00 | 38.21 | 35.02 | 50.53 | 40.51 | 38.92 | n/m | ||||||
| Shares, m | — | — | — | — | — | 131 | 152 | 162 | 191 | 228 | 228 | +14.9% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | — | — | — | 2.46 | 2.46 | 2.46 | 2.09 | 1.49 | 1.68 | 2.2 | ||||||
| P/B | — | — | — | — | — | 2.38 | 2.38 | 2.38 | 1.16 | 0.86 | 1.01 | 1.8 | ||||||
| EV/Sales | — | — | — | — | — | 4.44 | 4.44 | 4.44 | 3.23 | 2.85 | 3.05 | 3.9 | ||||||
| EV/FCF | — | — | — | — | — | 472.85 | 472.85 | 472.85 | 906.47 | 57.29 | 49.73 | 476.5 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | 330 | 501 | 796 | 703 | 943 | 987 | +30.0% | |||||
| Capex | — | — | — | — | — | (897) | (809) | (747) | (684) | (677) | (658) | (6.8%) | ||||||
| Free cash flow | — | — | — | — | — | (567) | (308) | 49 | 19 | 266 | 329 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | 177 | (109) | (208) | (309) | (349) | n/m | |||||
| Net debt | — | — | — | — | — | — | 9,855 | 10,216 | 6,036 | 7,259 | 7,359 | (9.7%) | ||||||
| Shareholders’ equity | — | — | — | — | — | — | 5,808 | 5,673 | 9,651 | 9,236 | 8,874 | +16.7% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | 0.00 | (0.84) | (0.63) | (3.54) | (0.53) | (0.88) | (0.5) pt | |||||
| ROIC | — | — | — | — | — | 0.00 | 1.19 | 1.57 | (1.44) | 0.69 | 0.74 | +0.7 pt | ||||||
| ROE | — | — | — | — | — | 0.00 | 0.00 | (2.05) | (8.67) | (1.06) | (1.82) | (1.1) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | 26,127 | 26,000 | 24,000 | — | (4.2%) | |||||
| Revenue/emp, $m | — | — | — | — | — | 0.00 | 0.00 | 0.20 | 0.21 | 0.22 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026
Business profile
Lineage, Inc. vs peers in Reit Industrial (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| EGP EastGroup Properties, Inc. | $10.4B | 32.9× | 32.7× | +9.50% (above 0%: growing) | +15.87% (above 0%: growing) | +22.82% (above 0%: growing) | 74.02% | 41.57% | Compare |
| CUBE CubeSmart | $10.2B | 29.8× | 27.9× | +3.12% (above 0%: growing) | +16.11% (above 0%: growing) | −5.37% (below 0%: shrinking) | 67.42% | 42.77% | Compare |
| LINE Lineage, Inc. | $9.0B | — (loss-making) | — (loss-making) | +0.81% (above 0%: growing) | n/m | +91.92% (above 0%: growing) | 31.23% | 3.97% | |
| REXR Rexford Industrial Realty, Inc. | $8.1B | — (loss-making) | — (loss-making) | −5.58% (below 0%: shrinking) | −81.08% (below 0%: shrinking) | +58.30% (above 0%: growing) | 76.16% | 39.41% | Compare |
| FR First Industrial Realty Trust, Inc. | $7.4B | 20.1× | 21.7× | +8.65% (above 0%: growing) | −10.20% (below 0%: shrinking) | −240.72% (below 0%: shrinking) | 74.45% | 44.21% | Compare |
| TRNO Terreno Realty Corporation | $7.3B | 19.9× | 33.2× | +13.74% (above 0%: growing) | −38.00% (below 0%: shrinking) | +118.95% (above 0%: growing) | 75.26% | 42.18% | Compare |
| STAG Stag Industrial, Inc. | $7.1B | 26.1× | 33.6× | +9.44% (above 0%: growing) | +44.00% (above 0%: growing) | +2,111.22% (above 0%: growing) | 79.99% | 38.36% | Compare |
| COLD Americold Realty Trust Inc. | $4.5B | 19.0× | — (loss-making) | +4.20% (above 0%: growing) | n/m | +237.07% (above 0%: growing) | 32.79% | 107.39% | Compare |
| SMA Smartstop Self Storage REIT Inc | $2.3B | 75.1× | 54.8× | +18.65% (above 0%: growing) | n/m | +93.06% (above 0%: growing) | 60.10% | 22.55% | Compare |
| Median of peers | $7.4B | 26.1× | 33.0× | +9.05% | +2.84% | +75.68% | 74.24% | 41.88% |
From the latest earnings call
- CEO Greg Lehmkuhl said warehouse occupancy rose year over year, while trade-related pressure continued to reduce container volumes in the second quarter.
- CFO Robb LeMasters said Lineage raised its same-store NOI and AFFO guidance while accounting for the expected earnings impact of the Big Bear fire.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
33.63%
Held by the ten largest
21.71%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Norges Bank | 13.92m | 6.11% | +13.92m |
| Vanguard | 9.22m | 4.05% | +107.33k |
| BlackRock | 5.26m | 2.31% | +339.81k |
| D1 Capital Partners L.P. | 4.74m | 2.08% | −2.67m |
| AQR Capital Management | 4.65m | 2.04% | +1.98m |
| Bank of America | 3.61m | 1.58% | −2.15k |
| HighTower Advisors, LLC | 2.29m | 1.00% | +130.90k |
| Baillie Gifford | 2.27m | 1.00% | −280.13k |
| State Street | 1.90m | 0.83% | −70.61k |
| UBS | 1.60m | 0.70% | +187.28k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 23 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 19.96m | (10.30m) | 45.00 |
| 2024 | 69.34m | 44.76m | 72.00 |
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Read the proxy statement
Lineage, Inc. (LINE) Latest News
10 Aug
5 Aug
15 Jul
6 May
10 Apr
LINE metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
Lineage is a real estate investment trust, or REIT, that owns and operates temperature-controlled warehouses. Its customers include food retailers, manufacturers, processors and food service distributors that need to store frozen and perishable products as they move through the supply chain. Greg Lehmkuhl is its president and chief executive officer.
The company provides space for products ranging from seafood and dairy to fruit, vegetables and packaged foods. It also handles pallets as they enter, move around and leave its facilities. Some warehouses serve multiple customers near cities or ports; others are near customers’ production facilities. Lineage also manages warehouses owned or leased by customers.