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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

39.15 0.38 −0.96%
Market cap
$9.0B
P/E
0.0×
Fwd P/E
−45.8×
Dividend yield
—
F-score
3/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Lineage, Inc. (LINE) valuation and DCF model

What the price implies · reverse DCF

At $39.15 the price implies FFO a share growing −2.0% a year for ten years.

The industry’s median company is priced for 4.7%.

FFO a share is worked out from Lineage, Inc.’s 10-Ks and 10-Qs: net income, plus the depreciation of its property and impairments, less gains on property sales. It reported AFFO of $0.76 a share for Q2 2026.

Price implies
−2.0%
Industry median implies
4.7%

The headline discounts the last twelve months’ FFO a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
−2.0% a year for ten years
$39.15
today’s price
Its base case
5.0% a year for five years, then 3.0%
$62.10
58.6% above today’s price

Both are growth in FFO a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Lineage, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · FFO a share
the four quarters to June 2026, from the 10-Q and 10-K filings

Yearly growth in FFO a share. It usually slows as the company matures.

Today’s price implies FFO a share growing −2.0% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Lineage, Inc.’s own cost of capital: risk-free 4.3% + beta 0.86 × equity premium 4.5% = 8.2% cost of equity; weighted, 8.2%.

Use 8.2%
Base case value per share $62.10 ten years discounted, and what follows
Current price $39.15 market price per share
Above today’s price 58.6% upside at the base case’s assumptions

How we got there$27.80 10 years of FFO+$34.30 terminal value=$62.10 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Reit Industrial).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/FCF 27.37× 233.92× 238.56× 89% below 27.37× 0% above
P/B 1.01× 1.56× 1.70× 40% below 1.88× 46% below
EV/EBITDA 13.83× 19.97× 20.00× 31% below 19.77× 30% below
EV/Sales 3.05× 3.60× 3.74× 18% below 11.83× 74% below
P/FFO 11.25× 18.99× 18.99× 41% below — —
P/FCF P/B EV/EBITDA EV/Sales P/FFO
99.31×247.57×395.83×544.09×10Y avg 238.56×202120222023202420252026

LINE trades at 27.37× P/FCF, against a 10-year average of 238.56× (range 27.37×–588.78×). That is cheaper than 100% of the last 5 year-end readings; re-rating to the average implies $341.27 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.