AMERICOLD REALTY TRUST

Where It Passes

Where It Falls Short

• Profitability0% pass✓ 7✗ 28▾

  No clean pass — all 16 investors flag at least one profitability criterion

  Net income / market capitalization+4.98%; #1695/6340 (top 26.7%)

  ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive EPS (10 years)3/11 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)4/11 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)-3.5%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)0.3% (latest)

  ✗BuffettStable or rising over 10 years

  Free Cash Flow Proxy$-324.0M

  ✗BuffettPositive and growing

  Earnings Variance (10-yr CoV)

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  ROE7.9%

  ✗Lynch> 15%

  EBIT / Enterprise Value0.1%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=0.1%, ROC=None

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets-1.41%

  ✗PiotroskiROA > 0

  ROA Change YoY-1.22% -> -1.41% (delta: -0.19%)

  ✗PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=4.43%, ROA=-1.41%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY31.8% -> 32.3%

  ✓PiotroskiImproved YoY

  Pre-Tax Income / Revenue9.2%

  ✓Dreman>= 8%

  Net Income / Shareholders' Equity7.9%

  ✗Dreman> 12%

  Margin of SafetyP/FFO=18.8x

  ✗PabraiP/FFO < 15

  Return on Equity-5.4% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency4/10 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue15.1%

  ✓Ackman>= 15%

  Net Income / Shareholders Equity7.9%

  ✗Ackman>= 15%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend-4.1% (2023) -> 0.3% (2025)

  ✓TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendgross margin 28.8% -> 32.3%, operating margin -4.1% -> 0.3%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  Gross profit / total assets+10.34%; #2779/3702 (top 75.1%)

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity+7.85%; #2110/5226 (top 40.4%)

  ✗AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.0146; #1115/5884 (top 18.9%)

  ✓AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years3/10 years positive

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Growth0% pass✓ 1✗ 12▾

  No clean pass — all 8 investors flag at least one growth criterion

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthInv: -8.0% vs Rev: -2.4%

  ✓LynchInventory growth < Revenue growth

  EPS Growth Direction

  ✗DremanPositive over recent years

  EPS CAGR-40.4% CAGR over 2 years

  ✗Dreman> 5% annualized

  Positive Net Income Frequency4/10 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth-2.4%

  ✗Ackman>= 5%

  Positive EPS Growth Frequency2/5 years with positive EPS growth

  ✗AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendgross margin 28.8% -> 32.3%, operating margin -4.1% -> 0.3%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR5.5%

  ✗SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized
• Efficiency0% pass✗ 11▾

  All 8 investors flag COLD's efficiency

  Current Ratio

  ✗Graham>= 2.0

  ROIC (3-5 yr avg)0.5%

  ✗Buffett> 10%

  ROIC - WACC-9.5%

  ✗BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)

  ✗Greenblatt> 25%

  Current Ratio Change YoY

  ✗PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY0.34x -> 0.32x

  ✗PiotroskiImproved YoY

  Current Assets / Current Liabilities

  ✗Dreman> 1.5

  Return on Invested Capital5.3%

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=-1.4%; FY2024: ROIC=1.6%; FY2025: ROIC=0.1%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROIC0.0% (RR=0% x ROIC=5.3%)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)0/5 years above 12% (latest 0.1%)

  ✗SleepROIC > 12% in a majority of years
• Valuation models0% pass✗ 2▾

  COLD overvalued: all 2 models price fair value below $16.69 (median $0.56)

  Greenblatt fair value$0.21

  ✗Greenblatt-7770.8% margin vs $16.69

  Pabrai fair value$0.90

  ✗Pabrai-1754.4% margin vs $16.69
• Valuation8% pass✓ 3✗ 22▾

  12 of 13 flag COLD's valuation — Graham, Lynch, Greenblatt +9 more

  Price / FFO per Share18.8x

  ✗Graham<= 15x✗Dreman< 12x✓Ackman<= 25

  Net income / market capitalization+4.98%; #1695/6340 (top 26.7%)

  ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value0.1%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=0.1%, ROC=None

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / (CFO / Shares)13.2x

  ✗Dreman< 8x

  Valuation ReasonablenessOE Yield=-6.8%

  ✗MungerP/E < 25 or Owner Earnings Yield > 5%

  P/FFO or FFO YieldP/FFO=18.8x, FFO Yield=5.3%

  ✗PabraiP/FFO < 15 or FFO Yield > 10%

  P/B or P/E vs. Historical AverageP/B=1.6x

  ✓MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Price / EPS

  ✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price vs. Trailing Low154% of trailing low ($10.83)

  ✗Templeton<= 120% of trailing low (certified split-adjusted live window)

  Price / Book Value per Share1.6x

  ✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Positive book equity / market capitalization+0.6349; #2403/6449 (top 37.3%)

  ✗AsnessTop 30% of eligible cross-section

  Price / Diluted EPS

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per Share3.84x

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change-32.6%

  ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+0.5519; #2494/5247 (top 47.5%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization-2.81%; #2823/4519 (top 62.5%)

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date+38.97%; #830/6202 (top 13.4%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Verdicts20% pass✓ 3✗ 12▾

  Split decision: 12 FAIL · 2 PASS · 1 NEUTRAL · 1 BUY

  Overall verdict

  ✗GrahamFAIL (1/7)✗BuffettFAIL (0/9)✗LynchFAIL (1/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 4)✗DremanFAIL (3/10)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (0/6)✗MarksFAIL (2/5)•AckmanNEUTRAL (6/9)✓TempletonPASS (4/8)✗SleepFAIL (2/6)✓AsnessBUY (Rank #639/2370 (Top 27.0%))✗NeffFAIL (2/6)✗SchlossFAIL (2/7)✗OshaughnessyFAIL (Rank #164/963 (Top 17.0%))
• Debt & Leverage25% pass✓ 4✗ 11▾

  9 of 12 flag COLD's debt & leverage — Graham, Buffett, Lynch +6 more

  Total Debt / Shareholders' Equity0.95

  ✗Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x

  LT Debt vs Net Current Assets

  ✗GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 0.95, IC: 2.4x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity0.95

  ✗Lynch< 0.33

  Cash - Long-term Debt

  ✗LynchPositive preferred

  LT Debt / Total Assets Change0.00% -> 0.00%

  ✓PiotroskiDecreased YoY

  Current Assets / Current Liabilities

  ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)

  Debt Levels0.95

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=2.4x, D/EBITDA=3.6x

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity0.95

  ✓Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-0.9507; #3163/4210 (top 75.1%)

  ✗AsnessTop 30% of eligible cross-section
• Cash Flow33% pass✓ 3✗ 4▾

  4 of 6 flag COLD's cash flow — Buffett, Dreman, Neff +1 more

  Free Cash Flow Proxy$-324.0M

  ✗BuffettPositive and growing

  Operating Cash Flow$359.6M

  ✓PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=4.43%, ROA=-1.41%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)13.2x

  ✗Dreman< 8x

  Positive Operating Cash Flow frequency10/10 years positive

  ✓SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures$-134.4M

  ✗Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization-2.81%; #2823/4519 (top 62.5%)

  ✗OshaughnessyTop 10% of eligible cross-section