Lineage, Inc.
LINEAbout the company
Lineage, Inc. is the world's largest global temperature-controlled warehouse REIT with a network of 498 strategically located facilities totaling approximately 87 million square feet and approximately 3.1 billion cubic feet of capacity across countries in North America, Europe, and Asia-Pacific, as of June 30, 2026.
Investment snapshot
Positive
2
BUY / PASS
Neutral / negative
2 / 12
NEUTRAL / FAIL
Median fair value
$2.53
-92.8% vs price
Models with upside
0 / 17
Positive margin of safety
Strongest signal
4 of 6 pass — Dreman and Oshaughnessy object
Key risk
No clean pass — all 8 investors flag at least one growth criterion
Framework analysis
| Verdict | Meaning |
|---|---|
| BUY | Positive purchase signal: the framework's buy requirements are met. |
| PASS | The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state. |
| NEUTRAL | Neither a positive nor negative conclusion. It does not mean to hold an existing position. |
| FAIL | The company does not clear the framework's requirements. |
| Ranked | Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL. |
Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.
| Metric | Graham Defensive Value | Buffett Quality Compounder | Lynch GARP | Greenblatt Magic Formula | Piotroski F-Score | Dreman Contrarian Value | Munger Quality Focus | Pabrai Dhandho Framework | Akre Three-Legged Stool | Marks Risk-Aware Value | Ackman Activist Value | Templeton Global Bargain Hunter | Sleep Scale Economies Shared | Asness Systematic Factors | Neff Low-P/E Total Return | Schloss Asset-Value Discipline | O'Shaughnessy Systematic Factor Composite |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Verdict | FAIL | FAIL | FAIL | FAIL · Rank #1804 (Top 58.2%) | PASS | FAIL | FAIL | NEUTRAL | FAIL | FAIL | PASS | NEUTRAL | FAIL | FAIL | FAIL | FAIL | FAIL |
| Score | |||||||||||||||||
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| Intrinsic Value (annual) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||
| Margin of Safety | N/A | -1312.4% | N/A | -1296.7% | N/A | N/A | -298.1% | -2477.4% | N/A | N/A | -239.2% | N/A | N/A | N/A | N/A | N/A | N/A |
| Financial Basis | TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Annual history · FY 2025 Latest source filing: 2026-11-09 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 Latest source filing: 2026-11-09 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30 vs 2025-09-30 · TTM ended 2026-09-30 Latest source filing: 2026-11-09 Score computed: 2026-11-14 | TTM ended 2026-09-30 Latest source filing: 2026-11-09 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-02-25 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-09 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-09 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-02-25 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-09 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 · Qualitative assessment Latest source filing: 2026-11-09 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-09 Score computed: 2026-11-14 | Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-09 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-25 Score computed: 2026-11-14 | TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025 Latest source filing: 2026-11-09 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 Latest source filing: 2026-11-09 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-09 Score computed: 2026-11-14 | TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-11-09 Score computed: 2026-11-14 |
Where It Passes
- Cash Flow67% pass✓ 5✗ 2▾
4 of 6 pass — Dreman and Oshaughnessy object
Free Cash Flow Proxy$48.0M✓BuffettPositive and growingOperating Cash Flow$943.0M✓PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=4.92%, ROA=-0.52%✓PiotroskiCFO/Assets > ROAPrice / (CFO / Shares)8.5x✗Dreman< 8xPositive Operating Cash Flow frequency4/4 years positive✓SleepPositive OCF in >= 70% of available yearsOperating Cash Flow - Capital Expenditures$26.0M✓Neff> $0 (app proxy for a strong fundamental case)(Operating cash flow - capex) / market capitalization+0.30%; #2486/4519 (top 55.0%)✗OshaughnessyTop 10% of eligible cross-section
Where It Falls Short
- 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% growthBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passInventory Growth vs Revenue GrowthInv: -24.0% vs Rev: -0.1%✓LynchInventory growth < Revenue growthEPS Growth Direction✗DremanPositive over recent yearsEPS CAGR✗Dreman> 5% annualizedPositive Net Income Frequency0/4 years positive✗MarksPositive net income in >= 7 of last 10 years3yr Median Revenue Growth0.3%✗Ackman>= 5%Positive EPS Growth Frequency✗AckmanPositive EPS growth in >= 3 of last 5 years5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Revenue growth vs. gross and operating margin trendgross margin 32.8% -> 32.1%, operating margin 7.5% -> 3.4%✗SleepRevenue rising; gross margin flat or falling; operating margin holding5-year Revenue CAGR✗SleepCAGR > 7%3-5 Year Diluted EPS CAGR✗Neff7%-20% annualized - Efficiency0% pass✗ 11▾
All 8 investors flag LINE's efficiency
Current Ratio1.05✗Graham>= 2.0ROIC (3-5 yr avg)0.4%✗Buffett> 10%ROIC - WACC-9.6%✗BuffettPositive (WACC = 10%)EBIT / (NWC + Net Fixed Assets)0.7%✗Greenblatt> 25%Current Ratio Change YoY0.86 -> 0.80✗PiotroskiIncreased YoYRevenue / Total Assets Change YoY0.29x -> 0.28x✗PiotroskiImproved YoYCurrent Assets / Current Liabilities1.05✗Dreman> 1.5Return on Invested Capital0.4%✗Munger> 15%ROIC (high and growing)FY2023: ROIC=2.2%; FY2024: ROIC=-2.1%; FY2025: ROIC=1.0%✗AkreLatest 3 consecutive FYs: ROIC > 15% in eachReinvestment Rate x ROICN/A (non-positive net income)✗AkreReinvestment Rate * ROIC > 10%ROIC (5-year)0/3 years above 12% (latest 1.0%)✗SleepROIC > 12% in a majority of years - Valuation models0% pass✗ 5▾
LINE overvalued: all 5 models price fair value below $35.31 (median $2.53)
Buffett fair value$2.50✗Buffett-1312.4% margin vs $35.31Greenblatt fair value$2.53✗Greenblatt-1296.7% margin vs $35.31Munger fair value$8.87✗Munger-298.1% margin vs $35.31Pabrai fair value$1.37✗Pabrai-2477.4% margin vs $35.31Ackman fair value$10.41✗Ackman-239.2% margin vs $35.31 - Profitability6% pass✓ 5✗ 30▾
15 of 16 flag LINE's profitability — Graham, Buffett, Lynch +12 more
Positive EPS (10 years)0/5 years positive✗GrahamPositive EPS every year for 10 yearsEPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthNet Income Positive (10+ years)0/5 years positive✗BuffettPositive every year for 10+ yearsROE (up to 5-year arithmetic mean)-2.9%✗Buffett> 15% arithmetic mean (app rule)Operating Margin (10-yr trend)3.4% (latest)✗BuffettStable or rising over 10 yearsFree Cash Flow Proxy$48.0M✓BuffettPositive and growingEarnings Variance (10-yr CoV)✗BuffettCoV < 0.3Retained Earnings Effectiveness✗Buffett$1 retained -> > $1 market value createdBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passROE-2.9%✗Lynch> 15%EBIT / Enterprise Value0.5%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=0.5%, ROC=0.7%✗GreenblattBoth EY > 10% and ROC > 25%Net Income / Total Assets-0.52%✗PiotroskiROA > 0ROA Change YoY-3.56% -> -0.52% (delta: +3.04%)✓PiotroskiCurrent ROA > Prior ROA(CFO / Total Assets) vs ROACFO/Assets=4.92%, ROA=-0.52%✓PiotroskiCFO/Assets > ROAGross Margin Change YoY33.0% -> 32.1%✗PiotroskiImproved YoYPre-Tax Income / Revenue-2.1%✗Dreman>= 8%Net Income / Shareholders' Equity-2.9%✗Dreman> 12%Margin of SafetyP/FFO=10.1x✓PabraiP/FFO < 15Return on Equity-3.5% (3-yr avg)✗AkreROE > 20% (3-year avg)Discount to Intrinsic Value✗Marks>= 20% below intrinsic valuePositive Net Income Frequency0/4 years positive✗MarksPositive net income in >= 7 of last 10 yearsOperating Income / Revenue1.4%✗Ackman>= 15%Net Income / Shareholders Equity-2.9%✗Ackman>= 15%5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Operating Margin Trend7.5% (2023) -> 3.4% (2025)✗TempletonNon-negative operating-margin trend over 3 yearsRevenue growth vs. gross and operating margin trendgross margin 32.8% -> 32.1%, operating margin 7.5% -> 3.4%✗SleepRevenue rising; gross margin flat or falling; operating margin holdingNet income / market capitalization-2.54%; #3628/6340 (top 57.2%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionGross profit / total assets+8.97%; #2871/3702 (top 77.6%)✗AsnessTop 30% of eligible cross-sectionNet income / positive book equity-2.91%; #3100/5226 (top 59.3%)✗AsnessTop 30% of eligible cross-sectionNegative 5-year standard deviation of ROA-0.0146; #1117/5884 (top 19.0%)✓AsnessTop 30% of eligible cross-section3-5 Year Diluted EPS CAGR✗Neff7%-20% annualizedPositive Diluted-EPS Years✗Schloss>= 70% positive over 5-10 observed years (app rule) - Verdicts13% pass✓ 2✗ 13▾
Split decision: 12 FAIL · 2 PASS · 2 NEUTRAL
Overall verdict✗GrahamFAIL (2/7)✗BuffettFAIL (1/9)✗LynchFAIL (2/7)✗GreenblattRank #1804✓PiotroskiPASS (F-Score 4)✗DremanFAIL (3/10)✗MungerFAIL (1/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (0/6)✗MarksFAIL (2/5)✓AckmanPASS (4/9)•TempletonNEUTRAL (5/8)✗SleepFAIL (2/6)✗AsnessFAIL (Rank #1481/2370 (Top 62.5%))✗NeffFAIL (3/6)✗SchlossFAIL (2/7)✗OshaughnessyFAIL (Rank #416/963 (Top 43.2%)) - Debt & Leverage17% pass✓ 3✗ 12▾
10 of 12 flag LINE's debt & leverage — Graham, Buffett, Lynch +7 more
Total Debt / Shareholders' Equity0.89✗Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00xLT Debt vs Net Current AssetsLT Debt $6.8B vs NCA $66.0M✗GrahamLT Debt <= Net Current AssetsDebt/Equity & Interest CoverageD/E: 0.89, IC: 0.3x✗BuffettD/E < 0.5 AND Interest Coverage > 5xTotal Debt / Equity0.89✗Lynch< 0.33Cash - Long-term Debt$-6.8B✗LynchPositive preferredLT Debt / Total Assets Change26.29% -> 31.83%✗PiotroskiDecreased YoYCurrent Assets / Current Liabilities1.05✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)Debt Levels0.89✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3Interest Coverage & Debt/EBITDAIC=0.3x, D/EBITDA=6.7x✗MarksInterest Coverage > 3x; Debt/EBITDA < 4xTotal Debt / Shareholders Equity0.89✓Ackman<= 1.0Negative debt-to-equity (higher means less debt)-0.8895; #3088/4210 (top 73.3%)✗AsnessTop 30% of eligible cross-section - Valuation23% pass✓ 8✗ 17▾
10 of 13 flag LINE's valuation — Lynch, Greenblatt, Dreman +7 more
Price / Book Value per Share1.0x✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)Price / FFO per Share10.1x✓Graham<= 15x✓Dreman< 12x✓Ackman<= 25Basic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)EBIT / Enterprise Value0.5%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=0.5%, ROC=0.7%✗GreenblattBoth EY > 10% and ROC > 25%Price / (CFO / Shares)8.5x✗Dreman< 8xValuation ReasonablenessOE Yield=0.6%✗MungerP/E < 25 or Owner Earnings Yield > 5%P/FFO or FFO YieldP/FFO=10.1x, FFO Yield=9.1%✓PabraiP/FFO < 15 or FFO Yield > 10%P/B or P/E vs. Historical AverageP/B=1.0x✓MarksP/E < 15 or P/B < 2.0Discount to Intrinsic Value✗Marks>= 20% below intrinsic valuePrice / EPS✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)Price vs. Trailing Low108% of trailing low ($32.76)✓Templeton<= 120% of trailing low (certified split-adjusted live window)Net income / market capitalization-2.54%; #3628/6340 (top 57.2%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionPositive book equity / market capitalization+0.8722; #1747/6449 (top 27.1%)✓AsnessTop 30% of eligible cross-sectionPrice / 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 Share2.17x✗SchlossP/TBV <= 1.00x (app cutoff)Book Value per Share Change✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)Revenue / market capitalization+0.6096; #2366/5247 (top 45.1%)✗OshaughnessyTop 10% of eligible cross-section(Operating cash flow - capex) / market capitalization+0.30%; #2486/4519 (top 55.0%)✗OshaughnessyTop 10% of eligible cross-sectionTrailing six-month price return through the evaluation date+2.85%; #2320/6202 (top 37.4%)✗OshaughnessyTop 10% of eligible cross-section
Business & financials
Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.
Company Profile
Financial Snapshot
Depreciation distorts REIT earnings and book value, so FFO-based criteria replace P/E and free-cash-flow tests, and P/B tests are omitted.
Shareholder Return
Fiscal 2025
Retired 0.5% of shares last year.
- Buybacks
- $82.0M
- Dividends
- $537.0M
Company Financials
Latest TTM and quarters alongside annual years
TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.
The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.
| Metric | TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: revenue, net income, operating income, ebit, interest expense, operating cash flow, depreciation amortization, capex, dividends paid, buybacks. | Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, depreciation amortization, capex, dividends paid. | Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, depreciation amortization, capex, dividends paid. | Q1 FY 2026 2026-01-01 – 2026-03-31 Sources | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
|
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.8Bcurrent | -- | -- | -- | $8.0Best. | $12.8Best. | $13.1Best. | -- | -- |
| Revenue | $5.4B | $1.4B↓1% | $1.4B↑1% | $1.3B | $5.4B | $5.3B | $5.3B↑8% | $4.9B | -- |
| Operating Income | $77.0M↓17% | -$80.0M↓329% | $54.0M↑135% | $36.0M↓36% | $181.0M↑150% | -$361.0M↓191% | $398.0M↑34% | $297.0M | -- |
| Net Income | -$223.0M↓26% | -$154.0M↓54% | -$29.0M↓383% | -$46.0M | -$100.0M↑85% | -$664.0M↓762% | -$77.0M↓22% | -$63.0M | -- |
| EPS (Diluted) | -- | $-0.68↓55% | $-0.13↓333% | $-0.18↓1900% | $-0.43↑88% | $-3.70↓407% | $-0.73↓43% | $-0.51 | -- |
| Gross Margin | — | — | — | — | 32.1%↓3% | 33.0%↑1% | 32.8%↑11% | 29.5% | — |
| Operating Margin | 1.4%↓17% | -5.9%↓331% | 4.0%↑133% | 2.8%↓36% | 3.4%↑150% | -6.8%↓191% | 7.5%↑24% | 6.0% | — |
| ROE | -2.9%↓38% | — | — | — | -1.2%↑84% | -7.7%↓404% | -1.5%↓41% | -1.1% | — |
| Total Debt | $6.8B↑15% | $6.8B↑15% | $6.2B↑8% | $6.3B↑21% | $6.1B↑23% | $5.0B↓45% | $9.0B | -- | -- |
| Shareholders' Equity | $7.7B↓9% | $7.7B↓9% | $7.9B↓9% | $8.1B↓6% | $8.2B↓5% | $8.6B↑71% | $5.1B↓13% | $5.8B↑18% | $4.9B |
| Current Ratio | 1.05↑6% | 1.05↑6% | 0.78↓18% | 0.85↓14% | 0.80↓7% | 0.86↓6% | 0.92 | — | — |
| Debt / Equity | 0.89↑25% | 0.89↑25% | 0.79↑18% | 0.77↑28% | 0.74↑29% | 0.57↓68% | 1.78 | — | — |
| Operating Cash Flow | $747.0M↓15% | -$10.0M↓104% | $311.0M↑21% | $130.0M↓6% | $943.0M↑34% | $703.0M↓12% | $796.0M↑59% | $501.0M | -- |
| Free Cash Flow | $26.0M↓85% | -$183.0M↓623% | $186.0M↑96% | -$55.0M↓358% | $196.0M↑1533% | $12.0M↓60% | $30.0M↑110% | -$312.0M | -- |
Score history
Historical Score Timeline
Industry peers
Industry Peers
Similar companies in Trading
LINE vs Peers — Financial Grading
| Company | Market Cap | Price | Revenue | Net Income | ROE | D/E | Op. Margin | Curr. Ratio | Graham | Buffett | Lynch | Greenblatt | Piotroski | Dreman |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| REALTY INCOME CORPO | $56.1B | $58.82 | $5.7B | $1.1B | 2.7% | 0.63 | 16.8% | — | 2/7 | 1/9 | 3/7 | 0/3 | F-Score 6 | 4/10 |
| Ventas, Inc.VTR | $47.0B | $88.92 | $5.8B | $261.5M | 2.1% | 1.04 | 3.5% | — | 2/7 | 1/9 | 2/7 | 0/3 | F-Score 6 | 2/10 |
| RAYMOND JAMES FINANCIAL INCRJF | $32.4B | $168.64 | $15.9B | $2.1B | 17.1% | 0.28 | — | — | 3/9 | 3/9 | 3/7 | 1/3 | F-Score 6 | 4/11 |
| ROYAL GOLD INCRGLD | $21.7B | $256.89 | $1.0B | $466.3M | 6.5% | 0.13 | 61.9% | 3.12 | 4/9 | 2/9 | 4/7 | 0/3 | F-Score 4 | 4/11 |
| iShares Ethereum Trust ETFETHA | $19.4B | $44.02 | — | $2.3B | — | — | — | — | — | — | — | — | — | — |
| KIMCO REALTY CORPKIM | $17.0B | $25.55 | $2.1B | $584.7M | 5.6% | 0.74 | 36.0% | — | 3/7 | 2/9 | 4/7 | 0/3 | F-Score 7 | 5/10 |
| LandBridge Co LLCLB | $5.6B | $73.15 | $199.1M | $30.1M | 8.9% | 1.65 | 59.5% | 4.87 | 2/9 | 3/9 | 2/7 | 0/3 | F-Score 6 | 3/11 |
| Digital Turbine, Inc.APPS | $927.6M | $7.61 | $565.3M | $37.7M | -19.6% | 1.88 | 6.0% | 1.16 | 1/9 | 2/9 | 2/7 | 1/3 | F-Score 7 | 0/11 |