olivLaw · US equity research
Lineage, Inc. LINE
Real Estate Investment Trusts · SIC 6798 · Vertical: Real Estate Investment Trusts (SIC 6798)
Lineage is the world's largest global temperature-controlled warehouse REIT, operating a network of more than 500 facilities across North America, Europe and Asia-Pacific. The company reported revenue of 5.4 billion USD for 2025, and its updated 2026 guidance points to modest profit growth, which makes the trajectory of food-supply-chain demand relevant in the period ahead.
At the close of 04 Nov 2026, Lineage, Inc. (LINE) stock was 38.61 USD (+6.22% on the day), with market capitalisation 8.8 bn USD, dividend yield 5.48%, beta 0.82, 52-week range 31.80–45.10 USD. Latest reported quarter (Q2 2026): revenue of 1.4 bn USD (+0.8% YoY), net income of -29.0 m USD, diluted EPS -0.13 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 67.5
- strong (55–70)
- Bollinger (20, 2)
- 32.54 – 37.66
- above the upper band · %B 1.19 · band width 14.6%
- SMA 50 / 200
- 36.31 / 38.70
- mixed trend
- MACD (12, 26, 9)
- 0.29 / -0.21
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +10.4% | −2.0% | +12.4 pp | — |
| 3 months | −6.1% | −2.2% | −3.9 pp | — |
| 6 months | +2.1% | +4.3% | −2.2 pp | — |
| Year to date | +10.3% | +10.6% | −0.3 pp | — |
| 1 year | +2.3% | +10.5% | −8.1 pp | +0.5% |
| 3 years | unavailable | +73.7% | unavailable | +12.3% |
| 5 years | unavailable | +61.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.3 bn | 1.3 bn | 1.3 bn | 1.4 bn | 1.4 bn | 1.3 bn | 1.3 bn | 1.4 bn |
| Cost of revenue | 897.0 m | 906.0 m | 876.0 m | 920.0 m | 932.0 m | 906.0 m | 880.0 m | 936.0 m |
| Operating income | -515.0 m | -21.0 m | 56.0 m | 23.0 m | 35.0 m | 67.0 m | 36.0 m | 54.0 m |
| Depreciation & amortisation | 210.0 m ≈ | 236.0 m | 212.0 m | 224.0 m ≈ | 230.0 m ≈ | 229.0 m | 233.0 m | 237.0 m ≈ |
| Interest expense | 87.0 m | 59.0 m | 57.0 m | 64.0 m | 67.0 m | 68.0 m | 65.0 m | 68.0 m |
| Income tax | -45.0 m | -41.0 m | 8.0 m | -7.0 m | 11.0 m | -14.0 m | 4.0 m | -1.0 m |
| Net income | -485.0 m | -71.0 m | 0 | -6.0 m | -100.0 m | 6.0 m | -46.0 m | -29.0 m |
| Diluted EPS | -2.44 | -0.31 ≈ | 0.01 | -0.03 | -0.44 | 0.03 ≈ | -0.18 | -0.13 |
| Operating cash flow | 186.0 m ≈ | 257.0 m | 139.0 m | 258.0 m ≈ | 230.0 m ≈ | 316.0 m | 130.0 m | 311.0 m ≈ |
| Capex | 153.0 m ≈ | 205.0 m | 151.0 m | 163.0 m ≈ | 195.0 m ≈ | 238.0 m | 185.0 m | 125.0 m ≈ |
| Dividends paid | 15.0 m ≈ | 96.0 m | 134.0 m | 134.0 m ≈ | 134.0 m ≈ | 135.0 m | 133.0 m | 136.0 m ≈ |
| Share repurchases | 0 ≈ | 17.0 m | 0 | 0 ≈ | 0 ≈ | 82.0 m | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 4.9 bn | 5.3 bn | 5.3 bn | 5.4 bn |
| Revenue YoY | unavailable | +8.4% | −0.0% | +0.3% |
| Net income | -63.0 m | -77.0 m | -664.0 m | -100.0 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.51 | -0.73 | -3.70 | -0.43 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | -1.3% | -1.4% | -12.4% | -1.9% |
| Free cash flow | -312.0 m | 30.0 m | 12.0 m | 196.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 66.0 m USD
- Financial debt
- 6.1 bn USD
- Net debt
- 6.0 bn USD
- Equity
- 9.2 bn USD
- Total assets
- 19.2 bn USD
- Debt / equity
- 0.66x
- Current ratio
- 0.80x
- ROE
- -1.1%
- ROA
- -0.5%
- FCF margin
- 3.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 4.9 bn | 5.3 bn | 5.3 bn | 5.4 bn | SEC (XBRL)· 25 Feb 2026verified |
| Cost of revenue | 3.5 bn | 3.6 bn | 3.6 bn | 3.6 bn | SEC (XBRL)· 25 Feb 2026verified |
| Gross profit | 1.5 bn ≈ | 1.8 bn ≈ | 1.8 bn ≈ | 1.7 bn ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Operating income | 297.0 m | 398.0 m | -361.0 m | 181.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Depreciation & amortisation | 678.0 m | 760.0 m | 876.0 m | 895.0 m | SEC (XBRL)· 25 Feb 2026verified |
| EBITDA | 975.0 m ≈ | 1.2 bn ≈ | 515.0 m ≈ | 1.1 bn ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Interest expense | 281.0 m | 509.0 m | 426.0 m | 256.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Pre-tax income | -70.0 m | -110.0 m | -840.0 m | -115.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | 6.0 m | -14.0 m | -89.0 m | -2.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Net income | -63.0 m | -77.0 m | -664.0 m | -100.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | -0.51 | -0.73 | -3.70 | -0.43 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 152.0 m | 162.0 m | 191.0 m | 228.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Dividend per share | — | 0.55 | 0.91 | 2.11 | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 202.0 m | 68.0 m | 173.0 m | 66.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Receivables | — | 913.0 m | 826.0 m | 896.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Inventories | — | 171.0 m | 187.0 m | 145.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Current assets | — | 1.3 bn | 1.3 bn | 1.2 bn | SEC (XBRL)· 25 Feb 2026verified |
| Property, plant & equipment, net | — | 10.6 bn | 10.6 bn | 11.3 bn | SEC (XBRL)· 25 Feb 2026verified |
| Goodwill | 3.3 bn | 3.4 bn | 3.3 bn | 3.5 bn | SEC (XBRL)· 25 Feb 2026verified |
| Intangibles (excl. goodwill) | — | 1.3 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | — | 18.9 bn | 18.7 bn | 19.2 bn | SEC (XBRL)· 25 Feb 2026verified |
| Accounts payable | — | 1.1 bn | 1.2 bn | 1.3 bn | SEC (XBRL)· 25 Feb 2026verified |
| Short-term debt | — | 24.0 m | 56.0 m | 2.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Long-term debt | — | 9.0 bn | 4.9 bn | 6.1 bn | SEC (XBRL)· 25 Feb 2026verified |
| Current liabilities | — | 1.4 bn | 1.5 bn | 1.5 bn | SEC (XBRL)· 25 Feb 2026verified |
| Total liabilities | — | 12.8 bn | 9.0 bn | 9.9 bn | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 5.8 bn | 5.7 bn | 9.7 bn | 9.2 bn | SEC (XBRL)· 25 Feb 2026verified |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 501.0 m | 796.0 m | 703.0 m | 943.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Capex | 813.0 m | 766.0 m | 691.0 m | 747.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | -312.0 m ≈ | 30.0 m ≈ | 12.0 m ≈ | 196.0 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | -2.4 bn | -1.1 bn | -919.0 m | -1.1 bn | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | 1.8 bn | 136.0 m | 320.0 m | 14.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Dividends paid | 180.0 m | 46.0 m | 234.0 m | 537.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Share repurchases | 0 | 12.0 m | 42.0 m | 82.0 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Market and valuation
9 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 37 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 8.8 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation74
- Returns64
- Quality7
- Balance sheet17
- Growth28
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 27.73 – 94.42 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Net asset value (NAV)unavailable · input data missing
- Dividend discount (DDM)27.73 – 37.29 (Mid 31.81)
- Peers: P/B34.43 – 94.42 (Mid 55.22)32 companies used · median multiple 1.6x · quartiles 1.0x – 2.7xABR, ACRE, ADC, APLE, ARI, ARR, BRX, CDP, CMCT, CUBE, DLR, EPR, EPRT, ESS, EXR, FCPT, FSP, HST, IHT, ILPT, KIM, LTC, O, OLP, PINE, PLD, PSA, RYN, VICI, VMRK, VTR, WELL
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 37/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | -2.0% | 17 (vs peers) | 8% |
| EBITDA margin · Quality | 20.9% | 0 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 2.8% | 28 (on a fixed band) | 10% |
| Net debt / EBITDA · Balance sheet | 5.5x | 31 (vs peers) | 18% |
| Interest coverage · Balance sheet | 0.7x | 0 (on a fixed band) | 15% |
| P/B · Valuation | 1.1x | 74 (vs peers) | 23% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| Dividend yield · Returns | 5.5% | 64 (vs peers) | 18% |
| Payout ratio (EPS) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet17/100 · 2/2 factors with a value
- Growth28/100 · 1/1 factors with a value
- Quality7/100 · 2/2 factors with a value
- Returns· partial64/100 · 1/2 factors with a value
- Valuation· partial74/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Lineage, Inc. (LINE). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 5.4 bn USD in 2025; YoY growth 0.3%; net margin -3.1%; ROE -2.0%; net debt/EBITDA 5.5x.
The estimated value range is 31.08–65.86 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 43.51 USD, the price of 38.61 USD leaves a potential of 12.7% (value / price − 1) and a margin of safety of 11.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 37/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns, valuation. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/B: 1.1x
What contradicts it
- ROE: -2.0%
- EBITDA margin: 20.9%
- Revenue CAGR 3Y: 2.8%
- Interest coverage: 0.7x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): P/E (TTM), Payout ratio (EPS).
Versus the vertical median
Real Estate Investment Trusts (SIC 6798) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WELLWelltower Inc. | 176.9 bn | 103.2 | 4.0% | 12.7% | +35.6% | +16% / +171% |
| PLDPrologis, Inc. | 120.3 bn | 32.5 | 7.1% | 42.5% | +7.2% | +0% / +12% |
| EQIXEquinix Inc | 100.4 bn | 60.9 | 11.5% | 16.4% | +5.4% | +35% / +24% |
| AMTAmerican Tower Corporation | 86.9 bn | 26.3 | 90.6% | 30.7% | +5.1% | +3% / −10% |
| DLRDigital Realty Trust, Inc. | 63.3 bn | 47.1 | 6.2% | 21.7% | +10.0% | +13% / +30% |
| PSAPublic Storage | 62.3 bn | 33.9 | 16.0% | 37.8% | +2.7% | +21% / +29% |
| ORealty Income Corporation | 54.7 bn | 39.6 | 3.6% | 22.9% | +9.1% | −0% / +7% |
| VTRVentas, Inc. | 46.0 bn | 163.7 | 1.9% | 4.0% | +18.5% | +8% / +90% |
| CCICrown Castle Inc. | 36.8 bn | 44.0 | — | 20.7% | −4.4% | −5% / −26% |
| IRMIron Mountain Inc | 34.7 bn | 82.6 | — | 5.7% | +12.2% | +35% / +82% |
| EXRExtra Space Storage Inc. | 32.6 bn | 31.8 | 7.9% | 29.9% | +3.7% | +17% / +20% |
| VICIVICI Properties Inc. | 26.9 bn | 11.2 | 8.3% | 56.5% | +4.1% | −15% / −18% |
| VMRKVivmark Residential | 23.3 bn | 27.2 | 8.1% | — | +4.8% | +0% / +9% |
| SBACSba Communications Corporation | 19.6 bn | 19.9 | — | 34.5% | +5.1% | −5% / −25% |
| HSTHost Hotels & Resorts, Inc. | 17.7 bn | 17.2 | 15.8% | 16.5% | +7.6% | +46% / +48% |
| ESSEssex Property Trust, Inc. | 17.0 bn | 40.7 | 8.0% | 22.7% | +6.4% | +0% / +24% |
| KIMKimco Realty Corporation | 16.8 bn | 27.6 | 5.8% | 27.8% | +5.1% | +21% / +29% |
| CUBECubesmart | 10.4 bn | 32.3 | 11.8% | 28.7% | +5.3% | +23% / +15% |
| BRXBrixmor Property Group Inc. | 9.3 bn | 22.0 | 14.2% | 30.0% | +6.7% | +16% / +40% |
| ADCAgree Realty Corporation | 9.1 bn | 35.8 | 3.8% | 29.8% | +16.4% | −7% / +18% |
| LINELineage, Inc. | 8.8 bn | — | -2.0% | -3.1% | +0.3% | +2% / unavailable |
| EPRTEssential Properties Realty Trust, Inc. | 6.2 bn | 22.9 | 6.3% | 41.0% | +24.8% | −11% / +18% |
| RYNRayonier Inc. | 6.1 bn | 6.7 | 12.8% | 68.6% | −51.0% | −9% / −34% |
| EPREpr Properties | 4.7 bn | 16.8 | 12.7% | 38.8% | +2.9% | +16% / +36% |
| APLEApple Hospitality REIT, Inc. | 4.4 bn | 25.6 | 5.5% | 12.2% | −1.3% | +58% / +13% |
1- and 3-year price returns: for LINE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Lineage is the world's largest global temperature-controlled warehouse REIT, operating a network of more than 500 facilities across North America, Europe and Asia-Pacific. The company reported revenue of 5.4 billion USD for 2025, and its updated 2026 guidance points to modest profit growth, which makes the trajectory of food-supply-chain demand relevant in the period ahead.
SWOT
Strengths
- Global scale, a comparatively young portfolio and a large number of automated facilities give the company an operational advantage that is hard to replicate 1.
- Long-term contracts, a diversified customer base and minimum storage guarantees provide relatively stable revenue 1.
- The integrated network with transport services allows the company to add value for each customer on the same stored product 1.
Weaknesses
- The business is concentrated in the temperature-controlled warehouse industry and in a few geographic areas, which exposes it to local events 1.
- The company identified a material weakness in internal control over financial reporting as of late 2025 1.
- Significant indebtedness and sensitivity to interest rates could limit financial flexibility 1.
Opportunities
- Demand for automated warehouses and integrated services could grow if customers outsource more of their cold chain 1.
- Greenfield projects and existing expansions could add capacity in markets with strong demand 1.
- Acquisitions of assets from food producers could extend the network if they are integrated effectively 1.
Risks
- Geographic concentrationmedium
Many warehouses are located in a few states and countries, and local events such as natural disasters or power outages could affect operations 1.
- Debt and interest rateshigh
Substantial debt and the cost of financing could limit the company's ability to fund investment or maintain distributions to shareholders 1.
- Internal controlhigh
The material weakness reported in internal control could delay financial reporting or weaken investor confidence 1.
- Operational incidentsmedium
A fire at one facility, reported in 2026, shows that local incidents can cause costs and disruption, although the final effects are still being assessed 3.
- Reliance on transitional serviceslow
The company temporarily depends on a third party for certain administrative services, and replacing them could prove difficult 1.
Investment thesis
What would need to be true (bull case)
- If occupancy keeps rising and inventories stay normalised, revenue and profitability could gradually return to management's targets 23.
- Its global leadership and automated network could attract large long-term customers and support stable pricing 1.
- The 2026 guidance points to a solid profit base, and the declared dividend suggests a consistent distribution policy if results hold 3.
What would break the thesis
- If inflation and tariffs continue to raise costs, margins could stay under pressure, particularly in North America 12.
- High indebtedness and sensitivity to interest rates could limit flexibility during periods of economic stress 1.
- Lower confidence in financial reporting, due to the internal control weakness, could weigh on how the market values the assets 1.
What to watch
- Delivery of the adjusted EBITDA and AFFO per share guidance for 20262026
- Development of same-warehouse physical occupancyQ3 2026
- Impact of the Big Bear fire on operations and costsQ3 2026
- Progress on remediating the material weakness in internal controlnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Lineage owns and operates modern cold storage warehouses located in dense urban markets and ports, and its network covered 501 warehouses with 3.1 billion cubic feet of capacity at 31 December 2025 1. The company serves more than 11,000 customers, including producers, retailers and food distributors, and describes its model as built on long-term contracts and technology-enabled integrated services. Its results are influenced by inventory levels in the food chain and by energy and labour costs 1.
The business is organised into two reported segments. Global warehousing generates the large majority of operating profit, while global integrated solutions adds transport services, refrigerated rail car leasing and, in some markets, foodservice distribution 1. The company also runs what it considers the largest automated temperature-controlled portfolio in the industry, which supports its efficiency strategy 1.
By June 2026 the network had 498 warehouses, and second-quarter revenue rose 0.8% to 1,361 million USD while adjusted EBITDA fell 1.8% 23. Updated 2026 guidance calls for adjusted EBITDA of 1.26 to 1.29 billion USD, which could signal stabilisation in the industry if occupancy continues to improve 3.
Segments
Global warehousing
This is the core segment, which uses high-quality industrial real estate to store frozen and perishable products. In 2025 segment revenue was 3,950 million USD and segment NOI was 1,484 million USD 1. About 75% of NOI comes from distribution centres, which underlines the importance of urban and port locations 1.
Global integrated solutions
This segment adds transport services, mainly less-than-full-truckload consolidation and over-the-road trucking, together with refrigerated rail car leasing, which together made up about 57% of segment revenue in 2025 1. Its contribution to total NOI was about 14% in the same year 1.
Market context
The temperature-controlled warehouse market is fragmented and largely held by family-owned firms, which gives the company a leading position through its global scale 1. Demand depends on frozen food consumption, protein production and harvest seasonality. According to the filing, occupancy and revenue tend to peak between mid-September and early December and are lowest in June and July 1.
In 2026 the company said inventory levels are normalising and physical occupancy in its warehouses rose modestly year on year, which could suggest the industry is stabilising if the trend holds 3. Pricing pressure remains in markets with excess capacity 1.
Trends
- Warehouse automationtailwind
Investment in automated warehouses responds to customer demand for efficiency and could lower operating costs over time, although construction is more expensive 1.
- Inflation and construction costsheadwind
Inflationary pressure on labour, energy and construction could compress margins, especially if price increases passed on to customers do not fully offset cost rises 1.
- Stabilising food demandmixed
A modest rise in physical occupancy and normalising inventories could support revenue if food consumption stays steady 3.
- Trade policy and tariffsheadwind
Tariffs and trade policy have created uncertainty and have added to inflation in some sectors, particularly in North America, which affects customer decisions 12.
Competitive position
The company states it is the largest temperature-controlled warehousing company in the world by cubic feet and that its network is difficult to replicate because of land values and zoning approvals 1. Local competitors operate in many markets, and rivals that open new warehouses or expand logistics offerings could put pressure on market share 1.
Its competitive advantages include brand recognition, scale and an automated portfolio, but these can be gradually matched by well-capitalised operators, particularly if they acquire existing assets 1.
- Local cold storage operators
The company names local operators as competitors in many markets but does not identify listed rivals by name in the sources reviewed 1.
- Logistics operators expanding cold chain services
Expansion of other companies' logistics offerings could reduce the integrated advantage of Lineage, as described in the annual report risk factors 1.
- Refrigerated transport providers
The integrated solutions segment competes with transport providers and truck brokers whose capacity affects the company's costs 1.
- New entrants in automated storage
Automation investment raises entry barriers, but new competitors could emerge if construction costs ease or financing becomes more accessible 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Securing the agentic enterprise with data lineageMIT Technology Review · 04 Nov 2026 · EN
- India's cobras share genetic ties across the mainland, while Sri Lankan cobras form a distinct genetic lineagePhys.org · 15 Oct 2026 · EN
- Scientists discover 'D-rex', a giant fungus from Chinese forests whose unique lineage dates back 65 million yearsPhys.org · 13 Oct 2026 · EN
- tRNA dosage regulates lineage dependency and resistance in prostate cancerNature · 07 Oct 2026 · EN
- Lineage and renewal dynamics of sebaceous glands govern skin barrier integrity in micePNAS · 02 Oct 2026 · EN
- Lineage’s (LINE) Warehouses Are Filling Up, But Profits Are NotYahoo Finance — News · 17 Sept 2026 · EN
- Think You’ve Eliminated Chinese AI? Check the Model’s Lineage, Cisco SaysSecurityWeek · 28 Aug 2026 · EN
- Building Self-Evolving AI Agents with OpenSpace Using Skills, MCP, Lineage, and Low-Cost ReuseMarkTechPost (Asia AI) · 25 Jul 2026 · RO
SEC filings
- Current report22 Oct 2026Departure or appointment of officers
- Current report24 Sept 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report12 Jun 2026Shareholder vote
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement23 Apr 2026
- Current report09 Apr 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Annual report25 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Lineage, Inc. · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Lineage, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Lineage, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.