# Lineage, Inc. (LINE)

> Source: Nexqual · https://nexqual.com/LINE · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Lineage, Inc. (LINE), nexqual.com/LINE" · informational, not investment advice.

**Price:** USD 35.09 (+2.42% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 34.26 · day 34.04–35.11 · 52w 31.33–45.75 · market cap $8.80B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $5.37B, net income -$169M (-3.1% margin), free cash flow $244M (SEC filings).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $1.8M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.95 on a 1–5 scale) (20 analysts), mean target USD 42.74 (range 35–55).
- Total return with dividends: 1Y -7.2% vs S&P 500 +14.9%; 5Y -52.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-09, EPS estimate USD -0.23, revenue estimate $1.37B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $4.93B | $5.34B | $5.34B | $5.36B | $5.37B |
| Gross profit | $1.46B | $1.75B | $1.76B | $1.72B | — |
| Operating income | $297M | $398M | -$361M | $181M | $192M |
| Net income | -$63.0M | -$77.0M | -$664M | -$100M | -$169M |
| EPS (diluted) | -$0.51 | -$0.73 | -$3.70 | -$0.43 | — |
| Free cash flow | -$312M | $30.0M | $12.0M | $196M | $244M |
| Gross margin | 29.5% | 32.8% | 33.0% | 32.1% | — |
| Operating margin | 6.0% | 7.5% | -6.8% | 3.4% | 3.6% |
| Net margin | -1.3% | -1.4% | -12.4% | -1.9% | -3.1% |
| Revenue growth | — | +8.4% | +0.0% | +0.3% | — |
| Cash + short-term investments | $202M | $68.0M | $173M | $66.0M | — |
| Total debt | — | $8.98B | $4.96B | $6.11B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.6x · EV/EBITDA 14.8x · EV/Sales 2.8x · P/FCF 36.1x · P/B 1.1x · FCF yield 2.77% · Earnings yield -1.92% · Dividend yield (paid, TTM) 6.11% · Net debt $6.16B · EV $15.0B

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $1.8M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-28 | Marchetti Kevin Patrick | Co-Executive Chairman | 25,000 | $988K | 39.5 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-07 | Lemasters Robb A. | Chief Financial Officer | 20,000 | $827K | 41.33 | Too little history (no open-market trades in 2023 or 2024) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.95 on a 1–5 scale), 20 analysts; mean target USD 42.74 (low 35, high 55).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | UBS | Target lowered | Neutral | $45 → $36 |
| 2026-10-15 | JP Morgan | Target lowered | Underweight | $40 → $37 |
| 2026-10-12 | Piper Sandler | Target lowered | Neutral | $44 → $36 |
| 2026-10-02 | Evercore ISI Group | Target lowered | In-Line | $45 → $43 |
| 2026-10-02 | Scotiabank | Target lowered | Sector Perform | $44 → $39 |
| 2026-09-21 | Evercore ISI Group | Target lowered | In-Line | $47 → $45 |
| 2026-09-17 | Scotiabank | Target lowered | Sector Perform | $45 → $44 |
| 2026-09-09 | Morgan Stanley | Upgrade | Equal-Weight → Overweight | $47 |
| 2026-09-01 | Wells Fargo | Target raised | Equal-Weight | $36 → $38 |
| 2026-08-27 | Piper Sandler | Target lowered | Neutral | $46 → $44 |
| 2026-08-17 | RBC Capital | Target raised | Outperform | $44 → $48 |
| 2026-08-13 | Citigroup | Target raised | Neutral | $42 → $43 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2024-07-22) |
|---|---|---|
| Total return | -7.2% | -52.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -7.2% | -28.4% |
| Volatility (annualized) | 36.9% | 33.8% |
| Max drawdown | -24.4% (Jul 2026→Oct 2026) | -61.5% (Aug 2024→Mar 2026) |

## Peers (REIT - Industrial)
REXR (Rexford Industrial Realty, Inc.) USD 36.28 -1.41% · CUBE (CubeSmart) USD 40.15 +3.05% · FR (First Industrial Realty Trust, ) USD 55.29 -6.92% · STAG (Stag Industrial, Inc.) USD 36.51 +0.14% · TRNO (Terreno Realty Corporation) USD 65.64 +0.12% · EGP (EastGroup Properties, Inc.) USD 202.7 -0.30%

## More
Full page: https://nexqual.com/LINE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in LINE's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1868159/000186815926000012/line-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Lineage OP | "References herein to "our operating partnership" mean, prior to its conversion to a Maryland limited partnership in connection with the formation transactions, Lineage OP, LLC, a Delaware limited liability company, and a…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Global Warehousing | $1.00B | 73.8% | +3.6% |
| Global Integrated Solutions | $356.0M | 26.2% | -6.3% |
| Total revenue | $1.36B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Warehousing operations | $875.0M | 64.3% | +2.3% |
| Transportation | $173.0M | 12.7% | -12.6% |
| Warehouse lease revenues | $73.0M | 5.4% | -12.0% |
| Food sales | $60.0M | 4.4% | -1.6% |
| Redistribution revenues | $60.0M | 4.4% | +1.7% |
| Managed services | $54.0M | 4.0% | +100.0% |
| E-commerce and other | $42.0M | 3.1% | -4.5% |
| Railcar lease revenues | $21.0M | 1.5% | +16.7% |
| Other | $3.0M | 0.2% | -40.0% |
| Total revenue | $1.36B | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America | $3.75B | 70.1% | +1.3% |
| — United States (part of North America) | $3.47B | 64.8% | +1.7% |
| — Canada (part of North America) | $283.0M | 5.3% | -3.4% |
| Europe | $1.15B | 21.5% | -2.8% |
| Asia Pacific | $445.0M | 8.3% | +0.0% |
| Other Foreign | $5.0M | 0.1% | +25.0% |
| Total revenue | $5.36B | 100% | — |

## Company outlook (8-K filed 2026-08-05)

- "Lineage expects full-year 2026 adjusted EBITDA of $1.26 to $1.29 billion and Adjusted FFO ("AFFO") per share of $2.80 to $3.05."
- "The Company's guidance excludes the impact of unannounced future acquisitions or developments."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.23 | $-0.19 | +22.8% | $1.37B | 3 |
| Next quarter (ends 2026-12-31) | $-0.20 | $-0.21 | -6.3% | $1.36B | 3 |
| Current fiscal year (ends 2026-12-31) | $-0.71 | $-0.73 | -2.7% | $5.39B | 1 |
| Next fiscal year (ends 2027-12-31) | $-0.69 | $-0.73 | -5.5% | $5.54B | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-09): ±9.2%; last 8 reports averaged ±7.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 40.8% | ±9.2% |
| 2027-01-15 | 84 | 37.5% | ±14.6% |
| 2027-04-16 | 175 | 37.1% | ±20.4% |