Latest Ratios: P/E Ratio -40.6x · EV/EBITDA 19.3x · ROE -3.7%. (2007–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.6B | $3.7B | $6.1B | $8.3B | $7.6B | $8.6B | $7.7B | $6.4B | $3.7B | — | — |
| Enterprise Value | $9.0B | $8.0B | $9.7B | $11.8B | $11.2B | $11.9B | $10.3B | $8.1B | $5.0B | — | — |
| P/E Ratio → | -40.59 | — | — | — | — | — | 311.08 | 134.85 | 82.39 | — | — |
| P/S Ratio | 1.78 | 1.41 | 2.29 | 3.12 | 2.62 | 3.15 | 3.89 | 3.62 | 2.30 | — | — |
| P/B Ratio | 1.59 | 1.26 | 1.84 | 2.30 | 2.01 | 2.13 | 2.04 | 3.52 | 5.22 | — | — |
| P/FCF | — | — | 59.50 | 232.41 | — | — | — | — | 85.82 | — | — |
| P/OCF | 12.88 | 10.22 | 14.80 | 22.80 | 25.44 | 31.36 | 26.30 | 27.31 | 19.59 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.09 | 3.65 | 4.41 | 3.83 | 4.38 | 5.20 | 4.57 | 3.11 | — | — |
| EV / EBITDA | 19.30 | 17.25 | 20.06 | 48.00 | 26.62 | 30.30 | 26.87 | 27.62 | 16.75 | — | — |
| EV / EBIT | 91.16 | 667.32 | 302.59 | — | 129.48 | 173.53 | 94.70 | 59.29 | 36.24 | — | — |
| EV / FCF | — | — | 94.97 | 327.98 | — | — | — | — | 116.15 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 4.0% | 4.0% | 31.8% | 28.8% | 23.9% | 23.2% | 27.7% | 26.8% | 25.3% | 24.2% | 23.2% |
| Operating Margin | 3.8% | 3.8% | 4.7% | -4.1% | 3.0% | 2.7% | 8.5% | 7.4% | 11.2% | 8.9% | 8.9% |
| Net Profit Margin | -4.4% | -4.4% | -3.5% | -12.6% | -0.7% | -1.1% | 1.2% | 2.7% | 3.0% | -0.0% | 0.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -3.7% | -3.7% | -2.7% | -9.1% | -0.5% | -0.8% | 0.9% | 3.8% | 10.8% | -0.3% | 2.0% |
| ROA | -1.4% | -1.4% | -1.2% | -4.2% | -0.2% | -0.4% | 0.4% | 1.4% | 1.9% | -0.0% | 0.2% |
| ROIC | 1.0% | 1.0% | 1.3% | -1.1% | 0.9% | 0.8% | 2.5% | 3.6% | 6.7% | 5.0% | 4.8% |
| ROCE | 1.4% | 1.4% | 1.8% | -1.6% | 1.2% | 1.0% | 3.0% | 4.2% | 8.0% | 6.4% | 6.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.54 | 1.54 | 1.11 | 0.96 | 0.95 | 0.85 | 0.85 | 1.05 | 2.14 | 10.23 | 8.23 |
| Debt / EBITDA | 9.65 | 9.65 | 7.59 | 14.23 | 8.54 | 8.71 | 8.40 | 6.55 | 5.07 | 7.49 | 7.30 |
| Net Debt / Equity | — | 1.49 | 1.10 | 0.94 | 0.93 | 0.83 | 0.69 | 0.93 | 1.84 | 9.97 | 8.13 |
| Net Debt / EBITDA | 9.36 | 9.36 | 7.49 | 13.98 | 8.42 | 8.50 | 6.78 | 5.75 | 4.37 | 7.30 | 7.21 |
| Debt / FCF | — | — | 35.47 | 95.56 | — | — | — | — | 30.33 | 129.23 | 41.20 |
| Interest Coverage | 0.08 | 0.08 | 0.24 | -1.34 | 0.74 | 0.69 | 1.19 | 1.46 | 1.48 | 1.08 | 1.09 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.66 | 0.66 | 0.63 | 0.60 | 0.52 | 0.54 | 2.45 | 1.80 | 2.30 | 1.31 | 1.55 |
| Quick Ratio | 0.65 | 0.65 | 0.62 | 0.59 | 0.49 | 0.52 | 2.40 | 1.77 | 2.26 | 1.27 | 1.48 |
| Cash Ratio | 0.15 | 0.15 | 0.06 | 0.06 | 0.05 | 0.09 | 1.50 | 0.85 | 1.05 | 0.20 | 0.12 |
| Asset Turnover | — | 0.32 | 0.34 | 0.34 | 0.36 | 0.33 | 0.25 | 0.43 | 0.63 | 0.64 | 0.64 |
| Inventory Turnover | 365.46 | 365.46 | 245.03 | 262.96 | 75.73 | 77.11 | 66.76 | 139.31 | 152.13 | 112.49 | 89.86 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.6% | 7.1% | 4.1% | 2.9% | 3.1% | 2.7% | 2.2% | 2.1% | 2.1% | — | — |
| Payout Ratio | — | — | — | — | — | — | 680.9% | 281.2% | 159.5% | — | 409.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | 0.3% | 0.7% | 1.2% | — | — |
| FCF Yield | — | — | 1.7% | 0.4% | — | — | — | — | 1.2% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 5.6% | 7.1% | 4.1% | 2.9% | 3.1% | 2.7% | 2.2% | 2.1% | 2.1% | — | — |
| Shares Outstanding | — | $286M | $285M | $276M | $270M | $261M | $207M | $184M | $144M | $70M | $70M |
Negative AFFO Dividend Coverage
Based on recent market data, COLD trades at a P/FFO multiple of approximately 10.02x, reflecting a significant valuation discount compared to traditional industrial REITs, which appears to be driven by investor skepticism regarding the company's ability to generate consistent, positive AFFO in a capital-intensive operating environment.
The compression in valuation multiples suggests that the market is pricing in the operational risks associated with cold-chain logistics rather than treating the company as a stable real estate owner. Investors should monitor whether this discount persists as the company attempts to transition toward higher-margin automated storage solutions.
As evidenced by quarterly financial statements, NOI margins have exhibited extreme volatility, ranging from a low of -78.6% in 2025Q4 to 31.0% in 2026Q1, indicating that property-level profitability is highly susceptible to fluctuations in energy costs and labor-intensive service requirements inherent in the cold-chain model.
The inability to maintain stable NOI margins suggests that inflationary pressures on power and labor are frequently outpacing contractual price escalators. This instability complicates the assessment of organic growth, as property-level performance appears more tied to operational efficiency than to underlying real estate demand.
According to reported figures, the FFO payout ratio has fluctuated wildly, reaching 79.3% in 2026Q1, while the persistent negative AFFO suggests that the current dividend is not supported by recurring cash flow, raising significant concerns regarding the long-term sustainability of the payout without continued external financing.
The reliance on external capital to fund both dividends and maintenance capex is a precarious position for a REIT. Investors should scrutinize whether management will prioritize dividend preservation over the substantial capital requirements needed to modernize the aging facility network.
Based on the company's reported figures, the debt-to-equity ratio has deteriorated from 0.96 in 2023Q4 to 1.59 in 2026Q1, reflecting a growing reliance on debt financing that may constrain future financial flexibility and increase interest expense sensitivity in a volatile macroeconomic environment.
The steady climb in leverage ratios indicates that the company is aggressively funding its global expansion and technological retrofits through debt. This trend warrants further investigation into the company's interest coverage capacity, which has shown signs of weakness in recent quarters.
The most commonly misapplied metric for Americold is the standard P/E ratio, which is fundamentally distorted by the massive non-cash depreciation of specialized cold-storage infrastructure, thereby obscuring the company's true operational cash-generating capacity and leading to misleading conclusions about its valuation relative to traditional industrial peers.
Investors should prioritize FFO and AFFO over GAAP earnings to account for the heavy maintenance capex required to keep sub-zero facilities operational. Relying on P/E ignores the reality that these assets require constant, cash-intensive reinvestment that standard depreciation schedules fail to capture accurately.
Includes 30+ ratios · 14 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying COLD stock.
Americold Realty Trust, Inc.'s current P/E ratio is -40.6x. The historical average is 108.6x.
Americold Realty Trust, Inc.'s current EV/EBITDA is 19.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 26.7x.
Americold Realty Trust, Inc.'s return on equity (ROE) is -3.7%. The historical average is -2.0%.
Based on historical data, Americold Realty Trust, Inc. is trading at a P/E of -40.6x. Compare with industry peers and growth rates for a complete picture.
Americold Realty Trust, Inc.'s current dividend yield is 5.63%.
Americold Realty Trust, Inc. has 4.0% gross margin and 3.8% operating margin.
Americold Realty Trust, Inc.'s Debt/EBITDA ratio is 9.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.