Latest Ratios: P/E Ratio -102.3x · EV/EBITDA 16.2x · ROE -1.0%. (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 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $10.0B | $8.0B | $11.2B | — | — | — | — | — | — | — | — |
| Enterprise Value | $18.6B | $16.6B | $17.9B | — | — | — | — | — | — | — | — |
| P/E Ratio → | -102.33 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.87 | 1.49 | 2.09 | — | — | — | — | — | — | — | — |
| P/B Ratio | 1.09 | 0.86 | 1.15 | — | — | — | — | — | — | — | — |
| P/FCF | 51.11 | 40.71 | 932.24 | — | — | — | — | — | — | — | — |
| P/OCF | 10.62 | 8.46 | 15.91 | — | — | — | — | — | — | — | — |
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 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.09 | 3.35 | — | — | — | — | — | — | — | — |
| EV / EBITDA | 16.22 | 14.45 | 14.46 | — | — | — | — | — | — | — | — |
| EV / EBIT | 73.84 | 108.31 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 84.55 | 1490.99 | — | — | — | — | — | — | — | — |
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 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 15.4% | 15.4% | 33.0% | 32.8% | 29.5% | 30.5% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 4.7% | 4.7% | 6.8% | -7.5% | -6.0% | 2.4% | 43.4% | 89.7% | -40.8% | -165.3% | -9.0% |
| Net Profit Margin | -1.8% | -1.8% | -12.4% | -1.4% | -1.3% | -4.1% | -27.2% | 52.4% | -236.7% | -165.1% | -9.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -1.0% | -1.0% | -8.5% | -1.3% | -1.1% | -2.9% | -7.4% | 18.6% | — | -222.7% | -8.7% |
| ROA | -0.5% | -0.5% | -3.5% | -0.4% | -0.4% | -0.9% | -5.0% | 11.5% | -29.7% | -36.1% | -2.7% |
| ROIC | 1.1% | 1.1% | 1.6% | -1.8% | -1.4% | 0.4% | 7.3% | 88.1% | -7.1% | -51.7% | -4.8% |
| ROCE | 1.4% | 1.4% | 2.1% | -2.3% | -1.8% | 0.6% | 9.2% | 30.7% | -9.4% | -45.1% | -2.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.94 | 0.94 | 0.71 | 1.83 | 1.75 | 1.82 | 0.69 | 0.11 | — | — | 0.11 |
| Debt / EBITDA | 7.55 | 7.55 | 5.56 | 30.52 | 28.06 | 13.89 | 2.66 | 0.29 | 51.82 | — | 0.74 |
| Net Debt / Equity | — | 0.93 | 0.69 | 1.82 | 1.72 | 1.78 | 0.68 | -0.09 | — | — | 0.11 |
| Net Debt / EBITDA | 7.49 | 7.49 | 5.42 | 30.33 | 27.61 | 13.59 | 2.65 | -0.24 | 35.69 | — | 0.74 |
| Debt / FCF | — | 43.83 | 558.75 | 366.03 | — | — | 3.86 | -1.09 | 1.84 | 7.65 | 0.30 |
| Interest Coverage | 0.57 | 0.57 | -0.61 | 0.81 | 0.77 | 0.12 | 26.88 | 60.00 | -1.94 | -8.72 | -0.76 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.80 | 0.80 | 0.86 | 0.92 | 1.15 | 1.19 | 0.88 | 2.34 | 0.43 | 0.36 | 1.74 |
| Quick Ratio | 0.71 | 0.71 | 0.74 | 0.79 | 1.02 | 1.05 | 0.88 | 2.34 | 0.43 | 0.36 | 1.74 |
| Cash Ratio | 0.04 | 0.04 | 0.12 | 0.05 | 0.14 | 0.20 | 0.24 | 1.30 | 0.30 | 0.28 | 1.10 |
| Asset Turnover | — | 0.28 | 0.29 | 0.28 | 0.27 | 0.23 | 0.19 | 0.29 | 0.20 | 0.29 | 0.30 |
| Inventory Turnover | 31.23 | 31.23 | 19.13 | 20.99 | 22.15 | 17.80 | — | — | — | — | — |
| 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 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.4% | 6.7% | 2.1% | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 2.0% | 2.5% | 0.1% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.9% | 1.2% | 0.9% | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 6.3% | 7.9% | 3.0% | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $228M | $191M | $210M | $211M | $211M | $152M | $252M | $353M | $343M | $329M |
High Operational Cost Intensity
According to recent market data, Lineage trades at a P/FFO multiple of approximately 39.89 as of 2026Q1, a valuation level that appears to price in significant future growth while ignoring the persistent volatility in core earnings and the lack of consistent AFFO generation observed in recent filings.
The elevated P/FFO multiple suggests that investors are assigning a premium to the company's specialized cold-storage infrastructure rather than its current cash-generative capacity. Given the negative net margins and erratic FFO performance, this valuation warrants caution as it may be disconnected from the underlying reality of the firm's capital-intensive operations.
As reported in financial statements, the company's NOI margin has fluctuated significantly, reaching 14.2% in 2026Q1 after a period of extreme volatility, which suggests that the integration of lower-margin logistics services continues to dilute the profitability of the core real estate portfolio.
The wide variance in NOI margins indicates that the company's profitability is highly sensitive to operational throughput and energy costs. Investors should monitor whether management can successfully transition toward more automated, lower-labor-intensity facilities to stabilize these margins over the long term.
Based on the reported figures, the FFO payout ratio reached 71.1% in 2026Q1, while AFFO per share has frequently dipped into negative territory, indicating that the current dividend distribution is not consistently supported by recurring cash flow generated from the company's warehouse operations.
The reliance on external capital to fund dividends is a significant red flag for income-focused investors. Unless the company can achieve sustained positive AFFO, the current dividend yield of 5.4% may be at risk of adjustment to preserve liquidity for essential maintenance capital expenditures.
As indicated by quarterly data, the debt-to-equity ratio has swung from 1.97 in 2024Q2 to 0.20 in 2026Q1, suggesting that the company has engaged in aggressive balance sheet management to offset the impact of its capital-intensive acquisition strategy and high interest obligations.
The low interest coverage ratio, which dipped to 0.51 in 2026Q1, implies that the company's ability to service its debt remains constrained. This level of leverage, combined with thin cash reserves, suggests that the firm may face significant refinancing risks if interest rates remain elevated.
Financial data suggests that the market's focus on P/E ratios is deeply misleading for Lineage, as the company's heavy non-cash depreciation charges and acquisition-related accounting adjustments consistently obscure the true economic profitability of its specialized cold-storage assets.
Using P/E for a REIT like Lineage ignores the fundamental reality that depreciation is a non-cash expense that does not reflect the actual maintenance requirements of the property. Analysts should instead prioritize FFO and AFFO metrics to better understand the company's ability to generate distributable cash flow.
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying LINE stock.
Lineage, Inc.'s current P/E ratio is -102.3x. This places it at the 50th percentile of its historical range.
Lineage, Inc.'s current EV/EBITDA is 16.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.5x.
Lineage, Inc.'s return on equity (ROE) is -1.0%. The historical average is -19.1%.
Based on historical data, Lineage, Inc. is trading at a P/E of -102.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Lineage, Inc.'s current dividend yield is 5.35%.
Lineage, Inc. has 15.4% gross margin and 4.7% operating margin.
Lineage, Inc.'s Debt/EBITDA ratio is 7.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.