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NASDAQ NMS - GLOBAL MARKET · Real Estate · CIK 0001868159
$35.09
+2.42% · live
Updated
$7.96B market value
From Lineage, Inc.'s FY2025 10-K, filed Feb 25, 2026 · read the filing
Lineage owns income-producing property as a REIT. It took in $5.36B last year, which makes it a mid-sized company. It spends more than it earns — losing about 2 cents on every dollar of sales.
The financial picture is mixed, with growth needing attention and profitability and debt weaker.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Financial health
Several areas of financial weakness.
From Lineage, Inc.'s FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Operating income
-$361.0M → $181.0M
Profit
-$664.0M → -$100.0M
Operating margin
-6.8% → 3.4%
Profit margin
-12.4% → -1.9%
Measured against FY2024, from the 10-K filed Feb 25, 2026
Improved: turned positive
-$361.0M to $181.0MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: $564.0M narrower
-$664.0M to -$100.0MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
How the latest move compares (quote live), and what was published around it
LINE rose 2.42% on the latest quote. The average Real Estate company tracked here moved +1.90%, and the S&P 500 −1.04%. That is 0.5 points above its sector and 3.5 points above the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
Opinions from 26 analysts covering this company, as of . Their views, not this site's.
Of 26 analysts publishing on this company, 3 say strong buy, 9 say buy, 10 say hold and 4 say sell. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
The essentials
Each answered from the filings, with the numbers behind it.
No. It lost $100.0M last year, losing about 2 cents on every dollar of sales.
Barely. Sales were roughly flat, up 0.3%.
For every $1 it owes, it owns $1.93 in assets. Banks and insurers always carry high debt — that is how lending works — so this is normal for the industry and not comparable with other sectors. Its operating profit does not cover its interest bill — 0.71x against the interest it owes.
Core operating and valuation reference metrics
Whether the dividend is covered by what the business actually earns
It paid a dividend while making a loss, so the payment did not come out of profits — it came from reserves, borrowing or asset sales. It paid out 57% of the cash its operations generated. It has paid in each of the last 4 years.
WeakNext payment expected around , projected from how regularly it has paid before rather than from a date the company has announced.
Figures from the FY2025 annual filing
Last year it lost $100.0M and generated $943.0M of cash from operations.
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Feb 25, 2026Filing for FY2025 | FY202410-K · Feb 26, 2025Filing for FY2024 | FY202310-K · Feb 26, 2025Filing for FY2023 | FY202210-K · Feb 26, 2025Filing for FY2022 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|
| RevenueWhat is this? | $5.36B | $5.34B | $5.34B | $4.93B | +0.3% |
| Cost of revenue | $3.63B | $3.58B | $3.59B | $3.47B | +1.6% |
| Gross profit | $1.72B† | $1.76B† | $1.75B† | $1.46B† | −2.3% |
| Gross marginGross profit ÷ revenueWhat is this? | 32.1% | 33.0% | 32.8% | 29.5% | −0.9 pts |
| Selling, general and administrative | $574.0M | $539.0M | $502.0M | $399.0M | +6.5% |
| Operating income | $181.0M | -$361.0M | $398.0M | $297.0M | n/m |
| Operating marginOperating income ÷ revenueWhat is this? | 3.4% | -6.8% | 7.5% | 6.0% | +10.1 pts |
| Interest expense | $256.0M | $426.0M | $509.0M | $281.0M | −39.9% |
| Income before tax | -$115.0M | -$840.0M | -$110.0M | -$70.0M | +86.3% |
| Net income | -$100.0M | -$664.0M | -$77.0M | -$63.0M | +84.9% |
| Net marginNet income ÷ revenueWhat is this? | -1.9% | -12.4% | -1.4% | -1.3% | +10.6 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $-0.4406 | $-2.91 | $-0.4753 | $-0.4145 | +84.9% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
This company's latest filing beside its peers' stored scores
| Company | Health | F-Score | Revenue growth | Profit margin | P/E | Debt to equity |
|---|---|---|---|---|---|---|
| LINELineage, Inc. · this page | 3.3/10 | 4/9 | 0.3% | -1.9% | — |
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Was granted or awarded shares — 3,672 shares
Holds 3,672 shares after this filing.
Bought on the open market — 25,000 shares at $39.50 ($987.6K)
Holds 138,690 shares after this filing.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Had a director or senior officer leave or join
Read the filingHad a director or senior officer leave or join · Made a Regulation FD disclosure
Read the filingWrite down why you are following Lineage, Inc., what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
Coverage from the last 30 days
UBS Maintains Neutral on Lineage, Lowers Price Target to $36
Benzinga ·
JP Morgan Maintains Underweight on Lineage, Lowers Price Target to $37
Benzinga ·
Piper Sandler Maintains Neutral on Lineage, Lowers Price Target to $36
Benzinga ·
REITs Snap The Slide
SeekingAlpha ·
Lineage (LINE) Extends Major Commercial Agreement For Two More Years
Yahoo ·
Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from LINE's 10-K for fiscal year 2025 (period ending 2025-12-31, filed Feb 25, 2026), reported under the US GAAP taxonomy. View the source filing.
3 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. Accounting had too few reported figures and is left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 9 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 3.3 | 4/9 | 10-K, filed Feb 25, 2026 |
| FY2024 | 2.0 | 5/9 | 10-K, filed Feb 26, 2025 |
| FY2023 | 3.3 | 3/5 | 10-K, filed Feb 26, 2025 |
| FY2022 | 2.0 | 2/2 | 10-K, filed Feb 26, 2025 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
4 of 9 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's.
not reported — Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Improved: +10.1 pts
-6.8% to 3.4%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +10.6 pts
-12.4% to -1.9%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: +1533.3%
$12.0M to $196.0MCritical
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Improved: $2.47 narrower
-$2.91 to -$0.44Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: -61.8%
$173.0M to $66.0MCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Changed: +129.5%
$234.0M to $537.0MCritical
Why it matters: Cash handed to shareholders. A rise can be a higher dividend or simply more shares, and a cut is a decision the company explains in its own filing — neither is rated here.
Deteriorated: +24.5%
$4.91B to $6.11BSignificant
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Changed: +8.1%
$691.0M to $747.0MNotable
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Q2 FY2026 against Q2 FY2025, from the 10-Q filed Aug 5, 2026 — read it.
Improved: +134.8%
$23.0M to $54.0MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: $23.0M wider
-$6.0M to -$29.0MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: $0.10 wider
-$0.03 to -$0.13Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: -29.3%
$82.0M to $58.0MSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: +2.3 pts
1.7% to 4.0%Notable
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −1.7 pts
-0.4% to -2.1%Notable
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: +8.5%
$5.74B to $6.22BNotable
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Q2 FY2026 against Q1 FY2026, from the 10-Q filed Aug 5, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Improved: +50.0%
$36.0M to $54.0MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: $17.0M narrower
-$46.0M to -$29.0MSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: $0.08 narrower
-$0.20 to -$0.13Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +1.2 pts
2.8% to 4.0%Notable
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +1.4 pts
-3.5% to -2.1%Notable
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: -13.4%
$67.0M to $58.0MNotable
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
4 other measures barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
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Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 2.6% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
Trailing P/E is not meaningful because the latest trailing earnings are zero or negative. The price-to-book and price-to-sales figures below still provide reference points.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Reported annual figures
| 1.21x |
| PLDPrologis, Inc. | 7.3/10 | 5/7 | 7.2% | 37.9% | 35.36x | 0.77x |
|---|
| Median of peers | 7.3/10 | — | 7.2% | 37.9% | 35.36x | 0.77x |
|---|
Peers come from the company's industry classification. A difference describes the companies; it does not rank them.
Bought on the open market — 20,000 shares at $41.33 ($826.6K)
Holds 49,500 shares after this filing.
Estimated from how often this has happened before, not a confirmed date.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Quarterly report for Q2 FY2026
Operating margin +2.3 pts · Operating income +134.8% · Profit $23.0M wider — against Q2 FY2025
Published results · Made a Regulation FD disclosure
Read the filingHeld a shareholder vote
Read the filingQuarterly report for Q1 FY2026
Operating margin −1.6 pts · Free cash flow $43.0M wider · Cash -66.0% — against Q1 FY2025
Read the filingPublished results · Made a Regulation FD disclosure
Read the filingProxy statement for a shareholder meeting
Read the filingHad a director or senior officer leave or join · Made a Regulation FD disclosure
Read the filingAnnual report for FY2025
Operating margin +10.1 pts · Operating income turned positive · Profit $564.0M narrower — against FY2024
Read the filingPublished results · Made a Regulation FD disclosure
Read the filingSigned a material agreement · Took on a direct financial obligation
Read the filingMade a Regulation FD disclosure · Reported another event
Read the filingMade a Regulation FD disclosure
Read the filingQuarterly report for Q3 FY2025
Operating margin +41.1 pts · Operating income turned positive · Profit $385.0M narrower — against Q3 FY2024
Read the filingPublished results · Made a Regulation FD disclosure
Read the filingHad a director or senior officer leave or join · Made a Regulation FD disclosure
Read the filingQuarterly report for Q2 FY2025
Operating margin −3.8 pts · Operating income -68.9% · Profit $62.0M narrower — against Q2 FY2024
Read the filingPublished results · Made a Regulation FD disclosure
Read the filingHeld a shareholder vote
Read the filingPrimary sources and further research