Lineage
LINE on Nasdaq. Real estate investment trusts. Market value $8.0bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.06 of spare cash in the past 12 months. A savings account pays about $4.
You pay 80.3 years of operating profit for the business. The average large US company costs around 18.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 17 of 100. Our list needs 70 on quality and 60 on price.
$34.98 a share, 12% above its 1-year low
Over the past year the price has ranged from $31.33 to $45.75.
Dividend: 6.7% a year
Paid every year for 2 years
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | ||
| Revenue | $5.3bn | $5.4bn |
| Operating margin | ||
| Operating margin | -6.8% | 3.4% |
| Debt to equity | ||
| Debt to equity | 0.74 | 0.90 |
| Shares outstanding | ||
| Shares outstanding | 0.23bn | 0.23bn |
Health checks
- Free cash flow positive2 of 2 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)3 of 9
- Profit backed by cash (accruals)Yes
- Debt0.90× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.4 billion last quarter, about the same as a year ago.
- A loss of $29 million, compared with a loss of $6 million a year ago.
- It keeps 4 cents of each $1 of sales as operating profit, after losing 9 cents a year earlier.
- Spare cash over the past 12 months: $244 million, up from $168 million.
- About the same number of shares as a year ago.
- Debt is $7.4 billion more than cash, up from $7 billion a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $1.3bn |
| December 2024 | $1.3bn |
| March 2025 | $1.3bn |
| June 2025 | $1.4bn |
| September 2025 | $1.4bn |
| December 2025 | $1.3bn |
| March 2026 | $1.3bn |
| June 2026 | $1.4bn |
| Quarter to | Amount |
|---|---|
| September 2024 | -$485m |
| December 2024 | -$71m |
| March 2025 | $0 |
| June 2025 | -$6m |
| September 2025 | -$100m |
| December 2025 | $6m |
| March 2026 | -$46m |
| June 2026 | -$29m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 25 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 326 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $4m | <0.1% | Added |
Largest holders overall
- Norges Bank$602mNew
- Vanguard Portfolio Management$248m
- BlackRock$228mAdded
- D1 Capital Partners L.P.$205mCut
- AQR Capital Management$202mAdded
- Bank of America$156m
- Vanguard Capital Management$128mAdded
- HighTower Advisors$99mAdded
- Baillie Gifford$98mCut
- State Street$83mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Norges BankPassive investor6.1%+1.1 ptsSince 30 June 2025
| Holder | Stake | Since | |
|---|---|---|---|
Norges Bank Passive investor | 6.1%+1.1 pts | 30 June 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 5 insiders bought $7m of shares on the open market.
- Marchetti Kevin PatrickCo-Executive Chairman, DirectorBought
- Date
- 28 August 2026
- Shares
- 25,000
- Price
- $39.50
- Value
- $987,555
- LeMasters Robb A.Chief Financial OfficerBought
- Date
- 7 August 2026
- Shares
- 20,000
- Price
- $41.33
- Value
- $826,638
- Marchetti Kevin PatrickCo-Executive Chairman, DirectorBought
- Date
- 12 March 2026
- Shares
- 13,300
- Price
- $37.50
- Value
- $498,750
- Marchetti Kevin PatrickCo-Executive Chairman, DirectorBought
- Date
- 9 March 2026
- Shares
- 11,222
- Price
- $39.05
- Value
- $438,219
- Fleming Abigail SChief Accounting OfficerBought
- Date
- 21 November 2025
- Shares
- 500
- Price
- $33.57
- Value
- $16,785
- LeMasters Robb A.Chief Financial OfficerBought
- Date
- 13 November 2025
- Shares
- 30,000
- Price
- $33.74
- Value
- $1m
- Marchetti Kevin PatrickCo-Executive Chairman, DirectorBought
- Date
- 10 November 2025
- Shares
- 14,500
- Price
- $33.72
- Value
- $488,940
- Forste Adam Matthew SchwartzCo-Executive Chairman, DirectorBought
- Date
- 10 November 2025
- Shares
- 74,000
- Price
- $33.83
- Value
- $3m
- Crisci RobertChief Financial OfficerBought
- Date
- 7 November 2025
- Shares
- 10,000
- Price
- $34.56
- Value
- $345,600
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 28 August 2026 | Marchetti Kevin Patrick Co-Executive Chairman, Director | Bought | 25,000 | $39.50 | $987,555 |
| 7 August 2026 | LeMasters Robb A. Chief Financial Officer | Bought | 20,000 | $41.33 | $826,638 |
| 12 March 2026 | Marchetti Kevin Patrick Co-Executive Chairman, Director | Bought | 13,300 | $37.50 | $498,750 |
| 9 March 2026 | Marchetti Kevin Patrick Co-Executive Chairman, Director | Bought | 11,222 | $39.05 | $438,219 |
| 21 November 2025 | Fleming Abigail S Chief Accounting Officer | Bought | 500 | $33.57 | $16,785 |
| 13 November 2025 | LeMasters Robb A. Chief Financial Officer | Bought | 30,000 | $33.74 | $1m |
| 10 November 2025 | Marchetti Kevin Patrick Co-Executive Chairman, Director | Bought | 14,500 | $33.72 | $488,940 |
| 10 November 2025 | Forste Adam Matthew Schwartz Co-Executive Chairman, Director | Bought | 74,000 | $33.83 | $3m |
| 7 November 2025 | Crisci Robert Chief Financial Officer | Bought | 10,000 | $34.56 | $345,600 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Lineage’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 25 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 5 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“Based on this evaluation, our CEO and CFO have concluded that our disclosure controls and procedures were not effective as of June 30, 2026 because of the material weakness in our internal control over financial reporting identified in connection with the audit of our consolidated financial statements for the year ended December 31, 2025, as described below, which continues to exist as of June 30, 2026.”
From the 10-Q filed 5 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On April 1, 2025, the Audit Committee (the “Audit Committee”) of the Board of Directors (the “Board”) of Lineage Inc. (the “Company”), approved the dismissal of KPMG LLP (“KPMG”) as the Company’s independent registered public accounting firm, effective following the filing of the Company’s Form 10-Q for the quarter ended March 31, 2025.”
From an 8-K filed 7 April 2025: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It isn't cheap on profits: 80.3× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.