Screener / SEC EDGAR /CIK 0001868159 /10-K filed Feb 25, 2026, compared with Feb 26, 2025 /Numbers from the XBRL of the 10-Ks

Nasdaq Real estate · REIT

Lineage, Inc. LINE

New risk paragraphs 6 Not in last year's 10-K Accounting checks 3 worth reading about, of 11 checks Insider buys 1 open-market, last 90 days Filings 4 in the last 30 days

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FY2025 at a glance

Sales up 0.3%, free cash flow up to $196.0M

XBRL, from each 10-K

RevenueStatements

$5.4B from $5.3B in FY2024

FY2022FY2025

Net incomeStatements

-$100.0M from -$664.0M in FY2024

FY2022FY2025

Free cash flowStatements

$196.0M from $12.0M in FY2024

FY2022FY2025

EPS (diluted)Statements

$-0.43 from $-3.70 in FY2024

FY2022FY2025

Operating marginStatements

3.4% from -6.8% in FY2024

FY2022FY2025

Total debtStatements

$6.1B from $5.0B in FY2024

FY2022FY2025

The latest figures

Price and key numbers

From EDGAR

All key numbers (39, from the latest 10-K and 10-Q)

EPS (ttm): -0.96
Sales (ttm): 5.4B
Net income (ttm): -223.0M
Sales growth: +0.3%
EPS growth: -
Sales Q/Q: -1.2%
Free cash flow: 26.0M
Gross margin: 31.4%
Oper. margin: 1.4%
Net margin: -4.2%
FCF margin: 0.5%
ROE: -2.9%
ROA: -1.2%
R&D / sales: -
Dividend: 2.11
Debt/Eq: 0.89
Curr. ratio: 1.05
Cash: 59.0M
Op. cash flow (ttm): 747.0M
EBITDA: 1.1B
EBITDA margin: 20.1%
Net debt: 6.8B
Quick ratio: 0.94
Interest cover: 0.71
FCF after stock pay: 70.0M
Debt / FCF (years): 34.77
Goodwill / assets: 18.1%
Stock pay / sales: 2.4%
Shares out.: 227.8M
Shares Y/Y: +19.4%
Book / share: 33.64
Cash / share: 0.26
Sales / share: 23.51
Asset turnover: 0.28
Inventory turns: 25.06
Days sales out.: 61
Sales 3Y CAGR: +2.8%
Employees: 24,000
Sales / employee: 223K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Revenue and net income, FY2022 to FY2025

Each fiscal year from its own 10-K · XBRL

Revenue 5.4B +2.8% a year Net income -100.0M

From XBRL in each 10-K. Hover a bar for the line item and filing. "A year" is the steady yearly growth from FY2022 to FY2025 (3 years).

Growth per share, FY2022 to FY2025

Earnings, book value and free cash flow for each diluted share · 10-K XBRL, every year linked to its filing

Average yearly growth

Book value per share -1.8% a year FY2022 $38.22 to FY2025 $36.17, 3 years

Fiscal year to	EPS (diluted)	Book value / share	Free cash flow / share
Dec 31, 2025	-$0.43	$36.17	$0.86
Dec 31, 2024	-$3.70	$45.23	$0.06
Dec 31, 2023	-$0.73	$31.18	$0.19
Dec 31, 2022	-$0.51	$38.22	-$2.05

Per share means per diluted weighted-average share of the same fiscal year (the count under diluted EPS, put on today's share count after a split). Book value is shareholders' equity at the year end, including any preferred stock; free cash flow is operating cash flow less capital spending. Each tile's rate is the steady yearly growth from the first to the last year it names: the window starts at the oldest year, up to ten years back, with a value above zero.

What the balance sheet holds, per share

Net current asset value and tangible book value, FY2025 · 10-K XBRL, no share price used

Net current asset value -$38.17 a share -$8.7B in all: current assets less every liability Tangible book value $16.18 a share $3.7B in all: equity less goodwill and other intangibles

Net current asset value, FY2025, in dollars

+ Current assets $1.2B
− All liabilities $9.9B
= Net current asset value -$8.7B

Per share, year by year

FY2023 -$71.56
FY2024 -$40.22
FY2025 -$38.17

Tangible book value, FY2025, in dollars

+ Shareholders' equity $8.2B
− Goodwill $3.5B
− Other intangible assets $1.1B
= Tangible book value $3.7B

Per share, year by year

FY2022 $16.47
FY2023 $2.33
FY2024 $21.85
FY2025 $16.18

Net current asset value is current assets minus all liabilities (the long-term ones too), so it is what would be left from the short-term assets after everything owed is paid; it is blank for a bank, which reports no current assets. Tangible book value is shareholders' equity minus goodwill and other intangible assets; equity includes any preferred stock. Both are divided by the diluted weighted-average share count of the same fiscal year. Red bars are amounts taken off, or a negative result.

LINE against Real estate peers

Among the 97 companies, the better end on the right. The band holds the middle half; the line is the median.

Ten years, side by side

Sales growth

+1.3%+10.4%

+0.3%71st of 89 · median +6.1%

Net margin

5.9%35.6%

-4.2%81st of 90 · median 19.9%

Return on equity

2.5%11.3%

-2.9%84th of 93 · median 7.0%

Free cash flow margin

0.5%36.0%

0.5%22nd of 29 · median 12.3%

Debt / equity (less is better)

1.340.53

0.8940th of 74 · median 0.85

LINE and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growthFY	Gross marginttm	Net marginttm	ROEttm	FCF marginttm	Debt / equitylatest
LINE Lineage, Inc.	$5.4B	+0.3%	31.4%	-4.2%	-2.9%	0.5%	0.89
HST Host Hotels & Resorts	$6.2B	+7.6%	-	15.0%	14.8%	-	0.20
O Realty Income	$6.2B	+9.1%	-	21.8%	3.4%	-	0.04
RITM Rithm Capital Corp.	$5.7B	-6.7%	-	8.7%	5.8%	-	4.39
VAC MARRIOTT VACATIONS WORLDWIDE Corp	$5.3B	+1.3%	-	-4.7%	-11.8%	3.1%	-
PSA Public Storage	$5.0B	+2.7%	-	37.8%	13.1%	-	0.84

All 97 companies in the group

Where the $5.4B of revenue came from

by segment, year to Dec 31, 2025

Global Warehousing $4.0B · 74%
Global Integrated Solutions $1.4B · 26%

From the segment tables in the 10-K XBRL.

Where the return on equity comes from

DuPont: net margin × asset turnover × leverage, FY2025 against FY2023 · 10-K XBRL, year-end balances

Return on equity -1.2% FY2023: -1.5% net income ÷ equity

Net margin -1.9% FY2023: -1.4% profit per $ of sales: -100.0M ÷ 5.4B

Asset turnover 0.28× FY2023: 0.28× sales per $ of assets: 5.4B ÷ 19.2B

Leverage 2.33× FY2023: 3.74× assets per $ of equity: 19.2B ÷ 8.2B

The three parts multiply to the return on equity. A higher return from leverage alone means more debt or less equity (buybacks shrink equity), not a better business. Year-end balances as filed, not averages, so each number is one line of one 10-K; hover a box for its XBRL tags.

Profitability

Net margin below the peer median
-4.2% vs 19.9%
Return on equity below 15%
-2.9%
A profit in 0 of 4 years

Net margin, FY2022 to FY2025: -1.3% to -1.9%

Balance sheet

Interest covered less than 5 times
Operating income is 0.7× interest expense
Debt smaller than equity
Debt / equity 0.89 on the latest balance sheet (peer median 0.85)
Current assets cover current liabilities
Current ratio 1.05
Net debt over 3 years of free cash flow
$6.8B net debt, 259.8 years

Debt / equity at each year end, FY2022 to FY2025: 1.78 to 0.74

Cash and shareholders

Free cash flow positive in 3 of 4 years
$196.0M last year
Share count up over 3 years
+50.0%
Dividend per share up over 2 years
$0.55 → $2.11

Free cash flow, FY2022 to FY2025: -312.0M to 196.0M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

$6.1B of principal due, schedule of Dec 31, 2025

Debt

Repayment schedule

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Contracted revenue and deferred revenue

Backlog (remaining performance obligations) and cash received in advance, by balance sheet date · XBRL

Remaining performance obligations

Signed, not yet recognized $1.7B revenue under contracts the company has not delivered yet, Sep 30, 2026 · +31.7% on a year earlier

Sep 30, 2026 $1.7B
Jun 30, 2026 $1.7B
Mar 31, 2026 $1.7B
Dec 31, 2025 $1.5B
Sep 30, 2025 $1.3B
Jun 30, 2025 $1.2B
Mar 31, 2025 $1.1B
Dec 31, 2024 $1.1B

Deferred revenue

Paid in advance $80.0M cash received before delivery, not yet recognized as revenue, Sep 30, 2026 · -4.8% on a year earlier

Sep 30, 2026 $80.0M
Jun 30, 2026 $78.0M
Mar 31, 2026 $78.0M
Dec 31, 2025 $81.0M
Sep 30, 2025 $84.0M
Jun 30, 2025 $83.0M
Mar 31, 2025 $82.0M
Dec 31, 2024 $83.0M

Both are balance-sheet-date values from the 10-K and 10-Qs. Backlog is what is under contract, not a forecast: contracts can be cancelled or change in size, and a company counts them in its own way. Hover a number for its XBRL line; click it to open the filing.

Income statement, balance sheet and cash flow

Statements · XBRL, each 10-K and 10-Q

From EDGAR

LINE's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year, the last 4. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue5.4B

Net income-100.0M

Free cash flow196.0M

Free cash flow after stock pay70.0M

EPS (diluted)-0.43

Dividend per share2.11

Diluted shares228.0M

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Global Warehousing	4.0B	73.8%	+1.6%
Global Integrated Solutions	1.4B	26.2%	-3.3%

10-K 0001868159-26-000012, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
North America	3.8B	70.1%	+1.3%
United States	3.5B	64.8%	+1.7%
EUROPE	1.2B	21.5%	-2.8%
ASIA PACIFIC	445.0M	8.3%	0.0%
CANADA	283.0M	5.3%	-3.4%
Other foreign	5.0M	0.1%	+25.0%

10-K 0001868159-26-000012, segment and revenue notes (XBRL).

Revenue by business segment, 4 years

from the segment notes of the last 2 10-Ks

	FY2022	FY2023	FY2024	FY2025
Global Warehousing	3.4B	3.9B	3.9B	4.0B
Global Integrated Solutions	1.5B	1.5B	1.5B	1.4B
Sum of segments	4.9B	5.3B	5.3B	5.4B

Revenue and operating income by business segment, as each 10-K reports them in its segment note (XBRL). Each year comes from the newest 10-K that reports it, so a year the company later recast shows the recast number; click a number to open that 10-K. Rows without a number were not reported as a separate segment that year. "Corporate and other" and "All other" are the 10-K's own lines for what is outside the segments.

Income statement

From EDGAR

	FY2022	FY2023	FY2024	FY2025
Revenue	4.9B	5.3B	5.3B	5.4B
Cost of revenue	3.5B	3.6B	3.6B	3.6B
SG&A	399.0M	502.0M	539.0M	574.0M
Operating income	297.0M	398.0M	-361.0M	181.0M
Interest expense	281.0M	509.0M	426.0M	256.0M
Pretax income	-70.0M	-110.0M	-840.0M	-115.0M
Income tax	6.0M	-14.0M	-89.0M	-2.0M
Net income	-63.0M	-77.0M	-664.0M	-100.0M
EPS (diluted)	-0.51	-0.73	-3.70	-0.43
Diluted shares	152.0M	162.0M	191.0M	228.0M
Depreciation & amortization	678.0M	760.0M	876.0M	895.0M
EBITDA	975.0M	1.2B	515.0M	1.1B
Operating margin	6.0%	7.5%	-6.8%	3.4%
Net margin	-1.3%	-1.4%	-12.4%	-1.9%
Revenue growth	-	+8.4%	0.0%	+0.3%

Balance sheet

From EDGAR

	FY2022	FY2023	FY2024	FY2025
Cash	202.0M	68.0M	173.0M	66.0M
Receivables	-	913.0M	826.0M	896.0M
Inventory	-	171.0M	187.0M	145.0M
Current assets	-	1.3B	1.3B	1.2B
Property & equipment	-	10.6B	10.6B	11.3B
Goodwill	3.3B	3.4B	3.3B	3.5B
Other intangible assets	-	1.3B	1.1B	1.1B
Total assets	-	18.9B	18.7B	19.2B
Current liabilities	-	1.4B	1.5B	1.5B
Total debt	-	9.0B	5.0B	6.1B
Total liabilities	-	12.8B	9.0B	9.9B
Shareholders' equity	5.8B	5.1B	8.6B	8.2B
Retained earnings	-	-879.0M	-1.9B	-2.4B

Cash flow

From EDGAR

	FY2022	FY2023	FY2024	FY2025
Operating cash flow	501.0M	796.0M	703.0M	943.0M
Capital spending	813.0M	766.0M	691.0M	747.0M
Free cash flow	-312.0M	30.0M	12.0M	196.0M
Stock-based pay (added back)	17.0M	26.0M	215.0M	126.0M
Free cash flow after stock pay	-329.0M	4.0M	-203.0M	70.0M
Dividends paid	180.0M	46.0M	234.0M	537.0M
Buybacks	0	12.0M	42.0M	82.0M
Acquisitions	1.6B	283.0M	346.0M	443.0M
Debt raised	946.0M	0	2.5B	1.3B
Investing cash flow	-2.4B	-1.1B	-919.0M	-1.1B
Financing cash flow	1.8B	136.0M	320.0M	14.0M
Dividend per share	-	0.55	0.91	2.11

Stock-based pay and leases

From EDGAR

	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	17.0M	26.0M	215.0M	126.0M
Stock-based pay / revenue	0.3%	0.5%	4.0%	2.4%
Operating lease cost	103.0M	115.0M	114.0M	103.0M
Operating lease cash paid	94.0M	92.0M	100.0M	96.0M
Finance lease principal paid	50.0M	55.0M	70.0M	168.0M
Right-of-use assets	-	724.0M	627.0M	616.0M
Operating lease liabilities	-	752.0M	655.0M	654.0M
Finance lease liabilities	-	1.4B	1.4B	1.3B

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Sources

Every figure is from the company's XBRL filed with each 10-K and 10-Q (data.sec.gov). Hover a number for its line item; click it to open the filing.

Also

Company numbers: the figures the company reports beyond the statements. Peers: ten years, side by side.

Work with it

Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/LINE/export.csv") into a cell.

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