LINE · sample dossier
Lineage, Inc. Common Stock
37/100
OutdatedGenerated Nov 7, 2026 · 11:00 AM UTC · 1 day ago
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EquityLineage, Inc. Common Stock · XNAS
Decision context
Recommendation
Weighed down by weak Growth (22/100) and Quality (26/100) scores.
A cautious picture — if you own it, consider taking some off.
AlphaDog Fair Value
Executive thesis & key metrics
Executive Investment Thesis
Lineage, Inc. is a cold-storage temperature-controlled logistics REIT operating with a gross margin of 32.0% and an EV/EBITDA of 15.74. Top-line expansion has decelerated to 0.8% YoY revenue growth in the latest quarter, yielding a net margin of -3.1% and a negative TTM P/E of -54.35. The primary risk centers on balance-sheet stress, reflected in an Altman Z-score of 1.50 in the distress zone alongside a Debt/Equity ratio of 0.95.
Key Metrics to Watch
What changed recently
No material changes found in the last 30 days.
Why this rating
Score 37 · Sell
Data through
OutdatedJun 30, 2026
A newer quarter has been reported and is not in these statements.
Composite 37/100 — weak across most factors.
Re-evaluate if
- Net margin falls below -3.8% (was -3.1%)
- Debt/Equity increases past the current 0.95 level.
- Return on Assets deteriorates below the current 0.8% mark.
Trim / reconsider if
- ROA falls below -9.2% (was 0.8%)
- Debt/Equity rises above 0.95 under continued GAAP net losses.
- Return on Assets drops below 0.8%.
Think of these dollars as a map of our value estimate for Sell — helpful context, not a reason to override the view.
A Calmer Look · Devil's Advocate
A second set of eyes on LINE
The consensus Sell rating leans heavily on GAAP distress metrics like an Altman Z-score of 1.50 and a -3.1% net margin, overlooking that Lineage operates as a capital-intensive cold-storage REIT where asset depreciation suppresses reported earnings while operating cash flow generates $1.07 in FCF per share.
May be overlooked
REIT structural distortion
The Altman Z-score of 1.50 heavily penalizes capital assets and accumulated depreciation, obscuring that positive FCF of $1.07 per share provides ongoing liquidity coverage despite a GAAP net margin of -3.1%.
Asset productivity trap
An ROA of 0.8% against a Debt/Equity of 1.0 indicates that returns on physical cold-storage assets do not clear the cost of debt capital, preventing organic balance sheet deleveraging without diluting equity valued at 1.1x P/B.
Stale insider signaling
The bull case leans on insider purchases from August 2026, yet the 2026-08-07 CFO acquisition of $826,638 is stale as of 2026-11-07 and insufficient in aggregate volume to signal an institutional-grade inflection.
Expectations look stretched
Technical momentum decoupling
The 13.6% 1-month rally trading above both the 50-day and 200-day moving averages is entirely unbacked by fundamental growth, with revenue expansion decelerating to 0.8% YoY.
Multiple disconnect
Paying an EV/EBITDA of 15.7 and a P/E of -54.3 prices in margin expansion that is directly contradicted by a Piotroski F-score of 3/9.
Overstated gross margin buffer
Relying on a 32.0% gross margin as an operating moat ignores that warehouse overhead and interest expenses eliminate all operating leverage, generating a -3.1% net margin.
Revenue growth falls below the current 0.8% YoY rate.
Revenue growth falls below the current 0.8% YoY rate.
Monitor These Triggers
3 Checkpoints · Next PrintMarket context
Snapshot returns at report publication
1 month
+13.6%
3 months
-5.4%
6 months
-2.1%
1 year
+3.3%
At a Glance
A mid-sized company is on a steady trend at unprofitable earnings.
Top Holders
As of Jun 30, 2026Financial trajectory
Financial Performance
Go deeper
For learning and research only — not investment advice. AlphaDog doesn’t hold stocks and isn’t your financial advisor.
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