Americold Realty Trust Inc COLD

Real EstateResidential & Commercial REITsUnited States of America

Last close 14.37 USD on Nov 1, 2026, +17.6% year to date

Quant rating

Quant rating B Rank 60 of 175 in Real Estate

Growth B 60 of 175
Valuation C 91 of 175
Quality C 113 of 175
Revisions A 25 of 175
Momentum B 58 of 175

Wall Street consensus Hold (2.56)Average target 17.57 USD +22.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 4.1B
Enterprise value: 8.6B
52-week range: 10.10 – 16.87
3-year range: 10.10 – 30.58
Dividend yield: 6.40%
Beta (5 years): 0.96
Shares outstanding: 285M
Next earnings: Nov 5, 2026

About the company

Americold Realty Trust, Inc. is a self-administered and self-managed real estate investment trust (REIT). The Company is engaged in temperature-controlled logistics real estate and value-added services. Focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, it owns and/or operates about 239 temperature-controlled warehouses, with approximately 1.4 billion refrigerated cubic feet of storage, in North America, Europe, Asia-Pacific, and South America. Its facilities are an integral component of the supply chain, connecting food producers, processors, distributors and retailers to consumers. In addition, it holds minority interests in two joint ventures, one with SuperFrio, which owns or operates 34 temperature-controlled warehouses in Brazil, and one with RSA joint venture, which operates two temperature-controlled warehouses in Dubai. It manages its business through three segments: warehouse, transportation, and third-party managed.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,602	2,667	2,673	2,915	2,715	–
Revenue growth	−2.4%	−0.3%	−8.3%	7.4%	36.6%	5.5%
EPS (basic, normalized)	−0.40	−0.33	−1.22	−0.07	−0.12	–
EPS growth	–	–	–	–	–	–
Gross margin	32.3%	31.8%	28.8%	23.9%	23.2%	28.0%
Net margin	−4.4%	−3.5%	−12.2%	−0.4%	−1.1%	−4.3%
ROE	−3.7%	−2.7%	−8.8%	−0.3%	−0.7%	−3.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	40.5
Current ratio	–
Long-term debt (mil)	4,455
Net debt (mil)	4,451
Total equity (mil)	2,415
Net debt / equity	1.84x
Net debt / EBITDA	7.20x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	2,602	−2.4%	3.3x	618	+3.1%	13.8x	−0.40	−21.2%	−35.9x
2026	2,544	−2.2%	3.4x	549	−11.2%	15.6x	−0.98	−145.8%	−14.6x
2027	2,544	0.0%	3.4x	540	−1.5%	15.8x	0.14	+114.4%	101.4x
2028	2,661	+4.6%	3.2x	574	+6.2%	14.9x	−0.04	−125.9%	−391.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	2,544	−0.6%	+1.2%	0.0%	−0.98	0.0%	−5,998.8%	−736.9%
2027	2,544	−0.3%	+1.4%	−3.3%	0.14	0.0%	+2.4%	+357.6%
2028	2,661	0.0%	+3.6%	−4.9%	−0.04	0.0%	+67.6%	+77.5%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	665	661	674	666	629	651	664	658	630	663
Sales mean (mil)	680	664	683	684	666	639	660	656	614	620
Surprise	−2.2%	−0.5%	−1.3%	−2.6%	−5.6%	+1.8%	+0.6%	+0.3%	+2.6%	+6.9%
EPS reported	0.03	−0.23	−0.01	−0.13	−0.06	0.01	−0.04	−0.31	−0.05	−1.19
EPS mean	0.03	0.06	0.10	0.09	0.05	0.07	0.03	0.06	−0.07	0.01
Surprise	+12.5%	−518.2%	−110.2%	−244.4%	−211.1%	−86.5%	−225.0%	−647.0%	+23.1%	−17,941.1%

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
COLD Americold Realty Trust Inc	4.1B	7.20x	−4.4%	1.70x	−14.6x	101.4x	15.6x	15.8x
WELL Welltower Inc.	172.1B	3.89x	−4.7%	3.53x	80.9x	71.9x	35.1x	29.1x
PLD Prologis, Inc.	121.6B	5.26x	37.8%	2.18x	31.1x	34.3x	22.0x	19.8x
SPG Simon Property Group Inc	70.5B	6.33x	72.7%	15.89x	33.1x	30.8x	19.1x	18.2x
PSA Public Storage	60.7B	7.23x	32.9%	4.18x	32.5x	31.9x	21.5x	19.5x
VTR Ventas, Inc.	44.8B	5.27x	4.3%	2.75x	144.0x	89.3x	22.3x	19.4x
Mean		5.86x	23.1%	5.04x	51.2x	59.9x	22.6x	20.3x
Median		5.80x	18.6%	3.14x	32.8x	53.1x	21.7x	19.4x

Technical analysis

1M+0.3%
3M0.0%
1Y+15.0%
3Y−33.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Americold Realty Trust Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,602	2,667	2,673	2,915	2,715	1,988
Cost of revenue	1,762	1,820	1,903	2,219	2,085	1,436
Gross profit	839	847	771	696	630	551
Selling, general & administrative expenses	269	255	227	231	182	145
Research & development	–	–	–	–	–	–
Depreciation/amortization	367	361	354	331	320	216
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	195	214	298	48.1	58.2	32.4
Other operating expenses	0	0	0	0	0	0
Operating income	7.2	16.3	−108	85.4	69.6	158
Net interest income (expense)	−147	−134	−139	−115	−99.1	−138
Gain (loss) on sale of assets	−2.6	−0.1	−4.0	−3.6	0.7	–
Other non-operating income (expense)	6.4	14.7	−77.3	3.7	−1.8	−2.6
Net income before taxes	−136	−103	−328	−29.9	−30.6	17.6
Provision for taxes	−20.5	−8.4	−2.3	−18.8	−1.6	−6.9
Minority interest	0.7	0.4	0.1	0	−0.1	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−115	−94.3	−326	−11.1	−29.2	24.5
Extraordinary items	0	0	−10.5	−8.4	−1.3	0
Net income	−115	−94.3	−336	−19.4	−30.5	24.5
EBIT, normalized	203	225	190	133	128	194
EBITDA, normalized	801	797	759	670	649	409
Basic EPS, normalized	−0.40	−0.33	−1.22	−0.07	−0.12	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Americold Realty Trust Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	137	47.7	60.4	53.1	83.0	610
Receivables	371	406	443	430	380	324
Total inventory	6.8	7.4	30.7	29.3	27.0	21.5
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	5,683	5,347	5,459	5,425	5,550	5,163
Goodwill	828	784	794	1,034	1,073	794
Intangibles	819	839	897	925	981	797
Long-term investments	39.2	40.3	38.1	78.9	46.9	51.5
Note receivable	27.9	24.6	–	–	–	–
Other long-term assets	724	701	681	642	566	1,025
Total assets	8,122	7,736	7,869	8,105	8,216	7,831
Liabilities
Accounts payable	231	222	201	215	224	179
Payable/accrued	49.5	61.0	43.7	31.9	11.0	–
Accrued expenses	406	476	501	515	547	516
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	4,319	3,461	3,252	3,318	3,120	2,959
Minority interest	37.6	26.2	18.5	14.5	8.1	2.4
Other liabilities	881	968	982	999	1,068	1,079
Total liabilities	5,237	4,455	4,253	4,331	4,195	4,041
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2.8	2.8	2.8	2.7	2.7	2.5
Additional paid-in capital	5,664	5,647	5,626	5,192	5,172	4,688
Retained earnings (accumulated deficit)	−2,719	−2,342	−1,996	−1,415	−1,158	−896
Treasury stock	–	–	–	–	–	–
Other equity	−63.2	−27.3	−16.6	−6.1	4.5	−4.4
Total equity	2,884	3,281	3,616	3,773	4,021	3,790
Total liabilities & shareholders' equity	8,122	7,736	7,869	8,105	8,216	7,831

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Americold Realty Trust Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−115	−94.7	−336	−19.5	−30.3	24.6
Depreciation, depletion & amortization	367	361	354	331	320	216
Deferred taxes	−26.6	−13.2	−10.8	−22.6	−9.1	−13.7
Non-cash items	188	237	406	72.3	48.9	64.7
Changes in working capital	−54.0	−77.8	−46.8	−61.8	−56.2	2.3
Cash from operations	360	412	366	300	273	294
Investing activities
Capital expenditures	−577	−309	−330	−323	−492	−402
Other investing cash flows	−81.2	−3.7	−26.8	−25.5	−747	−1,847
Cash from investing	−658	−313	−357	−348	−1,239	−2,249
Financing activities
Financing cash flow items	−3.3	−2.9	3.0	−7.8	−13.4	−10.1
Cash dividends paid	−261	−252	−242	−239	−228	−167
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	648	148	239	270	672	2,507
Cash from financing	383	−107	−0.3	23.3	431	2,330
Foreign exchange effects	4.3	−4.6	−1.5	−4.7	−3.4	6.0
Net change in cash	89.2	−12.7	7.3	−29.9	−538	380
Free cash flow	−217	102	35.9	−23.0	−219	−109

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.