Americold Realty Trust, Inc.
- Open
- 15.77
- Day high
- 16.21
- Day low
- 15.71
- Prev close
- 15.72
- Volume
- 2.1M
- Mkt cap
- $4.6B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.6
- P/S
- 1.8
- Yield
- 5.72%
- Per share
- $0.92
Americold Realty Trust, Inc. (COLD) is a Real Estate company listed on NYSE. The stock is down 6% over the past year.
Americold Realty Trust, Inc. (COLD) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
COLD earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.27 | $-0.05 | -118.5% | $630M | +2.6% |
| Feb 19, 2026 | $0.37 | $-0.31 | -183.8% | $658M | +0.2% |
| Nov 6, 2025 | $0.35 | $-0.04 | -111.4% | $664M | +1.4% |
| Aug 7, 2025 | $0.34 | $0.01 | -97.1% | $651M | -4.5% |
| May 8, 2025 | $0.34 | $-0.06 | -117.6% | $629M | -6.7% |
| Feb 20, 2025 | $0.10 | $-0.13 | -230.0% | $666M | -2.9% |
| Nov 7, 2024 | $0.36 | $-0.01 | -102.8% | $674M | +0.7% |
| May 9, 2024 | $0.03 | $0.03 | +12.5% | $665M | +0.5% |
| Feb 22, 2024 | $0.36 | $-0.80 | -322.2% | $679M | -4.0% |
| Nov 2, 2023 | $0.32 | $-0.01 | -103.1% | $668M | -3.8% |
| Aug 3, 2023 | $0.26 | $-0.36 | -238.5% | $650M | -6.6% |
| May 4, 2023 | $0.26 | $-0.01 | -103.8% | $676M | -5.9% |
COLD insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 20, 2026 | Fernandez Antonio F.director | Grant | 12,422 | — |
| May 20, 2026 | Sleigh Stephen R.director | Grant | 12,422 | — |
| May 20, 2026 | Power Andrewdirector | Grant | 12,422 | — |
| May 20, 2026 | BARRETT KELLY HEFNERdirector | Option | 10,124 | — |
| May 20, 2026 | Reece Joseph Edirector | Grant | 12,422 | — |
| May 20, 2026 | BARRETT KELLY HEFNERdirector | Grant | 12,422 | — |
| May 20, 2026 | AMERICOLD REALTY TRUSTdirector | Grant | 12,422 | — |
| May 20, 2026 | Patterson Mark Rdirector | Grant | 16,218 | — |
| May 20, 2026 | NEITHERCUT DAVID Jdirector | Grant | 12,422 | — |
| May 20, 2026 | AMERICOLD REALTY TRUSTdirector | Option | 10,124 | — |
| Mar 17, 2026 | Harris Robert E.officer: Chief Accounting Officer | Option | 1,949 | — |
| Mar 17, 2026 | Winnall Richard Charlesofficer: President, International | Option | 4,667 | — |
| Mar 17, 2026 | Winnall Richard Charlesofficer: President, International | Grant | 4,667 | — |
| Mar 17, 2026 | Harris Robert E.officer: Chief Accounting Officer | Sell | 665 | $11.40 |
| Mar 10, 2026 | Harris Robert E.officer: Chief Accounting Officer | Option | 1,584 | — |
Source: COLD SEC Form 4 filings, latest May 20, 2026. For informational purposes only — not investment advice.
See the full COLD insider & 13F page →Americold Realty Trust, Inc. company profile
Overview
Americold Realty Trust, Inc. (NYSE:COLD) is the world's largest publicly traded real estate investment trust (REIT) specializing in temperature-controlled warehouses. Founded and headquartered in Atlanta, Georgia, the company went public in January 2018. Americold operates as a critical infrastructure provider in the global cold chain supply network, owning and operating 185 temperature-controlled warehouses across the United States, Australia, New Zealand, Canada, and Argentina. The company manages over 1 billion refrigerated cubic feet of storage space, serving as an essential link between food producers, processors, distributors, and retailers in delivering products to consumers.
Business
Americold operates in the specialized cold storage industry, which is a critical component of the global food supply chain. Cold storage warehouses are temperature-controlled facilities that maintain specific temperature ranges (typically between -10°F to 35°F) to preserve perishable goods such as frozen foods, fresh produce, dairy products, pharmaceuticals, and other temperature-sensitive items. These facilities prevent spoilage, extend shelf life, and ensure food safety throughout the distribution process. The company's business is primarily structured around its Global Warehouse segment, which represents virtually all of its revenue and operations. This segment encompasses the ownership, operation, and development of temperature-controlled warehouses that provide both storage and value-added services. The facilities serve as distribution hubs where products are received, stored, and then shipped to various destinations including grocery stores, restaurants, and other retail outlets. Americold's warehouses offer two main types of services: rent and storage services, where customers pay for dedicated space to store their products, and warehouse services, which include handling, transportation, and other logistics activities such as loading, unloading, inventory management, and order fulfillment. The company has been strategically increasing its fixed commitment contracts, which provide more predictable revenue streams by guaranteeing customers specific storage space regardless of actual usage, currently representing approximately 60% of rent and storage revenue.
Revenue model
Americold generates revenue through two primary streams within its warehouse operations. The first is rent and storage revenue, where customers pay for dedicated refrigerated space to store their products, similar to traditional warehouse leasing but with the added complexity of temperature control. The second is warehouse services revenue, which includes handling fees for loading and unloading products, inventory management, order fulfillment, and transportation services. The company's customers are primarily food producers, processors, distributors, and retailers who require temperature-controlled storage as part of their supply chain operations. These include major grocery chains, food manufacturers, agricultural producers, and third-party logistics providers. Americold has been successful in securing long-term relationships with customers, maintaining a low customer churn rate of approximately 3%. Several factors influence Americold's profit margins. Labor costs represent a significant expense, as the company employs thousands of workers across its facilities for handling and logistics operations. The company has focused on improving its permanent-to-temporary worker ratio to 78:22, which helps reduce turnover costs and improve productivity. Energy costs for refrigeration represent another major expense, making the company sensitive to utility rate changes. Economic occupancy rates directly impact profitability, as higher utilization spreads fixed costs across more revenue. The company has also implemented pricing initiatives and surcharges to offset inflationary pressures in labor and energy costs. Consumer demand patterns affect throughput volumes, with economic uncertainty leading to reduced inventory levels and lower warehouse activity, as evidenced by recent quarters where occupancy declined to approximately 77% from historical highs above 84%.
Competitive moat
Americold's competitive moat is moderately strong but faces some vulnerabilities. The company's primary advantages stem from its massive scale as the world's largest cold storage REIT, which provides significant economies of scale in operations, purchasing power, and customer relationships. The company's extensive geographic footprint across multiple countries creates network effects, allowing it to serve large national and international customers with comprehensive coverage. The high barriers to entry in cold storage provide some protection, as building temperature-controlled warehouses requires substantial capital investment, specialized engineering expertise, and regulatory compliance. The facilities also benefit from location advantages, as they are typically situated near transportation hubs, ports, and major population centers where suitable industrial land is scarce and expensive. However, Americold's moat faces several challenges. The company operates in a capital-intensive industry with relatively low switching costs for customers, who can potentially move their business to competitors if pricing or service levels become unfavorable. The cold storage industry has been attracting new entrants, including other public companies, which could intensify competition. Additionally, Americold's business is highly sensitive to economic cycles, as demonstrated by recent occupancy declines during periods of reduced consumer demand. The company's heavy reliance on labor in an industry facing workforce challenges also presents operational risks. While the strategic partnerships with Canadian Pacific Kansas City Railway and DP World provide growth opportunities, the company must continue to invest heavily in technology and automation to maintain its competitive position.
Risks & safety
Americold presents moderate financial risk with some concerning liquidity metrics but manageable debt levels. **Liquidity and Cash Flow:** - Current ratio of 0.40 indicates potential short-term liquidity pressure - Cash and short-term investments of $39 million is relatively low - Free cash flow turned negative at -$82 million in Q1 2025 - Operating cash flow positive at $30 million but significantly lower than previous periods **Debt and Solvency:** - Debt-to-equity ratio of 1.24 is elevated but typical for REITs - Total liabilities of $4.6 billion against $7.8 billion in assets - Interest coverage appears adequate based on EBITDA of $111 million quarterly **Valuation Metrics:** - EV/EBITDA of 22.6x appears elevated for current performance - Price-to-book ratio of 1.92x suggests modest premium to asset value - Trading at $17.34 with negative return on equity of -0.5% **Other Considerations:** - REIT structure requires distribution of most taxable income, limiting cash retention - Development pipeline of $500 million requires continued capital access - Economic occupancy decline to 77% pressures cash generation
Recent development
Over the past few years, Americold has undergone significant strategic and operational transformation. The company completed a major technology overhaul with the implementation of Project Orion, a new enterprise resource planning (ERP) system deployed in May 2024, which embedded artificial intelligence capabilities and identified over 400 AI opportunities for system improvements. The company has dramatically improved its operational efficiency, achieving $100 million in incremental net operating income through workforce productivity initiatives. Labor management became a key focus, with the company reducing annual turnover from high levels to 29% and improving the permanent-to-temporary worker ratio to 78:22. Service margins expanded significantly from low single digits to over 11%, with management targeting 12% as the new baseline. Americold has pursued an aggressive development strategy, with over $500 million in active expansion and development projects. Key initiatives include a $148 million automated expansion in the Dallas-Fort Worth market, facilities in Kansas City, Allentown, Dubai, and Canada's first import-export hub at Port St. John, New Brunswick. The company established strategic partnerships with Canadian Pacific Kansas City Railway and DP World to develop railroad-adjacent and port-based cold storage facilities, representing potential opportunities exceeding $1 billion. The company has also focused on revenue quality improvement, increasing fixed commitment contracts from approximately 46% to 60% of rent and storage revenue over the past few years. This shift provides more predictable cash flows and reduces occupancy risk. However, recent quarters have shown challenges with economic occupancy declining from record highs above 84% to approximately 77% due to weak consumer demand and economic uncertainty affecting inventory levels.
COLD company profile · for informational purposes only — not investment advice.
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