Americold Realty Trust Inc.
COLDFinancial Snapshot
ticker: COLD step: 04 generated: 2026-05-13 source: quick-research
Americold Realty Trust Inc. (COLD) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | ~$2.50B | $2.67B | $2.66B | -0.3% |
| Gross Margin | ~30% | ~32% | ~35% | |
| Operating Margin | ~5% | ~6% | ~8% | |
| Net Income (loss) | ~($100M) | ~($50M) | ~$50M | |
| AFFO/Share | ~$1.11 | $1.27 | $1.47 | +15.9% |
GAAP net income is depressed by heavy depreciation on refrigerated warehouse assets. AFFO is the primary performance metric, growing 14% in FY2023 and 15.9% in FY2024 as margins expanded. Core EBITDA reached $634M in FY2024 (+10.8% YoY from $572M in FY2023).
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$500M |
| AFFO | ~$420M |
| Cash & Equivalents | ~$100M |
| Total Debt | ~$4.5B |
| Net Debt / EBITDA | ~5.8x |
Key Ratios (approximate)
- P/AFFO: ~16x | EV/EBITDA: ~18x | Dividend Yield: ~4.5%
- Revenue Growth (FY2024): -0.3% (flat; soft consumer demand cycle)
- Core EBITDA Growth (FY2024): +10.8% (margin expansion driven by operational efficiency)
- Quarterly Dividend: $0.22/share ($0.88 annualized)
Growth Profile
Americold delivered strong AFFO/share growth of 14–16% in FY2023–FY2024 through margin expansion and operational efficiency improvements, even as revenue was essentially flat. The revenue pause reflects a cyclical soft patch in food storage volumes driven by destocking and soft consumer demand — not a structural problem. The $1B+ development pipeline (UK and Australia) and automation rollout (15% → 30% by 2030) provide medium-term NOI growth catalysts. Management projects 4–6% revenue growth in 2025 with 7–10% NOI growth as volumes normalize.
Forward Estimates
- FY2025 Revenue growth target: +4–6%
- FY2025/FY2026 NOI growth target: +7–10%
- Analyst consensus NAV: ~$28/share (current stock price implies ~50% discount)
- Consensus rating: Hold (13 analysts); 15% Strong Buy, 8% Buy, 62% Hold, 15% Sell
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $COLD.