# Americold Realty Trust Inc. (COLD) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/COLD/thesis · /stocks/COLD/memo

## Financial 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/COLD/fundamental

## Navigation

- Overview: /stocks/COLD
- Financials (this page): /stocks/COLD/financials
- Thesis: /stocks/COLD/thesis
- Investment Memo: /stocks/COLD/memo
- Coverage universe: /stocks