Comprehensive Stock Comparison
Compare Americold Realty Trust, Inc. (COLD) vs Lineage, Inc. (LINE) vs Innovative Industrial Properties, Inc. (IIPR) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | LINE | 0.3% revenue growth vs IIPR's -13.8% |
| Value | IIPR | Better valuation composite |
| Quality / Margins | IIPR | 44.5% net margin vs COLD's -4.4% |
| Stability / Safety | IIPR | Beta 0.77 vs LINE's 0.92 |
| Dividends | LINE | 5.8% yield, 2-year raise streak, vs IIPR's 0.1% |
| Momentum (1Y) | IIPR | -15.8% vs COLD's -37.6% |
| Efficiency (ROA) | IIPR | 5.0% ROA vs COLD's -1.4%, ROIC 4.3% vs 0.1% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Americold is a real estate investment trust that owns and operates temperature-controlled warehouses — primarily for food products — across North America, Australia, and New Zealand. It generates revenue primarily through rental income from long-term leases with food producers, processors, and retailers, supplemented by value-added services like inventory management. Its competitive advantage lies in its massive scale as the world's largest publicly traded refrigerated warehouse REIT, creating a network effect with strategic locations near key transportation hubs.
Lineage is a temperature-controlled industrial real estate company that operates a global network of cold storage warehouses. It generates revenue primarily through warehouse leasing fees — with its Global Warehousing segment contributing the majority — supplemented by specialized cold-chain logistics services. The company's competitive advantage lies in its massive scale as the world's largest temperature-controlled warehouse operator, creating network effects and operational efficiencies across its global footprint.
Innovative Industrial Properties is a specialized real estate investment trust that acquires and leases properties to state-licensed medical cannabis operators. It generates revenue primarily through long-term triple-net leases — collecting rent and property management fees — with additional income from property sales and development reimbursements. Its competitive advantage lies in being the first and largest publicly-traded REIT focused exclusively on the regulated U.S. cannabis industry, creating a specialized expertise and scale that's difficult to replicate.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 3 stocks. BestLagging
Financial Scorecard
IIPR leads in 5 of 6 categories (Financial Metrics, Valuation Metrics). LINE leads in 1 (Analyst Outlook).
Financial Metrics (TTM)
LINE is the larger business by revenue, generating $5.4B annually — 20.1x IIPR's $266M. IIPR is the more profitable business, keeping 44.5% of every revenue dollar as net income compared to COLD's -4.4%. On growth, LINE holds the edge at -0.2% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | COLDAmericold Realty … | LINELineage, Inc. | IIPRInnovative Indust… |
|---|---|---|---|
| RevenueTrailing 12 months | $2.6B | $5.4B | $266M |
| EBITDAEarnings before interest/tax | $375M | $1.5B | $198M |
| Net IncomeAfter-tax profit | -$115M | -$100M | $118M |
| Free Cash FlowCash after capex | -$205M | $196M | $198M |
| Gross MarginGross profit ÷ Revenue | +23.9% | +47.7% | +88.7% |
| Operating MarginEBIT ÷ Revenue | +0.3% | +3.4% | +46.7% |
| Net MarginNet income ÷ Revenue | -4.4% | -1.9% | +44.5% |
| FCF MarginFCF ÷ Revenue | -7.9% | +3.7% | +74.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | -1.2% | -0.2% | -13.1% |
| EPS Growth (YoY)Latest quarter vs prior year | -138.5% | +108.5% | -21.3% |
Valuation Metrics
On an enterprise value basis, IIPR's 9.2x EV/EBITDA is more attractive than COLD's 21.8x.
| Metric | COLDAmericold Realty … | LINELineage, Inc. | IIPRInnovative Indust… |
|---|---|---|---|
| Market CapShares × price | $3.8B | $9.2B | $1.5B |
| Enterprise ValueMkt cap + debt − cash | $8.2B | $10.9B | $1.8B |
| Trailing P/EPrice ÷ TTM EPS | -33.48x | -94.23x | 13.48x |
| Forward P/EPrice ÷ next-FY EPS est. | — | — | 11.90x |
| PEG RatioP/E ÷ EPS growth rate | — | — | 3.60x |
| EV / EBITDAEnterprise value multiple | 21.83x | 9.54x | 9.23x |
| Price / SalesMarket cap ÷ Revenue | 1.47x | 1.72x | 5.58x |
| Price / BookPrice ÷ Book value/share | 1.31x | 1.00x | 0.81x |
| Price / FCFMarket cap ÷ FCF | — | 46.92x | 7.49x |
Profitability & Efficiency
IIPR delivers a 6.4% return on equity — every $100 of shareholder capital generates $6 in annual profit, vs $-4 for COLD. LINE carries lower financial leverage with a 0.20x debt-to-equity ratio, signaling a more conservative balance sheet compared to COLD's 1.54x. On the Piotroski fundamental quality scale (0–9), LINE scores 4/9 vs COLD's 1/9, reflecting mixed financial health.
| Metric | COLDAmericold Realty … | LINELineage, Inc. | IIPRInnovative Indust… |
|---|---|---|---|
| ROE (TTM)Return on equity | -3.9% | -1.1% | +6.4% |
| ROA (TTM)Return on assets | -1.4% | -0.5% | +5.0% |
| ROICReturn on invested capital | +0.1% | +1.4% | +4.3% |
| ROCEReturn on capital employed | +0.1% | +1.4% | +5.8% |
| Piotroski ScoreFundamental quality 0–9 | 1 | 4 | 4 |
| Debt / EquityFinancial leverage | 1.54x | 0.20x | 0.21x |
| Net DebtTotal debt minus cash | $4.4B | $1.8B | $346M |
| Cash & Equiv.Liquid assets | $137M | $66M | $48M |
| Total DebtShort + long-term debt | $4.5B | $1.8B | $394M |
| Interest CoverageEBIT ÷ Interest expense | — | 0.94x | 6.15x |
Total Returns (with DRIP)
A $10,000 investment in LINE five years ago would be worth $5,390 today (with dividends reinvested), compared to $4,494 for IIPR. Over the past 12 months, IIPR leads with a -15.8% total return vs COLD's -37.6%. The 3-year compound annual growth rate (CAGR) favors IIPR at -5.2% vs LINE's -18.6% — a key indicator of consistent wealth creation.
| Metric | COLDAmericold Realty … | LINELineage, Inc. | IIPRInnovative Indust… |
|---|---|---|---|
| YTD ReturnYear-to-date | +3.5% | +14.4% | +7.1% |
| 1-Year ReturnPast 12 months | -37.6% | -29.2% | -15.8% |
| 3-Year ReturnCumulative with dividends | -45.3% | -46.1% | -14.8% |
| 5-Year ReturnCumulative with dividends | -49.4% | -46.1% | -55.1% |
| 10-Year ReturnCumulative with dividends | +13.5% | -46.1% | +407.4% |
| CAGR (3Y)Annualised 3-year return | -18.2% | -18.6% | -5.2% |
Risk & Volatility
IIPR is the less volatile stock with a 0.77 beta — it tends to amplify market swings less than LINE's 0.92 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. IIPR currently trades 70.7% from its 52-week high vs COLD's 58.1% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | COLDAmericold Realty … | LINELineage, Inc. | IIPRInnovative Indust… |
|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.89x | 0.92x | 0.77x |
| 52-Week HighHighest price in past year | $23.05 | $62.30 | $74.92 |
| 52-Week LowLowest price in past year | $10.10 | $32.46 | $44.58 |
| % of 52W HighCurrent price vs 52-week peak | +58.1% | +65.0% | +70.7% |
| RSI (14)Momentum oscillator 0–100 | 58.8 | 63.4 | 70.7 |
| Avg Volume (50D)Average daily shares traded | 4.3M | 1.4M | 276K |
Analyst Outlook
Analyst consensus: COLD as "Buy", LINE as "Hold", IIPR as "Hold". Consensus price targets imply 5.4% upside for COLD (target: $14) vs -16.9% for IIPR (target: $44). LINE is the only dividend payer here at 5.81% yield — a key consideration for income-focused portfolios.
| Metric | COLDAmericold Realty … | LINELineage, Inc. | IIPRInnovative Indust… |
|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold | Hold |
| Price TargetConsensus 12-month target | $14.11 | $39.73 | $44.00 |
| # AnalystsCovering analysts | 19 | 16 | 11 |
| Dividend YieldAnnual dividend ÷ price | — | +5.8% | +0.1% |
| Dividend StreakConsecutive years of raises | 1 | 2 | 0 |
| Dividend / ShareAnnual DPS | — | $2.36 | $0.03 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +1.0% | +1.4% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Aug 24 | Feb 26 | Change |
|---|---|---|---|
| Americold Realty Tr… (COLD) | 100 | 41.53 | -58.5% |
| Lineage, Inc. (LINE) | 106.66 | 43.64 | -59.1% |
| Innovative Industri… (IIPR) | 100 | 39.7 | -60.3% |
Lineage, Inc. (LINE) returned -46% over 5 years vs Innovative Industri… (IIPR)'s -55%.
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Americold Realty Tr… (COLD) | $1.5B | $2.6B | +74.6% |
| Lineage, Inc. (LINE) | $918M | $5.4B | +483.5% |
| Innovative Industri… (IIPR) | $321000.00 | $266M | +82752.0% |
Americold Realty Trust, Inc.'s revenue grew from $1.5B (2016) to $2.6B (2025) — a 6.4% CAGR. Lineage, Inc.'s revenue grew from $918M (2016) to $5.4B (2025) — a 21.7% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Americold Realty Tr… (COLD) | 0.3% | -4.4% | -1430.1% |
| Lineage, Inc. (LINE) | -2.4% | -1.9% | +21.1% |
| Innovative Industri… (IIPR) | -13.7% | 43.0% | +414.5% |
Americold Realty Trust, Inc.'s net margin went from 0% (2016) to -4% (2025). Lineage, Inc.'s net margin went from -2% (2016) to -2% (2025).
Chart 4P/E Ratio History — 8 Years
| Stock | 2018 | 2025 | Change |
|---|---|---|---|
| Americold Realty Tr… (COLD) | 82.4 | 311.1 | +277.5% |
| Innovative Industri… (IIPR) | 47.3 | 12.1 | -74.4% |
Americold Realty Trust, Inc. has traded in a 82x–311x P/E range over 3 years; current trailing P/E is ~-33x. Innovative Industrial Properties, Inc. has traded in a 12x–58x P/E range over 8 years; current trailing P/E is ~13x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Americold Realty Tr… (COLD) | -0.35 | -0.4 | -14.3% |
| Lineage, Inc. (LINE) | -6.16 | -0.43 | +93.0% |
| Innovative Industri… (IIPR) | -4.56 | 3.93 | +186.2% |
Americold Realty Trust, Inc.'s EPS grew from $-0.35 (2016) to $-0.40 (2025). Lineage, Inc.'s EPS grew from $-6.16 (2016) to $-0.43 (2025).
Chart 6Free Cash Flow — 5 Years
Americold Realty Trust, Inc. generated $0M FCF in 2025 (+100% vs 2021). Lineage, Inc. generated $196M FCF in 2025 (+155% vs 2021).
COLD vs LINE vs IIPR: Key Questions Answered
8 questions · data-driven answers · updated daily
01Is COLD or LINE or IIPR a better buy right now?
Innovative Industrial Properties, Inc. (IIPR) offers the better valuation at 13.5x trailing P/E (11.9x forward), making it the more compelling value choice. Analysts rate Americold Realty Trust, Inc. (COLD) a "Buy" — based on 19 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which is the better long-term investment — COLD or LINE or IIPR?
Over the past 5 years, Lineage, Inc. (LINE) delivered a total return of -46.1%, compared to -55.1% for Innovative Industrial Properties, Inc. (IIPR). A $10,000 investment in LINE five years ago would be worth approximately $5K today (assuming dividends reinvested). Over 10 years, the gap is even starker: IIPR returned +407.4% versus LINE's -46.1%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
03Which is safer — COLD or LINE or IIPR?
By beta (market sensitivity over 5 years), Innovative Industrial Properties, Inc. (IIPR) is the lower-risk stock at 0.77β versus Lineage, Inc.'s 0.92β — meaning LINE is approximately 19% more volatile than IIPR relative to the S&P 500. On balance sheet safety, Lineage, Inc. (LINE) carries a lower debt/equity ratio of 20% versus 154% for Americold Realty Trust, Inc. — giving it more financial flexibility in a downturn.
04Which has better profit margins — COLD or LINE or IIPR?
Innovative Industrial Properties, Inc. (IIPR) is the more profitable company, earning 43.0% net margin versus -4.4% for Americold Realty Trust, Inc. — meaning it keeps 43.0% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: IIPR leads at 46.7% versus 0.3% for COLD. At the gross margin level — before operating expenses — IIPR leads at 88.7%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
05Is COLD or LINE or IIPR more undervalued right now?
Analyst consensus price targets imply the most upside for COLD: 5.4% to $14.11.
06Which pays a better dividend — COLD or LINE or IIPR?
In this comparison, LINE (5.8% yield) pays a dividend. COLD, IIPR do not pay a meaningful dividend and should not be held primarily for income.
07Is COLD or LINE or IIPR better for a retirement portfolio?
For long-horizon retirement investors, Lineage, Inc. (LINE) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.92), 5.8% yield). Both have compounded well over 10 years (LINE: -46.1%, COLD: +13.5%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
08What are the main differences between COLD and LINE and IIPR?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: COLD is a small-cap quality compounder stock; LINE is a small-cap income-oriented stock; IIPR is a small-cap deep-value stock. LINE pays a dividend while COLD, IIPR do not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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