Comprehensive Stock Comparison
Compare Americold Realty Trust, Inc. (COLD) vs Welltower Inc. (WELL) 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 | WELL | 38.0% revenue growth vs COLD's -2.4% |
| Quality / Margins | WELL | 8.6% net margin vs COLD's -4.4% |
| Stability / Safety | WELL | Beta 0.29 vs COLD's 0.89, lower leverage |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | WELL | +36.8% vs COLD's -37.6% |
| Efficiency (ROA) | WELL | 1.4% ROA vs COLD's -1.4%, ROIC 0.9% 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.
Welltower is a healthcare-focused real estate investment trust that owns and invests in seniors housing communities, post-acute care facilities, and outpatient medical properties. It generates revenue primarily through rental income from its healthcare real estate portfolio — with seniors housing contributing roughly 60% of net operating income, outpatient medical properties about 25%, and post-acute care facilities the remainder. The company's competitive advantage lies in its scale and strategic partnerships with leading healthcare operators, creating a diversified portfolio concentrated in high-growth markets across the U.S., Canada, and the U.K.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
WELL leads in 4 of 6 categories (Financial Metrics, Profitability & Efficiency). COLD leads in 1 (Valuation Metrics).
Financial Metrics (TTM)
WELL is the larger business by revenue, generating $10.8B annually — 4.2x COLD's $2.6B. WELL is the more profitable business, keeping 8.6% of every revenue dollar as net income compared to COLD's -4.4%. On growth, WELL holds the edge at +46.3% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | COLDAmericold Realty … | WELLWelltower Inc. |
|---|---|---|
| RevenueTrailing 12 months | $2.6B | $10.8B |
| EBITDAEarnings before interest/tax | $375M | $2.6B |
| Net IncomeAfter-tax profit | -$115M | $934M |
| Free Cash FlowCash after capex | -$205M | $2.1B |
| Gross MarginGross profit ÷ Revenue | +23.9% | +20.9% |
| Operating MarginEBIT ÷ Revenue | +0.3% | +4.9% |
| Net MarginNet income ÷ Revenue | -4.4% | +8.6% |
| FCF MarginFCF ÷ Revenue | -7.9% | +19.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | -1.2% | +46.3% |
| EPS Growth (YoY)Latest quarter vs prior year | -138.5% | -26.3% |
Valuation Metrics
On an enterprise value basis, COLD's 21.8x EV/EBITDA is more attractive than WELL's 54.4x.
| Metric | COLDAmericold Realty … | WELLWelltower Inc. |
|---|---|---|
| Market CapShares × price | $3.8B | $144.3B |
| Enterprise ValueMkt cap + debt − cash | $8.2B | $142.0B |
| Trailing P/EPrice ÷ TTM EPS | -33.48x | 149.01x |
| Forward P/EPrice ÷ next-FY EPS est. | — | 73.28x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 21.83x | 54.40x |
| Price / SalesMarket cap ÷ Revenue | 1.47x | 13.31x |
| Price / BookPrice ÷ Book value/share | 1.31x | 3.26x |
| Price / FCFMarket cap ÷ FCF | — | 50.06x |
Profitability & Efficiency
WELL delivers a 2.2% return on equity — every $100 of shareholder capital generates $2 in annual profit, vs $-4 for COLD. WELL carries lower financial leverage with a 0.07x debt-to-equity ratio, signaling a more conservative balance sheet compared to COLD's 1.54x. On the Piotroski fundamental quality scale (0–9), WELL scores 5/9 vs COLD's 1/9, reflecting solid financial health.
| Metric | COLDAmericold Realty … | WELLWelltower Inc. |
|---|---|---|
| ROE (TTM)Return on equity | -3.9% | +2.2% |
| ROA (TTM)Return on assets | -1.4% | +1.4% |
| ROICReturn on invested capital | +0.1% | +0.9% |
| ROCEReturn on capital employed | +0.1% | +0.9% |
| Piotroski ScoreFundamental quality 0–9 | 1 | 5 |
| Debt / EquityFinancial leverage | 1.54x | 0.07x |
| Net DebtTotal debt minus cash | $4.4B | -$2.2B |
| Cash & Equiv.Liquid assets | $137M | $5.0B |
| Total DebtShort + long-term debt | $4.5B | $2.8B |
| Interest CoverageEBIT ÷ Interest expense | — | 0.81x |
Total Returns (with DRIP)
A $10,000 investment in WELL five years ago would be worth $32,119 today (with dividends reinvested), compared to $5,057 for COLD. Over the past 12 months, WELL leads with a +36.8% total return vs COLD's -37.6%. The 3-year compound annual growth rate (CAGR) favors WELL at 42.6% vs COLD's -18.2% — a key indicator of consistent wealth creation.
| Metric | COLDAmericold Realty … | WELLWelltower Inc. |
|---|---|---|
| YTD ReturnYear-to-date | +3.5% | +11.2% |
| 1-Year ReturnPast 12 months | -37.6% | +36.8% |
| 3-Year ReturnCumulative with dividends | -45.3% | +190.2% |
| 5-Year ReturnCumulative with dividends | -49.4% | +221.2% |
| 10-Year ReturnCumulative with dividends | +13.5% | +270.5% |
| CAGR (3Y)Annualised 3-year return | -18.2% | +42.6% |
Risk & Volatility
WELL is the less volatile stock with a 0.29 beta — it tends to amplify market swings less than COLD's 0.89 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. WELL currently trades 96.1% 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 … | WELLWelltower Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.89x | 0.29x |
| 52-Week HighHighest price in past year | $23.05 | $215.56 |
| 52-Week LowLowest price in past year | $10.10 | $130.29 |
| % of 52W HighCurrent price vs 52-week peak | +58.1% | +96.1% |
| RSI (14)Momentum oscillator 0–100 | 58.8 | 69.0 |
| Avg Volume (50D)Average daily shares traded | 4.3M | 2.5M |
Analyst Outlook
Wall Street rates COLD as "Buy" and WELL as "Buy". Consensus price targets imply 6.9% upside for WELL (target: $221) vs 5.4% for COLD (target: $14).
| Metric | COLDAmericold Realty … | WELLWelltower Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $14.11 | $221.45 |
| # AnalystsCovering analysts | 19 | 34 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | 1 | 1 |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Americold Realty Tr… (COLD) | 100 | 38.65 | -61.4% |
| Welltower Inc. (WELL) | 100 | 249.04 | +149.0% |
Welltower Inc. (WELL) returned +221% over 5 years vs Americold Realty Tr… (COLD)'s -49%. A $10,000 investment in WELL 5 years ago would be worth $32,119 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Americold Realty Tr… (COLD) | $1.5B | $2.6B | +74.6% |
| Welltower Inc. (WELL) | $4.3B | $10.8B | +154.9% |
Americold Realty Trust, Inc.'s revenue grew from $1.5B (2016) to $2.6B (2025) — a 6.4% CAGR. Welltower Inc.'s revenue grew from $4.3B (2016) to $10.8B (2025) — a 11.0% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Americold Realty Tr… (COLD) | 0.3% | -4.4% | -1430.1% |
| Welltower Inc. (WELL) | 25.4% | 8.6% | -65.9% |
Americold Realty Trust, Inc.'s net margin went from 0% (2016) to -4% (2025). Welltower Inc.'s net margin went from 25% (2016) to 9% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Americold Realty Tr… (COLD) | 82.4 | 311.1 | +277.5% |
| Welltower Inc. (WELL) | 50.6 | 133.5 | +163.8% |
Americold Realty Trust, Inc. has traded in a 82x–311x P/E range over 3 years; current trailing P/E is ~-33x. Welltower Inc. has traded in a 27x–219x P/E range over 9 years; current trailing P/E is ~149x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Americold Realty Tr… (COLD) | -0.35 | -0.4 | -14.3% |
| Welltower Inc. (WELL) | 2.81 | 1.39 | -50.5% |
Americold Realty Trust, Inc.'s EPS grew from $-0.35 (2016) to $-0.40 (2025). Welltower Inc.'s EPS grew from $2.81 (2016) to $1.39 (2025) — a -8% CAGR.
Chart 6Free Cash Flow — 5 Years
Americold Realty Trust, Inc. generated $0M FCF in 2025 (+100% vs 2021). Welltower Inc. generated $3B FCF in 2025 (+129% vs 2021).
COLD vs WELL: Frequently Asked Questions
8 questions · data-driven answers · updated daily
01Is COLD or WELL a better buy right now?
Welltower Inc. (WELL) offers the better valuation at 149.0x trailing P/E (73.3x 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 WELL?
Over the past 5 years, Welltower Inc. (WELL) delivered a total return of +221.2%, compared to -49.4% for Americold Realty Trust, Inc. (COLD). A $10,000 investment in WELL five years ago would be worth approximately $32K today (assuming dividends reinvested). Over 10 years, the gap is even starker: WELL returned +270.5% versus COLD's +13.5%. 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 WELL?
By beta (market sensitivity over 5 years), Welltower Inc. (WELL) is the lower-risk stock at 0.29β versus Americold Realty Trust, Inc.'s 0.89β — meaning COLD is approximately 207% more volatile than WELL relative to the S&P 500. On balance sheet safety, Welltower Inc. (WELL) carries a lower debt/equity ratio of 7% versus 154% for Americold Realty Trust, Inc. — giving it more financial flexibility in a downturn.
04Which has better profit margins — COLD or WELL?
Welltower Inc. (WELL) is the more profitable company, earning 8.6% net margin versus -4.4% for Americold Realty Trust, Inc. — meaning it keeps 8.6% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: WELL leads at 4.9% versus 0.3% for COLD. At the gross margin level — before operating expenses — COLD leads at 23.9%, 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 WELL more undervalued right now?
Analyst consensus price targets imply the most upside for WELL: 6.9% to $221.45.
06Which pays a better dividend — COLD or WELL?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
07Is COLD or WELL better for a retirement portfolio?
For long-horizon retirement investors, Welltower Inc. (WELL) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.29), +270.5% 10Y return). Both have compounded well over 10 years (WELL: +270.5%, 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 WELL?
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. 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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