The company's financial leverage has escalated significantly, with total debt rising to $4.6B and the debt-to-equity ratio deteriorating to 1.59 by 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Total Assets | 8.08B | 8.12B | 7.74B | 7.87B | 8.1B | 8.22B | 7.83B | 4.17B | 2.53B | 2.39B | 2.33B | 2.4B | 1.59B | 1.64B | 1.45B |
| Asset Growth % | 14.45% | 4.99% | -1.69% | -2.9% | -1.36% | 4.92% | 87.77% | 64.69% | 5.74% | 2.89% | -2.96% | 51.29% | -3.34% | 13.35% | - |
| Real Estate & Other Assets | 254.98M | 163.59M | 195.73M | 105.08M | 90.81M | 57.55M | 10.44M | 14.79M | 58.27M | 13.64M | 3.88M | 51M | 32.26M | 29.59M | 33.81M |
| PP&E (Net) | 5.74B | 5.68B | 5.35B | 5.46B | 5.42B | 5.55B | 5.16B | 3.05B | 1.84B | 1.83B | 1.78B | 1.85B | 1.22B | 1.29B | 1.25B |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 |
| Total Current Assets | 411.96M | 587.88M | 530.08M | 575.44M | 551M | 517M | 1.01B | 496.73M | 454.13M | 316.63M | 304.21M | 264.77M | 163.02M | 154.06M | 125.75M |
| Cash & Equivalents | 39.83M | 136.86M | 47.65M | 60.39M | 53.06M | 82.96M | 621.05M | 234.3M | 208.08M | 48.87M | 22.83M | 33.43M | 90.03M | 66.72M | 23.04M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.31M | 0 | 46.2M | 40.1M | 47.98M | 5.59M | 3.41M | 1.86M |
| Intangible Assets | 807.2M | 819.49M | 838.66M | 897.41M | 925.22M | 980.97M | 797.42M | 284.76M | 25.06M | 26.64M | 24.25M | 26.3M | 43.24M | 45.35M | 37.72M |
| Total Liabilities | 5.22B | 5.2B | 4.43B | 4.23B | 4.32B | 4.19B | 4.04B | 2.34B | 1.83B | 2.21B | 2.11B | 2.14B | 1.22B | 1.24B | 1.21B |
| Total Debt | 4.56B | 4.5B | 3.68B | 3.49B | 3.58B | 3.42B | 3.23B | 1.93B | 1.51B | 1.9B | 1.83B | 1.86B | 1.09B | 1.1B | 1.12B |
| Net Debt | 4.52B | 4.36B | 3.63B | 3.43B | 3.53B | 3.34B | 2.61B | 1.7B | 1.3B | 1.85B | 1.81B | 1.83B | 1B | 1.03B | 1.1B |
| Long-Term Debt | 3.58B | 3.79B | 3.03B | 2.6B | 2.57B | 2.44B | 2.65B | 1.7B | 1.35B | 1.74B | 1.68B | 1.68B | 1.03B | 1.03B | 1.05B |
| Short-Term Borrowings | 606.15M | 332.11M | 255.05M | 392.16M | 500.05M | 399.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 30K | 28K |
| Capital Lease Obligations | 1.5B | 374.58M | 393.88M | 499.37M | 513.28M | 578.22M | 580.13M | 236.27M | 159.71M | 159.64M | 151.55M | 182.42M | 59.51M | 64.08M | 69.23M |
| Total Current Liabilities | 1.18B | 889.93M | 844.5M | 956.27M | 1.06B | 951.36M | 414.21M | 275.61M | 197.81M | 241.26M | 196.86M | 158.69M | 85.76M | 97.9M | 78.8M |
| Accounts Payable | 0 | 231.19M | 221.64M | 201.09M | 215.25M | 223.93M | 179.03M | 109.22M | 85.04M | 93.5M | 64.43M | 49.77M | 0 | 22.5M | 0 |
| Deferred Revenue | 21.39M | 20.17M | 21.98M | 28.38M | 32.05M | 26.14M | 19.21M | 16.42M | 18.63M | 18.85M | 17.86M | 18.37M | 11.17M | 12.42M | 12.79M |
| Other Liabilities | 7.83M | 44.36M | 43.33M | 42.11M | 41.33M | 44.54M | 156M | 96.79M | 61.87M | 66.68M | 63.41M | 83.34M | 23.27M | 26.77M | 2.53M |
| Total Equity | 2.86B | 2.92B | 3.31B | 3.63B | 3.79B | 4.03B | 3.79B | 1.83B | 706.75M | 185.87M | 222.47M | 261.01M | 368.57M | 400.2M | 233.58M |
| Equity Growth % | -41.67% | -11.64% | -9.01% | -4.05% | -5.99% | 6.23% | 106.92% | 159.36% | 280.24% | -16.45% | -14.77% | -29.18% | -7.9% | 71.33% | - |
| Shareholders Equity | 2.82B | 2.88B | 3.28B | 3.62B | 3.77B | 4.02B | 3.79B | 1.83B | 706.75M | 185.87M | 222.47M | 261.01M | 368.57M | 400.2M | 233.58M |
| Minority Interest | 38.88M | 37.57M | 26.22M | 18.46M | 14.46M | 8.07M | 2.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 2.85M | 2.85M | 2.84M | 2.84M | 2.7M | 2.68M | 2.52M | 1.92M | 1.48M | 694K | 694K | 694K | 693K | 693K | 400K |
| Additional Paid-in Capital | 5.67B | 5.66B | 5.65B | 5.63B | 5.19B | 5.17B | 4.69B | 2.58B | 1.36B | 394.08M | 392.59M | 387.09M | 512.9M | 504.8M | 848.71M |
| Retained Earnings | -2.8B | -2.72B | -2.34B | -2B | -1.42B | -1.16B | -895.52M | -736.86M | -638.35M | -581.47M | -532.2M | -488.46M | -133.01M | -90.19M | -616.28M |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 372.79M | 371.93M | 370.99M | 0 | 0 | 0 |
| Return on Assets (ROA) | -1.38% | -1.44% | -1.21% | -4.21% | -0.24% | -0.38% | 0.41% | 1.44% | 1.95% | -0.03% | 0.21% | -1.06% | -2.65% | -0.75% | -1.2% |
| Return on Equity (ROE) | -3.73% | -3.68% | -2.72% | -9.06% | -0.5% | -0.78% | 0.87% | 3.79% | 10.75% | -0.3% | 2.04% | -6.73% | -11.13% | -3.66% | -7.45% |
| Debt / Assets | 56.35% | 55.39% | 47.58% | 44.38% | 44.2% | 41.64% | 41.23% | 46.32% | 59.66% | 79.38% | 78.71% | 77.59% | 68.92% | 66.77% | 77.35% |
| Debt / Equity | 1.59x | 1.54x | 1.11x | 0.96x | 0.95x | 0.85x | 0.85x | 1.05x | 2.14x | 10.23x | 8.23x | 7.13x | 2.96x | 2.74x | 4.79x |
| Net Debt / EBITDA | 9.55x | 9.36x | 7.49x | 13.98x | 8.42x | 8.50x | 6.78x | 5.75x | 4.37x | 7.30x | 7.21x | 7.71x | 8.63x | 7.20x | 8.53x |
| Book Value per Share | 10.02 | 10.23 | 11.61 | 13.18 | 14.05 | 15.43 | 18.33 | 9.96 | 4.90 | 2.65 | 3.18 | 3.74 | 5.26 | 5.72 | 3.34 |
Rising Debt-to-Equity Burden
As reported in recent financial statements, Americold’s total debt has climbed steadily from $3.5B in 2023Q4 to $4.6B by 2026Q1, indicating that the company is relying heavily on external financing to fund its ongoing portfolio expansion and technological retrofits across its global warehouse network.
The consistent increase in total debt relative to a relatively flat asset base suggests that the company is aggressively leveraging its balance sheet to drive growth. Investors should monitor whether this capital deployment into automated systems will eventually yield the necessary margin expansion to justify the rising interest burden.
Based on the company's reported figures, the debt-to-equity ratio has deteriorated significantly, rising from 0.96 in 2023Q4 to 1.59 in 2026Q1, which reflects a growing reliance on debt financing that may limit future financial flexibility in a volatile interest rate environment.
This upward trend in leverage appears to be outpacing equity growth, potentially signaling a more aggressive capital structure than is typical for a defensive REIT. The persistent increase in the D/E ratio warrants further investigation into the company's long-term debt maturity profile and its ability to refinance existing obligations.
According to quarterly data, cash balances have remained volatile and relatively thin, with the 2026Q1 balance of $39.8M highlighting the limited liquidity buffer available to cover the substantial capital expenditures required to maintain the specialized, sub-zero infrastructure of the company's global facility portfolio.
The low cash position relative to the scale of the business suggests that Americold may be highly dependent on revolving credit facilities or capital markets to fund its ongoing operational needs. This lack of a robust cash cushion may leave the company vulnerable to unexpected spikes in energy costs or maintenance requirements.
As evidenced by the divergence between net property, plant, and equipment of $5.7B and the company's negative net margins, the rapid depreciation of specialized cold-chain assets may be masking the true, ongoing cash-intensive nature of maintaining these facilities to modern operational standards.
The accounting treatment of these assets may obscure the reality that significant, non-discretionary capital reinvestment is required just to keep the facilities functional. Investors should consider whether the reported book value of these assets accurately reflects their economic utility given the high costs of maintaining temperature-controlled environments.
Quick answers to the most common questions about buying COLD stock.
As of 2025, Americold Realty Trust, Inc. (COLD) had total assets of $8.12B including $587.9M in current assets.
Americold Realty Trust, Inc. (COLD) carries total debt of $4.50B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Americold Realty Trust, Inc. (COLD) has total shareholders' equity (book value) of $2.88B ($10.23 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Americold Realty Trust, Inc. (COLD) reported a current ratio of 0.66x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.