Leverage has increased significantly, with total debt rising to $4.6B and debt-to-equity reaching 1.88, while cash reserves fell to $40.5M, indicating strained liquidity.
Americold Realty Trust, Inc. (COLD) balance sheet — 14-year assets, liabilities & shareholders' equity history
| 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 | 7.81B | 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 % | 7.32% | 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 | 274.19M | 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) | 5.46B | 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 | 437.72M | 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 | 40.47M | 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 | 796.96M | 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 | 5.36B | 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 | 4.62B | 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 | 4.58B | 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 | 3.79B | 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 | 451.29M | 332.11M | 255.05M | 392.16M | 500.05M | 399.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 30K | 28K |
| Capital Lease Obligations | 1.51B | 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 | 1.07B | 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 | 22.65M | 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 | 7.81M | 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 | 2.45B | 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 % | -54.4% | -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 | 2.41B | 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 | 36.55M | 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 | -3.21B | -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) | -5.68% | -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) | -16.14% | -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 | 59.15% | 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 | 1.88x | 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 | 9.15x | 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 | 8.54 | 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 |
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.
Key Metrics
Top Statement Risk
Persistent negative AFFO
Metrics are mathematically derived from official filings.
Leverage Creeps Higher Amidst Stagnation
Total debt rose to $4.6B in 2026Q2 from $3.5B a year earlier, lifting D/E to 1.88, as per reported figures, signaling a balance sheet under strain.
The sequential increase in debt from $4.5B to $4.6B in 2026Q2, coupled with a decline in equity from $2.8B to $2.4B, suggests that the company is relying on external financing to support operations. This trend, combined with negative FFO, indicates that the balance sheet is weakening rather than strengthening.
Portfolio Value Holds, Occupancy Concerns
PP&E remained stable at $5.5B in 2026Q2, but NOI plunged to $6.8M from $195.5M, as per financial statements, implying potential occupancy or cost issues.
The stability in property, plant, and equipment suggests that the portfolio size is not shrinking, but the dramatic drop in NOI indicates that the income-generating capacity of the assets may be deteriorating. This could be due to lower occupancy or higher operating costs, which investors should monitor closely.
Debt Load Grows, Equity Erodes
Total debt increased to $4.6B in 2026Q2, while equity fell to $2.4B, pushing D/E to 1.88, as reported in the latest balance sheet, indicating rising leverage.
The debt-to-equity ratio has climbed from 0.97 in 2024Q1 to 1.88 in 2026Q2, reflecting a significant increase in financial leverage. This trend, combined with negative FFO, suggests that the company may face challenges in servicing its debt, especially if interest rates remain elevated.
Equity Base Shrinks on Losses
Equity declined to $2.4B in 2026Q2 from $2.8B in the prior quarter, as per financial statements, reflecting the impact of negative net income and FFO.
The reduction in equity is consistent with the reported negative net margin of -4.4% and negative FFO of -$239.9M. This erosion of the equity base may limit the company's ability to absorb further losses or fund future growth without additional external capital.
Cash Position Thin, Coverage Weak
Cash and equivalents stood at $40.5M in 2026Q2, down from $136.9M in 2025Q4, as per reported figures, suggesting limited liquidity to cover near-term obligations.
The cash balance is relatively low compared to total debt of $4.6B, indicating a tight liquidity position. With negative FFO and a dividend that may not be covered, the company may need to draw on credit facilities or issue additional securities to meet its obligations.
Off-Balance Sheet Risks Loom
The reported D/E of 1.54% in 2025Q4 is unusually low for a REIT, as per financial statements, suggesting possible off-balance-sheet financing that warrants investigation.
The debt-to-equity ratio of 1.54% is inconsistent with the company's actual leverage, which appears to be much higher based on the balance sheet data. This discrepancy may indicate that a significant portion of debt is held in unconsolidated entities or through operating leases, which could expose investors to hidden liabilities.