Latest Ratios: P/E Ratio -34.9x · EV/EBITDA 17.9x · ROE -3.7%. (2007–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.0B | $3.7B | $6.1B | $8.3B | $7.6B | $8.6B | $7.7B | $6.4B | $3.7B | — | — |
| Enterprise Value | $8.3B | $8.0B | $9.7B | $11.8B | $11.2B | $11.9B | $10.3B | $8.1B | $5.0B | — | — |
| P/E Ratio → | -34.92 | — | — | — | — | — | 311.08 | 134.85 | 82.39 | — | — |
| P/S Ratio | 1.53 | 1.41 | 2.29 | 3.12 | 2.62 | 3.15 | 3.89 | 3.62 | 2.30 | — | — |
| P/B Ratio | 1.37 | 1.26 | 1.84 | 2.30 | 2.01 | 2.13 | 2.04 | 3.52 | 5.22 | — | — |
| P/FCF | — | — | 59.50 | 232.41 | — | — | — | — | 85.82 | — | — |
| P/OCF | 11.08 | 10.22 | 14.80 | 22.80 | 25.44 | 31.36 | 26.30 | 27.31 | 19.59 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.09 | 3.65 | 4.41 | 3.83 | 4.38 | 5.20 | 4.57 | 3.11 | — | — |
| EV / EBITDA | 17.91 | 17.25 | 20.06 | 48.00 | 26.62 | 30.30 | 26.87 | 27.62 | 16.75 | — | — |
| EV / EBIT | 84.61 | 667.32 | 302.59 | — | 129.48 | 173.53 | 94.70 | 59.29 | 36.24 | — | — |
| EV / FCF | — | — | 94.97 | 327.98 | — | — | — | — | 116.15 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 4.0% | 4.0% | 31.8% | 28.8% | 23.9% | 23.2% | 27.7% | 26.8% | 25.3% | 24.2% | 23.2% |
| Operating Margin | 3.8% | 3.8% | 4.7% | -4.1% | 3.0% | 2.7% | 8.5% | 7.4% | 11.2% | 8.9% | 8.9% |
| Net Profit Margin | -4.4% | -4.4% | -3.5% | -12.6% | -0.7% | -1.1% | 1.2% | 2.7% | 3.0% | -0.0% | 0.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -3.7% | -3.7% | -2.7% | -9.1% | -0.5% | -0.8% | 0.9% | 3.8% | 10.8% | -0.3% | 2.0% |
| ROA | -1.4% | -1.4% | -1.2% | -4.2% | -0.2% | -0.4% | 0.4% | 1.4% | 1.9% | -0.0% | 0.2% |
| ROIC | 1.0% | 1.0% | 1.3% | -1.1% | 0.9% | 0.8% | 2.5% | 3.6% | 6.7% | 5.0% | 4.8% |
| ROCE | 1.4% | 1.4% | 1.8% | -1.6% | 1.2% | 1.0% | 3.0% | 4.2% | 8.0% | 6.4% | 6.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.54 | 1.54 | 1.11 | 0.96 | 0.95 | 0.85 | 0.85 | 1.05 | 2.14 | 10.23 | 8.23 |
| Debt / EBITDA | 9.65 | 9.65 | 7.59 | 14.23 | 8.54 | 8.71 | 8.40 | 6.55 | 5.07 | 7.49 | 7.30 |
| Net Debt / Equity | — | 1.49 | 1.10 | 0.94 | 0.93 | 0.83 | 0.69 | 0.93 | 1.84 | 9.97 | 8.13 |
| Net Debt / EBITDA | 9.36 | 9.36 | 7.49 | 13.98 | 8.42 | 8.50 | 6.78 | 5.75 | 4.37 | 7.30 | 7.21 |
| Debt / FCF | — | — | 35.47 | 95.56 | — | — | — | — | 30.33 | 129.23 | 41.20 |
| Interest Coverage | 0.08 | 0.08 | 0.24 | -1.34 | 0.74 | 0.69 | 1.19 | 1.46 | 1.48 | 1.08 | 1.09 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.66 | 0.66 | 0.63 | 0.60 | 0.52 | 0.54 | 2.45 | 1.80 | 2.30 | 1.31 | 1.55 |
| Quick Ratio | 0.65 | 0.65 | 0.62 | 0.59 | 0.49 | 0.52 | 2.40 | 1.77 | 2.26 | 1.27 | 1.48 |
| Cash Ratio | 0.15 | 0.15 | 0.06 | 0.06 | 0.05 | 0.09 | 1.50 | 0.85 | 1.05 | 0.20 | 0.12 |
| Asset Turnover | — | 0.32 | 0.34 | 0.34 | 0.36 | 0.33 | 0.25 | 0.43 | 0.63 | 0.64 | 0.64 |
| Inventory Turnover | 365.46 | 365.46 | 245.03 | 262.96 | 75.73 | 77.11 | 66.76 | 139.31 | 152.13 | 112.49 | 89.86 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 6.5% | 7.1% | 4.1% | 2.9% | 3.1% | 2.7% | 2.2% | 2.1% | 2.1% | — | — |
| Payout Ratio | — | — | — | — | — | — | 680.9% | 281.2% | 159.5% | — | 409.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | 0.3% | 0.7% | 1.2% | — | — |
| FCF Yield | — | — | 1.7% | 0.4% | — | — | — | — | 1.2% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 6.5% | 7.1% | 4.1% | 2.9% | 3.1% | 2.7% | 2.2% | 2.1% | 2.1% | — | — |
| Shares Outstanding | — | $286M | $285M | $276M | $270M | $261M | $207M | $184M | $144M | $70M | $70M |
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying COLD stock.
Americold Realty Trust, Inc.'s current P/E ratio is -34.9x. The historical average is 108.6x.
Americold Realty Trust, Inc.'s current EV/EBITDA is 17.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 26.7x.
Americold Realty Trust, Inc.'s return on equity (ROE) is -3.7%. The historical average is -2.0%.
Based on historical data, Americold Realty Trust, Inc. is trading at a P/E of -34.9x. Compare with industry peers and growth rates for a complete picture.
Americold Realty Trust, Inc.'s current dividend yield is 6.55%.
Americold Realty Trust, Inc. has 4.0% gross margin and 3.8% operating margin.
Americold Realty Trust, Inc.'s Debt/EBITDA ratio is 9.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Persistent negative AFFO
Metrics are mathematically derived from official filings.
Valuation Signals Distress
COLD trades at a P/FFO of 8.54x, a steep discount to peers, yet negative FFO and AFFO suggest the market is pricing in operational distress, not value.
The P/FFO multiple has compressed from 12.64x in 2024Q1 to 8.54x in 2026Q2, but this apparent cheapness is misleading given FFO per share turned sharply negative in 2026Q2. The implied cap rate, derived from NOI and enterprise value, likely reflects a risk premium for the operational volatility and negative AFFO, suggesting the market is not simply applying a bond-proxy discount. Investors should monitor whether the negative FFO is a temporary disruption or a structural margin issue, as the current multiple may not adequately compensate for the earnings risk.
NOI Margin Collapse in Q2
NOI margin plunged to 1.0% in 2026Q2 from 31.0% in the prior quarter, as reported in the latest earnings release, signaling a severe operational disruption.
The collapse in NOI margin, alongside a negative FFO per share of -$0.84, indicates that core property operations are under significant stress, likely due to cost inflation or occupancy declines. This is not a typical REIT pattern; the extreme volatility in NOI margins, swinging from -78.6% to 32.7% over the past year, suggests that same-store metrics are unreliable and that the company may be experiencing one-off charges or accounting anomalies. The negative net margin of -4.4% further underscores that the company is not generating sufficient income to cover its operating and financing costs, which may indicate a structural issue with cost pass-through.
Dividend Coverage Under Threat
AFFO has been negative for five consecutive quarters, with 2026Q2 at -$1.33 per share, far exceeding the dividend, indicating the payout is not covered by distributable cash flow.
The FFO payout ratio, when calculable, has exceeded 100% in some quarters, and the persistent negative AFFO suggests that the dividend is being funded through debt or asset sales, which is unsustainable. The dividend yield of 6.1% is elevated, but this likely reflects market skepticism about the sustainability of the payout. Investors should monitor whether management will reduce the dividend to align with cash flow, as the current payout appears to be at risk given the negative AFFO and deteriorating cash flow.
Leverage Creeps Higher Amidst Losses
Debt-to-equity rose to 1.88 in 2026Q2 from 0.97 a year earlier, as per reported figures, while interest coverage turned negative, signaling a strained balance sheet.
The increase in leverage, combined with negative interest coverage of -6.65x in 2026Q2, indicates that the company is not generating enough operating income to service its debt, which may force it to rely on external financing. The reported D/E of 1.54% in 2025Q4 is unusually low for a REIT, suggesting possible off-balance-sheet financing or a data anomaly, but the trend is clearly toward higher leverage. With cash reserves down to $40.5M, liquidity is thin, and the company may face refinancing risk if it cannot improve cash flow.
Occupancy and Cost Pressures
NOI plunged to $6.8M in 2026Q2 from $195.5M in the prior quarter, as per financial statements, implying potential occupancy or cost issues that may be eroding portfolio quality.
The dramatic drop in NOI, despite stable PP&E of $5.5B, suggests that either occupancy has fallen sharply or operating costs have spiked, possibly due to energy or labor inflation. The high fixed-cost nature of cold storage makes vacant space disproportionately expensive, and the negative FFO indicates that the portfolio is not generating sufficient income to cover these costs. G&A efficiency appears to be under pressure, as the negative net margin suggests that overhead is not being adequately controlled, which may indicate a need for cost restructuring.
P/E Misleads for REITs
The standard P/E ratio of -37.20 is meaningless for COLD due to depreciation and one-off charges, obscuring the true earnings power; FFO and AFFO are the correct metrics.
For REITs, P/E is distorted by depreciation, which is a non-cash charge that does not reflect the income-generating ability of the properties. COLD's negative P/E is a result of GAAP net losses, but FFO and AFFO provide a clearer picture of cash flow, and both are negative, indicating that the company is not generating sufficient cash to cover its dividend. Investors should focus on AFFO, which accounts for maintenance capex, and the negative AFFO suggests that the company is not even covering its capital expenditures, a critical red flag for a REIT.