# Americold Realty Trust (COLD.US)

Canonical: https://gigainvestors.com/s/COLD

Analysis as of: 2026-10-16T07:27:37.477Z. Financial observations: FY2014–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $13.92 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 7

- Operating margin variation: 0.80×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.09×

- FY2018: 0.11×

- FY2019: 0.07×

- FY2020: 0.08×

- FY2021: 0.03×

- FY2022: 0.03×

- FY2023: -0.04×

- FY2024: 0.05×

- FY2025: 0.04×

- LTM to Jun 2026: 0.05×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 29.0pp below the typical margin (limit 4pp)

- ROIC, median of available years: 1.6%

- ROIC, second-lowest year: 0.9%

- Typical minus recent gross margin: 29.0 pp

- Typical gross margin (annual median): 24.8%

- Recent gross margin (lower of latest and 3-year median): -4.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 14.7%

- ROIC including acquisitions, ten-year median: -0.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 4.8%

- FY2018: 9.7%

- FY2019: 4.1%

- FY2020: 3.0%

- FY2021: 0.9%

- FY2022: 1.1%

- FY2023: -1.4%

- FY2024: 1.6%

- FY2025: 1.2%

- LTM to Jun 2026: 1.5%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$721M

- Net income, five-year total: -$595M

- Return on incremental invested capital: -1.4%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -0.4 pp

- Working capital / revenue, final three-year average: 8.4%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$30M

- FY2022: -$11M

- FY2023: -$313M

- FY2024: -$43M

- FY2025: -$324M

### management: fail

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 4.8% vs 1.2%

- Per-share earnings: -0.01 to -0.40 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 15.1%

- Ordinary dilution, 5-year annual growth: 6.7%

- Market cap gain: -$122M

- Cumulative retained earnings: -$2.1B

- Diluted shares, 10-year annual growth: 15.1%

- Diluted shares, 5-year annual growth: 6.7%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$0.39

- Per-share value, starting three-year median: -$0.01

- Per-share value, ending three-year median: -$0.40

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.2%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: $1.9B

- Cumulative net income, 10 years: -$470M

- ROIC, first three-year median: 4.8%

- ROIC, last three-year median: 1.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.07

- FY2017: -$0.01

- FY2018: $0.33

- FY2019: $0.26

- FY2020: $0.12

- FY2021: -$0.12

- FY2022: -$0.07

- FY2023: -$1.22

- FY2024: -$0.33

- FY2025: -$0.40

### accounting: pass

- Sloan accruals: -5.8%

- Receivables to sales index (DSRI): 0.95×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 8.4%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.57×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.9%

- FY2017: -6.8%

- FY2018: -5.5%

- FY2019: -4.5%

- FY2020: -3.4%

- FY2021: -3.7%

- FY2022: -3.9%

- FY2023: -8.9%

- FY2024: -6.5%

- FY2025: -5.8%

## Holders

- [Seth Klarman](https://gigainvestors.com/BAUPOST): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 59% since Aug 2023 · "Americold to take $305M-$320M impairment to wind down Ahold Delhaize pact" (seekingalpha.com, Jul 2026) · sales +0.5%

Story as of 2026-10-16T09:58:32.923Z; price observation 2026-10-15.

- 2025-08-07: Americold anticipates occupancy pressures and lowers AFFO guidance to $1.39-$1.45 amid ongoing demand headwinds ([seekingalpha.com](https://seekingalpha.com/news/4481576-americold-anticipates-occupancy-pressures-and-lowers-affo-guidance-to-1_39-1_45-amid-ongoing?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-11-07: Americold Outlook Pressured as Customers Trim Inventory, RBC Says ([finance.yahoo.com](https://finance.yahoo.com/news/americold-outlook-pressured-customers-trim-175002687.html))

- 2025-12-14: Americold (COLD) Jumps 18% on Strong Demand Expectations Ahead of Christmas ([finance.yahoo.com](https://finance.yahoo.com/news/americold-cold-jumps-18-strong-194338474.html))

- 2026-02-20: Americold (COLD) Soars 15.7% on Upbeat 2026 Outlook, CFO Appointment ([finance.yahoo.com](https://finance.yahoo.com/news/americold-cold-soars-15-7-093339166.html))

- 2026-05-08: Americold (COLD) Bags $1.3-B Joint Venture, Climbs 17.9% ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/americold-cold-bags-1-3-024200819.html))

- 2026-07-23: Americold to take $305M-$320M impairment to wind down Ahold Delhaize pact ([seekingalpha.com](https://seekingalpha.com/news/4617288-americold-to-take-305m-320m-impairment-to-wind-down-ahold-delhaize-pact?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2025–2026

sales +0.5%; source https://www.sec.gov/Archives/edgar/data/1455863/000162828026012274/art-20251231.htm; observed 2026-02-26.

- FY2017: $1.5B 

- FY2018: $1.6B 

- FY2019: $1.8B 

- FY2020: $2.0B 

- FY2021: $2.7B 

- FY2022: $2.9B 

- FY2023: $2.7B 

- FY2024: $2.7B 

- FY2025: $2.6B 

- FY2026: $2.6B 

### Gross margin · FY2025

gross margin 4%; source https://www.sec.gov/Archives/edgar/data/1455863/000162828026012274/art-20251231.htm; observed 2026-02-26.

- FY2017: 24.2% 

- FY2018: 25.3% 

- FY2019: 26.8% 

- FY2020: 27.7% 

- FY2021: 23.2% 

- FY2022: 23.9% 

- FY2023: 28.8% 

- FY2024: 31.8% 

- FY2025: 4.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are USD 2.6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1455863/000162828026012274/art-20251231.htm (filed 2026-02-26); FY2025: revenue 2601846000; grossProfit 104662000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 4% to 31.8% during 2023–25; it earns 1.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 28.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 31.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1455863/000162828026012274/art-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2017,0.04789523736268347],[2018,0.09707166775986467],[2019,0.04093027600056041],[2020,0.03006199927080677],[2021,0.009169996074067146],[2022,0.011072512304333346],[2023,-0.013680173689589497],[2024,0.015983166304809598],[2025,0.012143705418771404],[2026,0.015103411552408033]]; median 0.015543288928608815. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 0; upkeep 74868000; owner earnings 48831000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 27412000; upkeep 117804000; owner earnings 47985000. Growth capex / owner earnings = 0.5712618526622903.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 138931000; upkeep 163499000; owner earnings 48162000. Growth capex / owner earnings = 2.884660105477347.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2020: growth capex 186312000; upkeep 216043000; owner earnings 24540000. Growth capex / owner earnings = 7.5921760391198045.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,48666000],[2017,48666000],[2018,78474000],[2019,135443000],[2020,167086000],[2021,227522000],[2022,238709000],[2023,242221000],[2024,252119000],[2025,261375000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); COLD.US SharesStats.PercentInsiders = 0.075 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.5 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Closing price 13.92 USD; reporting-to-trading FX 1; FY2025 annual sales per share 9.10557775895738; price multiple 1.5287333070443063. FY2025 cash earnings/share -1.1339985021452919. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2018-01: $18.28 per share

- 2018-02: $18.00 per share

- 2018-03: $19.08 per share

- 2018-04: $20.61 per share

- 2018-05: $20.60 per share

- 2018-06: $22.02 per share

- 2018-07: $21.51 per share

- 2018-08: $24.90 per share

- 2018-09: $25.02 per share

- 2018-10: $24.75 per share

- 2018-11: $26.80 per share

- 2018-12: $25.54 per share

- 2019-01: $29.32 per share

- 2019-02: $28.75 per share

- 2019-03: $30.51 per share

- 2019-04: $32.01 per share

- 2019-05: $31.30 per share

- 2019-06: $32.42 per share

- 2019-07: $33.53 per share

- 2019-08: $36.42 per share

- 2019-09: $37.07 per share

- 2019-10: $40.09 per share

- 2019-11: $37.62 per share

- 2019-12: $35.06 per share

- 2020-01: $34.47 per share

- 2020-02: $30.67 per share

- 2020-03: $34.04 per share

- 2020-04: $30.59 per share

- 2020-05: $35.71 per share

- 2020-06: $36.30 per share

- 2020-07: $40.35 per share

- 2020-08: $38.35 per share

- 2020-09: $35.75 per share

- 2020-10: $36.23 per share

- 2020-11: $34.13 per share

- 2020-12: $37.33 per share

- 2021-01: $34.91 per share

- 2021-02: $35.04 per share

- 2021-03: $38.47 per share

- 2021-04: $40.39 per share

- 2021-05: $38.02 per share

- 2021-06: $37.85 per share

- 2021-07: $38.85 per share

- 2021-08: $36.74 per share

- 2021-09: $29.05 per share

- 2021-10: $29.47 per share

- 2021-11: $32.64 per share

- 2021-12: $32.79 per share

- 2022-01: $28.45 per share

- 2022-02: $26.72 per share

- 2022-03: $27.88 per share

- 2022-04: $26.38 per share

- 2022-05: $27.69 per share

- 2022-06: $30.04 per share

- 2022-07: $32.75 per share

- 2022-08: $29.42 per share

- 2022-09: $24.60 per share

- 2022-10: $24.25 per share

- 2022-11: $29.85 per share

- 2022-12: $28.31 per share

- 2023-01: $31.41 per share

- 2023-02: $29.40 per share

- 2023-03: $28.45 per share

- 2023-04: $29.59 per share

- 2023-05: $29.30 per share

- 2023-06: $32.30 per share

- 2023-07: $32.42 per share

- 2023-08: $33.65 per share

- 2023-09: $30.41 per share

- 2023-10: $26.22 per share

- 2023-11: $28.23 per share

- 2023-12: $30.27 per share

- 2024-01: $27.50 per share

- 2024-02: $25.30 per share

- 2024-03: $24.92 per share

- 2024-04: $21.97 per share

- 2024-05: $26.67 per share

- 2024-06: $25.54 per share

- 2024-07: $29.89 per share

- 2024-08: $29.00 per share

- 2024-09: $28.27 per share

- 2024-10: $25.68 per share

- 2024-11: $23.86 per share

- 2024-12: $21.40 per share

- 2025-01: $21.85 per share

- 2025-02: $22.93 per share

- 2025-03: $21.46 per share

- 2025-04: $19.34 per share

- 2025-05: $16.57 per share

- 2025-06: $16.63 per share

- 2025-07: $16.08 per share

- 2025-08: $14.44 per share

- 2025-09: $12.24 per share

- 2025-10: $12.89 per share

- 2025-11: $10.83 per share

- 2025-12: $12.86 per share

- 2026-01: $12.41 per share

- 2026-02: $13.39 per share

- 2026-03: $11.46 per share

- 2026-04: $12.23 per share

- 2026-05: $15.69 per share

- 2026-06: $15.72 per share

- 2026-07: $14.09 per share

- 2026-08: $14.95 per share

- 2026-09: $13.98 per share

- 2026-10: $13.92 per share

## Annual estimated value (USD per share)

- FY2018: low $4.85 per share, central $5.35 per share, high $6.02 per share

- FY2019: low $4.25 per share, central $4.69 per share, high $5.27 per share

- FY2020: low $5.64 per share, central $6.03 per share, high $6.55 per share

- FY2021: low $1.52 per share, central $1.72 per share, high $1.98 per share

- FY2022: low $1.46 per share, central $1.66 per share, high $1.93 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1455863/000162828026012274/art-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Seth Klarman](https://gigainvestors.com/BAUPOST): 6,830,230 COLD shares; USD 107,371,000 reported position value; 1.98% of portfolio; reduce; quarter 2026 Q2.

# COLD — Americold Realty Trust

Held by 1 investor · USD 107,371,000 total · 2026 Q2 · reported price USD 15.72 (split-adjusted).
Page: https://gigainvestors.com/s/COLD

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Seth Klarman (https://gigainvestors.com/BAUPOST) | USD 107,371,000 | 2.0% | reduce -12.22% |

## Total held by quarter

- 2025 Q3: USD 44,064,000 · 1 holder · USD 12.24
- 2025 Q4: USD 44,697,309 · 1 holder · USD 12.86
- 2026 Q1: USD 89,167,968 · 1 holder · USD 11.46
- 2026 Q2: USD 107,371,000 · 1 holder · USD 15.72