MeritValue

Lineage, Inc.

LINEdata completeness 100%4 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Lineage, Inc. earns about -2% on invested capital, but has diluted owners by 50% over 4 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025
Revenue$4.93B1$5.34B1$5.34B1$5.36B2
Net income−$63M3−$77M4−$664M4−$100M4
Operating cash flow$501M5$796M6$703M6$943M6
Capital expenditure$813M7$766M8$691M8$747M8
Free cash flow (derived)−$312M5$30M6$12M6$196M6
Total debt—$8.98B9$4.96B10$6.11B10
Cash & equivalents$202M11$68M12$173M12$66M11
Diluted shares152.0M162.0M191.0M228.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$361.67
your share of equity
Profit it earned you last year
−$4.39
Free cash flow it threw off
$8.6
Debt you’d be carrying
$267.94

10 shares is a claim on $361.67 of net worth that earned you −$4.39 and generated $8.6 of cash last year, against $267.94 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-2% avg · 4y
FY22 -1%FY23 -1%FY24 -5%FY25 -1%

It earned an average -2% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+50% shares · 4y

Share count is up 50% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 32% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$30M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$30M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-12-31 · accession 0001868159-25-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2025-12-31 · accession 0001868159-26-000012 (Revenues)
  3. 10-K · period ending 2022-12-31 · accession 0001868159-25-000011 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001868159-26-000012 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001868159-25-000011 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001868159-26-000012 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001868159-25-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2023-12-31 · accession 0001868159-26-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-31 · accession 0001868159-25-000011 (LongTermDebtNoncurrent)
  10. 10-K · period ending 2024-12-31 · accession 0001868159-26-000012 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2022-12-31 · accession 0001868159-26-000012 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  12. 10-K · period ending 2023-12-31 · accession 0001868159-25-000011 (CashAndCashEquivalentsAtCarryingValue)