The business behind the dividend
| Measure | COLD | Median | Formula |
|---|---|---|---|
| Return on equity | -4.0% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 0.1% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-324.03m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-217.20m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 0.3% | 15.0% | Operating income ÷ revenue |
| Net margin | -4.5% | 10.2% | Net income ÷ revenue |
| Debt to equity | 1.31x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 0.05x | 4.43x | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Current ratio — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -4.0% | -2.9% | -9.3% | -0.5% | -0.8% | 0.6% | 2.6% | 6.8% | — | — | -0.5% |
| Return on capital employed | 0.1% | 2.0% | -1.7% | 1.4% | 1.1% | 2.6% | 3.7% | 8.7% | 8.9% | — | 2.0% |
| Operating margin | 0.3% | 4.8% | -4.1% | 3.1% | 2.7% | 8.6% | 7.5% | 11.4% | 9.0% | 9.0% | 4.8% |
| Net margin | -4.5% | -3.6% | -12.8% | -0.7% | -1.1% | 1.3% | 2.7% | 3.0% | -0.0% | 0.3% | -0.7% |
| Debt to equity | 1.31x | 0.92x | 0.72x | 0.68x | 0.61x | 0.70x | 0.92x | 1.91x | — | — | 0.92x |
| Cash conversion | — | — | — | — | — | 11.97x | 4.90x | 3.92x | — | 24.08x | 11.97x |
How it compares in real estate
Among the 46 real estate companies here measured on funds from operations, Americold Realty Trust pays out less than 4 of them. The median for that group is 65.5%, against this company’s 88.0%.
Closest on funds from operations
- CubeSmart (CUBE) 80.6%
- Extra Space Storage (EXR) 81.3%
- Iron Mountain (IRM) 81.5%
- Realty Income (O) 85.8%
Same sector and same denominator, so the figures are comparable. All 50 in real estate →