LINELineage, Inc.

Real Estate Investment Trusts

Revenue: $5.4B; 0.3% YoY
Operating margin: 3.4%; 150% YoY
EBITDA: $1.1B; 109% YoY
Market cap: $8.2B
Employees: 24,000; $223K revenue each
Net debt / EBITDA: 5.6×; $6.0B net debt
AI in 10-K: 2.6; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
2 of 2 years
3+ of last 5 years
High CEO pay despite TSRNo
$45M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
66% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
18% of assets
Over 40% of assets
Shareholder dissentNo
84% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$223K · 28th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.6 per 10K words · 65th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$8.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$7M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$4.9B	$5.3B	$5.3B	$5.4B	0.3%
Operating income	$297M	$398M	−$361M	$181M	150%
Net income	−$63M	−$77M	−$751M	−$113M	85%
Operating cash flow	$501M	$796M	$703M	$943M	34%
Capex	$813M	$766M	$691M	$747M	8.1%
Stock-based comp	$17M	$26M	$215M	$126M	41%
Buybacks	$0	$12M	$42M	$82M	95%
Dividends	$180M	$46M	$234M	$537M	129%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $7M · 9
Open-market sells, 12 mo: $0 · 0
Net: $7M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$20M	−$10M	45	106
FY2024	$69M	$45M	72	103