Lindblad Expeditions Holdings (LIND) AI Stock Analysis

• Market Cap: $1.10B
• Dividend Yield: N/A
• Average Volume (3M): 859.70K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.86
• Revenue Growth: 18.50%
• EPS Growth: 7.78%
• Country: US
• Employees: 1,230
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Travel Services
• EPS (TTM): -0.45
• Shares Outstanding: 65,251,990
• 10 Day Avg. Volume: 857,254
• 30 Day Avg. Volume: 859,703
• PEG Ratio: 4.47
• Price to Book (P/B): -3.93
• Price to Sales (P/S): 1.03
• P/FCF Ratio: 12.10
• Enterprise Value/Market Cap: 1.25
• Enterprise Value/Revenue: 1.80
• Enterprise Value/Gross Profit: 4.77
• Enterprise Value/Ebitda: 16.04
• 1Y Price Target: $25.50
• Price Target Upside: 50.62% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): 0.02
• Revenue Forecast (FY): $836.96M

• Rating: 54 Neutral
• Price Target: $16.50 ▼(-2.54% Downside)
• Action: Reiterated Date: 03/04/26
• Date: Action: Reiterated 03/04/26

The score is held back primarily by higher-risk financial fundamentals—especially negative equity and continued net losses—despite improving operating cash flow. Offsetting this, management reported strong booking momentum and issued upbeat 2026 EBITDA/revenue guidance, while technicals are moderately constructive; valuation remains challenged due to losses and no dividend support.

Positive Factors

Improving Cash Generation

Operating cash flow and free cash flow have meaningfully improved and grew TTM, providing durable internal funding for fleet maintenance, tuck-in deals, and debt reduction. Stronger cash generation reduces reliance on external financing and supports multi‑quarter strategic execution.

Forward Booking Momentum & Guidance

Record wave-season bookings and explicit 2026 revenue/EBITDA guidance signal sustained demand and improved forward visibility. High booked revenue reduces near-term top-line volatility and supports capacity planning, enabling steady revenue and margin improvement over coming quarters.

Stronger Strategic Control & Brand Assets

Deepening control of Natural Habitat and targeted fleet additions/tuck-ins consolidate Lindblad’s premium expedition footprint and distribution. Greater ownership and curated assets strengthen brand differentiation with National Geographic, supporting long-term pricing power and cross-sell opportunities.

Negative Factors

Negative Stockholders' Equity

A persistent negative equity position is a structural balance-sheet weakness that limits borrowing capacity and increases refinancing risk. Over multiple quarters this constrains strategic optionality, raises creditor scrutiny, and can increase the cost of capital for growth or fleet investments.

Continued Net Losses

Despite operating improvements and positive EBITDA, recurring non‑operating charges and negative net margins keep the company loss-making at the bottom line. Prolonged net losses hinder retained earnings buildup and can limit reinvestment capacity and long-term equity recovery.

Structural Margin Pressure from Royalties & Lapping Credits

A permanent royalty step-up plus the removal of one-time tax credits are structural cost headwinds that will compress margins absent offsetting price or efficiency gains. Combined with higher marketing and tour costs, these items can depress early-year profitability and require sustained productivity initiatives.

Lindblad Expeditions Holdings Business Overview & Revenue Model

Company Description

Lindblad Expeditions Holdings, Inc. provides expedition cruising and land-based adventure travel experiences. The company delivers voyages through a fleet of ten owned expedition ships and five seasonal charter vessels under the Lindblad brand; and operates eco-conscious expeditions and nature focused small-group tours under the Natural Habitat brand. The company also provides luxury cycling and adventure tours worldwide under the DuVine name; active small group and private custom journeys throughout the United States national park under the Off the Beaten Path brand name; and curated active small group and private custom journeys that are centered around cinematic walks led by the local guides under the Classic Journeys name. The company has a strategic alliance with the National Geographic Society. Lindblad Expeditions Holdings, Inc. was founded in 1979 and is headquartered in New York, New York.

How the Company Makes Money

Lindblad Expeditions primarily makes money by selling expedition travel packages to guests. Its core revenue stream is passenger ticket revenue from voyage bookings, typically priced per person and tied to itinerary length, cabin category, and destination; these bookings cover bundled services such as onboard lodging, meals, guided shore excursions (e.g., Zodiac landings, hikes, kayaking), and onboard educational programming. Revenue is generated across a portfolio of itineraries operated on vessels that the company owns and/or charters, with sailing capacity (available berths) and occupancy (load factor) being key drivers of total sales. The company also earns onboard and trip-related revenue from ancillary guest purchases and services (e.g., certain beverages, retail/gear sales, photography or similar add-ons where offered), and may earn revenue from trip extensions or related land arrangements when sold as part of the guest experience. A significant factor in demand generation is its long-standing partnership with National Geographic for co-branded expeditions, which supports marketing reach and product differentiation (e.g., National Geographic experts and content integrated into itineraries); however, specific financial terms of this partnership are not provided here. Overall earnings are influenced by pricing, booking volumes, vessel deployment and charter/operating costs, and seasonality and mix of destinations.

Lindblad Expeditions Holdings Financial Statement Overview

Summary

Operational recovery and cash generation are improving, but the balance sheet is stressed with negative stockholders’ equity and the company remains net-loss making (TTM net margin ~-4%) alongside a recent TTM revenue pullback (~-20% YoY).

Income Statement

Revenue rebounded strongly from 2020–2024, but TTM (Trailing-Twelve-Months) shows a meaningful pullback (about -20% vs. the prior year). Profitability has improved materially from the deep losses in 2020–2022 to positive operating profit and roughly 11% EBITDA margin in 2023–TTM, yet the company is still unprofitable at the bottom line (TTM net margin around -4%). Overall, the trend is improving, but the combination of renewed revenue decline and continued net losses keeps the score in the mid-range.

Balance Sheet

The balance sheet is the key weak spot: stockholders’ equity is negative from 2022 through TTM (Trailing-Twelve-Months), which reduces financial flexibility and increases refinancing risk. While total debt appears sharply lower in TTM versus prior years, the negative equity position still signals a leveraged capital structure and limits cushion against downturns. Total assets have grown versus 2020, but the capital structure remains stressed.

Cash Flow

Cash generation is a relative strength. Operating cash flow has improved substantially since 2022 and is strong in 2024 and TTM (Trailing-Twelve-Months), with positive and growing free cash flow (TTM up ~22% and 2024 up ~14%). However, profitability is still negative, and cash flow conversion versus earnings is not consistently strong across the period, so the quality signal is good but not flawless.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	771.02M	644.73M	569.54M	421.50M	147.11M
Gross Profit	290.18M	301.05M	247.17M	138.28M	22.62M
EBITDA	86.30M	74.14M	54.80M	-19.94M	-57.08M
Net Income	-29.72M	-31.18M	-45.61M	-111.38M	-119.21M
Balance Sheet
Total Assets	979.96M	876.90M	831.30M	787.98M	827.49M
Cash, Cash Equivalents and Short-Term Investments	256.69M	183.94M	156.84M	100.77M	150.75M
Total Debt	663.83M	627.30M	623.75M	557.41M	549.45M
Total Liabilities	1.13B	1.02B	945.06M	873.62M	811.55M
Stockholders Equity	-201.45M	-174.96M	-151.55M	-113.53M	5.32M
Cash Flow
Free Cash Flow	65.50M	58.84M	-4.52M	-40.41M	-64.19M
Operating Cash Flow	113.25M	92.36M	25.44M	-2.20M	32.49M
Investing Cash Flow	-67.27M	-44.08M	-14.80M	-49.59M	-114.72M
Financing Cash Flow	27.90M	-19.77M	60.68M	-4.87M	50.41M

Lindblad Expeditions Holdings Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 16.93
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LIND, the sentiment is Neutral. The current price of 16.93 is below the 20-day moving average (MA) of 18.99, below the 50-day MA of 17.79, and above the 200-day MA of 13.91, indicating a neutral trend. The MACD of -0.40 indicates Positive momentum. The RSI at 38.02 is Neutral, neither overbought nor oversold. The STOCH value of 16.18 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for LIND.

Lindblad Expeditions Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RCL	73 Outperform	$75.97B	17.69	45.87%	1.09%	8.61%	49.58%
TNL	63 Neutral	$4.28B	20.12	-25.97%	3.10%	3.17%	12.57%
EXPE	62 Neutral	$28.36B	27.45	114.29%	0.56%	7.29%	36.51%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
LIND	54 Neutral	$1.10B	-26.67	13.32%	―	18.50%	7.78%
NCLH	53 Neutral	$9.04B	24.01	22.91%	―	3.59%	19.09%
TRIP	51 Neutral	$1.09B	45.50	6.10%	―	4.24%	159.81%

Lindblad Expeditions Holdings Corporate Events

Lindblad Increases Stake in Natural Habitat Adventure Subsidiary

On March 3, 2026, Lindblad Expeditions Holdings, Inc. acquired an additional 5% stake in its adventure travel subsidiary Natural Habitat, Inc. from founder and CEO Ben Bressler for $16,586,787, increasing Lindblad’s ownership in the business to 95%. Following this transaction, Bressler retains a 5% noncontrolling interest in Natural Habitat under an existing put/call arrangement, further consolidating Lindblad’s economic and strategic control over the subsidiary while keeping the founder invested in the business.

The move deepens Lindblad’s integration of Natural Habitat within its broader expedition and nature travel platform, potentially enhancing operational alignment and financial participation in the subsidiary’s performance. By tightening its ownership structure while preserving a minority stake for Bressler, Lindblad balances leadership continuity with greater control, which may strengthen its positioning in the premium, conservation-oriented travel segment.

The most recent analyst rating on (LIND) stock is a Buy with a $27.00 price target. To see the full list of analyst forecasts on Lindblad Expeditions Holdings stock, see the LIND Stock Forecast page.

Lindblad Expeditions Simplifies Capital Structure with Preferred Conversion

On January 20, 2026, Lindblad Expeditions announced it had exercised its right to mandatorily convert all outstanding 6.0% Series A Convertible Preferred Stock after its volume-weighted average share price exceeded the $14.25 trigger threshold on January 16, 2026. The company set February 3, 2026 as the effective date for the conversion of 62,000 preferred shares into roughly 9.0 million common shares, which will increase total common shares outstanding from about 55.4 million to approximately 64.4 million and eliminate the preferred stock class and its associated dividends. Management framed the move as a step that simplifies Lindblad’s capital structure and strengthens its balance sheet, providing greater flexibility for capital allocation and potentially improving the company’s financial profile for shareholders and creditors.

The most recent analyst rating on (LIND) stock is a Hold with a $16.50 price target. To see the full list of analyst forecasts on Lindblad Expeditions Holdings stock, see the LIND Stock Forecast page.