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Lindblad Expeditions Holdings
(NASDAQ:LIND)
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Rating:58Neutral
Price Target:
$34.00
▲(21.04% Upside)
Action:Reiterated
Date:08/04/26
The score is anchored by mixed financial fundamentals: strong and improving free cash flow is a clear positive, but negative equity, ongoing net losses, and a sharp TTM revenue decline materially constrain financial quality. Technicals are supportive (strong trend, positive MACD) but are tempered by overextended momentum (high RSI/Stoch). The latest earnings call adds support via raised revenue and net-yield guidance and strong booking/cash-flow momentum, while valuation remains unattractive/unclear due to negative earnings and no dividend.
Positive Factors
Improving free cash flow and liquidity
Material improvement in free cash flow and a strong cash balance provide durable financial flexibility. Sustained cash generation funds fleet maintenance, product launches, organic investment, opportunistic M&A or buybacks and helps absorb travel cyclicality without immediate capital raises.
Negative Factors
Persistent negative shareholders' equity
Negative equity across multiple periods constrains financial resilience and increases refinancing and covenant risk. Even with recent deleveraging signs, a deficient equity base limits the company’s ability to raise capital on favorable terms and reduces balance-sheet flexibility for strategic moves.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving free cash flow and liquidity
Material improvement in free cash flow and a strong cash balance provide durable financial flexibility. Sustained cash generation funds fleet maintenance, product launches, organic investment, opportunistic M&A or buybacks and helps absorb travel cyclicality without immediate capital raises.
Read all positive factors
Lindblad Expeditions Holdings Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down sales across the company’s business lines, revealing which segments drive growth and how concentrated revenue sources are. A diversified revenue mix reduces dependence on a single market or season, while heavy concentration increases exposure to segment-specific risks.
Breaks down sales across the company’s business lines, revealing which segments drive growth and how concentrated revenue sources are. A diversified revenue mix reduces dependence on a single market or season, while heavy concentration increases exposure to segment-specific risks.
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The Fly
The FlyLindblad Expeditions Holdings (LIND) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.94B
Dividend YieldN/A
Average Volume (3M)697.45K
Price to Earnings (P/E)―
Beta (1Y)1.78
Revenue Growth19.15%
EPS Growth7.51%
CountryUS
Employees1,550
SectorConsumer Cyclical
Sector Strength84
IndustryTravel Services
Share Statistics
EPS (TTM)-0.35
Shares Outstanding65,571,320
10 Day Avg. Volume685,574
30 Day Avg. Volume697,453
Financial Highlights & Ratios
PEG Ratio3.83
Price to Book (P/B)-3.93
Price to Sales (P/S)1.03
P/FCF Ratio12.10
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$30.40Price Target Upside8.22% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)0.16
Revenue Forecast (FY)$848.98M
Lindblad Expeditions Holdings Business Overview & Revenue Model
Company Description
Lindblad Expeditions Holdings, Inc. delivers diverse adventure travel experiences, encompassing both marine expeditions and land-based journeys. Through its primary Lindblad brand, the company orchestrates voyages utilizing a fleet comprising ten ...
How the Company Makes Money
Lindblad Expeditions primarily makes money by selling expedition travel experiences directly to guests. The core revenue stream is passenger ticket revenue from ship-based voyages (expedition cruises), where customers pay per-person fares that gen...
Lindblad Expeditions Holdings Earnings Call Summary
Earnings Call Date:Aug 03, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call conveyed a largely positive operational and commercial performance: strong revenue growth, record net yields, improved occupancy, significant adjusted EBITDA growth and healthy booking momentum that enabled an increase in full-year revenue and net-yield guidance. These positives are balanced against meaningful cost inflation—fuel being the largest headwind—higher operating and marketing costs, and lingering GAAP effects (accelerated depreciation) that kept a small net loss. Management maintained disciplined capital allocation and reaffirmed EBITDA guidance given fuel risk and geopolitical uncertainty.Positive Updates
Strong Revenue Growth
Total company revenue increased 18.6% year-over-year to $199.2 million ($199 million reported), up from $168 million in Q2 2025; Lindblad segment revenue rose 16.4% to $129.2 million and Land Experiences revenue grew 23% to $70 million.
Negative Updates
Elevated Fuel Costs
Fuel expense increased $2.7 million year-over-year, a 64% rise, and represented 5.3% of Lindblad segment revenue in the quarter (up from 4.8%). Management is modeling scenarios at approximately $100/barrel and notes fuel as the principal headwind to EBITDA.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue Growth
Total company revenue increased 18.6% year-over-year to $199.2 million ($199 million reported), up from $168 million in Q2 2025; Lindblad segment revenue rose 16.4% to $129.2 million and Land Experiences revenue grew 23% to $70 million.
Read all positive updates
Company Guidance
Management raised 2026 revenue guidance to $830–$860 million (from $800–$850M), increased net yield guidance by 50 basis points to +4.5%–5.5% year‑over‑year (from +4%–5%), and reaffirmed adjusted EBITDA guidance of $130–$140 million; they expect available guest nights to be roughly flat in H2 2026 (capacity up mid‑single digits in Q3, down mid‑single digits in Q4) and are modeling fuel near ~$100/barrel as the primary headwind — while net leverage has improved to ~2.2x, cash stands at $364.9 million and year‑to‑date free cash flow is up 93% to $93.6 million, supporting organic investment, accretive M&A or opportunistic buybacks.Lindblad Expeditions Holdings Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
28
Negative
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 631.37M | 771.02M | 644.73M | 569.54M | 421.50M | 147.11M |
| Gross Profit | 210.35M | 290.18M | 301.05M | 247.17M | 138.28M | 22.62M |
| EBITDA | 80.98M | 86.30M | 74.14M | 54.80M | -19.94M | -57.08M |
| Net Income | -17.27M | -29.72M | -31.18M | -45.61M | -111.38M | -119.21M |
Balance Sheet | ||||||
| Total Assets | 1.03B | 979.96M | 876.90M | 831.30M | 787.98M | 827.49M |
| Cash, Cash Equivalents and Short-Term Investments | 318.89M | 256.69M | 183.94M | 156.84M | 100.77M | 150.75M |
| Total Debt | 1.69M | 663.83M | 627.30M | 623.75M | 557.41M | 549.45M |
| Total Liabilities | 1.20B | 1.13B | 1.02B | 945.06M | 873.62M | 811.55M |
| Stockholders Equity | -162.47M | -201.45M | -174.96M | -151.55M | -113.53M | 5.32M |
Cash Flow | ||||||
| Free Cash Flow | 120.80M | 65.50M | 58.84M | -4.52M | -40.41M | -64.19M |
| Operating Cash Flow | 154.28M | 113.25M | 92.36M | 25.44M | -2.20M | 32.49M |
| Investing Cash Flow | -37.41M | -67.27M | -44.08M | -14.80M | -49.59M | -114.72M |
| Financing Cash Flow | 711.00K | 27.90M | -19.77M | 60.68M | -4.87M | 50.41M |
Lindblad Expeditions Holdings Technical Analysis
Positive
28.09
Price Trends
25.86
Positive
22.22
Positive
18.67
Positive
Market Momentum
1.73
Negative
79.77
Negative
84.89
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LIND, the sentiment is Positive. The current price of 28.09 is below the 20-day moving average (MA) of 28.21, above the 50-day MA of 25.86, and above the 200-day MA of 18.67, indicating a bullish trend. The MACD of 1.73 indicates Negative momentum. The RSI at 79.77 is Negative, neither overbought nor oversold. The STOCH value of 84.89 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LIND.
Lindblad Expeditions Holdings Risk Analysis
Lindblad Expeditions Holdings disclosed 47 risk factors in its most recent earnings report. Lindblad Expeditions Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Lindblad Expeditions Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $35.38B | 24.58 | 147.58% | 0.68% | 10.01% | 33.63% | |
72 Outperform | $85.37B | 19.56 | 43.83% | 1.70% | 8.72% | 21.01% | |
63 Neutral | $4.65B | 20.38 | -24.76% | 3.13% | 4.12% | -35.73% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
58 Neutral | $1.94B | -55.72 | 9.48% | ― | 19.15% | 7.51% | |
57 Neutral | $1.65B | 101.18 | 2.86% | ― | 2.03% | -64.68% | |
57 Neutral | $8.51B | 11.10 | 32.35% | ― | 6.21% | 2.45% |
* Consumer Cyclical Sector Average
LIND
Lindblad Expeditions Holdings
34.09
20.46
150.11%
EXPE
Expedia
312.06
131.64
72.96%
RCL
Royal Caribbean
325.74
19.62
6.41%
TRIP
TripAdvisor
14.33
-1.90
-11.71%
TNL
Travel + Leisure Co
78.06
20.69
36.07%
NCLH
Norwegian Cruise Line
20.07
-4.93
-19.72%
Lindblad Expeditions Holdings Corporate Events
Executive/Board ChangesShareholder Meetings
Lindblad Shareholders Back Directors, Pay Plan and Auditor
Positive
Jun 11, 2026
At Lindblad Expeditions Holdings’ 2026 Annual Meeting of Stockholders, held on June 10, 2026, shareholders elected L. Dyson Dryden, John M. Fahey, Catherine B. Reynolds and Andy Stuart as Class B directors, each to serve until the 2029 annua...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.