Lindblad Expeditions Holdings (LIND) AI Stock Analysis

• Market Cap: $641.72M
• Dividend Yield: N/A
• Average Volume (3M): 298.98K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.20
• Revenue Growth: 15.71%
• EPS Growth: 44.28%
• Country: US
• Employees: 1,230
• Sector: Consumer Cyclical
• Sector Strength: 68
• Industry: Travel Services
• EPS (TTM): 0.00
• Shares Outstanding: 54,707,947
• 10 Day Avg. Volume: 264,280
• 30 Day Avg. Volume: 298,981
• PEG Ratio: -2.32
• Price to Book (P/B): -2.70
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 12.12
• Enterprise Value/Market Cap: 1.74
• Enterprise Value/Revenue: 0.44
• Enterprise Value/Gross Profit: 3.73
• Enterprise Value/Ebitda: 4.01
• 1Y Price Target: $16.50
• Price Target Upside: 40.66% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3

• Rating: 66 Neutral
• Price Target: $14.00 ▲(19.35%Upside)

The overall stock score is driven by strong technical momentum and positive earnings call insights, offset by financial instability and challenging valuation metrics. Despite operational improvements, the negative equity and ongoing profitability issues remain significant concerns.

Positive Factors

Demand Stability

Booking patterns are consistent with historical levels, suggesting stable demand despite macroeconomic uncertainties.

Financial Performance

The company posted quarterly EBITDA 55% ahead of consensus, driven by a 1,300bps year-over-year occupancy gain and year-over-year net yield growth of 25%.

Marketing Strategy

The combination of LIND’s expanded salesforce, dynamic pricing enhancements, and robust charter/land-based offerings should deliver powerful synergies as the company’s marketing efforts become more integrated with Disney’s vast database of high-income, travel-inclined customers.

Partnerships

The Disney/NG partnership is expected to pay significant dividends over time, supporting LIND’s thesis that occupancy levels can return to pre-pandemic levels by 2026.

Negative Factors

Capacity Challenges

Fluctuations in available guest nights will pose a headwind for yields and occupancy through the balance of the fiscal year as LIND has guided to 1.5% capacity growth for the full year.

Capacity Expansion

Optimism for acquiring additional used vessels, which could enhance capacity and growth opportunities, may face challenges.

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 makes money primarily through the sale of expedition cruise tickets to individuals seeking adventure travel experiences. The company's revenue streams include passenger fares, which are the primary source of income, as well as onboard services such as dining and excursions. Partnerships, notably with National Geographic, enhance the company's offerings and brand appeal, allowing Lindblad to leverage the expertise and reputation of National Geographic to attract affluent and environmentally-conscious travelers. Additionally, the company may generate revenue from merchandise sales related to its expeditions, although this is typically a smaller portion of their income.

Lindblad Expeditions Holdings Financial Statement Overview

Summary

Lindblad Expeditions Holdings demonstrates revenue growth and operational improvements, yet faces significant profitability challenges and financial instability. The negative net income and negative stockholders' equity are concerning, but cash flow improvements show promise.

Income Statement

The company shows positive revenue growth, with a TTM revenue increase of 4% from the previous year. Gross profit margins are stable, but negative net income indicates ongoing profitability challenges. The improvement in EBIT and EBITDA margins suggests better operational efficiency, although the net profit margin remains negative.

Balance Sheet

The company's balance sheet shows a concerning negative stockholders' equity, indicating financial instability. The debt-to-equity ratio cannot be calculated due to negative equity, presenting a significant risk. Total debt levels are high relative to total assets, and the equity ratio is negative.

Cash Flow

The company has shown improvement in operating cash flow, with a positive free cash flow in the TTM. The operating cash flow to net income ratio is strong due to significant operating cash flow relative to net losses, indicating good cash generation capabilities. The free cash flow growth rate is positive, showing recovery.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	644.73M	569.54M	421.50M	147.11M	82.36M
Gross Profit	301.05M	247.17M	138.28M	22.62M	9.43M
EBITDA	74.10M	54.12M	-19.94M	-57.06M	-61.12M
Net Income	-31.18M	-45.61M	-108.16M	-119.17M	-100.14M
Balance Sheet
Total Assets	876.90M	831.30M	787.98M	827.49M	757.45M
Cash, Cash Equivalents and Short-Term Investments	183.94M	156.84M	100.77M	150.75M	187.53M
Total Debt	627.30M	623.75M	557.41M	549.45M	488.00M
Total Liabilities	1.02B	945.06M	873.62M	811.55M	631.17M
Stockholders Equity	-174.96M	-151.55M	-113.53M	5.32M	118.78M
Cash Flow
Free Cash Flow	58.84M	-4.52M	-40.41M	-64.19M	-247.74M
Operating Cash Flow	92.36M	25.44M	-2.20M	32.49M	-92.26M
Investing Cash Flow	-44.08M	-14.80M	-49.59M	-114.72M	-155.48M
Financing Cash Flow	-19.77M	60.68M	-4.87M	50.41M	342.99M

Lindblad Expeditions Holdings Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 11.73
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

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 11.73 is below the 20-day moving average (MA) of 12.47, above the 50-day MA of 11.63, and above the 200-day MA of 11.18, indicating a neutral trend. The MACD of 0.04 indicates Positive momentum. The RSI at 43.51 is Neutral, neither overbought nor oversold. The STOCH value of 22.16 is Neutral, 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	78 Outperform	$86.34B	23.96	47.48%	0.78%	12.10%	37.89%
TNL	77 Outperform	$3.79B	10.10	-46.70%	3.63%	2.88%	4.73%
EXPE	74 Outperform	$22.64B	20.98	119.16%	0.44%	5.57%	61.19%
NCLH	74 Outperform	$11.42B	18.40	63.57%	―	5.23%	66.94%
TRIP	68 Neutral	$2.29B	47.97	5.91%	―	1.43%	121.44%
LIND	66 Neutral	$641.72M	―	21.42%	―	15.71%	44.28%
Sector *	61 Neutral	$16.08B	9.94	-8.64%	3.35%	1.36%	-20.44%

Lindblad Expeditions Holdings Corporate Events

Lindblad Expeditions Amends Stockholders’ Agreement July 2025

On July 8, 2025, Lindblad Expeditions Holdings, Inc., Natural Habitat, Inc., and Ben Bressler amended their Stockholders’ Agreement, replacing a 2026 put right with a perpetual put right for Bressler’s remaining interest in NatHab. Additionally, they updated Bressler’s employment agreement to include a bonus pool based on NatHab’s net profits, extended the agreement term to December 31, 2028, and made other clarifying changes. These amendments are likely to impact the company’s operational flexibility and Bressler’s role within NatHab.

The most recent analyst rating on (LIND) stock is a Buy with a $15.00 price target. To see the full list of analyst forecasts on Lindblad Expeditions Holdings stock, see the LIND Stock Forecast page.

Lindblad Expeditions Holds 2025 Annual Stockholders Meeting

Lindblad Expeditions Holdings held its 2025 Annual Meeting of Stockholders on June 4, 2025, where stockholders voted on several key proposals. The meeting resulted in the election of directors, approval of executive compensation, an amendment to the 2021 Long-Term Incentive Plan, and the ratification of Ernst & Young LLP as the independent accounting firm for fiscal year 2025.

The most recent analyst rating on (LIND) stock is a Buy with a $15.00 price target. To see the full list of analyst forecasts on Lindblad Expeditions Holdings stock, see the LIND Stock Forecast page.