Lindblad Expeditions Holdings (LIND) AI Stock Analysis

• Market Cap: $799.99M
• Dividend Yield: N/A
• Average Volume (3M): 362.26K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.77
• Revenue Growth: 18.50%
• EPS Growth: 7.78%
• Country: US
• Employees: 1,230
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Travel Services
• EPS (TTM): 0.00
• Shares Outstanding: 55,400,740
• 10 Day Avg. Volume: 493,862
• 30 Day Avg. Volume: 362,259
• PEG Ratio: 0.71
• Price to Book (P/B): -3.65
• Price to Sales (P/S): 0.99
• P/FCF Ratio: 10.85
• Enterprise Value/Market Cap: 1.52
• Enterprise Value/Revenue: 1.65
• Enterprise Value/Gross Profit: 3.66
• Enterprise Value/Ebitda: 14.72
• 1Y Price Target: $18.00
• Price Target Upside: 24.65% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): -0.48
• Revenue Forecast (FY): $756.09M

• Rating: 53 Neutral
• Price Target: $13.00 ▼(-9.97% Downside)

Lindblad Expeditions Holdings' overall stock score is primarily influenced by its precarious financial health, characterized by high leverage and weak cash flow generation. Despite positive momentum and strong earnings call highlights, the negative P/E ratio and lack of profitability weigh heavily on the score. The company's strategic initiatives and raised guidance provide some optimism, but financial risks remain a significant concern.

Positive Factors

Revenue Growth

Strong revenue growth across segments indicates robust demand and effective business strategies, supporting long-term financial health.

Fleet Expansion

Expanding fleet capacity allows Lindblad to capture more market share and enhance its offerings, strengthening its competitive position.

Successful Debt Refinancing

Lower interest rates and extended maturities improve financial flexibility, reducing financial risk and supporting future growth initiatives.

Negative Factors

High Financial Leverage

High leverage poses a risk to financial stability, potentially limiting the company's ability to invest in growth and weather economic downturns.

Weak Cash Flow Generation

Weak cash flow generation limits the company's ability to fund operations and strategic initiatives, impacting long-term sustainability.

Increased Operating Expenses

Rising operating expenses can erode profitability, necessitating cost control measures to maintain margins and financial health.

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 generates revenue primarily through the sale of cruise and expedition packages, which include accommodations, meals, guided excursions, and onboard activities. The company's revenue model is based on ticket sales for its vessels, where travelers pay for the unique experiences offered during the voyages. In addition to cruise revenue, Lindblad also earns money through partnerships with organizations such as National Geographic, enhancing its brand and attracting a broader customer base. Ancillary revenue comes from onboard sales, merchandise, and optional excursions. The company's focus on sustainable tourism practices and high-quality experiences helps maintain customer loyalty and repeat business, contributing to its financial success.

Lindblad Expeditions Holdings Financial Statement Overview

Summary

Lindblad Expeditions Holdings is experiencing revenue growth, but profitability and financial stability remain significant challenges. The company is highly leveraged, with negative equity and a concerning debt-to-equity ratio. Cash flow generation is weak, with declining free cash flow growth. While there are signs of recovery in revenue, the overall financial health of the company is precarious, with high financial risk and operational inefficiencies.

Income Statement

Lindblad Expeditions Holdings has shown a modest revenue growth rate of 4.87% in the TTM period, indicating some recovery in the travel services industry. However, the company continues to face challenges with profitability, as evidenced by a negative net profit margin of -4.24%. The gross profit margin of 43.04% is relatively healthy, but the low EBIT margin of 2.88% suggests operational inefficiencies. Overall, while there is revenue growth, profitability remains a concern.

Balance Sheet

The balance sheet reveals significant financial leverage with a negative debt-to-equity ratio of -3.80, due to negative stockholders' equity. This indicates high financial risk and potential solvency issues. The return on equity is positive at 5.20%, but this is primarily due to negative equity. The equity ratio is negative, further highlighting the company's financial instability. Overall, the balance sheet reflects high leverage and financial risk.

Cash Flow

The cash flow statement shows a decline in free cash flow growth by -11% in the TTM period, which is concerning. However, the operating cash flow to net income ratio of 0.23 indicates some ability to generate cash from operations. The free cash flow to net income ratio of 0.53 suggests that while the company is generating some free cash flow, it is not sufficient to cover net losses. Overall, cash flow generation is weak, with declining free cash flow growth.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	736.45M	644.73M	569.54M	421.50M	147.11M	82.36M
Gross Profit	331.66M	301.05M	247.17M	138.28M	22.62M	9.43M
EBITDA	82.43M	74.14M	54.80M	-19.94M	-57.08M	-61.17M
Net Income	-31.22M	-31.18M	-45.61M	-111.38M	-119.21M	-98.74M
Balance Sheet
Total Assets	976.53M	876.90M	831.30M	787.98M	827.49M	757.45M
Cash, Cash Equivalents and Short-Term Investments	261.78M	183.94M	156.84M	100.77M	150.75M	187.53M
Total Debt	665.02M	627.30M	623.75M	557.41M	549.45M	488.00M
Total Liabilities	1.11B	1.02B	945.06M	873.62M	811.55M	631.17M
Stockholders Equity	-174.77M	-174.96M	-151.55M	-113.53M	5.32M	118.78M
Cash Flow
Free Cash Flow	52.17M	58.84M	-4.52M	-40.41M	-64.19M	-247.74M
Operating Cash Flow	98.82M	92.36M	25.44M	-2.20M	32.49M	-92.26M
Investing Cash Flow	-63.83M	-44.08M	-14.80M	-49.59M	-114.72M	-155.48M
Financing Cash Flow	30.56M	-19.77M	60.68M	-4.87M	50.41M	342.99M

Lindblad Expeditions Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 14.44
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

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 14.44 is above the 20-day moving average (MA) of 13.35, above the 50-day MA of 12.59, and above the 200-day MA of 11.76, indicating a bullish trend. The MACD of 0.67 indicates Negative momentum. The RSI at 70.13 is Negative, neither overbought nor oversold. The STOCH value of 67.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LIND.

Lindblad Expeditions Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EXPE	80 Outperform	$35.24B	27.51	104.40%	0.56%	7.29%	36.51%
TNL	73 Outperform	$4.67B	11.93	―	3.10%	3.17%	12.57%
TRIP	67 Neutral	$1.65B	22.22	9.57%	―	4.24%	159.81%
RCL	67 Neutral	$77.91B	19.29	47.46%	1.09%	8.61%	49.58%
NCLH	64 Neutral	$10.38B	17.38	39.87%	―	3.59%	19.09%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
LIND	53 Neutral	$799.99M	-21.79	―	―	18.50%	7.78%

Lindblad Expeditions Holdings Corporate Events

Lindblad Expeditions Plans Future Fleet Changes

On December 11, 2025, Lindblad Expeditions Holdings announced the retirement of the National Geographic Sea Bird and Sea Lion in October 2026, marking the end of their service. To meet growing demand for Alaska expeditions, the company will charter the Greg Mortimer starting in 2027, enhancing its ability to offer new itineraries and modern accommodations. This strategic move aims to strengthen Lindblad’s position in the expedition travel industry by expanding its Alaska program and continuing its legacy of pioneering exploration.