Lindblad Expeditions Holdings (LIND) AI Stock Analysis

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Lindblad Expeditions Holdings

(NASDAQ:LIND)

58Neutral

Lindblad Expeditions Holdings shows mixed performance with notable financial challenges but positive operational momentum. Strong earnings call results and strategic initiatives indicate potential recovery, but financial instability and valuation concerns weigh on its overall score. The stock's technical indicators suggest near-term caution despite some bullish signals.

Positive Factors

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%.

Partnership

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.

Valuation

Shares trade at a ~26% discount to the cruise industry peer group, creating an attractive valuation dislocation.

Negative Factors

Capacity Constraints

Increased optimism around a steeper occupancy ramp beginning in 2H25, along with the contribution from the acquisition of the two vessels in the Galápagos Islands and the land-based expedition company.

Operational 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.

Lindblad Expeditions Holdings (LIND) vs. S&P 500 (SPY)

Market Cap

$541.50M

Dividend YieldN/A

Average Volume (3M)323.22K

Price to Earnings (P/E)―

Beta (1Y)2.37

Revenue Growth15.71%

EPS Growth44.28%

CountryUS

Employees1,230

SectorConsumer Cyclical

Sector Strength58

IndustryTravel Services

Share Statistics

EPS (TTM)0.00

Shares Outstanding54,586,395

10 Day Avg. Volume246,060

30 Day Avg. Volume323,217

Financial Highlights & Ratios

PEG RatioN/A

Price to Book (P/B)N/A

Price to Sales (P/S)0.00

Price to Cash Flow (P/CF)0.00

P/FCF Ratio0.00

Enterprise Value/Market Cap2.15

Enterprise Value/RevenueN/A

Enterprise Value/Gross Profit3.86

Enterprise Value/EbitdaN/A

Forecast

1Y Price Target

$17.00

Price Target Upside76.53% Upside

Rating ConsensusModerate Buy

Number of Analyst Covering2

Lindblad Expeditions Holdings Business Overview & Revenue Model

Company DescriptionLindblad Expeditions Holdings, Inc. (LIND) is a pioneering adventure travel and expedition cruising company focused on delivering unique and immersive experiences in some of the world's most awe-inspiring destinations. Operating in the travel and tourism sector, Lindblad Expeditions specializes in small-ship expeditions, offering voyages that emphasize environmental sustainability, education, and high-quality guest experiences. The company collaborates with National Geographic to enhance its offerings with expert insights and photography opportunities.

How the Company Makes MoneyLindblad Expeditions Holdings makes money primarily through the sale of expedition travel packages on its fleet of small ships. These voyages are priced based on the destination, duration, and amenities of the trip. Key revenue streams include passenger ticket sales, onboard services such as dining and excursions, and merchandising of branded travel gear. Additionally, the partnership with National Geographic enhances the company's value proposition, attracting customers interested in educational and environmentally-conscious travel experiences. The company's revenue is also supported by strategic marketing and a reputation for high-quality, sustainable travel offerings.

Lindblad Expeditions Holdings Financial Statement Overview

Summary

Lindblad Expeditions Holdings faces substantial financial challenges, with consistent losses and fluctuating revenue. While there are improvements in cash flow and a reduction in debt, the negative equity and operational disruptions present significant risks. The company needs strategic adjustments to stabilize its financial position.

Income Statement

Negative

The income statement reveals significant challenges, with consistent net losses over the years. The TTM (Trailing-Twelve-Months) shows zero revenue, a drastic decline from previous years, indicating operational disruptions. Although there was positive EBIT in the latest annual data, the EBITDA is negative, reflecting high non-operating expenses or depreciation. Revenue growth has been erratic, with recent years showing severe declines.

Balance Sheet

Neutral

The balance sheet indicates financial instability with negative stockholders' equity, suggesting liabilities exceed assets. The debt-to-equity ratio is skewed due to negative equity, but total debt has decreased significantly, improving net debt position. Cash reserves are relatively strong, which may provide some buffer against financial distress.

Cash Flow

Neutral

Cash flow analysis is moderate, with operating cash flow improving significantly in the latest data, reflecting better operational efficiency. Free cash flow has turned positive, indicating potential for reinvestment or debt reduction. However, the cash flow to net income ratios are distorted due to persistent net losses.

Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Breakdown
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
	EBIT
21.55M	10.60M	-63.05M	-110.83M	-88.40M
	EBITDA
74.14M	54.12M	-19.94M	-57.06M	-61.12M
	Net Income Common Stockholders
-31.18M	-45.61M	-108.16M	-119.17M	-100.14M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
183.94M	156.84M	100.77M	150.75M	187.53M
	Total Assets
876.90M	831.30M	787.98M	827.49M	757.45M
	Total Debt
1.87M	623.75M	557.41M	549.45M	488.00M
	Net Debt
-182.07M	466.90M	470.24M	398.70M	300.47M
	Total Liabilities
1.02B	945.06M	873.62M	811.55M	631.17M
	Stockholders Equity
-145.53M	-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

Positive

Last Price9.63

Price Trends

50DMA

9.47

Positive

100DMA

10.79

Negative

200DMA

10.50

Negative

Market Momentum

MACD

0.03

Negative

RSI

58.43

Neutral

STOCH

53.61

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 9.63 is above the 20-day moving average (MA) of 8.67, above the 50-day MA of 9.47, and below the 200-day MA of 10.50, indicating a neutral trend. The MACD of 0.03 indicates Negative momentum. The RSI at 58.43 is Neutral, neither overbought nor oversold. The STOCH value of 53.61 is Neutral, 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 53 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

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RCL	76 Outperform	$61.26B	19.21	49.55%	0.75%	13.66%	49.86%
EXPE	75 Outperform	$20.64B	18.08	79.84%	0.24%	6.64%	69.85%
TRIP	71 Outperform	$1.67B	773.33	5.91%	―	1.43%	121.44%
TNL	65 Neutral	$3.09B	8.49	-46.70%	4.43%	2.98%	3.46%
Sector *	61 Neutral	$6.58B	11.81	3.06%	3.99%	2.54%	-21.54%
NCLH	61 Neutral	$7.72B	10.53	95.87%	―	5.57%	141.01%
LIND	58 Neutral	$541.50M	―	21.42%	―	15.71%	44.28%

* Consumer Cyclical Sector Average

Performance Comparison

LIND

Lindblad Expeditions Holdings

9.63

2.28

31.02%

EXPE

Expedia

166.56

54.27

48.33%

RCL

Royal Caribbean

228.01

87.42

62.18%

TRIP

TripAdvisor

14.36

-3.95

-21.57%

TNL

Travel + Leisure Co

46.82

3.27

7.51%

NCLH

Norwegian Cruise Line

17.31

1.11

6.85%

Lindblad Expeditions Holdings Earnings Call Summary

Earnings Call Date:May 06, 2025

(Q1-2025)

% Change Since: 5.59%|

Next Earnings Date:Aug 05, 2025

Earnings Call Sentiment Positive

The earnings call presented a strong performance with significant growth in revenue, net yields, and occupancy rates. The company demonstrated successful execution of strategic initiatives and partnerships, notably with Disney and in international markets. Despite economic volatility and increased operational costs, the overall outlook remains positive with strong future bookings and cash flow.

Q1-2025 Updates

Positive Updates

Revenue Growth

Revenues increased 17% with Lindblad Expeditions segment generating 11% growth and Land segment increasing 38%.

Record Net Yields

Net yields increased 25% to $1,521, the highest quarterly net yield in the company's history.

Occupancy Increase

Occupancy increased by 14 percentage points to 89% compared to 76% in the prior year.

Adjusted EBITDA Growth

Adjusted EBITDA increased 39% with margins improving by 260 basis points.

Successful Strategic Initiatives

Notable progress on strategic pillars, including maximizing revenue, optimizing financial performance, and exploring growth opportunities.

Disney Partnership

Continued momentum and expansion of reach through the Disney partnership.

International Expansion

Focus on international markets, including a successful brand introduction event in the UK.

European River Experience

Announced a new European river experience through a partnership with Strassen Cruises, set to debut in April 2026.

Positive Cash Flow

Ended the quarter with total cash of $235.2 million, an increase of $19.1 million versus the end of 2024.

Negative Updates

Macroeconomic Concerns

Acknowledgment of economic volatility and less consistent bookings in April due to macroeconomic challenges.

Increased Operational Costs

Operating expenses increased by 13.4%, driven by higher costs in tours, sales and marketing, and general administration.

Company Guidance

During the Lindblad Expeditions Holdings, Inc. earnings call for the first quarter of 2025, a series of impressive financial metrics were highlighted, showcasing the company's strong performance and optimistic outlook. The company reported a 17% increase in total revenues, with the Lindblad Expeditions segment experiencing an 11% growth and the Land segment seeing a substantial 38% rise. Adjusted EBITDA surged by 39%, with a margin improvement of 260 basis points. Occupancy saw a notable increase of 14 percentage points, reaching 89%. The net yield hit a record high, increasing by 25% to $1,521. The company reaffirmed its guidance for total company tour revenue to be between $700 million and $750 million, and adjusted EBITDA to range from $100 million to $112 million for the full year. Additionally, Lindblad introduced net yield expectations for 2025, projecting a growth of 7% to 10% for the year. This robust performance underscores the success of their strategic initiatives, including dynamic pricing and expanded partnerships, despite the complex macroeconomic environment.

Lindblad Expeditions Holdings Corporate Events

Executive/Board ChangesBusiness Operations and Strategy

Lindblad Expeditions Holdings Announces New CEO and CFO

Positive

Dec 10, 2024

Lindblad Expeditions Holdings, Inc., a leader in expedition travel, has appointed Natalya Leahy as CEO and Rick Goldberg as CFO, marking a new chapter in its leadership. Leahy, with a strong background in global travel, and Goldberg, a seasoned finance leader, are expected to drive the company’s growth in the experiential travel sector. This strategic move aims to enhance Lindblad’s market position and create lasting value for stakeholders.

Glossary

OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.

NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.

UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.

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.