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Lindblad Expeditions Holdings
(NASDAQ:LIND)
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Rating:62Neutral
Price Target:
$28.00
▲(33.59% Upside)
Action:Reiterated
Date:06/12/26
The score reflects an improving operating and cash-flow profile but meaningful balance-sheet risk (high leverage/negative equity). Technicals are supportive with a clear uptrend and positive momentum. Valuation remains a headwind due to loss-making earnings (negative P/E), while the latest earnings call was broadly positive with reaffirmed guidance and strong Q1 results despite cost and cancellation headwinds.
Positive Factors
Improving free cash flow
Sustained positive free cash flow and higher cash balances materially improve Lindblad’s ability to fund operations, capex and debt paydowns without equity raises. Over 2–6 months stronger cash conversion supports deleveraging, reduces refinancing risk and underpins investment in growth initiatives.
Negative Factors
High leverage and negative equity
A sizable debt load combined with negative equity constrains financial flexibility in a cyclical travel sector. This increases refinancing and interest-rate risks, leaves little balance-sheet cushion for shocks, and can absorb cash generation that would otherwise fund growth or return to shareholders over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving free cash flow
Sustained positive free cash flow and higher cash balances materially improve Lindblad’s ability to fund operations, capex and debt paydowns without equity raises. Over 2–6 months stronger cash conversion supports deleveraging, reduces refinancing risk and underpins investment in growth initiatives.
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
$1.72B
Dividend YieldN/A
Average Volume (3M)697.45K
Price to Earnings (P/E)―
Beta (1Y)1.76
Revenue Growth19.15%
EPS Growth7.51%
CountryUS
Employees1,230
SectorConsumer Cyclical
Sector Strength84
IndustryTravel Services
Share Statistics
EPS (TTM)-0.51
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 Cap0.97
Enterprise Value/Revenue2.08
Enterprise Value/Gross Profit5.79
Enterprise Value/Ebitda17.81
Forecast
1Y Price Target
$29.50Price Target Upside40.74% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.11
Revenue Forecast (FY)$847.81M
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:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call presents a largely positive outcome: the company delivered record occupancy and net yields, double‑digit revenue and EBITDA growth, improved cash flow and leverage, strong booking momentum and meaningful commercial wins (Disney, Club 33, outbound sales). These positives are tempered by operational headwinds — weather‑related and geopolitical cancellations, higher operating and marketing costs (including a royalty step-up), increased absolute fuel spend, and a one‑time benefit in Land EBITDA. Management is proactively investing in demand generation and cost‑innovation initiatives and is reaffirming full‑year guidance, suggesting confidence in the business outlook.Positive Updates
Record Occupancy and Capacity Growth
First quarter occupancy reached a record 93% (up 4 percentage points from 89%), achieved on roughly a 6% increase in capacity (available guest nights up ~6.4%).
Negative Updates
Weather-Related and Geopolitical Cancellations
Severe weather in Antarctica and cancellations of Antarctica flight program and several Egyptian river cruises (impacted by the war in Iran) negatively affected revenue from some of the company's most profitable voyages and increased land costs for guests already in transit; management quantified the impact as a multi‑single‑digit million dollar hit.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Occupancy and Capacity Growth
First quarter occupancy reached a record 93% (up 4 percentage points from 89%), achieved on roughly a 6% increase in capacity (available guest nights up ~6.4%).
Read all positive updates
Company Guidance
Management reaffirmed full‑year 2026 guidance: available guest nights up 4.5–5.0%, net yield per available guest night up 4–5%, total company revenue $800–$850 million and adjusted EBITDA $130–$140 million, with a target to remain above 90% occupancy; they noted Q1 results that support this outlook (Q1 revenue $208.0M, +15.7%; Lindblad revenue $152.5M, +16%; Land Experiences $55.5M, +14%; Q1 occupancy 93% on a ~6.4% capacity increase; Q1 net yield $1,631, +7%; Q1 adjusted EBITDA $34.8M, +16.2%; Q1 net income $6M or $0.10/share), cautioned that capacity will expand double‑digits in Q2 (muting near‑term yield growth with stronger yield upside in the back half), highlighted Q1 fuel at 5.2% of Lindblad revenue and 3.9% of total revenue (a 10% fuel move would affect just under $2M for the rest of the year), and pointed to a strengthened balance sheet (cash $321M, cash from ops $49.5M, free cash flow $42.6M, net leverage 2.7x).Lindblad Expeditions Holdings Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
22
Negative
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 799.31M | 771.02M | 644.73M | 569.54M | 421.50M | 147.11M |
| Gross Profit | 286.90M | 290.18M | 301.05M | 247.17M | 138.28M | 22.62M |
| EBITDA | 93.25M | 86.30M | 74.14M | 54.80M | -19.94M | -57.08M |
| Net Income | -24.38M | -29.72M | -31.18M | -45.61M | -111.38M | -119.21M |
Balance Sheet | ||||||
| Total Assets | 987.18M | 979.96M | 876.90M | 831.30M | 787.98M | 827.49M |
| Cash, Cash Equivalents and Short-Term Investments | 321.08M | 256.69M | 183.94M | 156.84M | 100.77M | 150.75M |
| Total Debt | 664.70M | 663.83M | 627.30M | 623.75M | 557.41M | 549.45M |
| Total Liabilities | 1.14B | 1.13B | 1.02B | 945.06M | 873.62M | 811.55M |
| Stockholders Equity | -190.13M | -201.45M | -174.96M | -151.55M | -113.53M | 5.32M |
Cash Flow | ||||||
| Free Cash Flow | 83.10M | 65.50M | 58.84M | -4.52M | -40.41M | -64.19M |
| Operating Cash Flow | 124.32M | 113.25M | 92.36M | 25.44M | -2.20M | 32.49M |
| Investing Cash Flow | -61.74M | -67.27M | -44.08M | -14.80M | -49.59M | -114.72M |
| Financing Cash Flow | 23.57M | 27.90M | -19.77M | 60.68M | -4.87M | 50.41M |
Lindblad Expeditions Holdings Technical Analysis
Positive
20.96
Price Trends
21.96
Positive
20.38
Positive
16.98
Positive
Market Momentum
1.71
Negative
58.21
Neutral
47.56
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 20.96 is below the 20-day moving average (MA) of 24.98, below the 50-day MA of 21.96, and above the 200-day MA of 16.98, indicating a bullish trend. The MACD of 1.71 indicates Negative momentum. The RSI at 58.21 is Neutral, neither overbought nor oversold. The STOCH value of 47.56 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 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 | $32.25B | 22.41 | 147.58% | 0.56% | 10.01% | 33.63% | |
69 Neutral | $79.47B | 17.95 | 45.86% | 1.09% | 9.74% | 34.02% | |
62 Neutral | $1.72B | -49.39 | 11.75% | ― | 19.15% | 7.51% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
58 Neutral | $4.78B | 21.22 | -25.77% | 3.10% | 3.85% | -34.76% | |
58 Neutral | $9.08B | 15.73 | 27.04% | ― | 6.53% | -35.30% | |
57 Neutral | $1.66B | 102.07 | 2.86% | ― | 2.03% | -64.68% |
* Consumer Cyclical Sector Average
LIND
Lindblad Expeditions Holdings
26.22
13.43
105.00%
EXPE
Expedia
268.69
93.59
53.45%
RCL
Royal Caribbean
296.30
-32.56
-9.90%
TRIP
TripAdvisor
14.29
-3.21
-18.34%
TNL
Travel + Leisure Co
76.59
22.18
40.77%
NCLH
Norwegian Cruise Line
19.78
-2.20
-10.01%
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.