Lindblad Expeditions Holdings (LIND) AI Stock Analysis

• Market Cap: $683.22M
• Dividend Yield: N/A
• Average Volume (3M): 440.72K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.13
• Revenue Growth: 18.74%
• EPS Growth: 74.01%
• Country: US
• Employees: 1,230
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Travel Services
• EPS (TTM): -0.18
• Shares Outstanding: 54,789,150
• 10 Day Avg. Volume: 335,812
• 30 Day Avg. Volume: 440,724
• 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: 1.67
• Enterprise Value/Revenue: 1.62
• Enterprise Value/Gross Profit: 3.58
• Enterprise Value/Ebitda: 11.85
• 1Y Price Target: $18.00
• Price Target Upside: 44.35% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2

• Rating: 49 Neutral
• Price Target: $13.00 ▲(4.25% Upside)

Lindblad Expeditions Holdings faces significant financial challenges, particularly with its balance sheet and profitability, which weigh heavily on its overall score. While the earnings call provided positive insights into revenue growth and strategic initiatives, the technical indicators and valuation metrics suggest caution. The stock's financial instability and lack of profitability are the most significant factors impacting its score.

Positive Factors

Revenue Growth

The significant revenue growth indicates strong demand for Lindblad's offerings and effective market positioning, suggesting sustained business expansion.

Strategic Partnerships

The partnership with Disney enhances brand visibility and access to a broader customer base, supporting long-term growth and competitive advantage.

Operational Efficiency

Improved EBITDA and margin expansion reflect operational efficiency, which strengthens financial health and supports sustainable profitability.

Negative Factors

Balance Sheet Concerns

Negative equity indicates liabilities exceed assets, posing risks to financial stability and limiting the company's ability to invest in growth.

Profitability Challenges

Ongoing profitability issues may hinder reinvestment in the business and affect long-term viability, despite revenue growth.

Increased Costs

Rising costs in sales and marketing could pressure margins and profitability, potentially offsetting revenue gains and impacting financial health.

Lindblad Expeditions Holdings Business Overview & Revenue Model

Company Description

Lindblad Expeditions Holdings (LIND) is a leading provider of expedition cruising and adventure travel experiences. The company operates in the travel and tourism sector, specializing in immersive travel experiences to remote, pristine environments around the world. Its core offerings include small-ship cruises, land-based tours, and educational programming that emphasizes conservation, culture, and exploration. Lindblad is known for its partnerships with the National Geographic Society, enhancing its educational content and enriching the travel experiences it provides to its guests.

How the Company Makes Money

Lindblad Expeditions generates revenue primarily through the sale of expedition cruises and related travel services. This includes ticket sales for its small-ship cruises, which cater to a niche market of adventure travelers looking for unique experiences. Additional revenue streams come from land-based excursions, onboard services, and merchandise sales. The company also benefits from partnerships with organizations like the National Geographic Society, which not only enhance its brand value but also attract a customer base interested in educational travel. Furthermore, Lindblad Expeditions may leverage group bookings and private charters, which can provide significant revenue boosts during peak travel seasons.

Lindblad Expeditions Holdings Financial Statement Overview

Summary

Lindblad Expeditions Holdings is facing financial challenges, with a negative net profit margin and significant balance sheet concerns, including negative equity and high leverage. However, there are positive trends in revenue growth and cash flow generation.

Income Statement

Lindblad Expeditions Holdings has shown some improvement in revenue growth with a TTM increase of 4.69%. However, the company is still struggling with profitability, as evidenced by a negative net profit margin of -1.41% and a modest EBIT margin of 5.35%. The gross profit margin is relatively healthy at 45.23%, indicating efficient cost management. The EBITDA margin of 13.68% suggests some operational efficiency, but overall profitability remains a concern.

Balance Sheet

The balance sheet reveals significant financial challenges, with a negative stockholders' equity of -$183.23 million and a concerning debt-to-equity ratio of -0.006. Although the return on equity is positive at 5.20%, it is primarily due to the negative equity base. The equity ratio is negative, indicating that liabilities exceed assets, which poses a risk to financial stability.

Cash Flow

The cash flow statement shows a positive trend with a free cash flow growth rate of 3.98% TTM. The operating cash flow to net income ratio is 0.24, indicating that operating cash flow is supporting net income. The free cash flow to net income ratio of 0.55 suggests that the company is generating cash flow relative to its net losses, but the overall cash flow position needs improvement to ensure long-term sustainability.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	702.28M	644.73M	569.54M	421.50M	147.11M	82.36M
Gross Profit	317.64M	301.05M	247.17M	138.28M	22.62M	9.43M
EBITDA	96.05M	74.10M	54.12M	-19.94M	-57.06M	-61.12M
Net Income	-9.89M	-31.18M	-45.61M	-108.16M	-119.17M	-100.14M
Balance Sheet
Total Assets	936.52M	876.90M	831.30M	787.98M	827.49M	757.45M
Cash, Cash Equivalents and Short-Term Investments	200.93M	183.94M	156.84M	100.77M	150.75M	187.53M
Total Debt	1.13M	627.30M	623.75M	557.41M	549.45M	488.00M
Total Liabilities	1.08B	1.02B	945.06M	873.62M	811.55M	631.17M
Stockholders Equity	-183.23M	-174.96M	-151.55M	-113.53M	5.32M	118.78M
Cash Flow
Free Cash Flow	58.62M	58.84M	-4.52M	-40.41M	-64.19M	-247.74M
Operating Cash Flow	107.40M	92.36M	25.44M	-2.20M	32.49M	-92.26M
Investing Cash Flow	-74.93M	-44.08M	-14.80M	-49.59M	-114.72M	-155.48M
Financing Cash Flow	-2.81M	-19.77M	60.68M	-4.87M	50.41M	342.99M

Lindblad Expeditions Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 12.47
• 50DMA: Negative
• 100DMA: Negative
• 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 Negative. The current price of 12.47 is below the 20-day moving average (MA) of 12.88, below the 50-day MA of 13.29, and above the 200-day MA of 11.57, indicating a neutral trend. The MACD of -0.31 indicates Positive momentum. The RSI at 35.31 is Neutral, neither overbought nor oversold. The STOCH value of 25.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for LIND.

Lindblad Expeditions Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RCL	74 Outperform	$85.30B	23.67	47.48%	0.97%	12.10%	37.89%
TNL	73 Outperform	$4.02B	10.69	-46.70%	3.52%	2.88%	4.73%
EXPE	72 Outperform	$27.69B	26.83	129.04%	0.55%	5.69%	47.33%
NCLH	70 Outperform	$10.99B	17.51	63.57%	―	5.23%	66.94%
TRIP	63 Neutral	$1.86B	33.63	8.76%	―	3.03%	187.03%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
LIND	49 Neutral	$683.22M	―	21.42%	―	18.74%	74.01%

Lindblad Expeditions Holdings Corporate Events

Lindblad Expeditions Restructures Leadership to Align Goals

On October 18, 2025, Lindblad Expeditions Holdings, Inc. eliminated the Chief Commercial Officer position as part of its strategy to align its organizational structure with long-term goals. The consolidation of sales under Kathi Riddle, newly appointed SVP, Chief Sales Officer, and the appointment of a revenue manager officer, reflect the company’s efforts to streamline operations, with revenue and sales functions now reporting directly to the CEO.

Lindblad Expeditions Secures $675M in Senior Notes

On August 20, 2025, Lindblad Expeditions Holdings entered into an Indenture for $675 million of 7.000% Senior Secured Notes due 2030, aimed at refinancing existing debt and supporting general corporate purposes. The company also amended its Revolving Credit Agreement to increase available commitments to $60 million and extend the maturity date to 2030. These financial maneuvers are part of Lindblad’s strategy to optimize its capital structure, potentially enhancing its market position and operational flexibility.

Lindblad Expeditions Announces Senior Secured Notes Offering

On August 5, 2025, Lindblad Expeditions Holdings announced that its subsidiary, Lindblad Expeditions, LLC, plans to offer senior secured notes to fund a tender offer for its outstanding 2027 notes and redeem its 2028 notes. The initiative includes a revolving credit facility amendment, increasing commitments to $60 million and extending the maturity date, reflecting Lindblad’s strategic financial restructuring to enhance its capital structure.

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.