Lindblad Expeditions Holdings Inc (LIND)
NASDAQ:LIND
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Lindblad Expeditions Holdings
(NASDAQ:LIND)
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Rating:62Neutral
Price Target:
$20.00
▼(-4.58% Downside)
Action:Reiterated
Date:05/09/26
The score is driven by improving operations and cash generation plus supportive technical momentum, reinforced by upbeat guidance and strong bookings. Offsetting these positives are balance-sheet fragility (high leverage/negative equity) and a relatively expensive valuation (P/E ~40), which raise risk if expected second-half performance and margin protection initiatives do not materialize.
Positive Factors
Improving cash generation
Lindblad has moved to positive and growing free cash flow with a significantly higher cash balance, creating durable capacity to service debt, fund operations, and invest in fleet or tuck-ins. Sustained FCF reduces refinancing risk and underpins multi-quarter deleveraging plans.
Negative Factors
High leverage and negative equity
A sizable debt load and negative equity materially limit financial flexibility in a cyclical travel business. This structural leverage elevates refinancing risk, constrains strategic optionality, and means sustained cash generation is required for multi-quarter deleveraging to avoid solvency pressure.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving cash generation
Lindblad has moved to positive and growing free cash flow with a significantly higher cash balance, creating durable capacity to service debt, fund operations, and invest in fleet or tuck-ins. Sustained FCF reduces refinancing risk and underpins multi-quarter deleveraging plans.
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
$1.26B
Dividend YieldN/A
Average Volume (3M)697.45K
Price to Earnings (P/E)40.1
Beta (1Y)1.79
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 Ratio4.47
Price to Book (P/B)-3.93
Price to Sales (P/S)1.03
P/FCF Ratio12.10
Enterprise Value/Market Cap1.14
Enterprise Value/Revenue1.80
Enterprise Value/Gross Profit5.01
Enterprise Value/Ebitda15.37
Forecast
1Y Price Target
$24.00Price Target Upside14.50% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)N/A
Revenue Forecast (FY)$847.81M
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; an...
How the Company Makes Money
Lindblad Expeditions primarily makes money by selling expedition travel packages to guests. Its core revenue stream is passenger ticket revenue from voyage bookings, typically priced per person and tied to itinerary length, cabin category, and des...
Lindblad Expeditions Holdings Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational and financial momentum with record revenue, yields, adjusted EBITDA, margin expansion, improved liquidity and significant booking momentum. Growth was supported by successful distribution and digital initiatives, capacity optimization and strategic tuck-ins. Near-term challenges include higher operating and marketing costs, a material one-time loss on debt extinguishment, increased depreciation from fleet additions, timing impacts from dry/wet docks, and royalty step-ups and lapping of tax credits that pressure early-year margins. Management expects 2026 revenue and EBITDA growth with second-half acceleration, and balance sheet improvements provide flexibility for accretive expansion.Positive Updates
Record Full-Year Revenue
Total company revenues reached a record $771.0 million for FY2025, up $126.3 million or 19.6% year-over-year.
Negative Updates
Net Loss Despite Operating Strength
Net loss available to stockholders was $34.6 million (loss per diluted share $0.63), reflecting non-operating charges despite improved operating income.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Full-Year Revenue
Total company revenues reached a record $771.0 million for FY2025, up $126.3 million or 19.6% year-over-year.
Read all positive updates
Company Guidance
Lindblad’s 2026 guidance calls for total tour revenues of $800–$850 million and adjusted EBITDA of $130–$140 million, with available guest nights expected to rise ~4.5%–5% (mid‑single‑digit capacity growth)—weighted to the first half—and net yield per available guest night projected to increase ~4%–5% (with more modest yield growth early and stronger performance in H2); management noted booked 2026 revenue already exceeds full‑year 2025 (record wave season) and 2027 bookings are pacing ahead, expects EBITDA to be stronger in the second half, anticipates roughly $10 million lower capital expenditures year‑over‑year, will lap employee retention tax credits and absorb the Jan 1 step‑up in National Geographic royalties, and is pursuing 20+ cost‑innovation initiatives to protect margins.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 | 93.47M | 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
18.59
Positive
18.12
Positive
15.53
Positive
Market Momentum
0.14
Positive
54.46
Neutral
32.67
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 above the 20-day moving average (MA) of 19.18, above the 50-day MA of 18.59, and above the 200-day MA of 15.53, indicating a bullish trend. The MACD of 0.14 indicates Positive momentum. The RSI at 54.46 is Neutral, neither overbought nor oversold. The STOCH value of 32.67 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | $26.12B | 113.42 | 154.33% | 0.56% | 10.01% | 33.63% | |
66 Neutral | $68.09B | 19.74 | 45.86% | 1.09% | 9.74% | 34.02% | |
62 Neutral | $1.26B | 40.09 | 11.75% | ― | 19.15% | 7.51% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | $4.05B | 13.84 | -25.77% | 3.10% | 3.85% | -34.76% | |
52 Neutral | $1.16B | -9.49 | 2.86% | ― | 2.03% | -64.68% | |
52 Neutral | $7.36B | 20.40 | 27.04% | ― | 6.53% | -35.30% |
* Consumer Cyclical Sector Average
LIND
Lindblad Expeditions Holdings
19.88
9.81
97.42%
EXPE
Expedia
218.12
58.70
36.82%
RCL
Royal Caribbean
260.32
25.38
10.80%
TRIP
TripAdvisor
9.90
-3.97
-28.62%
TNL
Travel + Leisure Co
65.27
19.10
41.36%
NCLH
Norwegian Cruise Line
16.47
-0.97
-5.56%
Lindblad Expeditions Holdings Corporate Events
Business Operations and StrategyExecutive/Board Changes
Lindblad Expeditions Elevates Chief Maritime Officer to Executive Role
Positive
Mar 25, 2026
On March 19, 2026, Lindblad Expeditions Holdings, Inc. named Rear Admiral Keith Taylor (Ret.), its Chief Maritime Officer since April 2025, as an executive officer, underscoring the company’s emphasis on seasoned maritime leadership. Taylor ...
Business Operations and StrategyM&A Transactions
Lindblad Increases Stake in Natural Habitat Adventure Subsidiary
Positive
Mar 3, 2026
On March 3, 2026, Lindblad Expeditions Holdings, Inc. acquired an additional 5% stake in its adventure travel subsidiary Natural Habitat, Inc. from founder and CEO Ben Bressler for $16,586,787, increasing Lindblad’s ownership in the business...
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.