Lindblad Expeditions Holdings (LIND) AI Stock Analysis

• Market Cap: $813.07M
• Dividend Yield: N/A
• Average Volume (3M): 363.58K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.15
• Revenue Growth: 18.74%
• EPS Growth: 74.01%
• Country: US
• Employees: 1,230
• Sector: Consumer Cyclical
• Sector Strength: 80
• Industry: Travel Services
• EPS (TTM): -0.18
• Shares Outstanding: 54,789,150
• 10 Day Avg. Volume: 402,987
• 30 Day Avg. Volume: 363,580
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 1.40
• Enterprise Value/Revenue: 1.62
• Enterprise Value/Gross Profit: 3.58
• Enterprise Value/Ebitda: 11.85
• 1Y Price Target: $18.00
• Price Target Upside: 21.29% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2

• Rating: 61 Neutral
• Price Target: $14.50 ▼(-2.29% Downside)

Lindblad Expeditions Holdings' overall stock score is driven by strong technical indicators and positive earnings call sentiment, despite financial challenges and valuation concerns. The company's strategic initiatives and recent corporate events contribute positively, but the financial health remains a significant risk.

Positive Factors

Demand Stability

Booking patterns are consistent with historical levels, suggesting stable demand despite macroeconomic uncertainties.

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%.

Marketing Strategy

The combination of LIND’s expanded salesforce, dynamic pricing enhancements, and robust charter/land-based offerings should deliver powerful synergies as the company’s marketing efforts become more integrated with Disney’s vast database of high-income, travel-inclined customers.

Partnerships

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.

Negative Factors

Capacity 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.

Capacity Expansion

Optimism for acquiring additional used vessels, which could enhance capacity and growth opportunities, may face challenges.

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 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 issues, including negative stockholders' equity. However, there are positive trends in revenue growth and cash flow generation, indicating some operational efficiency.

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: Positive
• Last Price: 14.84
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

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 14.84 is above the 20-day moving average (MA) of 12.99, above the 50-day MA of 12.42, and above the 200-day MA of 11.46, indicating a bullish trend. The MACD of 0.53 indicates Negative momentum. The RSI at 70.20 is Negative, neither overbought nor oversold. The STOCH value of 89.40 is Negative, 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
RCL	77 Outperform	$93.62B	25.98	47.48%	0.71%	12.10%	37.89%
TNL	73 Outperform	$4.06B	10.81	-46.70%	3.39%	2.88%	4.73%
EXPE	72 Outperform	$26.58B	26.29	129.04%	0.37%	5.69%	47.33%
NCLH	70 Outperform	$11.32B	18.03	63.57%	―	5.23%	66.94%
TRIP	66 Neutral	$2.05B	37.18	8.76%	―	3.03%	187.03%
Sector *	61 Neutral	$17.70B	12.60	-5.28%	3.04%	1.52%	-15.30%
LIND	61 Neutral	$813.07M	―	21.42%	―	18.74%	74.01%

Lindblad Expeditions Holdings Corporate Events

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.

Lindblad Expeditions Holds 2025 Annual Stockholders Meeting

Lindblad Expeditions Holdings held its 2025 Annual Meeting of Stockholders on June 4, 2025, where stockholders voted on several key proposals. The meeting resulted in the election of directors, approval of executive compensation, an amendment to the 2021 Long-Term Incentive Plan, and the ratification of Ernst & Young LLP as the independent accounting firm for fiscal year 2025.