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Lindblad Expeditions

LIND Consumer Cyclical Travel Services

Lindblad Expeditions' revenue for fiscal 2025 (year ended December 2025) was $771.0 million, up 19.6% from fiscal 2024.

Revenue
+12.1%
EPS
0.00%
Free cash flow
−109.5%
Total debt
+6.88%

Quarter to September 2026, against a year earlier

31.47 2.05 −6.12%
Market cap
$2.1B
P/E
728×
Fwd P/E
172×
Dividend yield
—
F-score
7/9
Altman Z
0.61
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 61.53
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 9 4 2 — 6 2 — — — 4 —
Insider Ownership 24.92%

Capital & Financial Ratios $m

Size
Market Cap 2,070.00
Revenue ttm 859.59
Net income ttm 9.95
Free cash flow ttm 95.99
Net debt Q 788.13
Valuation
P/E 728.47 (above 35: high)
Forward P/E 172.00 (above 35: high)
Price / sales 2.40
Forward P/S Powerpack
Price / FCF 21.49
Price / book 0.00
Financial health
Current ratio Q 0.76 (below 1: weak)
Debt / equity Q (6.38) (negative: negative equity)
Interest coverage Q 4.20
Growth
Revenue growth Q +12.07% (above 0%: growing)
Operating income growth Q +18.85% (above 0%: growing)
EPS, this year +134.24% (at or above 15%: strong)
EPS, next year A +161.59% (at or above 15%: strong)
Revenue, next year A +13.50% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +25.00% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.3×, against a ten-year median of 2.5×; over the ten years it ranged from 1.7× in 2020 to 480× in 2021.
P/E against its own 10 years 96.80%
10-year low 10-year high
P/S against its own 10 years 78.51%
10-year low 10-year high
EV/Sales against its own 10 years 78.14%
10-year low 10-year high
EV/FCF against its own 10 years 62.42%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 187 216 290 308
Receivables — — — —
Inventory — — — —
Other — — — —
245 278 368 398
2023 2024 2025 Q'26
Payables 16 14 22 24
ST’ Debt 252 319 361 432
Other — — — —
319 392 462 523

Compound Annual Growth %

10y 5y 3y
Sales 13.89% 56.41% 22.30%
Cash Flow 10.72% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 0.00% 0.00% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.41 Actual 0.36

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 −0.32 −0.45 Miss by 0.13
Q1 FY26 0.01 0.09 Beat by 0.08
Q2 FY26 −0.10 −0.02 Beat by 0.08
Q3 FY26 0.41 0.36 Miss by 0.05
Q4 FY26 −0.27 — Reports 25 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.09 (0.02) 0.41 — —
’25 0.00 (0.18) 0.00 (0.45) (0.63)
’24 (0.10) (0.48) 0.36 (0.48) (0.67)
’23 (0.01) (0.48) 0.08 (0.53) (0.94)
’22 (0.85) (0.59) (0.18) (0.63) (2.23)
’21 (0.66) (0.71) (0.50) (0.54) (2.41)
’20 (0.04) (0.80) (0.56) (0.59) (2.01)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 208 199 269 — —
’25 180 168 240 183 771
’24 154 136 206 149 645
’23 143 125 176 125 570
’22 68 91 145 118 422
’21 2 15 65 66 147
’20 81 0 1 0 82
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 49 59 3 — —
’25 48 29 20 14 112
’24 44 19 28 2 92
’23 2 17 16 (10) 25
’22 5 13 (18) (3) (2)
’21 (7) 29 0 11 32
’20 15 (52) (35) (21) (92)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 43 51 (1) — —
’25 35 13 12 3 64
’24 37 11 18 (8) 59
’23 (4) 9 8 (17) (5)
’22 (2) (3) (24) (12) (40)
’21 (11) 7 (64) 3 (64)
’20 (101) (87) (36) (23) (248)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 242 267 310 343 82 147 422 570 645 771 860 +13.7% 875 965 1,048 +10.8%
Gross margin, % 50.91 49.15 50.36 51.44 11.44 15.38 32.81 40.62 43.76 45.78 47.10 (5.1) pt
EBT 2 2 12 21 (110) (121) (102) (38) (25) (22) 21 n/m
EBT margin, % 0.77 0.93 3.93 6.10 (133.50) (82.38) (24.22) (6.62) (3.89) (2.82) 2.40 (3.6) pt
Net income 5 (8) 12 19 (100) (119) (108) (41) (28) (24) 10 n/m
Per share, $
Per share, $ Revenue 5.31 5.98 6.83 7.23 1.66 2.94 8.10 10.69 11.98 14.03 13.11 +11.4%
Earnings 0.11 (0.19) 0.25 0.29 (2.01) (2.41) (2.23) (0.94) (0.67) (0.63) 0.04 n/m
Cash flow 0.69 1.19 1.24 1.32 (1.85) 0.65 (0.04) 0.48 1.72 2.03 1.92 +12.8%
Capex (1.66) (1.81) (1.20) (2.02) (3.13) (1.93) (0.73) (0.56) (0.62) (0.87) (0.45) (7.0%)
Free cash flow (0.97) (0.62) 0.04 (0.70) (4.98) (1.28) (0.78) (0.08) 1.09 1.16 1.46 n/m
Book value 2.49 2.39 2.56 2.60 0.70 (1.57) (3.51) (4.23) (4.70) (5.18) (2.62) n/m
Shares, m 46 45 45 47 50 50 52 53 54 55 62 +2.1%
Valuation, ×
Valuation, × P/E 94.98 0.00 53.84 54.50 0.00 0.00 0.00 0.00 0.00 0.00 728.47 20.3
P/S 1.82 1.67 1.97 2.26 10.34 5.31 0.99 1.01 0.99 1.03 2.40 2.7
P/B 3.87 4.19 5.26 6.29 24.36 0.00 0.00 0.00 0.00 0.00 0.00 4.4
EV/Sales 2.28 2.33 2.59 2.98 15.18 9.29 2.58 2.22 2.12 1.98 3.32 4.4
EV/FCF (12.44) (22.49) 398.72 (30.62) (5.05) (21.28) (26.91) (279.40) 23.22 23.92 29.71 4.8
Cash, $m
Cash, $m Operating cash flow 31 53 56 63 (92) 32 (2) 25 92 112 126 +15.1%
Capex (76) (80) (54) (96) (155) (97) (38) (30) (34) (48) (30) (5.0%)
Free cash flow (45) (28) 2 (33) (248) (64) (40) (5) 59 64 96 n/m
Balance, $m
Balance, $m Working capital 47 (13) (9) (36) 73 (79) (158) (75) (114) (94) (125) n/m
Net debt 113 175 191 248 399 585 668 687 728 734 788 +23.1%
Shareholders’ equity 114 106 116 123 35 (79) (183) (225) (253) (285) (172) n/m
Returns, %
Returns, % ROA 1.23 (2.08) 2.53 2.68 (15.38) (15.73) (14.37) (6.17) (4.19) (3.73) 0.38 (5.0) pt
ROIC 3.85 2.39 5.15 5.59 (12.74) (13.69) (8.11) 1.44 2.84 6.32 6.57 +2.5 pt
ROE 4.27 (7.87) 10.21 11.45 (126.97) 571.53 88.84 24.52 14.98 12.89 (1.88) +8.6 pt
People
People Employees 470 528 600 650 415 720 890 950 1,300 1,550 — +14.2%
Revenue/emp, $m 0.52 0.50 0.52 0.53 0.20 0.20 0.47 0.60 0.50 0.50 — (0.4%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Lindblad Expeditions vs peers in Travel Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
VIK Viking Holdings Ltd. $38.5B 28.6× 27.2× +16.49% (above 0%: growing) +33.33% (above 0%: growing) −75.64% (below 0%: shrinking) 45.50% 29.40% Compare
EXPE Expedia Group, Inc. $32.7B 15.6× 15.2× +11.92% (above 0%: growing) +10.70% (above 0%: growing) −103.94% (below 0%: shrinking) 91.51% 26.85% Compare
TCOM Trip.com Group Limited Sponsored ADR $28.5B 8.2× 24.4× +11.39% (above 0%: growing) n/m +531.82% (above 0%: growing) 79.81% (9.36%) Compare
NCLH Norwegian Cruise Line Holdings Ltd. $8.2B 9.8× 11.1× +0.29% (above 0%: growing) +15.05% (above 0%: growing) +85.50% (above 0%: growing) 43.41% 21.19% Compare
MMYT MakeMyTrip Limited $4.8B 120× 123× +2.54% (above 0%: growing) n/m +3.81% (above 0%: growing) 82.57% 15.59% Compare
TNL Travel + Leisure Co. $4.5B 19.7× 10.4× +5.46% (above 0%: growing) +4.12% (above 0%: growing) −18.38% (below 0%: shrinking) 50.32% 17.71% Compare
LIND Lindblad Expeditions $2.1B 728× 172× +12.07% (above 0%: growing) n/m −109.52% (below 0%: shrinking) 49.50% 15.88%
PRSU Pursuit Attractions and Hospitality, Inc. $1.5B 39.9× 29.9× +14.35% (above 0%: growing) +175.00% (above 0%: growing) −139.39% (below 0%: shrinking) 92.82% 18.59% Compare
TRIP TripAdvisor, Inc. $864.9M — (loss-making) 40.7× −21.08% (below 0%: shrinking) n/m −158.86% (below 0%: shrinking) 0.00% 0.00% Compare
Median of peers $6.5B 19.7× 25.8× +8.43% +15.05% −47.01% 65.07% 18.15%

All 17 Travel Services stocks →

Pay and ownership Proxy statement filed 28 April 2026

Ownership

Directors and executive officers, together 26.10%
Sven-Olof Lindblad 16.30%
Ariel Investments, LLC 8.40%
Mark D. Ein 5.10%
Capitol Acquisition Management 5.10%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Lindblad Expeditions (LIND) Latest News

4 Nov

Impact 3 · · GuruFocus.com

3 Nov

Impact 4 · · Moby
Impact 3 · · The Motley Fool transcript
Impact 3 · · MarketBeat transcript
Impact 3 · · StockStory
Impact 3 · · PR Newswire

19 Oct

Impact 3 · · PR Newswire

17 Oct

Impact 4 · · Simply Wall St.

20 Sep

Impact 4 ·

16 Sep

Impact 3 ·

15 Sep

Impact 4 ·
Impact 4 · · PR Newswire
Impact 4 · · CNW Group
Impact 4 ·
Impact 3 ·

10 Sep

Impact 3 ·

11 Aug

Impact 3 ·

10 Aug

Impact 4 · · The Motley Fool transcript
Impact 3 ·

6 Aug

Impact 3 ·

4 Aug

Impact 4 · · Moby transcript

3 Aug

Impact 4 ·
Impact 4 · · The Motley Fool
Impact 3 ·
Impact 3 · · MarketBeat
Impact 3 · · InvestorsHub
Impact 3 ·
Impact 3 ·

1 Jun

Impact 3 · · The Motley Fool transcript

20 May

Impact 3 · · StockStory

LIND metrics, ten years each

stockrow.com/LIND · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com