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. In the quarter to June 2026, revenue grew 18.6%, EPS grew 88.9%, free cash flow grew 279.0% and total debt rose 9.39%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
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Lindblad Expeditions (LIND) Altman Z-score
Lindblad Expeditions's Altman Z-score for fiscal 2025 is 0.61, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.61 | 0.19 |
| FY2024 | 0.42 | 0.00 |
| FY2023 | 0.42 | 0.61 |
| FY2022 | −0.20 | (0.10) |
| FY2021 | −0.09 | (0.62) |
| FY2020 | 0.53 | (1.52) |
| FY2019 | 2.05 | (0.01) |
| FY2018 | 2.06 | 0.35 |
| FY2017 | 1.71 | (0.26) |
| FY2016 | 1.97 | (0.48) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.10) | — | −0.11 | |
| Retained earnings / total assets | (0.42) | — | −0.59 | |
| EBIT / total assets | 0.05 | — | 0.15 | |
| Market value of equity / total liabilities | 0.63 | — | 0.38 | |
| Sales / total assets | 0.79 | — | 0.79 | |
| Altman Z-score | Distress zone | 0.61 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −1.92 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| TCOM Trip.com Group Limited Sponsored ADR compare | 3.1× |
| PRSU Pursuit Attractions and Hospitality, Inc. compare | 2.6× |
| TNL Travel + Leisure Co. compare | 2.3× |
| EXPE Expedia Group, Inc. compare | 1.7× |
| TRIP TripAdvisor, Inc. compare | 1.7× |
| CCL Carnival Corporation compare | 1.2× |
| LIND Lindblad Expeditions | 0.6× |
| MMYT MakeMyTrip Limited compare | 0.4× |
| NCLH Norwegian Cruise Line Holdings Ltd. compare | 0.4× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets