Saturday 17 October 2026 Export LIND’s income statement to Excel — free account

Lindblad Expeditions

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.

34.55 0.92 −2.59%

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Market cap: $2.3B
P/E: 0.0×
Fwd P/E: 127×
Dividend yield: —
F-score: 7/9
Altman Z: 0.61
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 35.00

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	1	9	4	2	—	6	2	—	—	—	—

Insider Ownership 24.82%

Capital & Financial Ratios $m

Market Cap 2,330.00

Revenue 830.61

Net Income (12.56)

Free Cash Flow 109.03

Net Debt 738.83

Current Ratio 0.84

Debt/Equity (5.64)

P/E ratio 0.00

Fwd P/E 127.00

P/S ratio 2.72

P/B ratio 0.00

Past 5Y EPS Growth —

This Y EPS Growth 131.52%

Next Y EPS Growth 154.68%

Next Y revenue growth 13.50%

Next 5Y EPS Growth 25.00%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 84.63%

10-year low 10-year high

EV/Sales against its own 10 years 81.20%

10-year low 10-year high

EV/FCF against its own 10 years 49.68%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2017	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	187	216	290	365
Receivables	—	—	—	—
Inventory	—	—	—	—
Other	—	—	—	—
	245	278	368	443

	2023	2024	2025	Q'26
Payables	16	14	22	15
ST’ Debt	252	319	361	440
Other	—	—	—	—
	319	392	462	525

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	208	199	—	—	—
’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	—	—	—
’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	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.09	(0.02)	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	7.75	8.38	8.66	11.45	3.01	11.31	5.91	5.47	6.35	7.45	Analyst estimates 2026–2028 Powerpack
	High	11.40	11.26	15.88	19.29	18.34	21.91	19.13	12.46	14.34	15.06
People
People	Employees	470	528	600	650	415	720	890	950	1,300	1,550
	Revenue/emp, $m	0.52	0.50	0.52	0.53	0.20	0.20	0.47	0.60	0.50	0.50
Income, $m
Income, $m	Revenue	242	267	310	343	82	147	422	570	645	771
	Gross margin, %	50.91	49.15	50.36	51.44	11.44	15.38	32.81	40.62	43.76	45.78
	EBT	2	2	12	21	(110)	(121)	(102)	(38)	(25)	(22)
	EBT margin, %	0.77	0.93	3.93	6.10	(133.50)	(82.38)	(24.22)	(6.62)	(3.89)	(2.82)
	Net income	5	(8)	12	19	(100)	(119)	(108)	(41)	(28)	(24)
	Depreciation	22	22	26	31	35	43	47	51	57	68
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
	Earnings	0.11	(0.19)	0.25	0.29	(2.01)	(2.41)	(2.23)	(0.94)	(0.67)	(0.63)
	Cash flow	0.69	1.19	1.24	1.32	(1.85)	0.65	(0.04)	0.48	1.72	2.03
	Capex	(1.66)	(1.81)	(1.20)	(2.02)	(3.13)	(1.93)	(0.73)	(0.56)	(0.62)	(0.87)
	Free cash flow	(0.97)	(0.62)	0.04	(0.70)	(4.98)	(1.28)	(0.78)	(0.08)	1.09	1.16
	Book value	2.49	2.39	2.56	2.60	0.70	(1.57)	(3.51)	(4.23)	(4.70)	(5.18)
	Shares, m	46	45	45	47	50	50	52	53	54	55
Valuation, ×
Valuation, ×	P/E	94.98	0.00	53.84	54.50	0.00	0.00	0.00	0.00	0.00	0.00
	P/S	1.82	1.67	1.97	2.26	10.34	5.31	0.99	1.01	0.99	1.03
	P/B	3.87	4.19	5.26	6.29	24.36	0.00	0.00	0.00	0.00	0.00
	EV/Sales	2.28	2.33	2.59	2.98	15.18	9.29	2.58	2.22	2.12	1.98
	EV/FCF	(12.44)	(22.49)	398.72	(30.62)	(5.05)	(21.28)	(26.91)	(279.40)	23.22	23.92
Cash, $m
Cash, $m	Operating cash flow	31	53	56	63	(92)	32	(2)	25	92	112
	Capex	(76)	(80)	(54)	(96)	(155)	(97)	(38)	(30)	(34)	(48)
	Free cash flow	(45)	(28)	2	(33)	(248)	(64)	(40)	(5)	59	64
Balance, $m
Balance, $m	Working capital	47	(13)	(9)	(36)	73	(79)	(158)	(75)	(114)	(94)
	Total debt	257	278	314	357	603	757	798	874	944	1,024
	Net debt	113	175	191	248	399	585	668	687	728	734
	Shareholders’ equity	114	106	116	123	35	(79)	(183)	(225)	(253)	(285)
Returns, %
Returns, %	ROA	1.23	(2.08)	2.53	2.68	(15.38)	(15.73)	(14.37)	(6.17)	(4.19)	(3.73)
	ROIC	3.85	2.39	5.15	5.59	(12.74)	(13.69)	(8.11)	1.44	2.84	6.32
	ROE	4.27	(7.87)	10.21	11.45	(126.97)	571.53	88.84	24.52	14.98	12.89

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
CCL Carnival Corporation	$35.6B	11.2×	12.3×	+3.46% (above 0%: growing)	+0.06% (above 0%: growing)	−3.26% (below 0%: shrinking)	45.13%	26.31%	Compare
EXPE Expedia Group, Inc.	$35.0B	17.3×	14.4×	+13.97% (above 0%: growing)	+179.69% (above 0%: growing)	+38.87% (above 0%: growing)	90.66%	18.54%	Compare
TCOM Trip.com Group Limited Sponsored ADR	$25.9B	7.7×	12.8×	+11.39% (above 0%: growing)	n/m	+531.82% (above 0%: growing)	79.81%	(9.36%)	Compare
NCLH Norwegian Cruise Line Holdings Ltd.	$7.1B	9.0×	12.6×	+4.89% (above 0%: growing)	+585.71% (above 0%: growing)	−61.99% (below 0%: shrinking)	39.91%	13.76%	Compare
MMYT MakeMyTrip Limited	$4.4B	133×	82.6×	+6.22% (above 0%: growing)	−60.87% (below 0%: shrinking)	−36.17% (below 0%: shrinking)	74.55%	15.30%	Compare
TNL Travel + Leisure Co.	$4.0B	17.2×	10.0×	+4.42% (above 0%: growing)	+7.36% (above 0%: growing)	0.00%	51.18%	19.76%	Compare
LIND Lindblad Expeditions	$2.3B	— (loss-making)	127×	+18.64% (above 0%: growing)	n/m	+279.01% (above 0%: growing)	48.50%	6.00%
PRSU Pursuit Attractions and Hospitality, Inc.	$1.5B	40.8×	26.9×	+14.35% (above 0%: growing)	+175.00% (above 0%: growing)	−139.39% (below 0%: shrinking)	92.82%	18.59%	Compare
TRIP TripAdvisor, Inc.	$1.1B	233×	21.2×	−7.16% (below 0%: shrinking)	−34.48% (below 0%: shrinking)	−26.17% (below 0%: shrinking)	92.98%	8.55%	Compare
Median of peers	$5.7B	17.3×	13.6×	+5.56%	+7.36%	−14.71%	77.18%	16.92%

All 18 Travel Services stocks →

Lindblad Expeditions (LIND) key facts

Strength: Lindblad Expeditions' revenue for fiscal 2025 (year ended December 2025) was $771.0 million, up 19.6% from fiscal 2024.
Lindblad Expeditions (LIND) is a Travel Services company in the Consumer Cyclical sector, listed on Nasdaq.
As of October 16, 2026, LIND traded at $34.55, a market capitalization of $2.3 billion.
Return on equity was 12.9% and debt-to-equity -5.64.
Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 0.61 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.