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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. 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%
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 (below 1: weak)
Debt/Equity (5.64) (negative: negative equity)
P/E ratio 0.00
Fwd P/E 127.00 (above 35: high)
P/S ratio 2.72
P/B ratio 0.00
Past 5Y EPS Growth —
This Y EPS Growth 131.52% (at or above 15%: strong)
Next Y EPS Growth 154.68% (at or above 15%: strong)
Next Y revenue growth 13.50% (at or above 10%: strong)
Next 5Y EPS Growth 25.00% (at or above 15%: strong)

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.6×, against a ten-year median of 2.5×; over the ten years it ranged from 1.7× in 2020 to 480× in 2021.
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.

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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
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.

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stockrow.com/LIND · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com