Global Business Travel Group, Inc. (GBTG) vs Lindblad Expeditions (LIND)

Global Business Travel Group, Inc. and Lindblad Expeditions are both Travel Services companies. Global Business Travel Group, Inc. is the larger, with a market value of $5.0B against $1.8B — 2.7× the size. Lindblad Expeditions has negative trailing earnings, so its P/E is not meaningful; Global Business Travel Group, Inc. trades at 55.9×. Global Business Travel Group, Inc. grew revenue faster over the last twelve months: 30.2% against 18.3%. Global Business Travel Group, Inc. has the higher net margin (2.77% vs −2.44%) and the lower return on invested capital (1.61% vs 6.68%). Across the 19 metrics below, Global Business Travel Group, Inc. leads on 10 and Lindblad Expeditions on 9.

Valuation

Metric GBTG LIND Travel Services median
P/E 55.88 n/m 17.52
P/S 1.54 2.24 2.24
P/B 2.97 n/m 2.61
Price to free cash flow 47.85 17.08 12.40
EV/EBITDA 20.05 19.68 12.77
EV/Sales 1.85 3.13 2.38
Earnings yield 1.79% (1.30%) 3.30%
Free cash flow yield 2.09% 5.85% 3.22%

Profitability

Metric GBTG LIND Travel Services median
Gross margin 58.50% 46.65% 67.64%
Operating margin 2.14% 6.99% 15.06%
Net margin 2.77% (2.44%) 6.64%
Free cash flow margin 3.21% 13.13% 3.21%
Return on equity 6.17% 8.82% 7.53%
Return on assets 1.97% (2.06%) 3.40%
Return on invested capital 1.61% 6.68% 4.65%

Growth

Metric GBTG LIND Travel Services median
Revenue growth (TTM) 30.16% 18.27% 13.25%
EPS growth (last fiscal year) 173.33% 5.97% —
Revenue growth, 5-year CAGR 27.94% 56.41% 28.66%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric GBTG LIND Travel Services median
Debt to equity 0.92 (5.64) 0.32
Current ratio 1.20 0.84 1.20
Net debt to EBITDA 3.06 6.48 1.07

Dividend

Metric GBTG LIND Travel Services median
Dividend yield — — —
Payout ratio 0.00 0.00 0.00

Size

Metric GBTG LIND Travel Services median
Market cap 4.95b 1.82b 4.41b

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