Lindblad Expeditions (LIND) vs Norwegian Cruise Line Holdings Ltd. (NCLH)

Lindblad Expeditions and Norwegian Cruise Line Holdings Ltd. are both Travel Services companies. Norwegian Cruise Line Holdings Ltd. is the larger, with a market value of $8.2B against $2.1B — 3.9× the size. Norwegian Cruise Line Holdings Ltd. trades at the lower P/E: 9.8× against 728×. Lindblad Expeditions grew revenue faster over the last twelve months: 16.7% against 4.85%. Norwegian Cruise Line Holdings Ltd. has the higher net margin (8.20% vs 0.47%) and the lower return on invested capital (4.89% vs 6.57%). Across the 19 metrics below, Norwegian Cruise Line Holdings Ltd. leads on 10 and Lindblad Expeditions on 9.

Valuation

Metric LIND NCLH Travel Services median
P/E 728.47 9.81 19.05
P/S 2.40 0.80 2.64
P/B n/m 2.59 2.71
Price to free cash flow 21.49 n/m 13.14
EV/EBITDA 20.24 8.62 13.28
EV/Sales 3.32 2.26 3.26
Earnings yield 0.14% 10.19% 4.29%
Free cash flow yield 4.65% (6.92%) 4.65%

Profitability

Metric LIND NCLH Travel Services median
Gross margin 47.10% 41.40% 52.17%
Operating margin 7.54% 13.85% 15.57%
Net margin 0.47% 8.20% 8.07%
Free cash flow margin 11.17% (5.55%) 7.89%
Return on equity (1.88%) 31.18% 1.26%
Return on assets 0.38% 3.60% 3.81%
Return on invested capital 6.57% 4.89% 5.65%

Growth

Metric LIND NCLH Travel Services median
Revenue growth (TTM) 16.72% 4.85% 11.33%
EPS growth (last fiscal year) 5.97% (51.32%) 5.97%
Revenue growth, 5-year CAGR 56.41% 50.33% 29.37%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric LIND NCLH Travel Services median
Debt to equity (6.38) 4.79 0.21
Current ratio 0.76 0.23 1.33
Net debt to EBITDA 6.48 5.29 1.01

Dividend

Metric LIND NCLH Travel Services median
Dividend yield — — 1.52%
Payout ratio — — 0.20

Size

Metric LIND NCLH Travel Services median
Market cap 2.07b 8.16b 4.77b

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