Lindblad Expeditions (LIND) vs Travel + Leisure Co. (TNL)

Lindblad Expeditions and Travel + Leisure Co. are both Travel Services companies. Travel + Leisure Co. is the larger, with a market value of $3.9B against $1.8B — 2.1× the size. Lindblad Expeditions has negative trailing earnings, so its P/E is not meaningful; Travel + Leisure Co. trades at 17.0×. Lindblad Expeditions grew revenue faster over the last twelve months: 18.3% against 4.55%. Travel + Leisure Co. has the higher net margin (5.79% vs −2.44%) and the higher return on invested capital (8.30% vs 6.68%). Across the 19 metrics below, Travel + Leisure Co. leads on 11 and Lindblad Expeditions on 8.

Valuation

Metric LIND TNL Travel Services median
P/E n/m 16.98 17.52
P/S 2.24 0.97 2.24
P/B n/m n/m 2.61
Price to free cash flow 17.08 8.77 12.40
EV/EBITDA 19.68 14.17 12.77
EV/Sales 3.13 2.38 2.38
Earnings yield (1.30%) 5.89% 3.30%
Free cash flow yield 5.85% 11.40% 3.22%

Profitability

Metric LIND TNL Travel Services median
Gross margin 46.65% 45.13% 67.64%
Operating margin 6.99% 13.68% 15.06%
Net margin (2.44%) 5.79% 6.64%
Free cash flow margin 13.13% 11.04% 3.21%
Return on equity 8.82% (25.31%) 7.53%
Return on assets (2.06%) 3.46% 3.40%
Return on invested capital 6.68% 8.30% 4.65%

Growth

Metric LIND TNL Travel Services median
Revenue growth (TTM) 18.27% 4.55% 13.25%
EPS growth (last fiscal year) 5.97% (40.89%) —
Revenue growth, 5-year CAGR 56.41% 13.23% 28.66%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric LIND TNL Travel Services median
Debt to equity (5.64) (5.60) 0.32
Current ratio 0.84 3.15 1.20
Net debt to EBITDA 6.48 7.64 1.07

Dividend

Metric LIND TNL Travel Services median
Dividend yield — 4.48% —
Payout ratio 0.00 0.38 0.00

Size

Metric LIND TNL Travel Services median
Market cap 1.82b 3.87b 4.41b

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