Lindblad Expeditions Holdings, Inc. LIND

Consumer DiscretionaryHotels & Entertainment ServicesUnited States of America

Last close 37.38 USD on Nov 1, 2026, +159.0% year to date

Quant rating

Quant rating A Rank 22 of 344 in Consumer Discretionary

Growth A 2 of 344
Valuation D 299 of 344
Quality C 209 of 344
Revisions A 13 of 344
Momentum A 3 of 344

Wall Street consensus Buy (2.14)Average target 35.29 USD −5.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.5B
Enterprise value: 2.8B
52-week range: 11.37 – 37.47
3-year range: 5.84 – 37.47
Dividend yield: –
Beta (5 years): 2.31
Shares outstanding: 65.6M
Next earnings: Nov 3, 2026

About the company

Lindblad Expeditions Holdings, Inc. is an experiential travel operating company. The Company operates in two segments: Lindblad and Land Experiences. Lindblad provides ship-based expeditions and Land Experiences provides active, land-based trips, tours, treks and safari adventures. The Lindblad segment consists primarily of ship-based expeditions aboard customized, nimble and intimately scaled vessels that are designed for discovery. The Land Experiences segment consists of its primarily land-based adventure brands, providing tours, trips, safaris and journeys centered around nature and culture. The Land Experiences brands are Natural Habitat Adventures, Off the Beaten Path, DuVine Cycling + Adventure Co., Classic Journeys, and Wineland-Thomson Adventures, in addition to its expedition cruises. Together, these brands connect travelers with some of the planet’s natural and cultural landscapes, fostering a deep appreciation for the world.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	771	645	570	422	147	–
Revenue growth	19.6%	13.2%	35.1%	186.5%	78.6%	56.4%
EPS (basic, normalized)	−0.63	−0.60	−0.94	−2.23	−2.41	–
EPS growth	–	–	–	–	–	–
Gross margin	45.8%	46.7%	43.4%	32.8%	15.4%	36.8%
Net margin	−4.5%	−5.6%	−8.8%	−27.5%	−84.7%	−26.2%
ROE	–	–	–	–	−192.1%	−192.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	319
Current ratio	0.84x
Long-term debt (mil)	664
Net debt (mil)	378
Total equity (mil)	−196
Net debt / equity	−1.93x
Net debt / EBITDA	3.00x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	771	+19.6%	3.7x	126	+39.6%	22.4x	−0.63	−5.0%	−59.3x
2026	869	+12.8%	3.3x	144	+14.4%	19.6x	0.20	+132.0%	185.4x
2027	949	+9.2%	3.0x	169	+17.2%	16.7x	0.50	+149.6%	74.3x
2028	996	+4.9%	2.8x	191	+12.9%	14.8x	0.69	+38.1%	53.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	869	+0.1%	+2.4%	+3.6%	0.20	+2.5%	+32.7%	+675.7%
2027	949	+0.1%	+4.8%	+5.8%	0.50	+0.3%	+42.2%	+87.8%
2028	996	+0.8%	+6.3%	+8.5%	0.69	+2.2%	+10.3%	+10.3%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	154	136	206	149	180	168	240	183	208	199
Sales mean (mil)	150	136	194	132	151	159	230	168	197	186
Surprise	+2.6%	+0.3%	+6.3%	+13.0%	+18.8%	+5.7%	+4.3%	+9.1%	+5.5%	+7.2%
EPS reported	−0.10	−0.48	0.36	−0.42	0.00	−0.18	0.42	−0.45	0.09	−0.02
EPS mean	−0.04	−0.25	0.18	−0.25	−0.14	−0.27	0.21	−0.32	0.02	−0.10
Surprise	−122.2%	−93.9%	+94.6%	−70.3%	+100.0%	+33.3%	+100.0%	−39.8%	+462.5%	+80.8%

Peer comparison Hotels & Entertainment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
LIND Lindblad Expeditions Holdings, Inc.	2.5B	3.00x	−4.5%	−12.50x	185.4x	74.3x	19.6x	16.7x
RCL Royal Caribbean Cruises Ltd.	82.2B	3.09x	23.8%	7.01x	17.2x	15.1x	13.4x	12.2x
CCL Carnival Corporation Ltd	38.8B	3.16x	10.4%	2.75x	12.8x	11.1x	8.6x	8.1x
HTHT H World Group Limited	15.1B	−0.98x	20.1%	7.11x	16.9x	15.1x	9.7x	8.7x
LTH Life Time Group Holdings, Inc.	10.1B	1.47x	12.5%	2.93x	26.3x	23.1x	11.9x	10.5x
NCLH Norwegian Cruise Line Holdings Ltd.	8.1B	5.43x	4.3%	2.56x	10.8x	11.9x	9.0x	8.5x
Mean		2.53x	11.1%	1.64x	44.9x	25.1x	12.0x	10.8x
Median		3.04x	11.4%	2.84x	17.1x	15.1x	10.8x	9.6x

Technical analysis

1M+26.0%
3M+25.6%
1Y+206.9%
3Y+544.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Lindblad Expeditions Holdings, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	771	645	570	422	147	82.4
Cost of revenue	418	344	322	283	124	72.9
Gross profit	353	301	247	138	22.6	9.4
Selling, general & administrative expenses	244	224	190	157	93.9	65.7
Research & development	–	–	–	–	–	–
Depreciation/amortization	62.8	52.6	46.7	44.0	39.5	32.1
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	23.7	2.7	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	22.0	21.6	10.6	−63.0	−111	−88.4
Net interest income (expense)	−44.2	−46.8	−44.3	−38.7	−25.8	−21.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0.4	0.2	−4.1	−0.3	15.5	−0.1
Net income before taxes	−21.8	−25.1	−37.7	−102	−121	−110
Provision for taxes	2.5	3.1	3.1	6.1	−2.0	−9.8
Minority interest	−5.5	−3.0	−4.7	−3.2	0	1.4
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−29.7	−31.2	−45.6	−111	−119	−98.7
Extraordinary items	–	–	–	–	–	–
Net income	−29.7	−31.2	−45.6	−111	−119	−98.7
EBIT, normalized	49.0	28.8	10.6	−63.0	−111	−88.4
EBITDA, normalized	112	81.4	57.3	−19.0	−71.3	−56.3
Basic EPS, normalized	−0.63	−0.60	−0.94	−2.23	−2.41	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Lindblad Expeditions Holdings, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	257	184	157	101	151	188
Receivables	–	–	–	–	–	–
Total inventory	–	–	–	2.0	2.3	2.2
Prepaid expenses	38.0	28.6	26.1	20.6	27.1	17.0
Other current assets	73.2	65.9	61.5	60.0	30.2	22.5
Total current assets	368	278	245	183	210	229
Property, plant & equipment	522	518	526	544	547	488
Goodwill	60.6	59.0	42.0	42.0	42.0	22.1
Intangibles	16.6	15.9	9.4	11.2	13.2	4.8
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	12.7	5.1	9.4	7.7	15.1	13.6
Total assets	980	877	831	788	827	757
Liabilities
Accounts payable	22.2	13.9	16.2	16.6	9.7	5.3
Payable/accrued	–	–	–	–	–	–
Accrued expenses	77.9	59.9	50.8	56.1	23.1	13.6
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	0	0	0	23.3	26.1	11.3
Other current liabilities	361	319	252	245	231	126
Total current liabilities	462	392	319	341	289	156
Long-term debt	663	625	622	529	519	471
Minority interest	47.9	29.4	37.8	27.9	10.6	7.5
Other liabilities	9.2	4.6	4.1	3.0	3.4	4.0
Total liabilities	1,181	1,052	983	902	822	639
Shareholders' equity
Preferred stock	83.1	78.2	73.5	69.1	83.9	83.8
Common stock	0	0	0	0	0	0
Additional paid-in capital	127	109	97.1	83.8	58.5	48.1
Retained earnings (accumulated deficit)	−411	−363	−322	−267	−136	−11.6
Treasury stock	–	–	–	–	–	–
Other equity	0	0.3	0	0	−0.6	−1.6
Total equity	−201	−175	−152	−114	5.3	119
Total liabilities & shareholders' equity	980	877	831	788	827	757

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Lindblad Expeditions Holdings, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−24.2	−28.2	−40.9	−108	−119	−100
Depreciation, depletion & amortization	62.8	52.6	46.7	44.0	39.5	32.1
Deferred taxes	−1.3	2.1	2.7	5.5	−0.8	−9.8
Non-cash items	24.6	15.5	21.2	20.4	10.1	10.2
Changes in working capital	49.7	50.4	−4.3	36.1	103	−24.6
Cash from operations	112	92.4	25.4	−2.2	32.5	−92.3
Investing activities
Capital expenditures	−47.7	−33.5	−30.0	−38.2	−96.7	−155
Other investing cash flows	−19.5	−10.6	15.2	−11.4	−18.0	0
Cash from investing	−67.3	−44.1	−14.8	−49.6	−115	−155
Financing activities
Financing cash flow items	−14.7	−16.7	−7.5	−10.9	−3.1	−7.0
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	44.2	−3.0	68.2	6.0	53.5	350
Cash from financing	29.6	−19.8	60.7	−4.9	50.4	343
Foreign exchange effects	−0.3	0.3	–	–	–	0
Net change in cash	73.6	28.8	71.3	−56.7	−31.8	95.3
Free cash flow	63.8	58.8	−4.5	−40.4	−64.2	−248

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.