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Lindblad Expeditions Holdings Inc (LIND)
NASDAQ:LIND
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Lindblad Expeditions Holdings
(NASDAQ:LIND)
62Neutral
Positive Factors
Financial Performance
The company posted quarterly EBITDA 55% ahead of consensus, driven by a 1,300bps year-over-year occupancy gain and year-over-year net yield growth of 25%.
Partnership
The Disney/NG partnership is expected to pay significant dividends over time, supporting LIND’s thesis that occupancy levels can return to pre-pandemic levels by 2026.
Valuation
Shares trade at a ~26% discount to the cruise industry peer group, creating an attractive valuation dislocation.
Negative Factors
Capacity Constraints
Increased optimism around a steeper occupancy ramp beginning in 2H25, along with the contribution from the acquisition of the two vessels in the Galápagos Islands and the land-based expedition company.
Operational Challenges
Fluctuations in available guest nights will pose a headwind for yields and occupancy through the balance of the fiscal year as LIND has guided to 1.5% capacity growth for the full year.
Lindblad Expeditions Holdings (LIND) vs. S&P 500 (SPY)
Market Cap
$577.17M
Dividend YieldN/A
Average Volume (3M)358.60K
Price to Earnings (P/E)―
Beta (1Y)2.35
Revenue Growth15.71%
EPS Growth44.28%
CountryUS
Employees1,230
SectorConsumer Cyclical
Sector Strength73
IndustryTravel Services
Share Statistics
EPS (TTM)0.00
Shares Outstanding54,707,947
10 Day Avg. Volume386,416
30 Day Avg. Volume358,598
Financial Highlights & Ratios
PEG Ratio-2.16
Price to Book (P/B)-3.56
Price to Sales (P/S)0.00
P/FCF Ratio8.84
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$17.00Price Target Upside58.73% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
Lindblad Expeditions Holdings Business Overview & Revenue Model
Company DescriptionLindblad Expeditions Holdings, Inc. (LIND) is a pioneering adventure travel and expedition cruising company focused on delivering unique and immersive experiences in some of the world's most awe-inspiring destinations. Operating in the travel and tourism sector, Lindblad Expeditions specializes in small-ship expeditions, offering voyages that emphasize environmental sustainability, education, and high-quality guest experiences. The company collaborates with National Geographic to enhance its offerings with expert insights and photography opportunities.
How the Company Makes MoneyLindblad Expeditions Holdings makes money primarily through the sale of expedition travel packages on its fleet of small ships. These voyages are priced based on the destination, duration, and amenities of the trip. Key revenue streams include passenger ticket sales, onboard services such as dining and excursions, and merchandising of branded travel gear. Additionally, the partnership with National Geographic enhances the company's value proposition, attracting customers interested in educational and environmentally-conscious travel experiences. The company's revenue is also supported by strategic marketing and a reputation for high-quality, sustainable travel offerings.
Lindblad Expeditions Holdings Financial Statement Overview
Summary
Lindblad Expeditions Holdings faces substantial financial challenges, with consistent losses and fluctuating revenue. While there are improvements in cash flow and a reduction in debt, the negative equity and operational disruptions present significant risks. The company needs strategic adjustments to stabilize its financial position.Income Statement
The income statement reveals significant challenges, with consistent net losses over the years. The TTM (Trailing-Twelve-Months) shows zero revenue, a drastic decline from previous years, indicating operational disruptions. Although there was positive EBIT in the latest annual data, the EBITDA is negative, reflecting high non-operating expenses or depreciation. Revenue growth has been erratic, with recent years showing severe declines.32
Negative
Balance Sheet
The balance sheet indicates financial instability with negative stockholders' equity, suggesting liabilities exceed assets. The debt-to-equity ratio is skewed due to negative equity, but total debt has decreased significantly, improving net debt position. Cash reserves are relatively strong, which may provide some buffer against financial distress.48
Neutral
Cash Flow
Cash flow analysis is moderate, with operating cash flow improving significantly in the latest data, reflecting better operational efficiency. Free cash flow has turned positive, indicating potential for reinvestment or debt reduction. However, the cash flow to net income ratios are distorted due to persistent net losses.55
Neutral
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 644.73M | 569.54M | 421.50M | 147.11M | 82.36M | Gross Profit |
| 301.05M | 247.17M | 138.28M | 22.62M | 9.43M | EBIT |
| 21.55M | 10.60M | -63.05M | -110.83M | -88.40M | EBITDA |
| 74.14M | 54.12M | -19.94M | -57.06M | -61.12M | Net Income Common Stockholders |
| -31.18M | -45.61M | -108.16M | -119.17M | -100.14M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 183.94M | 156.84M | 100.77M | 150.75M | 187.53M | Total Assets |
| 876.90M | 831.30M | 787.98M | 827.49M | 757.45M | Total Debt |
| 1.87M | 623.75M | 557.41M | 549.45M | 488.00M | Net Debt |
| -182.07M | 466.90M | 470.24M | 398.70M | 300.47M | Total Liabilities |
| 1.02B | 945.06M | 873.62M | 811.55M | 631.17M | Stockholders Equity |
| -145.53M | -151.55M | -113.53M | 5.32M | 118.78M |
| Cash Flow | Free Cash Flow | |||
| 58.84M | -4.52M | -40.41M | -64.19M | -247.74M | Operating Cash Flow |
| 92.36M | 25.44M | -2.20M | 32.49M | -92.26M | Investing Cash Flow |
| -44.08M | -14.80M | -49.59M | -114.72M | -155.48M | Financing Cash Flow |
| -19.77M | 60.68M | -4.87M | 50.41M | 342.99M |
Lindblad Expeditions Holdings Technical Analysis
Positive
10.71
Price Trends
9.42
Positive
10.72
Negative
10.51
Positive
Market Momentum
0.38
Negative
69.00
Neutral
80.33
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LIND, the sentiment is Positive. The current price of 10.71 is above the 20-day moving average (MA) of 9.24, above the 50-day MA of 9.42, and above the 200-day MA of 10.51, indicating a bullish trend. The MACD of 0.38 indicates Negative momentum. The RSI at 69.00 is Neutral, neither overbought nor oversold. The STOCH value of 80.33 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LIND.
Lindblad Expeditions Holdings Risk Analysis
Lindblad Expeditions Holdings disclosed 53 risk factors in its most recent earnings report. Lindblad Expeditions Holdings reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Lindblad Expeditions Holdings Peers Comparison
Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $2.05B | 43.09 | 5.91% | ― | 1.43% | 121.44% | |
76 Outperform | $67.29B | 20.81 | 49.55% | 0.69% | 13.66% | 49.86% | |
75 Outperform | $21.61B | 19.95 | 119.16% | 0.24% | 5.57% | 61.19% | |
65 Neutral | $3.39B | 9.24 | -46.70% | 4.04% | 2.98% | 3.46% | |
62 Neutral | $577.17M | ― | 21.42% | ― | 15.71% | 44.28% | |
61 Neutral | $7.00B | 11.55 | 3.07% | 3.89% | 2.60% | -21.53% | |
61 Neutral | $8.64B | 11.85 | 95.87% | ― | 5.57% | 141.01% |
* Consumer Cyclical Sector Average
Performance Comparison
LIND
Lindblad Expeditions Holdings
10.71
3.14
41.48%
EXPE
Expedia
169.22
56.01
49.47%
RCL
Royal Caribbean
251.37
109.67
77.40%
TRIP
TripAdvisor
15.71
-2.98
-15.94%
TNL
Travel + Leisure Co
51.08
6.96
15.78%
NCLH
Norwegian Cruise Line
19.44
3.55
22.34%
Lindblad Expeditions Holdings Earnings Call Summary
Earnings Call Date:May 06, 2025
(Q1-2025)
| % Change Since: 17.43%|
Next Earnings Date:Aug 05, 2025
Earnings Call Sentiment Positive
The earnings call presented a strong performance with significant growth in revenue, net yields, and occupancy rates. The company demonstrated successful execution of strategic initiatives and partnerships, notably with Disney and in international markets. Despite economic volatility and increased operational costs, the overall outlook remains positive with strong future bookings and cash flow.Q1-2025 Updates
Positive Updates
Revenue Growth
Revenues increased 17% with Lindblad Expeditions segment generating 11% growth and Land segment increasing 38%.
Record Net Yields
Net yields increased 25% to $1,521, the highest quarterly net yield in the company's history.
Occupancy Increase
Occupancy increased by 14 percentage points to 89% compared to 76% in the prior year.
Adjusted EBITDA Growth
Adjusted EBITDA increased 39% with margins improving by 260 basis points.
Successful Strategic Initiatives
Notable progress on strategic pillars, including maximizing revenue, optimizing financial performance, and exploring growth opportunities.
Disney Partnership
Continued momentum and expansion of reach through the Disney partnership.
International Expansion
Focus on international markets, including a successful brand introduction event in the UK.
European River Experience
Announced a new European river experience through a partnership with Strassen Cruises, set to debut in April 2026.
Positive Cash Flow
Ended the quarter with total cash of $235.2 million, an increase of $19.1 million versus the end of 2024.
Negative Updates
Macroeconomic Concerns
Acknowledgment of economic volatility and less consistent bookings in April due to macroeconomic challenges.
Increased Operational Costs
Operating expenses increased by 13.4%, driven by higher costs in tours, sales and marketing, and general administration.
Company Guidance
During the Lindblad Expeditions Holdings, Inc. earnings call for the first quarter of 2025, a series of impressive financial metrics were highlighted, showcasing the company's strong performance and optimistic outlook. The company reported a 17% increase in total revenues, with the Lindblad Expeditions segment experiencing an 11% growth and the Land segment seeing a substantial 38% rise. Adjusted EBITDA surged by 39%, with a margin improvement of 260 basis points. Occupancy saw a notable increase of 14 percentage points, reaching 89%. The net yield hit a record high, increasing by 25% to $1,521. The company reaffirmed its guidance for total company tour revenue to be between $700 million and $750 million, and adjusted EBITDA to range from $100 million to $112 million for the full year. Additionally, Lindblad introduced net yield expectations for 2025, projecting a growth of 7% to 10% for the year. This robust performance underscores the success of their strategic initiatives, including dynamic pricing and expanded partnerships, despite the complex macroeconomic environment.Lindblad Expeditions Holdings Corporate Events
Executive/Board ChangesBusiness Operations and Strategy
Lindblad Expeditions Holdings Announces New CEO and CFO
Positive
Dec 10, 2024
Lindblad Expeditions Holdings, Inc., a leader in expedition travel, has appointed Natalya Leahy as CEO and Rick Goldberg as CFO, marking a new chapter in its leadership. Leahy, with a strong background in global travel, and Goldberg, a seasoned finance leader, are expected to drive the company’s growth in the experiential travel sector. This strategic move aims to enhance Lindblad’s market position and create lasting value for stakeholders.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.