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Lindblad Expeditions Holdings
(NASDAQ:LIND)
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Rating:59Neutral
Price Target:
$36.00
▲(21.66% Upside)
Action:Reiterated
Date:10/03/26
The score is held back primarily by weak underlying financial quality—ongoing net losses, a sharp TTM revenue decline, and a structurally pressured balance sheet with negative equity—despite strong free cash flow momentum. Offsetting this, recent operational commentary was constructive (raised guidance, strong bookings, record yields/occupancy), and the stock’s technical trend is strong, though momentum looks overbought and valuation support is limited due to losses.
Positive Factors
Yield and Occupancy
Record yields and decade-high second-quarter occupancy indicate strong demand for Lindblad’s differentiated expedition offerings. Better utilization and pricing can support revenue quality, strengthen operating leverage, and provide a durable foundation for growth over the next several quarters.
Negative Factors
Negative Equity
A persistent equity deficit leaves the company with a structurally pressured balance sheet even though recent total debt appears lower. Negative equity can constrain financing flexibility, increase refinancing sensitivity, and limit the buffer available to absorb operating setbacks or fund expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Yield and Occupancy
Record yields and decade-high second-quarter occupancy indicate strong demand for Lindblad’s differentiated expedition offerings. Better utilization and pricing can support revenue quality, strengthen operating leverage, and provide a durable foundation for growth over the next several quarters.
Read all positive factors
Lindblad Expeditions Holdings Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down sales across the company’s business lines, revealing which segments drive growth and how concentrated revenue sources are. A diversified revenue mix reduces dependence on a single market or season, while heavy concentration increases exposure to segment-specific risks.
Breaks down sales across the company’s business lines, revealing which segments drive growth and how concentrated revenue sources are. A diversified revenue mix reduces dependence on a single market or season, while heavy concentration increases exposure to segment-specific risks.
Data provided by:
The Fly
The FlyLindblad Expeditions Holdings (LIND) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.35B
Dividend YieldN/A
Average Volume (3M)971.38K
Price to Earnings (P/E)―
Beta (1Y)1.77
Revenue Growth18.27%
EPS Growth-39.00%
CountryUS
Employees1,495
SectorConsumer Cyclical
Sector Strength84
IndustryTravel Services
Share Statistics
EPS (TTM)-0.37
Shares Outstanding65,619,690
10 Day Avg. Volume1,108,933
30 Day Avg. Volume971,375
Financial Highlights & Ratios
PEG Ratio3.83
Price to Book (P/B)-3.93
Price to Sales (P/S)1.03
P/FCF Ratio12.42
Enterprise Value/Market Cap0.93
Enterprise Value/Revenue2.63
Enterprise Value/Gross Profit7.57
Enterprise Value/Ebitda20.70
Forecast
1Y Price Target
$34.00Price Target Upside14.90% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)0.19
Revenue Forecast (FY)$868.70M
Lindblad Expeditions Holdings Business Overview & Revenue Model
Company Description
Lindblad Expeditions Holdings, Inc. delivers diverse adventure travel experiences, encompassing both marine expeditions and land-based journeys. Through its primary Lindblad brand, the company orchestrates voyages utilizing a fleet comprising ten ...
How the Company Makes Money
Lindblad Expeditions primarily makes money by selling expedition travel to guests, with revenue recognized from passenger ticket sales for voyages and related trip packages. The core revenue stream is expedition cruise revenue: customers pay per-p...
Lindblad Expeditions Holdings Earnings Call Summary
Earnings Call Date:Aug 03, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call conveyed a largely positive operational and commercial performance: strong revenue growth, record net yields, improved occupancy, significant adjusted EBITDA growth and healthy booking momentum that enabled an increase in full-year revenue and net-yield guidance. These positives are balanced against meaningful cost inflation—fuel being the largest headwind—higher operating and marketing costs, and lingering GAAP effects (accelerated depreciation) that kept a small net loss. Management maintained disciplined capital allocation and reaffirmed EBITDA guidance given fuel risk and geopolitical uncertainty.Positive Updates
Strong Revenue Growth
Total company revenue increased 18.6% year-over-year to $199.2 million ($199 million reported), up from $168 million in Q2 2025; Lindblad segment revenue rose 16.4% to $129.2 million and Land Experiences revenue grew 23% to $70 million.
Negative Updates
Elevated Fuel Costs
Fuel expense increased $2.7 million year-over-year, a 64% rise, and represented 5.3% of Lindblad segment revenue in the quarter (up from 4.8%). Management is modeling scenarios at approximately $100/barrel and notes fuel as the principal headwind to EBITDA.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue Growth
Total company revenue increased 18.6% year-over-year to $199.2 million ($199 million reported), up from $168 million in Q2 2025; Lindblad segment revenue rose 16.4% to $129.2 million and Land Experiences revenue grew 23% to $70 million.
Read all positive updates
Company Guidance
Management raised 2026 revenue guidance to $830–$860 million (from $800–$850M), increased net yield guidance by 50 basis points to +4.5%–5.5% year‑over‑year (from +4%–5%), and reaffirmed adjusted EBITDA guidance of $130–$140 million; they expect available guest nights to be roughly flat in H2 2026 (capacity up mid‑single digits in Q3, down mid‑single digits in Q4) and are modeling fuel near ~$100/barrel as the primary headwind — while net leverage has improved to ~2.2x, cash stands at $364.9 million and year‑to‑date free cash flow is up 93% to $93.6 million, supporting organic investment, accretive M&A or opportunistic buybacks.Lindblad Expeditions Holdings Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
28
Negative
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 830.61M | 771.02M | 644.73M | 569.54M | 421.50M | 147.11M |
| Gross Profit | 288.50M | 290.18M | 301.05M | 247.17M | 138.28M | 22.62M |
| EBITDA | 105.46M | 86.30M | 74.14M | 54.80M | -19.94M | -57.09M |
| Net Income | -17.27M | -29.72M | -31.18M | -45.61M | -111.38M | -119.21M |
Balance Sheet | ||||||
| Total Assets | 1.03B | 979.96M | 876.90M | 831.30M | 787.98M | 827.49M |
| Cash, Cash Equivalents and Short-Term Investments | 318.89M | 256.69M | 183.94M | 156.84M | 100.77M | 150.75M |
| Total Debt | 665.56M | 663.83M | 627.30M | 623.75M | 557.41M | 549.45M |
| Total Liabilities | 1.20B | 1.13B | 1.02B | 945.06M | 873.62M | 811.55M |
| Stockholders Equity | -195.84M | -201.45M | -174.96M | -151.55M | -113.53M | 5.32M |
Cash Flow | ||||||
| Free Cash Flow | 109.03M | 63.84M | 58.84M | -4.52M | -40.41M | -64.19M |
| Operating Cash Flow | 142.50M | 111.58M | 92.36M | 25.44M | -2.20M | 32.49M |
| Investing Cash Flow | -37.41M | -67.27M | -44.08M | -14.80M | -49.59M | -114.72M |
| Financing Cash Flow | 12.49M | 29.56M | -19.77M | 60.68M | -4.87M | 50.41M |
Lindblad Expeditions Holdings Technical Analysis
Positive
29.59
Price Trends
30.51
Positive
27.79
Positive
22.89
Positive
Market Momentum
2.00
Negative
73.44
Negative
88.78
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 29.59 is below the 20-day moving average (MA) of 30.62, below the 50-day MA of 30.51, and above the 200-day MA of 22.89, indicating a bullish trend. The MACD of 2.00 indicates Negative momentum. The RSI at 73.44 is Negative, neither overbought nor oversold. The STOCH value of 88.78 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 47 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $35.43B | 11.41 | 23.91% | 1.71% | 5.20% | 14.45% | |
65 Neutral | $75.49B | 17.35 | 43.83% | 1.95% | 8.72% | 21.01% | |
62 Neutral | $36.42B | 26.94 | 117.49% | ― | 20.02% | 62.66% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
59 Neutral | $2.35B | -96.58 | 9.06% | ― | 18.27% | -39.00% | |
55 Neutral | $1.44B | 36.51 | 7.31% | 0.94% | -26.32% | -87.41% | |
52 Neutral | $7.15B | 9.32 | 32.35% | ― | 6.21% | 2.45% |
* Consumer Cyclical Sector Average
LIND
Lindblad Expeditions Holdings
35.82
24.00
203.05%
CCL
Carnival
26.35
-1.29
-4.68%
RCL
Royal Caribbean
282.26
-17.95
-5.98%
PRSU
Pursuit Attractions and Hospitality
52.94
16.88
46.81%
NCLH
Norwegian Cruise Line
15.57
-7.47
-32.42%
VIK
Viking Holdings
81.62
22.32
37.64%
Lindblad Expeditions Holdings Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Lindblad Expeditions Expands Portfolio with Major Acquisitions
Positive
Sep 15, 2026
On September 14, 2026, Lindblad Expeditions acquired a 60% controlling stake in Antarctic specialist White Desert and aviation-focused Echo Charlie and affiliated entities for approximately $61 million in cash, plus about $6 million for cash on th...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.