Lindblad Expeditions Holdings, Inc. (LIND)

Lindblad Expeditions Holdings, Inc. provides marine expedition adventures and travel experience worldwide. It operates through Lindblad and Land Experiences segments. The Lindblad segment provides ship-based expeditions aboard customized, nimble, and intimately-scaled vessels, which offers up-close experiences in the planet's wild and remote places, and capitals of culture; and offers expedition ship which is equipped with state-of-the-art tools for in-depth exploration with infrastructure and ports, such as Antarctica and the Arctic, and places that accessed by a ship comprising Galápagos Islands, Alaska, Baja California's Sea of Cortez and Panama, and foster engagement activities. The Land Experiences segment comprises natural habitats, which provides various expedition itineraries in more than 45 countries across seven continents, with eco-conscious expeditions and nature-focused, and small-group tours including polar bear tours and bear adventure; and DuVine provides intimate group cycling and adventure tours around the world with local cycling experts as guides in local cultural, cuisine, and accommodations. This segment also offers off the beaten path, including small group travel, led by local, and experienced guides with focus on wildlife, hiking national parks, and culture; and classic journey, a curated active small-group and private custom journeys centered around cinematic walks led by expert local guides over 50 countries across the world. In addition, it collaborates with National Geographic on expedition planning and to enhance the guest experience by having National Geographic experts, including photographers, writers, marine biologists, naturalists, field researchers and film crews; and partnered with World Wildlife Fund to offer conservation travel. Lindblad Expeditions Holdings, Inc. was founded in 1979 and is headquartered in New York, New York.

Ticker
LIND
Exchange
Nasdaq
Sector
Consumer Cyclical
Industry
Travel Services
Market cap
$2.23B
52-week range
$11.37 - $38.85

Valuation

Share price
$33.98 (close of Nov 6, 2026)
Price to book
-12.99x
Price to free cash flow
23.23x
Enterprise value
$2.62B
Book value per share
$-2.62

Price performance

PeriodChange
1 day+7.63%
5 days-9.02%
1 month-5.82%
3 months-0.26%
6 months+56.59%
Year to date+135.64%
1 year+182.93%
3 years+396.78%
5 years+92.63%
10 years+299.29%
All time+254.70%

Short interest

As of
Oct 15, 2026
Short % of float
11.59%
Shares short
5.82M
Days to cover
6.02
Change since prior report
-2.60%
Source
FINRA consolidated short interest

Profitability and growth

Return on invested capital
11.34%
Return on assets
-3.03%
Return on capital employed
8.78%
Gross margin
45.78%
Net margin
-3.85%
EBITDA margin
14.05%
Revenue growth
19.59%
Free cash flow growth
8.50%

Cash flow and balance sheet

Free cash flow yield (TTM)
4.30%
Current ratio
0.76x
Net debt to EBITDA
2.86x

Latest reported year

Period end
Dec 31, 2025
Fiscal year
2025
Revenue
$771.02M
Cost of revenue
$418.02M
Gross profit
$353.00M
EBITDA
$108.31M
Net income
-$29.72M
Earnings per share
$-0.63
Interest expense
$45.23M
Shares outstanding
54.97M

Income statement by year

Period endRevenueGross profitNet incomeEPS
2025-12-31$771.02M$353.00M-$29.72M-$0.63
2024-12-31$644.73M$282.15M-$31.18M-$0.67
2023-12-31$569.54M$231.33M-$45.61M-$0.94
2022-12-31$421.50M$138.28M-$111.38M-$2.23
2021-12-31$147.11M$22.62M-$119.21M-$2.41
2020-12-31$82.36M$9.43M-$98.74M-$2.01
2019-12-31$343.09M$176.48M$16.35M$0.29
2018-12-31$309.73M$155.99M$11.35M$0.25
2017-12-31$266.50M$130.98M-$8.66M-$0.19
2016-12-31$242.35M$123.37M$4.86M$0.11

Margins and returns by year

Period endGross marginNet marginReturn on equityReturn on capital
2025-12-3145.78%-3.85%-11.34%
2024-12-3143.76%-4.84%-4.93%
2023-12-3140.62%-8.01%-1.87%
2022-12-3132.81%-26.42%--16.96%
2021-12-3115.38%-81.03%--23.11%
2020-12-3111.44%-119.89%-282.44%-15.03%
2019-12-3151.44%4.77%13.27%8.92%
2018-12-3150.36%3.67%9.78%8.08%
2017-12-3149.15%-3.25%-8.15%1.97%
2016-12-3150.91%2.01%4.27%5.00%

Cash and debt by year

Period endCashDebt
2025-12-31$256.69M$662.67M
2024-12-31$183.94M$625.42M
2023-12-31$156.84M$621.78M
2022-12-31$100.77M$529.45M
2021-12-31$150.75M$518.66M
2020-12-31$187.53M$471.36M
2019-12-31$101.58M$213.54M
2018-12-31$113.40M$188.09M
2017-12-31$96.44M$164.19M
2016-12-31$135.42M$164.13M

Free cash flow by year

Period endFree cash flowStock-based compensation
2025-12-31$63.84M$13.46M
2024-12-31$58.84M$9.83M
2023-12-31-$4.52M$13.89M
2022-12-31-$40.41M$6.99M
2021-12-31-$64.19M$5.56M
2020-12-31-$247.74M$2.39M
2019-12-31-$33.42M$3.57M
2018-12-31$2.01M$4.41M
2017-12-31-$27.57M$10.63M
2016-12-31-$44.51M$5.41M

Investor relations

Past earnings dates

ReportedFiscal periodEPS estimate
2026-11-03Sep 2026$0.41
2026-08-03Jun 2026-$0.10
2026-05-05Mar 2026$0.01
2026-02-26Dec 2025-$0.32
2025-11-04Sep 2025$0.22
2025-08-04Jun 2025-$0.29
2025-05-06Mar 2025-$0.12
2025-02-27Dec 2024-$0.29

Filings and sources

Company website
expeditions.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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