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Lindblad Expeditions Holdings, Inc. (LIND) stock

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NASDAQ: LIND Nasdaq Hotels, Resorts & Cruise Lines Next results ~November 3, 2026

C Fundamentals grade

Lindblad Expeditions Holdings, Inc. is a US-listed company in the hotels, resorts & cruise lines industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$31

Cash-flow model

Base case. Range ~$22–$43 across our lower- and higher-growth cases (12.2%–22.2% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 18% above our base value.

Price used: $36.66, November 2, 2026

Lindblad Expeditions Holdings, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 7 selling0 purchases and 55 sales by directors and officers, last 12 monthsInsider trades
  • Funds144 adding, 81 cuttingOf 49 active managers that changed their stake, 31 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Lindblad Expeditions Holdings files

Where Lindblad Expeditions stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $831m, up 18.3% on a year earlier, slower than the 19.2% growth a quarter earlier. That growth ranks 1 of 16 among the hotels, resorts & cruise lines companies we cover. Free-cash-flow margin rose to 13.1% from 8.3% a year earlier. The diluted share count is up 9.0% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 1 of our 4 financial-health checks. Our cash-flow model value is $34.12 a share, against a share price of $36.77. At that price, our model says the market is pricing in about 18.4% a year of cash-flow growth for five years, slower than the 41.4% a year revenue growth it has delivered.

Source: 10-Q filed August 3, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

Lindblad Expeditions Holdings, Inc.'s trailing-twelve-month revenue grew 18.3% year on year, with a free-cash-flow margin of 13.1%. Where it stands out: revenue growth of 18.3% ranks 5 of 25 hotels, resorts & cruise lines companies we cover. Where it lags: change in share count of 9.0% ranks 22 of 23 hotels, resorts & cruise lines companies we cover.

Our discounted-cash-flow model values the business at ~$31 per share in the base case (~$22–$43 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 86.0% while net income fell 74.6%: a 161pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 18.3% over the last 12 months, against a median of 9.7% for hotels, resorts & cruise lines companies we cover.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 47.8% over 90 days.

Things to watch

  • Share dilution. Diluted shares rose 9.0% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 51% and a beta of 1.8 against the S&P 500.
  • Insiders selling. 7 insiders sold $62M of stock over the past 365 days and none bought (92% under pre-set trading plans).
  • Below peers: net margin. Net margin of -2.1% ranks 22 of 25 hotels, resorts & cruise lines companies we cover (median 11.4%).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 64.2% ranks 20 of 24 hotels, resorts & cruise lines companies we cover (median 41.9%).
  • Heavily shorted. 11.7% of the shares available to trade are sold short (5.9 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 3, 2026
Earnings per share
-$0.01 against an average estimate of -$0.11: beat by 87.2%
Revenue
$199m, up 18.6% on a year earlier
Share reaction
+15.2% in the first session after the results on August 3, 2026, against +3.3% for the S&P 500
Guidance given
tour revenues $830m to $860m (full year 2026); adjusted EBITDA $130m to $140m (full year 2026)
Next report
November 3, 2026; average EPS estimate $0.46

Lindblad Expeditions Holdings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.8%
  • 1 week+5.2%
  • 1 month+5.4%
  • This year+154.2%
  • 1 year+204.0%
  • 5 years+121.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$831M
Operating margin
7.0%
Net margin
-2.1%
EPS (TTM, diluted)
$-0.29

Growth

Revenue growth
+18.3%
Change in growth rate
−0.9 pts
Share count change
+9.0%

Cash

Free cash flow (TTM)
$109M
FCF margin
13.1%
Stock pay % of revenue
1.0%

Earnings

Last results
November 3, 2026
Next results (est.)
February 2, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Insider trade
  3. Insider trade
  4. Insider trade
  5. Insider trade
  6. Insider trade
  7. Insider trade
  8. Insider trade
  9. Insider trade
  10. Insider trade
  11. Agreement
  12. Results
  13. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Lindblad Expeditions Holdings, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 17.2% a year of cash-flow growth for five years.That is slower than the 41.4% a year revenue growth Lindblad Expeditions Holdings has delivered.

  • Priced in17.2%
  • Last 12 months18.3%
  • 3 years a year16.1%
  • 5 years a year41.4%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($34.18, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$31
Price used
$34.18close November 3, 2026
Implied change
▼ 9%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Lindblad Expeditions Holdings, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($67.4M, FY2026 Q2 TTM), growing 11% and 15.8% in the next two years (forecasts, guidance and its record), then back to 17.2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$22–~$43 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Lindblad Expeditions Holdings, Inc.'s free cash flow after stock-based pay ( $67.4M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Lindblad Expeditions Holdings, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.36 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$31 ~$22–$43 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$31 ~$22–$43 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Lindblad Expeditions Holdings, Inc. with Hotels, Resorts & Cruise Lines in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +34%
  • Free-cash-flow margin 1 point lower ▼ −8%
  • Last year's free-cash-flow margin change, if it persists ▲ +66%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $9$14$21$31$43$58
8.5% $5$9$14$21$30$41
10% $3$6$10$15$22$30

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$11.11$9.45$9.79$13.46$16.35$17.12$15.60$7.70$11.27$11.86$14.42$36.66
Market value$506m$439m$436m$624m$808m$851m$782m$401m$600m$638m$793m$2.2bn
+ Net debt (− = net cash)−$33m$39m$77m$88m$128m$309m$408m$479m$478m$451m$418m$356m
Enterprise value$474m$479m$513m$712m$937m$1.2bn$1.2bn$879m$1.1bn$1.1bn$1.2bn$2.5bn
Multiples
Price / sales 2.4x1.8x1.6x2.0x2.4x10.3x5.3x1.0x1.1x1.0x1.0x2.6x
Price / earnings 25.6x90.3x—54.9x49.4x———————
Price / free cash flow 19.9x——n/m—————10.8x12.4x19.9x
EV / EBITDA 17.7x15.4x18.3x15.4x15.9x———18.8x14.7x11.2x19.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

22 /100

Weak moat

How hard Lindblad Expeditions Holdings's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -3.8% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 44.9%, moving by 57.9 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 1.6%; its worst year was -648.7%.

  • Cash conversion 4 / 20

    Free cash flow was positive in 4 of 10 years, at a median -6.0% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 18.9% over five years; stock-based pay has been a median 2.0% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, before the open. Analysts expect revenue of $265m and EPS of $0.46 (range $0.39 to $0.52) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.18 +444% $875m +14%
Next $0.52 +186% $964m +10%

Next year's EPS estimate has moved +47.8% in 90 days, across 2 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −24.7% on 90 days ago. In the last 30 days, 0 analysts raised Lindblad Expeditions Holdings, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Lindblad Expeditions Holdings, Inc., last 90 days
$0.00 $0.20 $0.40 $0.60 90 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.24 Current fiscal year, 30 days ago: $0.18 Current fiscal year, 7 days ago: $0.18 Current fiscal year, Now: $0.18 $0.18 Next fiscal year, 90 days ago: $0.35 Next fiscal year, 60 days ago: $0.44 Next fiscal year, 30 days ago: $0.44 Next fiscal year, 7 days ago: $0.56 Next fiscal year, Now: $0.52 $0.52

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.24$0.35
30 days ago $0.18$0.44
7 days ago $0.18$0.44
Now $0.18$0.56

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.11 −$0.01 +87.2%
Mar 2026 $0.01 $0.09 +1093.6%
Dec 2025 −$0.31 −$0.38 −20.4%
Sept 2025 $0.22 $0.42 +87.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 3, 2026
  • Tour revenues full year 2026 $830m to $860m
    “Tour revenues of $830 - $860 million” source
  • Adjusted EBITDA full year 2026 $130m to $140m Non-GAAP
    “Adjusted EBITDA of $130 - $140 million” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Lindblad Expeditions Holdings, Inc.'s revenue by +11.0% next year and +15.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+10.8%, weight 25%) , management guidance (+7.0%, weight 45%) and the company's own record (+17.2%, weight 30%) . How the weights are set.

Analyst recommendations

6 analysts, Oct 2026
Buy467%
Hold233%
Sell00%

Monthly trend

  1. Oct 2026426
  2. Sep 2026426
  3. Aug 2026415
  4. Jul 2026415

Counts of recommendations published by analysts covering Lindblad Expeditions Holdings, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
11.7%
of tradable shares
Days to cover
5.86
at average volume
Short interest, 1 month
+11%
to October 15, 2026
Held by institutions
84%
of shares
Held by insiders
24.7%
of shares
Employees
1,440
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +204.0%

$12.06 on October 31, 2025 to $36.66

ThenNowEffect
Revenue (last 12 months) $702m $831m +18.3%
P/S multiple 0.9x 2.6x +180.2%
Share count 54m 59m −8.3%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +451.3%

$6.65 on November 3, 2023 to $36.66

ThenNowEffect
Revenue (last 12 months) $531m $831m +56.4%
P/S multiple 0.7x 2.6x +293.4%
Share count 53m 59m −10.4%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
LIND−9%−51%+46%+5%+22%+154%
Industry peers (median)+28%−23%+45%+26%+6%+17%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
LIND42%42%58%58%50%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
LIND−45%−67%−53%−38%−41%−27%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 83% from August 29, 2019 to March 23, 2020. Getting back needed a 494% gain, reached on February 16, 2021, 330 days after the low.

Price behaviour

52-week range
$11.45 – $37.38
From 52-week high
−1.9%
vs 50-day average
+16.8%
vs 200-day average
+49.5%
Volatility (1 year)
51%
Beta vs S&P 500
1.77

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 3 down
typical move ±10.2%
After a week
5 up, 6 down
typical move ±10.9%
After a month
6 up, 5 down
typical move ±17.1%
Results releasedNext dayS&P 500 next day5 days21 days
August 3, 2026 +15.2% +3.3% +11.7% −13.5%
May 5, 2026 +21.6% +2.2% +6.6% +24.4%
February 26, 2026 −5.0% −1.0% −12.2% −18.7%
November 4, 2025 +2.5% −0.8% −0.2% −1.9%
August 4, 2025 +16.2% +1.0% +9.5% +21.8%
May 6, 2025 +5.6% −0.4% +15.7% +19.7%
February 27, 2025 +0.3% −0.1% −5.4% −14.5%
November 5, 2024 +40.5% +3.7% +44.4% +43.4%
August 8, 2024 −0.7% +2.8% −1.8% +22.4%
April 30, 2024 +1.4% −1.9% −1.2% +4.9%
February 28, 2024 −3.5% +0.2% −10.9% −2.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Lindblad Expeditions Holdings, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Lindblad Expeditions Holdings, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Lindblad Expeditions Holdings, Inc.
$500M $600M $700M $800M $900M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $562.1M Revenue (TTM), FY23 Q4: $569.5M Revenue (TTM), FY24 Q1: $579.8M Revenue (TTM), FY24 Q2: $591.5M Revenue (TTM), FY24 Q3: $621.5M Revenue (TTM), FY24 Q4: $644.7M Revenue (TTM), FY25 Q1: $670.8M Revenue (TTM), FY25 Q2: $702.3M Revenue (TTM), FY25 Q3: $736.4M Revenue (TTM), FY25 Q4: $771M Revenue (TTM), FY26 Q1: $799.3M Revenue (TTM), FY26 Q2: $830.6M $830.6M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $562.1M
FY23 Q4 $569.5M
FY24 Q1 $579.8M
FY24 Q2 $591.5M
FY24 Q3 $621.5M
FY24 Q4 $644.7M
FY25 Q1 $670.8M
FY25 Q2 $702.3M
FY25 Q3 $736.4M
FY25 Q4 $771M
FY26 Q1 $799.3M
FY26 Q2 $830.6M
Revenue growth, TTM YoY Lindblad Expeditions Holdings, Inc.
0% 20% 40% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 52.3% Revenue growth, TTM YoY, FY23 Q4: 35.1% Revenue growth, TTM YoY, FY24 Q1: 16.6% Revenue growth, TTM YoY, FY24 Q2: 11.4% Revenue growth, TTM YoY, FY24 Q3: 10.6% Revenue growth, TTM YoY, FY24 Q4: 13.2% Revenue growth, TTM YoY, FY25 Q1: 15.7% Revenue growth, TTM YoY, FY25 Q2: 18.7% Revenue growth, TTM YoY, FY25 Q3: 18.5% Revenue growth, TTM YoY, FY25 Q4: 19.6% Revenue growth, TTM YoY, FY26 Q1: 19.2% Revenue growth, TTM YoY, FY26 Q2: 18.3% 18.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 52.3%
FY23 Q4 35.1%
FY24 Q1 16.6%
FY24 Q2 11.4%
FY24 Q3 10.6%
FY24 Q4 13.2%
FY25 Q1 15.7%
FY25 Q2 18.7%
FY25 Q3 18.5%
FY25 Q4 19.6%
FY26 Q1 19.2%
FY26 Q2 18.3%
Operating margin (TTM) Lindblad Expeditions Holdings, Inc.
0% 2% 4% 6% 8% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 1.6% Operating margin (TTM), FY23 Q4: 1.9% Operating margin (TTM), FY24 Q1: 1.0% Operating margin (TTM), FY24 Q2: 1.1% Operating margin (TTM), FY24 Q3: 2.5% Operating margin (TTM), FY24 Q4: 3.3% Operating margin (TTM), FY25 Q1: 3.6% Operating margin (TTM), FY25 Q2: 5.3% Operating margin (TTM), FY25 Q3: 5.9% Operating margin (TTM), FY25 Q4: 5.9% Operating margin (TTM), FY26 Q1: 6.3% Operating margin (TTM), FY26 Q2: 7.0% 7.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 1.6%
FY23 Q4 1.9%
FY24 Q1 1.0%
FY24 Q2 1.1%
FY24 Q3 2.5%
FY24 Q4 3.3%
FY25 Q1 3.6%
FY25 Q2 5.3%
FY25 Q3 5.9%
FY25 Q4 5.9%
FY26 Q1 6.3%
FY26 Q2 7.0%
FCF margin (TTM) Lindblad Expeditions Holdings, Inc.
-5% 0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 0.2% FCF margin (TTM), FY23 Q4: -0.8% FCF margin (TTM), FY24 Q1: 6.4% FCF margin (TTM), FY24 Q2: 6.7% FCF margin (TTM), FY24 Q3: 8.0% FCF margin (TTM), FY24 Q4: 9.1% FCF margin (TTM), FY25 Q1: 8.4% FCF margin (TTM), FY25 Q2: 8.3% FCF margin (TTM), FY25 Q3: 7.1% FCF margin (TTM), FY25 Q4: 8.3% FCF margin (TTM), FY26 Q1: 8.9% FCF margin (TTM), FY26 Q2: 13.1% 13.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 0.2%
FY23 Q4 -0.8%
FY24 Q1 6.4%
FY24 Q2 6.7%
FY24 Q3 8.0%
FY24 Q4 9.1%
FY25 Q1 8.4%
FY25 Q2 8.3%
FY25 Q3 7.1%
FY25 Q4 8.3%
FY26 Q1 8.9%
FY26 Q2 13.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 192 198 210 242 267 310 343 82 147 422 570 645 771 831
Gross profit 96 108 115 123 131 156 176 9 23 138 231 282 353 387
EBITDA 35 41 27 31 28 46 59 −56 −71 −19 57 74 108 127
Operating income 24 30 16 14 11 25 33 −88 −111 −63 11 22 45 58
Net income 15 22 20 5 −9 11 16 −99 −119 −111 −46 −31 −30 −17
Diluted EPS −$0.02 $0.06 $0.43 $0.10 −$0.19 $0.24 $0.28 −$2.01 −$2.41 −$2.23 −$0.94 −$0.67 −$0.63 −$0.29
Growth (year on year)
Revenue — +3.2% +5.8% +15.4% +10.0% +16.2% +10.8% −76.0% +78.6% +186.5% +35.1% +13.2% +19.6% +18.3%
EBITDA — +19.0% −35.1% +16.0% −9.6% +64.1% +27.9% −195.5% — — — +29.3% +46.1% +34.4%
Operating income — +29.3% −49.0% −9.8% −23.2% +135.8% +31.0% −366.3% — — — — +111.0% +57.1%
Net income — +49.9% −11.3% −75.4% −278.1% — +44.1% −703.8% — — — — — —
Diluted EPS — — +584.1% −76.7% −290.0% — +16.7% −817.9% — — — — — —
Margins
Gross margin 49.7% 54.6% 54.6% 50.9% 49.1% 50.4% 51.4% 11.4% 15.4% 32.8% 40.6% 43.8% 45.8% 46.6%
EBITDA margin 18.1% 20.8% 12.8% 12.8% 10.5% 14.9% 17.2% −68.4% −48.5% −4.5% 10.1% 11.5% 14.0% 15.3%
Operating margin 12.2% 15.3% 7.4% 5.8% 4.0% 8.2% 9.7% −107.3% −75.3% −15.0% 1.9% 3.3% 5.9% 7.0%
Net margin 7.7% 11.2% 9.4% 2.0% −3.2% 3.7% 4.8% −119.9% −81.0% −26.4% −8.0% −4.8% −3.9% −2.1%
Free-cash-flow margin 14.0% 18.7% 12.1% −18.4% −10.3% 0.6% −9.7% −300.8% −43.6% −9.6% −0.8% 9.1% 8.3% 13.1%
Cash flow
Cash from operations 33 43 40 31 53 56 63 −92 32 −2 25 92 112 142
Capital spending 6 6 15 76 80 54 96 155 97 38 30 34 48 33
Free cash flow 27 37 26 −45 −28 2 −33 −248 −64 −40 −5 59 64 109
Stock-based pay — 0 5 5 11 4 4 2 6 7 14 10 13 8
Free cash flow after stock pay — 37 21 −50 −38 −2 −37 −250 −70 −47 −18 49 50 101
Balance sheet
Cash 44 40 207 135 96 113 102 188 151 87 157 184 257 319
Total debt 0 57 174 175 173 202 230 496 559 566 635 635 675 675
Net debt (negative = net cash) −44 17 −33 39 77 88 128 309 408 479 478 451 418 356
Diluted shares 41m 43m 46m 46m 45m 46m 49m 50m 50m 52m 53m 54m 55m 59m
Returned to shareholders
Buybacks — 2 — — — — — — — — — — — —
Total returned — 2 — — — — — — — — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 4 checks passed · June 30, 2026
What it owns · $1.0bn
Short-term assets $443mLonger-term assets $591m
What it owes, and who funded it · $1.2bn
Short-term liabilities $525mLonger-term liabilities $672mShareholders' equity $-196m
  • Short-term assets cover short-term liabilities $443m of assets due within a year against $525m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $443m short-term assets against $672m of longer-dated liabilities.
  • More cash than debt $319m of cash against $664m of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $142m of operating cash flow against $664m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Lindblad Expeditions Holdings, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+9.0%
year over year

Competitors: side by side with peers

Closest by revenue in hotels, resorts & cruise lines
Last 12 months unless stated LIND CVEO MMYT ATAT WH CHH Median
Revenue, last 12 months $831m $707m $1.0bn $1.4bn $1.4bn $1.6bn $5.2bn
Revenue growth, last 12 months 18.3% 12.6% 6.7% 35.2% 0.7% 2.1% 9.7%
Revenue growth, 3-year average 16.1% 0.7% 26.8% — 0.8% 1.7% 8.0%
Revenue growth, latest quarter 18.6% 13.3% 11.8% — 7.3% 2.5% 8.1%
Gross margin 46.6% 23.3% 73.8% — — — 47.7%
Operating margin 7.0% 3.0% 14.9% 23.6% 29.3% 22.8% 16.0%
Operating margin, 3-year average 4.4% 2.1% −12.2% — 34.3% 25.5% 15.3%
Net margin −2.1% −1.1% 5.0% 16.6% 14.0% 12.7% 11.4%
Cash from operations / revenue 17.2% 6.7% 17.5% 20.4% 26.1% 12.7% 20.4%
Free-cash-flow margin 13.1% 4.2% 17.1% 19.5% 22.8% 10.4% 12.1%
Free-cash-flow margin, 3-year average 9.4% 4.9% −0.4% — 20.3% 13.5% 10.3%
Stock pay / revenue 1.0% 1.3% 2.2% 1.3% 2.9% 1.3% 1.3%
Change in share count 9.0% −16.9% −4.2% 0.5% −3.4% −2.6% −3.4%

Median of all 25 companies we cover in hotels, resorts & cruise lines. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

25 hotels, resorts & cruise lines companies
Measure Company Peer median Rank
Revenue growth Growth 18.3% 9.7% 5 of 25
Change in growth rate Growth -0.9pp -0.5pp 17 of 25
Gross margin Profitability 46.6% 47.7% 8 of 14
Operating margin Profitability 7.0% 16.0% 17 of 22
Net margin Profitability -2.1% 11.4% 22 of 25
Free-cash-flow margin Cash generation 13.1% 12.7% 11 of 24
Stock pay as % of revenue Cash generation 1.0% 1.4% 6 of 24
Long-term debt as % of assets Balance sheet 64.2% 41.9% 20 of 24
Change in share count Balance sheet 9.0% -3.5% 22 of 23

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Lindblad $496M 64.3% ▲ 17.1%
Landexperience $275M 35.7% ▲ 24.4%

From Lindblad Expeditions Holdings, Inc.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.5B
Institutions reporting
226
Shares held vs prior quarter
▲ 9.6%
Positions opened / closed
52 / 25

Top buyers and sellers, Q2 2026: 144 institutions bought and 81 sold ; the biggest buyer was FMR LLC (+2.5M shares) and the biggest seller Msd Partners, L.P (−1.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
FMR LLC $187M 6.6M 12.6% ▲ 61.2%
Blackrock, Inc. $123M 4.3M 8.2% ▲ 23.8%
Ariel Investments, LLC $78M 2.8M 5.2% ▼ 19.7%
Vanguard Capital Management LLC $60.1M 2.1M 4.0% ▲ 1.1%
Goldman Sachs Group Inc $50.1M 1.8M 3.4% ▲ 91.2%
Driehaus Capital Management LLC $41.4M 1.5M 2.8% ▲ 23.7%
Select Equity Group, L.P. $41M 1.5M 2.8% ▲ 37.3%
Principal Financial Group Inc $39.4M 1.4M 2.6% ▼ 8.9%
Arrowstreet Capital, Limited Partnership $36.1M 1.3M 2.4% ▲ 0.4%
Lord, Abbett & Co. LLC $35.9M 1.3M 2.4% ▲ 142.0%
UBS Group AG $34.9M 1.2M 2.3% ▲ 13.0%
Geode Capital Management, LLC $34.9M 1.2M 2.3% ▲ 21.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Lindblad Expeditions Holdings, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $61.5M 55 trades by 7 insiders · 92% under pre-set plans
Net ▼ $61.5M net selling
Insider Date Trade Shares Price Value
Lindblad Sven-Olof Director October 29, 2026 Sell pre-set plan 16,038 $37.19 $596,453
Lindblad Sven-Olof Director October 29, 2026 Sell pre-set plan 50,834 $36.87 $1.9M
Lindblad Sven-Olof Director October 28, 2026 Sell pre-set plan 11,300 $35.77 $404,201
Lindblad Sven-Olof Director October 28, 2026 Sell pre-set plan 57,100 $35.16 $2M
Lindblad Sven-Olof Director October 27, 2026 Sell pre-set plan 11,200 $35.97 $402,864
Lindblad Sven-Olof Director October 27, 2026 Sell pre-set plan 83,725 $35.46 $3M
Lindblad Sven-Olof Director October 26, 2026 Sell pre-set plan 1,203 $35.71 $42,959
Lindblad Sven-Olof Director October 26, 2026 Sell pre-set plan 47,666 $35.26 $1.7M
Lindblad Sven-Olof Director October 26, 2026 Sell pre-set plan 1,100 $34.19 $37,609
Lindblad Sven-Olof Director October 23, 2026 Sell pre-set plan 2,885 $34.81 $100,427
Lindblad Sven-Olof Director October 23, 2026 Sell pre-set plan 63,275 $34.20 $2.2M
Lindblad Sven-Olof Director October 22, 2026 Sell pre-set plan 7,477 $36.42 $272,318

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around February 2, 2027 estimated from the company's past filing pattern, not announced

  • November 3, 2026
  • August 3, 2026
  • May 5, 2026
  • February 26, 2026
  • November 4, 2025
  • August 4, 2025

Recent SEC filings

Data status

When each part of this page on Lindblad Expeditions Holdings, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Lindblad Expeditions Holdings, Inc. in brief

What does Lindblad Expeditions Holdings, Inc. do?
Lindblad Expeditions Holdings, Inc. is a US-listed company in the hotels, resorts & cruise lines industry. Its financial year ends in December.
What is Lindblad Expeditions Holdings, Inc.'s stock ticker?
Lindblad Expeditions Holdings, Inc. trades under the ticker LIND on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Lindblad Expeditions Holdings, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Lindblad Expeditions Holdings, Inc. reported revenue of $831M, 18.3% higher than a year earlier, according to its SEC filings.
What is Lindblad Expeditions Holdings, Inc.'s free cash flow?
Lindblad Expeditions Holdings, Inc.'s free-cash-flow margin is 13.1% of revenue over the trailing twelve months, ranking 11 of the 24 hotels, resorts & cruise lines companies we cover.
What is Lindblad Expeditions Holdings, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Lindblad Expeditions Holdings, Inc.'s free cash flow after stock-based pay gives ~$31 per share in the base case, and ~$22–$43 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Lindblad Expeditions Holdings, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are FMR LLC, Blackrock, Inc. and Ariel Investments, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Lindblad Expeditions Holdings, Inc.'s market cap?
On November 2, 2026, Lindblad Expeditions Holdings, Inc.'s market capitalisation was about $2.2B and net debt of $356M. Market figures come from third-party market data and may be delayed.
Who are Lindblad Expeditions Holdings, Inc.'s competitors?
In our Hotels, Resorts & Cruise Lines peer group, the companies closest to Lindblad Expeditions Holdings, Inc. are Civeo Corp, Makemytrip Ltd, Atour Lifestyle Holdings Ltd, Wyndham Hotels & Resorts, Inc. and Choice Hotels International Inc. The side-by-side comparison below sets their revenue, margins and growth against Lindblad Expeditions Holdings, Inc.'s.
Are insiders buying or selling Lindblad Expeditions Holdings, Inc. stock?
Over the last 12 months, Lindblad Expeditions Holdings, Inc.'s directors and officers reported 0 open-market purchases and 55 sales on Form 4. The insider trading page charts every trade.
When is Lindblad Expeditions Holdings, Inc.'s next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Lindblad Expeditions Holdings, Inc. announces its own schedule.