(LIND) Lindblad Expeditions - NASDAQ
Sector: Consumer Cyclical | Industry: Travel Services | Exchange: NASDAQ (USA) | Market Cap: 1.429m USD | Total Return: 110.1% in 12m
Avg Turnover: 11.8M
Qual. Beats: 0
Rev. Trend: 99.2%
Qual. Beats: 7
Warnings
Negative Equity with losses - insolvent profile
Interest Coverage Ratio 0.6 is critical
Altman Z'' -1.91 < 1.0 - financial distress zone
Choppy
Tailwinds
Rs Leader, Idiosyncratic Leader, Tailwind, Confidence
Lindblad Expeditions Holdings, Inc. (LIND) operates as a specialty travel provider focusing on marine expeditions and land-based adventure tours. The company is organized into two primary segments: Lindblad, which utilizes a fleet of nimble, small-scale vessels for remote maritime exploration, and Land Experiences, which manages eco-conscious land tours, cycling excursions, and wildlife-focused itineraries across seven continents.
The business model relies heavily on high-barrier-to-entry destinations such as Antarctica, the Arctic, and the Galápagos Islands, where limited infrastructure necessitates specialized equipment and permits. A core competitive advantage is the company’s long-standing strategic partnership with National Geographic, which integrates expert naturalists and photographers into the guest experience to justify premium pricing. Within the expedition cruise sector, operators often benefit from higher guest loyalty and longer booking windows compared to mass-market cruise lines.
Further analysis of the companys valuation and growth metrics is available at ValueRay for those conducting deeper due diligence. Lindblad continues to expand its land-based portfolio through acquisitions like DuVine and Classic Journeys to diversify revenue beyond its core maritime fleet.
- Ship occupancy rates and net yields drive core marine segment revenue growth
- Strategic partnership renewal with National Geographic secures brand equity and premium pricing
- Fleet expansion and vessel maintenance costs impact capital expenditure and free cash flow
- Consumer discretionary spending trends dictate demand for high-end luxury expedition travel
- Land Experiences segment diversification reduces seasonal reliance on polar ship-based itineraries
| Net Income: -24.4m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.08 > 0.02 and ΔFCF/TA 2.22 > 1.0 |
| NWC/Revenue: -11.06% < 20% (prev -18.59%; Δ 7.53% < -1%) |
| CFO/TA 0.13 > 3% & CFO 124.3m > Net Income -24.4m |
| Net Debt (345.1m) to EBITDA (93.5m): 3.69 < 3 |
| Current Ratio: 0.81 > 1.5 & < 3 |
| Outstanding Shares: last quarter (61.1m) vs 12m ago 11.88% < -2% |
| Gross Margin: 35.89% > 18% (prev 44.72%; Δ -8.82% > 0.5%) |
| Asset Turnover: 84.32% > 50% (prev 73.81%; Δ 10.50% > 0%) |
| Interest Coverage Ratio: 0.63 > 6 (EBIT TTM 27.9m / Interest Expense TTM 44.2m) |
| A: -0.09 (Total Current Assets 384.8m - Total Current Liabilities 473.1m) / Total Assets 987.2m |
| B: -0.41 (Retained Earnings -408.9m / Total Assets 987.2m) |
| C: 0.03 (EBIT TTM 27.9m / Avg Total Assets 948.0m) |
| D: -0.17 (Book Value of Equity -190.1m / Total Liabilities 1.14b) |
| Altman-Z'' = -1.91 = D |
As of June 13, 2026, the stock is trading at USD 23.45 with a total of 383,339 shares traded.
Over the past week, the price has changed by +8.26%,
over one month by +23.29%,
over three months by +39.58% and
over the past year by +110.13%.
Lindblad Expeditions has received a consensus analysts rating of 4.33. Therefore, it is recommended to buy LIND.
- StrongBuy: 2
- Buy: 0
- Hold: 1
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 24 | 2.3% |
P/E Forward = 185.1852
P/S = 1.7883
P/B = 159.797
Revenue TTM = 799.3m USD
EBIT TTM = 27.9m USD
EBITDA TTM = 93.5m USD
Long Term Debt = 663.2m USD (from longTermDebt, last quarter)
Short Term Debt = 1.49m USD (from shortTermDebt, last quarter)
Debt = 666.2m USD (from shortLongTermDebtTotal, last quarter) + Leases 1.49m
Net Debt = 345.1m USD (calculated: Debt 666.2m - CCE 321.1m)
Enterprise Value = 1.77b USD (1.43b + Debt 666.2m - CCE 321.1m)
Interest Coverage Ratio = 0.63 (Ebit TTM 27.9m / Interest Expense TTM 44.2m)
EV/FCF = 21.35x (Enterprise Value 1.77b / FCF TTM 83.1m)
FCF Yield = 4.68% (FCF TTM 83.1m / Enterprise Value 1.77b)
FCF Margin = 10.40% (FCF TTM 83.1m / Revenue TTM 799.3m)
Net Margin = -3.05% (Net Income TTM -24.4m / Revenue TTM 799.3m)
Gross Margin = 35.89% ((Revenue TTM 799.3m - Cost of Revenue TTM 512.4m) / Revenue TTM)
Gross Margin QoQ = 40.19% (prev 14.13%)
Tobins Q-Ratio = 1.80 (Enterprise Value 1.77b / Total Assets 987.2m)
Interest Expense / Debt = 6.63% (Interest Expense 44.2m / Debt 666.2m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = 22.1m (EBIT 27.9m * (1 - 21.00%))
Current Ratio = 0.81 (Total Current Assets 384.8m / Total Current Liabilities 473.1m)
Debt / Equity = -3.50 (negative equity) (Debt 666.2m / totalStockholderEquity, last quarter -190.1m)
Debt / EBITDA = 3.69 (Net Debt 345.1m / EBITDA 93.5m)
Debt / FCF = 4.15 (Net Debt 345.1m / FCF TTM 83.1m)
Total Stockholder Equity = -207.5m (last 4 quarters mean from totalStockholderEquity)
RoA = -2.57% (Net Income -24.4m / Total Assets 987.2m)
RoE = 11.75% (negative equity) (Net Income TTM -24.4m / Total Stockholder Equity -207.5m)
RoCE = 6.13% (EBIT 27.9m / Capital Employed (Equity -207.5m + L.T.Debt 663.2m))
RoIC = 4.64% (NOPAT 22.1m / Invested Capital 475.6m)
WACC = 8.70% (E(1.43b)/V(2.10b) * Re(10.31%) + D(666.2m)/V(2.10b) * Rd(6.63%) * (1-Tc(0.21)))
Discount Rate = 10.31% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 64.44 | Cagr: 6.23%
[DCF] Terminal Value 76.85% ; FCFF base≈72.4m ; Y1≈83.0m ; Y5≈122.2m
[DCF] Fair Price = 21.15 (EV 1.73b - Net Debt 345.1m = Equity 1.39b / Shares 65.6m; r=8.70% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.53 | # QB: 0
Revenue Correlation: 99.16 | Revenue CAGR: 15.84% | SUE: 1.18 | # QB: 7
EPS current Quarter (2026-06-30): EPS=-0.12 | Chg30d=+1.23% | Revisions=+20% | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.40 | Chg30d=+7.90% | Revisions=+20% | Analysts=1
EPS current Year (2026-12-31): EPS=0.24 | Chg30d=+220.00% | Revisions=N/A | GrowthEPS=+557.1% | GrowthRev=+9.9%
EPS next Year (2027-12-31): EPS=0.34 | Chg30d=+19.68% | Revisions=+20% | GrowthEPS=+39.6% | GrowthRev=+6.6%
[Analyst] Revisions Ratio: +20%