(LIND) Lindblad Expeditions - Ratings and Ratios

Exchange: NASDAQ • Country: United States • Currency: USD • Type: Common Stock • ISIN: US5352191093

Ship Expeditions, Land Expeditions, Wildlife Tours, Cultural Tours

Hotels, Resorts & Cruise Lines
Market Cap in USD: 833m

IPO / Inception: 2015-07-09
12m vs SPY: 19.5%

EPS (Earnings per Share)

EPS CAGR: 130.55%
EPS Trend: 60.4%

Last SUE: 1.73
Qual. Beats: 2

Revenue

Rev. CAGR: 41.38%
Rev. Trend: 83.4%

Last SUE: 1.07
Qual. Beats: 5

Dividends

Currently no dividends paid

Risk via 5d forecast
Volatility	64.0%
Value at Risk 5%th	90.6%
Relative Tail Risk	-14.02%

Reward TTM
Sharpe Ratio	0.90
Alpha	19.27
CAGR/Max DD	0.30

Character TTM
Hurst Exponent	0.511
Beta	1.350
Beta Downside	1.709

Drawdowns 3y
Max DD	53.00%
Mean DD	21.87%
Median DD	21.00%

Description: LIND Lindblad Expeditions December 01, 2025

Lindblad Expeditions Holdings Inc. (NASDAQ:LIND) operates two complementary businesses: the Lindblad segment, which runs small-scale, purpose-built expedition ships to remote natural destinations (e.g., Antarctica, the Galápagos, Alaska), and the Land Experiences segment, which offers small-group, eco-focused tours-including DuVine cycling trips and Classic Journey itineraries-across more than 45 countries.

Key operating metrics (FY 2023, disclosed in the latest 10-K) show ≈ 300 passenger-days per ship per voyage, an average occupancy of 92 %, and total revenue of $560 million, with the land-based segment contributing roughly 38 % of that revenue. The company’s partnership with National Geographic and WWF provides differentiated content that commands a premium price point, reflected in an average ticket price of $5,200 per passenger for ship voyages.

Sector-level drivers include the rebound in discretionary travel spending after COVID-19, rising consumer demand for experiential and sustainable tourism, and the premium-pricing power of niche cruise operators that can navigate climate-regulation constraints better than mass-market lines. A material risk is the sensitivity of bookings to fuel price volatility and geopolitical tensions that could limit access to key itineraries.

For a deeper quantitative view, the ValueRay platform’s detailed financial model can help you assess Lindblad’s upside potential.

Piotroski VR‑10 (Strict, 0-10) 4.0

Net Income (-31.2m TTM) > 0 and > 6% of Revenue (6% = 44.2m TTM)

FCFTA 0.05 (>2.0%) and ΔFCFTA -0.27pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue -10.16% (prev -15.81%; Δ 5.65pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.10 (>3.0%) and CFO 98.8m > Net Income -31.2m (YES >=105%, WARN >=100%)

Net Debt (403.2m) to EBITDA (82.4m) ratio: 4.89 <= 3.0 (WARN <= 3.5)

Current Ratio 0.83 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (55.6m) change vs 12m ago -11.24% (target <= -2.0% for YES)

Gross Margin 45.04% (prev 42.35%; Δ 2.69pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 78.92% (prev 69.84%; Δ 9.08pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 0.46 (EBITDA TTM 82.4m / Interest Expense TTM 46.1m) >= 6 (WARN >= 3)

Altman Z'' -2.00

(A) -0.08 = (Total Current Assets 363.8m - Total Current Liabilities 438.6m) / Total Assets 976.5m

(B) -0.39 = Retained Earnings (Balance) -384.6m / Total Assets 976.5m

(D) -0.35 = Book Value of Equity -384.6m / Total Liabilities 1.11b

Total Rating: -2.00 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 55.56

1. Piotroski 4.0pt

2. FCF Yield 4.22%

3. FCF Margin 7.08%

4. Debt/Equity -3.81

5. Debt/Ebitda 4.89

6. ROIC - WACC (= -2.24)%

7. RoE 14.42%

8. Rev. Trend 83.40%

9. EPS Trend 60.42%

What is the price of LIND shares?

As of January 14, 2026, the stock is trading at USD 16.96 with a total of 1,107,851 shares traded.
Over the past week, the price has changed by +17.29%, over one month by +19.10%, over three months by +43.49% and over the past year by +44.22%.

Is LIND a buy, sell or hold?

Lindblad Expeditions has received a consensus analysts rating of 4.33. Therefore, it is recommended to buy LIND.

Strong Buy: 2
Buy: 0
Hold: 1
Sell: 0
Strong Sell: 0

What are the forecasts/targets for the LIND price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	16.8	-1.2%
Analysts Target Price	16.8	-1.2%
ValueRay Target Price	18.8	11.1%

LIND Fundamental Data Overview January 13, 2026

P/E Forward = 19.2308
P/S = 1.1314
P/B = 159.797
Beta = 2.286
Revenue TTM = 736.4m USD
EBIT TTM = 21.2m USD
EBITDA TTM = 82.4m USD
Long Term Debt = 663.4m USD (from longTermDebt, last quarter)
Short Term Debt = 831.0k USD (from shortTermDebt, last quarter)
Debt = 665.0m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 403.2m USD (from netDebt column, last quarter)
Enterprise Value = 1.24b USD (833.2m + Debt 665.0m - CCE 261.8m)
Interest Coverage Ratio = 0.46 (Ebit TTM 21.2m / Interest Expense TTM 46.1m)
EV/FCF = 23.70x (Enterprise Value 1.24b / FCF TTM 52.2m)
FCF Yield = 4.22% (FCF TTM 52.2m / Enterprise Value 1.24b)
FCF Margin = 7.08% (FCF TTM 52.2m / Revenue TTM 736.4m)
Net Margin = -4.24% (Net Income TTM -31.2m / Revenue TTM 736.4m)
Gross Margin = 45.04% ((Revenue TTM 736.4m - Cost of Revenue TTM 404.8m) / Revenue TTM)
Gross Margin QoQ = 42.00% (prev 45.58%)
Tobins Q-Ratio = 1.27 (Enterprise Value 1.24b / Total Assets 976.5m)
Interest Expense / Debt = 1.69% (Interest Expense 11.3m / Debt 665.0m)
Taxrate = 21.0% (US default 21%)
NOPAT = 16.7m (EBIT 21.2m * (1 - 21.00%))
Current Ratio = 0.83 (Total Current Assets 363.8m / Total Current Liabilities 438.6m)
Debt / Equity = -3.81 (negative equity) (Debt 665.0m / totalStockholderEquity, last quarter -174.8m)
Debt / EBITDA = 4.89 (Net Debt 403.2m / EBITDA 82.4m)
Debt / FCF = 7.73 (Net Debt 403.2m / FCF TTM 52.2m)
Total Stockholder Equity = -216.4m (last 4 quarters mean from totalStockholderEquity)
RoA = -3.35% (Net Income -31.2m / Total Assets 976.5m)
RoE = 14.42% (negative equity) (Net Income TTM -31.2m / Total Stockholder Equity -216.4m)
RoCE = 4.74% (EBIT 21.2m / Capital Employed (Equity -216.4m + L.T.Debt 663.4m))
RoIC = 4.41% (NOPAT 16.7m / Invested Capital 379.2m)
WACC = 6.65% (E(833.2m)/V(1.50b) * Re(10.89%) + D(665.0m)/V(1.50b) * Rd(1.69%) * (1-Tc(0.21)))
Discount Rate = 10.89% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 2.05%
[DCF Debug] Terminal Value 76.81% ; FCFF base≈51.3m ; Y1≈33.7m ; Y5≈15.4m
Fair Price DCF = N/A (negative equity: EV 397.6m - Net Debt 403.2m = -5.63m; debt exceeds intrinsic value)
[DCF Warning] FCF declining rapidly (-40.0%), DCF may be unreliable
EPS Correlation: 60.42 | EPS CAGR: 130.5% | SUE: 1.73 | # QB: 2
Revenue Correlation: 83.40 | Revenue CAGR: 41.38% | SUE: 1.07 | # QB: 5
EPS next Quarter (2026-03-31): EPS=0.06 | Chg30d=+0.000 | Revisions Net=+1 | Analysts=1
EPS next Year (2026-12-31): EPS=0.28 | Chg30d=+0.000 | Revisions Net=+1 | Growth EPS=+164.5% | Growth Revenue=+9.2%

Additional Sources for LIND Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
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Fund Manager Positions: Dataroma | Stockcircle