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Lindblad Expeditions Holdings I (LIND) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Lindblad Expeditions Holdings I
NasdaqCM•Consumer Cyclical•Travel Services
$27.42+1.33(0.05%)Pre-market
Market Cap
$1.80B
P/S
2.2x

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.

D

How this company scores

WeakMetricSide Score: 56/100

Grade capped at D — Negative equity — the balance sheet is insolvent. Strongest: Cash & Earnings Quality (24/25); weakest: Balance Sheet & Red Flags (8/25).

Profitability8/25
Growth16/25
Balance Sheet & Red Flags8/25
Cash & Earnings Quality24/25
Strengths
Growing revenueRising free cash flowLong cash runwayCash-backed earnings
Grade capped at D
  • Negative equity — the balance sheet is insolvent.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 2.2x5y range 0.7x – 9.2x
P/S 2.2x · above its 20-quarter median

Currently above its 20-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.

Price & Volume
Market Cap $1.80B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue
$830.61M
7Q
Q. Revenue
$199.25M
19%
TTM EBITDA
$127.05M
7Q
TTM Op. Income
$58.03M
7Q
Q. Op. Income
$11.95M
171%
TTM Net Income
$-17.27M
3Q
Q. Net Income
$-1.41M
83%
EPS
$-0.02
89%
Shares Out.
$65.47M
2Q
$830.61M in TTM revenue grew 18.3% YoY, reaching $199.25M last quarter. TTM EBITDA of $127.05M and TTM operating income of $58.03M show growth is flowing through to the bottom line. However, net income is negative at $17.27M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin
15.3%
34%
Op. Margin
6.0%
129%
Net Margin
-0.7%
86%
Op. margin of 6.0% is up 3.4% YoY — cost efficiency is improving. Net margin at -0.7% Over the past year, operating margin is up 129% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio
N/A
P/S Ratio
2.2x
5Q
P/B Ratio
N/A
P/S of 2.2x and P/B of 0.0x.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets
$1.03B
6Q
Cash
$318.89M
2Q
Long-Term Debt
$663.87M
2Q
Book Value
$-195.84M
26%
D/E Ratio
N/A
Debt/EBITDA
21.8
34%

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow
$59.05M
2Q
TTM Free Cash Flow
$109.03M
3Q
FCF Margin
13.1%
3Q
FCF / Net Income
-6.3
3Q
TTM FCF of $109.03M on $59.05M in operating cash flow. The FCF / Net Income ratio of -6.3x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has risen for 3 consecutive quarters — an improving trend.

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Share Dilution

Red Flag

Shares outstanding increased 21.0% — significant dilution, likely from stock compensation or capital raises.