LIND Consumer Cyclical

Lindblad Expeditions Holdings, Inc.

$32.76-10.64%

Price as of close on Nov 3, 2026 · Financials updated Oct 9, 2026

Basics

Sector: Consumer Cyclical
Industry: Travel Services
Country: United States
Market cap: 2.1B USD
Enterprise value: 2.6B USD
Full-time employees: 1,440

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 2.24 vs a peer median of 0.63) and less short-term liquidity (current ratio 0.84 vs a peer median of 1.48)higher risk: bigger price swings (beta 2.24 vs peers 0.63) and less liquidity (current ratio 0.84 vs peers 1.48)

Ranks #1,079 of 1,502 consumer cyclical companies (bottom 29%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.
Lindblad Expeditions's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.
Shareholders being diluted. Shares outstanding up 24% from December 2022 to July 2026.
Lindblad Expeditions had 24% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Lindblad Expeditions had 24% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Operating margin at a 6-year high. 5.9% in 2025, the best of the last 6 years.
Lindblad Expeditions kept 5.9% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.
Valuation signals disagree. Cheaper than 44% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Lindblad Expeditions looks cheaper than 44% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

StockQuotient Score

40/ 100

Oct 5 40 → Nov 4 40

Valuation

Is the price right?

23/100

Weak▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 22 → 23

Share price -6.6%+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-1.0%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.34Sector median: 0.0439 · MAD: 0.0329

EBITDA yield5.1%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.80Sector median: 0.0877 · MAD: 0.0461

Free cash flow yield5.1%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.20Sector median: 0.0614 · MAD: 0.0545

Other data (not scored)

Book yield-9.1%

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.5650 · MAD: 0.3500

Growth

Is it growing?

74/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 3.9%

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.22Sector median: 0.0420 · MAD: 0.2537

3-year revenue growth16.1%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 1.86Sector median: 0.0425 · MAD: 0.0636

Revenue growth18.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 2.23Sector median: 0.0373 · MAD: 0.0653

Profitability

Does it earn well?

63/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin7.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.13Sector median: 0.0638 · MAD: 0.0461

Return on assets-2.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.14Sector median: 0.0331 · MAD: 0.0254

Return on invested capital30.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 3.91Sector median: 0.0733 · MAD: 0.0600

Other data (not scored)

Gross margin46.6%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3025 · MAD: 0.1399

Return on equityUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.0746 · MAD: 0.0674

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Beta
▼ Debt / equity
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta2.24

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -3.80Sector median: 0.6345 · MAD: 0.2980

Current ratio0.84×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.14Sector median: 1.4800 · MAD: 0.5570

Debt / equityUnavailable

Shareholders' equity is negative, so debt/equity counts as among the highest in its peer group33% base weight · Z-score -9.02Sector median: 0.4646 · MAD: 0.3556

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Lindblad Expeditions

Is Lindblad Expeditions getting weaker?: Its latest SEC filing (Aug 3, 2026) showed no major changes. Its overall score is unchanged at 40/100 since Oct 28, 2026.
How is Lindblad Expeditions valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 23/100 against 1,612 consumer cyclical peers. Earnings yield -1.0% vs a peer median of 4.4% (weaker than 100% of peers).Earnings yield -1.0% vs peers 4.4% (weaker than 100% of peers).
Is Lindblad Expeditions growing?: Yes, faster than most of its peers. Growth scores 74/100 against 1,612 consumer cyclical peers. Revenue growth 18.3% vs a peer median of 3.7% (stronger than 88% of peers).Revenue growth 18.3% vs peers 3.7% (stronger than 88% of peers).
How profitable is Lindblad Expeditions?: More profitable than most of its peers. Profitability scores 63/100 against 1,612 consumer cyclical peers. Return on invested capital 30.7% vs a peer median of 7.3% (stronger than 92% of peers).Return on invested capital 30.7% vs peers 7.3% (stronger than 92% of peers). Return on assets -2.1% vs a peer median of 3.3% (weaker than 91% of peers).Return on assets -2.1% vs peers 3.3% (weaker than 91% of peers).
How risky is Lindblad Expeditions?: Higher risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Beta 2.24 vs a peer median of 0.63 (weaker than 100% of peers).Beta 2.24 vs peers 0.63 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 3, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	799.3M USD	830.6M USD	+3.9%
Net income (12 months)	−29.3M USD	−22.1M USD	−24.3%
Operating margin	6.3%	7.0%	+0.7 pts
Free cash flow (12 months)	71.4M USD	109.0M USD	+52.6%
Debt	663.2M USD	663.9M USD	+0.1%
Cash	275.0M USD	318.9M USD	+16.0%
Shares outstanding	65.6M	65.6M	+0.1%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Consumer Cyclical · 182 companies

Valuations in Consumer Cyclical are within their usual range since 2016.

36% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +0% and earnings +10% (medians): prices and earnings moved broadly together.
Median price-to-sales is −55% vs the whole market, against a usual −41%.

2016Shaded: most expensive fifth of its range2026

Shown for Consumer Cyclical: too few Travel Services companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	-75.3%	-15.0%	1.9%	3.3%	5.9%	▲ 2.6 pts
Net margin	-81.0%	-26.4%	-8.0%	-4.8%	-3.9%	▲ 1.0 pts
Return on assets (ROA)	-14.4%	-14.1%	-5.5%	-3.6%	-3.0%	▲ 0.5 pts
Return on equity (ROE)	—	—	—	—	—	—
Free cash flow margin	-43.6%	-9.6%	-0.8%	9.1%	8.3%	▼ 0.8 pts
Current ratio	0.73×	0.54×	0.77×	0.71×	0.80×	▲ 12%
Quick ratio	0.72×	0.53×	—	—	—	—
Debt to equity	—	—	—	—	—	—

LIND price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 2.24 vs a peer median of 0.63) and less short-term liquidity (current ratio 0.84 vs a peer median of 1.48)higher risk: bigger price swings (beta 2.24 vs peers 0.63) and less liquidity (current ratio 0.84 vs peers 1.48)

Ranks #1,079 of 1,502 consumer cyclical companies (bottom 29%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.

Lindblad Expeditions's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.

Shareholders being diluted. Shares outstanding up 24% from December 2022 to July 2026.

Lindblad Expeditions had 24% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Lindblad Expeditions had 24% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Operating margin at a 6-year high. 5.9% in 2025, the best of the last 6 years.

Lindblad Expeditions kept 5.9% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.

Valuation signals disagree. Cheaper than 44% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Lindblad Expeditions looks cheaper than 44% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Questions investors ask about Lindblad Expeditions

Is Lindblad Expeditions getting weaker?

Its latest SEC filing (Aug 3, 2026) showed no major changes. Its overall score is unchanged at 40/100 since Oct 28, 2026.

How is Lindblad Expeditions valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 23/100 against 1,612 consumer cyclical peers. Earnings yield -1.0% vs a peer median of 4.4% (weaker than 100% of peers).Earnings yield -1.0% vs peers 4.4% (weaker than 100% of peers).

Is Lindblad Expeditions growing?

Yes, faster than most of its peers. Growth scores 74/100 against 1,612 consumer cyclical peers. Revenue growth 18.3% vs a peer median of 3.7% (stronger than 88% of peers).Revenue growth 18.3% vs peers 3.7% (stronger than 88% of peers).

How profitable is Lindblad Expeditions?

More profitable than most of its peers. Profitability scores 63/100 against 1,612 consumer cyclical peers. Return on invested capital 30.7% vs a peer median of 7.3% (stronger than 92% of peers).Return on invested capital 30.7% vs peers 7.3% (stronger than 92% of peers). Return on assets -2.1% vs a peer median of 3.3% (weaker than 91% of peers).Return on assets -2.1% vs peers 3.3% (weaker than 91% of peers).

How risky is Lindblad Expeditions?

Higher risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Beta 2.24 vs a peer median of 0.63 (weaker than 100% of peers).Beta 2.24 vs peers 0.63 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

799.3M USD

830.6M USD

+3.9%

Net income (12 months)

−29.3M USD

−22.1M USD

−24.3%

Operating margin

6.3%

7.0%

+0.7 pts

Free cash flow (12 months)

71.4M USD

109.0M USD

+52.6%

Debt

663.2M USD

663.9M USD

+0.1%

Cash

275.0M USD

318.9M USD

+16.0%

Shares outstanding

65.6M

65.6M

+0.1%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

-75.3%

-15.0%

1.9%

3.3%

5.9%

▲ 2.6 pts

Net margin

-81.0%

-26.4%

-8.0%

-4.8%

-3.9%

▲ 1.0 pts

Return on assets (ROA)

-14.4%

-14.1%

-5.5%

-3.6%

-3.0%

▲ 0.5 pts

Return on equity (ROE)

—

Free cash flow margin

-43.6%

-9.6%

-0.8%

9.1%

8.3%

▼ 0.8 pts

Current ratio

0.73×

0.54×

0.77×

0.71×

0.80×

▲ 12%

Quick ratio

0.72×

0.53×

—

Debt to equity

—