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Lindblad Expeditions Holdings, Inc.

LIND Nasdaq Transportation Services Financials FY2016โ€“FY2025

Last close ยท Oct 23, 2026

$34.24

2.9%
Compare
Revenue Total sales reported in the income statement.
$771M
19.6% vs prior year
Operating margin Operating income as a share of revenue.
5.9%
2.6ย pts
Net income Profit after all expenses, interest and tax.
โˆ’$29.7M
Free cash flow Cash from operations minus capital spending.
$63.8M
8.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
29.6%
20.5ย pts
Market cap Last close times the latest diluted share count, so it is approximate.
$2.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
โ€”
On โˆ’$0.38 EPS (TTM)

What Lindblad Expeditions Holdings, Inc. does

No business description yet.

Legal name
LINDBLAD EXPEDITIONS HOLDINGS, INC.
Fiscal year ends
December 31, 2025
Latest annual report
10-K ยท Feb 26, 2026
Accession ยท CIK
0001437749-26-005873
0001512499

Revenue and margins

Lindblad Expeditions Holdings, Inc. had $771M of revenue in fiscal 2025, up 19.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $63.8M in fiscal 2025, 8.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Lindblad Expeditions Holdings, Inc. returned โ€” to shareholders in fiscal 2025. The diluted share count rose 2.1%.

Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Lindblad Expeditions Holdings, Inc. can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $151M$101M$157M$184M$257M
Debt incl. finance leases $545M$553M$622M$625M$663M
Net debt / EBITDA โ€”โ€”8.1x6.0x3.7x
Current ratio 0.7x0.5x0.8x0.7x0.8x
Quick ratio 0.7x0.5x0.8x0.7x0.8x
Total assets $827M$788M$831M$877M$980M
Total liabilities $812M$874M$945M$1.0B$1.1B
Shareholders' equity โˆ’$78.6Mโˆ’$183Mโˆ’$225Mโˆ’$253Mโˆ’$285M
Net debt (โˆ’ = net cash) $394M$452M$465M$442M$406M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โ€œPlanโ€ marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

โ€”

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8โ€“9 is strong, 0โ€“2 weak.

TestFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Net income is positive โœ“ โœ• โœ“ โœ“ โœ• โœ• โœ• โœ• โœ• โœ•
Cash from operations is positive โœ“ โœ“ โœ“ โœ“ โœ• โœ“ โœ• โœ“ โœ“ โœ“
Return on assets rose โ€” โœ• โœ“ โœ“ โœ• โœ• โœ“ โœ“ โœ“ โœ“
Cash from operations exceeds net income โœ“ โœ“ โœ“ โœ“ โœ“ โœ“ โœ“ โœ“ โœ“ โœ“
Debt fell relative to assets โ€” โœ“ โœ• โœ“ โœ• โœ• โœ• โœ• โœ“ โœ“
Current ratio rose โ€” โœ• โœ“ โœ• โœ“ โœ• โœ• โœ“ โœ• โœ“
Share count didn't rise โ€” โœ“ โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ•
Gross margin rose โ€” โœ• โœ“ โœ“ โœ• โœ“ โœ“ โœ“ โœ“ โœ“
Revenue rose relative to assets โ€” โœ“ โœ“ โœ• โœ• โœ“ โœ“ โœ“ โœ“ โœ“
F-score โ€” / 35 / 97 / 96 / 92 / 94 / 94 / 96 / 96 / 97 / 9
Accruals ratio โˆ’6.5%โˆ’14.8%โˆ’10.0%โˆ’9.0%โˆ’1.0%โˆ’19.1%โˆ’13.5%โˆ’8.8%โˆ’14.5%โˆ’15.2%
Altman Z'' 1.970.821.100.77โˆ’0.14โˆ’2.17โˆ’3.17โˆ’2.02โˆ’2.30โˆ’1.95

10 years of figures

Amounts in USD. Hover a ratioโ€™s name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $242M $267M $310M $343M $82.4M $147M $422M $570M $645M $771M
Net interest income โˆ’$10.1M โˆ’$9.7M โˆ’$10.8M โˆ’$12.3M โˆ’$16.7M โˆ’$24.6M โˆ’$37.5M โˆ’$45.0M โˆ’$45.7M โˆ’$45.2M
Gross profit $123M $131M $156M $176M $9.4M $22.6M $138M $231M $282M $353M
Operating income $14.0M $10.7M $25.3M $33.2M โˆ’$88.4M โˆ’$111M โˆ’$63.0M $10.6M $21.6M $45.5M
Pretax income $1.9M $2.5M $12.2M $20.9M โˆ’$110M โˆ’$121M โˆ’$102M โˆ’$37.7M โˆ’$25.1M โˆ’$21.8M
Income tax โˆ’$3.2M $10.0M $0.6M $2.2M โˆ’$9.8M โˆ’$2.0M $6.1M $3.1M $3.1M $2.5M
Net income $4.9M โˆ’$8.7M $11.4M $16.4M โˆ’$98.7M โˆ’$119M โˆ’$111M โˆ’$45.6M โˆ’$31.2M โˆ’$29.7M
Net income to common โ€” โˆ’$8.7M $11.4M $13.7M โˆ’$100M โˆ’$125M โˆ’$116M โˆ’$50.0M โˆ’$35.8M โˆ’$34.6M
Diluted EPS $0.10 โˆ’$0.19 $0.24 $0.28 โˆ’$2.01 โˆ’$2.41 โˆ’$2.23 โˆ’$0.94 โˆ’$0.67 โˆ’$0.63
Diluted shares 0.05B 0.04B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B
Cash flow
Cash from operations $31.4M $52.9M $56.4M $62.6M โˆ’$92.3M $32.5M โˆ’$2.2M $25.4M $92.4M $112M
Capital expenditure $75.9M $80.5M $54.3M $96.0M $155M $96.7M $38.2M $30.0M $33.5M $47.7M
Free cash flow โˆ’$44.5M โˆ’$27.6M $2.0M โˆ’$33.4M โˆ’$248M โˆ’$64.2M โˆ’$40.4M โˆ’$4.5M $58.8M $63.8M
Depreciation and amortization $17.1M $17.4M $20.8M $25.8M $32.1M $39.5M $44.0M $46.7M $52.6M $62.8M
Stock-based compensation $5.4M $10.6M $4.4M $3.6M $2.4M $5.6M $7.0M $13.9M $9.8M $13.5M
Acquisitions $9.9M โ€” โ€” $0.0M $0.0M $18.0M $0.0M $0.0M $10.6M $19.5M
Balance sheet
Cash and short-term investments $135M $96.4M $113M $102M $188M $151M $101M $157M $184M $257M
Total debt $175M $166M $190M $218M $483M $545M $553M $622M $625M $663M
Deposits $3.5M โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Current assets $171M $132M $150M $147M $229M $210M $183M $245M $278M $368M
Current liabilities $124M $144M $159M $183M $156M $289M $341M $319M $392M $462M
Inventory $1.7M $1.8M $1.6M $2.0M $2.2M $2.3M $2.0M โ€” โ€” โ€”
Property and equipment, net $186M $251M $286M $358M $483M $542M $539M $526M $518M $522M
Goodwill $22.1M $22.1M $22.1M $22.1M $22.1M $42.0M $42.0M $42.0M $59.0M $60.6M
Intangible assets $11.1M $9.6M $8.0M $6.4M $4.8M $13.2M $11.2M $9.4M $15.9M $16.6M
Total assets $408M $424M $473M $549M $757M $827M $788M $831M $877M $980M
Total liabilities $289M $312M $351M $409M $631M $812M $874M $945M $1.0B $1.1B
Preferred stock โ€” โ€” โ€” $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Shareholders' equity $114M $106M $116M $123M $35.0M โˆ’$78.6M โˆ’$183M โˆ’$225M โˆ’$253M โˆ’$285M
Margins
Gross margin 50.9% 49.1% 50.4% 51.4% 11.4% 15.4% 32.8% 40.6% 43.8% 45.8%
Operating margin 5.8% 4.0% 8.2% 9.7% โˆ’107.3% โˆ’75.3% โˆ’15.0% 1.9% 3.3% 5.9%
EBITDA margin 12.8% 10.5% 14.9% 17.2% โˆ’68.4% โˆ’48.5% โˆ’4.5% 10.1% 11.5% 14.0%
Net margin 2.0% โˆ’3.2% 3.7% 4.8% โˆ’119.9% โˆ’81.0% โˆ’26.4% โˆ’8.0% โˆ’4.8% โˆ’3.9%
FCF margin โˆ’18.4% โˆ’10.3% 0.6% โˆ’9.7% โˆ’300.8% โˆ’43.6% โˆ’9.6% โˆ’0.8% 9.1% 8.3%
Net interest share of revenue โˆ’4.2% โˆ’3.7% โˆ’3.5% โˆ’3.6% โˆ’20.3% โˆ’16.7% โˆ’8.9% โˆ’7.9% โˆ’7.1% โˆ’5.9%
Returns
Return on capital 9.1% 4.0% 12.5% 12.4% โˆ’21.2% โˆ’27.8% โˆ’18.5% 3.5% 9.0% 29.6%
Return on capital employed 4.9% 3.8% 8.1% 9.1% โˆ’14.7% โˆ’20.6% โˆ’14.1% 2.1% 4.4% 8.8%
Return on equity 4.3% โˆ’7.9% 10.2% 13.7% โˆ’124.8% โ€” โ€” โ€” โ€” โ€”
Return on assets 1.2% โˆ’2.1% 2.5% 3.2% โˆ’15.1% โˆ’15.0% โˆ’13.8% โˆ’5.6% โˆ’3.7% โˆ’3.2%
Return on tangible equity 6.0% โˆ’11.6% 13.2% 14.5% โˆ’1,249.9% โ€” โ€” โ€” โ€” โ€”
Growth
Revenue growth โ€” 10.0% 16.2% 10.8% โˆ’76.0% 78.6% 186.5% 35.1% 13.2% 19.6%
Net income growth โ€” โˆ’278.1% โ€” 44.1% โˆ’703.8% โ€” โ€” โ€” โ€” โ€”
EPS growth โ€” โˆ’290.0% โ€” 16.7% โˆ’817.9% โ€” โ€” โ€” โ€” โ€”
FCF growth โ€” โ€” โ€” โˆ’1,761.0% โ€” โ€” โ€” โ€” โ€” 8.5%
Share count change โ€” โˆ’4.0% 4.0% 6.7% 0.6% 0.7% 3.8% 2.4% 1.1% 2.1%
Financial health
Net debt / EBITDA 1.3x 2.5x 1.7x 2.0x โ€” โ€” โ€” 8.1x 6.0x 3.7x
Debt / equity 1.5x 1.6x 1.6x 1.8x 13.8x โ€” โ€” โ€” โ€” โ€”
Current ratio 1.4x 0.9x 0.9x 0.8x 1.5x 0.7x 0.5x 0.8x 0.7x 0.8x
Quick ratio 1.4x 0.9x 0.9x 0.8x 1.5x 0.7x 0.5x 0.8x 0.7x 0.8x
Capital allocation
Capex / revenue 31.3% 30.2% 17.5% 28.0% 188.8% 65.7% 9.1% 5.3% 5.2% 6.2%
Stock comp / revenue 2.2% 4.0% 1.4% 1.0% 2.9% 3.8% 1.7% 2.4% 1.5% 1.7%
Quality scores
Piotroski F-score โ€” 5.0 7.0 6.0 2.0 4.0 4.0 6.0 6.0 7.0
Altman Z'' 2.0 0.8 1.1 0.8 โˆ’0.1 โˆ’2.2 โˆ’3.2 โˆ’2.0 โˆ’2.3 โˆ’1.9
Accruals ratio โˆ’6.5% โˆ’14.8% โˆ’10.0% โˆ’9.0% โˆ’1.0% โˆ’19.1% โˆ’13.5% โˆ’8.8% โˆ’14.5% โˆ’15.2%

Source: SEC EDGAR XBRL filings (CIK 0001512499). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only โ€” not investment advice. Check the original filings before relying on any figure.

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