L 
Lindblad Expeditions Holdings LIND · USD
Consumer Discretionary · US listing · 🇺🇸 United States
35.70
+5.06%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$771.0m
FY2016FY2025
Net income
−$29.7m
FY2016FY2025
Free cash flow
$63.8m
FY2016FY2025
Shareholders' equity
−$201.4m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $771.0m | $644.7m | $569.5m | $421.5m | $147.1m | $82.4m | $343.1m | $309.7m | $266.5m | $242.3m |
| Gross profit | $290.2m | $301.1m | $247.2m | $138.3m | $22.6m | $9.4m | $176.5m | $156.0m | $131.0m | $123.4m |
| Operating income | $45.5m | $21.6m | $10.6m | −$63.0m | −$96.6m | −$88.4m | $33.2m | $25.3m | $12.2m | $12.0m |
| Net income | −$29.7m | −$31.2m | −$45.6m | −$111.4m | −$119.2m | −$98.7m | $16.4m | $11.4m | −$8.7m | $4.9m |
| Diluted earnings per share | -0.54 | -0.57 | -0.86 | -2.10 | -2.37 | -1.98 | 0.33 | 0.25 | -0.19 | 0.11 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $980.0m | $876.9m | $831.3m | $788.0m | $827.5m | $757.4m | $548.7m | $473.4m | $424.3m | $407.7m |
| Cash and short-term investments | $256.7m | $183.9m | $156.8m | $100.8m | $150.8m | $187.5m | $101.6m | $113.4m | $96.4m | $135.4m |
| Total liabilities | $1.13bn | $1.02bn | $945.1m | $873.6m | $811.5m | $631.2m | $409.3m | $350.9m | $311.7m | $288.7m |
| Debt | $662.7m | $625.5m | $621.8m | $552.8m | $544.7m | $482.6m | $218.1m | $190.1m | $165.9m | $165.9m |
| Shareholders' equity | −$201.4m | −$175.0m | −$151.6m | −$113.5m | $5.3m | $118.8m | $123.3m | $116.0m | $106.3m | $113.8m |
| Shares outstanding | 55m | 54m | 53m | 53m | 50m | 50m | 50m | 45m | 45m | 46m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $111.6m | $92.4m | $25.4m | −$2.2m | $32.5m | −$92.3m | $62.6m | $56.4m | $52.9m | $31.4m |
| Capital spending | −$47.7m | −$33.5m | −$30.0m | −$38.2m | −$96.7m | −$155.5m | −$96.0m | −$54.3m | −$80.5m | −$75.9m |
| Free cash flow | $63.8m | $58.8m | −$4.5m | −$40.4m | −$64.2m | −$247.7m | −$33.4m | $2.0m | −$27.6m | −$44.5m |
| Dividends paid | — | −$4.6m | −$4.7m | −$4.7m | −$1.7m | −$2.7m | −$2.7m | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $199.2m | $208.0m | $183.2m | $240.2m | $167.9m | $179.7m | $148.6m | $206.0m |
| Gross profit | $78.1m | $83.6m | $25.9m | $100.9m | $76.6m | $86.9m | $67.4m | $101.5m |
| Operating income | $12.0m | $15.4m | −$5.5m | $36.0m | $4.4m | $10.6m | −$7.6m | $29.5m |
| Net income | −$1.4m | $6.5m | −$23.6m | $1.2m | −$8.5m | $1.2m | −$25.0m | $22.5m |
| Diluted earnings per share | -0.02 | 0.10 | -0.43 | 0.02 | -0.15 | 0.02 | -0.46 | 0.41 |
| Cash from operations | $59.0m | $49.0m | $14.0m | $19.0m | $29.0m | $48.0m | $1.0m | $28.0m |
| Capital spending | −$7.0m | −$6.0m | −$10.0m | −$7.0m | −$15.0m | −$13.0m | −$9.0m | −$9.0m |
| Free cash flow | $52.0m | $43.0m | $4.0m | $12.0m | $14.0m | $35.0m | −$8.0m | $19.0m |
| Total assets | $1.03bn | $987.2m | $980.0m | $976.5m | $936.5m | $908.8m | $876.9m | $889.8m |
| Cash and short-term investments | $318.9m | $321.1m | $256.7m | $261.8m | $200.9m | $188.9m | $183.9m | $193.9m |
| Debt | $665.6m | $664.7m | $663.8m | $664.3m | $628.4m | $627.9m | $627.3m | $626.1m |
| Shareholders' equity | −$195.8m | −$190.1m | −$201.4m | −$174.8m | −$263.8m | −$252.2m | −$175.0m | −$149.9m |
Financial ratios
Data as of 5 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 37.6% | 46.7% | 43.4% | 32.8% | 15.4% | 11.4% |
| Operating margin | 3.0% | 3.2% | 1.3% | -15.3% | -65.7% | -113.2% |
| Net margin | -3.9% | -4.8% | -8.0% | -26.4% | -81.0% | -119.9% |
| Return on equity | 14.8% | 17.8% | 30.1% | 98.1% | -2241.6% | -83.1% |
| Return on assets | -3.0% | -3.6% | -5.5% | -14.1% | -14.4% | -13.0% |
| Free cash flow yield | 8.6% | 6.9% | 3.1% | 2.0% | 7.6% | 3.8% |
| Revenue growth | 19.6% | 13.2% | 35.1% | 186.5% | 78.6% | -76.0% |
| Earnings growth | -4.7% | -31.6% | -59.1% | -6.6% | 20.7% | -703.8% |
| Current ratio | 0.80x | 0.71x | 0.77x | 0.54x | 0.73x | 1.47x |
| Debt to equity | -3.30x | -3.59x | -4.12x | -4.88x | 102.72x | 4.08x |
| Equity ratio | -20.6% | -20.0% | -18.2% | -14.4% | 0.6% | 15.7% |
| Interest coverage | 0.52x | 0.45x | 0.16x | -1.72x | -3.93x | -5.59x |
| Buybacks as a share of market value | -1.7% | -1.9% | -0.5% | -5.3% | -1.2% | -0.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 22.3% | 56.4% | 13.9% |
| Operating income | — | — | 11.4% |
| Net income | -35.6% | -21.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 41.8% | 40.6% | 38.3% | 42.7% |
| Operating margin | 4.7% | 0.6% | -6.5% | -1.8% |
| Net margin | -4.3% | -9.1% | -16.5% | -9.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -26.8 | -20.7 | -13.2 | -3.7 | -6.6 | -8.6 | 32.0 | 34.7 | -32.6 | 57.2 |
| Price to sales | 1.0 | 1.0 | 1.1 | 1.0 | 5.3 | 10.3 | 1.5 | 1.3 | 1.1 | 1.1 |
Market value over time
30 Dec 2016 to 4 Nov 2026, in USD
$439.8m$2.19bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 11% | 22% | 37% | -53% | 10% | 38% | 30% | 28% | 4% | -16% |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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