LINDBLAD EXPEDITIONS HOLDINGS, INC. LIND

Industrials SIC 4700 - Transportation Services NAICS Transportation and Warehousing › Support Activities for Transportation derived Nasdaq

Lindblad has been providing marine expedition adventures and active travel experiences globally to its guests since 1979. Our expedition sailing and land-based adventure travel experiences foster a spirit of exploration and discovery through itineraries that feature up-close encounters with wildlife, nature, history and culture, and promote guest empowerment, human connections and interactivity. Our mission is to offer life-enhancing adventures around the world and pioneering innovative ways to allow our guests to connect with exotic and remote places. Our brands include Lindblad Expeditions, Natural Habitat, Inc. ("Natural Habitat"), Off the Beaten Path, LLC ("Off the Beaten Path"), DuVine Cycling + Adventure Company ("DuVine"), Classic Journeys, LLC ("Classic Journeys"), and Thomson Group, consisting of Wineland-Thomson Adventures, LLC ("Thomson Safaris"), Nature Discovery Ltd ("Nature Discovery"), Thomson Safaris Ltd ("Thomson Safaris Tanzania"), and Ngorongoro Safari Lodge Ltd ("Gibb's Farm").

Last close 34.24 2026-10-23
Market cap $2.25B 2026-06-30 share count
52-week range 11.37 - 36.97

Valuation FY2025 figures against the last close

P/S2.9x
P/E—
P/FCF35.2x
EV/EBITDA24.5x
Dividend yield—
Diluted EPS-0.63

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • Lindblad Segment
  • Land-experience
Revenue by segment, 2 categories over 3 years. The same figures are in the table below. FY2025 Lindblad Segment, FY2025: 495.6M (64.3%) 64% Lindblad Segment Land-experience, FY2025: 275.4M (35.7%) 36% Land-experience FY2024 Lindblad Segment, FY2024: 423.3M (65.7%) 66% Land-experience, FY2024: 221.4M (34.3%) 34% FY2023 Lindblad Segment, FY2023: 397.4M (69.8%) 70% Land-experience, FY2023: 172.1M (30.2%) 30%
Segment FY2025FY2024FY2023
Lindblad Segment $495.6M $423.3M $397.4M
Land-experience $275.4M $221.4M $172.1M

As the company reported it, from the “Note 14 - Segment Information - Segment Information (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $771.0M$644.7M$569.5M$421.5M$147.1M$82.4M$343.1M$309.7M$266.5M$242.3M
Cost of revenue $418.0M$362.6M$338.2M$283.2M$124.5M$72.9M$166.6M$153.7M$135.5M$119.0M
Gross profit $353.0M$282.1M$231.3M$138.3M$22.6M$9.4M$176.5M$156.0M$131.0M$123.4M
SG&A $130.0M$121.0M$102.6M$96.3M$65.4M$45.5M$62.7M$62.9M$60.5M$51.9M
Total operating expenses $725.5M$623.2M$558.9M$484.5M$257.9M$170.8M$309.9M$284.4M$255.8M$109.4M
Operating income $45.5M$21.6M$10.6M-$63.0M-$110.8M-$88.4M$33.2M$25.3M$10.7M$14.0M
Interest expense $45.2M$45.7M$45.0M$37.5M$24.6M$16.7M$12.3M$10.8M$9.7M$10.1M
Pre-tax income -$21.8M-$25.1M-$37.7M-$102.1M-$121.2M-$109.9M$20.9M$12.2M$2.5M$1.9M
Income tax $2.5M$3.1M$3.1M$6.1M$2.0M$9.8M$2.2M$616.0K$10.0M$3.2M
Net income -$34.6M-$35.8M-$50.0M-$116.1M-$124.7M-$98.7M$16.4M$11.4M-$8.7M$4.9M
EPS, basic -0.63-0.67-0.94-2.23-2.41-2.010.290.25-0.190.11
EPS, diluted -0.63-0.67-0.94-2.23-2.41-2.010.280.24-0.190.10
Shares, diluted (wtd. avg.) 55.0M53.8M53.3M52.0M50.1M49.7M49.4M46.3M44.6M46.5M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $256.7M$183.9M$156.8M$87.2M$150.8M$187.5M$101.6M$113.4M$96.4M$135.4M
Short-term investments ——$0$13.6M$0—————
Inventory ———$2.0M$2.3M$2.2M$2.0M$1.6M$1.8M$1.7M
Total current assets $367.9M$278.4M$244.5M$183.3M$210.3M$229.2M$146.6M$150.2M$131.7M$171.0M
Property, plant and equipment $522.1M$518.4M$526.0M$539.4M$542.4M$482.7M$357.8M$286.0M$251.0M$186.2M
Goodwill $60.6M$59.0M$42.0M$42.0M$42.0M$22.1M$22.1M$22.1M$22.1M$22.1M
Other intangibles $16.6M$15.9M$9.4M$11.2M$13.2M$4.8M$6.4M$8.0M$9.6M$11.1M
Total assets $980.0M$876.9M$831.3M$788.0M$827.5M$757.4M$548.7M$473.4M$424.3M$407.7M
Accounts payable $22.2M$13.9M$16.2M$16.6M$9.7M$5.3M$14.6M$9.3M$7.8M$7.6M
Short-term debt $3.0K$29.0K$47.0K$23.3M$26.1M$11.3M$4.5M$2.0M$1.8M$1.8M
Total current liabilities $461.6M$392.5M$319.2M$341.1M$289.5M$155.8M$182.9M$159.4M$144.4M$123.9M
Long-term debt $662.7M$625.4M$621.8M$529.5M$518.7M$471.4M$213.5M$188.1M$164.2M$164.1M
Total liabilities $1.13B$1.02B$945.1M$873.6M$811.5M$631.2M$409.3M$350.9M$311.7M$288.7M
Retained earnings -$411.4M-$362.9M-$322.2M-$266.5M-$136.4M-$11.6M$81.7M$75.2M$63.8M$70.7M
Total equity -$284.5M-$253.1M-$225.1M-$182.7M-$78.6M$35.0M$123.2M$116.0M$106.3M$113.8M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $111.6M$92.4M$25.4M-$2.2M$32.5M-$92.3M$62.6M$56.4M$52.9M$31.4M
Depreciation and amortisation $62.8M$52.6M$46.7M$44.0M$39.5M$32.1M$25.8M$20.8M$17.4M$17.1M
Stock-based compensation $13.5M$9.8M$13.9M$7.0M$5.6M$2.4M$3.6M$4.4M$10.6M$5.4M
Capital expenditure $47.7M$33.5M$30.0M$38.2M$96.7M$155.5M$96.0M$54.3M$80.5M$75.9M
Investing cash flow -$67.3M-$44.1M-$14.8M-$49.6M-$114.7M-$155.5M-$100.1M-$54.3M-$80.5M-$85.9M
Financing cash flow $29.6M-$19.8M$60.7M-$4.9M$50.4M$343.0M$24.6M$16.5M-$13.4M-$16.4M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-049586.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -250M 0 250M 500M 750M 1B Revenue, FY2016: 242.3M Gross profit, FY2016: 123.4M Net income, FY2016: 4.9M Revenue, FY2017: 266.5M Gross profit, FY2017: 131M Net income, FY2017: -8.7M Revenue, FY2018: 309.7M Gross profit, FY2018: 156M Net income, FY2018: 11.4M Revenue, FY2019: 343.1M Gross profit, FY2019: 176.5M Net income, FY2019: 16.4M Revenue, FY2020: 82.4M Gross profit, FY2020: 9.4M Net income, FY2020: -98.7M Revenue, FY2021: 147.1M Gross profit, FY2021: 22.6M Net income, FY2021: -124.7M Revenue, FY2022: 421.5M Gross profit, FY2022: 138.3M Net income, FY2022: -116.1M Revenue, FY2023: 569.5M Gross profit, FY2023: 231.3M Net income, FY2023: -50M Revenue, FY2024: 644.7M Gross profit, FY2024: 282.1M Net income, FY2024: -35.8M Revenue, FY2025: 771M Gross profit, FY2025: 353M Net income, FY2025: -34.6M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $242.3M $266.5M $309.7M $343.1M $82.4M $147.1M $421.5M $569.5M $644.7M $771.0M
Gross profit $123.4M $131.0M $156.0M $176.5M $9.4M $22.6M $138.3M $231.3M $282.1M $353.0M
Net income $4.9M -$8.7M $11.4M $16.4M -$98.7M -$124.7M -$116.1M -$50.0M -$35.8M -$34.6M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Material agreement signed Item 1.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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