LINDBLAD EXPEDITIONS HOLDINGS, INC. LIND
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").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | 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 |
| 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 | -2.01 | 0.29 | 0.25 | -0.19 | 0.11 |
| EPS, diluted | -0.63 | -0.67 | -0.94 | -2.23 | -2.41 | -2.01 | 0.28 | 0.24 | -0.19 | 0.10 |
| Shares, diluted (wtd. avg.) | $55.0M | $53.8M | $53.3M | $52.0M | $50.1M | $49.7M | $49.4M | $46.3M | $44.6M | $46.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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