# Lindblad Expeditions Holdings (LIND.US)

Canonical: https://gigainvestors.com/s/LIND

Analysis as of: 2026-10-16T07:29:51.441Z. Financial observations: FY2015–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $35.47 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 8

- Operating margin variation: 2.47×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.04×

- FY2018: 0.08×

- FY2019: 0.10×

- FY2020: -1.07×

- FY2021: -0.75×

- FY2022: -0.15×

- FY2023: 0.02×

- FY2024: 0.03×

- FY2025: 0.06×

- LTM to Jun 2026: 0.07×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 7.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 8.0%

- ROIC, second-lowest year: -21.5%

- Typical minus recent gross margin: 7.4 pp

- Typical gross margin (annual median): 45.0%

- Recent gross margin (lower of latest and 3-year median): 37.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 22.8%

- ROIC including acquisitions, ten-year median: -15.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 11.4%

- FY2017: 4.5%

- FY2018: 14.1%

- FY2019: 13.3%

- FY2020: -17.6%

- FY2021: -31.5%

- FY2022: -21.5%

- FY2023: 4.2%

- FY2024: 13.0%

- FY2025: 58.0%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$278M

- Net income, five-year total: -$337M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -5.9 pp

- Working capital / revenue, change between three-year averages: -46.3 pp

- Working capital / revenue, final three-year average: -43.8%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$119M

- FY2022: -$105M

- FY2023: -$28M

- FY2024: -$11M

- FY2025: -$15M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 11.4% vs 13.0%

- Per-share earnings: 0.10 to -0.58 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.9%

- Ordinary dilution, 5-year annual growth: 2.0%

- Market cap gain: $368M

- Cumulative retained earnings: -$482M

- Diluted shares, 10-year annual growth: 1.9%

- Diluted shares, 5-year annual growth: 2.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$0.68

- Per-share value, starting three-year median: $0.10

- Per-share value, ending three-year median: -$0.58

- Buybacks concentrated in cheaper years (correlation): 0.33

- Average buyback yield: 0.6%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $58M

- Cumulative net income, 10 years: -$412M

- ROIC, first three-year median: 11.4%

- ROIC, last three-year median: 13.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.10

- FY2017: -$0.19

- FY2018: $0.24

- FY2019: $0.33

- FY2020: -$1.99

- FY2021: -$2.38

- FY2022: -$2.14

- FY2023: -$0.86

- FY2024: -$0.58

- FY2025: -$0.54

### accounting: pass

- Sloan accruals: -14.4%

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 12.1%

- Earnings backed by cash: Yes

- Accounting red flags: 0

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.5%

- FY2017: -14.5%

- FY2018: -9.5%

- FY2019: -8.4%

- FY2020: -0.9%

- FY2021: -18.3%

- FY2022: -13.9%

- FY2023: -8.5%

- FY2024: -14.1%

- FY2025: -14.4%

## Holders

- [John Rogers](https://gigainvestors.com/AI): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 470% since Oct 2023 · "Lindblad Expeditions raises 2025 revenue guidance to $760M amid record occupancy and yield growth" (seekingalpha.com, Nov 2025) · sales +7.7%

Story as of 2026-10-16T09:59:04.610Z; price observation 2026-10-15.

- 2025-08-04: Lindblad Expeditions beats top-line and bottom-line estimates; updates FY25 outlook ([seekingalpha.com](https://seekingalpha.com/news/4477176-lindblad-expeditions-beats-top-line-and-bottom-line-estimates-updates-fy25-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-11-04: Lindblad Expeditions raises 2025 revenue guidance to $760M amid record occupancy and yield growth ([seekingalpha.com](https://seekingalpha.com/news/4514843-lindblad-expeditions-raises-2025-revenue-guidance-to-760m-amid-record-occupancy-and-yield?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2025–2026

sales +7.7%; source https://www.sec.gov/Archives/edgar/data/1512499/000143774926005873/lindb20251231c_10k.htm; observed 2026-02-26.

- FY2017: $267M 

- FY2018: $310M 

- FY2019: $343M 

- FY2020: $82M 

- FY2021: $147M 

- FY2022: $422M 

- FY2023: $570M 

- FY2024: $645M 

- FY2025: $771M 

- FY2026: $831M 

### Gross margin · FY2025

gross margin 37.6%; source https://www.sec.gov/Archives/edgar/data/1512499/000143774926005873/lindb20251231c_10k.htm; observed 2026-02-26.

- FY2016: 50.9% 

- FY2017: 49.1% 

- FY2018: 50.4% 

- FY2019: 51.4% 

- FY2020: 11.4% 

- FY2021: 15.4% 

- FY2022: 32.8% 

- FY2023: 43.4% 

- FY2024: 46.7% 

- FY2025: 37.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in travel services; annual sales are USD 771 million.

- Source: https://www.sec.gov/Archives/edgar/data/1512499/000143774926005873/lindb20251231c_10k.htm (filed 2026-02-26); FY2025: revenue 771019000; grossProfit 290179000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); LIND.US: Lindblad Expeditions Holdings, Inc. provides marine expedition adventures and travel experience worldwide. It operates through Lindblad and Land Experiences segments. The Lindblad segment provides ship-based expeditions aboard customized, nimble, and intimately-scaled vessels, which offers up-close experiences in the planet's wild and remote places, and capitals of culture; and offers expedition ship which is equipped with state-of-the-art tools for in-depth exploration with infrastructure and ports, such as Antarctica and the Arctic, and places that accessed by a ship comprising Galápagos Islands, Alaska, Baja California's Sea of Cortez and Panama, and foster engagement activities. The Land Experiences segment comprises natural habitats, which provides various expedition itineraries in more than 45 countries across seven continents, with eco-conscious expeditions and nature-focused, and small-group tours including polar bear tours and bear adventure; and DuVine provides intimate group cycling and adventure tours around the world with local cycling experts as guides in local cultural, cuisine, and accommodations. This segment also offers off the beaten path, including small group travel, led by local, and experienced guides with focus on wildlife, hiking national parks, and culture; and classic journey, a curated active small-group and private custom journeys centered around cinematic walks led by expert local guides over 50 countries across the world. In addition, it collaborates with National Geographic on expedition planning and to enhance the guest experience by having National Geographic experts, including photographers, writers, marine biologists, naturalists, field researchers and film crews; and partnered with World Wildlife Fund to offer conservation travel. Lindblad Expeditions Holdings, Inc. was founded in 1979 and is headquartered in New York, New York.

### Why customers stay

Margins ranged from 37.6% to 46.7% during 2023–25; it earns 8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 43.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 46.7%.

- Source: https://www.sec.gov/Archives/edgar/data/1512499/000143774926005873/lindb20251231c_10k.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 37.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,0.11444264361606339],[2017,0.04543360874373821],[2018,0.14097750809775247],[2019,0.1327050742408047],[2020,-0.17583845942727075],[2021,-0.3148415480929316],[2022,-0.21472600052596863],[2023,0.04190334397613876],[2024,0.12976511473710683],[2025,0.5796111164876286]]; median 0.0799381261799008. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 6 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 33577000; upkeep 20768000; owner earnings 11352000. Growth capex / owner earnings = 2.9578047921071176.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,2654000],[2020,2654000],[2021,1706000],[2022,4671000],[2023,4671000],[2024,4641000],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 25.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); LIND.US SharesStats.PercentInsiders = 25.453 percentage points; cache date 2026-10-15.

### What the price says

The price is 2.5 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Closing price 35.47 USD; reporting-to-trading FX 1; FY2025 annual sales per share 14.025970727883736; price multiple 2.5288802242746287. FY2025 cash earnings/share -0.2663959193471619. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $8.19 per share

- 2016-11: $9.56 per share

- 2016-12: $9.45 per share

- 2017-01: $8.99 per share

- 2017-02: $8.97 per share

- 2017-03: $8.96 per share

- 2017-04: $9.50 per share

- 2017-05: $9.52 per share

- 2017-06: $10.50 per share

- 2017-07: $10.01 per share

- 2017-08: $11.12 per share

- 2017-09: $10.70 per share

- 2017-10: $10.72 per share

- 2017-11: $10.26 per share

- 2017-12: $9.79 per share

- 2018-01: $9.27 per share

- 2018-02: $9.21 per share

- 2018-03: $10.27 per share

- 2018-04: $10.95 per share

- 2018-05: $12.00 per share

- 2018-06: $13.25 per share

- 2018-07: $13.24 per share

- 2018-08: $15.19 per share

- 2018-09: $14.87 per share

- 2018-10: $13.51 per share

- 2018-11: $12.88 per share

- 2018-12: $13.46 per share

- 2019-01: $12.29 per share

- 2019-02: $13.59 per share

- 2019-03: $15.25 per share

- 2019-04: $16.21 per share

- 2019-05: $16.32 per share

- 2019-06: $17.95 per share

- 2019-07: $18.83 per share

- 2019-08: $18.66 per share

- 2019-09: $16.76 per share

- 2019-10: $15.74 per share

- 2019-11: $15.50 per share

- 2019-12: $16.35 per share

- 2020-01: $16.49 per share

- 2020-02: $11.90 per share

- 2020-03: $4.17 per share

- 2020-04: $6.68 per share

- 2020-05: $7.85 per share

- 2020-06: $7.72 per share

- 2020-07: $7.25 per share

- 2020-08: $9.90 per share

- 2020-09: $8.51 per share

- 2020-10: $8.32 per share

- 2020-11: $12.81 per share

- 2020-12: $17.12 per share

- 2021-01: $15.70 per share

- 2021-02: $20.83 per share

- 2021-03: $18.90 per share

- 2021-04: $16.39 per share

- 2021-05: $17.02 per share

- 2021-06: $16.01 per share

- 2021-07: $13.69 per share

- 2021-08: $14.71 per share

- 2021-09: $14.59 per share

- 2021-10: $14.95 per share

- 2021-11: $14.01 per share

- 2021-12: $15.60 per share

- 2022-01: $16.87 per share

- 2022-02: $17.73 per share

- 2022-03: $15.08 per share

- 2022-04: $15.31 per share

- 2022-05: $14.36 per share

- 2022-06: $8.10 per share

- 2022-07: $7.90 per share

- 2022-08: $7.73 per share

- 2022-09: $6.76 per share

- 2022-10: $8.39 per share

- 2022-11: $9.08 per share

- 2022-12: $7.70 per share

- 2023-01: $11.90 per share

- 2023-02: $8.58 per share

- 2023-03: $9.56 per share

- 2023-04: $11.31 per share

- 2023-05: $9.48 per share

- 2023-06: $10.88 per share

- 2023-07: $11.82 per share

- 2023-08: $9.05 per share

- 2023-09: $7.20 per share

- 2023-10: $6.22 per share

- 2023-11: $7.85 per share

- 2023-12: $11.27 per share

- 2024-01: $9.24 per share

- 2024-02: $9.27 per share

- 2024-03: $9.33 per share

- 2024-04: $7.34 per share

- 2024-05: $7.74 per share

- 2024-06: $9.65 per share

- 2024-07: $8.61 per share

- 2024-08: $9.92 per share

- 2024-09: $9.25 per share

- 2024-10: $9.45 per share

- 2024-11: $13.26 per share

- 2024-12: $11.86 per share

- 2025-01: $12.72 per share

- 2025-02: $11.17 per share

- 2025-03: $9.27 per share

- 2025-04: $8.84 per share

- 2025-05: $10.50 per share

- 2025-06: $11.67 per share

- 2025-07: $11.95 per share

- 2025-08: $14.58 per share

- 2025-09: $12.80 per share

- 2025-10: $12.06 per share

- 2025-11: $12.03 per share

- 2025-12: $14.42 per share

- 2026-01: $16.67 per share

- 2026-02: $19.71 per share

- 2026-03: $17.30 per share

- 2026-04: $18.53 per share

- 2026-05: $22.95 per share

- 2026-06: $28.24 per share

- 2026-07: $29.58 per share

- 2026-08: $26.56 per share

- 2026-09: $31.43 per share

- 2026-10: $35.47 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1512499/000143774926005873/lindb20251231c_10k.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.