Lindblad Expeditions Holdings, Inc.
- Open
- 28.28
- Day high
- 28.35
- Day low
- 27.24
- Prev close
- 28.24
- Volume
- 391K
- Mkt cap
- $1.8B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- -9.7
- P/S
- 2.3
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$4.1M over the last 3 months (0 open-market buys, 9 sales)
- 🏛Institutions accumulating (13F)
Lindblad Expeditions Holdings, Inc. (LIND) is a Consumer Cyclical company listed on NASDAQ. The stock is up 130% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 9 sales (SEC Form 4).
Lindblad Expeditions Holdings, Inc. (LIND) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
LIND earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $0.01 | $0.09 | +800.0% | $208M | +5.5% |
| Feb 26, 2026 | $-0.32 | $-0.44 | -37.8% | $183M | +9.3% |
| Nov 4, 2025 | $0.22 | $0.33 | +50.0% | $240M | +43.3% |
| Feb 27, 2025 | $-0.25 | $-0.48 | -92.0% | $149M | -9.3% |
| Apr 30, 2024 | $-0.04 | $-0.10 | -122.2% | $154M | +2.6% |
| Feb 28, 2024 | $-0.30 | $-0.53 | -76.7% | $125M | -1.5% |
| Nov 2, 2023 | $0.04 | $0.08 | +100.0% | $176M | +39.8% |
| Jul 27, 2023 | $-0.36 | $-0.48 | -33.3% | $125M | -26.0% |
| May 3, 2023 | $-0.20 | $-0.01 | +95.0% | $143M | +12.1% |
| Feb 28, 2023 | $-0.46 | $-0.63 | -37.0% | $118M | +25.1% |
| Nov 2, 2022 | $-0.29 | $-0.18 | +37.9% | $145M | +32.8% |
| Aug 1, 2022 | $-0.59 | $-0.59 | +0.0% | $91M | +12.0% |
LIND insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 24, 2026 | Leahy Natalyaofficer: CEO | Tax | 9,763 | — |
| Jun 18, 2026 | BISNOW MICHAEL ELLIOTTdirector | Sell | 44,642 | $24.21 |
| Jun 8, 2026 | Dryden L. Dysondirector | Sell | 39,946 | $22.04 |
| Jun 2, 2026 | Dryden L. Dysondirector | Sell | 52,747 | $23.09 |
| May 22, 2026 | Byus Treyofficer: Chief Expedition Officer | Sell | 10,000 | $20.05 |
| May 22, 2026 | FAHEY JOHN M JRdirector | Sell | 2,000 | $20.26 |
| May 15, 2026 | FAHEY JOHN M JRdirector | Sell | 1,000 | $19.39 |
| May 12, 2026 | FAHEY JOHN M JRdirector | Sell | 3,500 | $20.04 |
| May 12, 2026 | Byus Treyofficer: Chief Expedition Officer | Sell | 26,460 | $20.23 |
| May 12, 2026 | FAHEY JOHN M JRdirector | Sell | 1,000 | $19.39 |
| Apr 29, 2026 | TAYLOR KEITH Aofficer: Chief Maritime Officer | Tax | 2,014 | $17.86 |
| Apr 23, 2026 | TAYLOR KEITH Aofficer: Chief Maritime Officer | Grant | 8,584 | — |
| Apr 14, 2026 | BRESSLER BENJAMINofficer: *Founder & CEO of NHA | Tax | 1,833 | $19.22 |
| Apr 9, 2026 | Byus Treyofficer: Chief Expedition Officer | Tax | 5,202 | $17.30 |
| Apr 9, 2026 | Byus Treyofficer: Chief Expedition Officer | Grant | 13,767 | — |
Source: LIND SEC Form 4 filings, latest Jun 24, 2026. For informational purposes only — not investment advice.
See the full LIND insider & 13F page →Lindblad Expeditions Holdings, Inc. company profile
Overview
Lindblad Expeditions Holdings, Inc. (NASDAQ:LIND) is a New York-based expedition cruise and adventure travel company founded in 1979. The company operates through a strategic partnership with the National Geographic Society, offering nature-focused expedition cruises and land-based adventure travel experiences to remote destinations worldwide. Lindblad has built its reputation as a pioneer in expedition cruising, particularly to polar regions, the Galápagos Islands, and other pristine wilderness areas. The company went public in 2013 and has since expanded its operations through both organic growth and strategic acquisitions, positioning itself as a leader in the growing expedition travel market.
Business
Lindblad Expeditions operates in the expedition travel industry, which represents a specialized segment of the broader travel and tourism market focused on small-group, educational journeys to remote and environmentally sensitive destinations. Unlike traditional cruise lines that emphasize entertainment and amenities, expedition travel prioritizes wildlife viewing, cultural immersion, and educational experiences led by naturalists and local experts. The company operates through two primary business segments: 1. Lindblad Segment (approximately 66% of total revenue): This core business operates expedition cruises through a fleet of ten owned expedition ships and five seasonal charter vessels under the Lindblad-National Geographic brand. The ships are specifically designed for expedition cruising, featuring ice-strengthened hulls, zodiac landing craft, and onboard naturalists. Key destinations include Antarctica, the Arctic, Galápagos Islands, Alaska, and various remote coastal regions. The segment generated $423 million in tour revenue in 2024. 2. Land Experiences Segment (approximately 34% of total revenue): This segment operates land-based adventure travel through five specialized brands: Natural Habitat Adventures (eco-conscious expeditions and small-group tours), DuVine (luxury cycling and adventure tours), Off the Beaten Path (active journeys through U.S. national parks), Classic Journeys (curated walking tours with local guides), and Thomson Safaris (African safari experiences). This segment generated $221 million in tour revenue in 2024, representing 29% growth year-over-year. The expedition travel industry serves affluent, educated travelers seeking authentic experiences in pristine natural environments. These journeys typically cost significantly more than conventional travel, with expedition cruises often ranging from $10,000 to $50,000 per person depending on destination and duration.
Revenue model
Lindblad generates revenue primarily through direct tour sales to individual consumers, operating on a premium pricing model that reflects the specialized nature of expedition travel. The company's business model centers on selling all-inclusive travel packages that bundle transportation, accommodation, meals, expert guides, and educational programming. Revenue streams include: expedition cruise bookings (the largest component), land-based tour packages, charter services to third parties, and ancillary services. Customers are typically affluent individuals aged 50-70 with high disposable income and strong interest in nature, wildlife, and cultural experiences. The company maintains direct relationships with customers through its own sales force, website, and travel advisor network, recently enhanced through a strategic partnership with Disney's travel distribution channels. Several factors significantly impact the company's margins and profitability. Positive margin drivers include the company's ability to maintain premium pricing due to its National Geographic partnership and reputation for quality, high customer loyalty leading to repeat bookings, operational leverage from higher occupancy rates (each additional passenger represents nearly pure profit once fixed costs are covered), and the seasonal nature of many destinations allowing for dynamic pricing optimization. Negative margin pressures come from fuel price volatility (a significant operational expense for ship operations), weather and geopolitical disruptions that can force itinerary changes or cancellations, the high fixed costs of maintaining and operating specialized expedition vessels, seasonal demand fluctuations that create periods of underutilized capacity, and increasing competition in the expedition cruise market putting pressure on pricing power. Additionally, the company's substantial debt load creates ongoing interest expense obligations that impact overall profitability.
Competitive moat
Lindblad's competitive moat is moderately strong but faces increasing challenges from new market entrants. The company's primary competitive advantages stem from its exclusive partnership with the National Geographic Society, which provides unparalleled brand recognition and credibility in the expedition travel space. This 40+ year relationship, recently extended through 2040, gives Lindblad unique access to National Geographic's content, expertise, and global brand equity that competitors cannot replicate. Additional moat elements include the company's specialized fleet of purpose-built expedition vessels that are expensive and time-consuming for competitors to replicate, particularly the ice-class ships required for polar expeditions. The company has also built valuable relationships and permits in restricted destinations like the Galápagos Islands, where operating licenses are limited and difficult to obtain. Lindblad's experienced expedition staff and naturalist guides represent institutional knowledge that takes years to develop. However, the moat is under pressure from several directions. The expedition cruise market has attracted significant new investment in recent years, with traditional cruise lines like Viking and luxury operators launching competing expedition products. Many new entrants have deeper financial resources and can potentially offer more competitive pricing or superior amenities. The barriers to entry, while meaningful, are not insurmountable for well-capitalized competitors. The company's land-based businesses operate in more fragmented markets with lower barriers to entry, making them more vulnerable to competitive pressure. Additionally, Lindblad's high debt levels limit its financial flexibility to respond to competitive threats or invest in fleet expansion, potentially allowing better-capitalized competitors to gain market share over time.
Risks & safety
The company presents moderate to high financial risk with limited margin of safety due to high leverage and seasonal cash flow patterns. • Solvency concerns: Total liabilities of $1.13 billion exceed total assets of $909 million, creating negative book value of approximately $220 million. Debt-to-equity ratio of -2.49 indicates extremely high leverage. • Liquidity position: Current ratio of 0.70 shows current liabilities exceed current assets. However, the company maintains $189 million in cash and short-term investments, providing near-term liquidity cushion. • Cash flow dynamics: Operating cash flow of $48 million in Q1 2025 and free cash flow of $35 million show improving operational performance, but the business remains highly seasonal. • Valuation metrics: EV/EBITDA of 8.8x appears reasonable for a cyclical business, though negative book value makes traditional value metrics less meaningful. • Other considerations: The company's high fixed costs and seasonal revenue patterns create significant operating leverage, making it vulnerable to demand shocks or economic downturns. The specialized nature of the business and limited asset liquidity could complicate any potential restructuring scenarios.
Recent development
Over the past few years, Lindblad has pursued several key strategic initiatives to strengthen its market position and drive growth. The most significant development was the expansion and extension of the National Geographic partnership through 2040, which now includes collaboration with Disney's distribution channels. This enhanced partnership has enabled new co-branded marketing campaigns and access to Disney's travel advisor network, already showing positive booking momentum. The company has aggressively expanded its Galápagos operations by acquiring two additional vessels (National Geographic Gemini and Delfina), increasing its capacity in this high-demand market by 45%. This expansion aims to capture approximately 30-35% of the total Galápagos expedition market share. Additionally, Lindblad launched an innovative Antarctica Direct program offering fly-cruise options that eliminate the challenging Drake Passage crossing, which has proven extremely popular with bookings nearly sold out for 2026. In the land-based segment, the company has pursued a buy-and-build strategy, acquiring Thomson Safaris (now Wineland-Thomson Adventures) to add African safari expertise to its portfolio. This acquisition contributed to the Land Experiences segment's impressive 29% revenue growth in 2024. The company has also begun international market expansion, starting with Great Britain as its first major international market outside North America. Technology and operational investments have included implementing new reservation systems, enhancing digital marketing capabilities, and exploring partnerships for European river cruising experiences through a new alliance with Strassen Cruises. These initiatives reflect management's focus on expanding distribution channels, improving operational efficiency, and diversifying the product portfolio while maintaining the premium positioning that defines the Lindblad brand.
LIND company profile · for informational purposes only — not investment advice.
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