olivLaw · US equity research
Lindblad Expeditions Holdings, Inc. LIND
Transportation Services · SIC 4700 · Vertical: Transportation Services (SIC 4700)
Lindblad Expeditions Holdings is a global operator of expedition cruises and adventure travel, with small ships and a range of land-based brands, focused on remote destinations and conservation. In the second quarter of 2026 tour revenues reached 199.2 million USD, and occupancy in the Lindblad segment rose to 91%, which makes the company relevant to those tracking demand for premium niche travel.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Lindblad Expeditions Holdings, Inc. (LIND) stock was 33.52 USD (+2.32% on the day), with market capitalisation 2.2 bn USD, P/E 8,279.1 on diluted EPS of 0.00 USD over the last 12 months, beta 1.60, 52-week range 11.45–37.38 USD. Latest reported quarter (Q3 2026): revenue of 269.2 m USD (+12.1% YoY), net income of 24.2 m USD (+1,936.9% YoY), diluted EPS 0.36 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 47.0
- neutral
- Bollinger (20, 2)
- 33.12 – 37.69
- in the lower half of the band · %B 0.09 · band width 12.9%
- SMA 50 / 200
- 31.45 / 24.68
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.77 / 1.20
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.8% | −1.1% | −4.7 pp | — |
| 3 months | −1.7% | −0.5% | −1.3 pp | — |
| 6 months | +54.5% | +4.4% | +50.1 pp | — |
| Year to date | +132.5% | +12.3% | +120.1 pp | — |
| 1 year | +169.2% | +13.5% | +155.7 pp | −21.0% |
| 3 years | +404.1% | +76.4% | +327.6 pp | +10.7% |
| 5 years | +90.0% | +63.7% | +26.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 148.6 m | 179.7 m | 167.9 m | 240.2 m | 183.2 m | 208.0 m | 199.2 m | 269.2 m |
| Cost of revenue | 85.4 m | 92.8 m | 91.4 m | 124.4 m | 109.4 m | 106.7 m | 102.6 m | 135.9 m |
| Operating income | -7.6 m | 10.6 m | 4.4 m | 36.0 m | -5.5 m | 15.6 m | 12.0 m | 42.8 m |
| Depreciation & amortisation | 14.9 m | 15.3 m | 14.7 m | 14.9 m | 17.9 m | 17.7 m | 18.5 m | 16.9 m |
| Pre-tax income | -20.0 m | -475.0 k | -6.4 m | 2.0 m | -16.9 m | 4.8 m | 1.1 m | 31.6 m |
| Income tax | 5.2 m | -1.5 m | 547.0 k | -2.6 m | 6.0 m | -1.2 m | 1.4 m | 4.5 m |
| Net income | -25.0 m | 1.2 m | -8.5 m | 1.2 m | -23.6 m | 6.5 m | -1.4 m | 24.2 m |
| Diluted EPS | -0.46 ≈ | 0.00 | -0.18 | 0.00 | -0.43 ≈ | 0.09 | -0.02 | 0.36 |
| Operating cash flow | 1.7 m | 48.4 m | 29.2 m ≈ | 19.5 m ≈ | 14.4 m | 49.5 m | 59.1 m ≈ | 2.8 m ≈ |
| Capex | 9.9 m | 13.4 m | 15.7 m ≈ | 7.6 m ≈ | 11.0 m | 6.9 m | 8.0 m ≈ | 3.9 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 9-quarter history (min 47.7, median 76.2, max 7,762.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | ⚠ 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 309.7 m | 343.1 m | 82.4 m | 147.1 m | 421.5 m | 569.5 m | 644.7 m | 771.0 m |
| Revenue YoY | +16.2% | +10.8% | — | +78.6% | +186.5% | +35.1% | +13.2% | +19.6% |
| Net income | 11.4 m | 16.4 m | -98.7 m | -119.2 m | -111.4 m | -45.6 m | -31.2 m | -29.7 m |
| Net income YoY | unavailable | +44.1% | — | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | 0.24 | 0.28 | -2.01 | -2.41 | -2.23 | -0.94 | -0.67 | -0.63 |
| Diluted EPS YoY | unavailable | +16.7% | — | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 3.7% | 4.8% | -119.9% | -81.0% | -26.4% | -8.0% | -4.8% | -3.9% |
| Free cash flow | 2.0 m | -33.4 m | -247.7 m | -64.2 m | -40.4 m | -4.5 m | 58.8 m | 63.8 m |
The series breaks before 2020: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 256.7 m USD
- Financial debt
- 662.7 m USD
- Net debt
- 406.0 m USD
- Equity
- -284.5 m USD
- Total assets
- 980.0 m USD
- Debt / equity
- unavailable
- Current ratio
- 0.80x
- ROE
- unavailable
- ROA
- -3.2%
- FCF margin
- 8.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 82.4 m | 147.1 m | 421.5 m | 569.5 m | 644.7 m | 771.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 72.9 m | 124.5 m | 283.2 m | 338.2 m | 362.6 m | 418.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 9.4 m ≈ | 22.6 m ≈ | 138.3 m ≈ | 231.3 m ≈ | 282.1 m ≈ | 353.0 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Operating income | -88.4 m | -110.8 m | -63.0 m | 10.6 m | 21.6 m | 45.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 32.1 m | 39.5 m | 44.0 m | 46.7 m | 52.6 m | 62.8 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | -56.3 m ≈ | -71.3 m ≈ | -19.0 m ≈ | 57.3 m ≈ | 74.1 m ≈ | 108.3 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Pre-tax income | -109.9 m | -121.2 m | -102.1 m | -37.7 m | -25.1 m | -21.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | -9.8 m | -2.0 m | 6.1 m | 3.1 m | 3.1 m | 2.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -98.7 m | -119.2 m | -111.4 m | -45.6 m | -31.2 m | -29.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -2.01 | -2.41 | -2.23 | -0.94 | -0.67 | -0.63 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 49.7 m | 50.1 m | 52.0 m | 53.3 m | 53.8 m | 55.0 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 187.5 m | 150.8 m | 87.2 m | 156.8 m | 183.9 m | 256.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 2.2 m | 2.3 m | 2.0 m | — | — | — | SEC (XBRL)· 10 Mar 2023verified |
| Current assets | 229.2 m | 210.3 m | 183.3 m | 244.5 m | 278.4 m | 367.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 482.7 m | 542.4 m | 539.4 m | 526.0 m | 518.4 m | 522.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 22.1 m | 42.0 m | 42.0 m | 42.0 m | 59.0 m | 60.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 4.8 m | 13.2 m | 11.2 m | 9.4 m | 15.9 m | 16.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 757.4 m | 827.5 m | 788.0 m | 831.3 m | 876.9 m | 980.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 5.3 m | 9.7 m | 16.6 m | 16.2 m | 13.9 m | 22.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 11.3 m | 26.1 m | 23.3 m | 47.0 k | 29.0 k | 3.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 471.4 m | 518.7 m | 529.5 m | 621.8 m | 625.4 m | 662.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 155.8 m | 289.5 m | 341.1 m | 319.2 m | 392.5 m | 461.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 631.2 m | 811.5 m | 873.6 m | 945.1 m | 1.0 bn | 1.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 35.0 m † | -78.6 m † | -182.7 m † | -225.1 m † | -253.1 m † | -284.5 m † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -92.3 m | 32.5 m | -2.2 m | 25.4 m | 92.4 m | 111.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 155.5 m | 96.7 m | 38.2 m | 30.0 m | 33.5 m | 47.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | -247.7 m ≈ | -64.2 m ≈ | -40.4 m ≈ | -4.5 m ≈ | 58.8 m ≈ | 63.8 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -155.5 m | -114.7 m | -49.6 m | -14.8 m | -44.1 m | -67.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 343.0 m | 50.4 m | -4.9 m | 60.7 m | -19.8 m | 29.6 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 38 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.2 bn USD
Key indicators
Coverage and freshness
Score by group
- Quality67
- Growth100
- Valuation22
- Balance sheet10
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.04 – 21.77 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDA11.37 – 21.77 (Mid 15.28)5 companies used · median multiple 10.3x · quartiles 8.4x – 13.4xBKNG, EXPE, GXO, VRRM, XPO
- Peers: P/E0.04 – 0.18 (Mid 0.08)8 companies used · median multiple 18.6x · quartiles 9.4x – 45.3xBKNG, EXPE, GATX, GXO, HAFN, MMYT, VRRM, XPO
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 38/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 0.7% | 33 (vs peers) | 10% |
| FCF conversion · Quality | 1,661.2% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 22.3% | 100 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 2.9x | 14 (vs peers) | 16% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 8,279.1x | 0 (vs peers) | 16% |
| EV/EBITDA · Valuation | 19.1x | 17 (vs peers) | 16% |
| FCF yield · Valuation | 4.4% | 55 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet10/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality67/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation22/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
LINDBLAD EXPEDITIONS HOLDINGS, INC. (LIND). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 771.0 m USD in 2025; YoY growth 19.6%; net margin 0.7%; net debt/EBITDA 2.9x.
The estimated value range is 5.70–10.98 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 7.68 USD, the price of 33.52 USD leaves a potential of -77.1% (value / price − 1) and a margin of safety of -336.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 38/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 1,661.2%
- Revenue CAGR 3Y: 22.3%
What contradicts it
- Net debt / EBITDA: 2.9x
- Current ratio: 0.8x
- P/E (TTM): 8,279.1x
- EV/EBITDA: 19.1x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Interest coverage, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Transportation Services (SIC 4700) · same industry (4-digit SIC) · compared with 14 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BKNGBooking Holdings Inc. | 127.2 bn | 1.0 | — | — | +13.4% | −13% / +37% |
| EXPEExpedia Group, Inc. | 36.2 bn | 19.7 | 199.1% | 13.0% | +7.6% | +24% / +132% |
| XPOXPO, Inc. | 21.9 bn | 44.3 | 26.5% | 5.7% | +1.1% | +32% / +118% |
| GATXGATX Corporation | 6.7 bn | 17.6 | 14.2% | 17.7% | +9.8% | +19% / +75% |
| GXOGXO Logistics, Inc. | 6.4 bn | 48.4 | 4.6% | 1.0% | +12.5% | +12% / +1% |
| HAFNHafnia Limited | 4.9 bn | 6.5 | 34.5% | 27.0% | +7.4% | +64% / unavailable |
| RXORxo, Inc. | 4.7 bn | — | -5.7% | -1.3% | +26.2% | +115% / +35% |
| LINDLindblad Expeditions Holdings, Inc. | 2.2 bn | 8,279.1 | — | 0.7% | +19.6% | +169% / +404% |
| TOURTuniu Corp | 1.5 bn | 473.0 | 3.0% | 5.4% | +17.5% | −35% / −47% |
| SPCEVirgin Galactic Holdings, Inc. | 380.5 m | — | -75.1% | -23,867.4% | −78.1% | −35% / −94% |
| VRRMVerra Mobility Corporation | 377.0 m | 10.4 | 11.3% | 33.2% | +14.6% | −89% / −88% |
| PALProficient Auto Logistics, Inc. | 82.5 m | — | -13.0% | — | unavailable | −64% / unavailable |
| NTRPNextTrip, Inc. | 18.1 m | — | -296.7% | -319.8% | +641.0% | −68% / −68% |
| MMYTMakeMyTrip Ltd | — | 61.1 | 8.2% | 9.7% | +25.0% | −29% / +20% |
| YTRAMagna Holdings Ltd. | — | — | -2.0% | -1.3% | +85.2% | −50% / −43% |
1- and 3-year price returns: for LIND from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 476.10 Total return 1,320% · Per year 1,320% | 837.86 Total return 2,400% · Per year 2,400% | 1,256.79 Total return 3,649% · Per year 3,649% |
| 3 years | 564.73 Total return 1,585% · Per year 156% | 1,108.07 Total return 3,206% · Per year 221% | 1,809.78 Total return 5,299% · Per year 278% |
| 5 years | 669.86 Total return 1,898% · Per year 82% | 1,465.42 Total return 4,272% · Per year 113% | 2,606.08 Total return 7,675% · Per year 139% |
- Exit P/E± 277.02
- Net margin± 193.91
- Annual revenue growth± 144.62
- Annual dilution± 16.29
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
In brief
Lindblad Expeditions Holdings is a global operator of expedition cruises and adventure travel, with small ships and a range of land-based brands, focused on remote destinations and conservation. In the second quarter of 2026 tour revenues reached 199.2 million USD, and occupancy in the Lindblad segment rose to 91%, which makes the company relevant to those tracking demand for premium niche travel.
SWOT
Strengths
- The company has a long expedition heritage and a pioneering reputation in the Arctic, Antarctica and the Galápagos, supported by its partnership with National Geographic 1.
- Premium pricing and high yields suggest guests pay for the experience rather than for discounts, which supports margins 1.
- The land-brand portfolio diversifies revenue and reduces dependence on ship expeditions, although these brands are seasonal 1.
Weaknesses
- The company carries significant debt, including senior secured notes maturing in 2030, which limits financial flexibility 12.
- Activity is seasonal, and drydock work can reduce revenues and raise costs in certain quarters 1.
- The net loss stayed negative in 2025, though it narrowed, so overall profitability remains fragile 1.
Opportunities
- Rising occupancy and yields in the Lindblad segment could support expanding profitability in the coming years 3.
- New destinations and the charter ship added for Danube voyages from 2027 could open new markets 1.
- Partnerships with conservation organizations and the Earthwatch Institute could attract new customer groups 2.
Threats
- An economic downturn or lower discretionary spending could quickly reduce demand for costly expedition travel 1.
- Safety incidents in the cruise industry or geopolitical events could damage reputation and bookings 1.
- If the National Geographic licence agreement were terminated early or changed, the company's results could be significantly affected 1.
Risks
- Dependence on discretionary demandhigh
Revenues depend on customers' holiday budgets, which can be cut in periods of economic uncertainty, with rapid effects on occupancy and prices 1.
- Indebtedness and cost of debthigh
Long-dated secured notes at a high interest rate could reduce financial flexibility, especially if operating results weaken 12.
- National Geographic agreementhigh
The brand and sales partnership is central to bookings, and an early termination could have a significant effect on results 1.
- Fuel costsmedium
Higher fuel prices have raised tour costs and could compress margins, particularly in heavy voyage seasons 3.
- Climate and environmental risksmedium
Climate change and extreme weather could force itinerary changes or expedition cancellations, while environmental regulation could add costs 1.
Investment thesis
What would need to be true (bull case)
- Rising occupancy and premium pricing show that demand for niche expeditions can support higher profitability if the trend holds 3.
- The long-standing National Geographic partnership and pioneering reputation give the company a brand advantage that is hard for competitors to replicate 1.
- Diversification into land brands could stabilize revenues, and growth in the second quarter shows this segment can expand 3.
What would break the thesis
- The company still reports net losses and carries substantial debt, so any slowdown in demand could amplify financial pressure 12.
- Seasonal activity and reliance on a limited number of ships can make quarterly results volatile, and drydock work could reduce revenues 1.
- Rising fuel costs and National Geographic royalty step-ups could limit margin expansion if prices do not follow the same trend 3.
What to watch
- Delivery against guidance for tour revenues and adjusted EBITDA2026
- Development of occupancy and net yield in the Lindblad segmentQ3 2026
- Evolution of fuel costs and margins in the land segmentQ3 2026
- Progress of the share repurchase programme and use of cashnext 10-Q
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
The business
Lindblad has offered expedition sea voyages and active land adventures since 1979, focusing on itineraries that bring travelers close to wildlife, nature, history and culture. The company operates a fleet of 12 owned ships supplemented by seasonal charter vessels under the Lindblad Expeditions brand, and its partnership with National Geographic, extended through 2040, brings shared visibility and sales channels 1.
Tour revenues rose from 569,543 thousand USD in 2023 to 644,727 thousand USD in 2024 and 771,019 thousand USD in 2025, while the net loss narrowed from 40,876 thousand USD to 24,225 thousand USD over the same period 1. In 2025 the company acquired Torcatt Enterprises, which owns two ships in the Galápagos, strengthening a core market.
The Land Experiences segment groups Natural Habitat, Off the Beaten Path, DuVine, Classic Journeys and Thomson Group, brands selling small-group active trips, East African safaris, and cycling or walking tours. In 2026 the company increased its stakes in Natural Habitat and Classic Journeys, a sign it is consolidating control of these businesses 2.
Segments
Lindblad
The Lindblad segment covers small-ship expeditions to Antarctica, the Arctic, the Galápagos and Alaska. In the second quarter of 2026 segment tour revenues were 129.2 million USD, and net yield per available guest night reached 1,294 USD, with occupancy at 91% 3.
Market context
The premium expedition market is niche and competes on unique itineraries, guiding quality and hard-to-reach destinations rather than on discounts. The company says it has maintained premium prices and high yields, but demand depends on customers' discretionary income, especially among U.S. affluent travelers aged 50 and older 1. If the global economy weakens, demand for these trips could fall quickly.
Guidance for 2026 calls for tour revenues of 830 to 860 million USD and adjusted EBITDA of 130 to 140 million USD 2. If occupancy and pricing hold at second-quarter levels, the company could reach this range, though fuel costs and National Geographic royalty step-ups remain pressure points.
Trends
- Recovery in premium travel demandtailwind
Occupancy in the Lindblad segment rose to 91% in the second quarter of 2026 from 86%, and the company says this is its strongest second-quarter occupancy in a decade 3. If the trend holds, margins could keep improving.
- Rising fuel costsheadwind
The company noted that higher fuel prices weighed on tour costs in the second quarter of 2026, even though margins expanded 3. A further rise in energy prices could reduce expedition earnings.
- High leverage and refinancing costsheadwind
In August 2025 the company issued 675 million USD of 7% senior secured notes maturing in 2030, and total debt remained at that level on June 30, 2026 12. The high cost of debt could limit financial flexibility if interest rates stay high.
Competitive position
Lindblad competes with other expedition and adventure operators, as well as cruise companies and package-holiday providers, on price, quality, destination and travel-advisor recommendations 1. Competition is fragmented and varies by destination, and new expedition ships entering the market could pressure prices downward.
The company notes that new expedition-class ships ordered or delivered by competitors could lower prices if capacity exceeds demand 1. Differentiation through brand partnerships and specialist guiding remains essential to sustaining yields.
- Luxury and expedition cruise operators
The sources do not name individual competitors; the company refers generally to other expedition and cruise operators, with no name or ticker given.
- Mass-market cruise operators
The company says mass-market operators compete with aggressive discounting, unlike its premium pricing model, but the sources do not identify them.
- Hotels, resorts and package holidays
Competition also comes from other vacation forms such as hotels, resorts and package tours that can attract the same customers.
- Adventure and active-travel operators
The company's land brands compete with adventure, cycling and walking tour operators, though the analyzed sources do not name them.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- F1 rookie Lindblad wants to take his own path to the topCNA (Channel NewsAsia) · 29 Sept 2026 · EN
- VIDEO: Arvid Lindblad a provocat primul steag roșu la Baku – Accident în cea mai îngustă zonă a circuituluiG4Media · 24 Sept 2026 · RO
- Lindblad Expeditions (LIND) Buys White Desert Control. Can Antarctic Land Travel Lift Returns?Yahoo Finance — News · 20 Sept 2026 · EN
- Lindblad Adds a Luxury Antarctic Brand in Its Latest Founder-Led Deal: ExclusiveSkift · 15 Sept 2026 · EN
The latest news item in our archive is from 29 Sept 2026; the newest SEC filing is from 03 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report03 Nov 2026
- Current report03 Nov 2026Results of operations · Financial statements and exhibits
- Current report15 Sept 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report03 Aug 2026
- Current report03 Aug 2026Results of operations · Financial statements and exhibits
- Current report11 Jun 2026Shareholder vote · Financial statements and exhibits
- Quarterly report05 May 2026
- Current report05 May 2026Results of operations · Financial statements and exhibits
- Proxy statement28 Apr 2026
- Current report25 Mar 2026Departure or appointment of officers · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Lindblad Expeditions Holdings, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Lindblad Expeditions Holdings, Inc. · 03 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Lindblad Expeditions Holdings, Inc. · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.