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Lindblad Expeditions (LIND)

Market Price (5/26/2026): $20.56 | Market Cap: $1.2 Bil
Sector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines

Lindblad Expeditions (LIND)

Market Price (5/26/2026): $20.56
Market Cap: $1.2 Bil
Sector: Consumer Discretionary
Industry: Hotels, Resorts & Cruise Lines

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 19%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%

Attractive yield
FCF Yield is 5.8%

Low stock price volatility
Vol 12M is 48%

Megatrend and thematic drivers
Megatrends include Sustainable & Experiential Tourism. Themes include Ecotourism & Nature Exploration, Premium Expedition Travel, and Educational & Immersive Travel.

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 45x

Stock price has recently run up significantly
12M Rtn12 month market price return is 102%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.1%

Key risks
LIND key risks include [1] significant foreign currency exposure given that 60% of its revenue is in foreign currencies, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 19%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%
2 Attractive yield
FCF Yield is 5.8%
3 Low stock price volatility
Vol 12M is 48%
4 Megatrend and thematic drivers
Megatrends include Sustainable & Experiential Tourism. Themes include Ecotourism & Nature Exploration, Premium Expedition Travel, and Educational & Immersive Travel.
5 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 45x
6 Stock price has recently run up significantly
12M Rtn12 month market price return is 102%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.1%
8 Key risks
LIND key risks include [1] significant foreign currency exposure given that 60% of its revenue is in foreign currencies, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Lindblad Expeditions (LIND) stock has gained about 25% since 1/31/2026 because of the following key factors:

1. Strong Q1 2026 Financial Performance.

Lindblad Expeditions reported robust first-quarter 2026 financial results on May 5, 2026, which significantly surpassed analyst expectations. The company announced revenue of $208.01 million, outperforming the consensus estimate of $196.37 million by 5.92%. Furthermore, Lindblad achieved GAAP earnings per share (EPS) of $0.09, substantially exceeding the projected $0.01, marking an 800% surprise. This strong earnings beat and revenue outperformance led to a 15.8% jump in the stock price on the day of the announcement.

2. Positive Cruise Industry Macroeconomic Trends.

The broader cruise industry is experiencing a period of strong growth and demand, providing a favorable environment for Lindblad Expeditions. The Cruise Lines International Association (CLIA) reported a record 37.2 million people took cruise vacations in 2025, an increase from 34.6 million passengers in 2024. Projections for 2026 anticipate a new record, with 21.7 million Americans expected to cruise, representing a 4.5% increase from 2025. The global cruise tourism market is forecast to grow from USD 94.54 billion in 2026, exhibiting a compound annual growth rate (CAGR) of 10.15% through 2034, with expedition cruises specifically expected to be the fastest-growing segment.

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Stock Movement Drivers

Fundamental Drivers

The 23.4% change in LIND stock from 1/31/2026 to 5/25/2026 was primarily driven by a 23.3% change in the company's P/S Multiple.
(LTM values as of)13120265252026Change
Stock Price ($)16.6720.5723.4%
Change Contribution By: 
Total Revenues ($ Mil)7367998.5%
P/S Multiple1.31.623.3%
Shares Outstanding (Mil)5660-7.8%
Cumulative Contribution23.4%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/25/2026
ReturnCorrelation
LIND23.4% 
Market (SPY)8.1%63.5%
Sector (XLY)-1.4%62.2%

Fundamental Drivers

The 70.6% change in LIND stock from 10/31/2025 to 5/25/2026 was primarily driven by a 65.4% change in the company's P/S Multiple.
(LTM values as of)103120255252026Change
Stock Price ($)12.0620.5770.6%
Change Contribution By: 
Total Revenues ($ Mil)70279913.8%
P/S Multiple0.91.665.4%
Shares Outstanding (Mil)5560-9.4%
Cumulative Contribution70.6%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/25/2026
ReturnCorrelation
LIND70.6% 
Market (SPY)9.9%53.4%
Sector (XLY)-0.3%51.9%

Fundamental Drivers

The 132.7% change in LIND stock from 4/30/2025 to 5/25/2026 was primarily driven by a 108.3% change in the company's P/S Multiple.
(LTM values as of)43020255252026Change
Stock Price ($)8.8420.57132.7%
Change Contribution By: 
Total Revenues ($ Mil)64579924.0%
P/S Multiple0.71.6108.3%
Shares Outstanding (Mil)5460-9.9%
Cumulative Contribution132.7%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/25/2026
ReturnCorrelation
LIND132.7% 
Market (SPY)36.0%44.2%
Sector (XLY)21.8%47.5%

Fundamental Drivers

The 81.9% change in LIND stock from 4/30/2023 to 5/25/2026 was primarily driven by a 89.6% change in the company's Total Revenues ($ Mil).
(LTM values as of)43020235252026Change
Stock Price ($)11.3120.5781.9%
Change Contribution By: 
Total Revenues ($ Mil)42179989.6%
P/S Multiple1.41.68.9%
Shares Outstanding (Mil)5360-11.9%
Cumulative Contribution81.9%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/25/2026
ReturnCorrelation
LIND81.9% 
Market (SPY)86.3%42.0%
Sector (XLY)65.2%45.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
LIND Return-9%-51%46%5%22%38%16%
Peers Return-8%-46%119%53%23%-7%93%
S&P 500 Return27%-19%24%23%16%9%98%

Monthly Win Rates [3]
LIND Win Rate42%42%58%58%50%80% 
Peers Win Rate50%47%56%60%54%40% 
S&P 500 Win Rate75%42%67%75%67%60% 

Max Drawdowns [4]
LIND Max Drawdown-45%-67%-53%-38%-41%-22% 
Peers Max Drawdown-43%-64%-38%-26%-40%-28% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: VIK, RCL, CCL, NCLH.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/22/2026 (YTD)

How Low Can It Go

EventLINDS&P 500
2025 US Tariff Shock
  % Loss-39.7%-18.8%
  % Gain to Breakeven65.7%23.1%
  Time to Breakeven91 days79 days
2024 Yen Carry Trade Unwind
  % Loss-21.5%-7.8%
  % Gain to Breakeven27.3%8.5%
  Time to Breakeven9 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-38.4%-9.5%
  % Gain to Breakeven62.4%10.5%
  Time to Breakeven47 days24 days
2023 SVB Regional Banking Crisis
  % Loss-20.3%-6.7%
  % Gain to Breakeven25.5%7.1%
  Time to Breakeven31 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-64.0%-24.5%
  % Gain to Breakeven177.5%32.4%
  Time to Breakeven1207 days427 days
2020 COVID-19 Crash
  % Loss-79.1%-33.7%
  % Gain to Breakeven378.4%50.9%
  Time to Breakeven275 days140 days

Compare to VIK, RCL, CCL, NCLH

In The Past

Lindblad Expeditions's stock fell -39.7% during the 2025 US Tariff Shock. Such a loss loss requires a 65.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventLINDS&P 500
2025 US Tariff Shock
  % Loss-39.7%-18.8%
  % Gain to Breakeven65.7%23.1%
  Time to Breakeven91 days79 days
2024 Yen Carry Trade Unwind
  % Loss-21.5%-7.8%
  % Gain to Breakeven27.3%8.5%
  Time to Breakeven9 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-38.4%-9.5%
  % Gain to Breakeven62.4%10.5%
  Time to Breakeven47 days24 days
2023 SVB Regional Banking Crisis
  % Loss-20.3%-6.7%
  % Gain to Breakeven25.5%7.1%
  Time to Breakeven31 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-64.0%-24.5%
  % Gain to Breakeven177.5%32.4%
  Time to Breakeven1207 days427 days
2020 COVID-19 Crash
  % Loss-79.1%-33.7%
  % Gain to Breakeven378.4%50.9%
  Time to Breakeven275 days140 days

Compare to VIK, RCL, CCL, NCLH

In The Past

Lindblad Expeditions's stock fell -39.7% during the 2025 US Tariff Shock. Such a loss loss requires a 65.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Lindblad Expeditions (LIND)

Lindblad Expeditions Holdings, Inc. provides expedition cruising and land-based adventure travel experiences. The company delivers voyages through a fleet of ten owned expedition ships and five seasonal charter vessels under the Lindblad brand; and operates eco-conscious expeditions and nature focused small-group tours under the Natural Habitat brand. The company also provides luxury cycling and adventure tours worldwide under the DuVine name; active small group and private custom journeys throughout the United States national park under the Off the Beaten Path brand name; and curated active small group and private custom journeys that are centered around cinematic walks led by the local guides under the Classic Journeys name. The company has a strategic alliance with the National Geographic Society. Lindblad Expeditions Holdings, Inc. was founded in 1979 and is headquartered in New York, New York.

AI Analysis | Feedback

Here are 1-3 brief analogies for Lindblad Expeditions (LIND):

  • National Geographic for curated adventure experiences
  • Abercrombie & Kent for expedition travel

AI Analysis | Feedback

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  • Expedition Cruising: Provides voyages on expedition ships and chartered vessels, often in partnership with National Geographic, offering unique travel experiences to remote and wild destinations.
  • Eco-conscious Expeditions & Nature-focused Small-Group Tours: Operates environmentally responsible small-group tours focused on nature exploration, primarily under the Natural Habitat brand.
  • Luxury Cycling & Adventure Tours: Offers high-end cycling and adventure travel experiences globally, specifically through its DuVine brand.
  • US National Park Tours: Delivers active small group and private custom journeys primarily within United States national parks under the Off the Beaten Path brand.
  • Curated Active Small Group & Private Custom Journeys: Provides specially designed active small group and private custom trips, often featuring cinematic walks with local guides, through its Classic Journeys brand.
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AI Analysis | Feedback

Lindblad Expeditions (LIND) primarily sells its travel experiences and tours directly to individuals, rather than to other companies. The company caters to a diverse range of travelers seeking unique, high-quality, and often immersive experiences. Its major customers can be categorized as:

  1. Adventure and Expedition Seekers: These customers are drawn to unique, often remote, and immersive travel experiences focused on wildlife, nature, and exploration. They are typically interested in destinations like the Arctic, Antarctic, Galapagos, and other biodiverse regions, and value expert-led expeditions and educational components.
  2. Active and Luxury Travelers: This segment comprises individuals who prefer high-end, curated travel experiences that often involve physical activity. They seek luxury cycling tours, bespoke small-group journeys, and active itineraries in scenic locations, prioritizing comfort, unique access, and high-quality service.
  3. Culturally Immersive and Educational Travelers: These customers are motivated by a desire for deep cultural engagement, learning, and authentic local experiences. They appreciate guided tours that offer insights into history, local traditions, and natural environments, often through expert commentary and interaction with local communities. The company's strategic alliance with National Geographic Society strongly appeals to this group.

AI Analysis | Feedback

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Natalya Leahy

Chief Executive Officer

Natalya Leahy was appointed Chief Executive Officer of Lindblad Expeditions in January 2025. Before joining Lindblad, she served as President of Seabourn, an ultra-luxury cruising and expedition brand, where she was responsible for all aspects of the company's global business and operations and led over 4,000 employees.


Rick Goldberg

Chief Financial Officer

Rick Goldberg joined Lindblad Expeditions in December 2024. Prior to his role at Lindblad, he served as CFO of Founders Table Restaurant Group, which includes Chopt Creative Salad Company and Dos Toros Taqueria, overseeing finance, real estate and development, franchising, legal, and customer insights. He also held various leadership positions, including CFO, at Jackson Hewitt Tax Service Inc.


Sven-Olof Lindblad

Founder and Co-Chairman of the Board

Sven-Olof Lindblad is the Founder of Lindblad Expeditions, which was originally established as Special Expeditions in 1979. He currently serves as Co-Chairman of the Board. Mr. Lindblad previously held the position of President and Chief Executive Officer from the company's inception through May 2021, and again from July 2023 to January 2025. His deep connection to adventure travel and wildlife began in childhood, traveling with his father, Lars-Eric Lindblad, who is recognized as a pioneer in ecotourism. He founded Lindblad Expeditions with a vision to offer innovative and educational travel experiences, driven by a commitment to environmentally responsible travel and ocean advocacy.


Trey Byus

Chief Expedition Officer

Trey Byus joined Lindblad Expeditions in 1993, initially as an Expedition Leader. Since 2009, he has served as the Chief Expedition Officer, responsible for overseeing programming across Lindblad's fleet of vessels.


Mike Fulkerson

Chief Marketing Officer

Mike Fulkerson joined Lindblad Expeditions as Chief Marketing Officer in 2026, leading all aspects of marketing with a focus on brand equity, guest loyalty, and profitable growth. Before joining Lindblad, he was the Chief Marketing Officer for Seabourn, an ultra-luxury cruising and expedition brand, and for Canyon Ranch, a luxury wellness resorts pioneer. His career in hospitality and travel commenced at Marriott International, where he served as the Asia Pacific vice president of marketing.

AI Analysis | Feedback

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Key Risks to Lindblad Expeditions (LIND)

  1. High Financial Leverage and Persistent Losses: Lindblad Expeditions faces significant risk from its elevated debt levels and a history of negative earnings and free cash flow. Despite revenue growth, the company has struggled with profitability, leading to concerns about its fundamental financial health and ability to generate shareholder value. Its high debt-per-share and negative earnings per share undermine investment appeal.
  2. Rising Operational Costs: The company is vulnerable to increasing operational expenses, particularly fuel and labor costs, which significantly pressure its margins and profitability. Higher marketing spend and royalties associated with its partnerships also contribute to these cost pressures, making it challenging to improve its suboptimal cost structure and achieve adequate profitability for a consumer discretionary business.
  3. Sensitivity to Economic Conditions and Discretionary Spending: Lindblad Expeditions' business, which caters to affluent individuals for luxury and adventure travel, is highly susceptible to adverse macroeconomic factors. Rising interest rates, inflation, and reduced household purchasing power can lead consumers to cut back on discretionary leisure and travel spending, directly impacting demand for its premium offerings and potentially hindering its recovery and growth. The company's reliance on a specific demographic (affluent individuals aged 50 or older) also presents a risk if economic conditions disproportionately affect this group.
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AI Analysis | Feedback

  • The increasing and irreversible impacts of climate change directly threaten the pristine and unique natural environments that form the core of Lindblad Expeditions' offerings. This includes melting polar ice caps affecting Arctic and Antarctic itineraries, coral bleaching impacting marine expeditions, and extreme weather events limiting access or altering experiences in various remote regions. As these environments degrade or become inaccessible, the unique value proposition and desirability of Lindblad's expeditions are fundamentally undermined, potentially leading to a decline in demand for these specialized journeys.
  • There is a clear emerging societal trend of increased public and regulatory scrutiny on the environmental impact of travel, particularly air travel and cruising. Despite Lindblad's "eco-conscious" branding, the carbon footprint associated with long-haul flights to embarkation points and the operation of expedition ships, even if more sustainable than mass tourism, faces growing criticism. This trend, often termed "flight shaming" or similar concerns about large-scale travel, could lead to a significant shift in consumer preferences towards lower-impact or local travel alternatives, regulatory pressures increasing operating costs, or reputational damage that could diminish demand for expedition cruising.

AI Analysis | Feedback

Lindblad Expeditions Holdings, Inc. operates within the global adventure tourism and expedition cruising markets, both of which demonstrate substantial addressable market sizes and robust growth projections.

For their land-based adventure travel experiences, the global adventure tourism market was valued at approximately USD 464.3 billion in 2025 and is projected to reach around USD 1,764.87 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 18.6% from 2026 to 2033. Another estimate placed the global adventure tourism market size at USD 483.3 billion in 2023, with an expected growth to USD 1.65 trillion by 2032 at a CAGR of over 15.2% between 2024 and 2032. Additionally, the global outbound adventure travel market reached USD 1.16 trillion in 2024.

For their expedition cruising services, the global expedition cruise market is a significant segment. This market was valued at approximately USD 7.9 billion in 2025 and is projected to increase to USD 14.1 billion by 2031, with a CAGR of 10.12%. Other estimates indicate the global cruise ship expedition market was USD 7.31 billion in 2024 and is anticipated to reach USD 15.09 billion by 2032, growing at a CAGR of 8.83%. Another source reported the global Cruise Ship Expedition Market size as USD 6.67 billion by the end of 2025, expected to reach USD 13.41 billion by 2033, with a CAGR of 9.12% during that period.

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Lindblad Expeditions (LIND) over the next 2-3 years:

  1. Increased Occupancy and Guest Counts: Lindblad Expeditions anticipates continued growth by increasing guest counts and improving occupancy rates across its fleet. The company aims to further ramp occupancies and drive them back to historical levels. For instance, the Lindblad segment saw a 3% increase in available guest nights in Q1 2024 due to broader fleet utilization, and occupancy rose to 87% in Q4 2025 from 78% in Q4 2024.
  2. Higher Pricing and Net Yield Growth: The company consistently leverages premium pricing strategies to drive revenue. Net yield per available guest night increased by 1% in Q1 2024 due to higher pricing, and by 11.2% in Q4 2025. For the full year 2025, net yield per available guest night increased 14.1% to $1,335, the highest in company history.
  3. Expansion of Land Experiences Segment: The Land Experiences segment is a significant growth area, driven by additional trips and higher pricing. In Q1 2024, this segment's revenue increased by 27%, and full-year 2024 saw a 29% increase in revenue. Acquisitions, such as Wineland-Thomson Adventures, Inc., also contribute to the expansion of this segment.
  4. Increased Fleet Utilization and Additional Itineraries: Lindblad Expeditions focuses on optimizing its fleet utilization to offer more available guest nights and additional trips. This was a primary driver for the Lindblad segment's revenue growth, with a 3% increase in available guest nights in Q1 2024.
  5. Strategic Acquisitions and Partnerships: The company pursues accretive growth through strategic acquisitions and partnerships. The acquisition of Wineland-Thomson Adventures, Inc. is one example, contributing to the growth of the land experiences. Additionally, collaborations like the strategic alliance with National Geographic Society and the Disney partnership are expanding the customer base.

AI Analysis | Feedback

Share Repurchases

  • Lindblad Expeditions had a $35.0 million stock repurchase plan in place. As of February 23, 2026, the company had repurchased 875,218 shares and 6.0 million warrants under this plan for a total of $23.0 million, with $12.0 million remaining.
  • As of October 26, 2022, share repurchases under the plan were suspended due to restrictions related to the Main Street Expanded Loan Facility program.

Share Issuance

  • On February 3, 2026, all outstanding 6.0% Series A Convertible Preferred Stock was converted into 9.0 million shares of Common Stock.
  • As of April 29, 2024, there were 53,533,132 shares of common stock outstanding.

Outbound Investments

  • In 2024, Lindblad Expeditions acquired Thomson Group, which contributed to increased tour revenues in 2025.
  • In 2024, the company used $16.7 million in cash for the acquisition of additional ownership in Natural Habitat and DuVine.

Capital Expenditures

  • Capital expenditures are projected to be approximately $10 million lower in 2026 compared to 2025.
  • In 2025, cash used in investing activities amounted to $67.3 million, primarily allocated towards vessel capital expenditure improvements and acquisitions.
  • In 2024, capital expenditures primarily focused on investments in the company's vessels and digital transformation initiatives, with $33.5 million used for property and equipment and $15.6 million specifically for the acquisition of two new expedition vessels for the Galapagos and dry dock expenses.
  • In 2023, capital expenditures, predominantly related to maintenance on existing vessels and digital initiatives, totaled $14.7 million.
  • In 2022, capital expenditures were $38 million, including over $20 million spent on the National Geographic Islander 2 and digital transformation initiatives.

Better Bets vs. Lindblad Expeditions (LIND)

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Peer Comparisons

Peers to compare with:

Financials

LINDVIKRCLCCLNCLHMedian
NameLindblad.Viking Royal Ca.Carnival.Norwegia. 
Mkt Price20.5784.23256.1025.9816.3025.98
Mkt Cap1.237.669.135.87.435.8
Rev LTM7996,65818,38726,97610,03110,031
Op Inc LTM501,5235,1284,5471,5931,593
FCF LTM711,3031,3712,986-9491,303
FCF 3Y Avg551,1681,3632,095-6561,168
CFO LTM1132,7156,6726,5562,2222,715
CFO 3Y Avg922,1775,5775,7662,1512,177

Growth & Margins

LINDVIKRCLCCLNCLHMedian
NameLindblad.Viking Royal Ca.Carnival.Norwegia. 
Rev Chg LTM19.2%20.8%9.7%6.1%6.5%9.7%
Rev Chg 3Y Avg17.2%-20.5%23.1%19.1%19.8%
Rev Chg Q15.7%17.5%11.3%6.1%9.6%11.3%
QoQ Delta Rev Chg LTM3.7%2.4%2.5%1.3%2.1%2.4%
Op Inc Chg LTM107.6%33.9%19.1%18.3%10.0%19.1%
Op Inc Chg 3Y Avg183.6%-288.8%85.6%90.3%136.9%
Op Mgn LTM6.3%22.9%27.9%16.9%15.9%16.9%
Op Mgn 3Y Avg3.7%20.5%25.5%14.2%14.7%14.7%
QoQ Delta Op Mgn LTM0.4%-0.2%0.5%0.0%-0.0%0.0%
CFO/Rev LTM14.1%40.8%36.3%24.3%22.2%24.3%
CFO/Rev 3Y Avg13.4%38.1%33.3%23.1%22.8%23.1%
FCF/Rev LTM8.9%19.6%7.5%11.1%-9.5%8.9%
FCF/Rev 3Y Avg7.9%20.7%8.1%8.2%-6.8%8.1%

Valuation

LINDVIKRCLCCLNCLHMedian
NameLindblad.Viking Royal Ca.Carnival.Norwegia. 
Mkt Cap1.237.669.135.87.435.8
P/S1.65.63.81.30.71.6
P/Op Inc24.524.713.57.94.713.5
P/EBIT44.724.212.38.25.012.3
P/E-50.831.315.411.613.113.1
P/CFO11.013.810.45.53.310.4
Total Yield-2.0%3.2%7.2%8.6%7.6%7.2%
Dividend Yield0.0%0.0%0.7%0.0%0.0%0.0%
FCF Yield 3Y Avg8.5%-2.5%7.5%-7.6%5.0%
D/E0.50.20.30.72.00.5
Net D/E0.30.00.30.72.00.3

Returns

LINDVIKRCLCCLNCLHMedian
NameLindblad.Viking Royal Ca.Carnival.Norwegia. 
1M Rtn11.9%2.9%-3.7%-3.8%-11.9%-3.7%
3M Rtn2.7%10.2%-14.9%-14.1%-30.6%-14.1%
6M Rtn75.4%32.1%1.1%6.1%-8.2%6.1%
12M Rtn101.9%92.4%8.2%18.0%-5.9%18.0%
3Y Rtn119.1%222.7%231.6%132.8%12.6%132.8%
1M Excs Rtn6.6%-1.1%-6.8%-7.1%-16.6%-6.8%
3M Excs Rtn-6.5%0.9%-24.2%-23.4%-39.9%-23.4%
6M Excs Rtn63.6%25.1%-11.6%-11.8%-20.8%-11.6%
12M Excs Rtn78.9%67.7%-18.6%-8.7%-33.2%-8.7%
3Y Excs Rtn28.1%143.0%149.5%58.2%-66.1%58.2%

Comparison Analyses

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Financials

Segment Financials

Assets by Segment
$ Mil20252024202320222021
Lindblad668675663725698
Land Experiences20915612510359
Total877831788827757


Price Behavior

Price Behavior
Market Price$20.57 
Market Cap ($ Bil)1.1 
First Trading Date07/09/2015 
Distance from 52W High-5.2% 
   50 Days200 Days
DMA Price$18.66$15.56
DMA Trendupindeterminate
Distance from DMA10.2%32.2%
 3M1YR
Volatility63.3%48.5%
Downside Capture339.79126.11
Upside Capture238.66170.11
Correlation (SPY)67.2%46.8%
LIND Betas & Captures as of 4/30/2026

 1M2M3M6M1Y3Y
Beta3.272.512.361.901.581.58
Up Beta3.483.283.452.462.331.58
Down Beta11.762.041.681.461.741.35
Up Capture155%190%257%309%179%533%
Bmk +ve Days15223166141428
Stock +ve Days12183267134360
Down Capture780%254%178%129%90%111%
Bmk -ve Days4183056108321
Stock -ve Days10243156115384

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with LIND
LIND106.8%48.6%1.65-
Sector ETF (XLY)13.6%18.2%0.5649.7%
Equity (SPY)29.5%12.0%1.8646.8%
Gold (GLD)35.5%26.8%1.114.7%
Commodities (DBC)42.9%18.7%1.77-32.5%
Real Estate (VNQ)15.2%13.1%0.8242.5%
Bitcoin (BTCUSD)-31.3%41.8%-0.7813.8%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with LIND
LIND4.5%66.5%0.34-
Sector ETF (XLY)7.8%23.7%0.2948.9%
Equity (SPY)14.0%17.0%0.6445.5%
Gold (GLD)18.8%18.0%0.852.7%
Commodities (DBC)10.4%19.4%0.426.7%
Real Estate (VNQ)3.8%18.8%0.1040.1%
Bitcoin (BTCUSD)11.6%55.3%0.4122.8%

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Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with LIND
LIND7.2%62.1%0.38-
Sector ETF (XLY)13.0%22.0%0.5449.1%
Equity (SPY)15.7%17.9%0.7547.1%
Gold (GLD)13.0%16.0%0.670.3%
Commodities (DBC)7.8%17.9%0.3514.4%
Real Estate (VNQ)5.5%20.7%0.2346.8%
Bitcoin (BTCUSD)66.7%66.9%1.0614.2%

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Short Interest

Short Interest: As Of Date4302026
Short Interest: Shares Quantity4.9 Mil
Short Interest: % Change Since 415202612.5%
Average Daily Volume0.6 Mil
Days-to-Cover Short Interest7.8 days
Basic Shares Quantity60.2 Mil
Short % of Basic Shares8.1%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/26/2026-2.5%-11.4%-12.5%
11/4/20252.0%0.1%-1.9%
8/4/20255.3%5.4%22.2%
2/27/2025-1.3%-4.8%-7.8%
11/5/202425.2%41.8%46.4%
8/8/2024-1.4%-5.9%22.6%
2/28/2024-3.7%-10.5%-3.7%
11/2/20232.7%17.3%40.8%
...
SUMMARY STATS   
# Positive10109
# Negative9910
Median Positive3.0%7.2%24.0%
Median Negative-3.4%-7.6%-7.0%
Max Positive25.2%41.8%65.7%
Max Negative-20.0%-24.6%-18.4%

SEC Filings

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Report DateFiling DateFiling
03/31/202605/05/202610-Q
12/31/202502/26/202610-K
09/30/202511/04/202510-Q
06/30/202508/04/202510-Q
03/31/202505/06/202510-Q
12/31/202402/28/202510-K
09/30/202411/05/202410-Q
06/30/202408/08/202410-Q
03/31/202405/01/202410-Q
12/31/202303/06/202410-K
09/30/202311/02/202310-Q
06/30/202307/27/202310-Q
03/31/202305/03/202310-Q
12/31/202203/10/202310-K
09/30/202211/02/202210-Q
06/30/202208/02/202210-Q

Recent Forward Guidance [BETA]

Latest: Q1 2026 Earnings Reported 5/5/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Tour revenues800.00 Mil825.00 Mil850.00 Mil0 AffirmedGuidance: 825.00 Mil for 2026
2026 Adjusted EBITDA130.00 Mil135.00 Mil140.00 Mil0 AffirmedGuidance: 135.00 Mil for 2026

Prior: Q4 2025 Earnings Reported 2/26/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Tour Revenues800.00 Mil825.00 Mil850.00 Mil9.6% Higher NewActual: 752.50 Mil for 2025
2026 Adjusted EBITDA130.00 Mil135.00 Mil140.00 Mil11.6% Higher NewActual: 121.00 Mil for 2025

Insider Activity

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#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Byus, TreyChief Expedition OfficerDirectSell522202620.0510,000200,5002,035,676Form
2Fahey, John M JR DirectSell522202620.262,00040,5202,278,966Form
3Fahey, John M JR DirectSell515202619.391,00019,3952,278,641Form
4Fahey, John M JR DirectSell512202619.391,00019,3952,298,036Form
5Fahey, John M JR DirectSell512202620.043,50070,1352,394,332Form

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