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    Lindblad Expeditions (LIND)

    Market Price (10/3/2026): $34.79 | Market Cap: $2.3 BilSector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines

    Lindblad Expeditions (LIND)

    Market Price (10/3/2026): $34.79
    Market Cap: $2.3 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

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

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

    0 Megatrend and thematic drivers
    Megatrends include Sustainable & Experiential Tourism. Themes include Ecotourism & Nature Exploration, Premium Expedition Travel, and Educational & Immersive Travel.
    1 Key risks
    LIND key risks include [1] significant foreign currency exposure given that 60% of its revenue is in foreign currencies, Show more.

    LIND in ETFs

    Weight = LIND's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.05%
    IWO0.09%
    VTWO0.04%
    DFAS0.04%
    SCHA0.03%
    ONEQ0.01%
    +3 more covered ETFs

    Valuation & Metrics

    FYE: 12/31LIND [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$830.6 Mil—
    FY 2026 Sales$868.7 Mil—
    FY 2027 Sales$948.7 Mil—
    FY 2026 Sales Growth4.6%—
    FY 2027 Sales Growth9.2%12.8%
    EARNINGS
    LTM Net Income (GAAP) [3]$-17.3 Mil—
    FY 2026 Net Income (Non-GAAP)$11.4 Mil—
    FY 2027 Net Income (Non-GAAP)$27.2 Mil—
    FY 2027 Net Income Growth138.4%18.2%
    FY 2026 EPS (Non-GAAP)$0.19—
    FY 2027 EPS (Non-GAAP)$0.50—
    FY 2027 EPS Growth159.6%—
    VALUATION
    FY 2026 P/S2.61.7
    FY 2027 P/S2.4—
    FY 2026 P/E199.77.8
    FY 2027 P/E83.7—

    [1] LIND forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    LINDS&P 500
    REVENUE GROWTHGOOD
    Rev LTM ($ Bil)0.8
    Rev Chg Q18.6%9.3%
    Rev Chg LTM18.3%8.3%
    Rev Chg 3Y Avg16.1%5.8%
    PROFITABILITYVERY POOR
    Op Inc LTM ($ Bil)0.1
    CFO LTM ($ Bil)0.1
    Net Inc LTM ($ Bil)-0.0
    Op Mgn LTM7.0%18.6%
    CFO/Rev LTM17.2%21.8%
    Net Inc Mgn-2.1%13.1%
    VALUATIONMODERATE
    P/S2.53.0
    P/CFO14.414.3
    P/FCF18.918.6
    P/E-119.221.4
    STABILITYVERY GOOD
    Debt/Equity0.320.21
    Cash/Assets0.310.07

    AI Analysis | Feedback

    MetricValueDateSource
    Net Yield per Available Guest Night13149302025Link
    Occupancy88%9302025Link
    Available Guest NightsIncreased 5% year-over-year, reaching a record level9302025Link

    Price Chart

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    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 10/1/2026

    Lindblad Expeditions (LIND) stock has gained about 25% since 6/30/2026 because of the following key factors:

    1. Strong Second Quarter Fiscal 2026 Financial Results. Lindblad Expeditions reported an adjusted loss per share of -$0.02 for the second quarter of fiscal year 2026, outperforming the consensus estimate of -$0.10 by $0.08. Additionally, the company's revenue reached $199.25 million, surpassing the consensus estimate of $185.86 million.

    2. Strategic Portfolio Expansion Through Acquisitions. On September 15, 2026, Lindblad Expeditions announced the acquisition of White Desert Antarctica and Echo Charlie. This strategic move aims to expand the company's portfolio and establish a stronger presence in the experiential travel sector.

    Show more
    Updated on 10/1/2026

    Lindblad Expeditions (LIND) stock has gained about 25% since 6/30/2026 because of the following key factors:

    1. Strong Second Quarter Fiscal 2026 Financial Results. Lindblad Expeditions reported an adjusted loss per share of -$0.02 for the second quarter of fiscal year 2026, outperforming the consensus estimate of -$0.10 by $0.08. Additionally, the company's revenue reached $199.25 million, surpassing the consensus estimate of $185.86 million.

    2. Strategic Portfolio Expansion Through Acquisitions. On September 15, 2026, Lindblad Expeditions announced the acquisition of White Desert Antarctica and Echo Charlie. This strategic move aims to expand the company's portfolio and establish a stronger presence in the experiential travel sector.

    3. Positive Future Earnings Projections and Robust Booking Trends. The company's earnings are anticipated to grow significantly by 140.91% in the next fiscal year, with projected earnings per share increasing from $0.22 to $0.53. Management also forecasts a substantial increase in charter bookings, expecting double-digit percentage growth in fiscal year 2026. These projections are bolstered by a notable acceleration in booking trends, including a 45% increase in bookings through Disney travel agents.

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    Stock Movement Drivers

    Fundamental Drivers

    The 19.1% change in LIND stock from 6/30/2026 to 10/1/2026 was primarily driven by a 24.5% change in the company's P/S Multiple.
    (LTM values as of)630202610012026Change
    Stock Price ($)28.2433.6319.1%
    Change Contribution By: 
    Total Revenues ($ Mil)7998313.9%
    P/S Multiple2.12.724.5%
    Shares Outstanding (Mil)6065-8.0%
    Cumulative Contribution19.1%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 10/1/2026
    ReturnCorrelation
    LIND19.1% 
    Market (SPY)2.3%27.5%
    Sector (XLY)-7.2%28.4%

    Fundamental Drivers

    The 94.4% change in LIND stock from 3/31/2026 to 10/1/2026 was primarily driven by a 113.6% change in the company's P/S Multiple.
    (LTM values as of)331202610012026Change
    Stock Price ($)17.3033.6394.4%
    Change Contribution By: 
    Total Revenues ($ Mil)7718317.7%
    P/S Multiple1.22.7113.6%
    Shares Outstanding (Mil)5565-15.5%
    Cumulative Contribution94.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 10/1/2026
    ReturnCorrelation
    LIND94.4% 
    Market (SPY)17.8%40.2%
    Sector (XLY)0.0%43.1%

    Fundamental Drivers

    The 162.7% change in LIND stock from 9/30/2025 to 10/1/2026 was primarily driven by a 166.4% change in the company's P/S Multiple.
    (LTM values as of)930202510012026Change
    Stock Price ($)12.8033.63162.7%
    Change Contribution By: 
    Total Revenues ($ Mil)70283118.3%
    P/S Multiple1.02.7166.4%
    Shares Outstanding (Mil)5565-16.6%
    Cumulative Contribution162.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2025 to 10/1/2026
    ReturnCorrelation
    LIND162.7% 
    Market (SPY)15.6%43.0%
    Sector (XLY)-8.6%44.8%

    Fundamental Drivers

    The 367.1% change in LIND stock from 9/30/2023 to 10/1/2026 was primarily driven by a 267.1% change in the company's P/S Multiple.
    (LTM values as of)930202310012026Change
    Stock Price ($)7.2033.63367.1%
    Change Contribution By: 
    Total Revenues ($ Mil)53183156.4%
    P/S Multiple0.72.7267.1%
    Shares Outstanding (Mil)5365-18.7%
    Cumulative Contribution367.1%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2023 to 10/1/2026
    ReturnCorrelation
    LIND367.1% 
    Market (SPY)84.9%42.1%
    Sector (XLY)38.3%45.4%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    LIND Return-9%-51%46%5%22%117%83%
    Peers Return-8%-46%119%47%11%-19%46%
    S&P 500 Return27%-19%24%23%16%12%104%

    Monthly Win Rates [3]
    LIND Win Rate42%42%58%58%50%78% 
    Peers Win Rate50%47%56%56%50%44% 
    S&P 500 Win Rate75%42%67%75%67%44% 

    Max Drawdowns [4]
    LIND Max Drawdown-45%-67%-53%-38%-41%-27% 
    Peers Max Drawdown-43%-64%-38%-26%-41%-37% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: 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 10/2/2026 (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 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 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. (LIND) is a leading provider of high-end, experiential travel, specializing in expedition cruising and a diverse array of land-based adventure tours. At its core, the company offers immersive voyages to unique destinations globally under its flagship Lindblad brand, notably through a long-standing strategic alliance with the National Geographic Society. These cruises utilize a fleet of owned and chartered expedition ships, focusing on discovery, nature, and cultural immersion.

    Beyond its well-known expedition cruises, Lindblad Expeditions has expanded its portfolio through several distinct brands, each catering to specific adventure travel niches. Natural Habitat delivers eco-conscious, nature-focused small-group tours, while DuVine offers luxury cycling and adventure tours worldwide. The company also provides active small-group and private custom journeys to U.S. national parks under the Off the Beaten Path brand, and curated walking-centric tours led by local guides through Classic Journeys. This comprehensive offering targets discerning travelers seeking active, educational, and authentic experiences across a wide range of global and domestic landscapes.

    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

    ```html
    • 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.
    ```

    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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    AI Analysis | Feedback

    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

    ```html

    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.
    ```

    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.

    Peer Outperformance in Hotels, Resorts & Cruise Lines

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    Share of Hotels, Resorts & Cruise Lines constituents that LIND has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    —
    insufficient peer history
    3Y
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    insufficient peer history
    5Y
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    insufficient peer history
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    Peer Comparisons

    Peers to compare with:

    Financials

    LINDRCLCCLNCLHMedian
    NameLindblad.Royal Ca.Carnival.Norwegia. 
    Mkt Price-277.7425.8015.1325.80
    Mkt Cap-74.435.26.935.2
    Rev LTM-18,68127,59310,15418,681
    Op Inc LTM-5,1064,4121,5324,412
    FCF LTM--4163,176-1,185-416
    FCF 3Y Avg-8722,438-706872
    CFO LTM-6,7866,8212,1106,786
    CFO 3Y Avg-5,7336,1222,0085,733

    Growth & Margins

    LINDRCLCCLNCLHMedian
    NameLindblad.Royal Ca.Carnival.Norwegia. 
    Rev Chg LTM-8.7%5.2%6.2%6.2%
    Rev Chg 3Y Avg-16.2%11.5%12.8%12.8%
    Rev Chg Q-6.5%3.5%4.9%4.9%
    QoQ Delta Rev Chg LTM-1.6%1.0%1.2%1.2%
    Op Inc Chg LTM-12.5%2.4%0.1%2.4%
    Op Inc Chg 3Y Avg-69.2%235.1%262.3%235.1%
    Op Mgn LTM-27.3%16.0%15.1%16.0%
    Op Mgn 3Y Avg-25.9%15.4%14.8%15.4%
    QoQ Delta Op Mgn LTM--0.6%-0.4%-0.8%-0.6%
    CFO/Rev LTM-36.3%24.7%20.8%24.7%
    CFO/Rev 3Y Avg-33.4%23.5%20.9%23.5%
    FCF/Rev LTM--2.2%11.5%-11.7%-2.2%
    FCF/Rev 3Y Avg-5.0%9.2%-7.2%5.0%

    Valuation

    LINDRCLCCLNCLHMedian
    NameLindblad.Royal Ca.Carnival.Norwegia. 
    Mkt Cap-74.435.26.935.2
    P/S-4.01.30.71.3
    P/Op Inc-14.68.04.58.0
    P/EBIT-13.38.14.38.1
    P/E-16.911.29.111.2
    P/CFO-11.05.23.35.2
    Total Yield-7.7%11.0%11.3%11.0%
    Dividend Yield-1.6%1.8%0.0%1.6%
    FCF Yield 3Y Avg-0.8%7.1%-7.7%0.8%
    D/E-0.30.72.20.7
    Net D/E-0.30.72.10.7

    Returns

    LINDRCLCCLNCLHMedian
    NameLindblad.Royal Ca.Carnival.Norwegia. 
    1M Rtn-5.2%11.1%-1.9%5.2%
    3M Rtn--5.7%-7.1%-23.5%-7.1%
    6M Rtn-2.6%1.8%-20.1%1.8%
    12M Rtn--10.4%-7.6%-37.5%-10.4%
    3Y Rtn-213.3%92.2%-8.0%92.2%
    1M Excs Rtn-4.7%10.6%-2.4%4.7%
    3M Excs Rtn--8.2%-9.6%-26.0%-9.6%
    6M Excs Rtn--17.5%-18.9%-39.1%-18.9%
    12M Excs Rtn--27.5%-24.4%-53.7%-27.5%
    3Y Excs Rtn-135.9%8.8%-83.7%8.8%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/3/20265/5/20262/26/202611/4/20258/4/20255/6/20252/28/202511/5/20248/8/20245/1/20243/6/202411/2/2023
    Key Financials Quarterly            
    Total Revenue199208183240168180149206136154125176
    Ebitda313412292027742619-031
    Operating Income1216-636411-829-88-1420
    Net Income-16-241-91-2523-25-4-276
    EPS-0.020.10-0.450.00-0.180.00-0.480.39-0.48-0.10-0.530.08
    Key Financials TTM            
    Total Revenue TTM831799771736702671645621591580570562
    Ebitda TTM1059588829682746756495551
    Operating Income TTM585045433724221566119
    Net Income TTM-17-24-30-31-10-26-31-34-50-50-46-50
    Growth Rates Quarterly            
    Total Revenue Growth18.6%15.7%23.3%16.6%23.0%17.0%18.5%17.1%9.4%7.1%6.3%21.6%
    EBITDA Growth51.7%25.9%83.8%-32.6%247.6%38.9%1844.2%37.6%1869.4%-22.4%91.8%91.6%
    Operating Income Growth171.3%47.1%27.3%22.0%153.7%35.2%45.3%44.0%3.4%-37.0%9.5%252.5%
    Net Income Growth83.5%459.9%6.0%-94.7%65.5%129.2%8.6%299.3%-0.8%-740.7%14.8%164.6%
    Margins Quarterly            
    EBITDA Margin15.5%16.3%6.7%11.9%12.1%15.0%4.5%20.6%4.3%12.6%-0.3%17.5%
    Operating Income Margin6.0%7.5%-3.0%15.0%2.6%5.9%-5.1%14.3%-6.0%5.1%-11.0%11.6%
    Net Income Margin-0.7%3.1%-12.9%0.5%-5.1%0.6%-16.9%10.9%-18.1%-2.6%-21.9%3.2%
    Cash & Debt            
    Total Cash319275257262201189184194168178157168
    Total Debt666665664664628628627626625624624624
    Net Debt / (Cash)347390407402427439443432457447467456
    Cash Flows Quarterly            
    FCF from Operations5949142029482281944-1016
    Cash Flows TTM            
    FCF from Operations TTM1421131129910797928169672532
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC8.5%10.3%-3.6%27.1%3.2%7.7%-4.8%19.1%-5.2%5.1%-8.7%13.2%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM10.3%8.3%7.4%8.2%4.7%4.4%3.4%2.4%1.0%1.0%1.7%1.5%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Lindblad49642339727883
    Land Experiences27522117214364
    Total771645570422147


    Operating Income by Segment
    $ Mil20252024202320222021
    Land Experiences382419151
    Lindblad7-3-9-78-111
    Total452211-63-111


    Assets by Segment
    $ Mil20252024202320222021
    Lindblad711668675663725
    Land Experiences269209156125103
    Total980877831788827


    Price Behavior

    Price Behavior
    Market Price$33.63 
    Market Cap ($ Bil)2.2 
    First Trading Date07/09/2015 
    Distance from 52W High-2.5% 
       50 Days200 Days
    DMA Price$29.68$22.14
    DMA Trendupup
    Distance from DMA13.3%51.9%
     3M1YR
    Volatility51.1%51.3%
    Downside Capture86.25114.86
    Upside Capture209.29213.30
    Correlation (SPY)27.9%43.3%
    LIND Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta1.131.901.271.861.691.58
    Up Beta1.543.801.832.892.291.62
    Down Beta-1.86-1.12-0.990.631.341.36
    Up Capture185%179%186%288%340%876%
    Bmk +ve Days6162766132424
    Stock +ve Days13193064130369
    Down Capture63%142%127%126%110%109%
    Bmk -ve Days16263760120328
    Stock -ve Days9233462120375

    [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
    LIND163.7%51.3%2.05-
    Sector ETF (XLY)-8.7%19.4%-0.5944.8%
    Equity (SPY)15.7%13.0%0.8543.0%
    Gold (GLD)7.7%29.6%0.258.4%
    Commodities (DBC)45.6%20.8%1.69-39.3%
    Real Estate (VNQ)1.2%13.6%-0.1635.0%
    Bitcoin (BTCUSD)-25.7%44.5%-0.549.3%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with LIND
    LIND19.2%66.4%0.54-
    Sector ETF (XLY)4.2%24.1%0.1348.1%
    Equity (SPY)13.0%17.2%0.5744.8%
    Gold (GLD)18.6%18.9%0.802.1%
    Commodities (DBC)10.6%19.6%0.421.2%
    Real Estate (VNQ)0.4%18.9%-0.0839.5%
    Bitcoin (BTCUSD)13.6%52.3%0.4323.4%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with LIND
    LIND14.0%62.6%0.47-
    Sector ETF (XLY)11.7%22.2%0.4848.5%
    Equity (SPY)15.3%17.9%0.7246.6%
    Gold (GLD)11.6%16.4%0.580.7%
    Commodities (DBC)8.4%18.1%0.3812.3%
    Real Estate (VNQ)4.4%20.7%0.1746.5%
    Bitcoin (BTCUSD)64.2%66.2%1.0414.7%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date9152026
    Short Interest: Shares Quantity5.3 Mil
    Short Interest: % Change Since 8312026-1.4%
    Average Daily Volume0.9 Mil
    Days-to-Cover Short Interest5.8 days
    Basic Shares Quantity65.5 Mil
    Short % of Basic Shares8.0%

    Returns Analyses

    Earnings Returns History

    Updated 9/3/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/3/202612.0%14.8%-10.2%
    5/5/202614.7%9.2%21.9%
    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%
    5/6/20258.8%16.1%18.5%
    2/27/2025-1.3%-4.8%-7.8%
    11/5/202425.2%41.8%46.4%
    ...
    SUMMARY STATS   
    # Positive141411
    # Negative9912
    Median Positive4.0%8.8%21.9%
    Median Negative-3.7%-5.9%-9.0%
    Max Positive25.2%41.8%65.7%
    Max Negative-20.0%-24.6%-18.4%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/3/202612.0%14.8%-10.2%
    5/5/202614.7%9.2%21.9%
    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%
    5/6/20258.8%16.1%18.5%
    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%
    4/30/20240.5%1.2%6.3%
    2/28/2024-3.7%-10.5%-3.7%
    11/2/20232.7%17.3%40.8%
    7/27/202315.7%4.7%-6.1%
    5/3/20230.5%-4.6%-15.4%
    2/28/2023-20.0%-7.5%-18.3%
    11/2/202212.2%30.9%9.6%
    5/3/2022-4.7%-24.6%-6.2%
    2/22/2022-5.0%0.3%-18.4%
    11/2/20212.0%10.4%-15.5%
    8/3/2021-2.5%8.5%8.5%
    4/29/2021-5.2%-5.5%3.9%
    3/9/20210.9%5.8%-5.4%
    10/29/20202.4%-0.6%65.7%
    SUMMARY STATS   
    # Positive141411
    # Negative9912
    Median Positive4.0%8.8%21.9%
    Median Negative-3.7%-5.9%-9.0%
    Max Positive25.2%41.8%65.7%
    Max Negative-20.0%-24.6%-18.4%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/03/202610-Q
    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
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/03/202610-Q
    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
    03/31/202205/05/202210-Q
    12/31/202102/28/202210-K
    09/30/202111/02/202110-Q
    06/30/202108/04/202110-Q
    03/31/202104/30/202110-Q
    12/31/202003/12/202110-K
    09/30/202010/30/202010-Q
    06/30/202008/10/202010-Q
    03/31/202005/06/202010-Q
    12/31/201902/26/202010-K
    09/30/201910/30/201910-Q

    Recent Forward Guidance

    Updated 9/28/2026

    Latest: Q2 2026 Earnings Reported 8/3/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 Tour revenuesReported830.00 Mil845.00 Mil860.00 Mil2.4% RaisedGuidance: 825.00 Mil for 2026
    2026 Adjusted EBITDAReported130.00 Mil135.00 Mil140.00 Mil0 AffirmedGuidance: 135.00 Mil for 2026


    Prior: Q1 2026 Earnings Reported 5/5/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 Tour revenuesReported800.00 Mil825.00 Mil850.00 Mil0 AffirmedGuidance: 825.00 Mil for 2026
    2026 Adjusted EBITDAReported130.00 Mil135.00 Mil140.00 Mil0 AffirmedGuidance: 135.00 Mil for 2026

    Q4 2025 Earnings Reported 2/26/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 Tour RevenuesReported800.00 Mil825.00 Mil850.00 Mil9.6% Higher NewActual: 752.50 Mil for 2025
    2026 Adjusted EBITDAReported130.00 Mil135.00 Mil140.00 Mil11.6% Higher NewActual: 121.00 Mil for 2025

    Q3 2025 Earnings Reported 11/4/2025

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2025 Tour revenuesReported745.00 Mil752.50 Mil760.00 Mil2.0% RaisedGuidance: 737.50 Mil for 2025
    2025 Adjusted EBITDAReported119.00 Mil121.00 Mil123.00 Mil8.5% RaisedGuidance: 111.50 Mil for 2025

    Insider Activity

    Updated 10/2/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Bisnow, Michael Elliott DirectSell618202624.2144,6421,080,952626,459Form
    2Dryden, L. Dyson DirectSell608202622.0439,946880,45420,897,343Form
    3Dryden, L. Dyson DirectSell602202623.0952,7471,218,06022,816,637Form
    4Byus, TreyChief Expedition OfficerDirectSell522202620.0510,000200,5002,035,676Form
    5Fahey, John M JR DirectSell522202620.262,00040,5202,278,966Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Bisnow, Michael Elliott DirectSell618202624.2144,6421,080,952626,459Form
    2Dryden, L. Dyson DirectSell608202622.0439,946880,45420,897,343Form
    3Dryden, L. Dyson DirectSell602202623.0952,7471,218,06022,816,637Form
    4Byus, TreyChief Expedition OfficerDirectSell522202620.0510,000200,5002,035,676Form
    5Fahey, John M JR DirectSell522202620.262,00040,5202,278,966Form
    6Fahey, John M JR DirectSell515202619.391,00019,3952,278,641Form
    7Fahey, John M JR DirectSell512202619.391,00019,3952,298,036Form
    8Fahey, John M JR DirectSell512202620.043,50070,1352,394,332Form
    9Byus, TreyChief Expedition OfficerDirectSell512202620.2326,460535,4052,256,754Form
    10Fahey, John M JR DirectSell311202617.667,768137,1932,172,093Form
    11Smith,, Jr. Thomas S DirectSell311202617.5756,000983,797799,124Form
    12Lindblad, Sven-Olof DirectSell204202617.38127,3102,213,221187,960,588Form
    13Lindblad, Sven-Olof DirectSell204202617.27233,5054,031,952188,889,442Form
    14Bressler, Benjamin*Founder & CEO of NHADirectSell202202617.0887,4781,494,203400,820Form
    15Lindblad, Sven-Olof DirectSell202202616.6678,2831,304,148186,131,794Form
    16Lindblad, Sven-Olof DirectSell202202616.84105,3561,774,248189,473,510Form
    17Lindblad, Sven-Olof DirectSell129202616.2986,6391,411,713185,043,746Form
    18Lindblad, Sven-Olof DirectSell129202615.9844,002703,187182,869,205Form
    19Lindblad, Sven-Olof DirectSell126202616.0342,903687,838184,165,125Form
    20Lindblad, Sven-Olof DirectSell126202616.0836,066580,064185,440,991Form
    21Lindblad, Sven-Olof DirectSell122202616.0375,3141,207,652186,455,870Form
    22Lindblad, Sven-Olof DirectSell122202615.6780,5201,261,652183,378,892Form
    23Bressler, Benjamin*Founder & CEO of NHADirectSell116202617.017,311124,360399,157Form
    24Bressler, Benjamin*Founder & CEO of NHADirectSell116202617.0894,2591,609,944400,799Form
    25Bressler, Benjamin*Founder & CEO of NHADirectSell112202616.08222,3863,576,456377,385Form
    26Bressler, Benjamin*Founder & CEO of NHADirectSell112202615.0369,4391,043,668352,694Form
    27Bressler, Benjamin*Founder & CEO of NHADirectSell1223202515.0216,123242,167352,459Form

    Investor Activity (13F)

    Updated Oct 3, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    BWCP, LP$15.0 Mil2.3%27New13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    BWCP, LP$15.0 Mil2.3%27New13F
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    BWCP, LP$15.0 Mil2.3%27New13F

    Lindblad Expeditions — Investor Video Playlist

    Products & Services
    National Geographic Venture & National Geographic Quest | Meet the Fleet | Lindblad Expeditions
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    National Geographic-Lindblad Expeditions · 2024-09-04
    Leadership
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    National Geographic-Lindblad Expeditions · 2024-09-02
    Products & Services
    Explore Iguazú Falls | Expedition Spotlight | Lindblad Expeditions
    National Geographic-Lindblad Expeditions · 2024-08-22
    Products & Services
    Cook's Nook: A Zero-Waste Dining Experience | Meet the Fleet | Lindblad Expeditions
    National Geographic-Lindblad Expeditions · 2024-06-13
    Products & Services
    National Geographic Orion Returns to Antarctica | Lindblad Expeditions
    National Geographic-Lindblad Expeditions · 2024-05-28
    Products & Services
    The Lindblad Expeditions-National Geographic Artisan Fund
    National Geographic-Lindblad Expeditions · 2024-05-08
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    Experience the Canadian Maritimes | Expedition Spotlight | Lindblad Expeditions
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    Products & Services
    Adventure Photography in Antarctica | Expedition Spotlight | Lindblad Expeditions
    National Geographic-Lindblad Expeditions · 2024-03-22
    Products & Services
    Introducing Fly the Drake Passage: A New Way to Discover Antarctica | Lindblad Expeditions
    National Geographic-Lindblad Expeditions · 2023-12-19

    Industry Resources

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