NASDAQ : LIND
Lindblad Expeditions Holdings, Inc. — Financial statements
Consumer Discretionary · Travel Services · United States
Last price 37.35 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 2.45B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Lindblad Expeditions Holdings, Inc. (LIND) reported revenue of 830.61M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 830.61M | 771.02M | 644.73M | 569.54M | 421.50M | 147.11M |
| Cost of Revenue | 443.13M | 418.02M | 362.58M | 338.21M | 283.22M | 124.48M |
| Gross Profit | 387.48M | 353.00M | 282.15M | 231.33M | 138.28M | 22.62M |
| Selling, General & Admin | 253.69M | 237.95M | 204.06M | 174.02M | 157.29M | 93.93M |
| Operating Expenses | 322.70M | 300.77M | 256.62M | 220.73M | 201.33M | 133.45M |
| Operating Income | 64.78M | 52.23M | 25.52M | 10.60M | -63.05M | -110.83M |
| Interest Expense | -43.06M | -45.23M | -45.74M | -45.01M | -37.49M | -24.58M |
| Currency Exchange Gain (Loss) | -852.00K | 1.08M | -1.06M | 751.00K | -1.24M | -1.26M |
| Other Non Operating Income (Expenses) | -690.00K | -716.00K | 159.00K | -206.00K | -307.00K | 15.49M |
| EBT Excluding Unusual Items | 20.18M | 7.36M | -21.12M | -33.87M | -102.08M | -121.19M |
| Merger & Restructuring Charges | -2.74M | -2.74M | -3.97M | |||
| Other Unusual Items | -26.37M | -26.37M | -3.86M | |||
| Pretax Income | -8.93M | -21.75M | -25.09M | -37.73M | -102.08M | -121.19M |
| Income Tax Expense | 3.63M | 2.48M | 3.10M | 3.15M | 6.08M | -2.02M |
| Earnings From Continuing Operations | -12.56M | -24.23M | -28.20M | -40.88M | -108.16M | -119.17M |
| Minority Interest in Earnings | -4.71M | -5.50M | -2.98M | -4.73M | -3.22M | -38.00K |
| Net Income | -17.27M | -29.72M | -31.18M | -45.61M | -111.38M | -119.21M |
| Preferred Dividends & Other Adjustments | 3.00M | 4.93M | 4.64M | 4.37M | 4.67M | 5.46M |
| Net Income to Common | -20.27M | -34.65M | -35.82M | -49.98M | -116.05M | -124.67M |
| Shares Outstanding (Basic) | 59.48M | 54.97M | 53.82M | 53.26M | 52.02M | 50.11M |
| Shares Outstanding (Diluted) | 59.48M | 54.97M | 53.82M | 53.26M | 52.02M | 50.11M |
| EPS (Basic) | -0.34 | -0.63 | -0.67 | -0.94 | -2.23 | -2.49 |
| EPS (Diluted) | -0.34 | -0.63 | -0.67 | -0.94 | -2.23 | -2.49 |
| Free Cash Flow | 109.03M | 63.84M | 58.84M | -4.52M | -40.41M | -64.19M |
| Free Cash Flow Per Share | 1.83 | 1.16 | 1.09 | -0.09 | -0.78 | -1.28 |
| Gross Margin | 46.65% | 45.78% | 43.76% | 40.62% | 32.81% | 15.38% |
| Operating Margin | 7.80% | 6.77% | 3.96% | 1.86% | -14.96% | -75.34% |
| Profit Margin | -2.44% | -4.49% | -5.56% | -8.78% | -27.53% | -84.74% |
| Free Cash Flow Margin | 13.13% | 8.28% | 9.13% | -0.79% | -9.59% | -43.64% |
| EBITDA | 133.79M | 115.05M | 78.09M | 57.31M | -19.00M | -71.31M |
| EBITDA Margin | 16.11% | 14.92% | 12.11% | 10.06% | -4.51% | -48.47% |
| D&A For EBITDA | 69.01M | 62.82M | 52.56M | 46.71M | 44.04M | 39.52M |
| EBIT | 64.78M | 52.23M | 25.52M | 10.60M | -63.05M | -110.83M |
| EBIT Margin | 7.80% | 6.77% | 3.96% | 1.86% | -14.96% | -75.34% |
| Advertising Expenses | 51.70M | 39.40M | 33.20M | 31.60M | 19.10M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 318.89M | 256.69M | 183.94M | 156.84M | 87.18M | 150.75M |
| Short-Term Investments | 13.59M | |||||
| Cash & Short-Term Investments | 318.89M | 256.69M | 183.94M | 156.84M | 100.77M | 150.75M |
| Inventory | 10.55M | |||||
| Prepaid Expenses | 47.39M | 37.98M | 28.59M | 26.12M | 53.70M | 10.34M |
| Restricted Cash | 46.02M | 33.04M | 32.20M | 30.50M | 28.85M | 21.94M |
| Other Current Assets | 30.45M | 40.16M | 33.70M | 31.04M | 16.76M | |
| Total Current Assets | 442.74M | 367.88M | 278.43M | 244.50M | 183.32M | 210.34M |
| Property, Plant & Equipment | 502.24M | 522.12M | 518.39M | 526.00M | 539.41M | 546.82M |
| Goodwill | 60.61M | 60.61M | 59.03M | 42.02M | 42.02M | 42.02M |
| Other Intangible Assets | 15.54M | 16.60M | 15.92M | 9.41M | 11.22M | 13.23M |
| Long-Term Deferred Tax Assets | 3.10M | 900.00K | 1.60M | 2.20M | 7.61M | |
| Other Long-Term Assets | 12.89M | 9.65M | 4.23M | 7.76M | 9.81M | 7.47M |
| Total Assets | 1.03B | 979.96M | 876.90M | 831.30M | 787.98M | 827.49M |
| Accounts Payable | 15.04M | 22.23M | 13.86M | 16.15M | 16.60M | 9.69M |
| Accrued Expenses | 68.23M | 76.73M | 58.05M | 48.90M | 54.42M | 39.56M |
| Current Portion of Long-Term Debt | 3.00K | 29.00K | 47.00K | 23.34M | 26.06M | |
| Current Portion of Leases | 1.69M | 1.15M | 1.84M | 1.92M | 1.66M | 1.55M |
| Current Unearned Revenue | 439.86M | 361.48M | 318.67M | 252.20M | 245.10M | 212.60M |
| Total Current Liabilities | 524.83M | 461.59M | 392.45M | 319.22M | 341.12M | 289.46M |
| Long-Term Debt | 663.87M | 662.67M | 625.42M | 621.78M | 529.45M | 518.66M |
| Long-Term Leases | 6.93M | 6.88M | 3.18M | |||
| Long-Term Deferred Tax Liabilities | 854.00K | 2.22M | 3.54M | 2.12M | ||
| Other Long-Term Liabilities | 91.00K | 1.02M | 1.94M | 3.05M | 247.00K | |
| Total Liabilities | 1.20B | 1.13B | 1.02B | 945.06M | 873.62M | 811.55M |
| Common Stock | 7.00K | 6.00K | 6.00K | 5.00K | 5.00K | 5.00K |
| Additional Paid-In Capital | 216.46M | 126.87M | 109.47M | 97.14M | 83.85M | 58.48M |
| Retained Earnings | -412.31M | -411.40M | -362.88M | -322.21M | -266.53M | -136.44M |
| Comprehensive Income & Other | 288.00K | -634.00K | ||||
| Total Common Equity | -195.84M | -284.53M | -253.11M | -225.06M | -182.68M | -78.58M |
| Minority Interest | 33.37M | 47.95M | 29.42M | 37.78M | 27.89M | 10.63M |
| Shareholders' Equity | -162.47M | -153.50M | -145.53M | -113.77M | -85.65M | 15.94M |
| Total Liabilities & Equity | 1.03B | 979.96M | 876.90M | 831.30M | 787.98M | 827.49M |
| Total Debt | 672.50M | 670.70M | 627.30M | 623.75M | 554.45M | 549.45M |
| Net Cash (Debt) | -353.61M | -414.01M | -443.36M | -466.90M | -453.68M | -398.70M |
| Net Cash Per Share | -5.95 | -7.53 | -8.24 | -8.77 | -8.72 | -7.96 |
| Filing Date Shares Outstanding | 65.62M | 65.25M | 54.59M | 53.43M | 53.19M | 50.81M |
| Total Common Shares Outstanding | 65.52M | 55.32M | 54.38M | 53.33M | 53.11M | 50.76M |
| Working Capital | -82.09M | -93.71M | -114.02M | -74.72M | -157.80M | -79.12M |
| Book Value Per Share | -2.99 | -5.14 | -4.65 | -4.22 | -3.44 | -1.55 |
| Tangible Book Value | -271.99M | -361.73M | -328.07M | -276.49M | -235.91M | -133.84M |
| Tangible Book Value Per Share | -4.15 | -6.54 | -6.03 | -5.18 | -4.44 | -2.64 |
| Land | 729.00K | 729.00K | ||||
| Buildings | 2.44M | 2.44M | ||||
| Machinery | 923.37M | 858.78M | 818.68M | 788.71M | 763.91M | |
| Leasehold Improvements | 38.00K | 1.43M | 1.42M | 1.43M | 1.43M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -17.27M | -29.72M | -31.18M | -45.61M | -111.38M | -119.21M |
| Depreciation & Amortization | 71.36M | 64.56M | 53.45M | 47.52M | 44.65M | 39.55M |
| Other Amortization | 9.91M | 10.44M | 3.70M | 7.23M | 11.67M | 3.20M |
| Stock-Based Compensation | 8.02M | 13.46M | 9.83M | 13.89M | 6.99M | 5.56M |
| Other Operating Activities | 4.07M | 3.16M | 6.10M | 6.70M | 9.94M | 470.00K |
| Change in Accounts Payable | 14.04M | 25.48M | 1.75M | -5.21M | 20.53M | 25.29M |
| Change in Unearned Revenue | 54.87M | 39.52M | 52.97M | 7.10M | 32.50M | 83.95M |
| Change in Other Net Operating Assets | -2.49M | -15.30M | -4.27M | -6.17M | -17.11M | -6.31M |
| Operating Cash Flow | 142.50M | 111.58M | 92.36M | 25.44M | -2.20M | 32.49M |
| Capital Expenditures | -33.47M | -47.74M | -33.52M | -29.96M | -38.20M | -96.69M |
| Cash Acquisitions | -3.94M | -19.52M | -10.56M | -18.04M | ||
| Investment in Securities | 15.16M | -15.00M | ||||
| Investing Cash Flow | -37.41M | -67.27M | -44.08M | -14.80M | -49.59M | -114.72M |
| Long-Term Debt Issued | 675.00M | 275.00M | 360.00M | 61.72M | ||
| Long-Term Debt Repaid | -635.04M | -49.00K | -205.70M | -352.94M | -5.96M | |
| Net Debt Issued (Repaid) | 39.98M | 39.96M | -49.00K | 69.30M | 7.06M | 55.76M |
| Issuance of Common Stock | 10.86M | 4.26M | ||||
| Repurchase of Common Stock | -4.68M | -1.47M | -2.97M | -1.13M | -1.06M | -2.22M |
| Other Financing Activities | -33.67M | -13.19M | -16.74M | -7.49M | -10.87M | -3.13M |
| Financing Cash Flow | 12.49M | 29.56M | -19.77M | 60.68M | -4.87M | 50.41M |
| Foreign Exchange Rate Adjustments | -288.00K | 288.00K | ||||
| Net Cash Flow | 117.58M | 73.59M | 28.80M | 71.32M | -56.67M | -31.82M |
| Free Cash Flow | 109.03M | 63.84M | 58.84M | -4.52M | -40.41M | -64.19M |
| Free Cash Flow Margin | 13.13% | 8.28% | 9.13% | -0.79% | -9.59% | -43.64% |
| Free Cash Flow Per Share | 1.83 | 1.16 | 1.09 | -0.09 | -0.78 | -1.28 |
| Levered Free Cash Flow | 141.32M | 98.25M | 87.32M | 13.19M | -6.42M | -32.18M |
| Unlevered Free Cash Flow | 165.43M | 123.19M | 112.21M | 37.96M | 14.34M | -20.02M |
| Cash Interest Paid | 53.07M | 50.77M | 49.42M | 43.70M | 25.82M | 18.26M |
| Cash Income Tax Paid | 4.27M | 3.16M | 319.00K | 711.00K | 309.00K | 98.00K |
| Change in Working Capital | 66.41M | 49.69M | 50.45M | -4.29M | 35.92M | 102.92M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.41B | 797.34M | 644.75M | 601.69M | 409.19M | 783.12M |
| Enterprise Value | 2.76B | 1.33B | 1.18B | 1.16B | 953.52M | 1.28B |
| Last Close Price | 36.66 | 14.42 | 11.86 | 11.27 | 7.70 | 15.60 |
| Forward PE | 125.76 | 113.01 | 22.67 | 22.67 | 22.67 | 22.67 |
| PS Ratio | 2.90 | 1.03 | 1.00 | 1.06 | 0.97 | 5.32 |
| PB Ratio | -5.19 | -4.43 | -5.29 | -4.78 | 49.12 | |
| P/FCF Ratio | 22.06 | 12.49 | 10.96 | |||
| P/OCF Ratio | 16.88 | 7.15 | 6.98 | 23.65 | 24.10 | |
| PEG Ratio | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 | |
| EV/Sales Ratio | 3.32 | 1.72 | 1.83 | 2.04 | 2.26 | 8.68 |
| EV/EBITDA Ratio | 20.62 | 11.55 | 15.15 | 20.32 | ||
| EV/EBIT Ratio | 42.60 | 25.43 | 46.35 | 109.89 | ||
| EV/FCF Ratio | 25.31 | 20.81 | 20.11 | |||
| Debt / Equity Ratio | -4.14 | -4.37 | -4.31 | -5.48 | -6.47 | 34.46 |
| Debt / EBITDA Ratio | 4.90 | 5.68 | 7.77 | 10.39 | ||
| Debt / FCF Ratio | 6.17 | 10.51 | 10.66 | |||
| Net Debt / Equity Ratio | -2.18 | -2.70 | -3.05 | -4.10 | -5.30 | 25.01 |
| Net Debt / EBITDA Ratio | 2.64 | 3.60 | 5.68 | 8.15 | -23.87 | -5.59 |
| Net Debt / FCF Ratio | 3.24 | 6.49 | 7.54 | -103.25 | -11.23 | -6.21 |
| Asset Turnover | 0.84 | 0.83 | 0.76 | 0.70 | 0.52 | 0.19 |
| Inventory Turnover | 13.68 | |||||
| Quick Ratio | 0.61 | 0.56 | 0.47 | 0.49 | 0.29 | 0.52 |
| Current Ratio | 0.84 | 0.80 | 0.71 | 0.77 | 0.54 | 0.73 |
| Return on Equity (ROE) | -167.58% | |||||
| Return on Assets (ROA) | 4.11% | 3.52% | 1.87% | 0.82% | -4.88% | -8.74% |
| Return on Invested Capital (ROIC) | 12.66% | 10.42% | 5.12% | 2.21% | -14.64% | -26.35% |
| Return on Capital Employed (ROCE) | 12.70% | 10.10% | 5.30% | 2.10% | -14.10% | -20.60% |
| Earnings Yield | -0.93% | -3.73% | -4.84% | -7.58% | -27.22% | -15.22% |
| FCF Yield | 4.53% | 8.01% | 9.12% | -0.75% | -9.88% | -8.20% |
| Buyback Yield / Dilution | -9.43% | -2.14% | -1.05% | -2.38% | -3.81% | -0.75% |