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Lindblad Expeditions Holdings, Inc.

Lindblad Expeditions Holdings, Inc.

NASDAQ•LIND
CEO: Mr. Sven-Olof Lindblad
Sector: Consumer Cyclical
Industry: Travel Services
Listing Date: 2013-07-03
Lindblad Expeditions Holdings, Inc. provides marine expedition adventures and travel experience worldwide. It operates through Lindblad and Land Experiences segment. Lindblad segment provides ship-based expeditions aboard customized, nimble, and intimately-scaled vessels, which offers up-close experiences in the planet's wild and remote places, and capitals of culture; and offers expedition ship which is equipped with state-of-the-art tools for in-depth exploration with infrastructure and ports, such as Antarctica and the Arctic, and places that accessed by a ship comprising Galápagos Islands, Alaska, Baja California's Sea of Cortez and Panama, and foster engagement activities. The Land Experiences segment comprises natural habitats, which provides over 100 different expedition itineraries in more than 45 countries across seven continents, with eco-conscious expeditions and nature-focused, and small-group tours including polar bear tours and bear adventure; and DuVine provides intimate group cycling and adventure tours around the world with local cycling experts as guides in local cultural, cuisine, and accommodations. This segment also offers off the beaten path including small group travel, led by local, and experienced guides with focus on wildlife, hiking national parks, and culture; and classical journey, a curated active small-group and private custom journeys centered around cinematic walks led by expert local guides over 50 countries across the world. In addition, it has an alliance with National Geographic Partners, LLC, which provides lecturers and National Geographic experts including photographers, marine biologists, writers, naturalists, field researchers, and film crews; and partnered with World Wildlife Fund to offer conservation travel. Lindblad Expeditions Holdings, Inc. was founded in 1979 and is headquartered in New York, New York.
Contact Information
96 Morton Street, 9th Floor, New York, NY, 10014, United States
212-261-9000
www.expeditions.com
Market Cap
$697.60M
P/E (TTM)
-22.7
31.2
Dividend Yield
--
52W High
$15.06
52W Low
$7.45
52W Range
70%
Rank67Top 91.5%
1.8
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 1.8 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$240.17M+16.59%
4-Quarter Trend

EPS

$0.02-94.51%
4-Quarter Trend

FCF

$11.91M-35.12%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Nine Month Revenue Growth Tour Revenues increased 18% for nine months to $587.8M. Growth driven by 11% increase in guest nights sold and pricing.
Operating Income Surge Nine-month operating income surged 75% to $51.0M compared to $29.1M last year. Reflects strong operational leverage.
Major Debt Refinancing Complete Issued $675.0M in 7.00% senior secured notes in August 2025. Proceeds repaid prior 6.75% and 9.00% notes.
Working Capital Deficit Narrows Working capital deficit narrowed to $74.8M by September 30, 2025. Improved from $114.0M deficit at year-end 2024.

Risk Factors

Q3 Net Income Decline Q3 Net Income fell 82% to $4.6M versus $25.2M last year. Driven by prior period debt extinguishment gain.
Increased Selling Expenses Selling and marketing expenses rose 28% for nine months to $84.7M. Linked to higher royalties and growth marketing spend.
Stock Compensation Rises Stock-based compensation expense increased sharply to $14.5M for nine months. Up from $7.4M in the prior year.
Geopolitical and Fuel Risks Business faces risks from geopolitical factors and volatile fuel prices. These impact consumer confidence and operating costs.

Outlook

Galápagos Acquisition Integration Integrating Torcatt acquisition completed January 2025. Expands Galápagos vessel capacity and guest offerings in core market.
Revolving Credit Facility Amended Revolving Credit Facility commitment increased to $60.0M. Maturity extended to August 2030; no borrowings as of quarter end.
Sufficient Liquidity Expected Management believes current cash and inflows fund operations and debt service. Expect capital expenditures for next 12 months.

Peer Comparison

Revenue (TTM)

American Axle & Manufacturing Holdings, Inc.AXL
$5.83B
-6.0%
Bloomin' Brands, Inc.BLMN
$3.95B
-13.1%
Hovnanian Enterprises, Inc.HOV
$2.98B
-0.9%

Gross Margin (Latest Quarter)

Carriage Services, Inc.CSV
365.9%
+330.7pp
Hovnanian Enterprises, Inc.HOV
96.6%
+75.7pp
Cars.com Inc.CARS
83.4%
+1.0pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
PLOW$770.49M18.415.7%42.5%
CARS$762.92M26.36.1%0.0%
AXL$748.97M18.26.7%51.8%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
17.4%
Strong Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Next earnings:Feb 26, 2026
|
EPS:-$0.32
|
Revenue:-
Reports
All Years
  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 4, 2025|
    Revenue: $240.17M+16.6%
    |
    EPS: $0.02-94.5%
    Miss
  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 4, 2025|
    Revenue: $167.95M+23.0%
    |
    EPS: $-0.18-60.9%
    Beat
  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 6, 2025|
    Revenue: $179.72M+17.0%
    |
    EPS: $-0.00-98.9%
    Beat
  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 28, 2025|
    Revenue: $644.73M+13.2%
    |
    EPS: $-0.67+28.7%
    Miss
  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 5, 2024|
    Revenue: $206.01M+17.1%
    |
    EPS: $0.39+357.7%
    Beat
  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 8, 2024|
    Revenue: $136.50M+9.4%
    |
    EPS: $-0.46+0.0%
    Miss
  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 1, 2024|
    Revenue: $153.61M+7.1%
    |
    EPS: $-0.07-737.6%
    Miss
  • Form 10-K/A - FY 2023

    Period End: Dec 31, 2023|Filed: Mar 21, 2024|
    Revenue: $569.54M+35.1%
    |
    EPS: $-0.94+54.8%
    Miss