Start here if you're new
what it is
Lindblad sells high-end expedition trips to remote places using 12 owned ships and 7 seasonal charter vessels.
how it gets paid
Last year Lindblad Expeditions made -$45M in revenue.
why growth slowed
Revenue fell 1.1% last year. Quarterly EPS in 2024 moved from -$0.10 to -$0.48 to $0.36 to -$0.48.
what just happened
Latest quarter showed -$0.18 EPS on -$35M of revenue, which is still loss-making by any normal standard.
At a glance
C+ balance sheet — struggling to keep the lights on
30/100 earnings predictability — expect surprises
1.2x trailing p/e — the market's not buying it — or you found a deal
-$0.67 fy2024 eps est
$645M fy2024 rev est
xvary composite: 29/100 — weak
What they do
Lindblad sells high-end expedition trips to remote places using 12 owned ships and 7 seasonal charter vessels.
This is not mass-market cruising. You are paying for remote wildlife trips, expert-guided exploration, and a brand built over decades since 1979. The fleet is small at 12 owned ships and 7 seasonal charters, which keeps the product scarce and hard to copy fast.
How they make money
-$45M
annual revenue · revenue declined -1.1% last year
total revenue
-$45M
1.1%
The products that matter
remote-destination voyages
Lindblad expedition cruises
$771.0M revenue · 87% Q4 occupancy
this is the main event. Tour revenue reached $771.0M in 2025, up 20%, and Q4 occupancy hit 87%. If that occupancy rate slips, the leverage story gets harder.
core business
pre- and post-voyage add-ons
Land experiences
$51.4M latest period · +15.4%
land revenue increased by $9.4M, or 15.4%, in the latest reported period. It broadens the spend per traveler, but it is still much smaller than the cruise operation.
add-on revenue
Key numbers
1.2x
trailing p/e
That multiple looks absurdly cheap, but trailing earnings → past profits → so what: it tells you more about messy accounting than clean value.
-100.6%
operating margin
Operating margin → profit after running the business → so what: Lindblad lost more than it sold.
$663M
long-term debt
Debt is 39% of capital, and the company is still projected to lose $0.67 a share in 2024.
2.2
beta
Beta → stock volatility versus the market → so what: this name tends to swing about twice as hard as the index.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $663M (39% of capital)
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for LIND right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Latest quarter showed -$0.18 EPS on -$35M of revenue, which is still loss-making by any normal standard.
Quarterly EPS in 2024 moved from -$0.10 to -$0.48 to $0.36 to -$0.48, ending the year at -$0.67. Quiet part out loud: one good quarter did not fix the business.
-$35M
revenue
-$0.18
eps
-$0.67
fy2024 eps
the number that mattered
The number that mattered was -$0.67 in full-year 2024 EPS, because earnings per share → profit per share → so what: the company still did not earn its way out.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
Your main risk is booking growth slowing before leverage comes down. Lindblad has $663M of long-term debt, and the company still posted a quarterly loss even after revenue climbed 20% in 2025.
high
Debt still sets the temperature
Long-term debt stands at $663M, or 39% of capital. That is a lot of balance-sheet weight for a company valued at roughly $1B.
If growth cools before leverage falls, equity holders feel it first.
high
Occupancy has to hold up
Q4 occupancy reached 87%, and management is guiding to $800M–$850M of revenue in 2026. Those two numbers belong together.
If berths fill at a lower rate, the revenue target gets harder and the loss line gets more attention.
med
Premium pricing is only a moat if travelers keep paying it
The National Geographic tie-up and brand history help, but management does not have infinite pricing power in a niche travel category.
More capacity from rivals or weaker luxury travel demand would pressure the part of the story investors like most.
med
Capital structure changes are not neutral
The planned mandatory conversion of Series A preferred stock may simplify the setup, but it also tells you financing is still an active issue, not an old one.
When a company is still adjusting the capital stack, you should track more than revenue headlines.
$663M of debt against a ~$1B market cap leaves less room for a booking miss than the 20% revenue growth headline suggests.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
2026 revenue guide of $800M–$850M
That is management's next promise. If bookings pace below the low end, the stock loses its cleanest growth argument.
trend
Occupancy after the 87% Q4 print
Filled ships matter more than storytelling. Watch whether occupancy stays near that level as the company pushes for another growth year.
calendar
Series A mandatory conversion
This is a capital-structure event, not background paperwork. It can change how you think about financing risk and the share count story.
risk
Debt progress from $663M
If leverage does not start moving down while revenue moves up, the market will keep treating this as a fragile recovery instead of a durable one.
Analyst rankings
earnings predictability
30 / 100
in human-speak, analysts do not see a steady earnings pattern yet.
price stability
5 / 100
This stock swings. The $7–$21 range in the last 52 weeks already told you that.
risk rank
5
Safer than 5% of stocks means riskier than 95% of them. That is the translation.
source: institutional data
Institutional activity
institutional ownership data for LIND is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$15
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive