Lindblad Expeditions Holdings, Inc. (LIND) 10-Year Financial Performance & Capital Metrics

LIND • • Industrial / General

Consumer CyclicalTravel ServicesSpecialized Travel ExperiencesAdventure & Expedition Travel

AboutLindblad 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.Show more

Revenue $645M +13.2%
EBITDA $75M +29.1%
Net Income -$31M +31.6%
EPS (Diluted) -0.67 +28.7%
Gross Margin 46.69% +7.6%
EBITDA Margin 11.64% +14.1%
Operating Margin 3.34% +79.6%
Net Margin -4.84% +39.6%
ROE -
ROIC 4.97% +130.4%
Debt/Equity -
Interest Coverage 0.47 +100.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 85 (top 15%)
✓Strong 5Y sales CAGR of 13.4%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y12.5%

5Y13.45%

3Y63.65%

TTM18.5%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM6.92%

EPS CAGR

10Y-

5Y-

3Y-

TTM14.75%

ROCE

10Y Avg-1.04%

5Y Avg-8.8%

3Y Avg-2.09%

Latest4.33%

Peer Comparison

Adventure & Expedition Travel

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LINDLindblad Expeditions Holdings, Inc.	924.08M	16.68	-24.90	13.2%	-4.24%		6.37%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	209.99M	242.35M	266.5M	309.73M	343.09M	82.36M	147.11M	421.5M	569.54M	644.73M
Revenue Growth %	0.06%	0.15%	0.1%	0.16%	0.11%	-0.76%	0.79%	1.87%	0.35%	0.13%
Cost of Goods Sold+	95.42M	118.98M	135.53M	153.74M	166.61M	72.93M	124.48M	283.22M	322.38M	343.67M
COGS % of Revenue	0.45%	0.49%	0.51%	0.5%	0.49%	0.89%	0.85%	0.67%	0.57%	0.53%
Gross Profit+	114.57M	123.37M	130.98M	155.99M	176.48M	9.43M	22.62M	138.28M	247.17M	301.05M
Gross Margin %	0.55%	0.51%	0.49%	0.5%	0.51%	0.11%	0.15%	0.33%	0.43%	0.47%
Gross Profit Growth %	0.06%	0.08%	0.06%	0.19%	0.13%	-0.95%	1.4%	5.11%	0.79%	0.22%
Operating Expenses+	85.72M	109.39M	120.23M	130.65M	143.28M	97.82M	133.45M	201.33M	236.57M	279.5M
OpEx % of Revenue	0.41%	0.45%	0.45%	0.42%	0.42%	1.19%	0.91%	0.48%	0.42%	0.43%
Selling, General & Admin	74.08M	90.97M	102.88M	109.89M	117.52M	65.74M	93.93M	157.29M	189.86M	226.94M
SG&A % of Revenue	0.35%	0.38%	0.39%	0.35%	0.34%	0.8%	0.64%	0.37%	0.33%	0.35%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	5.03M	-1.17M	-133K	-165K	25.77M	32.08M	39.52M	44.04M	46.71M	52.56M
Operating Income+	15.5M	13.98M	10.74M	25.34M	33.2M	-88.4M	-110.83M	-63.05M	10.6M	21.55M
Operating Margin %	0.07%	0.06%	0.04%	0.08%	0.1%	-1.07%	-0.75%	-0.15%	0.02%	0.03%
Operating Income Growth %	15.73%	-0.1%	-0.23%	1.36%	0.31%	-3.66%	-0.25%	0.43%	1.17%	1.03%
EBITDA+	27.15M	32.4M	28.09M	46.11M	59.23M	-56.31M	-71.31M	-18.4M	58.11M	75.05M
EBITDA Margin %	0.13%	0.13%	0.11%	0.15%	0.17%	-0.68%	-0.48%	-0.04%	0.1%	0.12%
EBITDA Growth %	28.97%	0.19%	-0.13%	0.64%	0.28%	-1.95%	-0.27%	0.74%	4.16%	0.29%
D&A (Non-Cash Add-back)	11.64M	18.42M	17.35M	20.77M	26.03M	32.08M	39.52M	44.65M	47.51M	53.49M
EBIT	27.99M	12.01M	12.21M	25.34M	33.23M	-93.25M	-96.61M	-64.59M	7.28M	20.65M
Net Interest Income+	-10.9M	-10.15M	-9.74M	-10.83M	-12.29M	-16.69M	-24.58M	-37.49M	-45.01M	-45.74M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	10.9M	10.15M	9.74M	10.83M	12.29M	16.69M	24.58M	37.49M	45.01M	45.74M
Other Income/Expense	1.59M	-12.12M	-8.27M	-13.17M	-12.26M	-21.55M	-10.36M	-39.04M	-48.33M	-46.64M
Pretax Income+	17.09M	1.86M	2.47M	12.17M	20.94M	-109.94M	-121.19M	-102.08M	-37.73M	-25.09M
Pretax Margin %	0.08%	0.01%	0.01%	0.04%	0.06%	-1.33%	-0.82%	-0.24%	-0.07%	-0.04%
Income Tax+	-2.65M	-3.2M	10M	616K	2.19M	-9.8M	-2.02M	6.08M	3.15M	3.1M
Effective Tax Rate %	1.15%	2.62%	-3.5%	0.93%	0.78%	0.9%	0.98%	1.09%	1.21%	1.24%
Net Income+	19.74M	4.86M	-8.66M	11.35M	16.35M	-98.74M	-119.21M	-111.38M	-45.61M	-31.18M
Net Margin %	0.09%	0.02%	-0.03%	0.04%	0.05%	-1.2%	-0.81%	-0.26%	-0.08%	-0.05%
Net Income Growth %	20.5%	-0.75%	-2.78%	2.31%	0.44%	-7.04%	-0.21%	0.07%	0.59%	0.32%
Net Income (Continuing)	19.74M	5.06M	-7.53M	11.55M	18.75M	-100.14M	-119.17M	-108.16M	-40.88M	-28.2M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	5.17M	6.3M	6.5M	16.11M	7.49M	10.63M	27.89M	37.78M	29.42M
EPS (Diluted)+	0.43	0.10	-0.19	0.24	0.28	-2.01	-2.41	-2.23	-0.94	-0.67
EPS Growth %	3.69%	-0.77%	-2.9%	2.26%	0.17%	-8.18%	-0.2%	0.07%	0.58%	0.29%
EPS (Basic)	0.44	0.11	-0.19	0.25	0.29	-2.01	-2.41	-2.23	-0.94	-0.67
Diluted Shares Outstanding	45.58M	46.46M	44.58M	46.34M	49.43M	49.74M	50.11M	52.02M	53.26M	53.82M
Basic Shares Outstanding	44.92M	45.65M	44.58M	45.38M	47.44M	49.74M	50.11M	52.02M	53.26M	53.82M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	234.34M	171.02M	131.69M	150.18M	146.64M	229.17M	210.34M	183.32M	244.5M	278.43M
Cash & Short-Term Investments	206.9M	135.42M	96.44M	113.4M	101.58M	187.53M	150.75M	100.77M	156.84M	183.94M
Cash Only	206.9M	135.42M	96.44M	113.4M	101.58M	187.53M	150.75M	87.18M	156.84M	183.94M
Short-Term Investments	0	0	0	0	0	0	0	13.59M	0	0
Accounts Receivable	0	0	0	0	0	0	0	0	0	0
Days Sales Outstanding	-	-	-	-	-	-	-	-	-	-
Inventory	6.71M	5.81M	6.84M	6.77M	8.33M	7.64M	10.55M	11.93M	5.44M	0
Days Inventory Outstanding	25.69	17.81	18.42	16.07	18.24	38.24	30.94	15.37	6.16	-
Other Current Assets	9.4M	9.84M	7.87M	8.78M	7.68M	16.98M	38.7M	50.02M	56.1M	65.91M
Total Non-Current Assets+	147.27M	236.68M	292.66M	323.23M	402.02M	528.28M	617.15M	604.66M	586.79M	598.47M
Property, Plant & Equipment	125.47M	186.24M	250.95M	285.98M	363.89M	487.75M	546.82M	539.41M	526M	518.39M
Fixed Asset Turnover	1.67x	1.30x	1.06x	1.08x	0.94x	0.17x	0.27x	0.78x	1.08x	1.24x
Goodwill	0	22.11M	22.11M	22.11M	22.11M	22.11M	42.02M	42.02M	42.02M	59.03M
Intangible Assets	6.23M	11.13M	9.55M	7.97M	6.4M	4.82M	13.23M	11.22M	9.41M	15.92M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	12.36M	13.09M	10.05M	7.17M	9.4M	8.06M	7.47M	9.85M	9.36M	5.13M
Total Assets+	381.61M	407.7M	424.35M	473.41M	548.66M	757.45M	827.49M	787.98M	831.3M	876.9M
Asset Turnover	0.55x	0.59x	0.63x	0.65x	0.63x	0.11x	0.18x	0.53x	0.69x	0.74x
Asset Growth %	0.91%	0.07%	0.04%	0.12%	0.16%	0.38%	0.09%	-0.05%	0.05%	0.05%
Total Current Liabilities+	104.32M	123.91M	144.41M	159.43M	182.92M	155.81M	289.46M	341.12M	319.22M	392.45M
Accounts Payable	4.76M	7.57M	7.79M	9.33M	14.63M	5.29M	9.69M	16.6M	16.15M	13.86M
Days Payables Outstanding	18.21	23.23	20.98	22.14	32.06	26.45	28.42	21.39	18.29	14.72
Short-Term Debt	1.75M	1.75M	1.75M	2M	4.53M	11.26M	26.06M	23.34M	47K	29K
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	11.62M	14.79M	14.49M	15.9M	10.33M	8.47M	0	0	0	0
Current Ratio	2.25x	1.38x	0.91x	0.94x	0.80x	1.47x	0.73x	0.54x	0.77x	0.71x
Quick Ratio	2.18x	1.33x	0.86x	0.90x	0.76x	1.42x	0.69x	0.50x	0.75x	0.71x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	163.37M	164.81M	167.31M	191.43M	226.38M	475.36M	522.08M	532.5M	625.84M	629.99M
Long-Term Debt	162.69M	164.13M	164.19M	188.09M	213.54M	471.36M	518.66M	529.45M	621.78M	625.42M
Capital Lease Obligations	0	0	0	0	5.03M	3.92M	3.18M	2.96M	0	0
Deferred Tax Liabilities	0	0	2.44M	2.79M	4.49M	0	0	0	2.12M	3.54M
Other Non-Current Liabilities	677K	681K	684K	554K	3.32M	90K	247K	88K	1.94M	1.02M
Total Liabilities	267.69M	288.72M	311.72M	350.86M	409.3M	631.17M	811.55M	873.62M	945.06M	1.02B
Total Debt+	164.44M	165.88M	165.94M	190.09M	224.43M	488M	549.45M	557.41M	623.75M	627.3M
Net Debt	-42.46M	30.46M	69.49M	76.69M	122.85M	300.47M	398.7M	470.24M	466.9M	443.36M
Debt / Equity	1.44x	1.39x	1.47x	1.55x	1.61x	3.86x	34.46x	-	-	-
Debt / EBITDA	6.06x	5.12x	5.91x	4.12x	3.79x	-	-	-	10.73x	8.36x
Net Debt / EBITDA	-1.56x	0.94x	2.47x	1.66x	2.07x	-	-	-	8.03x	5.91x
Interest Coverage	1.42x	1.38x	1.10x	2.34x	2.70x	-5.30x	-4.51x	-1.68x	0.24x	0.47x
Total Equity+	113.92M	118.98M	112.62M	122.55M	139.36M	126.28M	15.94M	-85.65M	-113.77M	-145.53M
Equity Growth %	-0.43%	0.04%	-0.05%	0.09%	0.14%	-0.09%	-0.87%	-6.37%	-0.33%	-0.28%
Book Value per Share	2.50	2.56	2.53	2.64	2.82	2.54	0.32	-1.65	-2.14	-2.70
Total Shareholders' Equity	113.92M	113.81M	106.32M	116.04M	123.25M	118.78M	5.32M	-113.53M	-151.55M	-174.96M
Common Stock	5K	5K	5K	5K	5K	5K	5K	5K	5K	6K
Retained Earnings	65.84M	70.71M	63.82M	75.17M	81.66M	-11.57M	-136.44M	-266.53M	-322.21M	-362.88M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	-671K	-4.68M	-1.6M	-634K	0	0	288K
Minority Interest	0	5.17M	6.3M	6.5M	16.11M	7.49M	10.63M	27.89M	37.78M	29.42M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	40.3M	31.43M	52.92M	56.36M	62.58M	-92.26M	32.49M	-2.2M	25.44M	92.36M
Operating CF Margin %	0.19%	0.13%	0.2%	0.18%	0.18%	-1.12%	0.22%	-0.01%	0.04%	0.14%
Operating CF Growth %	53.7%	-0.22%	0.68%	0.06%	0.11%	-2.47%	1.35%	-1.07%	12.55%	2.63%
Net Income	19.74M	5.06M	-7.53M	11.55M	18.75M	-98.74M	-119.17M	-111.38M	-45.61M	-28.2M
Depreciation & Amortization	11.64M	18.42M	17.35M	20.77M	26.03M	34.96M	39.52M	56.32M	54.75M	53.45M
Stock-Based Compensation	4.91M	5.41M	10.63M	4.41M	3.57M	2.39M	5.56M	6.99M	13.89M	9.83M
Deferred Taxes	-3.41M	-3.33M	8.34M	343K	1.49M	0	-833K	0	0	2.05M
Other Non-Cash Items	-2.49M	5.59M	3.99M	7.48M	4.69M	-45.51M	4.49M	62.97M	8.59M	4.76M
Working Capital Changes	9.9M	273K	20.14M	11.81M	8.06M	14.65M	102.92M	-17.11M	-6.17M	50.45M
Change in Receivables	-870K	-3.01M	-1.49M	-1.54M	0	0	0	0	0	0
Change in Inventory	-163K	1.07M	-1.04M	70K	-1.56M	685K	-2.91M	0	0	0
Change in Payables	7.21M	1.96M	1.96M	2.15M	0	0	0	0	0	1.75M
Cash from Investing+	-81.51M	-86.43M	-78.53M	-54.34M	-100.08M	-155.48M	-114.72M	-49.59M	-14.8M	-44.08M
Capital Expenditures	-14.8M	-75.93M	-80.48M	-54.34M	-96M	-155.48M	-96.69M	-38.2M	-29.96M	-33.52M
CapEx % of Revenue	0.07%	0.31%	0.3%	0.18%	0.28%	1.89%	0.66%	0.09%	0.05%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.38M	-555K	11.9M	0	-4.08M	0	0	-11.39M	15.16M	0
Cash from Financing+	208.52M	-16.35M	-13.39M	16.52M	24.61M	342.99M	50.41M	-4.87M	60.68M	-19.77M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	-4.64M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	85.76M	-11.91M	-5.45M	-11.85M	-3.87M	77.9M	-5.36M	-10.87M	-7.49M	-12.1M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	25.5M	-44.51M	-27.57M	2.01M	-33.42M	-247.74M	-64.19M	-40.41M	-4.52M	58.84M
FCF Margin %	0.12%	-0.18%	-0.1%	0.01%	-0.1%	-3.01%	-0.44%	-0.1%	-0.01%	0.09%
FCF Growth %	4.81%	-2.75%	0.38%	1.07%	-17.61%	-6.41%	0.74%	0.37%	0.89%	14.01%
FCF per Share	0.56	-0.96	-0.62	0.04	-0.68	-4.98	-1.28	-0.78	-0.08	1.09
FCF Conversion (FCF/Net Income)	2.04x	6.46x	-6.11x	4.96x	3.83x	0.93x	-0.27x	0.02x	-0.56x	-2.96x
Interest Paid	7M	9.9M	10.48M	13.39M	14.33M	16.32M	18.26M	25.82M	43.7M	49.42M
Taxes Paid	379K	998K	965K	522K	1.17M	0	98K	0	0	319K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	12.61%	4.18%	-7.48%	9.65%	12.49%	-74.34%	-167.63%	-	-	-
Return on Invested Capital (ROIC)	7.1%	9.49%	4.86%	9.97%	10.79%	-19.25%	-19.76%	-11.83%	2.16%	4.97%
Gross Margin	54.56%	50.91%	49.15%	50.36%	51.44%	11.44%	15.38%	32.81%	43.4%	46.69%
Net Margin	9.4%	2.01%	-3.25%	3.67%	4.77%	-119.89%	-81.03%	-26.42%	-8.01%	-4.84%
Debt / Equity	1.44x	1.39x	1.47x	1.55x	1.61x	3.86x	34.46x	-	-	-
Interest Coverage	1.42x	1.38x	1.10x	2.34x	2.70x	-5.30x	-4.51x	-1.68x	0.24x	0.47x
FCF Conversion	2.04x	6.46x	-6.11x	4.96x	3.83x	0.93x	-0.27x	0.02x	-0.56x	-2.96x
Revenue Growth	5.81%	15.41%	9.97%	16.22%	10.77%	-76%	78.62%	186.53%	35.12%	13.2%

Revenue by Segment

	2016	2017	2020	2021	2022	2023	2024
Lindblad	-	-	69.62M	82.84M	278.45M	397.41M	423.31M
Lindblad Growth	-	-	-	18.99%	236.12%	42.72%	6.52%
Land-experience	-	-	-	64.27M	143.05M	172.13M	221.42M
Land-experience Growth	-	-	-	-	122.60%	20.33%	28.63%
Natural Habitat	-	-	12.74M	-	-	-	-
Natural Habitat Growth	-	-	-	-	-	-	-
Lindblad	207.84M	216.81M	-	-	-	-	-
Lindblad Growth	-	4.32%	-	-	-	-	-
Natural Habitat	34.51M	49.69M	-	-	-	-	-
Natural Habitat Growth	-	43.98%	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Lindblad Expeditions Holdings, Inc. (LIND) reported $736.4M in revenue for fiscal year 2024.

Lindblad Expeditions Holdings, Inc. (LIND) grew revenue by 13.2% over the past year. This is steady growth.

Lindblad Expeditions Holdings, Inc. (LIND) reported a net loss of $31.2M for fiscal year 2024.

Dividend & Returns

Yes, Lindblad Expeditions Holdings, Inc. (LIND) pays a dividend with a yield of 0.52%. This makes it attractive for income-focused investors.

Lindblad Expeditions Holdings, Inc. (LIND) generated $52.2M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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Lindblad Expeditions Holdings, Inc. (LIND) 10-Year Financial Performance & Capital Metrics

LIND • • Industrial / General

Consumer CyclicalTravel ServicesSpecialized Travel ExperiencesAdventure & Expedition Travel

Revenue $645M +13.2%
EBITDA $75M +29.1%
Net Income -$31M +31.6%
EPS (Diluted) -0.67 +28.7%
Gross Margin 46.69% +7.6%
EBITDA Margin 11.64% +14.1%
Operating Margin 3.34% +79.6%
Net Margin -4.84% +39.6%
ROE -
ROIC 4.97% +130.4%
Debt/Equity -
Interest Coverage 0.47 +100.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 85 (top 15%)
✓Strong 5Y sales CAGR of 13.4%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y12.5%

5Y13.45%

3Y63.65%

TTM18.5%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM6.92%

EPS CAGR

10Y-

5Y-

3Y-

TTM14.75%

ROCE

10Y Avg-1.04%

5Y Avg-8.8%

3Y Avg-2.09%

Latest4.33%

Peer Comparison

Adventure & Expedition Travel

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LINDLindblad Expeditions Holdings, Inc.	924.08M	16.68	-24.90	13.2%	-4.24%		6.37%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	209.99M	242.35M	266.5M	309.73M	343.09M	82.36M	147.11M	421.5M	569.54M	644.73M
Revenue Growth %	0.06%	0.15%	0.1%	0.16%	0.11%	-0.76%	0.79%	1.87%	0.35%	0.13%
Cost of Goods Sold+	95.42M	118.98M	135.53M	153.74M	166.61M	72.93M	124.48M	283.22M	322.38M	343.67M
COGS % of Revenue	0.45%	0.49%	0.51%	0.5%	0.49%	0.89%	0.85%	0.67%	0.57%	0.53%
Gross Profit+	114.57M	123.37M	130.98M	155.99M	176.48M	9.43M	22.62M	138.28M	247.17M	301.05M
Gross Margin %	0.55%	0.51%	0.49%	0.5%	0.51%	0.11%	0.15%	0.33%	0.43%	0.47%
Gross Profit Growth %	0.06%	0.08%	0.06%	0.19%	0.13%	-0.95%	1.4%	5.11%	0.79%	0.22%
Operating Expenses+	85.72M	109.39M	120.23M	130.65M	143.28M	97.82M	133.45M	201.33M	236.57M	279.5M
OpEx % of Revenue	0.41%	0.45%	0.45%	0.42%	0.42%	1.19%	0.91%	0.48%	0.42%	0.43%
Selling, General & Admin	74.08M	90.97M	102.88M	109.89M	117.52M	65.74M	93.93M	157.29M	189.86M	226.94M
SG&A % of Revenue	0.35%	0.38%	0.39%	0.35%	0.34%	0.8%	0.64%	0.37%	0.33%	0.35%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	5.03M	-1.17M	-133K	-165K	25.77M	32.08M	39.52M	44.04M	46.71M	52.56M
Operating Income+	15.5M	13.98M	10.74M	25.34M	33.2M	-88.4M	-110.83M	-63.05M	10.6M	21.55M
Operating Margin %	0.07%	0.06%	0.04%	0.08%	0.1%	-1.07%	-0.75%	-0.15%	0.02%	0.03%
Operating Income Growth %	15.73%	-0.1%	-0.23%	1.36%	0.31%	-3.66%	-0.25%	0.43%	1.17%	1.03%
EBITDA+	27.15M	32.4M	28.09M	46.11M	59.23M	-56.31M	-71.31M	-18.4M	58.11M	75.05M
EBITDA Margin %	0.13%	0.13%	0.11%	0.15%	0.17%	-0.68%	-0.48%	-0.04%	0.1%	0.12%
EBITDA Growth %	28.97%	0.19%	-0.13%	0.64%	0.28%	-1.95%	-0.27%	0.74%	4.16%	0.29%
D&A (Non-Cash Add-back)	11.64M	18.42M	17.35M	20.77M	26.03M	32.08M	39.52M	44.65M	47.51M	53.49M
EBIT	27.99M	12.01M	12.21M	25.34M	33.23M	-93.25M	-96.61M	-64.59M	7.28M	20.65M
Net Interest Income+	-10.9M	-10.15M	-9.74M	-10.83M	-12.29M	-16.69M	-24.58M	-37.49M	-45.01M	-45.74M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	10.9M	10.15M	9.74M	10.83M	12.29M	16.69M	24.58M	37.49M	45.01M	45.74M
Other Income/Expense	1.59M	-12.12M	-8.27M	-13.17M	-12.26M	-21.55M	-10.36M	-39.04M	-48.33M	-46.64M
Pretax Income+	17.09M	1.86M	2.47M	12.17M	20.94M	-109.94M	-121.19M	-102.08M	-37.73M	-25.09M
Pretax Margin %	0.08%	0.01%	0.01%	0.04%	0.06%	-1.33%	-0.82%	-0.24%	-0.07%	-0.04%
Income Tax+	-2.65M	-3.2M	10M	616K	2.19M	-9.8M	-2.02M	6.08M	3.15M	3.1M
Effective Tax Rate %	1.15%	2.62%	-3.5%	0.93%	0.78%	0.9%	0.98%	1.09%	1.21%	1.24%
Net Income+	19.74M	4.86M	-8.66M	11.35M	16.35M	-98.74M	-119.21M	-111.38M	-45.61M	-31.18M
Net Margin %	0.09%	0.02%	-0.03%	0.04%	0.05%	-1.2%	-0.81%	-0.26%	-0.08%	-0.05%
Net Income Growth %	20.5%	-0.75%	-2.78%	2.31%	0.44%	-7.04%	-0.21%	0.07%	0.59%	0.32%
Net Income (Continuing)	19.74M	5.06M	-7.53M	11.55M	18.75M	-100.14M	-119.17M	-108.16M	-40.88M	-28.2M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	5.17M	6.3M	6.5M	16.11M	7.49M	10.63M	27.89M	37.78M	29.42M
EPS (Diluted)+	0.43	0.10	-0.19	0.24	0.28	-2.01	-2.41	-2.23	-0.94	-0.67
EPS Growth %	3.69%	-0.77%	-2.9%	2.26%	0.17%	-8.18%	-0.2%	0.07%	0.58%	0.29%
EPS (Basic)	0.44	0.11	-0.19	0.25	0.29	-2.01	-2.41	-2.23	-0.94	-0.67
Diluted Shares Outstanding	45.58M	46.46M	44.58M	46.34M	49.43M	49.74M	50.11M	52.02M	53.26M	53.82M
Basic Shares Outstanding	44.92M	45.65M	44.58M	45.38M	47.44M	49.74M	50.11M	52.02M	53.26M	53.82M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	234.34M	171.02M	131.69M	150.18M	146.64M	229.17M	210.34M	183.32M	244.5M	278.43M
Cash & Short-Term Investments	206.9M	135.42M	96.44M	113.4M	101.58M	187.53M	150.75M	100.77M	156.84M	183.94M
Cash Only	206.9M	135.42M	96.44M	113.4M	101.58M	187.53M	150.75M	87.18M	156.84M	183.94M
Short-Term Investments	0	0	0	0	0	0	0	13.59M	0	0
Accounts Receivable	0	0	0	0	0	0	0	0	0	0
Days Sales Outstanding	-	-	-	-	-	-	-	-	-	-
Inventory	6.71M	5.81M	6.84M	6.77M	8.33M	7.64M	10.55M	11.93M	5.44M	0
Days Inventory Outstanding	25.69	17.81	18.42	16.07	18.24	38.24	30.94	15.37	6.16	-
Other Current Assets	9.4M	9.84M	7.87M	8.78M	7.68M	16.98M	38.7M	50.02M	56.1M	65.91M
Total Non-Current Assets+	147.27M	236.68M	292.66M	323.23M	402.02M	528.28M	617.15M	604.66M	586.79M	598.47M
Property, Plant & Equipment	125.47M	186.24M	250.95M	285.98M	363.89M	487.75M	546.82M	539.41M	526M	518.39M
Fixed Asset Turnover	1.67x	1.30x	1.06x	1.08x	0.94x	0.17x	0.27x	0.78x	1.08x	1.24x
Goodwill	0	22.11M	22.11M	22.11M	22.11M	22.11M	42.02M	42.02M	42.02M	59.03M
Intangible Assets	6.23M	11.13M	9.55M	7.97M	6.4M	4.82M	13.23M	11.22M	9.41M	15.92M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	12.36M	13.09M	10.05M	7.17M	9.4M	8.06M	7.47M	9.85M	9.36M	5.13M
Total Assets+	381.61M	407.7M	424.35M	473.41M	548.66M	757.45M	827.49M	787.98M	831.3M	876.9M
Asset Turnover	0.55x	0.59x	0.63x	0.65x	0.63x	0.11x	0.18x	0.53x	0.69x	0.74x
Asset Growth %	0.91%	0.07%	0.04%	0.12%	0.16%	0.38%	0.09%	-0.05%	0.05%	0.05%
Total Current Liabilities+	104.32M	123.91M	144.41M	159.43M	182.92M	155.81M	289.46M	341.12M	319.22M	392.45M
Accounts Payable	4.76M	7.57M	7.79M	9.33M	14.63M	5.29M	9.69M	16.6M	16.15M	13.86M
Days Payables Outstanding	18.21	23.23	20.98	22.14	32.06	26.45	28.42	21.39	18.29	14.72
Short-Term Debt	1.75M	1.75M	1.75M	2M	4.53M	11.26M	26.06M	23.34M	47K	29K
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	11.62M	14.79M	14.49M	15.9M	10.33M	8.47M	0	0	0	0
Current Ratio	2.25x	1.38x	0.91x	0.94x	0.80x	1.47x	0.73x	0.54x	0.77x	0.71x
Quick Ratio	2.18x	1.33x	0.86x	0.90x	0.76x	1.42x	0.69x	0.50x	0.75x	0.71x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	163.37M	164.81M	167.31M	191.43M	226.38M	475.36M	522.08M	532.5M	625.84M	629.99M
Long-Term Debt	162.69M	164.13M	164.19M	188.09M	213.54M	471.36M	518.66M	529.45M	621.78M	625.42M
Capital Lease Obligations	0	0	0	0	5.03M	3.92M	3.18M	2.96M	0	0
Deferred Tax Liabilities	0	0	2.44M	2.79M	4.49M	0	0	0	2.12M	3.54M
Other Non-Current Liabilities	677K	681K	684K	554K	3.32M	90K	247K	88K	1.94M	1.02M
Total Liabilities	267.69M	288.72M	311.72M	350.86M	409.3M	631.17M	811.55M	873.62M	945.06M	1.02B
Total Debt+	164.44M	165.88M	165.94M	190.09M	224.43M	488M	549.45M	557.41M	623.75M	627.3M
Net Debt	-42.46M	30.46M	69.49M	76.69M	122.85M	300.47M	398.7M	470.24M	466.9M	443.36M
Debt / Equity	1.44x	1.39x	1.47x	1.55x	1.61x	3.86x	34.46x	-	-	-
Debt / EBITDA	6.06x	5.12x	5.91x	4.12x	3.79x	-	-	-	10.73x	8.36x
Net Debt / EBITDA	-1.56x	0.94x	2.47x	1.66x	2.07x	-	-	-	8.03x	5.91x
Interest Coverage	1.42x	1.38x	1.10x	2.34x	2.70x	-5.30x	-4.51x	-1.68x	0.24x	0.47x
Total Equity+	113.92M	118.98M	112.62M	122.55M	139.36M	126.28M	15.94M	-85.65M	-113.77M	-145.53M
Equity Growth %	-0.43%	0.04%	-0.05%	0.09%	0.14%	-0.09%	-0.87%	-6.37%	-0.33%	-0.28%
Book Value per Share	2.50	2.56	2.53	2.64	2.82	2.54	0.32	-1.65	-2.14	-2.70
Total Shareholders' Equity	113.92M	113.81M	106.32M	116.04M	123.25M	118.78M	5.32M	-113.53M	-151.55M	-174.96M
Common Stock	5K	5K	5K	5K	5K	5K	5K	5K	5K	6K
Retained Earnings	65.84M	70.71M	63.82M	75.17M	81.66M	-11.57M	-136.44M	-266.53M	-322.21M	-362.88M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	-671K	-4.68M	-1.6M	-634K	0	0	288K
Minority Interest	0	5.17M	6.3M	6.5M	16.11M	7.49M	10.63M	27.89M	37.78M	29.42M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	40.3M	31.43M	52.92M	56.36M	62.58M	-92.26M	32.49M	-2.2M	25.44M	92.36M
Operating CF Margin %	0.19%	0.13%	0.2%	0.18%	0.18%	-1.12%	0.22%	-0.01%	0.04%	0.14%
Operating CF Growth %	53.7%	-0.22%	0.68%	0.06%	0.11%	-2.47%	1.35%	-1.07%	12.55%	2.63%
Net Income	19.74M	5.06M	-7.53M	11.55M	18.75M	-98.74M	-119.17M	-111.38M	-45.61M	-28.2M
Depreciation & Amortization	11.64M	18.42M	17.35M	20.77M	26.03M	34.96M	39.52M	56.32M	54.75M	53.45M
Stock-Based Compensation	4.91M	5.41M	10.63M	4.41M	3.57M	2.39M	5.56M	6.99M	13.89M	9.83M
Deferred Taxes	-3.41M	-3.33M	8.34M	343K	1.49M	0	-833K	0	0	2.05M
Other Non-Cash Items	-2.49M	5.59M	3.99M	7.48M	4.69M	-45.51M	4.49M	62.97M	8.59M	4.76M
Working Capital Changes	9.9M	273K	20.14M	11.81M	8.06M	14.65M	102.92M	-17.11M	-6.17M	50.45M
Change in Receivables	-870K	-3.01M	-1.49M	-1.54M	0	0	0	0	0	0
Change in Inventory	-163K	1.07M	-1.04M	70K	-1.56M	685K	-2.91M	0	0	0
Change in Payables	7.21M	1.96M	1.96M	2.15M	0	0	0	0	0	1.75M
Cash from Investing+	-81.51M	-86.43M	-78.53M	-54.34M	-100.08M	-155.48M	-114.72M	-49.59M	-14.8M	-44.08M
Capital Expenditures	-14.8M	-75.93M	-80.48M	-54.34M	-96M	-155.48M	-96.69M	-38.2M	-29.96M	-33.52M
CapEx % of Revenue	0.07%	0.31%	0.3%	0.18%	0.28%	1.89%	0.66%	0.09%	0.05%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.38M	-555K	11.9M	0	-4.08M	0	0	-11.39M	15.16M	0
Cash from Financing+	208.52M	-16.35M	-13.39M	16.52M	24.61M	342.99M	50.41M	-4.87M	60.68M	-19.77M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	-4.64M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	85.76M	-11.91M	-5.45M	-11.85M	-3.87M	77.9M	-5.36M	-10.87M	-7.49M	-12.1M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	25.5M	-44.51M	-27.57M	2.01M	-33.42M	-247.74M	-64.19M	-40.41M	-4.52M	58.84M
FCF Margin %	0.12%	-0.18%	-0.1%	0.01%	-0.1%	-3.01%	-0.44%	-0.1%	-0.01%	0.09%
FCF Growth %	4.81%	-2.75%	0.38%	1.07%	-17.61%	-6.41%	0.74%	0.37%	0.89%	14.01%
FCF per Share	0.56	-0.96	-0.62	0.04	-0.68	-4.98	-1.28	-0.78	-0.08	1.09
FCF Conversion (FCF/Net Income)	2.04x	6.46x	-6.11x	4.96x	3.83x	0.93x	-0.27x	0.02x	-0.56x	-2.96x
Interest Paid	7M	9.9M	10.48M	13.39M	14.33M	16.32M	18.26M	25.82M	43.7M	49.42M
Taxes Paid	379K	998K	965K	522K	1.17M	0	98K	0	0	319K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	12.61%	4.18%	-7.48%	9.65%	12.49%	-74.34%	-167.63%	-	-	-
Return on Invested Capital (ROIC)	7.1%	9.49%	4.86%	9.97%	10.79%	-19.25%	-19.76%	-11.83%	2.16%	4.97%
Gross Margin	54.56%	50.91%	49.15%	50.36%	51.44%	11.44%	15.38%	32.81%	43.4%	46.69%
Net Margin	9.4%	2.01%	-3.25%	3.67%	4.77%	-119.89%	-81.03%	-26.42%	-8.01%	-4.84%
Debt / Equity	1.44x	1.39x	1.47x	1.55x	1.61x	3.86x	34.46x	-	-	-
Interest Coverage	1.42x	1.38x	1.10x	2.34x	2.70x	-5.30x	-4.51x	-1.68x	0.24x	0.47x
FCF Conversion	2.04x	6.46x	-6.11x	4.96x	3.83x	0.93x	-0.27x	0.02x	-0.56x	-2.96x
Revenue Growth	5.81%	15.41%	9.97%	16.22%	10.77%	-76%	78.62%	186.53%	35.12%	13.2%

Revenue by Segment

	2016	2017	2020	2021	2022	2023	2024
Lindblad	-	-	69.62M	82.84M	278.45M	397.41M	423.31M
Lindblad Growth	-	-	-	18.99%	236.12%	42.72%	6.52%
Land-experience	-	-	-	64.27M	143.05M	172.13M	221.42M
Land-experience Growth	-	-	-	-	122.60%	20.33%	28.63%
Natural Habitat	-	-	12.74M	-	-	-	-
Natural Habitat Growth	-	-	-	-	-	-	-
Lindblad	207.84M	216.81M	-	-	-	-	-
Lindblad Growth	-	4.32%	-	-	-	-	-
Natural Habitat	34.51M	49.69M	-	-	-	-	-
Natural Habitat Growth	-	43.98%	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Lindblad Expeditions Holdings, Inc. (LIND) reported $736.4M in revenue for fiscal year 2024.

Lindblad Expeditions Holdings, Inc. (LIND) grew revenue by 13.2% over the past year. This is steady growth.

Lindblad Expeditions Holdings, Inc. (LIND) reported a net loss of $31.2M for fiscal year 2024.

Dividend & Returns

Yes, Lindblad Expeditions Holdings, Inc. (LIND) pays a dividend with a yield of 0.52%. This makes it attractive for income-focused investors.

Lindblad Expeditions Holdings, Inc. (LIND) generated $52.2M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.