The company's financial position appears strained, evidenced by a persistent negative equity balance of -$190.1M and a substantial total debt load of $664.7M as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Total Current Assets | 384.75M | 367.88M | 278.43M | 244.5M | 183.32M | 210.34M | 229.17M | 146.64M | 150.18M | 131.69M | 171.02M | 234.34M | 129.72K | 414.08K | 2.58K | 34.84K |
| Cash & Short-Term Investments | 321.08M | 256.69M | 183.94M | 156.84M | 100.77M | 150.75M | 187.53M | 101.58M | 113.4M | 96.44M | 135.42M | 206.9M | 38.63K | 322.27K | 2.58K | 33.59K |
| Cash Only | 321.08M | 256.69M | 183.94M | 156.84M | 87.18M | 150.75M | 187.53M | 101.58M | 113.4M | 96.44M | 135.42M | 206.9M | 28.63K | 312.3K | 2.58K | 33.59K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 13.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10K | 9.97K | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.53K | 4.33K | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | 0.01 | 0.01 | - | - |
| Inventory | 0 | 0 | 0 | 5.44M | 11.93M | 10.55M | 7.64M | 8.33M | 6.77M | 6.84M | 5.81M | 6.71M | 22.42K | 6.05M | 0 | 0 |
| Days Inventory Outstanding | - | - | - | 6.16 | 15.37 | 30.94 | 38.24 | 18.24 | 16.07 | 18.42 | 17.81 | 25.69 | 0.09 | 22.86 | - | - |
| Other Current Assets | 27.13M | 111.19M | 65.91M | 56.1M | 50.02M | 38.7M | 16.98M | 7.68M | 8.78M | 7.87M | 9.84M | 9.4M | -200M | 0 | 0 | 1.26K |
| Total Non-Current Assets | 602.43M | 612.08M | 598.47M | 586.79M | 604.66M | 617.15M | 528.28M | 402.02M | 323.23M | 292.66M | 236.68M | 147.27M | 200M | 200.01M | 165.2K | 137.7K |
| Property, Plant & Equipment | 511.76M | 522.12M | 518.39M | 526M | 539.41M | 546.82M | 487.75M | 363.89M | 285.98M | 250.95M | 186.24M | 125.47M | 121.87M | 126.88M | 0 | 0 |
| Fixed Asset Turnover | 1.13x | 1.48x | 1.24x | 1.08x | 0.78x | 0.27x | 0.17x | 0.94x | 1.08x | 1.06x | 1.30x | 1.67x | 1.63x | 1.52x | - | - |
| Goodwill | 60.61M | 60.61M | 59.03M | 42.02M | 42.02M | 42.02M | 22.11M | 22.11M | 22.11M | 22.11M | 22.11M | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 16.03M | 16.6M | 15.92M | 9.41M | 11.22M | 13.23M | 4.82M | 6.4M | 7.97M | 9.55M | 11.13M | 6.23M | 6.53M | 6.53M | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 47.79M | 0 | 0 | 0 |
| Other Non-Current Assets | 14.03M | 12.75M | 5.13M | 9.36M | 9.85M | 7.47M | 8.06M | 9.4M | 7.17M | 10.05M | 13.09M | 12.36M | 200M | 66.6M | 165.2K | 137.7K |
| Total Assets | 987.18M | 979.96M | 876.9M | 831.3M | 787.98M | 827.49M | 757.45M | 548.66M | 473.41M | 424.35M | 407.7M | 381.61M | 200.13M | 200.43M | 167.78K | 172.54K |
| Asset Turnover | 0.61x | 0.79x | 0.74x | 0.69x | 0.53x | 0.18x | 0.11x | 0.63x | 0.65x | 0.63x | 0.59x | 0.55x | 0.99x | 0.96x | 917.78x | - |
| Asset Growth % | 39.23% | 11.75% | 5.49% | 5.5% | -4.78% | 9.25% | 38.05% | 15.9% | 11.56% | 4.08% | 6.84% | 90.68% | -0.15% | 119362.07% | -2.76% | - |
| Total Current Liabilities | 473.12M | 461.59M | 392.45M | 319.22M | 341.12M | 289.46M | 155.81M | 182.92M | 159.43M | 144.41M | 123.91M | 104.32M | 911.56K | 197.04K | 150.02K | 150.02K |
| Accounts Payable | 24.98M | 22.23M | 13.86M | 16.15M | 16.6M | 9.69M | 5.29M | 14.63M | 9.33M | 7.79M | 7.57M | 4.76M | 81.56K | 13.02K | 0 | 150K |
| Days Payables Outstanding | 18.27 | 16.87 | 14.72 | 18.29 | 21.39 | 28.42 | 26.45 | 32.06 | 22.14 | 20.98 | 23.23 | 18.21 | 0.33 | 0.05 | - | - |
| Short-Term Debt | 1.49M | 1.15M | 29K | 47K | 23.34M | 26.06M | 11.26M | 4.53M | 2M | 1.75M | 1.75M | 1.75M | 4.93M | 0 | 150K | 150K |
| Deferred Revenue (Current) | 1.14B | 361.48M | 318.67M | 252.2M | 245.1M | 212.6M | 120.74M | 138.82M | 123.49M | 112.24M | 91.5M | 76.6M | -4.93M | -3.98M | 0 | 0 |
| Other Current Liabilities | 47.5M | 76.73M | 0 | 0 | 0 | 0 | 8.47M | 10.33M | 15.9M | 14.49M | 14.79M | 11.62M | -13.87M | 4.02K | 0 | -150K |
| Current Ratio | 0.81x | 0.80x | 0.71x | 0.77x | 0.54x | 0.73x | 1.47x | 0.80x | 0.94x | 0.91x | 1.38x | 2.25x | 0.14x | 2.10x | 0.02x | 0.23x |
| Quick Ratio | 0.81x | 0.80x | 0.71x | 0.75x | 0.50x | 0.69x | 1.42x | 0.76x | 0.90x | 0.86x | 1.33x | 2.18x | 0.12x | -28.62x | 0.02x | 0.23x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | -0.23 | 22.82 | - | - |
| Total Non-Current Liabilities | 670.89M | 671.86M | 629.99M | 625.84M | 532.5M | 522.08M | 475.36M | 226.38M | 191.43M | 167.31M | 164.81M | 163.37M | 81.56K | 13.02K | 300K | 300K |
| Long-Term Debt | 663.22M | 662.67M | 625.42M | 621.78M | 529.45M | 518.66M | 471.36M | 213.54M | 188.09M | 164.19M | 164.13M | 162.69M | 51.76M | 0 | 0 | 0 |
| Capital Lease Obligations | 745K | 0 | 0 | 0 | 2.96M | 3.18M | 3.92M | 5.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 4.84M | 2.22M | 3.54M | 2.12M | 0 | 0 | 0 | 4.49M | 2.79M | 2.44M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 7.45M | 6.97M | 1.02M | 1.94M | 88K | 247K | 90K | 3.32M | 554K | 684K | 681K | 677K | -51.76M | 0 | 0 | 0 |
| Total Liabilities | 1.14B | 1.13B | 1.02B | 945.06M | 873.62M | 811.55M | 631.17M | 409.3M | 350.86M | 311.72M | 288.72M | 267.69M | 911.56K | 197.04K | 150.02K | 150.02K |
| Total Debt | 664.7M | 663.83M | 627.3M | 623.75M | 557.41M | 549.45M | 488M | 224.43M | 190.09M | 165.94M | 165.88M | 164.44M | 56.69M | 60.94M | 150K | 150K |
| Net Debt | 343.62M | 407.13M | 443.36M | 466.9M | 470.24M | 398.7M | 300.47M | 122.85M | 76.69M | 69.49M | 30.46M | -42.46M | 56.66M | 60.62M | 147.42K | 116.41K |
| Debt / Equity | -4.24x | - | - | - | - | 34.46x | 3.86x | 1.61x | 1.55x | 1.47x | 1.39x | 1.44x | 0.28x | 0.30x | 8.45x | 6.66x |
| Debt / EBITDA | 5.77x | 6.13x | 8.36x | 10.73x | - | - | - | 3.79x | 4.12x | 5.91x | 5.12x | 6.06x | - | - | 0.02x | - |
| Net Debt / EBITDA | 2.98x | 3.76x | 5.91x | 8.03x | - | - | - | 2.07x | 1.66x | 2.47x | 0.94x | -1.56x | - | - | 0.02x | - |
| Interest Coverage | 0.54x | 0.52x | 0.45x | 0.16x | -1.72x | -3.93x | -5.59x | 2.70x | 2.34x | 1.25x | 1.18x | 2.57x | -23.28x | -69.27x | - | - |
| Total Equity | -156.83M | -153.5M | -145.53M | -113.77M | -85.65M | 15.94M | 126.28M | 139.36M | 122.55M | 112.62M | 118.98M | 113.92M | 199.22M | 200.23M | 17.75K | 22.52K |
| Equity Growth % | -26.36% | -5.47% | -27.92% | -32.83% | -637.17% | -87.37% | -9.39% | 13.72% | 8.81% | -5.34% | 4.44% | -42.82% | -0.51% | 1127641.14% | -21.17% | - |
| Book Value per Share | -2.57 | -2.79 | -2.70 | -2.14 | -1.65 | 0.32 | 2.54 | 2.82 | 2.64 | 2.53 | 2.56 | 2.50 | 32.12 | 34.38 | 0.00 | 0.00 |
| Total Shareholders' Equity | -190.13M | -201.45M | -174.96M | -151.55M | -113.53M | 5.32M | 118.78M | 123.25M | 116.04M | 106.32M | 113.81M | 113.92M | 199.22M | 200.23M | 17.75K | 22.52K |
| Common Stock | 7K | 6K | 6K | 5K | 5K | 5K | 5K | 5K | 5K | 5K | 5K | 5K | 187.98M | 187.98M | 517 | 517 |
| Retained Earnings | -408.94M | -411.4M | -362.88M | -322.21M | -266.53M | -136.44M | -11.57M | 81.66M | 75.17M | 63.82M | 70.71M | 65.84M | -1.74M | -728.26K | -7.25K | -2.48K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 288K | 0 | 0 | -634K | -1.6M | -4.68M | -671K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 33.3M | 47.95M | 29.42M | 37.78M | 27.89M | 10.63M | 7.49M | 16.11M | 6.5M | 6.3M | 5.17M | 0 | 0 | 0 | 0 | 0 |
Negative Equity and Leverage
As reported in financial statements, LIND's equity position has remained consistently negative, deteriorating from -$151.6M in 2023Q4 to -$190.1M by 2026Q1, which suggests that cumulative losses continue to outpace any potential capital recovery or operational gains within the company's specialized expedition cruise business model.
The persistent negative equity indicates that the company has effectively exhausted its book value through sustained operational losses. Investors should monitor whether this trajectory reflects a structural inability to generate returns above the cost of capital or merely the accounting impact of aggressive fleet depreciation.
According to recent SEC filings, LIND maintains a substantial debt load of $664.7M as of 2026Q1, a figure that has trended upward from $623.7M in 2023Q4, highlighting the company's reliance on external financing to support its capital-intensive polar-class vessel fleet and ongoing operational requirements.
The reliance on debt to fund asset expansion in a high-interest environment creates significant pressure on cash flow durability. This leverage profile suggests that the company may face limited flexibility if operational performance does not improve to cover interest obligations.
Based on LIND's reported figures, the current ratio has hovered between 0.70 and 0.83 over the last ten quarters, indicating that the company's short-term assets are insufficient to cover its immediate liabilities, thereby leaving little margin for error during periods of seasonal revenue volatility.
The consistently low current ratio suggests that the company is highly dependent on the timing of customer deposits to maintain liquidity. This reliance on unearned revenue as a primary working capital buffer warrants further investigation into the company's ability to manage potential demand shocks.
As indicated by the provided data, deferred revenue reached $399.2M in 2026Q1, representing a significant portion of the company's total liabilities and acting as a critical, yet potentially misleading, indicator of future cash flow that is already committed to funding upcoming voyage operations.
While deferred revenue provides a necessary cash infusion, it also represents a future performance obligation that must be fulfilled at high cost. Relying on these deposits to mask underlying liquidity constraints may obscure the true financial risk if booking momentum were to decelerate.
Quick answers to the most common questions about buying LIND stock.
As of 2025, Lindblad Expeditions Holdings, Inc. (LIND) had total assets of $980.0M including $367.9M in current assets.
Lindblad Expeditions Holdings, Inc. (LIND) carries total debt of $663.8M, offset by $256.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Lindblad Expeditions Holdings, Inc. (LIND) has total shareholders' equity (book value) of $-201.4M ($-2.79 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Lindblad Expeditions Holdings, Inc. (LIND) reported a current ratio of 0.80x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.