Cash flow generation is heavily reliant on working capital, with deferred revenue reaching $399.2M in 2026Q1, while capital expenditures continue to pressure liquidity, peaking at 9.4% of revenue in 2025Q2.
| 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 |
|---|
| Cash from Operations | 74.96M | 113.25M | 92.36M | 25.44M | -2.2M | 32.49M | -92.26M | 62.58M | 56.36M | 52.92M | 31.43M | 40.3M | -764.8K | -595.65K | -3.51K | -3.71K |
| Operating CF Margin % | - | 14.69% | 14.32% | 4.47% | -0.52% | 22.09% | -112.02% | 18.24% | 18.2% | 19.86% | 12.97% | 19.19% | -0.39% | -0.31% | -0% | - |
| Operating CF Growth % | 1386.77% | 22.62% | 263.02% | 1254.83% | -106.78% | 135.22% | -247.42% | 11.05% | 6.5% | 68.38% | -22.02% | 5369.59% | -28.4% | -16860.34% | 5.41% | - |
| Net Income | -24.38M | -29.72M | -28.2M | -45.61M | -111.38M | -119.17M | -98.74M | 18.75M | 11.55M | -7.53M | 5.06M | 19.74M | -1.01M | -721.02K | -4.77K | -2.48K |
| Depreciation & Amortization | 56.29M | 64.56M | 53.45M | 54.75M | 56.32M | 39.52M | 34.96M | 26.03M | 20.77M | 17.35M | 18.42M | 11.64M | 11.27M | 11.64M | 8.1M | 0 |
| Stock-Based Compensation | 10.76M | 0 | 9.83M | 13.89M | 6.99M | 5.56M | 2.39M | 3.57M | 4.41M | 10.63M | 5.41M | 4.91M | 274K | 0 | 8.99M | 0 |
| Deferred Taxes | -18K | -1.26M | 2.05M | 0 | 0 | -833K | 0 | 1.49M | 343K | 8.34M | -3.33M | -3.41M | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -22.12M | 28.32M | 4.76M | 8.59M | 62.97M | 4.49M | -45.51M | 4.69M | 7.48M | 3.99M | 5.59M | -2.49M | -4.02K | 4.02K | 13.21M | 0 |
| Working Capital Changes | 60.93M | 51.36M | 50.45M | -6.17M | -17.11M | 102.92M | 14.65M | 8.06M | 11.81M | 20.14M | 273K | 9.9M | 251.52K | 121.35K | 1.26K | -1.24K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.54M | -1.49M | -3.01M | -870K | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -2.91M | 685K | -1.56M | 70K | -1.04M | 1.07M | -163K | -831K | 334K | -268.87K | 0 |
| Change in Payables | 28.17M | 25.48M | 1.75M | 0 | 0 | 0 | 0 | 0 | 2.15M | 1.96M | 1.96M | 7.21M | 68.54K | 193K | 0 | 0 |
| Cash from Investing | -38.27M | -67.27M | -44.08M | -14.8M | -49.59M | -114.72M | -155.48M | -100.08M | -54.34M | -78.53M | -86.43M | -81.51M | 11.14K | -200.04M | 8.54M | 0 |
| Capital Expenditures | -34.33M | -47.74M | -33.52M | -29.96M | -38.2M | -96.69M | -155.48M | -96M | -54.34M | -80.48M | -75.93M | -14.8M | -5.92M | -6.35M | -3.85M | 0 |
| CapEx % of Revenue | 5.81% | 6.19% | 5.2% | 5.26% | 9.06% | 65.73% | 188.79% | 27.98% | 17.55% | 30.2% | 31.33% | 7.05% | 2.98% | 3.3% | 2.5% | - |
| Acquisitions | -20.53M | -19.52M | -10.56M | 0 | 0 | -18.04M | 0 | 0 | 0 | -9.95M | -9.95M | -68.09M | 0 | -3.83M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 16.59M | 0 | 0 | 15.16M | -11.39M | 0 | 0 | -4.08M | 0 | 11.9M | -555K | 1.38M | 11.14K | -200.03M | 12.4M | 0 |
| Cash from Financing | 18.11M | 27.9M | -19.77M | 60.68M | -4.87M | 50.41M | 342.99M | 24.61M | 16.52M | -13.39M | -16.35M | 208.52M | 470K | 200.95M | -27.5K | 37.3K |
| Debt Issued (Net) | -648.23M | 25.1M | -49K | 69.3M | 7.06M | 55.76M | 265.5M | 28.48M | 28.38M | -1.75M | -1.75M | 133.12M | 470K | -150K | 0 | 150K |
| Equity Issued (Net) | 3.2M | 4.26M | -2.97M | -1.13M | -1.06M | 0 | -405K | 0 | 0 | -6.19M | -2.69M | -10.36M | 0 | 200M | 0 | 25K |
| Dividends Paid | 0 | 0 | -4.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -1.06M | 0 | -2.97M | -1.13M | -1.06M | 0 | -405K | 0 | -4.51M | -6.19M | -10.34M | -5.48M | -12.4M | 0 | 0 | 0 |
| Other Financing | 663.15M | -1.47M | -12.1M | -7.49M | -10.87M | -5.36M | 77.9M | -3.87M | -11.85M | -5.45M | -11.91M | 85.76M | 0 | 1.1M | -12.39M | -137.7K |
| Net Change in Cash | 85.86M | 73.59M | 28.8M | 71.32M | -56.67M | -31.82M | 95.26M | -12.89M | 18.65M | -38.97M | -71.49M | 167.22M | -283.66K | 309.72K | -31.01K | 33.59K |
| Free Cash Flow | 40.63M | 65.5M | 58.84M | -4.52M | -40.41M | -64.19M | -247.74M | -33.42M | 2.01M | -27.57M | -44.51M | 25.5M | -6.69M | -6.95M | -3.86M | -3.71K |
| FCF Margin % | 6.87% | 8.5% | 9.13% | -0.79% | -9.59% | -43.64% | -300.81% | -9.74% | 0.65% | -10.34% | -18.36% | 12.14% | -3.37% | -3.61% | -2.51% | - |
| FCF Growth % | -27.92% | 11.34% | 1401.08% | 88.81% | 37.05% | 74.09% | -641.3% | -1760.98% | 107.3% | 38.06% | -274.52% | 481.38% | 3.77% | -80.09% | -103818.8% | - |
| FCF per Share | 0.66 | 1.19 | 1.09 | -0.08 | -0.78 | -1.28 | -4.98 | -0.68 | 0.04 | -0.62 | -0.96 | 0.56 | -1.08 | -1.19 | -0.21 | -0.00 |
| FCF Conversion (FCF/Net Income) | -1.67x | -3.81x | -2.96x | -0.56x | 0.02x | -0.27x | 0.93x | 3.83x | 4.96x | -6.11x | 6.46x | 2.04x | 0.76x | 0.83x | 0.74x | 1.50x |
| Interest Paid | 31.61M | 0 | 49.42M | 43.7M | 25.82M | 18.26M | 16.32M | 14.33M | 13.39M | 10.48M | 9.9M | 7M | 60 | 0 | 0 | 0 |
| Taxes Paid | 837K | 0 | 319K | 0 | 0 | 98K | 0 | 1.17M | 522K | 965K | 998K | 379K | 633 | 0 | 0 | 0 |
High Fixed Cost Leverage
As reported in financial statements, LIND's operating cash flow frequently diverges from net income, with the OCF/NI ratio reaching extreme levels like 41.69 in 2025Q1, suggesting that reported earnings are heavily influenced by non-cash items and significant working capital fluctuations rather than core operational cash generation.
The persistent gap between net income and operating cash flow suggests that accounting earnings are not currently reflective of the company's ability to generate liquidity. Investors should monitor whether this volatility in conversion is a structural feature of the expedition cruise model or a temporary byproduct of recent fleet expansion and seasonal booking cycles.
Based on LIND's reported figures, free cash flow margins have exhibited extreme swings, ranging from a negative 13.7% in 2023Q4 to a positive 24.4% in 2024Q1, indicating that the company's ability to retain cash is highly sensitive to the timing of seasonal voyage revenue and capital expenditures.
The erratic nature of FCF trajectory implies that the business model remains in a capital-intensive phase where cash generation is not yet self-sustaining. This inconsistency warrants further investigation into whether the company can achieve stable FCF margins as its newest polar-class vessels reach full operational maturity.
According to recent SEC filings, LIND's capital expenditure as a percentage of revenue has remained elevated, peaking at 9.4% in 2025Q2, which reflects the ongoing financial burden of maintaining a specialized, high-end fleet in remote and logistically complex environments like the Arctic and Antarctic regions.
The consistent level of capital intensity suggests that the company must continuously reinvest in its fleet to maintain its competitive positioning and regulatory compliance. This ongoing requirement for capital may limit the company's ability to deleverage its balance sheet in the near term, even if occupancy rates improve.
As indicated by the provided data, working capital changes have been a primary driver of cash flow, with a significant $24.3M inflow in 2026Q1, suggesting that the company relies heavily on customer deposits to fund its operations ahead of the actual delivery of expedition cruise services.
This reliance on customer deposits effectively turns the company's working capital into a critical financing mechanism. Investors should monitor the booking window closely, as any contraction in advance deposits could rapidly expose the company to liquidity constraints given its high fixed-cost structure.
Quick answers to the most common questions about buying LIND stock.
Lindblad Expeditions Holdings, Inc. (LIND) generated $113.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Lindblad Expeditions Holdings, Inc. (LIND) generated $65.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Lindblad Expeditions Holdings, Inc. (LIND) spent $47.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.