LINDNasdaqTransportation ServicesFiscal year ends December 31
LINDBLAD EXPEDITIONS HOLDINGS, INC.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 3, 2026
$34.32−0.23 (-0.67%)
Close on Oct 19, 2026
- Market cap
- $2.25B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
45.8%+34.3 pts over 5 years
Operating margin
5.9%+113.2 pts over 5 years
Net margin
-3.9%+116.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +19.6% | +22.3% | +56.4% | +13.9% | |
| Gross profit | +25.1% | +36.7% | +106.4% | +11.9% | |
| Operating income | +111.0% | – | – | +11.4% | |
| Free cash flow | +8.5% | – | – | +9.6% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 4.3% | -124.8% | 11.1% | |
| Return on assets | 1.2% | -15.1% | -3.2% | |
| Current ratio | 1.38 | 1.47 | 0.80 | |
| Debt to equity | 1.46 | 13.81 | -2.33 | |
| Net debt to EBITDA | 0.98× | -5.24× | 3.75× | |
| Inventory turnover | 69.8× | 34.8× | – | |
| Capex to revenue | 31.3% | 188.8% | 6.2% | |
| Diluted shares | 46M | 50M | 55M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Lindblad Expeditions generated $264.08M from operations and spent $246.12M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$264.08M
Used
$246.12M
Capital expenditure$246.12M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-3.9%
×Asset turnover0.83×
×Equity multiplier-3.45×
=Return on equity, FY202511.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -3.9% | 0.83× | -3.45× | 11.1% |
| FY2024 | -4.8% | 0.75× | -3.57× | 13.0% |
| FY2023 | -8.0% | 0.70× | -3.97× | 22.4% |
| FY2022 | -26.4% | 0.52× | -6.18× | 85.3% |
| FY2021 | -81.0% | 0.19× | -36.33× | 546.5% |
| FY2020 | -119.9% | 0.13× | 8.26× | -124.8% |
| FY2019 | 4.8% | 0.67× | 4.27× | 13.7% |
| FY2018 | 3.7% | 0.69× | 4.04× | 10.2% |
| FY2017 | -3.2% | 0.64× | 3.78× | -7.9% |
| FY2016 | 2.0% | 0.61× | 3.47× | 4.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$29.72M
- Cash generatingOperating cash flow above zero$111.58M
- Return on assets improvedROA up on the prior year-3.8% → -3.4%
- Earnings backed by cashOperating cash flow above net income$111.58M vs -$29.72M
- Less leverageLong-term debt to assets fell71.3% → 67.6%
- Better liquidityCurrent ratio rose0.71 → 0.80
- No dilutionShare count did not rise54M → 55M
- Gross margin improvedGross margin up on the prior year43.76% → 45.78%
- More efficientAsset turnover rose0.78 → 0.88