LIND · Lindblad Expeditions Holdings, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - |
| Cost of Revenue | $418.02M | $343.67M | $322.38M | $283.22M | $124.48M | $72.93M |
| Gross Profit | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - |
| SG&A | $129.98M | $139.92M | $118.43M | $96.29M | $65.44M | $45.51M |
| Total Operating Expenses | $725.53M | $623.17M | $558.94M | $484.55M | $257.94M | $170.75M |
| D&A | $62.82M | $52.56M | $46.71M | $44.04M | $39.52M | $32.08M |
| Operating Income | $45.49M | $21.55M | $10.60M | ($63.05M) | ($110.83M) | ($88.40M) |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | $2.48M | $3.10M | $3.15M | $6.08M | ($2.02M) | ($9.80M) |
| Net Income | ($29.72M) | ($31.18M) | ($45.61M) | ($111.38M) | ($119.21M) | ($98.74M) |
| EPS - Basic | ($0.63) | ($0.67) | ($0.94) | ($2.23) | ($2.41) | ($2.01) |
| EPS - Diluted | ($0.63) | ($0.67) | ($0.94) | ($2.23) | ($2.41) | ($2.01) |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $256.69M | $183.94M | $156.84M | $87.18M | $150.75M | $187.53M |
| Accounts Receivable | - | - | - | - | - | - |
| Inventory | - | - | - | $1.97M | $2.28M | $2.17M |
| Accounts Payable | $22.23M | $13.86M | $16.15M | $16.60M | $9.69M | $5.29M |
| Current Assets | $367.88M | $278.43M | $244.50M | $183.32M | $210.34M | $229.17M |
| Total Assets | $979.96M | $876.90M | $831.30M | $787.98M | $827.49M | $757.45M |
| Current Liabilities | $461.59M | $392.45M | $319.22M | $341.12M | $289.46M | $155.81M |
| Long-term Debt | $662.67M | $625.42M | $621.78M | $529.45M | $518.66M | $471.36M |
| Total Liabilities | $1.13B | $1.02B | $945.06M | $873.62M | $811.55M | $631.17M |
| Stockholders' Equity | ($284.53M) | ($253.11M) | ($225.06M) | ($182.68M) | ($78.58M) | $34.96M |
| Retained Earnings | ($411.40M) | ($362.88M) | ($322.21M) | ($266.53M) | ($136.44M) | ($11.57M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $111.58M | $92.36M | $25.44M | ($2.20M) | $32.49M | ($92.26M) |
| Investing Cash Flow | ($67.27M) | ($44.08M) | ($14.80M) | ($49.59M) | ($114.72M) | ($155.48M) |
| Financing Cash Flow | $29.56M | ($19.77M) | $60.68M | ($4.87M) | $50.41M | $342.99M |
| CapEx | $47.74M | $33.52M | $29.96M | $38.20M | $96.69M | $155.48M |
| Free Cash Flow | $63.84M | $58.84M | ($4.52M) | ($40.41M) | ($64.19M) | ($247.74M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | - | - | - | - | - | - |
| EBITDA margin | - | - | - | - | - | - |
| Net margin | - | - | - | - | - | - |
| Free cash flow margin | - | - | - | - | - | - |
| FCF / Net income | -2.15 | -1.89 | 0.10 | 0.36 | 0.54 | 2.51 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - |
| Effective tax rate | - | - | - | - | - | - |
| Return on assets | -3.0% | -3.6% | -5.5% | -14.1% | -14.4% | -13.0% |
| Return on equity | 10.4% | 12.3% | 20.3% | 61.0% | 151.7% | -282.4% |
| Return on invested capital | 9.5% | 4.6% | 2.1% | -14.4% | -19.9% | -13.8% |
| Liquidity | ||||||
| Current ratio | 0.80 | 0.71 | 0.77 | 0.54 | 0.73 | 1.47 |
| Quick ratio | 0.80 | 0.71 | 0.77 | 0.53 | 0.72 | 1.46 |
| Cash ratio | 0.56 | 0.47 | 0.49 | 0.26 | 0.52 | 1.20 |
| Leverage | ||||||
| Debt / Equity | -2.33 | -2.47 | -2.76 | -2.90 | -6.60 | 13.48 |
| Debt / Assets | 0.68 | 0.71 | 0.75 | 0.67 | 0.63 | 0.62 |
| Debt / EBITDA | 6.12 | 8.44 | 10.85 | - | - | - |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | -3.44 | -3.46 | -3.69 | -4.31 | -10.53 | 21.67 |
| Liabilities / Assets | 1.16 | 1.17 | 1.14 | 1.11 | 0.98 | 0.83 |
| Efficiency | ||||||
| Asset turnover | - | - | - | - | - | - |
| Inventory turnover | - | - | - | 144.13 | 54.65 | 33.64 |
| Days sales outstanding | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | 3d | 7d | 11d |
| Days payable outstanding | 19d | 15d | 18d | 21d | 28d | 26d |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | - | - | - | - | - | 24.4x |
| P / S | - | - | - | - | - | - |
| EV / EBITDA | 11.1x | 14.6x | 18.6x | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | - | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | 111.0% | 103.3% | - | 43.1% | -25.4% | - |
| Net income growth (YoY) | 4.7% | 31.6% | 59.1% | 6.6% | -20.7% | - |
| EPS growth (YoY) | 6.0% | 28.7% | 57.8% | 7.5% | -19.9% | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | 8.5% | - | 88.8% | 37.1% | 74.1% | -641.3% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | -12.4% | -12.5% | -23.2% | -132.5% | - | -71.6% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$771.02M totalLindblad Segment$495.64M · 64.3%
Landexperience$275.38M · 35.7%
Product / service
$359.45M totalGuest Ticket$292.15M · 81.3%
Other Tour$67.29M · 18.7%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
4/9
Neutral
- ✗Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✓Current ratio improved
- ✗No share dilution
- -Gross margin improved
- -Asset turnover improved
Peer comparison
Same SIC group: Transportation Services
Comparing LINDBLAD EXPEDITIONS HOLDINGS against the 5 most active filers in the same SIC group.