Lindblad Expeditions Holdings, Inc. (LIND) Stock Price & Analysis
Lindblad Expeditions Holdings, Inc. (LIND) closed at USD 35.25 on Thursday, October 22, 2026, down 2.60% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 36.19; the Oct 22, 2026 session ranged USD 35.19–36.89 on volume of 660,544 shares. Market capitalization is $2.31B, with a 52-week range of USD 11.37–36.97 (NCM). Source: Nexqual, retrieved October 23, 2026 at 09:21 UTC.
Also available as compact Markdown for AI agents: nexqual.com/LIND.md
Key facts (LIND)
- Last four reported quarters (through Jun 30, 2026): revenue $831M, net income -$17.3M (-2.1% margin), free cash flow $109M (SEC filings).
- 2 of 80 tracked superinvestors hold LIND (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Analysts: Buy (mean 2.33 on a 1–5 scale) (6 analysts), mean target USD 36 (range 30–40).
- Total return with dividends: 1Y +181.3% vs S&P 500 +14.9%; 5Y +137.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 0.46, revenue estimate $265M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (LIND)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $147M | $422M | $570M | $645M | $771M | $831M |
| Gross profit | $22.6M | $138M | $231M | $282M | $353M | — |
| Operating income | -$111M | -$63.0M | $10.6M | $21.6M | $45.5M | $58.0M |
| Net income | -$119M | -$111M | -$45.6M | -$31.2M | -$29.7M | -$17.3M |
| EPS (diluted) | -$2.41 | -$2.23 | -$0.94 | -$0.67 | -$0.63 | — |
| Free cash flow | -$64.2M | -$40.4M | -$4.5M | $58.8M | $63.8M | $109M |
| Gross margin | 15.4% | 32.8% | 40.6% | 43.8% | 45.8% | — |
| Operating margin | -75.3% | -15.0% | 1.9% | 3.3% | 5.9% | 7.0% |
| Net margin | -81.0% | -26.4% | -8.0% | -4.8% | -3.9% | -2.1% |
| Revenue growth | +78.6% | +186.5% | +35.1% | +13.2% | +19.6% | — |
| Cash + short-term investments | $151M | $101M | $157M | — | — | — |
| Total debt | $545M | $553M | $622M | $625M | $663M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (LIND)
P/S 2.8x · EV/EBITDA 20.9x · EV/Sales 3.2x · P/FCF 21.2x · FCF yield 4.71% · Earnings yield -0.75% · Net debt $345M · EV $2.66B
Superinvestors (SEC 13F-HR, Q2 2026) (LIND)
2 of 80 tracked investors hold LIND. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| John Rogers | Ariel Investments | 0.78% | $78.0M | Reduced -19.7% |
| Polen Capital | Polen Capital Management | 0.03% | $3.2M | Added +12.5% |
Analysts (LIND)
Consensus Buy (mean 2.33 on a 1–5 scale), 6 analysts; mean target USD 36 (low 30, high 40).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-08 | Jefferies | Target raised | Hold | $29 → $32 |
| 2026-09-09 | Jefferies | Initiated | Hold | $29 |
| 2026-07-10 | Stifel | Target raised | Buy | $27 → $32 |
| 2026-06-29 | Benchmark | Target raised | Buy | $25 → $34 |
Total return (dividends reinvested) (LIND)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | +181.3% | +137.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +182.3% | +18.9% |
| Volatility (annualized) | 50.4% | 71.7% |
| Max drawdown | -26.6% (Aug 2026→Sep 2026) | -68.7% (Jan 2022→Oct 2023) |
LIND revenue by business segment (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Lindblad | $129.2M | 64.9% | +16.4% |
| Landexperience | $70.0M | 35.1% | +23.0% |
| Total revenue | $199.2M | 100% | — |
LIND revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Guest Ticket | $113.4M | 56.9% | +15.5% |
| Other Tour | $15.9M | 8.0% | +23.3% |
| Total revenue | $199.2M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
LIND suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Natural Habitat | “If Natural Habitat's license agreement with WWF was terminated or modified in any material respect, our results of operations for the Land Experiences segment may be materially adversely affected.” |
| Partner | Walt Disney (DIS) | “The Company is party to a brand license agreement with National Geographic through 2040, which includes a co-selling and co-marketing arrangement through which National Geographic promotes the Company's offerings in its marketing campaigns across web-based, email, print and other marketing platforms and distributes the Company's expeditions through the Disney Signature Experiences platform and also allows the Comp…” |
Quoted from the company's 10-K filed Feb 26, 2026.
LIND analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.46 | $0.36 | +26.9% | $264.9M | 2 |
| Next quarter (ends Dec 2026) | $-0.33 | $-0.11 | +198.7% | $202.9M | 2 |
| Current fiscal year (ends Dec 2026) | $0.18 | $0.24 | -24.7% | $875.1M | 1 |
| Next fiscal year (ends Dec 2027) | $0.52 | $0.35 | +47.8% | $964.5M | 2 |
LIND options: expected move
Options price a move of about ±19.7% (±$6.95) by Jan 15, 2027, which includes earnings on Nov 3, 2026. Over the last 8 reports the stock moved ±13.4% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Jan 15, 2027 | 84 | 51.5% | ±19.7% |
| Apr 16, 2027 | 175 | 53.1% | ±29.2% |
30-day implied volatility 53.8% vs 40.3% realized over the last 30 trading days. Put/call ratio (volume) —. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 09:21 UTC)
| Price | USD 35.25 |
|---|---|
| Change | ▼ 2.60% (down) |
| Previous Close | USD 36.19 |
| Open | USD 35.55 |
| Day Range | USD 35.19 – 36.89 |
| 52-Week Range | USD 11.37 – 36.97 |
| Volume | 660,544 shares |
| Market Cap | $2.31B |
| Exchange | NCM |
Technical Analysis (LIND)
Nexqual's technical model rates LIND "STRONG BUY" based on 5 bullish and 0 bearish signals across 127 daily candles, as of October 23, 2026 at 09:21 UTC.
| Overall Signal | STRONG BUY |
|---|---|
| RSI (14) | 63.32 (neutral) |
| vs SMA50 | Above (USD 30.91) |
| MACD | 1.56 (positive) |
Analyst Ratings (LIND)
Wall Street analysts rate LIND "Buy" based on 6 analysts, with a mean price target of USD 36 (range USD 30–40), per Nexqual as of October 23, 2026 at 09:21 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 6 |
| Mean Target | USD 36 |
| High Target | USD 40 |
| Low Target | USD 30 |
| Buy / Hold / Sell | 4 / 2 / 0 |
Earnings (LIND)
| Next Earnings Date | 2026-11-03 |
|---|---|
| EPS Estimate | USD 0.46 |
| Revenue Estimate | $264.93M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD -0.01 vs est -0.11 ▲ beat |
| 2026-03-31 | USD 0.09 vs est 0.01 ▲ beat |
| 2025-12-31 | USD -0.38 vs est -0.31 ▼ miss |
| 2025-09-30 | USD 0.42 vs est 0.22 ▲ beat |
Source: Nexqual, October 23, 2026 at 09:21 UTC.
Financials & Fundamentals (LIND)
| Total Revenue | $830.61M |
|---|---|
| Revenue Growth (latest quarter, YoY) | +18.60% |
| Gross Margin | +46.65% |
| Operating Margin | +6.00% |
| Profit Margin | -2.08% |
| Current Ratio | 0.84 |
| Total Cash | $318.89M |
| Total Debt | $672.50M |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | $109.03M (13.1% of revenue) |
Source: Nexqual, October 23, 2026 at 09:21 UTC.
Financial Health Score (LIND)
Nexqual rates Lindblad Expeditions Holdings, Inc.'s overall financial health "Solid" across five dimensions, as of October 23, 2026 at 09:21 UTC.
| Growth | Strong — Revenue +20% YoY (annual) |
|---|---|
| Profitability | Strong — Gross margin 47%, operating 6% (last 12 months) |
| Balance Sheet | Mixed — $319M cash and investments vs $664M debt (Jun 2026, SEC) |
| Cash Flow | Solid — FCF $109M (last 4 quarters to Jun 2026, SEC), 13% margin |
| Efficiency | Mixed — No data |
Ownership (LIND)
| Insider Ownership | +25.20% |
|---|---|
| Institutional Ownership | +83.85% |
| Shares Outstanding | 65.62M |
| Float | 49.40M |
| Short % of Float | +12.05% |
Source: Nexqual, October 23, 2026 at 09:21 UTC.
Leadership (LIND)
Lindblad Expeditions Holdings, Inc. is led by Natalya Leahy, Chief Executive Officer, per Nexqual as of October 23, 2026 at 09:21 UTC.
| Chief Executive Officer | Natalya Leahy |
|---|---|
| Chief Financial Officer | Frederick Goldberg |
| Senior Vice President of Operations & Planning | Jenelle Findley |
| Director of Communications | Patty Disken-Cahill |
| Chief Marketing Officer | Mike Fulkerson |
Major Backers & Investors (LIND)
Notable institutional backers of Lindblad Expeditions Holdings, Inc. include FMR, LLC, Fidelity, Ariel Investments, LLC, according to Nexqual as of October 23, 2026 at 09:21 UTC.
Active Investors
| Investor | Stake |
|---|---|
| FMR, LLC | 10.11% |
| Fidelity | 6.38% |
| Ariel Investments, LLC | 4.21% |
| Goldman Sachs | 2.7% |
| Driehaus Capital Management, LLC | 2.24% |
| Select Equity Group LP | 2.21% |
| Principal Financial Group, Inc. | 2.12% |
| Arrowstreet Capital, Limited Partnership | 1.95% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 6.62% |
| Vanguard Group | 3.25% |
Source: Nexqual, October 23, 2026 at 09:21 UTC.
From Lindblad Expeditions Holdings, Inc.'s Latest SEC 10-K Filing (filed 2026-02-26)
Key Strengths & Strategy (as disclosed to the SEC)
- Our management team believes the following characteristics of our business model enables us to successfully execute our strategy: Our leadership and expertise today are built on the Lindblad family's decades of experience in expedition adventure travel.
- We believe that by consistently delivering exceptional experiences to our guests, we have built a highly valuable and trusted brand in the expedition cruising and land-based experiential travel market, which attracts a growing number of discerning and affluent guests who are prepared to pay a premium for our offerings.
- Adding new capacity and geographies allows us to expand our inventory of existing itineraries, extend into new markets and explore new destinations.
- We believe that our platform is well positioned to opportunistically seek accretive purchases of operators, further extending our growth prospects.
Partnerships
- Natural Habitat's exclusive license agreement with WWF allows Natural Habitat to use the WWF name, logo and select mailing list through 2028 in return for a royalty fee.
- We source our business through a combination of direct selling, including at the Lindblad segment through our brand licensing agreement with National Geographic, and travel agency networks.
Legal & Regulatory Risks (Item 1A, quoted)
- Our ability to follow our planned itinerary for any expedition cruise may be affected by a number of factors, including security concerns, adverse weather conditions and natural disasters, local government regulations and restrictions and other restrictions on access, including access to protected or preserved areas.
- Changes in other governmental and environmental rules and regulations in the Galápagos Islands and other travel destinations could also cause sudden losses in revenue, together with additional expenditures due to the need to revise our existing itineraries.
- Failure to comply with data privacy and security laws and regulations could adversely affect our operating results and business.
- Failure to comply with international safety regulations may subject us to increased liability that may adversely affect our insurance coverage resulting in a denial of access to, or detention in, certain ports which could adversely affect our business.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| PRSU | Pursuit Attractions and Hospita | USD 56.29 | ▲ 0.48% |
| TNL | Travel Leisure Co. | USD 67.32 | ▲ 0.21% |
| MMYT | MakeMyTrip Limited | USD 45.34 | ▲ 2.35% |
| TRIP | TripAdvisor, Inc. | USD 9.67 | ▲ 2.44% |
| NCLH | Norwegian Cruise Line Holdings | USD 15.54 | ▼ 0.32% |
| TCOM | Trip.com Group Limited | USD 39.57 | ▲ 0.66% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:21 UTC. This page is informational and not investment advice.
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