# Lindblad Expeditions Holdings, Inc. (LIND)

> Source: Nexqual · https://nexqual.com/LIND · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Lindblad Expeditions Holdings, Inc. (LIND), nexqual.com/LIND" · informational, not investment advice.

**Price:** USD 35.25 (-2.60% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 36.19 · day 35.19–36.89 · 52w 11.37–36.97 · market cap $2.31B · NCM

## Key facts
- 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.
- Insider open-market sales, last ~7 months: 10 Form 4 filings, $18.3M; 7 not under a Rule 10b5-1 plan ($4.0M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- 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)
| 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)
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)
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% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
3 of 10 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-20…2026-10-22 | Lindblad Sven-Olof | Director | 240,989 | $8.6M | 2.3% | Yes (adopted June 17, 2026) | Too little history (no open-market trades in 2025) |
| 2026-10-16…2026-10-19 | Lindblad Sven-Olof | Director | 162,685 | $5.6M | 1.5% | Yes | Too little history (no open-market trades in 2025) |
| 2026-06-17 | Bisnow Michael Elliott | Director | 44,642 | $1.1M | 63.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-04 | Dryden L. Dyson | Director | 39,946 | $880K | 4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-29 | Dryden L. Dyson | Director | 52,747 | $1.2M | 5.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-21 | Byus Trey | Chief Expedition Officer | 10,000 | $201K | 9% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-21 | Fahey John M Jr | Director | 2,000 | $41K | 1.7% | No | Too little history (no open-market trades in 2025) |
| 2026-05-14 | Fahey John M Jr | Director | 1,000 | $19K | 0.8% | Yes | Too little history (no open-market trades in 2025) |
| 2026-05-11…2026-05-12 | Fahey John M Jr | Director | 4,500 | $90K | 3.7% | No | Too little history (no open-market trades in 2025) |
| 2026-05-11 | Byus Trey | Chief Expedition Officer | 26,460 | $535K | 19.2% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
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)
|  | 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) |

## Peers (Travel Services)
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%

## More
Full page: https://nexqual.com/LIND · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in LIND's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1512499/000143774926005873/lindb20251231c_10k.htm):

| 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 …" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Lindblad | $129.2M | 64.9% | +16.4% | $3.9M | 3.0% |
| Landexperience | $70.0M | 35.1% | +23.0% | $8.1M | 11.6% |
| Total revenue | $199.2M | 100% | — | $12.0M | 6.0% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Guest Ticket | $113.4M | 56.9% | +15.5% |
| Other Tour | $15.9M | 8.0% | +23.3% |
| Total revenue | $199.2M | 100% | — |
The lines above cover 64.9% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.46 | $0.36 | +26.9% | $264.9M | 2 |
| Next quarter (ends 2026-12-31) | $-0.33 | $-0.11 | +198.7% | $202.9M | 2 |
| Current fiscal year (ends 2026-12-31) | $0.18 | $0.24 | -24.7% | $875.1M | 1 |
| Next fiscal year (ends 2027-12-31) | $0.52 | $0.35 | +47.8% | $964.5M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-01-15 (includes earnings 2026-11-03): ±19.7%; last 8 reports averaged ±13.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2027-01-15 | 84 | 51.5% | ±19.7% |
| 2027-04-16 | 175 | 53.1% | ±29.2% |