Loading…
Operates small-ship expedition cruises to remote destinations, partnered with National Geographic for adventure travel.
Operates small-ship expedition cruises to remote destinations, partnered with National Geographic for adventure travel.
Sells fixed-itinerary voyages at high ticket prices, with customers often paying deposits months ahead, which gives visibility into bookings but ties earnings to ship occupancy and fuel costs. It shares National Geographic's brand and content under a partnership, and has bought land-based adventure travel companies to add trips not needing ships.
Moat: narrow (brand, installed base). National Geographic partnership and long operating history in remote regions differentiate from mass-market cruise lines.
Headquarters: New York, New York, United States · Founded: 1979 · Employees: 1,550
Size Lindblad Expeditions (LIND) is a United States Consumer Discretionary company (Hotels/Resorts/Cruise lines) with a market value of $2.23B, the 1722nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $33.98 on 6 Nov 2026.
Performance Over six months the shares gained 61.0%, against -0.3% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 16.7% over the last twelve months (peer median +5.7%); the operating margin is 7.5% (peer median 15.4%).
Valuation It trades at 89.0× forward earnings against a peer median of 17.1× (most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 33% a year for seven years (Req g). Recent delivered growth is +56%, so the hurdle is -23 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.3 points above its cost of capital (13.8% WACC).
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $860M | $771M | $645M | $570M | $422M |
| Revenue growth | — | +20% | +13% | +35% | — |
| Gross profit | $334M | $290M | $248M | $200M | $94.2M |
| EBITDA | $138M | $110M | $75.0M | $58.1M | -$18.4M |
| Net income | $5.78M | -$29.7M | -$31.2M | -$45.6M | -$111M |
| Free cash flow | $108M | $63.8M | $58.8M | -$4.52M | -$40.4M |
| Capital expenditure | $29.8M | $47.7M | $33.5M | $30.0M | $38.2M |
| Total debt | $665M | $664M | $627M | $624M | $557M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LIND | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.4% | +7.9% | 3rd lowest of 21 |
| 6-month return | +61.0% | -0.3% | 2nd highest of 21 |
| Distance from 52-week high | -12.5% | -16.7% | 8th highest of 21 |
| Revenue growth (TTM) | +16.7% | +5.7% | 5th highest of 21 |
| Operating margin | 7.5% | 15.4% | 2nd lowest of 21 |
| Forward P/E | 89.0× | 17.1× | most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 33.0% | 2.8% | 2nd most demanding of 19 |
| Growth delivered (Del g) | +56.4% | +19.5% | 4th highest of 19 |
| Hurdle (Req g minus delivered) | -23.4 pp | -19.3 pp | 7th least demanding of 19 |
| ROIC minus cost of capital | +1.3 pp | -0.7 pp | 9th highest of 21 |
| EV / EBITDA | 19.3× | 13.6× | 6th most expensive of 19 |
| Net debt / EBITDA | 2.6× | 2.5× | 9th most indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Lindblad Expeditions LIND | United States | $2.23B | +61% | +17% | 8% | 89.0× | 33.0% | +56.4% |
| BTG Hotels (Group) Co Ltd Shs -A- 600258.SS | China | $2.25B | -14% | -3% | 18% | 17.0× | -11.1% | +7.6% |
| Hbx Group International HBX.MC | Spain | $2.19B | +29% | +4% | 38% | 9.6× | -4.2% | +18.4% |
| Scandic Hotels SHOT.ST | Sweden | $2.29B | +16% | +3% | 13% | 17.2× | 3.2% | +24.4% |
| Resorttrust 4681.T | Japan | $2.36B | -1% | +8% | 12% | 16.4× | -6.4% | +9.4% |
| Hotel Properties H15.SI | Singapore | $2.07B | +11% | +2% | 7% | n/a | n/a | n/a |
| EIH EIHOTEL.NS | India | $2.07B | -7% | +8% | 29% | 23.2× | 28.9% | +42.9% |
| Leela Palaces Hotels & Resorts THELEELA.NS | India | $2.45B | +65% | +17% | 42% | 43.7× | n/a | n/a |
| Kyoritsu Maintenance 9616.T | Japan | $2.00B | +47% | +20% | 9% | 16.7× | 2.3% | +17.8% |
| Monarch Casino & Resort MCRI | United States | $1.92B | -8% | +5% | 27% | 15.6× | 6.7% | +24.2% |
| Chalet Hotels CHALET.NS | India | $1.88B | +2% | -17% | 34% | 28.1× | 24.1% | +57.5% |
| Melia Hotels International MEL.MC | Spain | $2.67B | -10% | +5% | 13% | 15.2× | 7.3% | +31.5% |
| Shangri-La Asia 0069.HK | Hong Kong | $1.87B | -9% | +5% | 35% | 10.6× | -8.7% | +16.8% |
| Melco Resorts & Entertainment Ltd. Sponsored ADR MLCO | United States | $1.79B | -16% | +6% | 12% | 7.5× | -6.2% | +24.5% |
| Guoco 0053.HK | Hong Kong | $2.90B | 0% | -11% | 13% | n/a | -3.9% | +16.0% |
| SkiStar SKIS-B.ST | Sweden | $1.58B | +27% | +7% | 17% | 21.3× | 8.4% | +12.5% |
| Shanghai Jin Jiang International Hotels 600754.SS | China | $3.18B | -16% | +5% | 14% | 19.5× | -8.1% | +6.9% |
| Great Eagle 0041.HK | Hong Kong | $1.37B | -24% | +75% | 12% | n/a | -0.9% | +13.8% |
| Ventive Hospitality VENTIVE.NS | India | $1.34B | -17% | +15% | 29% | 26.2× | 29.9% | +78.5% |
| ITC Hotels ITCHOTELS.NS | India | $3.85B | +5% | +65% | 25% | 34.6× | 37.0% | +64.8% |
| Monte-Carlo Societe des Bains de Mer BAIN.PA | France | $4.06B | +9% | +12% | 9% | n/a | 24.2% | +20.7% |