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1. Company Snapshot

1.a. Company Description

Lindblad Expeditions Holdings, Inc.provides expedition cruising and land-based adventure travel experiences.The company delivers voyages through a fleet of ten owned expedition ships and five seasonal charter vessels under the Lindblad brand; and operates eco-conscious expeditions and nature focused small-group tours under the Natural Habitat brand.


The company also provides luxury cycling and adventure tours worldwide under the DuVine name; active small group and private custom journeys throughout the United States national park under the Off the Beaten Path brand name; and curated active small group and private custom journeys that are centered around cinematic walks led by the local guides under the Classic Journeys name.The company has a strategic alliance with the National Geographic Society.Lindblad Expeditions Holdings, Inc.


was founded in 1979 and is headquartered in New York, New York.

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1.b. Last Insights on LIND

The recent 3-month performance of Lindblad Expeditions Holdings, Inc. was negatively impacted by a Q4 loss of $0.48 per share, surpassing the Zacks Consensus Estimate of a loss of $0.29. This compares to a loss of $0.53 per share in the same period last year. The company's net loss available to stockholders improved by $14.2 million, but the adjusted EBITDA increased by 28% to $91.2 million, indicating a mixed performance. The Lindblad segment's Net Yield per Available Guest Night increased 7% to $1,170, and Occupancy was 78%, suggesting some positive trends.

1.c. Company Highlights

2. Lindblad Expeditions' Stellar Q3 Earnings Exceed Expectations

Lindblad Expeditions reported a robust Q3 2025, with revenues reaching $240 million, a 16.6% increase from the prior year, driven by a 13.4% growth in the Lindblad segment and 21.1% in the Land Experiences segment. Adjusted EBITDA for the quarter was $57.3 million, the highest quarterly result in the company's history, representing a 25% increase from the previous year. Earnings per share (EPS) came in at $0.33, surpassing analyst estimates of $0.22. The strong financial performance was underpinned by a record occupancy rate of 88% in the Lindblad segment, a 6 percentage point increase from the previous year, and a 9% rise in net yield per available guest night to $1,314.

Publication Date: Nov -26

📋 Highlights
  • Record NPS Scores:: Highest guest Net Promoter Scores ever recorded for Q3 and YTD 2025, reflecting customer satisfaction leadership.
  • Revenue Growth:: Consolidated revenues surged 16.6% YoY to $240M, driven by Lindblad (+13.4%) and Land Segments (+21.1%).
  • Lindblad Segment Performance:: Occupancy hit 88% (up 6 pts YoY) with 5% higher capacity, and net yield reached $1,314 (+9%), a Q3 record.
  • EBITDA Milestone:: Adjusted EBITDA hit $57.3M, a 25% YoY increase, marking the highest quarterly result in company history.
  • Guidance Upside:: Full-year revenue guidance raised to $745–$760M (up from $725–$750M), with EBITDA guidance boosted to $119–$123M (up from $108–$115M).

Operational Highlights

The company's operational performance was equally impressive, with Natalya Leahy highlighting that the legacy of pioneering exploration defines the company's industry standing. The Lindblad segment saw a 5% increase in available guest nights, while maintaining a high occupancy rate. The Land Experiences segment also demonstrated strong growth, with revenue increasing by 21.1%. Leahy noted that the company is seeing an uptick in demand, particularly for popular destinations, and is taking price increases in these areas.

Guidance and Outlook

Rick Goldberg provided updated guidance for 2025, including a revised range for net yield per available guest night of 12.5% to 14% year-over-year, up from the prior range of 9% to 11%. The company is also raising its full-year revenue guidance to $745 million to $760 million and EBITDA guidance to $119 million to $123 million. For 2027, the company is seeing a strong uptick in bookings and has launched its 2027 deployment, with marketing conditions in the luxury travel segment remaining highly favorable.

Valuation and Leverage

With a P/S Ratio of 0.9 and an EV/EBITDA of 12.96, the company's valuation appears reasonable, considering its growth prospects. Analysts estimate revenue growth at 8.9% for the next year. The company's recent refinancing of debt has simplified its capital structure, extended maturities, and lowered its cost of debt. With a Net Debt / EBITDA ratio of 4.9, the company has delivered 10 consecutive quarters of deleveraging and is confident in its ability to continue to delever as it drives EBITDA growth.

3. NewsRoom

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Lindblad Expeditions Holdings, Inc. (LIND) Q3 2025 Earnings Call Transcript

Nov -04

Source: seekingalpha.com

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Lindblad Expeditions (LIND) Beats Q3 Earnings and Revenue Estimates

Nov -04

Source: zacks.com

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Lindblad Expeditions Holdings, Inc. Reports 2025 Third Quarter Financial Results

Nov -04

Source: prnewswire.com

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LINDBLAD EXPEDITIONS HOLDINGS, INC. TO REPORT 2025 THIRD QUARTER FINANCIAL RESULTS ON NOVEMBER 4, 2025

Oct -22

Source: prnewswire.com

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Lindblad Expeditions Holdings, Inc. Announces Pricing of Tender Offer for any and all of the 6.750% Senior Secured Notes due 2027 issued by Lindblad Expeditions, LLC

Aug -19

Source: prnewswire.com

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Is Lindblad Expeditions (LIND) Outperforming Other Consumer Discretionary Stocks This Year?

Aug -19

Source: zacks.com

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Lindblad Expeditions Holdings, Inc. Announces Early Results of Cash Tender Offer and Consent Solicitation for any and all of the 6.750% Senior Secured Notes due 2027 issued by Lindblad Expeditions, LLC

Aug -19

Source: prnewswire.com

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Lindblad Expeditions Holdings, Inc. Announces Upsize and Pricing of Private Offering of Senior Secured Notes

Aug -06

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.00%)

6. Segments

Lindblad

Expected Growth: 8.0%

Lindblad Expeditions' 8.0% growth is driven by increasing demand for premium expedition travel, strategic fleet expansion, and rising revenue from existing vessels. The company's unique itineraries, high-end amenities, and strong brand reputation attract high-yielding customers, while operational efficiencies and cost management contribute to margin expansion.

Land Experiences

Expected Growth: 8.0%

Lindblad Expeditions' Land Experiences segment growth is driven by increasing demand for unique, high-end travel experiences, expansion into new destinations, and strategic partnerships. The company's focus on sustainability, educational content, and exceptional customer service also contributes to its growth. Additionally, the rising popularity of adventure travel and experiential tourism among affluent travelers supports the segment's 8.0% growth.

7. Detailed Products

Expedition Cruises

Lindblad Expeditions offers expedition cruises to remote and exotic destinations, providing an immersive and educational travel experience.

Wildlife-Focused Travel

Lindblad Expeditions offers wildlife-focused travel experiences, allowing guests to get up close and personal with incredible creatures in their natural habitats.

Cultural Heritage Tours

Lindblad Expeditions offers cultural heritage tours, exploring the history, art, and traditions of diverse regions around the world.

Active Exploration

Lindblad Expeditions offers active exploration experiences, including hiking, kayaking, and snorkeling, allowing guests to engage with their surroundings in a unique and immersive way.

Photography-Focused Travel

Lindblad Expeditions offers photography-focused travel experiences, led by expert photographers and naturalists, providing guests with unique opportunities to capture stunning images.

8. Lindblad Expeditions Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Lindblad Expeditions Holdings, Inc. is medium due to the availability of alternative travel options, such as land-based tours and cruises offered by other companies.

Bargaining Power Of Customers

The bargaining power of customers for Lindblad Expeditions Holdings, Inc. is low due to the unique and specialized nature of the company's expedition cruises, which limits customers' ability to negotiate prices.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Lindblad Expeditions Holdings, Inc. is medium due to the company's dependence on a limited number of suppliers for fuel, food, and other essential services.

Threat Of New Entrants

The threat of new entrants for Lindblad Expeditions Holdings, Inc. is low due to the high barriers to entry in the expedition cruise industry, including the need for specialized ships and experienced crew.

Intensity Of Rivalry

The intensity of rivalry for Lindblad Expeditions Holdings, Inc. is high due to the competitive nature of the expedition cruise industry, with several established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 132.09%
Debt Cost 6.56%
Equity Weight -32.09%
Equity Cost 18.33%
WACC 2.78%
Leverage -411.58%

11. Quality Control: Lindblad Expeditions Holdings, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
RAVE

A-Score: 5.3/10

Value: 5.0

Growth: 6.0

Quality: 8.8

Yield: 0.0

Momentum: 8.5

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Lindblad Expeditions

A-Score: 5.0/10

Value: 8.3

Growth: 5.7

Quality: 5.1

Yield: 0.0

Momentum: 7.5

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Leggett & Platt

A-Score: 4.4/10

Value: 9.6

Growth: 1.8

Quality: 4.7

Yield: 6.0

Momentum: 1.0

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Tupperware

A-Score: 4.0/10

Value: 9.5

Growth: 3.7

Quality: 5.8

Yield: 0.0

Momentum: 5.0

Volatility: 0.0

1-Year Total Return ->

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Stock-Card
Mondee

A-Score: 3.8/10

Value: 10.0

Growth: 3.9

Quality: 4.1

Yield: 0.0

Momentum: 5.0

Volatility: 0.0

1-Year Total Return ->

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Stock-Card
1800Flowers

A-Score: 2.6/10

Value: 9.4

Growth: 1.0

Quality: 2.7

Yield: 0.0

Momentum: 0.5

Volatility: 2.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

12.28$

Current Price

12.28$

Potential

-0.00%

Expected Cash-Flows