Lindblad Expeditions Holdings Inc. Common Stock (LIND)

FairStock Score: 33/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

At the close on 2026-10-13, Lindblad shares were $36.37, giving a $2.4B market value. The business is a niche expedition-travel operator, and the top line is moving in the right direction: in fiscal 2025, the year ended 2025-12-31, revenue was $771.0M, up from $644.7M in fiscal 2024 and $569.5M in fiscal 2023. Losses are shrinking, too: net income was -$29.7M in fiscal 2025, -$31.2M in fiscal 2024, and -$45.6M in fiscal 2023. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $199.2M and net income was -$1.4M, much better than the -$8.5M loss in fiscal Q2 2025 on $167.9M of revenue. Fiscal Q1 2026 even showed $6.5M of net income. Free cash flow is positive at $109.0M trailing twelve months, a 4.6% FCF yield. But as a Graham-style investor, I care about consistent earnings and a margin of safety. The Lynch category is none because the company lost money in each of the last four years. FairStock's P/E is -95.71, EV/EBITDA is 25.92, ROCE is 4.11%, Piotroski is 4/9, and Altman Z-Score is 0.77, all pointing to weak profitability and balance-sheet risk. The expedition brand may have some niche appeal, but capital-intensive ships, a cyclical consumer, and a 2.24 beta make it no certainty. I would need sustained profits and a safer balance sheet before calling this a value opportunity.

In plain English: Lindblad Expeditions sells expedition cruises and land trips to remote places. Sales are growing and losses are narrowing, but the company has not earned a yearly profit in the last four years. At the 2026-10-13 close of $36.37, the stock looks expensive relative to those weak profits, and the company's financial safety looks below average.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer