Lindblad Expeditions (LIND) Financials

$20.47 +2.63 (+14.74%)

Closing price 04:00 PM Eastern

Extended Trading

$20.76 +0.29 (+1.41%)

As of 05:52 PM Eastern

Annual Income Statements for Lindblad Expeditions

This table shows Lindblad Expeditions' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	20	4.86	-8.66	11	14	-100	-125	-116	-50	-36	-35
Consolidated Net Income / (Loss)	20	5.06	-7.53	12	19	-100	-119	-108	-41	-28	-24
Net Income / (Loss) Continuing Operations	20	5.06	-7.53	12	19	-100	-119	-108	-41	-28	-24
Total Pre-Tax Income	17	1.86	2.47	12	21	-110	-121	-102	-38	-25	-22
Total Operating Income	16	14	11	25	33	-88	-111	-63	11	22	45
Total Gross Profit	115	123	131	156	176	9.43	23	138	231	282	353
Total Revenue	210	242	267	310	343	82	147	422	570	645	771
Operating Revenue	210	242	267	310	343	82	147	422	570	645	771
Total Cost of Revenue	95	119	136	154	167	73	124	283	338	363	418
Operating Cost of Revenue	95	119	136	154	167	73	124	283	338	363	418
Total Operating Expenses	99	109	120	131	143	98	133	201	221	261	308
Selling, General & Admin Expense	39	52	61	63	63	46	65	96	103	121	130
Marketing Expense	35	39	42	47	55	20	28	61	71	87	115
Depreciation Expense	12	18	17	21	26	32	40	44	47	53	63
Total Other Income / (Expense), net	1.59	-12	-8.27	-13	-12	-22	-10	-39	-48	-47	-67
Interest Expense	11	10	9.74	11	12	17	25	37	45	46	69
Other Income / (Expense), net	12	-1.98	1.47	-2.34	0.03	-4.86	14	-1.54	-3.32	-0.91	1.49
Income Tax Expense	-2.65	-3.20	10	0.62	2.19	-9.81	-2.02	6.08	3.15	3.10	2.48
Preferred Stock Dividends Declared	-	-	0.00	0.00	2.65	1.71	5.46	4.67	4.37	4.64	4.93
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.20	1.13	0.20	2.40	-1.40	0.04	3.22	4.73	2.98	5.50
Basic Earnings per Share	$0.44	$0.11	($0.19)	$0.25	$0.29	($2.01)	($2.41)	($2.23)	($0.94)	($0.67)	($0.63)
Weighted Average Basic Shares Outstanding	44.92M	45.65M	44.58M	45.38M	47.44M	49.74M	50.11M	52.02M	53.26M	53.82M	54.97M
Diluted Earnings per Share	$0.43	$0.10	($0.19)	$0.24	$0.28	($2.01)	($2.41)	($2.23)	($0.94)	($0.67)	($0.63)
Weighted Average Diluted Shares Outstanding	45.58M	46.46M	44.58M	46.34M	49.43M	49.74M	50.11M	52.02M	53.26M	53.82M	54.97M
Weighted Average Basic & Diluted Shares Outstanding	0.00	44.20M	45.60M	45.40M	49.72M	49.91M	50.81M	53.19M	53.43M	54.59M	65.25M

This table shows Lindblad Expeditions' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-26	4.54	-29	-5.12	-26	21	-26	-0.04	-9.74	-0.05	-25
Consolidated Net Income / (Loss)	-24	8.46	-26	-4.21	-24	25	-25	1.01	-6.97	4.57	-23
Net Income / (Loss) Continuing Operations	-24	8.46	-26	-4.21	-24	25	-25	1.01	-6.97	4.57	-23
Total Pre-Tax Income	-24	8.46	-25	-3.97	-20	18	-20	-0.48	-6.42	2.01	-17
Total Operating Income	-8.50	20	-14	7.85	-8.21	29	-7.57	11	4.41	36	-5.50
Total Gross Profit	47	80	48	69	54	96	67	87	77	116	74
Total Revenue	125	176	125	154	136	206	149	180	168	240	183
Operating Revenue	125	176	125	154	136	206	149	180	168	240	183
Total Cost of Revenue	78	96	77	84	83	110	81	93	91	124	109
Operating Cost of Revenue	78	96	77	84	83	110	81	93	91	124	109
Total Operating Expenses	56	60	62	61	62	67	75	76	72	80	79
Selling, General & Admin Expense	29	30	33	27	30	29	39	33	31	35	31
Marketing Expense	15	19	16	23	18	25	21	28	26	30	30
Depreciation Expense	11	11	13	11	14	13	15	15	15	15	18
Total Other Income / (Expense), net	-15	-12	-11	-12	-11	-11	-12	-11	-11	-34	-11
Interest Expense	12	11	11	12	11	11	12	12	12	35	11
Other Income / (Expense), net	-3.52	-0.53	0.41	-0.23	-0.01	0.20	-0.87	0.54	0.79	0.79	-0.63
Income Tax Expense	0.04	0.00	1.56	0.24	4.45	-6.75	5.15	-1.49	0.55	-2.56	5.98
Preferred Stock Dividends Declared	1.08	1.10	1.12	1.14	1.15	1.17	1.19	1.20	1.22	1.24	1.26
Net Income / (Loss) Attributable to Noncontrolling Interest	0.77	2.82	0.99	-0.23	0.67	2.68	-0.14	-0.15	1.55	3.38	0.71
Basic Earnings per Share	($0.48)	$0.08	($0.53)	($0.10)	($0.48)	$0.39	($0.48)	$0.00	($0.18)	$0.00	($0.45)
Weighted Average Basic Shares Outstanding	53.25M	53.31M	53.26M	53.37M	53.50M	54.10M	53.82M	54.62M	54.59M	55.56M	54.97M
Diluted Earnings per Share	($0.48)	$0.08	($0.53)	($0.10)	($0.48)	$0.36	($0.45)	$0.00	($0.18)	$0.00	($0.45)
Weighted Average Diluted Shares Outstanding	53.25M	53.40M	53.26M	53.37M	53.50M	62.59M	53.82M	54.62M	54.59M	55.56M	54.97M
Weighted Average Basic & Diluted Shares Outstanding	53.33M	53.39M	53.43M	53.53M	54.32M	54.50M	54.59M	54.71M	54.79M	55.40M	65.25M

This table details how cash moves in and out of Lindblad Expeditions' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	167	-71	-41	19	-13	95	-32	-57	71	29	74
Net Cash From Operating Activities	40	31	53	56	63	-92	32	-2.20	25	92	112
Net Cash From Continuing Operating Activities	40	31	53	56	63	-92	32	-2.20	25	92	112
Net Income / (Loss) Continuing Operations	20	5.06	-7.53	12	19	-100	-119	-108	-41	-28	-24
Consolidated Net Income / (Loss)	20	5.06	-7.53	12	19	-100	-119	-108	-41	-28	-24
Depreciation Expense	12	18	17	21	26	32	40	44	47	53	63
Amortization Expense	4.97	4.05	5.13	4.82	5.04	2.87	3.22	3.28	4.18	4.59	5.06
Non-Cash Adjustments To Reconcile Net Income	1.17	7.20	30	18	19	-11	91	49	23	63	57
Changes in Operating Assets and Liabilities, net	2.77	-3.30	7.77	1.02	-5.79	-16	18	9.56	-7.82	0.53	11
Net Cash From Investing Activities	-82	-86	-80	-54	-100	-155	-115	-50	-15	-44	-67
Net Cash From Continuing Investing Activities	-82	-86	-80	-54	-100	-155	-115	-50	-15	-44	-67
Purchase of Property, Plant & Equipment	-15	-76	-80	-54	-96	-155	-97	-38	-30	-34	-48
Acquisitions	0.00	-9.95	-	-	0.00	0.00	-18	0.00	0.00	-11	-20
Sale and/or Maturity of Investments	-	-	-	-	-	-	0.00	-15	15	0.00	0.00
Net Cash From Financing Activities	209	-16	-13	17	25	343	50	-4.87	61	-20	30
Net Cash From Continuing Financing Activities	209	-16	-13	17	25	343	50	-4.87	61	-20	30
Repayment of Debt	-42	-3.32	-2.17	-178	-4.37	-9.81	-9.09	-364	-213	-0.07	-648
Issuance of Debt	175	0.00	0.00	200	30	268	62	360	275	0.00	675
Other Financing Activities, net	81	-2.69	-5.03	-4.51	-1.47	-0.41	-2.22	-1.06	-1.13	-20	2.79
Other Net Changes in Cash	-	-	-	0.12	-	-	-	0.00	0.00	0.29	-0.29
Cash Interest Paid	7.00	9.90	10	13	14	16	18	26	44	49	51
Cash Income Taxes Paid	0.38	1.00	0.97	0.52	1.17	0.70	0.10	0.31	0.71	0.32	3.16

This table details how cash moves in and out of Lindblad Expeditions' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	77	7.38	-17	37	-6.51	6.92	-8.43	19	12	43	-0.39
Net Cash From Operating Activities	17	16	-9.87	44	19	28	1.68	48	29	20	14
Net Cash From Continuing Operating Activities	17	16	-9.87	44	19	28	1.68	48	29	20	14
Net Income / (Loss) Continuing Operations	-24	8.46	-26	-4.21	-24	25	-25	1.01	-6.97	4.58	-23
Consolidated Net Income / (Loss)	-24	8.46	-26	-4.21	-24	25	-25	1.01	-6.97	4.58	-23
Depreciation Expense	11	11	13	11	14	13	15	15	15	15	18
Amortization Expense	1.19	1.30	0.66	1.34	1.34	0.79	1.11	1.36	1.35	1.22	1.13
Non-Cash Adjustments To Reconcile Net Income	30	-19	5.82	41	31	-17	7.75	39	31	-9.47	-3.10
Changes in Operating Assets and Liabilities, net	-1.20	15	-2.99	-5.04	-3.48	5.92	3.13	-8.19	-11	8.27	21
Net Cash From Investing Activities	-8.29	-8.01	-7.24	-6.47	-7.43	-20	-9.69	-29	-16	-9.40	-13
Net Cash From Continuing Investing Activities	-8.29	-8.01	-7.24	-6.47	-7.43	-20	-9.69	-29	-16	-9.40	-13
Purchase of Property, Plant & Equipment	-8.29	-8.01	-7.24	-6.47	-7.43	-9.75	-9.87	-13	-16	-7.62	-11
Acquisitions	-	-	-	0.00	-	-	0.18	-16	-	-1.78	-2.16
Net Cash From Financing Activities	68	-0.43	-0.36	-0.62	-18	-0.70	-0.71	-0.33	-1.07	33	-1.70
Net Cash From Continuing Financing Activities	68	-0.43	-0.36	-0.62	-18	-0.70	-0.71	-0.33	-1.07	33	-1.70
Repayment of Debt	-207	-0.42	-0.03	-0.03	-0.01	-0.06	0.03	-0.01	-0.01	-647	-1.42
Issuance of Debt	-	-	-	-	-	-	-	-	-	-	-0.01
Other Financing Activities, net	-0.53	-0.01	-0.33	-0.59	-18	-0.64	-0.74	-0.32	-1.06	4.44	-0.27
Cash Interest Paid	1.64	12	13	12	12	12	12	12	12	19	6.89
Cash Income Taxes Paid	0.12	0.18	0.32	0.09	0.11	-0.20	0.32	0.42	0.84	0.99	0.93

This table presents Lindblad Expeditions' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	382	408	424	473	549	757	827	788	831	877	980
Total Current Assets	234	171	132	150	147	229	210	183	245	278	368
Cash & Equivalents	207	135	96	113	102	188	151	87	157	184	257
Restricted Cash	8.46	9.02	7.06	8.76	7.68	17	22	29	30	32	33
Prepaid Expenses	12	21	21	21	29	17	27	54	57	62	78
Plant, Property, & Equipment, net	125	186	251	286	358	483	542	539	526	518	522
Total Noncurrent Assets	22	50	42	37	44	46	75	65	61	80	90
Goodwill	0.00	22	22	22	22	22	42	42	42	59	61
Intangible Assets	6.23	11	9.55	7.98	6.40	4.82	13	11	9.41	16	17
Other Noncurrent Operating Assets	12	13	10	7.17	16	13	12	12	9.36	5.13	13
Total Liabilities & Shareholders' Equity	382	408	424	473	549	757	827	788	831	877	980
Total Liabilities	268	289	312	351	409	631	812	874	945	1,022	1,133
Total Current Liabilities	104	124	144	159	183	156	289	341	319	392	462
Short-Term Debt	1.75	1.75	1.75	2.00	4.53	11	26	23	0.05	0.03	0.00
Accounts Payable	26	31	30	34	38	22	49	71	16	14	22
Accrued Expenses	-	-	-	-	-	-	-	-	49	58	77
Current Deferred Revenue	77	92	-	123	139	121	213	245	252	319	361
Other Current Liabilities	-	-	112	0.00	1.34	1.48	1.55	1.66	1.92	1.85	1.15
Total Noncurrent Liabilities	163	165	167	191	226	475	522	533	626	630	672
Long-Term Debt	163	165	165	188	214	471	519	529	622	625	663
Noncurrent Deferred & Payable Income Tax Liabilities	-	0.00	2.44	2.79	4.49	-	-	0.00	2.12	3.54	2.22
Other Noncurrent Operating Liabilities	-	-	-	0.55	8.35	4.01	3.43	3.05	1.94	1.02	6.97
Commitments & Contingencies	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	0.00	5.17	6.30	6.50	16	91	95	97	111	108	131
Total Equity & Noncontrolling Interests	114	114	106	116	123	35	-79	-183	-225	-253	-285
Total Preferred & Common Equity	114	114	106	116	123	35	-79	-183	-225	-253	-285
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	114	114	106	116	123	35	-79	-183	-225	-253	-285
Common Stock	48	43	43	42	46	48	58	84	97	109	127
Retained Earnings	66	71	64	75	82	-12	-136	-267	-322	-363	-411
Accumulated Other Comprehensive Income / (Loss)	-	-	0.00	-0.67	-4.68	-1.60	-0.63	-	0.00	0.29	0.00

This table presents Lindblad Expeditions' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	812	774	854	852	868	858	890	909	937	977
Total Current Assets	203	176	259	259	287	284	288	296	323	364
Cash & Equivalents	116	84	143	168	178	168	194	189	201	262
Restricted Cash	30	37	54	37	46	50	31	46	46	28
Prepaid Expenses	45	44	52	45	62	66	63	61	75	74
Plant, Property, & Equipment, net	540	534	532	530	522	516	517	532	533	528
Total Noncurrent Assets	68	64	63	62	60	59	85	81	81	85
Goodwill	42	42	42	42	42	42	68	59	59	61
Intangible Assets	12	11	10	9.86	8.96	8.51	8.06	15	15	17
Other Noncurrent Operating Assets	7.64	8.95	8.34	7.93	8.87	8.38	9.17	6.98	6.99	6.63
Total Liabilities & Shareholders' Equity	812	774	854	852	868	858	890	909	937	977
Total Liabilities	867	857	957	943	984	1,014	1,012	1,050	1,081	1,105
Total Current Liabilities	329	328	333	319	358	383	386	421	450	439
Short-Term Debt	24	23	0.05	0.05	0.05	0.05	0.00	0.02	0.01	0.01
Accounts Payable	57	53	58	67	65	61	70	11	9.83	21
Accrued Expenses	-	-	-	-	-	-	-	53	57	55
Current Deferred Revenue	247	250	273	251	291	320	314	355	382	362
Other Current Liabilities	1.52	1.68	1.70	1.72	1.76	1.59	1.55	1.50	1.12	0.82
Total Noncurrent Liabilities	537	528	624	624	627	631	626	629	630	667
Long-Term Debt	535	524	620	621	623	624	625	626	627	663
Noncurrent Deferred & Payable Income Tax Liabilities	-	1.49	1.45	1.45	2.59	6.31	0.00	2.13	2.39	2.55
Other Noncurrent Operating Liabilities	2.57	2.67	2.29	1.90	1.67	1.39	1.58	0.92	0.82	0.75
Commitments & Contingencies	0.00	70	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Redeemable Noncontrolling Interest	100	26	102	107	111	100	105	111	120	128
Total Equity & Noncontrolling Interests	-155	-178	-205	-198	-227	-255	-227	-252	-264	-257
Total Preferred & Common Equity	-155	-178	-205	-198	-227	-255	-227	-252	-264	-257
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-155	-178	-205	-198	-227	-255	-227	-252	-264	-257
Common Stock	82	87	90	93	99	99	108	113	118	128
Retained Earnings	-237	-265	-294	-291	-326	-355	-335	-366	-382	-385
Accumulated Other Comprehensive Income / (Loss)	0.00	-	-	-	-	-	-	0.29	0.00	0.00

This table displays calculated financial ratios and metrics derived from Lindblad Expeditions' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.81%	15.41%	9.97%	16.22%	10.77%	-76.00%	78.62%	186.53%	35.12%	13.20%	19.59%
EBITDA Growth	5.35%	-22.72%	0.63%	40.03%	31.81%	-191.04%	7.61%	67.94%	436.85%	33.74%	47.63%
EBIT Growth	-7.73%	-57.12%	1.70%	88.37%	44.47%	-380.66%	-3.60%	33.14%	111.28%	183.46%	127.51%
NOPAT Growth	-33.73%	112.50%	-185.97%	173.54%	23.57%	-308.17%	-25.38%	43.12%	116.81%	103.35%	111.05%
Net Income Growth	-11.25%	-74.37%	-248.82%	253.43%	62.29%	-634.14%	-19.00%	9.24%	62.21%	31.02%	14.08%
EPS Growth	0.00%	-76.74%	-290.00%	226.32%	16.67%	-817.86%	-19.90%	7.47%	57.85%	28.72%	5.97%
Operating Cash Flow Growth	-6.39%	-22.02%	68.38%	6.50%	11.05%	-247.42%	135.22%	-106.78%	1,254.83%	263.02%	20.82%
Free Cash Flow Firm Growth	-754.36%	-133.42%	-71.01%	113.83%	-400.18%	-679.92%	71.95%	110.31%	284.04%	197.23%	5.76%
Invested Capital Growth	120.32%	121.59%	24.55%	8.39%	30.29%	62.94%	-4.06%	-13.00%	-4.98%	-17.75%	-16.81%
Revenue Q/Q Growth	0.00%	4.15%	2.73%	2.44%	1.54%	-47.80%	79.57%	14.20%	1.32%	3.74%	4.69%
EBITDA Q/Q Growth	207.45%	-17.48%	28.34%	-4.10%	10.73%	-68.08%	16.90%	-0.52%	7.93%	10.30%	4.90%
EBIT Q/Q Growth	0.00%	-31.86%	52.75%	-9.13%	16.29%	-34.95%	5.21%	4.43%	39.83%	31.89%	5.15%
NOPAT Q/Q Growth	0.00%	11.77%	-637.73%	1,141.72%	12.62%	-46.70%	-0.39%	18.41%	15.87%	41.05%	4.76%
Net Income Q/Q Growth	0.00%	-61.02%	-764.41%	964.70%	32.93%	-43.39%	3.20%	-5.55%	11.95%	4.14%	8.84%
EPS Q/Q Growth	0.00%	-61.54%	-375.00%	2,300.00%	33.33%	-39.58%	2.82%	-3.24%	7.84%	10.67%	0.00%
Operating Cash Flow Q/Q Growth	-13.20%	22.63%	17.11%	-10.16%	6.71%	-81.94%	3,143.01%	-118.76%	-21.34%	14.30%	12.91%
Free Cash Flow Firm Q/Q Growth	0.00%	-3.02%	-110.75%	136.47%	-142.93%	-6.36%	19.58%	171.86%	-38.87%	25.07%	20.10%
Invested Capital Q/Q Growth	-3.00%	2.31%	-0.12%	-6.37%	2.83%	0.04%	-3.73%	-5.64%	-1.15%	-4.97%	-10.26%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	54.56%	50.91%	49.15%	50.36%	51.44%	11.44%	15.38%	32.81%	43.40%	46.69%	45.78%
EBITDA Margin	21.25%	14.23%	13.02%	15.69%	18.66%	-70.79%	-36.61%	-4.10%	10.21%	12.07%	14.90%
Operating Margin	7.38%	5.77%	4.03%	8.18%	9.68%	-107.34%	-75.34%	-14.96%	1.86%	3.34%	5.90%
EBIT Margin	13.33%	4.95%	4.58%	7.43%	9.68%	-113.23%	-65.67%	-15.32%	1.28%	3.20%	6.09%
Profit (Net Income) Margin	9.40%	2.09%	-2.83%	3.73%	5.46%	-121.59%	-81.01%	-25.66%	-7.18%	-4.37%	-3.14%
Tax Burden Percent	115.50%	272.14%	-304.45%	94.94%	89.54%	91.08%	98.33%	105.95%	108.34%	112.37%	111.38%
Interest Burden Percent	61.06%	15.49%	20.26%	52.91%	63.02%	117.90%	125.44%	158.05%	-517.98%	-121.52%	-46.30%
Effective Tax Rate	-15.50%	-172.14%	404.45%	5.06%	10.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	38.68%	37.16%	-20.65%	13.14%	13.55%	-18.97%	-19.58%	-12.17%	2.25%	5.16%	13.18%
ROIC Less NNEP Spread (ROIC-NNEP)	34.55%	271.83%	38.43%	-5.94%	1.13%	-38.74%	-32.38%	-28.27%	-9.01%	-5.10%	-1.16%
Return on Net Nonoperating Assets (RNNOA)	-16.92%	-32.81%	14.15%	-3.31%	0.76%	-56.43%	-148.00%	322.52%	38.74%	16.58%	3.02%
Return on Equity (ROE)	21.76%	4.34%	-6.50%	9.82%	14.32%	-75.40%	-167.58%	310.35%	41.00%	21.75%	16.20%
Cash Return on Invested Capital (CROIC)	-36.45%	-38.46%	-42.51%	5.09%	-12.75%	-66.84%	-15.44%	1.74%	7.36%	24.65%	31.53%
Operating Return on Assets (OROA)	8.92%	3.04%	2.93%	5.12%	6.50%	-14.28%	-12.19%	-8.00%	0.90%	2.42%	5.06%
Return on Assets (ROA)	6.29%	1.28%	-1.81%	2.57%	3.67%	-15.33%	-15.04%	-13.39%	-5.05%	-3.30%	-2.61%
Return on Common Equity (ROCE)	21.76%	4.25%	-6.18%	9.29%	13.08%	-44.90%	51.40%	1,163.26%	83.83%	40.10%	29.13%
Return on Equity Simple (ROE_SIMPLE)	17.33%	4.45%	-7.08%	9.95%	15.21%	-286.46%	151.65%	59.21%	18.16%	11.14%	0.00%
Net Operating Profit after Tax (NOPAT)	18	38	-33	24	30	-62	-78	-44	7.42	15	32
NOPAT Margin	8.53%	15.70%	-12.27%	7.77%	8.66%	-75.14%	-52.74%	-10.47%	1.30%	2.34%	4.13%
Net Nonoperating Expense Percent (NNEP)	4.13%	-234.67%	-59.08%	19.08%	12.42%	19.78%	12.79%	16.10%	11.26%	10.26%	14.33%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-11.92%	1.87%	4.05%	8.42%
Cost of Revenue to Revenue	45.44%	49.09%	50.85%	49.64%	48.56%	88.56%	84.62%	67.19%	56.60%	53.31%	54.22%
SG&A Expenses to Revenue	18.57%	21.41%	22.71%	20.31%	18.29%	55.26%	44.49%	22.84%	20.79%	21.70%	16.86%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	47.18%	45.14%	45.12%	42.18%	41.76%	118.78%	90.72%	47.76%	41.54%	43.35%	39.88%
Earnings before Interest and Taxes (EBIT)	28	12	12	23	33	-93	-97	-65	7.28	21	47
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	45	34	35	49	64	-58	-54	-17	58	78	115
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.41	3.82	4.18	5.31	6.60	24.43	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	4.67	5.39	5.96	7.17	8.58	106.25	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.39	1.79	1.67	1.99	2.37	10.37	5.32	0.97	1.06	1.00	1.04
Price to Earnings (P/E)	25.45	89.31	0.00	54.32	59.34	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.93%	1.12%	0.00%	1.84%	1.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	7.10	3.27	2.93	3.63	3.78	3.03	3.22	2.75	3.58	4.41	5.94
Enterprise Value to Revenue (EV/Rev)	2.15	1.91	1.93	2.23	2.73	14.85	8.50	2.21	2.01	1.80	1.69
Enterprise Value to EBITDA (EV/EBITDA)	10.14	13.39	14.82	14.23	14.64	0.00	0.00	0.00	19.72	14.95	11.34
Enterprise Value to EBIT (EV/EBIT)	16.15	38.46	42.12	30.05	28.22	0.00	0.00	0.00	157.53	56.34	27.74
Enterprise Value to NOPAT (EV/NOPAT)	25.26	12.13	0.00	28.73	31.55	0.00	0.00	0.00	154.66	77.11	40.92
Enterprise Value to Operating Cash Flow (EV/OCF)	11.22	14.69	9.72	12.26	14.98	0.00	38.46	0.00	45.10	12.60	11.68
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	74.19	0.00	0.00	0.00	147.29	47.35	16.15	17.10
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.45	1.40	1.48	1.55	1.56	3.82	34.16	-6.45	-5.47	-4.30	-4.32
Long-Term Debt to Equity	1.43	1.39	1.46	1.53	1.53	3.73	32.53	-6.18	-5.47	-4.30	-4.32
Financial Leverage	-0.49	-0.12	0.37	0.56	0.67	1.46	4.57	-11.41	-4.30	-3.25	-2.62
Leverage Ratio	3.46	3.39	3.59	3.82	3.90	4.92	11.14	-23.18	-8.12	-6.59	-6.21
Compound Leverage Factor	2.11	0.52	0.73	2.02	2.46	5.80	13.98	-36.63	42.06	8.01	2.88
Debt to Total Capital	59.17%	58.33%	59.67%	60.80%	61.01%	79.26%	97.16%	118.33%	122.39%	130.32%	130.15%
Short-Term Debt to Total Capital	0.63%	0.61%	0.63%	0.64%	1.27%	1.85%	4.65%	5.00%	0.01%	0.01%	0.00%
Long-Term Debt to Total Capital	58.55%	57.72%	59.04%	60.16%	59.74%	77.41%	92.51%	113.34%	122.38%	130.32%	130.15%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	1.81%	2.26%	2.08%	4.51%	15.00%	16.86%	20.77%	21.91%	22.42%	25.73%
Common Equity to Total Capital	40.83%	39.86%	38.07%	37.12%	34.48%	5.74%	-14.02%	-39.10%	-44.30%	-52.74%	-55.88%
Debt to EBITDA	3.70	4.83	4.80	3.91	3.41	-8.28	-10.11	-32.01	10.69	8.04	5.77
Net Debt to EBITDA	-1.13	0.64	1.82	1.40	1.70	-4.77	-6.91	-24.50	7.47	5.26	3.25
Long-Term Debt to EBITDA	3.66	4.78	4.75	3.87	3.33	-8.09	-9.63	-30.66	10.69	8.04	5.77
Debt to NOPAT	9.22	4.38	-5.09	7.90	7.34	-7.80	-7.02	-12.53	83.81	41.46	20.81
Net Debt to NOPAT	-2.81	0.58	-1.93	2.82	3.66	-4.49	-4.80	-9.59	58.56	27.13	11.71
Long-Term Debt to NOPAT	9.12	4.33	-5.04	7.82	7.18	-7.62	-6.69	-12.00	83.81	41.45	20.81
Altman Z-Score	2.57	1.98	1.75	2.07	2.15	0.61	0.03	-0.17	0.45	0.46	0.67
Noncontrolling Interest Sharing Ratio	0.00%	2.22%	4.95%	5.44%	8.63%	40.44%	130.67%	-274.82%	-104.47%	-84.41%	-79.79%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.25	1.38	0.91	0.94	0.80	1.47	0.73	0.54	0.77	0.71	0.80
Quick Ratio	1.98	1.09	0.67	0.71	0.56	1.20	0.52	0.30	0.49	0.47	0.56
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-17	-39	-67	9.32	-28	-218	-61	6.31	24	72	76
Operating Cash Flow to CapEx	272.31%	41.39%	65.75%	103.70%	65.19%	-59.34%	33.61%	-5.77%	84.91%	275.52%	233.71%
Free Cash Flow to Firm to Interest Expense	-1.55	-3.88	-6.92	0.86	-2.28	-13.07	-2.49	0.17	0.54	1.57	1.11
Operating Cash Flow to Interest Expense	3.70	3.10	5.44	5.20	5.09	-5.53	1.32	-0.06	0.57	2.02	1.62
Operating Cash Flow Less CapEx to Interest Expense	2.34	-4.39	-2.83	0.19	-2.72	-14.84	-2.61	-1.08	-0.10	1.29	0.93
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.67	0.61	0.64	0.69	0.67	0.13	0.19	0.52	0.70	0.75	0.83
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	14.14	19.00	21.43	22.60	22.07	9.14	13.68	0.00	0.00	0.00	0.00
Fixed Asset Turnover	1.70	1.56	1.22	1.15	1.07	0.20	0.29	0.78	1.07	1.23	1.48
Accounts Payable Turnover	4.15	4.20	4.44	4.78	4.62	2.41	3.48	4.71	7.40	22.90	23.17
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	25.81	19.21	17.03	16.15	16.53	39.96	26.67	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	87.97	86.87	82.26	76.41	79.06	151.57	104.96	77.50	49.35	15.94	15.76
Cash Conversion Cycle (CCC)	-62.17	-67.66	-65.23	-60.25	-62.52	-111.62	-78.29	-77.50	-49.35	-15.94	-15.76
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	64	141	176	190	248	404	388	338	321	264	219
Invested Capital Turnover	4.54	2.37	1.68	1.69	1.56	0.25	0.37	1.16	1.73	2.21	3.19
Increase / (Decrease) in Invested Capital	35	77	35	15	58	156	-16	-50	-17	-57	-44
Enterprise Value (EV)	452	462	514	691	938	1,223	1,250	929	1,147	1,163	1,303
Market Capitalization	502	434	445	617	813	854	783	409	602	646	799
Book Value per Share	$2.52	$2.48	$2.34	$2.53	$2.48	$0.70	($1.57)	($3.44)	($4.22)	($4.64)	($5.14)
Tangible Book Value per Share	$2.38	$1.75	$1.64	$1.88	$1.91	$0.16	($2.67)	($4.44)	($5.18)	($6.02)	($6.53)
Total Capital	279	286	279	313	357	609	561	467	508	480	509
Total Debt	165	167	167	190	218	483	545	553	622	625	663
Total Long-Term Debt	163	165	165	188	214	471	519	529	622	625	663
Net Debt	-50	22	63	68	109	278	372	423	434	409	373
Capital Expenditures (CapEx)	15	76	80	54	96	155	97	38	30	34	48
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-84	-96	-114	-129	-141	-120	-226	-264	-262	-330	-383
Debt-free Net Working Capital (DFNWC)	132	49	-11	-7.25	-32	85	-53	-134	-75	-114	-94
Net Working Capital (NWC)	130	47	-13	-9.25	-36	73	-79	-158	-75	-114	-94
Net Nonoperating Expense (NNE)	-1.84	33	-25	13	11	38	42	64	48	43	56
Net Nonoperating Obligations (NNO)	-50	22	63	68	109	278	372	423	434	409	373
Total Depreciation and Amortization (D&A)	17	22	22	26	31	35	43	47	51	57	68
Debt-free, Cash-free Net Working Capital to Revenue	-39.81%	-39.44%	-42.95%	-41.78%	-41.10%	-145.59%	-153.46%	-62.65%	-46.01%	-51.21%	-49.73%
Debt-free Net Working Capital to Revenue	62.75%	20.16%	-4.12%	-2.34%	-9.25%	102.75%	-36.07%	-31.90%	-13.11%	-17.68%	-12.15%
Net Working Capital to Revenue	61.92%	19.44%	-4.77%	-2.99%	-10.57%	89.08%	-53.79%	-37.44%	-13.12%	-17.69%	-12.15%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($0.19)	$0.25	$0.29	($2.01)	($2.41)	($2.23)	$0.00	($0.67)	($0.63)
Adjusted Weighted Average Basic Shares Outstanding	45.51M	45.22M	44.58M	45.38M	47.44M	49.74M	50.11M	52.02M	0.00	53.82M	54.97M
Adjusted Diluted Earnings per Share	$0.43	$0.00	($0.19)	$0.24	$0.28	($2.01)	($2.41)	($2.23)	$0.00	($0.67)	($0.63)
Adjusted Weighted Average Diluted Shares Outstanding	45.51M	45.22M	44.58M	46.34M	49.43M	49.74M	50.11M	52.02M	0.00	53.82M	54.97M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	45.51M	45.22M	45.77M	45.74M	49.72M	49.91M	50.81M	53.19M	0.00	54.59M	65.25M
Normalized Net Operating Profit after Tax (NOPAT)	11	9.79	7.52	24	30	-62	-78	-44	7.42	15	32
Normalized NOPAT Margin	5.17%	4.04%	2.82%	7.77%	8.66%	-75.14%	-52.74%	-10.47%	1.30%	2.34%	4.13%
Pre Tax Income Margin	8.14%	0.77%	0.93%	3.93%	6.10%	-133.50%	-82.38%	-24.22%	-6.62%	-3.89%	-2.82%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.57	1.18	1.25	2.12	2.70	-5.59	-3.93	-1.72	0.16	0.45	0.68
NOPAT to Interest Expense	1.64	3.75	-3.36	2.22	2.42	-3.71	-3.16	-1.18	0.16	0.33	0.46
EBIT Less CapEx to Interest Expense	1.21	-6.30	-7.01	-2.89	-5.11	-14.90	-7.86	-2.74	-0.50	-0.28	-0.01
NOPAT Less CapEx to Interest Expense	0.28	-3.73	-11.63	-2.80	-5.39	-13.02	-7.09	-2.20	-0.50	-0.40	-0.23
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	27.75%	204.45%	-82.24%	7.39%	0.12%	-0.13%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Lindblad Expeditions' official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	37.28%	21.55%	6.27%	7.13%	9.38%	17.06%	18.54%	17.00%	23.04%	16.59%	23.26%
EBITDA Growth	105.97%	89.48%	107.09%	-20.87%	1,257.23%	36.05%	2,567.84%	37.15%	214.00%	22.44%	71.03%
EBIT Growth	40.22%	333.28%	13.38%	-40.42%	31.61%	48.84%	37.17%	46.41%	163.21%	23.82%	27.28%
NOPAT Growth	55.99%	403.46%	9.49%	31.50%	3.44%	96.70%	45.32%	35.21%	153.69%	103.36%	27.29%
Net Income Growth	16.99%	253.86%	17.36%	-641.13%	-1.22%	197.88%	4.62%	124.01%	70.96%	-81.85%	9.32%
EPS Growth	18.64%	144.44%	13.11%	-900.00%	0.00%	350.00%	15.09%	100.00%	62.50%	-100.00%	0.00%
Operating Cash Flow Growth	29.44%	188.46%	-232.17%	2,033.92%	6.90%	77.80%	117.02%	10.21%	56.65%	-30.53%	759.64%
Free Cash Flow Firm Growth	26.86%	8.76%	-82.07%	239.40%	471.71%	62.29%	624.99%	-41.99%	-72.20%	31.85%	-21.61%
Invested Capital Growth	-5.07%	-9.29%	-4.98%	-18.16%	-21.69%	-14.45%	-17.75%	-11.37%	-5.83%	-11.90%	-16.81%
Revenue Q/Q Growth	-12.97%	41.02%	-28.77%	22.54%	-11.14%	50.92%	-27.86%	20.94%	-6.55%	43.01%	-23.73%
EBITDA Q/Q Growth	-98.06%	6,278.11%	-99.11%	7,066.08%	-66.67%	539.33%	-82.53%	268.40%	-23.70%	149.30%	-75.59%
EBIT Q/Q Growth	-193.99%	265.94%	-167.33%	156.74%	-207.89%	461.13%	-128.42%	232.22%	-53.42%	607.41%	-116.69%
NOPAT Q/Q Growth	-242.39%	444.01%	-147.34%	156.71%	-204.56%	800.73%	-113.16%	240.21%	-58.48%	2,554.12%	-104.71%
Net Income Q/Q Growth	-3,146.92%	135.68%	-412.19%	84.06%	-469.93%	205.02%	-199.96%	104.01%	-789.22%	165.63%	-599.48%
EPS Q/Q Growth	-4,700.00%	116.67%	-762.50%	81.13%	-380.00%	175.00%	-225.00%	100.00%	0.00%	100.00%	0.00%
Operating Cash Flow Q/Q Growth	747.72%	-9.38%	-162.45%	544.85%	-57.53%	50.72%	-94.02%	2,780.89%	-39.64%	-33.16%	-26.04%
Free Cash Flow Firm Q/Q Growth	-44.50%	382.43%	-86.74%	855.78%	-6.52%	36.94%	-40.75%	-23.52%	-55.20%	549.54%	-64.77%
Invested Capital Q/Q Growth	-7.19%	1.42%	-1.15%	-12.04%	-11.20%	10.79%	-4.97%	-5.21%	-5.65%	3.65%	-10.26%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	37.78%	45.68%	38.51%	48.38%	42.39%	49.28%	45.33%	48.34%	45.58%	48.22%	40.27%
EBITDA Margin	0.40%	18.05%	0.23%	13.20%	4.95%	20.98%	5.08%	15.48%	12.64%	22.03%	7.05%
Operating Margin	-6.81%	11.63%	-11.04%	5.11%	-6.01%	14.31%	-5.09%	5.91%	2.62%	14.98%	-3.00%
EBIT Margin	-9.63%	11.33%	-10.71%	4.96%	-6.02%	14.41%	-5.68%	6.21%	3.09%	15.30%	-3.35%
Profit (Net Income) Margin	-18.99%	4.81%	-21.07%	-2.74%	-17.58%	12.23%	-16.95%	0.56%	-4.15%	1.90%	-12.47%
Tax Burden Percent	100.17%	99.96%	106.27%	106.15%	122.79%	136.57%	125.73%	-212.84%	108.52%	227.63%	135.45%
Interest Burden Percent	196.89%	42.43%	185.04%	-52.05%	237.73%	62.16%	237.47%	-4.26%	-123.58%	5.47%	274.87%
Effective Tax Rate	0.00%	0.04%	0.00%	0.00%	0.00%	-36.57%	0.00%	0.00%	0.00%	-127.63%	0.00%
Return on Invested Capital (ROIC)	-7.71%	19.17%	-13.38%	6.62%	-8.73%	40.35%	-7.87%	10.42%	5.30%	96.18%	-6.71%
ROIC Less NNEP Spread (ROIC-NNEP)	-12.08%	16.27%	-17.27%	4.45%	-13.13%	36.66%	-12.58%	8.80%	2.75%	76.18%	-11.57%
Return on Net Nonoperating Assets (RNNOA)	63.53%	-91.90%	74.30%	-14.82%	42.11%	-139.77%	40.94%	-26.97%	-7.21%	-234.53%	30.26%
Return on Equity (ROE)	55.82%	-72.73%	60.92%	-8.21%	33.38%	-99.42%	33.07%	-16.55%	-1.90%	-138.36%	23.55%
Cash Return on Invested Capital (CROIC)	4.02%	11.62%	7.36%	21.31%	25.87%	19.13%	24.65%	18.45%	16.63%	24.30%	31.53%
Operating Return on Assets (OROA)	-6.00%	7.66%	-7.54%	3.50%	-4.16%	10.29%	-4.29%	4.69%	2.42%	12.08%	-2.78%
Return on Assets (ROA)	-11.84%	3.25%	-14.82%	-1.94%	-12.14%	8.73%	-12.79%	0.42%	-3.25%	1.50%	-10.36%
Return on Common Equity (ROCE)	124.00%	-174.95%	124.57%	-12.38%	59.44%	-197.50%	60.99%	-30.82%	-3.30%	-266.32%	42.33%
Return on Equity Simple (ROE_SIMPLE)	29.47%	23.41%	0.00%	20.17%	18.06%	12.96%	0.00%	9.11%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-5.95	20	-9.69	5.50	-5.75	40	-5.30	7.43	3.08	82	-3.85
NOPAT Margin	-4.77%	11.63%	-7.73%	3.58%	-4.21%	19.54%	-3.57%	4.13%	1.84%	34.09%	-2.10%
Net Nonoperating Expense Percent (NNEP)	4.38%	2.90%	3.90%	2.17%	4.40%	3.69%	4.71%	1.63%	2.56%	19.99%	4.85%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-2.44%	-	-	-	-1.42%	1.99%	0.85%	20.12%	-1.02%
Cost of Revenue to Revenue	62.22%	54.32%	61.49%	51.62%	57.61%	50.72%	54.67%	51.66%	54.42%	51.79%	59.73%
SG&A Expenses to Revenue	23.36%	17.06%	26.20%	21.08%	25.02%	16.65%	26.30%	18.21%	18.51%	14.49%	17.12%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	44.59%	34.05%	49.55%	43.27%	48.40%	34.97%	50.43%	42.43%	42.96%	33.24%	43.28%
Earnings before Interest and Taxes (EBIT)	-12	20	-13	7.62	-8.22	30	-8.44	11	5.20	37	-6.14
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	0.50	32	0.28	20	6.76	43	7.55	28	21	53	13
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.09	0.68	1.06	0.86	0.87	0.81	1.00	0.75	0.91	0.95	1.04
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	3.45	2.79	3.58	3.57	4.08	3.63	4.41	4.03	4.82	4.92	5.94
Enterprise Value to Revenue (EV/Rev)	2.08	1.61	2.01	1.74	1.73	1.62	1.80	1.50	1.62	1.63	1.69
Enterprise Value to EBITDA (EV/EBITDA)	28.39	16.82	19.72	19.08	17.31	14.28	14.95	11.82	11.40	10.98	11.34
Enterprise Value to EBIT (EV/EBIT)	0.00	174.07	157.53	476.59	172.91	64.32	56.34	41.69	30.27	26.92	27.74
Enterprise Value to NOPAT (EV/NOPAT)	0.00	141.61	154.66	240.68	232.81	94.14	77.11	59.23	44.03	39.56	40.92
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	28.04	45.10	14.98	14.93	12.46	12.60	10.41	10.60	12.17	11.68
Enterprise Value to Free Cash Flow (EV/FCFF)	83.54	22.88	47.35	15.10	13.86	17.48	16.15	20.54	28.13	18.96	17.10
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-6.02	-6.77	-5.47	-5.35	-4.01	-5.10	-4.30	-4.44	-4.35	-5.15	-4.32
Long-Term Debt to Equity	-6.02	-6.77	-5.47	-5.35	-4.01	-5.10	-4.30	-4.44	-4.35	-5.15	-4.32
Financial Leverage	-5.26	-5.65	-4.30	-3.33	-3.21	-3.81	-3.25	-3.07	-2.62	-3.08	-2.62
Leverage Ratio	-11.04	-11.33	-8.12	-6.11	-6.62	-8.14	-6.59	-6.90	-5.99	-7.43	-6.21
Compound Leverage Factor	-21.73	-4.81	-15.03	3.18	-15.74	-5.06	-15.64	0.29	7.41	-0.41	-17.07
Debt to Total Capital	119.92%	117.32%	122.39%	123.00%	133.20%	124.37%	130.32%	129.08%	129.81%	124.09%	130.15%
Short-Term Debt to Total Capital	0.01%	0.01%	0.01%	0.01%	0.01%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	119.92%	117.31%	122.38%	122.99%	133.19%	124.37%	130.32%	129.07%	129.81%	124.09%	130.15%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	19.68%	20.15%	21.91%	21.91%	21.37%	20.81%	22.42%	22.90%	24.78%	23.90%	25.73%
Common Equity to Total Capital	-39.60%	-37.47%	-44.30%	-44.92%	-54.57%	-45.18%	-52.74%	-51.98%	-54.59%	-47.99%	-55.88%
Debt to EBITDA	15.95	11.52	10.69	11.79	10.55	8.85	8.04	7.34	6.29	6.06	5.77
Net Debt to EBITDA	10.87	7.72	7.47	7.54	6.87	5.67	5.26	4.58	3.81	3.41	3.25
Long-Term Debt to EBITDA	15.95	11.52	10.69	11.79	10.55	8.85	8.04	7.34	6.29	6.06	5.77
Debt to NOPAT	-160.54	96.98	83.81	148.69	141.98	58.39	41.46	36.80	24.26	21.83	20.81
Net Debt to NOPAT	-109.45	64.99	58.56	95.16	92.42	37.39	27.13	22.98	14.70	12.28	11.71
Long-Term Debt to NOPAT	-160.52	96.97	83.81	148.68	141.97	58.39	41.45	36.80	24.26	21.83	20.81
Altman Z-Score	0.35	0.42	0.36	0.38	0.25	0.45	0.35	0.34	0.39	0.62	0.49
Noncontrolling Interest Sharing Ratio	-122.13%	-140.56%	-104.47%	-50.82%	-78.07%	-98.65%	-84.41%	-86.22%	-73.39%	-92.49%	-79.79%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.78	0.81	0.77	0.80	0.74	0.75	0.71	0.70	0.72	0.83	0.80
Quick Ratio	0.43	0.53	0.49	0.50	0.44	0.50	0.47	0.45	0.45	0.60	0.56
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	11	54	7.12	68	64	87	52	39	18	115	40
Operating Cash Flow to CapEx	210.37%	197.49%	-136.35%	678.97%	251.18%	288.18%	17.02%	360.78%	185.56%	256.29%	131.69%
Free Cash Flow to Firm to Interest Expense	0.96	4.68	0.62	5.88	5.62	7.76	4.45	3.40	1.52	3.31	3.77
Operating Cash Flow to Interest Expense	1.50	1.38	-0.86	3.79	1.65	2.50	0.14	4.16	2.51	0.56	1.35
Operating Cash Flow Less CapEx to Interest Expense	0.79	0.68	-1.50	3.23	0.99	1.63	-0.71	3.01	1.16	0.34	0.32
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.62	0.68	0.70	0.71	0.69	0.71	0.75	0.76	0.78	0.79	0.83
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	29.38	30.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.99	1.05	1.07	1.10	1.13	1.19	1.23	1.27	1.34	1.41	1.48
Accounts Payable Turnover	5.24	5.19	7.40	5.57	5.54	4.96	22.90	9.31	10.15	8.25	23.17
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	12.42	12.17	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	69.70	70.31	49.35	65.53	65.88	73.66	15.94	39.21	35.97	44.26	15.76
Cash Conversion Cycle (CCC)	-57.28	-58.15	-49.35	-65.53	-65.88	-73.66	-15.94	-39.21	-35.97	-44.26	-15.76
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	320	324	321	282	251	278	264	250	236	245	219
Invested Capital Turnover	1.62	1.65	1.73	1.85	2.07	2.06	2.21	2.52	2.89	2.82	3.19
Increase / (Decrease) in Invested Capital	-17	-33	-17	-63	-69	-47	-57	-32	-15	-33	-44
Enterprise Value (EV)	1,104	907	1,147	1,008	1,023	1,007	1,163	1,008	1,138	1,202	1,303
Market Capitalization	579	384	602	498	517	502	646	506	638	701	799
Book Value per Share	($3.85)	($3.72)	($4.22)	($4.26)	($4.77)	($4.18)	($4.64)	($4.62)	($4.82)	($4.68)	($5.14)
Tangible Book Value per Share	($4.83)	($4.69)	($5.18)	($5.21)	($5.72)	($5.57)	($6.02)	($5.99)	($6.17)	($6.12)	($6.53)
Total Capital	517	529	508	506	468	502	480	485	483	535	509
Total Debt	620	621	622	623	624	625	625	626	627	663	663
Total Long-Term Debt	620	621	622	623	624	625	625	626	627	663	663
Net Debt	423	416	434	399	406	400	409	391	380	373	373
Capital Expenditures (CapEx)	8.29	8.01	7.24	6.47	7.43	9.75	9.87	13	16	7.62	11
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-271	-265	-262	-295	-317	-323	-330	-360	-375	-365	-383
Debt-free Net Working Capital (DFNWC)	-74	-60	-75	-71	-99	-98	-114	-125	-128	-75	-94
Net Working Capital (NWC)	-74	-60	-75	-71	-99	-98	-114	-125	-128	-75	-94
Net Nonoperating Expense (NNE)	18	12	17	9.71	18	15	20	6.42	10	77	19
Net Nonoperating Obligations (NNO)	423	416	434	399	406	400	409	391	380	373	373
Total Depreciation and Amortization (D&A)	13	12	14	13	15	14	16	17	16	16	19
Debt-free, Cash-free Net Working Capital to Revenue	-51.10%	-47.08%	-46.01%	-50.90%	-53.52%	-51.95%	-51.21%	-53.65%	-53.38%	-49.55%	-49.73%
Debt-free Net Working Capital to Revenue	-13.91%	-10.64%	-13.11%	-12.24%	-16.72%	-15.81%	-17.68%	-18.59%	-18.16%	-10.16%	-12.15%
Net Working Capital to Revenue	-13.92%	-10.65%	-13.12%	-12.24%	-16.73%	-15.81%	-17.69%	-18.59%	-18.16%	-10.16%	-12.15%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.48)	$0.08	($0.53)	($0.10)	($0.48)	$0.39	($0.48)	$0.00	($0.18)	$0.00	($0.45)
Adjusted Weighted Average Basic Shares Outstanding	53.25M	53.31M	53.26M	53.37M	53.50M	54.10M	53.82M	54.62M	54.59M	55.56M	54.97M
Adjusted Diluted Earnings per Share	($0.48)	$0.08	($0.53)	($0.10)	($0.48)	$0.36	($0.45)	$0.00	($0.18)	$0.00	($0.45)
Adjusted Weighted Average Diluted Shares Outstanding	53.25M	53.40M	53.26M	53.37M	53.50M	62.59M	53.82M	54.62M	54.59M	55.56M	54.97M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	53.33M	53.39M	53.43M	53.53M	54.32M	54.50M	54.59M	54.71M	54.79M	55.40M	65.25M
Normalized Net Operating Profit after Tax (NOPAT)	-5.95	20	-9.69	5.50	-5.75	21	-5.30	7.43	3.08	25	-3.85
Normalized NOPAT Margin	-4.77%	11.63%	-7.73%	3.58%	-4.21%	10.02%	-3.57%	4.13%	1.84%	10.48%	-2.10%
Pre Tax Income Margin	-18.96%	4.81%	-19.82%	-2.58%	-14.32%	8.96%	-13.48%	-0.26%	-3.82%	0.84%	-9.21%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-1.03	1.74	-1.18	0.66	-0.73	2.64	-0.73	0.96	0.45	1.06	-0.57
NOPAT to Interest Expense	-0.51	1.78	-0.85	0.47	-0.51	3.58	-0.46	0.64	0.27	2.36	-0.36
EBIT Less CapEx to Interest Expense	-1.74	1.04	-1.81	0.10	-1.38	1.77	-1.58	-0.19	-0.91	0.84	-1.59
NOPAT Less CapEx to Interest Expense	-1.22	1.09	-1.48	-0.08	-1.16	2.72	-1.31	-0.51	-1.09	2.14	-1.38
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Lindblad Expeditions (LIND) has seen a mix of cash generation and leverage pressures across the latest four years of quarterly statements. The company has produced positive operating cash flow in multiple quarters, while maintaining a heavy debt load and negative shareholder equity in several periods. The most recent Q4 2025 results show earnings softness relative to Q3 2025, driven by higher financing and interest costs, but cash from operations remained positive.

Below are the key takeaways, organized from likely positive to potential negatives based on the quarterly data provided.

Positive operating cash flow in several quarters, including Q1 2025 (+$48,399,000) and Q2 2025 (+$29,215,000), Q3 2025 (+$19,527,000), and Q4 2025 (+$14,442,000), signaling the ability to generate cash from core operations.
Positive financing contribution in Q3 2025, with Net Cash From Continuing Financing Activities of +$32,666,000, indicating external funding support to fund operations.
Q3 2025 revenue scale and profitability metrics show solid operating leverage: Operating Revenue of $240,172,000 with Total Gross Profit of $115,799,000 (gross margin ≈ 48%), and Total Operating Income of $35,970,000.
Strong balance-sheet components in Q3 2025, including Cash & Equivalents of $261.8M and Plant, Property & Equipment (net) of $527.6M, contributing to Total Assets of about $976.5M.
Revenue shows volatility, with Q3 2025 peaking at $240.2M and dropping to $183.2M in Q4 2025, suggesting quarterly fluctuations in demand or seasonality.
Net income swung from positive in Q3 2025 (+$4.6M) to a significant quarterly loss in Q4 2025 (net income continuing operations of -$22.8M), highlighting earnings volatility despite cash-generation capabilities.
Equity remains negative on the balance sheet (Q3 2025 Total Equity around -$256.6M), signaling ongoing solvency and capital structure concerns.
Total Liabilities exceed Total Assets in recent quarters (e.g., Q2–Q3 2025 show Total Liabilities ≈ $1.08B–$1.11B vs. Total Assets ≈ $0.94B–$0.98B), indicating a leveraged balance sheet and potential funding risk.
High debt load: Long-Term Debt around $663.4M in Q3 2025 (vs. $627.3M in Q2 2025), reflecting substantial leverage that weighs on earnings and interest expense.
Investing and financing cash flows show ongoing cash outflows (e.g., Net Cash From Investing Activities consistently negative in multiple quarters; Q3 2025 -$9.40M; Q4 2025 -$13.13M) and recurring negative financing flow in some periods, signaling continued use of cash for capex and debt-related activities.

05/05/26 08:19 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Lindblad Expeditions' Financials

When does Lindblad Expeditions' financial year end?

According to the most recent income statement we have on file, Lindblad Expeditions' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has Lindblad Expeditions' net income changed over the last 10 years?

Lindblad Expeditions' net income appears to be on an upward trend, with a most recent value of -$24.23 million in 2025, falling from $19.74 million in 2015. The previous period was -$28.20 million in 2024. Find out what analysts predict for Lindblad Expeditions in the coming months.

What is Lindblad Expeditions' operating income?

Lindblad Expeditions' total operating income in 2025 was $45.49 million, based on the following breakdown:

Total Gross Profit: $353.00 million
Total Operating Expenses: $307.51 million

How has Lindblad Expeditions' revenue changed over the last 10 years?

Over the last 10 years, Lindblad Expeditions' total revenue changed from $209.99 million in 2015 to $771.02 million in 2025, a change of 267.2%.

How much debt does Lindblad Expeditions have?

Lindblad Expeditions' total liabilities were at $1.13 billion at the end of 2025, a 10.9% increase from 2024, and a 323.4% increase since 2015.

How much cash does Lindblad Expeditions have?

In the past 10 years, Lindblad Expeditions' cash and equivalents has ranged from $87.18 million in 2022 to $256.69 million in 2025, and is currently $256.69 million as of their latest financial filing in 2025.

How has Lindblad Expeditions' book value per share changed over the last 10 years?

Over the last 10 years, Lindblad Expeditions' book value per share changed from 2.52 in 2015 to -5.14 in 2025, a change of -303.9%.

Related Companies

Financial statements for NASDAQ:LIND last updated on 4/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Lindblad Expeditions (LIND) Financials

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