| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 43 | — | 17.8x | Around median | |
Growth | 58 | 18.3% | 7.1% | Around median | |
Quality | 70 | 13.0% | 4.5% | Top tier | |
Safety | 39 | 2.7x | 2.6x | Bottom tier | |
Capital Return | 29 | — | 2.12% | Bottom tier | |
Momentum | 82 | 126.3% | 2.9% | Top tier | |
Sentiment | 33 | 3 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Lindblad Expeditions Holdings, Inc. operates marine expedition voyages and premium land-based experiences, generating revenue from occupancy, yield per guest night, land trips, as well as onboard services and pre- or post-voyage extensions. The business consists of the Lindblad Expeditions segment and the Land Experiences segment, and the company benefits commercially from its partnership with National Geographic and from a portfolio of land-experience brands whose founders retain ownership stakes and continue to manage them.
In Q2 FY2026, total revenue increased 18.6% to $199.2 million, compared with $167.9 million in Q2 FY2025. Lindblad segment revenue grew 16.4% to $129.2 million, representing about 65% of total revenue, while Land Experiences revenue grew 23% to $70 million, supported by a 13% increase in guest count and an 8% rise in revenue per guest.
Gross margin reached 48.5%, up 290 basis points, and adjusted EBITDA increased 30.7% to $32.5 million, with its margin improving 150 basis points to 16.3%. Nevertheless, the company recorded a net loss available to shareholders of $1.4 million, or $0.02 per share, compared with a loss of $9.7 million, or $0.18 per share, in Q2 FY2025; management said that excluding accelerated depreciation related to the planned retirement of National Geographic Sea Bird and National Geographic Sea Lion in Q4 FY2026 would have resulted in positive GAAP net income.
Automated analysis for informational purposes only — not investment advice.
The stock has a consensus “Buy” rating, with an average price target of $32.33 and a target range of $29 to $37; the average is about 7.6% below the 52-week range high of $35, while the highest target exceeds that high. No price-to-earnings ratio is available because of the continuing reported loss, and the wide 52-week range of $11.37 to $35 is consistent with the contrast between accelerating revenue and cash flow on one hand, and fuel risks and unchanged adjusted earnings guidance on the other.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
Revenue increased 18.6% to $199.2 million, driven by 16.4% growth in the Lindblad segment to $129.2 million and 23% growth in Land Experiences to $70 million. The Lindblad segment absorbed an 11.9% increase in capacity while occupancy rose from 86% to 91%. Net yield per guest night also increased 4.3% to $1,294, while the land segment benefited from 13% growth in guests and an 8% increase in revenue per guest.
The company recorded a net loss available to shareholders of $1.4 million, or $0.02 per share, in Q2 FY2026. This represents an improvement of $8.3 million compared with a loss of $0.18 per share in Q2 FY2025. Management said the company would have generated positive GAAP net income without the accelerated depreciation related to the planned retirement of National Geographic Sea Bird and National Geographic Sea Lion in Q4 FY2026.
Management raised its expected FY2026 revenue range to $830–860 million, from $800–850 million previously. It also raised guidance for net yield growth per available guest night to 4.5%–5.5% from 4%–5%. In contrast, it maintained adjusted EBITDA guidance at $130–140 million because of higher fuel costs, while expecting capacity to remain approximately flat during the second half of the fiscal year.
Management said on August 3, 2026, that FY2027 bookings were ahead of FY2026 bookings in both the expedition and land-experience segments. The launch of 2028 programs generated twice the revenue in its first few weeks as the corresponding launch period for 2027 programs, while management acknowledged that this pace may normalize as the booking curve progresses. The 2028 programs include a return to French Polynesia and expansion in European River Cruises and Amazon, and they also have 92 fewer non-revenue operating days compared with the 2026 programs.
Fuel costs increased by $2.7 million, or 64%, in Q2 FY2026 and came to represent 5.3% of Lindblad segment revenue compared with 4.8% a year earlier. This occurred despite reducing fuel consumption by more than 3% while increasing capacity 12%. Management bases its FY2026 adjusted earnings guidance on scenarios that include oil remaining near $100 per barrel during the remainder of the fiscal year, and therefore did not raise the adjusted earnings range despite increasing the revenue forecast.
The company ended Q2 FY2026 with total cash of $364.9 million, an increase of $75.2 million from the end of FY2025. Cash generated from operations reached $108.5 million, and free cash flow since the beginning of FY2026 increased 93% to $93.6 million, while the company used $14.9 million in investing activities primarily related to maintenance of owned ships. Net leverage declined from 2.7 times at the end of Q1 FY2026 to 2.2 times at the end of Q2, and management prioritizes organic investment and disciplined accretive investments ahead of debt reduction or opportunistic share repurchases.
