Lindblad Expeditions Holdings
LIND on Nasdaq. Lindblad sells guided adventure trips by ship and land to travelers. Market value $2.3bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $4.61 of spare cash in the past 12 months. A savings account pays about $4.
You pay 46.7 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 3 cents a year. Above 10 is good.
Quality score: 35 of 100. Price score: 25 of 100. Our list needs 70 on quality and 60 on price.
$36.08 a share, 217% above its 1-year low
Over the past year the price has ranged from $11.37 to $36.36.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $109 million in the past 12 months, $64 million in the year to December 2025.
| Revenue | |||||
| Revenue | $147m | $422m | $570m | $645m | $771m |
| Operating margin | |||||
| Operating margin | -75.3% | -15.0% | 1.9% | 3.3% | 5.9% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.05bn | 0.05bn | 0.06bn | 0.07bn |
Health checks
- Free cash flow positive2 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 9
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsStrong, 56.4% a year
- Buying back its own sharesNo, 23% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $199 million last quarter, up 19% on a year ago.
- A loss of $1 million, compared with a loss of $9 million a year ago.
- It keeps 7 cents of each $1 of sales as operating profit, up from 5 cents a year earlier.
- Spare cash over the past 12 months: $109 million, up from $59 million.
- 20% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $345 million more than cash, down from $426 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $206m |
| December 2024 | $149m |
| March 2025 | $180m |
| June 2025 | $168m |
| September 2025 | $240m |
| December 2025 | $183m |
| March 2026 | $208m |
| June 2026 | $199m |
| Quarter to | Amount |
|---|---|
| September 2024 | $23m |
| December 2024 | -$25m |
| March 2025 | $1m |
| June 2025 | -$9m |
| September 2025 | $1m |
| December 2025 | -$24m |
| March 2026 | $7m |
| June 2026 | -$1m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 2 November 2026
Who owns it
5 long-term investors we follow own it, up from 4 last quarter. 226 funds in all.
- Royce & AssociatesChuck Royce
- Value
- $30m
- Share of fund
- 0.2%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Ariel InvestmentsJohn Rogers Jr. | $78m | 0.8% | Cut |
| Select Equity GroupGeorge Loening | $41m | 0.2% | Added |
| Royce & AssociatesChuck Royce | $30m | 0.2% | |
| Polen CapitalDan Davidowitz | $3m | <0.1% | Added |
| Gotham Asset ManagementJoel Greenblatt | $923,335 | <0.1% | New |
Largest holders overall
- FMR$187mAdded
- BlackRock$123mAdded
- Ariel Investments$78mCut
- Vanguard Capital Management$60m
- Goldman Sachs Group$50mAdded
- Driehaus Capital Management$41mAdded
- Select Equity Group$41mAdded
- Principal Financial Group$39mCut
- Arrowstreet Capital, Limited Partnership$36m
- Lord, Abbett$36mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- Lindblad Sven-OlofInsider or founder16.7%Since 4 February 2026
What they said
As previously reported, the Reporting Person received 14,125,827 shares of Common Stock upon consummation of the transactions described in that certain Agreement and Plan of Merger, dated as of March 9, 2015 (the "Merger Agreement"), by and among Capitol Acquisition Corp. II, a…
Read the filing - FMR LLCPassive investorat least 10.1%+3.8 pts(filed with 1 related holder)Since 30 June 2026
- BlackRock, Inc.Passive investor5.8%+0.9 ptsSince 30 June 2026
- EIN MARKPassive investorat least 5.1%−1.0 pts(filed with 1 related holder)Since 31 December 2025
- Gregg R. LemkauPassive investorat least 5.0%(filed with 2 related holders)Since 31 March 2026
- Ariel InvestmentsPassive investorSold down below 5%Since 30 June 2026
| Holder | Stake | Since | |
|---|---|---|---|
Lindblad Sven-Olof Insider or founder | 16.7% | 4 February 2026 | What they saidAs previously reported, the Reporting Person received 14,125,827 shares of Common Stock upon consummation of the transactions described in that certain Agreement and Plan of Merger, dated as of March 9, 2015 (the "Merger Agreement"), by and among Capitol Acquisition Corp. II, a… Read the filing |
FMR LLC Passive investor | at least 10.1%+3.8 pts (filed with 1 related holder) | 30 June 2026 | |
BlackRock, Inc. Passive investor | 5.8%+0.9 pts | 30 June 2026 | |
EIN MARK Passive investor | at least 5.1%−1.0 pts (filed with 1 related holder) | 31 December 2025 | |
Gregg R. Lemkau Passive investor | at least 5.0% (filed with 2 related holders) | 31 March 2026 | |
Ariel Investments Passive investor | Sold down below 5% | 30 June 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 7 sold $35m, $30m of it under preset trading plans.
- BISNOW MICHAEL ELLIOTTDirectorSold
- Date
- 17 June 2026
- Shares
- 44,642
- Price
- $24.21
- Value
- $1m
- Dryden L. DysonDirectorSold
- Date
- 4 June 2026
- Shares
- 39,946
- Price
- $22.04
- Value
- $880,410
- Dryden L. DysonDirectorSold
- Date
- 29 May 2026
- Shares
- 52,747
- Price
- $23.09
- Value
- $1m
- Byus TreyChief Expedition OfficerSold
- Date
- 21 May 2026
- Shares
- 10,000
- Price
- $20.05
- Value
- $200,500
- FAHEY JOHN M JRDirectorSold
- Date
- 21 May 2026
- Shares
- 2,000
- Price
- $20.26
- Value
- $40,520
- FAHEY JOHN M JRDirectorSoldunder a preset trading plan
- Date
- 14 May 2026
- Shares
- 1,000
- Price
- $19.40
- Value
- $19,400
- FAHEY JOHN M JRDirectorSold
- Date
- 12 May 2026
- Shares
- 1,000
- Price
- $19.40
- Value
- $19,400
- FAHEY JOHN M JRDirectorSold
- Date
- 11 May 2026
- Shares
- 3,500
- Price
- $20.04
- Value
- $70,140
- Byus TreyChief Expedition OfficerSold
- Date
- 11 May 2026
- Shares
- 26,460
- Price
- $20.23
- Value
- $535,286
- FAHEY JOHN M JRDirectorSold
- Date
- 10 March 2026
- Shares
- 7,768
- Price
- $17.66
- Value
- $137,183
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 17 June 2026 | BISNOW MICHAEL ELLIOTT Director | Sold | 44,642 | $24.21 | $1m |
| 4 June 2026 | Dryden L. Dyson Director | Sold | 39,946 | $22.04 | $880,410 |
| 29 May 2026 | Dryden L. Dyson Director | Sold | 52,747 | $23.09 | $1m |
| 21 May 2026 | Byus Trey Chief Expedition Officer | Sold | 10,000 | $20.05 | $200,500 |
| 21 May 2026 | FAHEY JOHN M JR Director | Sold | 2,000 | $20.26 | $40,520 |
| 14 May 2026 | FAHEY JOHN M JR Director | Sold under a preset trading plan | 1,000 | $19.40 | $19,400 |
| 12 May 2026 | FAHEY JOHN M JR Director | Sold | 1,000 | $19.40 | $19,400 |
| 11 May 2026 | FAHEY JOHN M JR Director | Sold | 3,500 | $20.04 | $70,140 |
| 11 May 2026 | Byus Trey Chief Expedition Officer | Sold | 26,460 | $20.23 | $535,286 |
| 10 March 2026 | FAHEY JOHN M JR Director | Sold | 7,768 | $17.66 | $137,183 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 3 Aug 2026 and 6 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
- It isn't cheap on profits: 46.7× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.