Mismanagement

LINDLINDBLAD EXPEDITIONS HOLDINGS, INC.

Transportation Services

Revenue
$771MFY2021: $147MFY2022: $422MFY2023: $570MFY2024: $645MFY2025: $771M
20% YoY
Operating margin
5.9%FY2021: -75.3%FY2022: -15.0%FY2023: 1.9%FY2024: 3.3%FY2025: 5.9%
76% YoY
EBITDA
$108MFY2021: −$71MFY2022: −$19MFY2023: $57MFY2024: $74MFY2025: $108M
46% YoY
Market cap
—
Employees
—
Net debt / EBITDA
3.2×
$345M net debt
AI in 10-K
—

Red flags 0 of 9

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$147M$422M$570M$645M$771M 20% FY2021: $147MFY2022: $422MFY2023: $570MFY2024: $645MFY2025: $771M
Operating income−$111M−$63M$11M$22M$45M 111% FY2021: −$111MFY2022: −$63MFY2023: $11MFY2024: $22MFY2025: $45M
Net income−$125M−$116M−$50M−$36M−$35M 3.4% FY2021: −$125MFY2022: −$116MFY2023: −$50MFY2024: −$36MFY2025: −$35M
Operating cash flow$32M−$2M$25M$92M$112M 21% FY2021: $32MFY2022: −$2MFY2023: $25MFY2024: $92MFY2025: $112M
Capex$97M$38M$30M$34M$48M 42% FY2021: $97MFY2022: $38MFY2023: $30MFY2024: $34MFY2025: $48M
Stock-based comp$6M$7M$14M$10M$13M 37% FY2021: $6MFY2022: $7MFY2023: $14MFY2024: $10MFY2025: $13M

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo
$0 · 0
Open-market sells, 12 mo
$27M · 21
Net
−$27M

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025——84218
FY2024——69194
FY2023——66148
FY2022——4592
FY2021——91122