LINDLINDBLAD EXPEDITIONS HOLDINGS, INC.
Transportation Services
- Revenue
- $771M
- 20% YoY
- Operating margin
- 5.9%
- 76% YoY
- EBITDA
- $108M
- 46% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 3.2×
- $345M net debt
- AI in 10-K
- —
Red flags 0 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear—Cash flow under 80% of net income
- Dilutive SBCClear2% of revenueOver 10% of revenue
- Payouts exceed cash flowClear2% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear6% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $147M | $422M | $570M | $645M | $771M | 20% |
| Operating income | −$111M | −$63M | $11M | $22M | $45M | 111% |
| Net income | −$125M | −$116M | −$50M | −$36M | −$35M | 3.4% |
| Operating cash flow | $32M | −$2M | $25M | $92M | $112M | 21% |
| Capex | $97M | $38M | $30M | $34M | $48M | 42% |
| Stock-based comp | $6M | $7M | $14M | $10M | $13M | 37% |
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
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 84 | 218 |
| FY2024 | — | — | 69 | 194 |
| FY2023 | — | — | 66 | 148 |
| FY2022 | — | — | 45 | 92 |
| FY2021 | — | — | 91 | 122 |