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Lindblad has been providing marine expedition adventures and active travel experiences globally to its guests since 1979. Our expedition sailing and land-based adventure travel experiences foster a spirit of exploration and discovery through itineraries that feature up-close encounters with wildlife, nature, history and culture, and promote guest empowerment, human connections and interactivity.
Operating margin is thin at 5.90%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue up 19.6% YoY with margins expanding 2.6pp.
Net debt of $407M represents 6.4x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$799M
▲ +19.6% YoY
Net Income (TTM)
-$24M
▲ +4.7% YoY
Op. Margin
6.32%
▲ +2.6pp YoY
ROIC
7.29%
▲ +3.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$71M
▲ +8.5% YoY
Op. Cash Flow (TTM)
$113M
▲ +20.8% YoY
Net Debt
$390M
Cash & Equiv.
$275M
5Y CAGR: +56.4%
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