Lindblad Expeditions Holdings, Inc. (LIND) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-414.4%

-$115.26

vs $36.66 price

Levered DCF

-$46.74

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.21

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-22.89×	-17.7×	-11.99×	-3.45×	-6.47×	-8.52×	56.38×	53.84×
P/B	-3.93×	-3.65×	-3.96×	-3.53×	146.99×	7.17×	6.29×	5.26×
P/S	1.03×	0.99×	1.05×	0.95×	5.31×	10.34×	2.26×	1.97×
EV / EBITDA	13.9×	14.59×	19.47×	-43.67×	-20.68×	-18.83×	15.16×	15.71×
Gross margin	37.6%	46.7%	43.4%	32.8%	15.4%	11.4%	51.4%	50.4%
Operating margin	5.9%	3.3%	1.9%	-15.0%	-75.3%	-107.3%	9.7%	8.2%
Net margin	-3.9%	-4.8%	-8.0%	-26.4%	-81.0%	-119.9%	4.8%	3.7%
Current ratio	0.8×	0.71×	0.77×	0.54×	0.73×	1.47×	0.8×	0.94×
Debt / equity	-3.3×	-3.59×	-4.12×	-4.91×	103.32×	4.11×	1.82×	1.64×
Interest coverage	1.01×	0.47×	0.24×	-1.68×	-4.51×	-5.3×	2.7×	2.34×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.8%	17.8%	30.1%	98.1%	-2241.6%	-83.1%	13.3%	9.8%
Return on invested capital	8.8%	4.4%	2.1%	-13.4%	-19.3%	-13.1%	8.0%	7.6%
Return on assets	-3.0%	-3.6%	-5.5%	-14.1%	-14.4%	-13.0%	3.0%	2.4%
Free cash flow yield	8.1%	9.2%	-0.8%	-10.1%	-8.2%	-29.1%	-4.3%	0.3%
Earnings yield	-3.7%	-4.9%	-7.6%	-27.8%	-15.2%	-11.6%	2.1%	1.9%
Enterprise value	$1.2B	$1.1B	$1.1B	$870.8M	$1.2B	$1.2B	$898.5M	$687.5M
Net debt / EBITDA	4.72×	5.98×	8.52×	-23.58×	-6.98×	-4.91×	2.07×	1.75×
Cash conversion cycle (days)	-17	-15	-12	-6	3	12	-14	-6