Is the business good?
How good a business is LIND?
Lindblad Expeditions Holdings, Inc. earns 31% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
31%
Return on invested capital · cost of capital 9.0% · 22 points above what the capital costs: growth creates value
- Operating margin
- 7.0%
Operating margin · Travel Services median 16% · 12 months to Q2 2026
- Share count, year on year
- +20%
Share count, year on year · shareholders own a smaller slice than a year ago
- Gross margin
- 47%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | −107% |
| FY2021 | −75% |
| FY2022 | −15% |
| FY2023 | 1.9% |
| FY2024 | 3.3% |
| FY2025 | 5.9% |
Details›
- Gross margin12 months to Q2 2026
- 47%
- Operating margin12 months to Q2 2026
- 7.0%
- Net margin12 months to Q2 2026
- −2.1%
- Free cash flow margin
- 13%
- Revenue, trailing twelve months
- $831M
- Free cash flow, trailing twelve months
- $109M
- Net income, trailing twelve months
- −$17M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 31%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.