LINDBLAD EXPEDITIONS HOLDINGS, INC.
LIND · Transportation Services · 65.6M shares · +2%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$12M (gross $2M, SBC $14M)
Reference price $24.21 · est. market cap ~$1.6B — last insider sale, 2026-06-17 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C55Expedition-travel operator delivering strong top-line and EBITDA recovery but still posting net losses on a leveraged balance sheet.
Strengths
- Tour revenue +20%, occupancy to 88%, net yield +14% and adjusted EBITDA +38%; operating income +111%
- Premium-priced, differentiated National Geographic-branded niche with positive FCF (~$64M)
Risks
- Still net loss-making (-$24M), ROA -3% and negative book equity (D/E -2.3) with current ratio 0.80
- Discretionary, event-sensitive demand (geopolitics, pandemics, fuel) and ROE 10.4% is an equity-deficit artifact
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Negative equityNegative book equity (debt/equity -2.33)
- Weak liquidityCurrent ratio 0.80 (<1)
- Strong balance sheetStrong balance sheet — $257M cash & investments
- Insider sellingInsider selling — 33 open-market sale(s) by 7 insider(s) (cluster of 7 insiders, ~$35M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
10.4%
Return on assets
-3.0%
ROIC
9.5%
Revenue growth (QoQ)
25.6%
Debt / equity
-2.3×
Net debt / EBITDA
3.7×
Current ratio
0.8×
Free cash flow
$64M
EBITDA
$108M
Tangible book value
-$362M
Cash & investments
$257M
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-22 | Leahy Natalya | Tax withheld | 9.8K | — |
| 2026-06-17 | BISNOW MICHAEL ELLIOTT | Sell | 45K | $24.21 |
| 2026-06-04 | Dryden L. Dyson | Sell | 40K | $22.04 |
| 2026-05-29 | Dryden L. Dyson | Sell | 53K | $23.09 |
| 2026-05-29 | FAHEY JOHN M JR | — | 2.0K | $22.89 |
| 2026-05-21 | FAHEY JOHN M JR | Sell | 2.0K | $20.26 |
| 2026-05-21 | Byus Trey | Sell | 10K | $20.05 |
| 2026-05-14 | FAHEY JOHN M JR | Sell | 1.0K | $19.39 |
| 2026-05-12 | FAHEY JOHN M JR | Sell | 1.0K | $19.39 |
| 2026-05-11 | FAHEY JOHN M JR | Sell | 3.5K | $20.04 |
| 2026-05-11 | Byus Trey | Sell | 26K | $20.23 |
| 2026-04-28 | TAYLOR KEITH A | Tax withheld | 2.0K | $17.86 |
| 2026-04-11 | BRESSLER BENJAMIN | Tax withheld | 1.8K | $19.22 |
| 2026-03-31 | Goldberg Frederick | Tax withheld | 9.5K | — |
| 2026-03-31 | TAYLOR KEITH A | Grant | 8.6K | — |
| 2026-03-31 | Byus Trey | Grant | 14K | — |
| 2026-03-31 | Byus Trey | Tax withheld | 5.2K | $17.30 |
| 2026-03-31 | Leahy Natalya | Grant | 14K | — |
| 2026-03-31 | Leahy Natalya | Tax withheld | 24K | — |
| 2026-03-31 | Goldberg Frederick | Grant | 11K | — |
| 2026-03-31 | Goldberg Frederick | Tax withheld | 9.5K | — |
| 2026-03-31 | Goldberg Frederick | Grant | 11K | — |
| 2026-03-31 | Byus Trey | Grant | 7.3K | — |
| 2026-03-31 | Byus Trey | Tax withheld | 4.5K | — |
| 2026-03-31 | Leahy Natalya | Grant | 14K | — |
| 2026-03-31 | Leahy Natalya | Tax withheld | 24K | — |
| 2026-03-31 | BRESSLER BENJAMIN | Grant | 5.8K | — |
| 2026-03-31 | BRESSLER BENJAMIN | Tax withheld | 2.3K | — |
| 2026-03-29 | Byus Trey | Tax withheld | 2.3K | — |
| 2026-03-18 | Lindblad Sven-Olof | Gift | 100K | — |
| 2026-03-16 | BRESSLER BENJAMIN | Tax withheld | 107K | $16.93 |
| 2026-03-15 | BRESSLER BENJAMIN | Grant | 244K | — |
| 2026-03-10 | FAHEY JOHN M JR | Sell | 7.8K | $17.66 |
| 2026-03-09 | Smith, Jr. Thomas S. | Sell | 56K | $17.57 |
| 2026-02-07 | Leahy Natalya | Tax withheld | 12K | $20.04 |
| 2026-02-05 | BRESSLER BENJAMIN | Option exercise | 41K | — |
| 2026-02-05 | BRESSLER BENJAMIN | Sell | 41K | $18.08 |
| 2026-02-04 | BRESSLER BENJAMIN | Sell | 181K | $18.04 |
| 2026-02-04 | Lindblad Sven-Olof | Sell | 28K | $17.61 |
| 2026-02-04 | BRESSLER BENJAMIN | Option exercise | 181K | — |
| 2026-02-03 | Lindblad Sven-Olof | Sell | 127K | $17.38 |
| 2026-02-02 | Lindblad Sven-Olof | Sell | 119K | $17.35 |
| 2026-02-02 | BRESSLER BENJAMIN | Option exercise | 87K | — |
| 2026-02-02 | BRESSLER BENJAMIN | Sell | 87K | $17.08 |
| 2026-02-02 | Lindblad Sven-Olof | Sell | 115K | $17.18 |
| 2026-01-30 | Lindblad Sven-Olof | Sell | 78K | $16.66 |
| 2026-01-29 | Lindblad Sven-Olof | Sell | 105K | $16.84 |
| 2026-01-29 | BRESSLER BENJAMIN | Option exercise | 33K | — |
| 2026-01-29 | BRESSLER BENJAMIN | Sell | 33K | $17.02 |
| 2026-01-28 | Lindblad Sven-Olof | Sell | 87K | $16.29 |
| 2026-01-27 | Lindblad Sven-Olof | Sell | 44K | $15.98 |
| 2026-01-26 | Lindblad Sven-Olof | Sell | 43K | $16.03 |
| 2026-01-23 | Lindblad Sven-Olof | Sell | 36K | $16.08 |
| 2026-01-22 | Lindblad Sven-Olof | Sell | 62K | $16.48 |
| 2026-01-21 | Lindblad Sven-Olof | Sell | 75K | $16.03 |
| 2026-01-20 | Lindblad Sven-Olof | Sell | 81K | $15.67 |
| 2026-01-15 | BRESSLER BENJAMIN | Sell | 7.3K | $17.01 |
| 2026-01-15 | BRESSLER BENJAMIN | Option exercise | 7.3K | — |
| 2026-01-14 | BRESSLER BENJAMIN | Option exercise | 94K | — |
| 2026-01-14 | BRESSLER BENJAMIN | Sell | 94K | $17.08 |
| 2026-01-12 | BRESSLER BENJAMIN | Option exercise | 222K | — |
| 2026-01-12 | BRESSLER BENJAMIN | Sell | 222K | $16.08 |
| 2026-01-09 | BRESSLER BENJAMIN | Sell | 69K | $15.03 |
| 2026-01-09 | BRESSLER BENJAMIN | Option exercise | 69K | — |
| 2026-01-07 | BRESSLER BENJAMIN | Option exercise | 30K | $8.44 |
| 2026-01-07 | BRESSLER BENJAMIN | Sell | 30K | $15.04 |
| 2025-12-22 | BRESSLER BENJAMIN | Option exercise | 16K | $8.44 |
| 2025-12-22 | BRESSLER BENJAMIN | Sell | 16K | $15.02 |
| 2025-08-28 | BRESSLER BENJAMIN | Option exercise | 21K | $8.44 |
| 2025-08-28 | BRESSLER BENJAMIN | Sell | 21K | $15.01 |
| 2025-08-27 | Byus Trey | Sell | 17K | $14.88 |
| 2025-08-27 | BRESSLER BENJAMIN | Option exercise | 61K | $8.44 |
| 2025-08-27 | BRESSLER BENJAMIN | Sell | 61K | $15.01 |
| 2025-08-25 | BRESSLER BENJAMIN | Option exercise | 25K | $8.44 |
| 2025-08-25 | BRESSLER BENJAMIN | Sell | 25K | $15.02 |
| 2025-08-22 | BRESSLER BENJAMIN | Option exercise | 201K | $8.44 |
| 2025-08-22 | BRESSLER BENJAMIN | Sell | 201K | $14.19 |
| 2025-08-20 | BRESSLER BENJAMIN | Option exercise | 21K | $8.44 |
| 2025-08-20 | BRESSLER BENJAMIN | Sell | 21K | $14.03 |
| 2025-08-19 | BRESSLER BENJAMIN | Option exercise | 809 | $8.44 |
| 2025-08-19 | BRESSLER BENJAMIN | Sell | 809 | $14.00 |
| 2025-08-08 | Reynolds Catherine B | Grant | 8.9K | $12.36 |
| 2025-08-08 | Stuart Andrew | Grant | 8.9K | $12.36 |
| 2025-08-08 | Reavis Annette J. | Grant | 8.9K | $12.36 |
| 2025-08-08 | Kaufman Pamela O. | Grant | 8.9K | $12.36 |
| 2025-08-08 | Smith, Jr. Thomas S. | Grant | 8.9K | $12.36 |
| 2025-08-08 | SCHULTZ ALEX P | Grant | 8.9K | $12.36 |
| 2025-08-08 | FAHEY JOHN M JR | Grant | 8.9K | $12.36 |
| 2025-08-08 | EIN MARK | Grant | 8.9K | $12.36 |
| 2025-08-08 | BISNOW MICHAEL ELLIOTT | Grant | 8.9K | $12.36 |
| 2025-08-08 | Lindblad Sven-Olof | Grant | 8.9K | $12.36 |
| 2025-08-08 | Dryden L. Dyson | Grant | 8.9K | $12.36 |
| 2025-08-05 | BRESSLER BENJAMIN | Sell | 167K | $13.05 |
| 2025-08-05 | BRESSLER BENJAMIN | Option exercise | 167K | $8.44 |
| 2025-08-05 | BRESSLER BENJAMIN | Option exercise | 167K | $8.44 |
| 2025-08-05 | BRESSLER BENJAMIN | Sell | 167K | $13.05 |
| 2025-08-04 | BRESSLER BENJAMIN | Sell | 7.6K | $13.05 |
| 2025-08-04 | BRESSLER BENJAMIN | Option exercise | 7.6K | $8.44 |
| 2025-07-23 | BRESSLER BENJAMIN | Option exercise | 47K | $8.44 |
| 2025-07-23 | BRESSLER BENJAMIN | Sell | 47K | $13.02 |
| 2025-07-23 | BRESSLER BENJAMIN | Option exercise | 1.3M | $8.44 |
| 2025-07-23 | BRESSLER BENJAMIN | Sell | 47K | $13.02 |
| 2025-05-31 | BRODSKY NOAH | Tax withheld | 1.9K | $10.50 |
| 2025-05-21 | SCHULTZ ALEX P | Buy | 26K | $10.25 |
| 2025-05-20 | SCHULTZ ALEX P | Buy | 1.1K | $10.29 |
| 2025-04-22 | SCHULTZ ALEX P | Buy | 19K | $8.30 |
| 2025-04-21 | SCHULTZ ALEX P | Buy | 36K | $7.97 |
| 2025-04-11 | BRESSLER BENJAMIN | Tax withheld | 1.9K | $8.15 |
| 2025-03-31 | BRODSKY NOAH | Grant | 25K | — |
| 2025-03-31 | BRESSLER BENJAMIN | Grant | 5.4K | — |
| 2025-03-31 | Byus Trey | Grant | 19K | — |
| 2025-03-31 | Goldberg Frederick | Grant | 20K | — |
| 2025-03-31 | Leahy Natalya | Grant | 26K | — |
| 2025-03-31 | Byus Trey | Tax withheld | 3.8K | — |
| 2025-03-31 | Byus Trey | Disposition | 3.1K | — |
| 2025-03-31 | BRODSKY NOAH | Tax withheld | 1.9K | — |
| 2025-03-31 | BRESSLER BENJAMIN | Tax withheld | 1.6K | — |
| 2025-03-31 | Leahy Natalya | Tax withheld | 11K | — |
| 2025-03-29 | Byus Trey | Tax withheld | 1.6K | — |
| 2025-03-29 | BRODSKY NOAH | Tax withheld | 2.0K | — |
| 2025-01-01 | Lindblad Sven-Olof | Disposition | 50K | — |
| 2025-01-01 | Leahy Natalya | Grant | 100K | — |
| 2025-01-01 | Leahy Natalya | Grant | 86K | — |
| 2025-01-01 | Leahy Natalya | Grant | 115K | — |
| 2024-12-31 | Goldberg Frederick | Grant | 50K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-11 | Shareholder voteExhibits | filing ↗ |
| 2026-05-05 | ResultsExhibits | filing ↗ |
| 2026-03-25 | Exec/director changeExhibits | filing ↗ |
| 2026-03-03 | Material agreementExhibits | filing ↗ |
| 2026-02-26 | ResultsExhibits | filing ↗ |
| 2026-01-20 | Reg FDExhibits | filing ↗ |
| 2025-12-11 | Reg FDExhibits | filing ↗ |
| 2025-11-04 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-11 | 2026-06-10 | 0001437749-26-020326 ↗ |
| 10-Q | 2026-05-05 | 2026-03-31 | 0001437749-26-014912 ↗ |
| 8-K | 2026-05-05 | 2026-05-05 | 0001437749-26-014742 ↗ |
| 8-K | 2026-03-25 | 2026-03-19 | 0001437749-26-009801 ↗ |
| 8-K | 2026-03-03 | 2026-03-03 | 0001437749-26-006604 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001437749-26-005873 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001437749-26-005736 ↗ |
| 8-K | 2026-01-20 | 2026-01-20 | 0001437749-26-001488 ↗ |
| 8-K | 2025-12-11 | 2025-12-11 | 0001437749-25-037487 ↗ |
| 10-Q | 2025-11-04 | 2025-09-30 | 0001437749-25-033060 ↗ |
| 8-K | 2025-11-04 | 2025-11-04 | 0001437749-25-032880 ↗ |
| 8-K | 2025-09-05 | 2025-09-03 | 0001104659-25-087909 ↗ |