# LINDBLAD EXPEDITIONS HOLDINGS, INC. (LIND) · Edgar & Edgarette company card

> Lindblad Expeditions Holdings (LIND) grew revenue 19.6% in FY2025 to $771 million, operating margin 5.9% against a 6.4% median for transportation services, equity -29.0% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1512499 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/LIND) · [JSON](https://www.pops4.com/boards/company/LIND.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $771M |
| Revenue growth, 1 year | 19.6% |
| Revenue growth per year | 51.3% |
| Operating margin | 5.9% (prior year 3.3%) |
| Net margin | -3.9% |
| Operating cash flow | $112M |
| Capital spending | $48M |
| Free cash flow | $64M |
| Cash | $257M |
| Long-term debt | $663M |
| Total assets | $980M |
| Total equity | −$285M |
| Equity ÷ assets | -29.0% |
| Return on equity | — |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: -1.95 (distress zone)
- Piotroski F: 7 of 9 (solid)
- Health Harbor boat: Weathered boat · two warning signs · liabilities exceed assets (often from years of share buybacks, not always distress); revenue is hard to predict: its 80% range is ±47%
- Cash Compass: Cash cow later · growing fast, and already turning revenue into cash

## Edgarette's reading

Exposure: revenue $771.0M (FY2025), total debt $662.7M. Experience: revenue up 19.6% on the year, up 51.3% a year over 4 years; operating margin 5.9%, up from 3.3%. Soundness: equity -29.0% of assets (liabilities exceed assets). Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $550.4M and $1.5B next year (method v4.1: its own 4-year record of growth weighed at 50% against $100M–1B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $424.3M to $2.0B. A statistical range, not company guidance. Against peers (8 filers, $50M+ revenue, transportation services): operating margin 5.9% against a 6.4% median; growth 19.6% against 12.2%.

Range logged 2026-09-24, receipt 4c73293b80c8004f, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 5.02 Director or officer change: 1, latest 2026-03-25 ([filing](https://www.sec.gov/Archives/edgar/data/1512499/000143774926009801/0001437749-26-009801-index.htm))

## Recent filings

- 10-Q · filed 2026-11-03 · [filing](https://www.sec.gov/Archives/edgar/data/1512499/000143774926034680/0001437749-26-034680-index.htm)
- 8-K · filed 2026-11-03 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1512499/000143774926034519/0001437749-26-034519-index.htm)
- 8-K · filed 2026-09-15 · 1.01 Entry into a Material Definitive Agreement; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1512499/000143774926030390/0001437749-26-030390-index.htm)
- 10-Q · filed 2026-08-03 · [filing](https://www.sec.gov/Archives/edgar/data/1512499/000143774926025462/0001437749-26-025462-index.htm)
- 8-K · filed 2026-08-03 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1512499/000143774926025309/0001437749-26-025309-index.htm)
- 8-K · filed 2026-06-11 · 5.07 Submission of Matters to a Vote of Security Holders; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1512499/000143774926020326/0001437749-26-020326-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001512499.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1512499

## Cite

POPS4, Edgar & Edgarette: LINDBLAD EXPEDITIONS HOLDINGS, INC. (LIND) company card, from the company's own SEC filings, accessed 2026-11-04, https://www.pops4.com/boards/company/LIND. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.