Lindblad Expeditions (LIND)
Runs National Geographic-linked voyages alongside land-adventure brands.
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Offers ship-based expeditions and land experiences through National Geographic-linked vessels, Natural Habitat, and other active-travel brands. Revenue is mainly from the Lindblad small-ship segment, while operations depend on licensing relationships, remote access, seasonality, vessel uptime, and permits.
Combines National Geographic-linked small-ship expeditions with a land-experiences portfolio built around Natural Habitat, Off the Beaten Path, DuVine, Classic Journeys, and Thomson Group. Ship itineraries reach remote marine destinations such as Antarctica, the Arctic, the Galapagos, Alaska, Baja California, Costa Rica, and Panama, while land brands cover wildlife, national parks, cycling, walking journeys, safaris, and Kilimanjaro treks.
Execution centers on specialist-led travel: small vessels, naturalists, photographers, local guides, and conservation partnerships turn remote access into specialized itineraries. The business is global, with exposure to polar, Galapagos, North American, Latin American, European, African, and Oceania travel.
Operations depend on the National Geographic license, Natural Habitat's WWF relationship, seasonal destination access, weather and marine conditions, guest air transport, permits, vessel maintenance, and integrating acquired brands.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 17, 2026 | Deutsche Bank | Reiterate | Rating: —Target: $29 | Target: $30 |
| Sep 9, 2026 | Jefferies | Initiate | Rating: —Target: — | Target: $29 |
| Aug 6, 2026 | Deutsche Bank | Target | Target: $24 | Target: $29 |
| Aug 4, 2026 | Stifel Nicolaus | Target | Target: $32 | Target: $37 |
| Jul 24, 2026 | Deutsche Bank | Reiterate | Rating: —Target: $10 | Target: $24 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $318.9M · Total debt $665.6M · Total assets $1.03B · Shareholders' equity −$195.8M
- Revenue
- $199.2M
- Operating income
- $12.0M
- Net income
- −$1.4M
No dividends on record.
| Institutions | ≈ 80.08% | 52.55M shares | |
|---|---|---|---|
| 230 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 25.48% | 16.72M shares | |
| 17 holders · as of Sep 3, 2026 | |||
| Adds to | 105.56% | ||
65.62M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 105.56%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Sven-Olof LindbladInsiderdirector, 10 percent owner | 16.29% | 10.69M | filed Aug 11, 2026 |
FMR LLCInstitution | 10.11% | 6.64M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 6.62% | 4.34M | as of Jun 30, 2026 |
Mark Ein1Insiderdirector | 5.09% | 3.33M | filed Aug 11, 2026 |
Ariel Investments, LLCInstitution | 4.21% | 2.76M | as of Jun 30, 2026 |
- Mark Ein's transaction reports restate only vehicles that traded; the 2026 ownership statement (3.33M) plus the 3.2K net shares acquired since is used instead.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 17, 2026 | Michael Elliott Bisnow | director | −44,642 | $24.21 |
| Jun 4, 2026 | L. Dyson Dryden | director | −39,946 | $22.04 |
| May 29, 2026 | L. Dyson Dryden | director | −52,747 | $23.09 |
| May 21, 2026 | John M. Jr Fahey | director | −2,000 | $20.26 |
| May 21, 2026 | Trey Byus | officer: Chief Expedition Officer | −10,000 | $20.05 |
- Royal Caribbean Group
Silversea-led overlap in luxury expedition cruises
- Carnival
Seabourn-led overlap in ultra-luxury expedition cruises
- Viking
Direct pressure from Viking Expedition and destination cruises
- Norwegian Cruise Line
Luxury and destination cruises substitute for expedition voyages
- Tripadvisor
Viator marketplace competes for tours and activities demand
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Lindblad Expeditions | $28.82 | +1.87% | $1.86B | — | 83.0 | 2.2 | +18.6% |
| Royal Caribbean Group | $256.45 | +2.48% | $67.12B | 15.5 | 13.6 | 3.6 | +6.5% |
| Carnival | $22.85 | +2.40% | $30.56B | 10.0 | 10.0 | 1.1 | +5.3% |
| Viking | $84.68 | −1.59% | $38.23B | 28.5 | 23.3 | 5.5 | +16.5% |
| Norwegian Cruise Line | $14.63 | +2.70% | $6.54B | 8.9 | 11.2 | 0.6 | +4.9% |
| Tripadvisor | $8.61 | −2.22% | $1.02B | 880.0 | 8.7 | 0.6 | −16.5% |
| Median | 15.5 | 11.2 | 1.1 | +5.3% |