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Lindblad Expeditions Valuation Multiples
Discover revenue and EBITDA valuation multiples for Lindblad Expeditions and similar public comparables like Bonheur, EIH, Havila Kystruten, Bestone.com and more.
Lindblad Expeditions Overview
About Lindblad Expeditions
Lindblad Expeditions Holdings Inc provides expedition cruising and adventure travel services. The company operates in two segments: Lindblad and Land Experiences, of which Lindblad generates the vast majority of its revenue. It offers itineraries that feature up-close encounters with wildlife, nature, history, and culture, as well as promote guest empowerment and interactivity. It operates expeditions on intimately-scaled ships and interaction between guests, crew, and the teams of scientists, naturalists, researchers, and photographers that participate in the expeditions. Lindblad operates a fleet of twelve owned expedition ships and five seasonal charter vessels under the Lindblad brand.
Founded
2010
HQ
Employees
1.3K
Website
Sectors
Financials (LTM)
EV
$2B
Lindblad Expeditions Financials
Lindblad Expeditions reported last 12-month revenue of $791M and EBITDA of $129M.
In the same LTM period, Lindblad Expeditions generated $365M in gross profit, $129M in EBITDA, and had net loss of ($24M).
Revenue (LTM)
Lindblad Expeditions P&L
In the most recent fiscal year, Lindblad Expeditions reported revenue of $771M and EBITDA of $126M.
Lindblad Expeditions expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $791M | XXX | $771M | XXX | XXX | XXX |
| Gross Profit | $365M | XXX | $353M | XXX | XXX | XXX |
| Gross Margin | 46% | XXX | 46% | XXX | XXX | XXX |
| EBITDA | $129M | XXX | $126M | XXX | XXX | XXX |
| EBITDA Margin | 16% | XXX | 16% | XXX | XXX | XXX |
| EBIT Margin | 6% | XXX | 6% | XXX | XXX | XXX |
| Net Profit | ($24M) | XXX | ($30M) | XXX | XXX | XXX |
| Net Margin | (3%) | XXX | (4%) | XXX | XXX | XXX |
| Net Debt | — | — | $406M | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Lindblad Expeditions Stock Performance
Lindblad Expeditions has current market cap of $1B, and enterprise value of $2B.
Market Cap Evolution
Lindblad Expeditions' stock price is $20.97.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $2B | $1B | 0.0% | XXX | XXX | XXX | $-0.46 |
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Start Free TrialLindblad Expeditions Valuation Multiples
Lindblad Expeditions trades at 2.3x EV/Revenue multiple, and 14.4x EV/EBITDA.
EV / Revenue (LTM)
Lindblad Expeditions Financial Valuation Multiples
As of April 20, 2026, Lindblad Expeditions has market cap of $1B and EV of $2B.
Equity research analysts estimate Lindblad Expeditions' 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Lindblad Expeditions has a P/E ratio of (57.6x).
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $1B | XXX | $1B | XXX | XXX | XXX |
| EV (current) | $2B | XXX | $2B | XXX | XXX | XXX |
| EV/Revenue | 2.3x | XXX | 2.4x | XXX | XXX | XXX |
| EV/EBITDA | 14.4x | XXX | 14.7x | XXX | XXX | XXX |
| EV/EBIT | 38.2x | XXX | 40.9x | XXX | XXX | XXX |
| EV/Gross Profit | 5.1x | XXX | 5.3x | XXX | XXX | XXX |
| P/E | (57.6x) | XXX | (46.0x) | XXX | XXX | XXX |
| EV/FCF | 25.6x | XXX | 25.8x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Lindblad Expeditions Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Lindblad Expeditions Margins & Growth Rates
Lindblad Expeditions' revenue in the last 12 month grew by 8%.
Lindblad Expeditions' revenue per employee in the last FY averaged $0.6M, while opex per employee averaged $0.4M for the same period.
Lindblad Expeditions' rule of 40 is 25% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Lindblad Expeditions' rule of X is 38% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Lindblad Expeditions Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 8% | XXX | 9% | XXX | XXX | XXX |
| EBITDA Margin | 16% | XXX | 16% | XXX | XXX | XXX |
| EBITDA Growth | 9% | XXX | 8% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 25% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 38% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.6M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.4M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 15% | XXX | 15% | XXX | XXX | XXX |
| G&A Expenses to Revenue | 17% | XXX | 17% | XXX | XXX | XXX |
| Opex to Revenue | 65% | XXX | 65% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Lindblad Expeditions Public Comps
See public comps and valuation multiples for other Cruises comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Lindblad Expeditions | XXX | XXX | XXX | XXX | XXX | XXX |
| Bonheur | XXX | XXX | XXX | XXX | XXX | XXX |
| EIH | XXX | XXX | XXX | XXX | XXX | XXX |
| Havila Kystruten | XXX | XXX | XXX | XXX | XXX | XXX |
| Bestone.com | XXX | XXX | XXX | XXX | XXX | XXX |
| Norwegian Cruise Line | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Lindblad Expeditions M&A Activity
Lindblad Expeditions acquired XXX companies to date.
Last acquisition by Lindblad Expeditions was on XXXXXXXX, XXXXX. Lindblad Expeditions acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Lindblad Expeditions
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialLindblad Expeditions Investment Activity
Lindblad Expeditions invested in XXX companies to date.
Lindblad Expeditions made its latest investment on XXXXXXXX, XXXXX. Lindblad Expeditions invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Lindblad Expeditions
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Lindblad Expeditions
| When was Lindblad Expeditions founded? | Lindblad Expeditions was founded in 2010. |
| Where is Lindblad Expeditions headquartered? | Lindblad Expeditions is headquartered in United States. |
| How many employees does Lindblad Expeditions have? | As of today, Lindblad Expeditions has over 1K employees. |
| Who is the CEO of Lindblad Expeditions? | Lindblad Expeditions' CEO is Natalya Leahy. |
| Is Lindblad Expeditions publicly listed? | Yes, Lindblad Expeditions is a public company listed on Nasdaq. |
| What is the stock symbol of Lindblad Expeditions? | Lindblad Expeditions trades under LIND ticker. |
| When did Lindblad Expeditions go public? | Lindblad Expeditions went public in 2013. |
| Who are competitors of Lindblad Expeditions? | Lindblad Expeditions main competitors are Bonheur, EIH, Havila Kystruten, Bestone.com. |
| What is the current market cap of Lindblad Expeditions? | Lindblad Expeditions' current market cap is $1B. |
| What is the current revenue of Lindblad Expeditions? | Lindblad Expeditions' last 12 months revenue is $791M. |
| What is the current revenue growth of Lindblad Expeditions? | Lindblad Expeditions revenue growth (NTM/LTM) is 8%. |
| What is the current EV/Revenue multiple of Lindblad Expeditions? | Current revenue multiple of Lindblad Expeditions is 2.3x. |
| Is Lindblad Expeditions profitable? | Yes, Lindblad Expeditions is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Lindblad Expeditions? | Lindblad Expeditions' last 12 months EBITDA is $129M. |
| What is Lindblad Expeditions' EBITDA margin? | Lindblad Expeditions' last 12 months EBITDA margin is 16%. |
| What is the current EV/EBITDA multiple of Lindblad Expeditions? | Current EBITDA multiple of Lindblad Expeditions is 14.4x. |
| What is the current FCF of Lindblad Expeditions? | Lindblad Expeditions' last 12 months FCF is $73M. |
| What is Lindblad Expeditions' FCF margin? | Lindblad Expeditions' last 12 months FCF margin is 9%. |
| What is the current EV/FCF multiple of Lindblad Expeditions? | Current FCF multiple of Lindblad Expeditions is 25.6x. |
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