Latest Ratios: P/E Ratio -40.7x · EV/EBITDA 16.8x · ROE N/A. (2011–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.4B | $793M | $638M | $600M | $401M | $782M | $851M | $808M | $624M | $436M | $439M |
| Enterprise Value | $1.8B | $1.2B | $1.1B | $1.1B | $871M | $1.2B | $1.2B | $931M | $700M | $506M | $469M |
| P/E Ratio → | -40.75 | — | — | — | — | — | — | 58.39 | 56.08 | — | 94.50 |
| P/S Ratio | 1.83 | 1.03 | 0.99 | 1.05 | 0.95 | 5.31 | 10.34 | 2.36 | 2.01 | 1.64 | 1.81 |
| P/B Ratio | — | — | — | — | — | 49.03 | 6.74 | 5.80 | 5.09 | 3.87 | 3.69 |
| P/FCF | 21.54 | 12.10 | 10.85 | — | — | — | — | — | 310.01 | — | — |
| P/OCF | 12.46 | 7.00 | 6.91 | 23.59 | — | 24.06 | — | 12.91 | 11.07 | 8.25 | 13.97 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.56 | 1.68 | 1.87 | 2.07 | 8.02 | 13.99 | 2.71 | 2.26 | 1.90 | 1.94 |
| EV / EBITDA | 16.79 | 11.08 | 14.41 | 18.36 | — | — | — | 15.72 | 15.19 | 18.01 | 14.49 |
| EV / EBIT | 39.97 | 51.10 | 52.39 | 146.50 | — | — | — | 28.02 | 27.64 | 41.44 | 39.11 |
| EV / FCF | — | 18.32 | 18.38 | — | — | — | — | — | 348.13 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 37.6% | 37.6% | 46.7% | 43.4% | 32.8% | 15.4% | 11.4% | 51.4% | 50.4% | 49.1% | 50.9% |
| Operating Margin | 5.9% | 5.9% | 3.3% | 1.9% | -15.0% | -75.3% | -107.3% | 9.7% | 8.2% | 4.0% | 5.8% |
| Net Profit Margin | -3.9% | -3.9% | -4.8% | -8.0% | -26.4% | -81.0% | -119.9% | 4.8% | 3.7% | -3.2% | 2.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | -167.6% | -74.3% | 12.5% | 9.7% | -7.5% | 4.2% |
| ROA | -3.2% | -3.2% | -3.7% | -5.6% | -13.8% | -15.0% | -15.1% | 3.2% | 2.5% | -2.1% | 1.2% |
| ROIC | 12.4% | 12.4% | 5.0% | 2.2% | -11.8% | -19.8% | -19.2% | 10.8% | 10.0% | 4.9% | 9.5% |
| ROCE | 9.1% | 9.1% | 4.3% | 2.2% | -12.8% | -19.4% | -18.3% | 9.8% | 8.5% | 3.8% | 5.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | 34.46 | 3.86 | 1.61 | 1.55 | 1.47 | 1.39 |
| Debt / EBITDA | 6.13 | 6.13 | 8.36 | 10.73 | — | — | — | 3.79 | 4.12 | 5.91 | 5.12 |
| Net Debt / Equity | — | — | — | — | — | 25.01 | 2.38 | 0.88 | 0.63 | 0.62 | 0.26 |
| Net Debt / EBITDA | 3.76 | 3.76 | 5.91 | 8.03 | — | — | — | 2.07 | 1.66 | 2.47 | 0.94 |
| Debt / FCF | — | 6.22 | 7.54 | — | — | — | — | — | 38.12 | — | — |
| Interest Coverage | 0.52 | 0.52 | 0.45 | 0.16 | -1.72 | -3.93 | -5.59 | 2.70 | 2.34 | 1.25 | 1.18 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.80 | 0.80 | 0.71 | 0.77 | 0.54 | 0.73 | 1.47 | 0.80 | 0.94 | 0.91 | 1.38 |
| Quick Ratio | 0.80 | 0.80 | 0.71 | 0.75 | 0.50 | 0.69 | 1.42 | 0.76 | 0.90 | 0.86 | 1.33 |
| Cash Ratio | 0.56 | 0.56 | 0.47 | 0.49 | 0.30 | 0.52 | 1.20 | 0.56 | 0.71 | 0.67 | 1.09 |
| Asset Turnover | — | 0.79 | 0.74 | 0.69 | 0.53 | 0.18 | 0.11 | 0.63 | 0.65 | 0.63 | 0.59 |
| Inventory Turnover | — | — | — | 59.28 | 23.75 | 11.80 | 9.54 | 20.01 | 22.71 | 19.82 | 20.49 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 0.7% | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | 1.7% | 1.8% | — | 1.1% |
| FCF Yield | 4.6% | 8.3% | 9.2% | — | — | — | — | — | 0.3% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.5% | 0.2% | 0.3% | 0.0% | 0.0% | 0.0% | 0.7% | 1.4% | 2.4% |
| Total Shareholder Yield | 0.0% | 0.0% | 1.2% | 0.2% | 0.3% | 0.0% | 0.0% | 0.0% | 0.7% | 1.4% | 2.4% |
| Shares Outstanding | — | $55M | $54M | $53M | $52M | $50M | $50M | $49M | $46M | $45M | $46M |
High Fixed Cost Leverage
According to current market data, LIND trades at a forward P/E of 249.96, suggesting that investors are pricing in a significant recovery in profitability that remains unproven based on the company's historical inability to maintain consistent net margins compared to its larger, more diversified cruise industry peers.
The extreme forward P/E multiple indicates that the market is valuing the company on a speculative recovery of pre-pandemic margins rather than current operational reality. Investors should monitor whether the premium valuation is justified by the National Geographic partnership or if it reflects an overestimation of the company's ability to scale its niche expedition model.
Based on reported figures, LIND's ROIC has been highly volatile, peaking at 11.3% in 2025Q3 before falling to -1.6% in 2025Q4, which highlights the difficulty of generating consistent returns on invested capital given the heavy depreciation burden associated with the company's specialized polar-class vessel fleet.
The erratic ROIC trend suggests that the company is struggling to achieve the necessary load factors to offset the high capital costs of its recent fleet expansion. This inconsistency warrants further investigation into whether the newest vessels can generate sufficient yields to justify their significant impact on the balance sheet.
As reported in financial statements, LIND's interest coverage ratio has fluctuated significantly, reaching a low of -0.57 in 2025Q4, which indicates that the company's ability to service its debt is increasingly precarious when seasonal revenue dips below the threshold required to cover fixed financing costs.
The high debt-to-EBITDA ratios, which reached 59.47 in 2025Q4, suggest that the company's leverage is becoming a structural constraint on its operational flexibility. Investors should monitor whether the company's reliance on external financing will necessitate further capital raises if interest coverage remains under pressure.
As indicated by the company's financial profile, the P/E ratio is a fundamentally misapplied metric for LIND because it fails to account for the massive non-cash depreciation charges and seasonal revenue recognition patterns that currently mask the underlying cash-generating potential of the company's specialized expedition cruise assets.
Using P/E to evaluate LIND ignores the significant impact of customer deposits and capitalized dry-docking expenses, which distort net income. A more appropriate metric for this business model would be EV/EBITDA or P/FCF, which better capture the company's ability to generate cash from its high-ticket, long-lead-time bookings.
Includes 30+ ratios · 15 years · Updated daily
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Quick answers to the most common questions about buying LIND stock.
Lindblad Expeditions Holdings, Inc.'s current P/E ratio is -40.7x. The historical average is 58.7x.
Lindblad Expeditions Holdings, Inc.'s current EV/EBITDA is 16.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.5x.
Based on historical data, Lindblad Expeditions Holdings, Inc. is trading at a P/E of -40.7x. Compare with industry peers and growth rates for a complete picture.
Lindblad Expeditions Holdings, Inc. has 37.6% gross margin and 5.9% operating margin.
Lindblad Expeditions Holdings, Inc.'s Debt/EBITDA ratio is 6.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.