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Forensic Analysis · Transportation / Logistics · as of Nov 10, 2026

Lindblad Expeditions Holdings, Inc. (LIND)

A forensic read on Lindblad Expeditions Holdings, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective
Forensic grade
Clean
Earnings quality
1
Forensic signals
19.6%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Lindblad Expeditions Holdings, Inc. earns a C (Mixed — selective) forensic quality grade. 1 forensic signal was flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

12.8%
FY2025
Return on invested capital. Return on invested capital is 12.8% in the latest fiscal year and rising across FY2023–FY2025 from 2.4%. After-tax operating profit was $8M in FY2023 and $36M in FY2025, with operating income at 1.9% of revenue in FY2023, 3.3% in FY2024 and 5.9% in FY2025. The capital base behind it came down -21% across FY2023–FY2025, from $355M to $281M, so this return is struck on a smaller base than it started on.

Key fundamentals

Latest Revenue$771.0M
Revenue Growth YoY+19.6%
Revenue CAGR (2yr)+16.4%
Net Margin-3.9%
Free Cash Flow$63.8M

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Data from SEC EDGAR public filings · metrics as of Nov 10, 2026. Forensic signals flag probability, not certainty.

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