Forensic Analysis · General / Diversified · as of Jun 27, 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.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-1.9
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-266.5%
ROE
$1.9B
Market cap
LINDBLAD EXPEDITIONS HOLDINGS, INC. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -1.9, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+1.9%/yrShare-count dilution.Diluted share count changed +6% over the last 3 years to FY2025 (+1.9%/yr). The count is GROWING — existing holders are being diluted. That's ~1.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~6%.
14%Return on invested capital.Return on invested capital is 14% and rising from -13% — around its ~9% cost of capital, so growth is roughly value-neutral — watch the trend.
2% of revStock-based comp load.Stock-based compensation ran 2% of revenue and 21% of free cash flow in FY2025 — about $0.24 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-3.9%
Free Cash Flow$63.8M
Latest Revenue$771.0M
Revenue Growth YoY+19.6%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on LINDBLAD EXPEDITIONS HOLDINGS, INC.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about LIND's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown