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Valued as a cyclical company: P/E comparison, EV/EBITDA comparison, and Discounted cash flow.
ACCE opinionLindblad Expeditions Holdings Inc. Common Stock (LIND)
Fair value (3 models)
Not available
ACCE price target
$33.00
Rating
Not rated
Horizon
12 months
ACCE price target published on 11 Oct 2026, 00:00 CEST.
Price used: $34.24 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow, EV/EBITDA comparison, and P/E comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
61
out of 100
Analysts
67% buy
6 covering
P/E
0.0x
forward 46.1x
1-year return
+173.3%
Dividend yield
0.00%
Lindblad Expeditions Holdings Inc. Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
Lindblad Expeditions runs small-ship expedition cruises to polar, Galápagos, Amazon and other remote destinations, and sells them through its own brands and via a partnership with National Geographic. Its moat is narrow but real: its ships carry naturalists and expedition staff, and the Lindblad-National Geographic brand gives it pricing and repeat-guest loyalty that generalist cruise lines struggle to match. Revenue growth of 18.6% and a 6.0% operating margin show the business is scaling while moving back toward profitability, with a 46.6% gross margin indicating strong unit economics per voyage. The stock trades at 46.1x forward earnings, so the investment case rests on margin expansion as fleet utilization and newer vessels ramp, which is the question worth testing in a deeper look. The -1946.9% return on equity reflects a thin, debt-heavy equity base and should be read as a balance sheet issue to examine, not a headline profitability figure.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Heavy leverage and negative equity
Debt/Equity is -3.30 with ROE at -1946.9%, meaning shareholders' equity is negative and the balance sheet depends on debt. Net margin is -2.1% despite a 6.0% operating margin.
moderate
Elevated short interest
Short interest sits at 12.0% of float. Shorts are betting against a stock that has already run, so expect sharp moves on any earnings miss.
moderate
Valuation stretched on forward earnings
Forward P/E is 46.1 and EV/EBITDA is 20.2. The stock trades 3.8% above the ACCE price target of $33.00 at $34.24, so the price already assumes the growth continues.
AI research notes
AI-assisted·How I use AIWritten Oct 19, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue grew 18.6% year over year, and the five-year average annual growth rate stands at 56.4%.
Lindblad generated $64M of free cash flow over the last twelve months, and the latest quarter beat expected earnings by 80.0%.
Why it could disappoint
The company still posts a net margin of -2.1%, meaning it loses money on each dollar of revenue.
At a forward P/E of 46.1x, the shares trade far above the sector median of 17.8x.
The stock trades 3.8% above the ACCE price target of $33.00, and the price implies 9.7% yearly cash flow growth forever.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 3, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where LIND's valuation models land
Price
$34.24
Model fair valueConfidence: medium
$15.24
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
P/E comparison
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Quality
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