LINDLINDBLAD EXPEDITIONS HOLDINGS, INC.

Transportation Services

Revenue: $771M; 20% YoY
Operating margin: 5.9%; 76% YoY
EBITDA: $108M; 46% YoY
Market cap: $2.4B
Employees: 1,550; $497K revenue each
Net debt / EBITDA: 3.2×; $345M net debt
AI in 10-K: 0.5; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
2% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
6% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$497K · 42nd pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.5 per 10K words · 21st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.4B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$62M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$147M	$422M	$570M	$645M	$771M	20%
Operating income	−$111M	−$63M	$11M	$22M	$45M	111%
Net income	−$125M	−$116M	−$50M	−$36M	−$35M	3.4%
Operating cash flow	$32M	−$2M	$25M	$92M	$112M	21%
Capex	$97M	$38M	$30M	$34M	$48M	42%
Stock-based comp	$6M	$7M	$14M	$10M	$13M	37%

Deal filings

Filed	Form	Acquirer	Price	Premium
Jun 24, 2015	DEFM14A	Capitol Acquisition Corp. II	$10.00	0%
Mar 31, 2015	PREM14A	Capitol Acquisition Corp. II	$9.98	100%

13D filers

Filed	Filer	Form	Stake	Intent
Feb 10, 2026	Lindblad Sven-Olof	SCHEDULE 13D/A	16.7%	Passive
Aug 27, 2024	Lindblad Sven-Olof	SC 13D/A	21.8%	Passive
Feb 7, 2023	Lindblad Sven-Olof	SC 13D/A	22.0%	Passive
Nov 22, 2021	Lindblad Sven-Olof	SC 13D/A	24.7%	Active
Nov 27, 2020	Inclusive Capital Partners, L.P.	SC 13D/A	4.9%	Passive
Sep 10, 2020	INCLUSIVE CAPITAL PARTNERS, L.P.	SC 13D/A	8.9%	Active
Aug 4, 2020	INCLUSIVE CAPITAL PARTNERS, L.P.	SC 13D	19.7%	Active
Aug 4, 2020	VA Partners I, LLC	SC 13D/A	0.0%	Active
Mar 26, 2020	VA Partners I, LLC	SC 13D/A	9.9%	Active
Mar 16, 2020	VA Partners I, LLC	SC 13D/A	9.8%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $62M · 55
Net: −$62M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	84	218
FY2024	—	—	69	194
FY2023	—	—	66	148
FY2022	—	—	45	92
FY2021	—	—	91	122