Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Lindblad Expeditions Holdings, Inc.LIND · other | |
|---|---|
| Grade |  Dfourth fifth of 336 graded peers; percentile 67.8, sampling error 2.6 points; lower is stronger |
| Rank | 228 of 336 |
| Profitability | Cpercentile 46.0 |
| Solvency | Dpercentile 71.3 |
| Growth and financing | Cpercentile 45.4 |
| Reliability | 0.91 AUCfailure model, filers with $591M to $2.67B assets; 95% interval 0.88 to 0.94; 160 events, 2020 to 2025 |
| Peer failure rate | 1.01% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $591M to $2.67B assetstotal assets $980.0M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: distress |
| Inputs computable | 9 of 14 |
| Graded from | filings received through Feb 26, 2026225 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $35.552026-10-08; market equity $2.3B; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Feb 26, 2026; the document on sec.gov.
Lindblad has been providing marine expedition adventures and active travel experiences globally to its guests since 1979. Our expedition sailing and land-based adventure travel experiences foster a spirit of exploration and discovery through itineraries that feature up-close encounters with wildlife, nature, history and culture, and promote guest empowerment, human connections and interactivity. Our mission is to offer life-enhancing adventures around the world and pioneering innovative ways to allow our guests to connect with exotic and remote places. Our brands include Lindblad Expeditions, Natural Habitat, Inc.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 46.0 | |||||||
| Gross profitability | 36.0% | [1-3] | 27.1% | 31.6 | 289 | 2025-12-31 | |
| Return on invested capital | not computable | 10.0% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Accruals ratio | (15.2%) | [1,4-6] | (5.9%) | 16.8 | 506 | 2025-12-31 | |
| Gross margin stability, five years | 11.1 pts | [2-3,7-14] | 2.2 pts | 89.7 | 204 | 2025-12-31 | |
| Solvency, sleeve percentile 71.3 | |||||||
| Twelve-month failure probability | not computable | 0.04% | |||||
| latest liabilities, cash plus short-term investments, book equity, and shares are required | |||||||
| Altman Z double-prime | (1.95) | [1,15-20] | 2.05 | 71.4 | 386 | 2025-12-31 | |
| Net debt to EBITDA | 3.75x | [18,21-23] | 2.52x | 66.1 | 184 | 2025-12-31 | |
| Interest coverage | not computable | 2.18x | |||||
| interest expense must exceed $100,000 | |||||||
| Current ratio | 0.80x | [15-16] | 1.32x | 76.2 | 506 | 2025-12-31 | |
| Growth and financing, sleeve percentile 45.4 | |||||||
| Revenue growth, three-year compound | 22.3% | [2,7,9,11] | 5.1% | 12.4 | 403 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | 8.7% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 11.9% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Asset growth, three years | 7.5% | [1,6,24-25] | 4.1% | 34.8 | 438 | 2025-12-31 | |
| Net share issuance, one year | 19.5% | [26-27] | (0.4%) | 89.0 | 356 | 2026-02-23 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.095; sampling error 2.6 percentile points on 336 peers.
Among 336 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 223 | Quest Resource Holding Corp. (QRHC) Quest Resource Holding Corp. (QRHC) Dfourth fifth; percentile 66.3 Nasdaq · Refuse Systems market equity $29.3M; last close $1.38 No active warnings; 9 of 14 inputs | 66.3 | D | |
| 224 | Research Solutions, Inc. (RSSS) Research Solutions, Inc. (RSSS) Dfourth fifth; percentile 66.6 Nasdaq · Services-Business Services, NEC market equity $68.5M; last close $2.04 No active warnings; 10 of 14 inputs | 66.6 | D | |
| 225 | Nerdy Inc. (NRDY) Nerdy Inc. (NRDY) Dfourth fifth; percentile 66.9 NYSE · Services-Educational Services last close $6.88 No active warnings; 7 of 14 inputs | 66.9 | D | |
| 226 | Civeo Corp. (CVEO) Civeo Corp. (CVEO) Dfourth fifth; percentile 67.2 NYSE · Hotels, Rooming Houses, Camps & Other Lodging Places market equity $329.7M; last close $31.77 No active warnings; 8 of 14 inputs | 67.2 | D | |
| 227 | Fiserv Inc. (FISV) Fiserv Inc. (FISV) Dfourth fifth; percentile 67.5 Nasdaq · Services-Business Services, NEC market equity $24.4B; last close $45.94 No active warnings; 10 of 14 inputs | 67.5 | D | |
| 228 | Lindblad Expeditions Holdings, Inc. (LIND) Lindblad Expeditions Holdings, Inc. (LIND) Dfourth fifth; percentile 67.8 Nasdaq · Transportation Services market equity $2.3B; last close $35.55 No active warnings; 9 of 14 inputs | 67.8 | D | |
| 229 | Pursuit Attractions & Hospitality, Inc. (PRSU) Pursuit Attractions & Hospitality, Inc. (PRSU) Dfourth fifth; percentile 68.1 NYSE · Services-Miscellaneous Amusement & Recreation market equity $1.4B; last close $52.10 No active warnings; 7 of 14 inputs | 68.1 | D | |
| 230 | Norfolk Southern Corp. (NSC) Norfolk Southern Corp. (NSC) Dfourth fifth; percentile 68.4 NYSE · Railroads, Line-Haul Operating market equity $71.2B; last close $316.82 No active warnings; 10 of 14 inputs | 68.4 | D | |
| 231 | Arcbest Corp. (ARCB) Arcbest Corp. (ARCB) Dfourth fifth; percentile 68.7 Nasdaq · Trucking (No Local) market equity $2.9B; last close $129.95 No active warnings; 8 of 14 inputs | 68.7 | D | |
| 232 | Kelly Services Inc. (KELYA) Kelly Services Inc. (KELYA) Dfourth fifth; percentile 69.1 Nasdaq · Services-Help Supply Services last close $16.19 No active warnings; 7 of 14 inputs | 69.1 | D | |
| 233 | Kelly Services Inc. (KELYB) Kelly Services Inc. (KELYB) Dfourth fifth; percentile 69.1 Nasdaq · Services-Help Supply Services last close $22.64 No active warnings; 7 of 14 inputs | 69.1 | D |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | D | 66.9 | 2204 |
| sector peers, equal sleeves (the grade) | D | 67.8 | 336 |
| same exchange, equal sleeves | D | 67.7 | 1219 |
| sector peers, equal inputs | D | 69.0 | 336 |
Each letter is one fifth of the 336 graded peers, about 67 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | 107.5% | 2.0% | 98 | hotter than 98 of 100 peers |
| Distance from 52-week high | (1.5%) | (26.8%) | 96 | closer to its high than 96 of 100 peers |
| EBIT to enterprise value | 1.7% | 4.4% | 24 | pricier than 76 of 100 peers |
| Free cash flow yield | 2.7% | 4.1% | 36 | pricier than 64 of 100 peers |
| Book value to price | (0.08) | 0.34 | 7 | pricier than 93 of 100 peers |
| Sales to price | 0.33 | 0.70 | 28 | pricier than 72 of 100 peers |
| Composite equity issuance, five years | 27.4% | (8.8%) | 85 | more equity-funded than 85 of 100 peers |
| Relative strength against the sector, log excess return | 0.58 | (0.13) | 98 | ahead of 98 of 100 peers |
Inputs: market equity $2.3B; EBIT $45.5M; free cash flow $63.8M; book equity -$195.8M; sales $771.0M; debt $663.9M; cash $318.9M[28].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: 7 of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (3.4%) | ✗ fail[4,6] |
| Operating cash flow above zero | $111.6M | ✓ pass[5] |
| Return on assets improved | 0.4 pts | ✓ pass[4,6,24,29] |
| Operating cash flow exceeds net income | $141.3M | ✓ pass[4-5] |
| Long-term leverage fell | (1.9 pts) | ✓ pass[1,6,24,30-31] |
| Current ratio improved | 8.8 pts | ✓ pass[15-16,32-33] |
| No new shares issued | 19.5% | ✗ fail[26-27] |
| Gross margin improved | 2.0 pts | ✓ pass[2-3,7-8] |
| Asset turnover improved | 10.4 pts | ✓ pass[2,6-7,24] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $318.9M[34] |
| Operating cash flow, four quarters | $142.5M[5,34-38] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 67 |
| 10-Q received Aug 3, 2026 | |
| Median daily dollar volume | $22.1M |
| 63 sessions | |
| Days since newest grade input | 225 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $980.0M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $771.0M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 3 | cost of revenue | us-gaap:CostOfRevenue | $418.0M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 4 | net income | us-gaap:NetIncomeLoss | -$29.7M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 5 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $111.6M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 6 | assets | us-gaap:Assets | $876.9M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 7 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $644.7M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 8 | cost of revenue | us-gaap:CostOfRevenue | $362.6M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 9 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $569.5M | 2023-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 10 | cost of revenue | us-gaap:CostOfRevenue | $338.2M | 2023-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 11 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $421.5M | 2022-12-31 | 2025-02-28 | 10-K | filing · viewer · series |
| 12 | cost of revenue | us-gaap:CostOfRevenue | $283.2M | 2022-12-31 | 2025-02-28 | 10-K | filing · viewer · series |
| 13 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $147.1M | 2021-12-31 | 2024-03-21 | 10-K/A | filing · viewer · series |
| 14 | cost of revenue | us-gaap:CostOfRevenue | $124.5M | 2021-12-31 | 2024-03-21 | 10-K/A | filing · viewer · series |
| 15 | current assets | us-gaap:AssetsCurrent | $367.9M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 16 | current liabilities | us-gaap:LiabilitiesCurrent | $461.6M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 17 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$411.4M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 18 | operating income | us-gaap:OperatingIncomeLoss | $45.5M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 19 | book equity | us-gaap:StockholdersEquity | -$284.5M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 20 | liabilities | us-gaap:Liabilities | $1.1B | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 21 | total debt | us-gaap:LongTermDebt | $662.7M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 22 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $256.7M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 23 | depreciation amortization | us-gaap:DepreciationDepletionAndAmortization | $62.8M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 24 | assets | us-gaap:Assets | $831.3M | 2023-12-31 | 2025-02-28 | 10-K | filing · viewer · series |
| 25 | assets | us-gaap:Assets | $788.0M | 2022-12-31 | 2024-03-21 | 10-K/A | filing · viewer · series |
| 26 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 65,251,988 | 2026-02-23 | 2026-02-26 | 10-K | filing · viewer · series |
| 27 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 54,586,397 | 2025-02-24 | 2025-02-28 | 10-K | filing · viewer · series |
| 28 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 65,619,689 | 2026-07-27 | 2026-08-03 | 10-Q | filing · viewer · series |
| 29 | net income | us-gaap:NetIncomeLoss | -$31.2M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 30 | long term debt | us-gaap:LongTermDebtNoncurrent | $662.7M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 31 | long term debt | us-gaap:LongTermDebtNoncurrent | $625.4M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 32 | current assets | us-gaap:AssetsCurrent | $278.4M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 33 | current liabilities | us-gaap:LiabilitiesCurrent | $392.5M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 34 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $318.9M | 2026-06-30 | 2026-08-03 | 10-Q | filing · viewer · series |
| 35 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $108.5M | 2026-06-30 | 2026-08-03 | 10-Q | filing · viewer · series |
| 36 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $49.5M | 2026-03-31 | 2026-05-05 | 10-Q | filing · viewer · series |
| 37 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $97.1M | 2025-09-30 | 2025-11-04 | 10-Q | filing · viewer · series |
| 38 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $77.6M | 2025-06-30 | 2026-08-03 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 67.8 is 7.8 points from the nearest band edge; sampling error is 2.6 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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