Lindblad Expeditions Holdings, Inc. (LIND) Balance Sheet
LIND balance sheet, 2025
December 31, 2025 · U.S. dollars$980.0M assets = $1.13B liabilities + −$153.5M equity
Liabilities exceed assets: shareholders’ equity is negative (−$153.5M).
Both columns are drawn to the same scale: what LIND owns equals what it owes plus shareholders’ equity. Hover a block for its value.
LIND financial health
Descriptive bands, not a rating. Fiscal 2025.
LIND balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $407.7M2016 | $980.0M2025 | +10.2%/yr | |
| Total liabilities | $288.7M2016 | $1.13B2025 | +16.4%/yr | |
| Shareholders’ equity | $113.8M2016 | −$201.4M2025 | — | |
| Cash & short-term investments | $135.4M2016 | $256.7M2025 | +7.4%/yr | |
| Total debt | $165.9M2016 | $663.8M2025 | +16.7%/yr | |
| Net cash (debt) | −$30.5M2016 | −$407.1M2025 | −$376.7M | |
| Working capital | $47.1M2016 | −$93.7M2025 | −$140.8M | |
| Book value per share | $2.452016 | −$3.662025 | — | |
| Current ratio | 1.382016 | 0.802025 | −0.58 | |
| Debt / equity | 1.462016 | 103.322021 | +101.86 | |
| Shares outstanding | 46.5M2016 | 55.0M2025 | +1.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LIND assets
LIND liabilities and equity
LIND debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
LIND balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $256.7M | $183.9M | $156.8M | $100.8M | $150.8M | $187.5M | $101.6M | $113.4M | $96.4M | $135.4M |
| Cash & equivalents | $256.7M | $183.9M | $156.8M | $87.2M | $150.8M | $187.5M | $101.6M | $113.4M | $96.4M | $135.4M |
| Short-term investments | — | — | $0 | $13.6M | $0 | $1.2M | $1.6M | $1.4M | $1.3M | $1.4M |
| Receivables | $0 | $0 | $0 | $28.8M | $21.9M | $17.0M | $7.7M | $8.8M | $7.1M | $9.0M |
| Inventory | $0 | $0 | $5.4M | $11.9M | $10.6M | $7.6M | $8.3M | $6.8M | $6.8M | $5.8M |
| Other current assets | $111.2M | $94.5M | $82.2M | $41.8M | $27.1M | $17.0M | $29.1M | $21.3M | $21.4M | $20.8M |
| Total current assets | $367.9M | $278.4M | $244.5M | $183.3M | $210.3M | $229.2M | $146.6M | $150.2M | $131.7M | $171.0M |
| Property, plant & equipment (net) | $522.1M | $518.4M | $526.0M | $539.4M | $546.8M | $487.8M | $363.9M | $286.0M | $251.0M | $186.2M |
| Goodwill & intangible assets | $77.2M | $75.0M | $51.4M | $53.2M | $55.3M | $26.9M | $28.5M | $30.1M | $31.7M | $33.2M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $700,000 | $0 | $0 |
| Other non-current assets | $12.7M | $5.1M | $9.4M | $12.0M | $15.1M | $13.6M | $9.6M | $6.5M | $10.0M | $17.2M |
| Total assets | $980.0M | $876.9M | $831.3M | $788.0M | $827.5M | $757.4M | $548.7M | $473.4M | $424.3M | $407.7M |
| Liabilities | ||||||||||
| Accounts payable | $22.2M | $13.9M | $16.2M | $16.6M | $9.7M | $5.3M | $14.6M | $9.3M | $7.8M | $7.6M |
| Short-term debt | $1.2M | $1.9M | $2.0M | $25.0M | $27.6M | $12.7M | $5.9M | $2.0M | $1.8M | $1.8M |
| Deferred revenue | $361.5M | $318.7M | $252.2M | $245.1M | $212.6M | $120.7M | $138.8M | $123.5M | $112.2M | $91.5M |
| Total current liabilities | $461.6M | $392.5M | $319.2M | $341.1M | $289.5M | $155.8M | $182.9M | $159.4M | $144.4M | $123.9M |
| Long-term debt | $662.7M | $625.4M | $621.8M | $529.5M | $518.7M | $471.4M | $213.5M | $188.1M | $164.2M | $164.1M |
| Lease obligations | $1.2M | $1.8M | $1.9M | $4.6M | $4.7M | $5.4M | $6.4M | — | — | — |
| Other long-term liabilities | $9.2M | $4.6M | $4.1M | $3.0M | $3.4M | $4.0M | $12.8M | $3.3M | $3.1M | $681,000 |
| Total liabilities | $1.13B | $1.02B | $945.1M | $873.6M | $811.5M | $631.2M | $409.3M | $350.9M | $311.7M | $288.7M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $6,000 | $6,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $42.5M | $43.1M |
| Retained earnings (deficit) | −$411.4M | −$362.9M | −$322.2M | −$266.5M | −$136.4M | −$11.6M | $81.7M | $75.2M | $63.8M | $70.7M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | — | $288,000 | −$4,999 | — | −$634,000 | −$1.6M | −$4.7M | −$671,000 | $0 | −$93.3M |
| Minority interest | $47.9M | $29.4M | $37.8M | $27.9M | — | — | — | — | $0 | $0 |
| Total shareholders' equity | −$201.4M | −$175.0M | −$151.6M | −$113.5M | $5.3M | $118.8M | $123.2M | $116.0M | $106.3M | $113.8M |
| Key figures | ||||||||||
| Total debt | $663.8M | $627.3M | $623.7M | $557.4M | $549.5M | $488.0M | $224.4M | $190.1M | $165.9M | $165.9M |
| Net cash (debt) | −$407.1M | −$443.4M | −$466.9M | −$456.6M | −$398.7M | −$300.5M | −$122.9M | −$76.7M | −$69.5M | −$30.5M |
| Working capital | −$93.7M | −$114.0M | −$74.7M | −$157.8M | −$79.1M | $73.4M | −$36.3M | −$9.2M | −$12.7M | $47.1M |
| Tangible book value | −$278.7M | −$249.9M | −$203.0M | −$166.8M | −$49.9M | $91.9M | $94.7M | $86.0M | $74.7M | $80.6M |
| Book value per share | −$3.66 | −$3.25 | −$2.85 | −$2.18 | $0.11 | $2.39 | $2.49 | $2.50 | $2.39 | $2.45 |
| Shares outstanding | 55.0M | 53.8M | 53.3M | 52.0M | 50.1M | 49.7M | 49.4M | 46.3M | 44.6M | 46.5M |
| Current ratio | 0.80 | 0.71 | 0.77 | 0.54 | 0.73 | 1.47 | 0.80 | 0.94 | 0.91 | 1.38 |
| Quick ratio | 0.56 | 0.47 | 0.49 | 0.38 | 0.60 | 1.31 | 0.60 | 0.77 | 0.72 | 1.17 |
| Debt / equity | — | — | — | — | 103.32 | 4.11 | 1.82 | 1.64 | 1.56 | 1.46 |
| Equity / assets | −20.6% | −20.0% | −18.2% | −14.4% | 0.6% | 15.7% | 22.5% | 24.5% | 25.1% | 27.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $318.9M | $321.1M | $256.7M | $261.8M | $200.9M | $188.9M | $183.9M | $193.9M | $168.1M | $177.7M | $156.8M | $168.0M |
| Cash & equivalents | $318.9M | $321.1M | $256.7M | $261.8M | $200.9M | $188.9M | $183.9M | $193.9M | $168.1M | $177.7M | $156.8M | $168.0M |
| Short-term investments | — | — | — | — | — | — | — | — | — | — | $0 | $0 |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $36.8M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $5.4M | $9.6M |
| Other current assets | $123.8M | $63.7M | $111.2M | $102.0M | $121.6M | $107.0M | $94.5M | $94.0M | $115.4M | $108.8M | $82.2M | $44.7M |
| Total current assets | $442.7M | $384.8M | $367.9M | $363.8M | $322.5M | $295.8M | $278.4M | $287.9M | $283.6M | $286.6M | $244.5M | $259.2M |
| Property, plant & equipment (net) | $502.2M | $511.8M | $522.1M | $527.6M | $533.1M | $531.5M | $518.4M | $516.9M | $515.9M | $521.6M | $526.0M | $533.6M |
| Goodwill & intangible assets | $76.2M | $76.6M | $77.2M | $78.5M | $73.9M | $74.5M | $75.0M | $75.9M | $50.5M | $51.0M | $51.4M | $51.9M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $12.9M | $14.0M | $12.7M | $6.6M | $7.0M | $7.0M | $5.1M | $9.2M | $8.4M | $8.9M | $9.4M | $7.0M |
| Total assets | $1.03B | $987.2M | $980.0M | $976.5M | $936.5M | $908.8M | $876.9M | $889.8M | $858.3M | $868.0M | $831.3M | $851.6M |
| Liabilities | ||||||||||||
| Accounts payable | $15.0M | $25.0M | $22.2M | $20.6M | $9.8M | $10.7M | $13.9M | $16.9M | $8.5M | $21.0M | $16.2M | $15.9M |
| Short-term debt | $1.7M | $1.5M | $1.2M | $831,000 | $1.1M | $1.5M | $1.9M | $1.6M | $1.6M | $1.8M | $2.0M | $1.8M |
| Deferred revenue | $439.9M | $399.2M | $361.5M | $362.3M | $381.7M | $354.9M | $318.7M | $314.2M | $319.7M | $290.8M | $252.2M | $250.6M |
| Total current liabilities | $524.8M | $473.1M | $461.6M | $438.6M | $450.1M | $420.5M | $392.5M | $386.1M | $382.5M | $357.6M | $319.2M | $319.0M |
| Long-term debt | $663.9M | $663.2M | $662.7M | $663.4M | $627.3M | $626.3M | $625.4M | $624.5M | $623.6M | $622.7M | $621.8M | $620.9M |
| Lease obligations | $1.7M | $1.5M | $1.2M | $821,000 | $1.1M | $1.5M | $1.8M | $1.6M | $1.6M | $1.8M | $1.9M | $3.5M |
| Other long-term liabilities | $7.8M | $7.7M | $9.2M | $3.3M | $83.8M | $82.4M | $4.6M | $1.6M | $7.7M | $4.3M | $4.1M | $3.4M |
| Total liabilities | $1.20B | $1.14B | $1.13B | $1.11B | $1.16B | $1.13B | $1.02B | $1.01B | $1.01B | $984.5M | $945.1M | $943.3M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $7,000 | $7,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $5,000 | $5,000 | $5,000 | $5,000 |
| Retained earnings (deficit) | −$412.3M | −$408.9M | −$411.4M | −$384.6M | −$381.8M | −$365.7M | −$362.9M | −$334.6M | −$354.8M | −$326.5M | −$322.2M | −$290.8M |
| Accumulated other comprehensive income | — | $0 | — | — | — | $294,000 | $288,000 | −$77.0M | −$6,000 | $0 | −$73.5M | −$72.4M |
| Minority interest | $33.4M | $33.3M | $47.9M | $46.0M | $39.2M | — | — | — | — | — | — | — |
| Total shareholders' equity | −$195.8M | −$190.1M | −$201.4M | −$174.8M | −$263.8M | −$252.2M | −$175.0M | −$149.9M | −$179.7M | −$152.8M | −$151.6M | −$125.9M |
| Key figures | ||||||||||||
| Total debt | $665.6M | $664.7M | $663.8M | $665.0M | $628.4M | $627.9M | $627.3M | $626.1M | $625.2M | $624.5M | $623.7M | $624.5M |
| Net cash (debt) | −$346.7M | −$343.6M | −$407.1M | −$403.2M | −$427.5M | −$439.0M | −$443.4M | −$432.2M | −$457.1M | −$446.8M | −$466.9M | −$456.4M |
| Working capital | −$82.1M | −$88.4M | −$93.7M | −$74.8M | −$127.6M | −$124.7M | −$114.0M | −$98.3M | −$99.0M | −$71.0M | −$74.7M | −$59.9M |
| Tangible book value | −$272.0M | −$266.8M | −$278.7M | −$253.3M | −$337.7M | −$326.7M | −$249.9M | −$225.8M | −$230.2M | −$203.7M | −$203.0M | −$177.8M |
| Book value per share | −$2.99 | −$3.11 | −$3.64 | −$3.15 | −$4.83 | −$4.62 | −$3.22 | −$2.40 | −$3.36 | −$2.86 | −$2.84 | −$2.36 |
| Shares outstanding | 65.5M | 61.1M | 55.3M | 55.6M | 54.6M | 54.6M | 54.4M | 62.6M | 53.5M | 53.4M | 53.3M | 53.4M |
| Current ratio | 0.84 | 0.81 | 0.80 | 0.83 | 0.72 | 0.70 | 0.71 | 0.75 | 0.74 | 0.80 | 0.77 | 0.81 |
| Quick ratio | 0.61 | 0.68 | 0.56 | 0.60 | 0.45 | 0.45 | 0.47 | 0.50 | 0.44 | 0.50 | 0.49 | 0.64 |
| Equity / assets | −18.9% | −19.3% | −20.6% | −17.9% | −28.2% | −27.8% | −20.0% | −16.8% | −20.9% | −17.6% | −18.2% | −14.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
LIND financial position
At the end of fiscal 2025 (December 31, 2025), Lindblad Expeditions had total assets of $980.0 million (up 11.8% from a year earlier), total liabilities of $1.1 billion and shareholders' equity of -$201.4 million. It held $256.7 million in cash and short-term investments against $663.8 million of debt, net debt of $407.1 million. Its current ratio was 0.80. In the latest quarter (ended June 30, 2026) total assets were $1.0 billion and equity -$195.8 million.
Related: LIND income statement, LIND cash flow statement, LIND key metrics. See the LIND stock overview for the latest quote and news.
LIND balance sheet FAQ
What are Lindblad Expeditions's total assets?
Lindblad Expeditions reported total assets of $980.0 million at the end of fiscal 2025 (December 31, 2025), compared with $876.9 million a year earlier.
How much debt does Lindblad Expeditions have?
Lindblad Expeditions had $663.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Lindblad Expeditions have?
Lindblad Expeditions held $256.7 million in cash and short-term investments at the end of fiscal 2025; with $663.8 million of debt that is net debt of $407.1 million.
What is Lindblad Expeditions's book value?
Lindblad Expeditions's shareholders' equity (book value) was -$201.4 million at the end of fiscal 2025, or −$3.66 per share.
What is Lindblad Expeditions's current ratio?
Lindblad Expeditions had current assets of $367.9 million and current liabilities of $461.6 million, a current ratio of 0.80 (current liabilities exceed current assets).
How much goodwill does Lindblad Expeditions have?
Lindblad Expeditions carried $77.2 million of goodwill and intangible assets, 7.9% of total assets, at the end of fiscal 2025.