What is Lindblad Expeditions Holdings, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Lindblad Expeditions Holdings, Inc.'s reported free cash flow gives $31.28 per share. The share price was $35.37 on November 10, 2026, 13% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 10.0% | 10.0% | $16.23 | -54% |
| Base | 15.0% | 9.0% | $31.28 | -12% |
| Bull | 20.0% | 8.0% | $59.32 | +68% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $42.68 | $46.24 | $50.58 | $56.01 | $62.99 |
| 8.0% | $34.12 | $36.42 | $39.15 | $42.42 | $46.41 |
| 9.0% | $27.89 | $29.46 | $31.28 | $33.40 | $35.91 |
| 10.0% | $23.16 | $24.28 | $25.55 | $27.01 | $28.68 |
| 11.0% | $19.47 | $20.29 | $21.21 | $22.24 | $23.41 |
Where the presets come from
Base: years 1 to 5 grow at Lindblad Expeditions Holdings, Inc.'s revenue growth rate over the last 5 fiscal years (56.4% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions