Does LINDBLAD EXPEDITIONS HOLDINGS, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores LINDBLAD EXPEDITIONS HOLDINGS, INC. (LIND) 35.6 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 46, returns on capital 24, balance-sheet safety 48, capital discipline 24.

How has LIND's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 35.6 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

LINDBLAD EXPEDITIONS HOLDINGS, INC.

LIND · Industrials · $1.5B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power46

Median gross margin 44.8% over 10y, variable.

Returns on capital24

Median ROIC 6.5%, above the 9% hurdle in 50% of years.

Balance-sheet safety48

Net debt/EBITDA 3.7x, no material interest expense disclosed.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $27.67
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

15 years of fundamentals

The business, in plain English

LINDBLAD EXPEDITIONS HOLDINGS, INC. booked $771.0M of revenue in FY2025 in the Industrials sector and kept 45.8% of it as gross profit — a solid-margin business by that measure. After every other cost, −3.9% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $192.2M (FY2013) to $771.0M (FY2025) — about 12.3% a year compounded over 12 years.

It earned 29.6% on invested capital in FY2025, with a median of 9.4% across 14 filed years. The Returns on Capital filter above scores it 24/100.

The balance sheet carried $662.7M of total debt in FY2025. Balance-Sheet Safety scores it 48/100.

The share count rose 969.1% between FY2012 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (48/100) and Capital Discipline the weakest (24/100), which is how LIND lands at 36/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$771.0M FY2025

Gross marginRevenue kept after cost of goods45.8% FY2025

Return on invested capitalOperating profit on the capital employed29.6% FY2025

Owner earningsCash an owner could take out−$14.6M FY2025

Gaps in a line mean that item isn’t in LIND’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale35.6 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — LIND has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Industrials context

#169 of 309 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

#167UEIC UNIVERSAL ELECTRONICS INC.36.3 out of 100, No moatNo moat
#168GNSS GENASYS INC.36.1 out of 100, No moatNo moat
#170RCL ROYAL CARIBBEAN CRUISES LTD35.4 out of 100, No moatNo moat
#171NASC Can B Corp.35.3 out of 100, No moatNo moat

Compare LIND with its nearest peers →All Industrials companies on the Index →

Common questions about LIND

Does LINDBLAD EXPEDITIONS HOLDINGS, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores LINDBLAD EXPEDITIONS HOLDINGS, INC. (LIND) 35.6 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 46, returns on capital 24, balance-sheet safety 48, capital discipline 24.
How has LIND's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 35.6 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell LIND. See the disclaimer.