Lindblad Expeditions Holdings I — Earnings Quality Grade F
LIND · Consumer Cyclical
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
Insufficient data
Insufficient data
Revenue 19.6%, CFFO 20.8%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 42.4% is >2x revenue growth 19.6%
SG&A/Gross Profit = 69.3%. Normal
Gross margin 45.8%, change +2.0pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF $0.1B, FCF/NI = -2.15
Accruals ratio = -14.4%. Low accruals
Cash $0.3B covers only 39% of debt $0.7B
Balance Sheet Health
Goodwill+Intangibles $0.1B = -38% of equity. Manageable
Debt/EBITDA = 7.5x (>4x). Interest coverage = 1.0x (<2x). Financial stress
Other assets grew 148.6% vs revenue 19.6%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 3% YoY. Normal
Manipulation Score
Insufficient data
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25