Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.02, read 2026-10-24
Ethical does not pass the values gate
Price34.24 USD
Fair value23.94
Ethical score70.0/100
Our investment reviews on this name
2026-10-11Read Accumulation36.08-5.1% to today Markup gives way to Accumulation after a 28% rise in 9 days
2026-10-02Read Markup28.29+21.0% to today ✓Markdown gives way to Markup after a 6% slide in 4 weeks
2026-09-04Read Markdown30.06+13.9% to today Markup gives way to Markdown after a 28% rise in 9 weeks
2026-07-02Read Markup23.45+46.0% to today ✓First review on file: Markup
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Lindblad Expeditions Holdings, Inc. holds its Accumulation at $34.24. The statistical read favours the sellers, held for 49 days.
As held on the ledger · 2026-10-23
Phase
Accumulation
Quantitative state
The statistical read favours the sellers, held for 49 days
Price at the screen
$34.24
Valuation
N/A trailing · 68.13 forward price to earnings
Values screen
FAIL· score 70.0
Beta
2.24
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
67.74%
Below 33%
Interest-bearing debt is 67.7% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
26.19%
Below 49%
Money owed to the company is 26.2% of assets, under the 49% limit.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Lindblad Expeditions Holdings,'s business is in a permissible area, but its interest-bearing debt is about 68% of the company, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-10-28. It updates when the underlying figures move, and past reads are kept below.
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Today LIND does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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Fair value range in USD, drawn from the 2026-10-23 screen. The gold marker is the market price at the same screen. The price runs 30.1% above the base estimate.
Third-party analyst targets: 6 covering, consensus Buy. The average target sits +8% from the screen price.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-23 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
High priced expeditions fail to cover costs
Picture signing up for a premium polar cruise only to learn the operator is still losing money on every voyage. Lindblad offers intimate ship based adventures that sound exclusive yet the numbers show revenue growth of 16 percent alongside a negative 3 percent profit margin. At 79 times forward earnings the shares trade well above any reasonable value for a business with no clear moat.
We pass because the current price of 27.67 dollars sits 41 percent above our fair value of 16.32 dollars and the opportunity rating is none. Strong buy notes from five analysts cannot change the fact that investors are paying a premium for a cyclical travel name that has yet to turn consistent profits.
Travel demand can swing sharply with recessions fuel costs and sudden restrictions so even ethical clearance does not offset the valuation gap. The business may recover but the entry price leaves little room for error.
Analysis, not advice.
The risks · The things to watch: it already moves more than the market on an average day.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
LIND trades on Nasdaq. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-29Accumulation$34.24-2.9%Entry 12
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 2.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 55% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 93%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (5 analysts) rates it none, with a mean price target of $24. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-28Accumulation$35.25+0.0%Entry 11
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 55% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 93%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (5 analysts) rates it none, with a mean price target of $24. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-27Accumulation$35.25+0.0%Entry 10
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 55% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 93%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (5 analysts) rates it none, with a mean price target of $24. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-25Accumulation$35.25-3.1%Entry 9
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 3.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 60% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 93%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (5 analysts) rates it none, with a mean price target of $24. Insiders have been net sellers over the past quarter.
2026-10-18Accumulation$36.37+0.8%Entry 8
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 0.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 46% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 93%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (5 analysts) rates it none, with a mean price target of $24.
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 27.5% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 46% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 93%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (5 analysts) rates it none, with a mean price target of $24. Since the last review it dropped out of the Titan Ethical 500; its composite score eased.
2026-10-02Markup · changed$28.29-5.9%Entry 6
The framework has shifted from markdown to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 5.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 46% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 93%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (5 analysts) rates it none, with a mean price target of $24.
2026-09-04Markdown · changed$30.06+8.6%Entry 5
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 8.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 46% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 93%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (5 analysts) rates it none, with a mean price target of $24.
2026-08-04Markup$27.67+18.0%Entry 4
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 18.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 46% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 93%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (5 analysts) rates it none, with a mean price target of $24.
2026-07-18Markup$23.45+0.0%Entry 3
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 46% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 93%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (5 analysts) rates it none, with a mean price target of $24.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
