LINDBLAD EXPEDITIONS HOLDINGS, INC. (LIND)

Nasdaq · Common Stock · Transportation Services

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Corporate structure

30 entities across 10 jurisdictions, 6 in offshore financial centres. Read directly from the company’s own 10-K EX-21 filed 2026-02-26 — see the exhibit.

Which other public companies file entities in the same places:

Nevada10 Cayman Islands6 Delaware4 Kenya3 Massachusetts2 Colorado1 New York1 Montana1 France1 California1

Subsidiaries of LINDBLAD EXPEDITIONS HOLDINGS, INC. as disclosed in its SEC filing
Entity	Jurisdiction	Note
Lindblad Expeditions, LLC	Delaware
Lindblad Maritime Ventures, Inc.	Delaware
Lindblad Maritime Enterprises, Ltd.	Cayman Islands	offshore centre
Natural Habitat, Inc.	Colorado
LEX Quest LLC	Nevada
LEX Venture LLC	Nevada
SPEX Sea Bird Ltd.	Nevada
SPEX Sea Lion Ltd.	Nevada
Lindblad Global Trading, Inc.	New York
LEX Explorer LLC	Nevada
SPEX Calstar LLC	Nevada
LEX Endurance Ltd.	Cayman Islands	offshore centre
LEX Galápagos Partners I LLC	Nevada
LEX Galápagos Partners II LLC	Nevada
LEX Galápagos Partners III LLC	Nevada
LEX Galapagos Partners IV LLC	Nevada
Fillmore Pearl Holding, Ltd	Cayman Islands	offshore centre
Fillmore Pearl (Cayman) II, Ltd.	Cayman Islands	offshore centre
Lindblad Bluewater II Limited	Cayman Islands	offshore centre
LEX Esprit Ltd.	Cayman Islands	offshore centre
Off the Beaten Path, LLC	Montana
DuVine Cycling and Adventure Co.	Massachusetts
BTA Europe SARL	France
Classic Journeys, LLC	California
WTA1, LLC	Delaware
WTA2, LLC	Delaware
Wineland-Thomson Adventures, LLC.	Massachusetts
Natural Habitat Safaris East Africa Limited	Kenya
Safari Services East Africa Ltd	Kenya
The Leleshwa Safari Company Ltd	Kenya

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

5 / 7

FAILReturn on assets positiveROA -3.0%
PASSOperating cash flow positiveOCF 112M
PASSReturn on assets improving-3.6% → -3.0%
PASSCash flow exceeds earningsOCF 112M vs NI -30M
PASSLong-term debt ratio falling71.3% → 67.6% of assets
PASSCurrent ratio improving0.71 → 0.80
FAILNo share dilution54M → 55M shares
FAILGross margin improvingno gross profit reported
FAILAsset turnover improvingno data

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2020	—	−$98.7M	−$247.7M	—	49,737,129
FY2021	—	−$119.2M	−$64.2M	—	50,109,426
FY2022	—	−$111.4M	−$40.4M	—	52,018,987
FY2023	—	−$45.6M	−$4.5M	—	53,256,513
FY2024	—	−$31.2M	$58.8M	—	53,817,462
FY2025	—	−$29.7M	$63.8M	—	54,970,812

Identity

CIK: 0001512499
LEI: 549300GSPW24GZE6R597
FIGI: BBG004MDWKS8
SIC: 4700 · Transportation Services
Incorporated: DE
Headquarters: NEW YORK, NY

Ownership

Institutional: 83.1%
Institutions: 321
Insiders: 25.5%

Ownership percentages are a vendor aggregate, not a filing — unlike everything else on this page.

Other transportation services companies

LINDBLAD EXPEDITIONS HOLDINGS, INC. files under SIC 4700 — all 7 transportation services companies compared on assets and F-score.

GATX CORPGATX GXO Logistics, Inc.GXO XPO, Inc.XPO Global Business Travel Group, Inc.GBTG RXO, Inc.RXO VERRA MOBILITY CorpVRRM

Questions about LINDBLAD EXPEDITIONS HOLDINGS, INC.

How many subsidiaries does LINDBLAD EXPEDITIONS HOLDINGS, INC. file with the SEC?: 30, listed in its most recent exhibit 21. They are incorporated across 10 jurisdictions, led by Delaware, Cayman Islands, Colorado. 6 of them sit in offshore financial centres. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.
Is LINDBLAD EXPEDITIONS HOLDINGS, INC. financially healthy?: LINDBLAD EXPEDITIONS HOLDINGS, INC. scores 5 out of 7 on the Piotroski F-score. Only 7 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

This page is one panel of the terminal

The structure map above is the Corporate Blueprint, and in the desktop it is interactive — click any entity to re-centre the map on it and walk the ownership chain. It sits alongside the screener, the scorecard and the filings lab on one desk, on your machine.

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Sourced from SEC EDGAR primary filings. Figures are as reported by the company and are not investment advice. Scores are standard published screens computed from those filings; every input is shown above so you can check the arithmetic.

Corporate structure

30 entities across 10 jurisdictions, 6 in offshore financial centres. Read directly from the company’s own 10-K EX-21 filed 2026-02-26 — see the exhibit.

Entity

Jurisdiction

Note

Lindblad Expeditions, LLC

Delaware

Lindblad Maritime Ventures, Inc.

Delaware

Lindblad Maritime Enterprises, Ltd.

Cayman Islands

offshore centre

Natural Habitat, Inc.

Colorado

LEX Quest LLC

Nevada

LEX Venture LLC

Nevada

SPEX Sea Bird Ltd.

Nevada

SPEX Sea Lion Ltd.

Nevada

Lindblad Global Trading, Inc.

New York

LEX Explorer LLC

Nevada

SPEX Calstar LLC

Nevada

LEX Endurance Ltd.

Cayman Islands

offshore centre

LEX Galápagos Partners I LLC

Nevada

LEX Galápagos Partners II LLC

Nevada

LEX Galápagos Partners III LLC

Nevada

LEX Galapagos Partners IV LLC

Nevada

Fillmore Pearl Holding, Ltd

Cayman Islands

offshore centre

Fillmore Pearl (Cayman) II, Ltd.

Cayman Islands

offshore centre

Lindblad Bluewater II Limited

Cayman Islands

offshore centre

LEX Esprit Ltd.

Cayman Islands

offshore centre

Off the Beaten Path, LLC

Montana

DuVine Cycling and Adventure Co.

Massachusetts

BTA Europe SARL

France

Classic Journeys, LLC

California

WTA1, LLC

Delaware

WTA2, LLC

Delaware

Wineland-Thomson Adventures, LLC.

Massachusetts

Natural Habitat Safaris East Africa Limited

Kenya

Safari Services East Africa Ltd

Kenya

The Leleshwa Safari Company Ltd

Kenya

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

5 / 7

FAILReturn on assets positiveROA -3.0%
PASSOperating cash flow positiveOCF 112M
PASSReturn on assets improving-3.6% → -3.0%
PASSCash flow exceeds earningsOCF 112M vs NI -30M
PASSLong-term debt ratio falling71.3% → 67.6% of assets
PASSCurrent ratio improving0.71 → 0.80
FAILNo share dilution54M → 55M shares
FAILGross margin improvingno gross profit reported
FAILAsset turnover improvingno data

Year

Revenue

Net income

Free cash flow

Gross margin

FY2020

—

−$98.7M

−$247.7M

—

49,737,129

FY2021

—

−$119.2M

−$64.2M

—

50,109,426

FY2022

—

−$111.4M

−$40.4M

—

52,018,987

FY2023

—

−$45.6M

−$4.5M

—

53,256,513

FY2024

—

−$31.2M

$58.8M

—

53,817,462

FY2025

—

−$29.7M

$63.8M

—

54,970,812

Questions about LINDBLAD EXPEDITIONS HOLDINGS, INC.

How many subsidiaries does LINDBLAD EXPEDITIONS HOLDINGS, INC. file with the SEC?

30, listed in its most recent exhibit 21. They are incorporated across 10 jurisdictions, led by Delaware, Cayman Islands, Colorado. 6 of them sit in offshore financial centres. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.

Is LINDBLAD EXPEDITIONS HOLDINGS, INC. financially healthy?

LINDBLAD EXPEDITIONS HOLDINGS, INC. scores 5 out of 7 on the Piotroski F-score. Only 7 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.