LIND Lindblad Expeditions Holdings Inc. - Common Stock
$32.68
Price · Aug 19, 2026
Fundamentals as of Aug 3, 2026
52W Range
$11–$35
90% of range
Analyst Rating
BUY
12 analysts
Price Target
$37
+12% upside
P/E (TTM)
-51.9
ROE
10.8%
Net Profit Margin
-3.9%
About Lindblad Expeditions Holdings Inc. - Common Stock Company overview from Wikipedia
Lindblad Expeditions Holdings Inc. is an American expedition travel company headquartered in New York City. Founded in 1979 as Special Expeditions by Sven-Olof Lindblad, the company operates a fleet of 12 small ships, carrying between 28 and 150 guests, and offers expedition cruises to destinations on all seven continents in partnership with National Geographic.
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Lindblad Expeditions Holdings Inc. is an American expedition travel company headquartered in New York City. Founded in 1979 as Special Expeditions by Sven-Olof Lindblad, the company operates a fleet of 12 small ships, carrying between 28 and 150 guests, and offers expedition cruises to destinations on all seven continents in partnership with National Geographic.
History
Lindblad Travel (1958–1989)
Lars-Eric Lindblad founded Lindblad Travel in Connecticut in 1958. Lindblad Travel led the first tourist expedition to Antarctica in 1966 and was among the first companies to bring tourists to the Galápagos Islands starting in 1967. Later, after launching the first private, purpose-built expedition ship, the Lindblad Explorer, it pioneered tourist expeditions to the Arctic, Tierra del Fuego, the Falkland Islands, the Seychelles, Easter Island, Indonesia, the Amazon River, and many others. In 1984 Lindblad Travel led the first tourist expedition through the Northwest Passage from Newfoundland to the Bering Strait.
Regarded as the father of ecotourism, Lars-Eric Lindblad believed strongly that travel to difficult-to-reach places encouraged a desire to preserve and protect the planet. In addition to leading expeditions in remote wilderness areas, Lindblad Travel also led trips to hard-to-visit countries such as China, Vietnam, and Cambodia. The company ceased operations in 1989.
Special Expeditions (1979–2003)
Lars-Eric Lindblad passed along his passion for adventure, exploration, and conservation to his son, Sven-Olof Lindblad, who joined him on expeditions from an early age. In 1979 Sven-Olof Lindblad founded Special Expeditions as a subsidiary of Lindblad Travel. Special Expeditions decoupled from Lindblad Travel in 1982 and was renamed Lindblad Expeditions in 2000.
National Geographic partnership (after 2004)
Since 2004, Lindblad Expeditions has partnered with National Geographic, operating under the co-brand Lindblad Expeditions–National Geographic. The partnership integrates Lindblad expedition staff with National Geographic scientists and media personnel, and company vessels carry the "National Geographic" name. Lindblad-operated itineraries are also sold through National Geographic Expeditions. In November 2023, the companies extended their agreement through 2040, following The Walt Disney Company’s acquisition of National Geographic Partners. The renewal expanded Lindblad's marketing access across Disney's portfolio, including Disney Cruise Line and Disney Vacation Club, and permits development of co-branded river cruises and potential larger vessels (295–530 passengers).
The company expanded its fleet in the 2010s. In 2013, it acquired Orion Expedition Cruises and renamed its vessel National Geographic Orion. It ordered its first purpose-built ships in 2015: National Geographic Quest and National Geographic Venture, U.S.-flagged vessels launched in 2017 and 2018 for domestic service. They were followed by National Geographic Endurance (2020) and National Geographic Resolution (2021), which primarily operate in the Arctic and Antarctic regions.
Lindblad also expanded into land-based travel. In 2016, it acquired a controlling interest in Natural Habitat Adventures. In 2021, it acquired Off the Beaten Path, DuVine, and Classic Journeys. The company acquired Thomson Safaris for approximately US$30 million in 2024. These brands continue to operate independently.
Lindblad Expeditions went public in July 2015.
Sven Lindblad retired as CEO in 2021. Dolf Berle was appointed CEO later that year, stepped down in 2023, and was succeeded again by Lindblad. In December 2024, the company announced that Lindblad would step down again and become co-chair of the Board, with Natalya Leahy appointed CEO effective January 1, 2025.
Sustainability and charitable initiatives
Lindblad Expeditions operates programs supporting conservation, research, and sustainability. The company established the Galápagos Conservation Fund to support local projects and research, and introduced OPUS (Operation to Prevent Unwanted Species) to reduce the risk of introducing invasive species via imported food. Its Lindblad Expeditions–National Geographic Fund supports research and education initiatives, including student scholarships in the Galápagos and scientific studies such as Antarctic killer whale tagging. In 2019, the company announced plans to achieve carbon neutrality and, in conjunction with National Geographic's "Planet or Plastic" campaign, banned single-use plastics aboard its ships.
Fleet
Lindblad Expedition currently owns and operates a fleet of 12 vessels, which it supplements with chartered vessels.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
LIND Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$32.67
Market Cap
$1.81B
P/E (TTM)
-51.9
EPS (TTM)
$-0.63
Revenue (TTM)
$771M
Div Yield
—
ROE
10.8%
Debt/Equity
-2.3
52W Range
$11 – $35
LIND Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$771M
2016-12-31
→
2025-12-31
EPS
$-0.63
2016-12-31
→
2025-12-31
Free Cash Flow
$64M
2018-12-31
→
2025-12-31
Margins
-3.9%
2018-12-31
→
2018-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
LIND
Peer Median
P/E (TTM)
-51.9
20.7
P/S (TTM)
2.3
1.1
P/B
-6.4
13.7
EV / EBITDA
20.4
—
Price / FCF
28.3
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
LIND
Peer Median
Operating Margin
5.9%
—
Net Profit Margin
-3.9%
2.9%
ROA
-3.2%
1.3%
ROE
10.8%
-11.1%
ROIC
13.4%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
LIND
Peer Median
Debt / Equity
-2.3
—
Current Ratio
0.8
1.1
Quick Ratio
0.6
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
LIND
Peer Median
Revenue YoY
19.6%
—
Revenue CAGR 3Y
22.3%
—
Revenue CAGR 5Y
56.4%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
LIND
Peer Median
LIND Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
12 analysts
- Strong Buy 4 33.3%
- Buy 5 41.7%
- Hold 3 25.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
5 analysts · 2026-08-18
Median
$37.00
Now
$32.67
Low
$29.00
High
$40.00
Median target
$37.00
+13.2%
Mean target
$36.60
+12.0%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.08%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.02 | $-0.11 | 0.09% |
| March 31, 2026 | $0.09 | $0.02 | 0.07% |
| Dec. 31, 2025 | $-0.45 | $-0.33 | -0.12% |
| Sept. 30, 2025 | $0.42 | $0.21 | 0.21% |
| June 30, 2025 | $-0.18 | $-0.28 | 0.10% |
| March 31, 2025 | $0.00 | $-0.14 | 0.14% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| LIND | $798M | -22.9 | 19.6% | -3.9% | 10.8% | — |
| CHH | $4.38B | 12.1 | 0.75% | 23.2% | 477.4% | — |
| GBTG | — | 34.8 | 12.2% | 4.1% | 8.3% | — |
| TNL | $4.45B | 20.5 | 4.1% | 5.7% | -24.7% | — |
| VAC | $1.97B | -6.5 | 1.3% | -6.1% | -13.9% | — |
| HGV | $3.72B | 50.3 | 1.3% | 1.6% | 5.3% | — |
| TH | $799M | -21.6 | -17.0% | -11.6% | -9.2% | 13.3% |
| SABR | $537M | 1.0 | 0.95% | 18.9% | -36.9% | — |
| BKNG | $345.53B | 32.3 | 13.4% | — | — | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $771M | $645M | $570M | $422M | $147M | $82M | $343M | $310M | $267M | $242M | |
| Cost of Revenue | $418M | $363M | $338M | $283M | $124M | $73M | $167M | $154M | $136M | $119M | |
| Gross Profit | · | · | · | · | · | · | · | $156M | $131M | $123M | |
| SG&A Expense | $130M | $121M | $103M | $96M | $65M | $46M | $63M | $63M | $61M | $52M | |
| Operating Expenses | $726M | $623M | $559M | $485M | $258M | $171M | $310M | $284M | $256M | $109M | |
| Operating Income | $45M | $22M | $11M | $-63M | $-111M | $-88M | $33M | $25M | $11M | $14M | |
| Other Non-op | $409.0K | $159.0K | $-4M | $-307.0K | $15M | $-83.0K | $-66.0K | $-165.0K | $-133.0K | $-1M | |
| Pretax Income | $-22M | $-25M | $-38M | $-102M | $-121M | $-110M | $21M | $12M | $2M | $2M | |
| Income Tax | $2M | $3M | $3M | $6M | $-2M | $-10M | $2M | $616.0K | $10M | $-3M | |
| Net Income | $-30M | $-31M | $-46M | $-111M | $-119M | $-99M | $16M | $11M | $-9M | $5M | |
| EPS (Basic) | $-0.63 | $-0.67 | $-0.94 | $-2.23 | $-2.41 | $-2.01 | $0.29 | $0.25 | $-0.19 | $0.11 | |
| EPS (Diluted) | $-0.63 | $-0.67 | $-0.94 | $-2.23 | $-2.41 | $-2.01 | $0.28 | $0.24 | $-0.19 | $0.10 | |
| Shares (Basic) | 54,970,812 | 53,817,462 | 53,256,513 | 52,018,987 | 50,109,426 | 49,737,129 | 47,440,788 | 45,378,188 | 44,576,912 | 45,649,971 | |
| Shares (Diluted) | 54,970,812 | 53,817,462 | 53,256,513 | 52,018,987 | 50,109,426 | 49,737,129 | 49,426,563 | 46,340,054 | 44,576,912 | 46,456,921 | |
| EBITDA | $108M | $74M | $57M | $-19M | $-71M | $-56M | $59M | $44M | · | · |
Balance Sheet 29
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $257M | $184M | $157M | $87M | $151M | $188M | $102M | $113M | $96M | · | |
| Short-term Investments | · | · | $0 | $14M | $0 | · | · | · | · | · | |
| Inventory | · | · | · | $2M | $2M | $2M | $2M | $2M | $2M | · | |
| Prepaid Expense | $78M | $62M | $57M | $54M | $27M | $17M | $29M | $21M | $21M | · | |
| Other Current Assets | · | $34M | $31M | $21M | · | · | · | · | · | · | |
| Current Assets | $368M | $278M | $245M | $183M | $210M | $229M | $147M | $150M | $132M | · | |
| PP&E (Net) | $522M | $518M | $526M | $539M | $542M | $483M | $358M | $286M | $251M | · | |
| PP&E (Gross) | $927M | $863M | $820M | $790M | $765M | $665M | $510M | $414M | $360M | · | |
| Accum. Depreciation | $404M | $345M | $294M | $251M | $223M | $183M | $152M | $128M | $109M | · | |
| Goodwill | $61M | $59M | $42M | $42M | $42M | $22M | $22M | $22M | $22M | · | |
| Intangibles | $17M | $16M | $9M | $11M | $13M | $5M | $6M | $8M | $10M | · | |
| Other Non-current Assets | $13M | $5M | $9M | $12M | $7M | $8M | $9M | $7M | $10M | · | |
| Total Assets | $980M | $877M | $831M | $788M | $827M | $757M | $549M | $473M | $424M | · | |
| Accounts Payable | $22M | $14M | $16M | $17M | $10M | $5M | $15M | $9M | $8M | · | |
| Accrued Liabilities | $77M | $58M | $49M | · | · | · | · | · | · | · | |
| Current Liabilities | $462M | $392M | $319M | $341M | $289M | $156M | $183M | $159M | $144M | · | |
| Capital Leases | · | · | · | $3M | $3M | $4M | $5M | · | · | · | |
| Deferred Tax | $2M | $4M | $2M | $0 | · | $0 | $4M | $3M | $2M | · | |
| Other Non-current Liabilities | $7M | $1M | $2M | $3M | $247.0K | $90.0K | $3M | $554.0K | · | · | |
| Total Liabilities | $1.13B | $1.02B | $945M | $874M | $812M | $631M | $409M | $351M | $312M | · | |
| Long-term Debt | $663M | $625M | $622M | $553M | $545M | $483M | $218M | $190M | $166M | · | |
| Total Debt | $663M | $625M | $622M | $553M | $545M | $483M | $218M | $190M | · | · | |
| Common Stock | $6.0K | $6.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | · | |
| Paid-in Capital | $127M | $109M | $97M | $84M | $58M | $48M | $46M | $42M | $42M | · | |
| Retained Earnings | $-411M | $-363M | $-322M | $-267M | $-136M | $-12M | $82M | $75M | $64M | · | |
| AOCI | $0 | $288.0K | $0 | $0 | $-634.0K | $-2M | $-5M | $-671.0K | · | · | |
| Stockholders' Equity | $-285M | $-253M | $-225M | $-183M | $-79M | $35M | $123M | $116M | $106M | $114M | |
| Liabilities + Equity | $980M | $877M | $831M | $788M | $827M | $757M | $549M | $473M | $424M | · | |
| Shares Outstanding | 55,323,495 | 54,376,154 | 53,332,150 | 53,110,132 | 50,755,546 | 49,818,676 | 49,626,498 | 45,442,728 | 44,787,608 | · |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $63M | $53M | $47M | $44M | $40M | $32M | $26M | $21M | $17M | $17M | |
| Stock-based Comp | $13M | $10M | $14M | $7M | $6M | $2M | $4M | $4M | $11M | $5M | |
| Deferred Tax | $-1M | $2M | $3M | $5M | $-2M | $-10M | $1M | $-139.0K | $8M | $-3M | |
| Amort. of Intangibles | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Other Non-cash | $66M | $59M | $8M | $53M | $109M | $-18M | $15M | $22M | · | · | |
| Operating Cash Flow | $112M | $92M | $25M | $-2M | $32M | $-92M | $63M | $56M | $53M | $31M | |
| CapEx | $48M | $34M | $30M | $38M | $97M | $155M | $96M | $54M | $80M | $76M | |
| Investing Cash Flow | $-67M | $-44M | $-15M | $-50M | $-115M | $-155M | $-100M | $-54M | $-80M | $-86M | |
| Debt Issued | $675M | $0 | $275M | $360M | $62M | $268M | $30M | $200M | · | · | |
| Net Debt Issued | $40M | $-49.0K | $69M | $7M | $56M | $265M | $28M | $28M | · | · | |
| Financing Cash Flow | $30M | $-20M | $61M | $-5M | $50M | $343M | $25M | $17M | $-13M | $-16M | |
| Net Change in Cash | $74M | $29M | $71M | $-57M | $-32M | $95M | $-13M | $19M | $-41M | $-71M | |
| Taxes Paid | $3M | $319.0K | $711.0K | $309.0K | $98.0K | $700.0K | $1M | $522.0K | $965.0K | $998.0K | |
| Free Cash Flow | $64M | $59M | $-5M | $-40M | $-64M | $-248M | $-33M | $2M | · | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | · | · | · | · | · | · | 50.4% | · | · | |
| Operating Margin | 5.9% | 3.3% | 1.9% | -15.0% | -75.3% | 529.6% | 9.7% | 8.2% | · | · | |
| Net Margin | -3.9% | -4.8% | -8.0% | -26.4% | -81.0% | 591.5% | 4.8% | 3.7% | · | · | |
| Pretax Margin | -2.8% | -3.9% | -6.6% | -24.2% | -82.4% | 658.7% | 6.1% | 3.9% | · | · | |
| EBITDA Margin | 14.1% | 11.5% | 10.1% | -4.5% | -48.5% | 337.4% | 17.2% | 14.3% | · | · | |
| ROA | -3.2% | -3.6% | -5.6% | -13.8% | -15.0% | -15.1% | 3.2% | 2.5% | · | · | |
| ROE | 10.8% | 13.0% | 21.6% | 66.0% | 175.8% | -207.8% | 13.0% | 9.6% | · | · | |
| ROIC | 13.4% | 6.5% | 2.9% | -18.1% | -23.4% | -15.6% | 8.7% | 7.9% | · | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.8 | 0.7 | 0.8 | 0.5 | 0.7 | 1.5 | 0.8 | 0.9 | · | · | |
| Quick Ratio | 0.6 | 0.5 | 0.5 | 0.3 | 0.5 | 1.2 | 0.6 | 0.7 | · | · | |
| Debt / Equity | -2.3 | -2.5 | -2.8 | -3.0 | -6.9 | 13.8 | 1.8 | 1.6 | · | · | |
| LT Debt / Equity | -2.3 | -2.5 | -2.8 | -2.9 | -6.6 | 13.5 | 1.7 | 1.6 | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.8 | 0.8 | 0.7 | 0.5 | 0.2 | -0.0 | 0.7 | 0.7 | · | · | |
| Inventory Turnover | · | · | · | 133.5 | 56.0 | 34.8 | 91.8 | 90.5 | · | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 19.6% | 13.2% | 35.1% | 186.5% | 78.6% | · | · | · | · | · | |
| Revenue CAGR 3Y | 22.3% | 63.6% | 90.5% | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 56.4% | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $771M | $645M | $570M | $422M | $147M | $82M | $343M | $310M | $267M | $242M | |
| Net Income TTM | $-30M | $-31M | $-46M | $-111M | $-119M | $-99M | $16M | $11M | $-9M | $5M | |
| Market Cap | $798M | $645M | $601M | $409M | $792M | $853M | $811M | $612M | · | · | |
| Enterprise Value | $1.20B | $1.09B | $1.07B | $861M | $1.19B | $1.15B | $928M | $688M | · | · | |
| P/E | -22.9 | -17.7 | -12.0 | -3.5 | -6.5 | -8.5 | 58.4 | 56.1 | -51.5 | 94.5 | |
| P/S | 1.0 | 1.0 | 1.1 | 1.0 | 5.4 | 10.4 | 2.4 | 2.0 | · | · | |
| P/B | -2.8 | -2.5 | -2.7 | -2.2 | -10.1 | 24.4 | 6.6 | 5.3 | · | · | |
| P / Tangible Book | · | · | · | · | · | 106.1 | · | · | · | · | |
| P / Cash Flow | 7.1 | 7.0 | 23.6 | -185.6 | 24.4 | -9.2 | 13.0 | 10.9 | · | · | |
| P / FCF | 12.5 | 11.0 | -132.9 | -10.1 | -12.3 | -3.4 | -24.3 | 304.0 | · | · | |
| EV / EBITDA | 11.1 | 14.7 | 18.6 | -45.3 | -16.6 | -20.4 | 15.7 | 15.5 | · | · | |
| EV / FCF | 18.9 | 18.5 | -235.7 | -21.3 | -18.5 | -4.6 | -27.8 | 342.1 | · | · | |
| EV / Revenue | 1.6 | 1.7 | 1.9 | 2.0 | 8.1 | 13.9 | 2.7 | 2.2 | · | · | |
| Earnings Yield | -4.4% | -5.7% | -8.3% | -29.0% | -15.4% | -11.7% | 1.7% | 1.8% | -1.9% | 1.1% |
Income Statement 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $199M | $208M | $183M | $240M | $168M | $180M | $149M | $206M | $136M | $154M | $125M | $176M | $125M | $143M | $118M | $145M | |
| Cost of Revenue | $103M | $107M | $109M | $124M | $91M | $93M | $85M | $110M | $83M | $84M | $93M | $96M | $78M | $72M | $75M | $88M | |
| SG&A Expense | $34M | $32M | $31M | $35M | $31M | $33M | $35M | $29M | $30M | $27M | $17M | $30M | $29M | $26M | $27M | $25M | |
| Operating Expenses | $187M | $192M | $189M | $204M | $164M | $169M | $156M | $177M | $145M | $146M | $139M | $156M | $133M | $131M | $133M | $139M | |
| Operating Income | $12M | $16M | $-6M | $36M | $4M | $11M | $-8M | $29M | $-8M | $8M | $-14M | $20M | $-8M | $12M | $-15M | $6M | |
| Other Non-op | $-4.0K | $58.0K | $-725.0K | $1M | $30.0K | $-1.0K | $150.0K | $1.0K | $0 | $8.0K | $-292.0K | $-77.0K | $-4M | $170.0K | $-391.0K | $-333.0K | |
| Pretax Income | $1M | $5M | $-17M | $2M | $-6M | $-475.0K | $-20M | $18M | $-20M | $-4M | $-25M | $8M | $-24M | $2M | $-26M | $-4M | |
| Income Tax | $1M | $-1M | $6M | $-3M | $547.0K | $-1M | $5M | $-7M | $4M | $244.0K | $2M | $3.0K | $41.0K | $2M | $5M | $2M | |
| Net Income | $-1M | $6M | $-24M | $1M | $-9M | $1M | $-25M | $23M | $-25M | $-4M | $-27M | $6M | $-24M | $621.0K | $-32M | $-9M | |
| EPS (Basic) | $-0.02 | $0.10 | $-0.45 | $0.00 | $-0.18 | $0.00 | $-0.48 | $0.39 | $-0.48 | $-0.10 | $-0.53 | $0.08 | $-0.48 | $-0.01 | $-0.61 | $-0.18 | |
| EPS (Diluted) | $-0.02 | $0.09 | $-0.45 | $0.00 | $-0.18 | $0.00 | $-0.45 | $0.36 | $-0.48 | $-0.10 | $-0.53 | $0.08 | $-0.48 | $-0.01 | $-0.61 | $-0.18 | |
| Shares (Basic) | 65,473,335 | 60,247,385 | -109,800,509 | 55,557,530 | 54,590,783 | 54,623,008 | -107,152,158 | 54,097,365 | 53,500,084 | 53,372,171 | -106,426,414 | 53,309,336 | 53,245,491 | 53,128,100 | -102,978,748 | 53,045,329 | |
| Shares (Diluted) | 65,473,335 | 61,113,044 | -109,800,509 | 55,557,530 | 54,590,783 | 54,623,008 | -115,645,958 | 62,591,165 | 53,500,084 | 53,372,171 | -106,518,877 | 53,401,799 | 53,245,491 | 53,128,100 | -102,978,748 | 53,045,329 | |
| EBITDA | $12M | $33M | · | $36M | $4M | $26M | · | $29M | $-8M | $19M | · | $20M | $-8M | $24M | · | $6M |
Balance Sheet 28
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $319M | $275M | $257M | $262M | $201M | $189M | $184M | $194M | $168M | $178M | $157M | $168M | $143M | $84M | $87M | $116M | |
| Short-term Investments | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | · | · | |
| Inventory | · | · | · | · | · | · | · | · | · | · | · | $3M | $3M | $2M | · | $2M | |
| Prepaid Expense | $78M | $64M | $78M | $74M | $75M | $61M | $62M | $63M | $66M | $62M | · | $45M | $52M | $44M | · | $45M | |
| Current Assets | $443M | $385M | $368M | $364M | $323M | $296M | $278M | $288M | $284M | $287M | · | $259M | $259M | $176M | · | $203M | |
| PP&E (Net) | $502M | $512M | $522M | $528M | $533M | $532M | $518M | $517M | $516M | $522M | · | $530M | $532M | $534M | · | $540M | |
| PP&E (Gross) | · | · | $927M | · | · | · | $863M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $404M | · | · | · | $345M | · | · | · | · | · | · | · | · | · | |
| Goodwill | $61M | $61M | $61M | $61M | $59M | $59M | $59M | $68M | $42M | $42M | · | $42M | $42M | $42M | · | $42M | |
| Intangibles | $16M | $16M | $17M | $17M | $15M | $15M | $16M | $8M | $9M | $9M | · | $10M | $10M | $11M | · | $12M | |
| Other Non-current Assets | $13M | $14M | $13M | $7M | $7M | $7M | $5M | $9M | $8M | $9M | · | $5M | $5M | $5M | · | $4M | |
| Total Assets | $1.03B | $987M | $980M | $977M | $937M | $909M | $877M | $890M | $858M | $868M | · | $852M | $854M | $774M | · | $812M | |
| Accounts Payable | $15M | $25M | $22M | $21M | $10M | $11M | $14M | $17M | $8M | $21M | · | $16M | $13M | $19M | · | $57M | |
| Accrued Liabilities | $68M | $47M | $77M | $55M | $57M | $53M | $58M | · | · | · | · | · | · | · | · | · | |
| Current Liabilities | $525M | $473M | $462M | $439M | $450M | $421M | $392M | $386M | $383M | $358M | · | $319M | $333M | $328M | · | $329M | |
| Capital Leases | · | · | · | · | · | · | · | · | · | · | · | $2M | $2M | $3M | · | $2M | |
| Deferred Tax | $854.0K | $227.0K | $2M | $3M | $2M | $2M | $4M | $0 | $6M | $3M | · | $1M | $1M | $1M | · | · | |
| Other Non-current Liabilities | $7M | $7M | $7M | $745.0K | $822.0K | $917.0K | $1M | $2M | $1M | $2M | · | $89.0K | $89.0K | $89.0K | · | $359.0K | |
| Total Liabilities | $1.20B | $1.14B | $1.13B | $1.11B | $1.08B | $1.05B | $1.02B | $1.01B | $1.01B | $984M | · | $943M | $957M | $857M | · | $867M | |
| Long-term Debt | $664M | $663M | $663M | $663M | $627M | $626M | $625M | $625M | $624M | $623M | · | $621M | $620M | $548M | · | $559M | |
| Total Debt | $664M | $663M | · | $663M | $627M | $626M | · | $625M | $624M | $623M | · | $621M | $620M | $548M | · | $559M | |
| Common Stock | $7.0K | $7.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $5.0K | · | $5.0K | $5.0K | $5.0K | · | $5.0K | |
| Paid-in Capital | $216M | $219M | $127M | $128M | $118M | $113M | $109M | $108M | $99M | $99M | · | $93M | $90M | $87M | · | $82M | |
| Retained Earnings | $-412M | $-409M | $-411M | $-385M | $-382M | $-366M | $-363M | $-335M | $-355M | $-326M | · | $-291M | $-294M | $-265M | · | $-237M | |
| AOCI | · | · | $0 | $0 | $0 | $294.0K | $288.0K | · | · | · | · | · | · | · | · | $0 | |
| Stockholders' Equity | $-196M | $-190M | $-285M | $-257M | $-264M | $-252M | $-253M | $-227M | $-255M | $-227M | $-225M | $-198M | $-205M | $-178M | $-183M | $-155M | |
| Liabilities + Equity | $1.03B | $987M | $980M | $977M | $937M | $909M | $877M | $890M | $858M | $868M | · | $852M | $854M | $774M | · | $812M | |
| Shares Outstanding | 65,515,419 | 65,452,512 | 55,323,495 | 55,294,328 | 54,601,476 | 54,567,599 | 54,376,154 | 54,363,515 | 53,506,748 | 53,466,674 | · | 53,321,818 | 53,253,241 | 53,175,702 | · | 53,065,365 |
Cash Flow 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $18M | $18M | $18M | $15M | $15M | $15M | $15M | $13M | $14M | $11M | $13M | $11M | $11M | $12M | $11M | $11M | |
| Stock-based Comp | $2M | $2M | $-1M | $5M | $5M | $4M | $2M | $3M | $3M | $2M | $5M | $3M | $3M | $3M | $2M | $2M | |
| Other Non-cash | · | $24M | · | · | · | $28M | · | · | · | $34M | · | · | · | $-13M | · | · | |
| Operating Cash Flow | $59M | $49M | $14M | $20M | $29M | $48M | $2M | $28M | $19M | $44M | $-10M | $16M | $17M | $2M | $-3M | $-18M | |
| CapEx | $8M | $7M | $11M | $8M | $16M | $13M | $10M | $10M | $7M | $6M | $7M | $8M | $8M | $6M | $9M | $6M | |
| Investing Cash Flow | $-8M | $-7M | $-13M | $-9M | $-16M | $-29M | $-10M | $-20M | $-7M | $-6M | $-7M | $-8M | $-8M | $9M | $-20M | $-6M | |
| Debt Issued | · | · | $-10.0K | · | · | · | $0 | $0 | · | · | $0 | $0 | $275M | $0 | $0 | $0 | |
| Net Debt Issued | · | $-3.0K | · | · | · | $-10.0K | · | · | · | $-13.0K | · | · | · | $-6M | · | · | |
| Financing Cash Flow | $-7M | $-11M | $-2M | $33M | $-1M | $-327.0K | $-709.0K | $-699.0K | $-18M | $-622.0K | $-361.0K | $-428.0K | $68M | $-6M | $-7M | $-6M | |
| Net Change in Cash | $44M | $31M | $-389.0K | $43M | $12M | $19M | $-8M | $7M | $-7M | $37M | $-17M | $7M | $77M | $5M | $-30M | $-30M | |
| Taxes Paid | $2M | $285.0K | $925.0K | $986.0K | $837.0K | $416.0K | $319.0K | $-201.0K | $110.0K | $91.0K | $323.0K | $182.0K | $117.0K | $89.0K | $83.0K | $102.0K | |
| Free Cash Flow | · | $43M | · | · | · | $35M | · | · | · | $37M | · | · | · | $-4M | · | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 6.0% | 7.5% | · | 15.0% | 2.6% | 5.9% | · | 14.3% | -6.0% | 5.1% | · | 11.6% | -6.8% | 8.7% | · | 4.0% | |
| Net Margin | -0.71% | 3.1% | · | 0.50% | -5.1% | 0.65% | · | 10.9% | -18.1% | -2.6% | · | 3.2% | -19.6% | 0.43% | · | -6.0% | |
| Pretax Margin | 0.55% | 2.3% | · | 0.84% | -3.8% | -0.26% | · | 9.0% | -14.3% | -2.6% | · | 4.8% | -19.0% | 1.6% | · | -2.6% | |
| EBITDA Margin | 6.0% | 16.0% | · | 15.0% | 2.6% | 14.4% | · | 14.3% | -6.0% | 12.5% | · | 11.6% | -6.8% | 16.9% | · | 4.0% | |
| ROA | -0.14% | 0.69% | · | 0.13% | -0.95% | 0.13% | · | 2.6% | -2.9% | -0.48% | · | 0.68% | -2.9% | 0.08% | · | -1.1% | |
| ROE | 0.61% | -2.9% | · | -0.49% | 3.3% | -0.48% | · | -10.6% | 10.7% | 2.0% | · | -3.2% | 14.3% | -0.41% | · | 8.2% | |
| ROIC | -0.80% | 4.1% | · | 20.1% | 1.3% | -6.0% | · | 10.1% | -2.7% | 2.1% | · | 4.8% | -2.1% | 1.1% | · | 2.1% |
Liquidity & Solvency 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.8 | 0.8 | · | 0.8 | 0.7 | 0.7 | · | 0.7 | 0.7 | 0.8 | · | 0.8 | 0.8 | 0.5 | · | 0.6 | |
| Quick Ratio | 0.6 | 0.6 | · | 0.6 | 0.4 | 0.4 | · | 0.5 | 0.4 | 0.5 | · | 0.5 | 0.4 | 0.3 | · | 0.4 | |
| Debt / Equity | -3.4 | -3.5 | · | -2.6 | -2.4 | -2.5 | · | -2.8 | -2.4 | -2.7 | · | -3.1 | -3.0 | -3.1 | · | -3.6 | |
| LT Debt / Equity | -3.4 | -3.5 | · | -2.6 | -2.4 | -2.5 | · | -2.8 | -2.4 | -2.7 | · | -3.1 | -3.0 | -2.9 | · | -3.5 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | · | 0.3 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.1 | 0.2 | · | 0.2 | |
| Inventory Turnover | · | · | · | · | · | · | · | · | · | · | · | 36.6 | 31.8 | 33.9 | · | 41.1 |
Valuation (TTM) 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $815M | $796M | · | $794M | $690M | $676M | · | $672M | $591M | $598M | · | $589M | $504M | $447M | · | $368M | |
| Net Income TTM | $-2M | $333.0K | · | $16M | $-10M | $-5M | · | $-493.0K | $-47M | $-22M | · | $-27M | $-61M | $-79M | · | $-104M | |
| Market Cap | $1.85B | $1.13B | · | $708M | $637M | $506M | · | $503M | $516M | $499M | · | $384M | $579M | $508M | · | $359M | |
| Enterprise Value | $2.20B | $1.52B | · | $1.11B | $1.06B | $943M | · | $933M | $972M | $944M | · | $837M | $1.06B | $972M | · | $801M | |
| P/E | -256.7 | -192.2 | · | 71.1 | -38.9 | -42.1 | · | -66.1 | -9.8 | -18.3 | · | -12.2 | -8.6 | -5.9 | · | -3.2 | |
| P/S | 2.3 | 1.4 | · | 0.9 | 0.9 | 0.7 | · | 0.7 | 0.9 | 0.8 | · | 0.7 | 1.1 | 1.1 | · | 1.0 | |
| P/B | -9.4 | -6.0 | · | -2.8 | -2.4 | -2.0 | · | -2.2 | -2.0 | -2.2 | · | -1.9 | -2.8 | -2.9 | · | -2.3 | |
| P / Cash Flow | · | 22.9 | · | · | · | 10.5 | · | · | · | 11.4 | · | · | · | 247.0 | · | · | |
| P / FCF | · | 26.6 | · | · | · | 14.5 | · | · | · | 13.3 | · | · | · | -116.4 | · | · | |
| EV / EBITDA | 183.6 | 45.7 | · | 30.8 | 241.3 | 36.4 | · | 31.7 | -118.4 | 49.2 | · | 40.9 | -124.3 | 40.0 | · | 137.9 | |
| EV / FCF | · | 35.7 | · | · | · | 27.0 | · | · | · | 25.2 | · | · | · | -222.6 | · | · | |
| EV / Revenue | 2.7 | 1.9 | · | 1.4 | 1.5 | 1.4 | · | 1.4 | 1.6 | 1.6 | · | 1.4 | 2.1 | 2.2 | · | 2.2 | |
| Earnings Yield | -0.39% | -0.52% | · | 1.4% | -2.6% | -2.4% | · | -1.5% | -10.2% | -5.5% | · | -8.2% | -11.6% | -17.1% | · | -31.4% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $771M | $645M | $570M | $422M | $147M |
| Operating Margin % | 5.9% | 3.3% | 1.9% | -15.0% | -75.3% |
| Net Income | $-30M | $-31M | $-46M | $-111M | $-119M |
| Diluted EPS | $-0.63 | $-0.67 | $-0.94 | $-2.23 | $-2.41 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | -2.3 | -2.5 | -2.8 | -3.0 | -6.9 |
| Current Ratio | 0.8 | 0.7 | 0.8 | 0.5 | 0.7 |
| Quick Ratio | 0.6 | 0.5 | 0.5 | 0.3 | 0.5 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $64M | $59M | $-5M | $-40M | $-64M |
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Institutional owners (13F) 239 filers · $1.0B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 61 (+17 vs prior Q) | 25 (-5 vs prior Q) | 81 (+23 vs prior Q) | 53 (-6 vs prior Q) | +7.3M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| FMR LLC | $125,318,135 | 4,437,611 | 12.35% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $60,143,490 | 2,129,727 | 5.93% | Shares |
| Driehaus Capital Management LLC | $41,435,846 | 1,467,275 | 4.08% | Shares |
| Select Equity Group, L.P. | $41,026,846 | 1,452,792 | 4.04% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $39,246,709 | 1,389,756 | 3.87% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $36,087,981 | 1,277,903 | 3.56% | Shares |
| STATE STREET CORP | $30,036,036 | 1,063,599 | 2.96% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $29,951,161 | 1,060,331 | 2.95% | Shares |
| ROYCE & ASSOCIATES LP | $29,752,760 | 1,053,568 | 2.93% | Shares |
| VANGUARD GROUP INC | $29,240,991 | 2,027,808 | 2.88% | Shares |
| GOLDMAN SACHS GROUP INC | $28,201,339 | 998,631 | 2.78% | Shares |
| Black Diamond Financial, LLC | $27,109,383 | 959,964 | 2.67% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $25,096,097 | 888,672 | 2.47% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $24,533,782 | 868,760 | 2.42% | Shares |
| PINNACLE ASSOCIATES LTD | $22,593,356 | 800,048 | 2.23% | Shares |
| LOOMIS SAYLES & CO L P | $20,879,781 | 739,369 | 2.06% | Shares |
| MORGAN STANLEY | $18,975,077 | 671,922 | 1.87% | Shares |
| Penn Capital Management Company, LLC | $16,823,221 | 595,133 | 1.66% | Shares |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $16,667,728 | 590,217 | 1.64% | Shares |
| UBS Group AG | $16,547,087 | 585,945 | 1.63% | Shares |
| Voleon Capital Management LP | $13,025,587 | 461,246 | 1.28% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $12,851,290 | 455,074 | 1.27% | Shares |
| OBERWEIS ASSET MANAGEMENT INC/ | $11,881,161 | 420,721 | 1.17% | Shares |
| Allspring Global Investments Holdings, LLC | $11,235,482 | 397,857 | 1.11% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $10,952,065 | 387,821 | 1.08% | Shares |
| MSD Partners, L.P. | $9,805,888 | 347,234 | 0.97% | Shares |
| Nicholas Investment Partners, LP | $9,587,452 | 339,499 | 0.94% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $9,490,532 | 336,067 | 0.94% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $9,327,672 | 330,300 | 0.92% | Shares |
| D. E. Shaw & Co., Inc. | $8,661,688 | 306,717 | 0.85% | Shares |
| Pier Capital, LLC | $8,459,207 | 299,547 | 0.83% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $8,142,693 | 288,339 | 0.80% | Shares |
| MACKENZIE FINANCIAL CORP | $7,467,814 | 264,441 | 0.74% | Shares |
| BlackRock, Inc. | $7,257,172 | 256,982 | 0.72% | Shares |
| NORGES BANK | $7,133,424 | 252,600 | 0.70% | Shares |
| BANK OF AMERICA CORP /DE/ | $6,727,502 | 238,226 | 0.66% | Shares |
| BWCP, LP | $6,331,493 | 224,203 | 0.62% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $5,961,153 | 211,089 | 0.59% | Shares |
| Informed Momentum Co LLC | $5,899,562 | 208,908 | 0.58% | Shares |
| North Star Investment Management Corp. | $5,783,552 | 204,800 | 0.57% | Shares |
| INTRINSIC EDGE CAPITAL MANAGEMENT LLC | $5,365,600 | 190,000 | 0.53% | Shares |
| Lisanti Capital Growth, LLC | $5,279,186 | 186,940 | 0.52% | Shares |
| FEDERATED HERMES, INC. | $5,103,307 | 180,712 | 0.50% | Shares |
| CITIGROUP INC | $5,075,942 | 179,743 | 0.50% | Shares |
| Granahan Investment Management, LLC | $4,910,258 | 173,876 | 0.48% | Shares |
| GAM Holding AG | $4,879,872 | 172,800 | 0.48% | Shares |
| BARCLAYS PLC | $4,683,152 | 165,834 | 0.46% | Shares |
| Legato Capital Management LLC | $4,265,906 | 151,059 | 0.42% | Shares |
| AMERIPRISE FINANCIAL INC | $3,853,404 | 136,452 | 0.38% | Shares |
| MARSHALL WACE, LLP | $3,675,605 | 130,156 | 0.36% | Shares |
| Militia Capital Management LLC | $3,461,320 | 122,568 | 0.34% | Shares |
| Quent Capital, LLC | $3,346,440 | 118,500 | 0.33% | Shares |
| POLEN CAPITAL MANAGEMENT LLC | $3,245,200 | 114,915 | 0.32% | Shares |
| FORMULA GROWTH LTD | $3,148,506 | 111,491 | 0.31% | Shares |
| TWO SIGMA ADVISERS, LP | $3,015,222 | 209,100 | 0.30% | Shares |
| XTX Topco Ltd | $2,987,058 | 105,774 | 0.29% | Shares |
| Engineers Gate Manager LP | $2,794,404 | 98,952 | 0.28% | Shares |
| Swiss National Bank | $2,771,502 | 98,141 | 0.27% | Shares |
| Aristides Capital LLC | $2,607,823 | 92,345 | 0.26% | Shares |
| MILLENNIUM MANAGEMENT LLC | $2,592,404 | 91,799 | 0.26% | Shares |
| Aquatic Capital Management LLC | $2,419,547 | 85,678 | 0.24% | Shares |
| RICE HALL JAMES & ASSOCIATES, LLC | $2,411,442 | 85,391 | 0.24% | Shares |
| Hedges Asset Management LLC | $2,253,552 | 79,800 | 0.22% | Shares |
| TUDOR INVESTMENT CORP ET AL | $2,197,439 | 77,813 | 0.22% | Shares |
| ALGERT GLOBAL LLC | $2,195,801 | 77,755 | 0.22% | Shares |
| WEDGE CAPITAL MANAGEMENT L L P/NC | $2,118,316 | 122,446 | 0.21% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $2,082,700 | 73,750 | 0.21% | Shares |
| Trexquant Investment LP | $2,062,847 | 73,047 | 0.20% | Shares |
| GREAT LAKES ADVISORS, LLC | $2,055,816 | 72,798 | 0.20% | Shares |
| Quantbot Technologies LP | $2,033,111 | 71,994 | 0.20% | Shares |
| ExodusPoint Capital Management, LP | $2,011,450 | 71,227 | 0.20% | Shares |
| RHUMBLINE ADVISERS | $1,696,340 | 60,069 | 0.17% | Shares |
| Quadrature Capital Ltd | $1,654,836 | 58,599 | 0.16% | Shares |
| TWO SIGMA INVESTMENTS, LP | $1,615,808 | 57,217 | 0.16% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $1,595,729 | 56,506 | 0.16% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $1,415,671 | 50,130 | 0.14% | Shares |
| INTRINSIC EDGE CAPITAL MANAGEMENT LLC | $1,412,000 | 50,000 | 0.14% | Put option |
| Numerai GP LLC | $1,333,634 | 47,225 | 0.13% | Shares |
| ARIEL INVESTMENTS, LLC | $1,325,021 | 46,920 | 0.13% | Shares |
| LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS LLP/MA | $1,315,786 | 46,593 | 0.13% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,262,328 | 44,700 | 0.12% | Call option |
| Round Rock Advisors LLC | $1,122,512 | 39,749 | 0.11% | Shares |
| CACTI ASSET MANAGEMENT LLC | $1,115,480 | 39,500 | 0.11% | Shares |
| Bank of New York Mellon Corp | $1,109,888 | 39,302 | 0.11% | Shares |
| Moors & Cabot, Inc. | $1,075,379 | 38,080 | 0.11% | Shares |
| BRASADA CAPITAL MANAGEMENT, LP | $1,073,120 | 38,000 | 0.11% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $1,044,485 | 36,986 | 0.10% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $1,040,079 | 36,830 | 0.10% | Shares |
| Squarepoint Ops LLC | $1,017,770 | 36,040 | 0.10% | Shares |
| RWA WEALTH PARTNERS, LLC | $965,808 | 34,200 | 0.10% | Shares |
| Gotham Asset Management, LLC | $923,335 | 32,696 | 0.09% | Shares |
| CARY STREET PARTNERS FINANCIAL LLC | $915,513 | 32,419 | 0.09% | Shares |
| Militia Capital Partners, LP | $897,905 | 62,268 | 0.09% | Shares |
| ALLIANCEBERNSTEIN L.P. | $895,794 | 51,780 | 0.09% | Shares |
| Calamos Advisors LLC | $862,591 | 30,545 | 0.08% | Shares |
| PDT Partners, LLC | $853,385 | 30,219 | 0.08% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $847,059 | 29,995 | 0.08% | Shares |
| MetLife Investment Management, LLC | $825,681 | 29,238 | 0.08% | Shares |
| Vanguard Global Advisers, LLC | $814,978 | 28,859 | 0.08% | Shares |
| Harbour Capital Advisors, LLC | $786,981 | 29,675 | 0.08% | Shares |
Company insiders 31 insiders · 12 officers · 8 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Benjamin Bressler | *Founder & CEO of NHA | April 11, 2026 F | 162,305 | 0 | 16 | $-17,878,206 |
| Dolf A Berle | CEO | March 31, 2023 F | 179,759 | 0 | 0 | $0 |
| Frederick Goldberg | Chief Financial Officer | March 31, 2026 F | 72,263 | 0 | 0 | $0 |
| Craig Felenstein | Chief Financial Officer | March 31, 2024 D | 199,877 | 0 | 0 | $0 |
| John Mcclain | Chief Financial Officer | Nov. 10, 2015 A | — | 0 | 0 | $0 |
| Ian Rogers | COO and VP | June 26, 2017 S | 195,029 | 0 | 0 | $0 |
| Trey Byus | Chief Expedition Officer | May 21, 2026 S | 101,530 | 0 | 3 | $-982,571 |
| Keith A Taylor | Chief Maritime Officer | April 28, 2026 F | 27,706 | 0 | 0 | $0 |
| Noah Brodsky | Chief Commercial Officer | May 31, 2025 F | 77,735 | 0 | 0 | $0 |
| Philip Auerbach | Chief Commercial Officer | May 26, 2018 F | 77,722 | 0 | 0 | $0 |
| Tyler Skarda | Sr. VP, Marine Operations | April 3, 2017 A | — | 0 | 0 | $0 |
| Richard P. Fontaine | Chief Marketing Officer | Jan. 10, 2017 F | 4,295 | 0 | 0 | $0 |
| Bernard W Aronson | Director | Dec. 31, 2023 A | 74,909 | 0 | 0 | $0 |
| Sarah E Farrell | Director | Dec. 31, 2020 A | 8,526 | 0 | 0 | $0 |
| Daniel J Hanrahan | Director | March 2, 2018 P | 19,069 | 0 | 0 | $0 |
| Paul J Brown | Director | Aug. 8, 2017 A | 21,958 | 0 | 0 | $0 |
| Lawrence Calcano | Director | March 19, 2015 A | 44,444 | 0 | 0 | $0 |
| Piyush Sodha | Director | March 13, 2015 A | 44,444 | 0 | 0 | $0 |
| Richard C Donaldson | Director | March 13, 2015 A | 44,444 | 0 | 0 | $0 |
| Annette J. Reavis | — | Aug. 8, 2026 A | 26,786 | 0 | 0 | $0 |
| Pamela O. Kaufman | — | Aug. 8, 2026 A | 26,786 | 0 | 0 | $0 |
| Alex P Schultz | — | Aug. 8, 2026 A | 341,746 | 0 | 0 | $0 |
| Michael Elliott Bisnow | — | Aug. 8, 2026 A | 29,112 | 0 | 1 | $-1,080,783 |
| Lindblad Sven-Olof | — | Aug. 8, 2026 A | 10,687,202 | 0 | 13 | $-16,690,589 |
| Jr. Thomas S. Smith, | — | Aug. 8, 2026 A | 48,728 | 0 | 1 | $-983,920 |
| Dyson L. Dryden | — | Aug. 8, 2026 A | 951,348 | 0 | 2 | $-2,098,338 |
| Andrew Stuart | — | Aug. 8, 2026 A | 26,786 | 0 | 0 | $0 |
| Catherine B Reynolds | — | Aug. 8, 2026 A | 85,493 | 0 | 0 | $0 |
| John M Fahey JR | — | Aug. 8, 2026 A | 113,726 | 0 | 5 | $-286,643 |
| Mark Ein | — | Aug. 8, 2026 A | 331,842 | 0 | 0 | $0 |
| Natalya Leahy | — | July 17, 2026 F | 238,731 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 5 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Lindblad Sven-Olof | Feb. 10, 2026 | 16.70% | Amendment | M&A / sale | SEC |
| Sven-Olof Lindblad ×7 filings | Aug. 27, 2024 | — | Initial filing | M&A / sale | SEC |
| Inclusive Capital Partners, L.P., Jeffrey W. Ubben ×3 filings | Nov. 27, 2020 | — | Initial filing | — | SEC |
| VA Partners I, LLC, ValueAct Capital Management, L.P., ValueAct Capital Management, LLC, ValueAct Holdings, L.P., ValueAct Holdings II, L.P., ValueAct Holdings GP, LLC | Aug. 4, 2020 | — | Initial filing | — | SEC |
| ValueAct Spring Master Fund, L.P., VA Partners I, LLC, ValueAct Capital Management, L.P., ValueAct Capital Management, LLC, ValueAct Holdings, L.P., ValueAct Holdings II, L.P., ValueAct Holdings GP, LLC ×5 filings | March 26, 2020 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 37 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| PEJ · Invesco Exchange-Traded Fund Trust | 3.96% | 380,165 SH | Aug. 8, 2026 | Daily |
| PEZ · Invesco Exchange-Traded Fund Trust | 2.75% | 18,620 SH | Aug. 8, 2026 | Daily |
| GSC · Goldman Sachs ETF Trust | 0.85% | 93,549 NS | May 31, 2026 | N-PORT |
| DWAS · Invesco Exchange-Traded Fund Trust … | 0.53% | 70,822 SH | Aug. 8, 2026 | Daily |
| SAWS · ETF Series Solutions | 0.43% | 1,647 NS | April 30, 2026 | N-PORT |
| IWC · iShares Trust | 0.39% | 169,668 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.11% | 457,091 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.08% | 53,636 SH | Aug. 8, 2026 | Daily |
| VCR · VANGUARD WORLD FUND | 0.08% | 191,733 SH | Aug. 8, 2026 | Daily |
| GSSC · Goldman Sachs ETF Trust | 0.06% | 24,190 NS | May 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.05% | 1,281,109 SH | Aug. 8, 2026 | Daily |
| ISCG · iShares Trust | 0.05% | 15,421 SH | Aug. 8, 2026 | Daily |
| FDIS · FIDELITY COVINGTON TRUST | 0.04% | 39,096 NS | April 30, 2026 | N-PORT |
| VFMO · VANGUARD WELLINGTON FUND | 0.04% | 30,716 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.04% | 287,894 SH | Aug. 8, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.03% | 2,539 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.03% | 212,670 NS | April 30, 2026 | N-PORT |
| ISCB · iShares Trust | 0.03% | 2,193 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.02% | 1,799 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.02% | 16,522 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.02% | 211,279 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.02% | 3,194 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.01% | 1,406 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 520,039 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.01% | 1,424 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 1,304 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 36 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 5,396 NS | April 30, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 17,605 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 58,958 NS | April 30, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 67,294 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 12,704 SH | Aug. 8, 2026 | Daily |
| AVUQ · AMERICAN CENTURY ETF TRUST | 0.00% | 211 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 32,128 NS | May 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 16,473 NS | April 30, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,560,240 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 4,168 SH | Aug. 8, 2026 | Daily |