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Lindblad Expeditions Charts a Course to Higher Returns, But Investors Remain Cautious

Lindblad Expeditions Holdings (NASDAQ:LIND) is showing promising signs of improved capital efficiency, with its return on capital employed (ROCE) turning positive after years of losses. While the trend is encouraging, analysts note the company's growth is currently fueled by operational improvements rather than new investment, raising questions about its long-term trajectory.