LINC

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Lincoln Educational Services Corp.

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Key Metrics

Previous Close: $26.30
52-Week Range: $17.29 – $56.34
Market Cap: $829.83M
P/E (TTM): 35.84
EPS (TTM): 0.73
Dividend Yield: —

Advanced Metrics

Price/Book: 4.17
PEG Ratio: 2.97
Return on Equity: 11.90%
Return on Assets: 4.20%
Gross Margin: 59.84%
Operating Margin: 2.30%
Profit Margin: 4.00%
Current Ratio: 0.96
Debt/Equity: 1.13
Total Debt: $228.10M
Free Cash Flow: $5.24M
Revenue Growth: 22.40%
Earnings Growth: 20.00%
Enterprise Value: $1.02B

LINC Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$348.29M	$378.07M	$440.06M	$518.24M
Cost of Revenue	$148.75M	$162.28M	$181.76M	$205.39M
Gross Profit	$199.54M	$215.79M	$258.31M	$312.85M
Selling, General & Admin	$182.39M	$209.13M	$243.80M	$282.95M
Operating Expenses	$182.39M	$209.13M	$243.80M	$283.87M
Operating Income	$17.15M	$6.66M	$14.50M	$28.98M
EBITDA	$22.96M	$42.58M	$28.61M	$48.67M
Pretax Income	$16.44M	$35.64M	$14.71M	$26.12M
Income Tax	$3.80M	$9.64M	$4.82M	$6.12M
Net Income	$12.63M	$26.00M	$9.89M	$20.00M
Diluted EPS	0.36	0.85	0.32	0.64
Diluted Shares	25.88M	30.54M	30.89M	31.26M

LINC Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$46.07M	$75.99M	$59.27M	$28.52M
Receivables	$37.17M	$35.69M	$43.74M	$46.66M
Inventory	$2.62M	$2.95M	$3.05M	$3.99M
Current Assets	$114.14M	$134.66M	$111.25M	$87.03M
Total Assets	$291.57M	$345.25M	$436.56M	$493.16M
Current Liabilities	$55.02M	$73.41M	$90.21M	$100.71M
Total Debt	$100.63M	$116.79M	$177.56M	$203.86M
Total Liabilities	$146.69M	$178.44M	$258.29M	$293.48M
Retained Earnings	$51.23M	$69.28M	$79.17M	$99.17M
Shareholders' Equity	$144.88M	$166.80M	$178.26M	$199.69M
Working Capital	$59.12M	$61.25M	$21.04M	-$13.68M

LINC Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$882.00K	$25.56M	$29.31M	$59.31M
Capital Expenditure	-$8.99M	-$40.70M	-$56.87M	-$86.63M
Free Cash Flow	-$8.10M	-$15.14M	-$27.56M	-$27.32M
Depreciation & Amortisation	$6.36M	$6.60M	$11.33M	$19.16M
Stock-Based Compensation	$3.11M	$5.89M	$4.63M	$5.49M
Investing Cash Flow	-$21.35M	$7.37M	-$46.97M	-$86.20M
Financing Cash Flow	-$12.55M	-$2.94M	-$3.33M	-$3.87M
Dividends Paid	-$1.11M	$0.00	$0.00	—
Share Repurchases	-$9.45M	-$891.00K	$0.00	—
Net Change in Cash	-$33.02M	$29.98M	-$21.00M	-$30.75M

LINC Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$117.51M	$116.47M	$141.39M	$142.87M	$143.96M
Cost of Revenue	$47.41M	$46.79M	$57.28M	$53.91M	$58.39M
Gross Profit	$70.10M	$69.68M	$84.11M	$88.97M	$85.56M
Selling, General & Admin	$66.90M	$67.06M	$77.81M	$71.17M	$79.15M
Operating Expenses	$66.90M	$67.06M	$77.81M	$72.10M	$79.15M
Operating Income	$3.19M	$2.62M	$6.29M	$16.87M	$6.41M
EBITDA	$6.87M	$7.18M	$11.33M	$23.29M	$13.65M
Pretax Income	$2.83M	$2.08M	$5.29M	$15.92M	$5.60M
Income Tax	$882.00K	$522.00K	$1.50M	$3.22M	$1.24M
Net Income	$1.94M	$1.55M	$3.80M	$12.70M	$4.36M
Diluted EPS	0.06	0.05	0.12	0.40	0.14
Diluted Shares	31.07M	31.27M	31.32M	31.38M	31.33M

LINC Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$28.66M	$16.70M	$13.48M	$28.52M	$16.69M
Receivables	$47.28M	$47.26M	$52.56M	$46.66M	$50.36M
Inventory	$2.39M	$4.50M	$3.09M	$3.99M	$2.49M
Current Assets	$86.38M	$79.63M	$77.33M	$87.03M	$76.40M
Total Assets	$427.43M	$447.32M	$466.94M	$493.16M	$486.73M
Current Liabilities	$83.10M	$88.25M	$95.88M	$100.71M	$92.30M
Long-Term Debt	—	$13.00M	$8.00M	—	$5.00M
Total Debt	$176.30M	$189.13M	$195.73M	$203.86M	$206.55M
Total Liabilities	$249.65M	$266.64M	$281.08M	$293.48M	$287.91M
Retained Earnings	$81.11M	$82.67M	$86.47M	$99.17M	$103.52M
Shareholders' Equity	$177.78M	$180.68M	$185.85M	$199.69M	$198.83M
Working Capital	$3.28M	-$8.62M	-$18.55M	-$13.68M	-$15.90M

LINC Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	-$8.38M	$299.00K	$23.88M	$43.51M	$4.57M
Capital Expenditure	-$19.89M	-$26.39M	-$21.85M	-$18.51M	-$14.63M
Free Cash Flow	-$28.27M	-$26.09M	$2.03M	$25.00M	-$10.07M
Depreciation & Amortisation	$3.35M	$4.29M	$5.04M	$6.48M	$7.21M
Stock-Based Compensation	$1.21M	$1.34M	$1.53M	$1.41M	$1.44M
Investing Cash Flow	-$19.64M	-$26.13M	-$21.86M	-$18.57M	-$14.63M
Financing Cash Flow	-$2.60M	$13.88M	-$5.24M	-$9.90M	-$1.76M
Net Change in Cash	-$30.62M	-$11.95M	-$3.22M	$15.04M	-$11.83M

Market Snapshot

About

Lincoln Educational Services Corp. operates a network of for-profit post-secondary institutions offering career-oriented training programs. The company provides education in skilled trades including automotive technology, healthcare, information technology, and hospitality services. Lincoln's schools operate under various brand names across multiple states, delivering both classroom instruction and hands-on technical training. The company focuses on preparing students for employment in high-demand occupational fields.