NASDAQ : LINC
Lincoln Educational Services Corporation — Financial statements
Consumer Staples · Education & Training Services · United States
Last price 20.68 USD (Oct 30, 2026, 4:00 PM EST) · Market cap 656.00M
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Financial statements
Lincoln Educational Services Corporation (LINC) reported revenue of 570.78M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 570.78M | 518.24M | 440.06M | 378.07M | 348.29M | 335.34M |
| Cost of Revenue | 229.22M | 205.39M | 181.76M | 162.28M | 148.75M | 138.93M |
| Gross Profit | 341.56M | 312.85M | 258.31M | 215.79M | 199.54M | 196.41M |
| Selling, General & Admin | 307.78M | 282.95M | 243.80M | 209.13M | 182.39M | 196.32M |
| Other Operating Expenses | 926.00K | 926.00K | ||||
| Operating Expenses | 308.71M | 283.87M | 243.80M | 209.13M | 182.39M | 196.32M |
| Operating Income | 32.86M | 28.98M | 14.50M | 6.66M | 17.15M | 82.00K |
| Interest Expense | -3.77M | -3.39M | -2.56M | -347.00K | -160.00K | -2.02M |
| Interest & Investment Income | 38.00K | 126.00K | 2.10M | 2.63M | 318.00K | |
| EBT Excluding Unusual Items | 29.12M | 25.71M | 14.04M | 8.94M | 17.31M | -1.93M |
| Impairment of Goodwill | -3.80M | |||||
| Gain (Loss) on Sale of Assets | -43.00K | 406.00K | -2.12M | 30.92M | 177.00K | 22.48M |
| Asset Writedown | -420.00K | -1.05M | -700.00K | |||
| Other Unusual Items | 27.40M | |||||
| Pretax Income | 29.08M | 26.12M | 14.71M | 35.64M | 16.44M | 47.25M |
| Income Tax Expense | 6.28M | 6.12M | 4.82M | 9.64M | 3.80M | 12.53M |
| Net Income | 22.80M | 20.00M | 9.89M | 26.00M | 12.63M | 34.72M |
| Preferred Dividends & Other Adjustments | 3.42M | 8.62M | ||||
| Net Income to Common | 22.80M | 20.00M | 9.89M | 26.00M | 9.21M | 26.10M |
| Shares Outstanding (Basic) | 31.09M | 30.94M | 30.58M | 30.11M | 25.88M | 25.08M |
| Shares Outstanding (Diluted) | 31.36M | 31.26M | 30.89M | 30.54M | 25.88M | 25.08M |
| EPS (Basic) | 0.73 | 0.65 | 0.32 | 0.86 | 0.36 | 1.04 |
| EPS (Diluted) | 0.73 | 0.64 | 0.32 | 0.85 | 0.36 | 1.04 |
| Free Cash Flow | 24.53M | -27.32M | -27.56M | -15.14M | -8.10M | 19.92M |
| Free Cash Flow Per Share | 0.78 | -0.87 | -0.89 | -0.50 | -0.31 | 0.79 |
| Gross Margin | 59.84% | 60.37% | 58.70% | 57.08% | 57.29% | 58.57% |
| Operating Margin | 5.76% | 5.59% | 3.29% | 1.76% | 4.92% | 0.02% |
| Profit Margin | 4.00% | 3.86% | 2.25% | 6.88% | 2.65% | 7.78% |
| Free Cash Flow Margin | 4.30% | -5.27% | -6.26% | -4.00% | -2.33% | 5.94% |
| EBITDA | 60.64M | 49.81M | 27.46M | 13.43M | 23.51M | 7.22M |
| EBITDA Margin | 10.62% | 9.61% | 6.24% | 3.55% | 6.75% | 2.15% |
| D&A For EBITDA | 27.78M | 20.83M | 12.96M | 6.77M | 6.36M | 7.14M |
| EBIT | 32.86M | 28.98M | 14.50M | 6.66M | 17.15M | 82.00K |
| EBIT Margin | 5.76% | 5.59% | 3.29% | 1.76% | 4.92% | 0.02% |
| Effective Tax Rate | 21.58% | 23.43% | 32.76% | 27.05% | 23.13% | 26.52% |
| Advertising Expenses | 48.30M | 43.30M | 38.20M | 35.00M | 33.10M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 44.18M | 28.52M | 59.27M | 75.99M | 46.07M | 83.31M |
| Short-Term Investments | 14.76M | |||||
| Cash & Short-Term Investments | 44.18M | 28.52M | 59.27M | 75.99M | 60.83M | 83.31M |
| Accounts Receivable | 45.87M | 36.93M | 42.98M | 35.69M | 37.17M | 26.16M |
| Other Receivables | 7.51M | 9.73M | 762.00K | |||
| Receivables | 53.38M | 46.66M | 43.74M | 35.69M | 37.17M | 26.16M |
| Inventory | 4.08M | 3.99M | 3.05M | 2.95M | 2.62M | 2.72M |
| Prepaid Expenses | 4.61M | 7.87M | 4.03M | 5.56M | 4.74M | 4.88M |
| Restricted Cash | 4.28M | 4.21M | ||||
| Other Current Assets | 1.15M | 10.20M | 4.56M | 4.56M | ||
| Total Current Assets | 106.25M | 87.03M | 111.25M | 134.66M | 114.14M | 121.63M |
| Property, Plant & Equipment | 366.49M | 350.90M | 266.31M | 156.58M | 117.04M | 114.61M |
| Goodwill | 10.74M | 10.74M | 10.74M | 10.74M | 14.54M | 14.54M |
| Long-Term Deferred Tax Assets | 21.67M | 21.67M | 25.36M | 23.22M | 22.31M | 23.71M |
| Long-Term Deferred Charges | 1.20M | 302.00K | 323.00K | |||
| Other Long-Term Assets | 23.43M | 22.52M | 22.57M | 20.05M | 23.55M | 20.82M |
| Total Assets | 529.78M | 493.16M | 436.56M | 345.25M | 291.57M | 295.30M |
| Accounts Payable | 30.68M | 27.02M | 37.03M | 18.15M | 10.50M | 12.30M |
| Accrued Expenses | 16.70M | 18.43M | 11.99M | 13.68M | 8.65M | 15.67M |
| Current Portion of Leases | 11.66M | 11.10M | 9.50M | 11.81M | 9.63M | 11.48M |
| Current Income Taxes Payable | 1.07M | 2.83M | 2.06M | 1.02M | ||
| Current Unearned Revenue | 51.92M | 44.16M | 30.63M | 26.91M | 24.15M | 25.41M |
| Other Current Liabilities | 33.00K | 31.00K | 15.00K | |||
| Total Current Liabilities | 110.95M | 100.71M | 90.21M | 73.41M | 55.02M | 65.88M |
| Long-Term Debt | 26.00M | |||||
| Long-Term Leases | 190.44M | 192.77M | 168.06M | 104.98M | 91.00M | 86.41M |
| Pension & Post-Retirement Benefits | 668.00K | 1.61M | ||||
| Other Long-Term Liabilities | 16.00K | 56.00K | ||||
| Total Liabilities | 327.39M | 293.48M | 258.29M | 178.44M | 146.69M | 153.90M |
| Common Stock | 48.18M | 48.18M | 48.18M | 48.18M | 49.07M | 141.38M |
| Additional Paid-In Capital | 48.74M | 52.34M | 50.64M | 49.38M | 45.54M | 32.44M |
| Retained Earnings | 105.47M | 99.17M | 79.17M | 69.28M | 51.23M | 39.70M |
| Treasury Stock | -82.86M | |||||
| Comprehensive Income & Other | 274.00K | -36.00K | -960.00K | -1.24M | ||
| Total Common Equity | 202.39M | 199.69M | 178.26M | 166.80M | 144.88M | 129.42M |
| Shareholders' Equity | 202.39M | 199.69M | 178.26M | 166.80M | 144.88M | 141.40M |
| Total Liabilities & Equity | 529.78M | 493.16M | 436.56M | 345.25M | 291.57M | 295.30M |
| Total Debt | 228.10M | 203.86M | 177.56M | 116.79M | 100.63M | 97.89M |
| Net Cash (Debt) | -183.92M | -175.34M | -118.29M | -40.79M | -39.80M | -14.58M |
| Net Cash Per Share | -5.86 | -5.61 | -3.83 | -1.34 | -1.54 | -0.58 |
| Filing Date Shares Outstanding | 31.72M | 31.88M | 31.59M | 31.76M | 31.51M | 27.45M |
| Total Common Shares Outstanding | 31.72M | 31.62M | 31.46M | 31.36M | 31.15M | 27.00M |
| Working Capital | -4.70M | -13.68M | 21.04M | 61.25M | 59.12M | 55.74M |
| Book Value Per Share | 6.38 | 6.31 | 5.67 | 5.32 | 4.65 | 4.79 |
| Tangible Book Value | 191.65M | 188.95M | 167.52M | 156.06M | 130.34M | 114.88M |
| Tangible Book Value Per Share | 6.04 | 5.97 | 5.32 | 4.98 | 4.18 | 4.25 |
| Land | 52.00K | 52.00K | 52.00K | 52.00K | 52.00K | 645.00K |
| Buildings | 189.71M | 183.77M | 104.08M | 101.54M | 86.03M | 88.06M |
| Machinery | 126.80M | 121.66M | 85.91M | 81.81M | 83.34M | 86.19M |
| Construction In Progress | 34.96M | 14.19M | 54.76M | 7.62M | 888.00K | 1.56M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 22.80M | 20.00M | 9.89M | 26.00M | 12.63M | 34.72M |
| Depreciation & Amortization | 27.78M | 20.83M | 12.96M | 6.77M | 6.36M | 7.14M |
| Other Amortization | 140.00K | 142.00K | 133.00K | 621.00K | ||
| Loss (Gain) From Sale of Assets | 43.00K | -406.00K | 2.12M | -30.92M | -177.00K | -22.48M |
| Asset Writedown & Restructuring Costs | 4.22M | 1.05M | 700.00K | |||
| Stock-Based Compensation | 6.00M | 5.49M | 4.63M | 5.89M | 3.11M | 2.89M |
| Provision & Write-off of Bad Debts | 62.79M | 58.09M | 56.58M | 41.64M | 34.91M | 26.79M |
| Other Operating Activities | 1.85M | 2.31M | -2.52M | 1.39M | 886.00K | 9.95M |
| Change in Accounts Receivable | -61.91M | -53.65M | -65.98M | -45.76M | -48.64M | -26.50M |
| Change in Inventory | 427.00K | -933.00K | -184.00K | -330.00K | 103.00K | -327.00K |
| Change in Accounts Payable | -278.00K | -9.29M | 11.58M | 5.04M | -2.03M | -3.68M |
| Change in Unearned Revenue | 23.84M | 13.53M | 3.77M | 2.75M | -1.25M | 1.95M |
| Change in Income Taxes | 871.00K | -2.67M | -1.76M | 777.00K | 1.04M | 526.00K |
| Change in Other Net Operating Assets | 9.67M | 5.88M | -1.91M | 8.08M | -7.12M | -4.87M |
| Operating Cash Flow | 94.02M | 59.31M | 29.31M | 25.56M | 882.00K | 27.45M |
| Capital Expenditures | -69.49M | -86.63M | -56.87M | -40.70M | -8.99M | -7.53M |
| Sale of Property, Plant & Equipment | -43.00K | 434.00K | 9.89M | 33.31M | 2.39M | 45.38M |
| Investment in Securities | 14.76M | -14.76M | ||||
| Investing Cash Flow | -69.53M | -86.20M | -46.97M | 7.37M | -21.35M | 37.85M |
| Short-Term Debt Issued | 45.00M | |||||
| Total Debt Issued | 90.00M | 45.00M | ||||
| Short-Term Debt Repaid | -45.00M | |||||
| Long-Term Debt Repaid | -356.00K | -267.00K | -17.83M | |||
| Total Debt Repaid | -77.40M | -45.36M | -267.00K | -17.83M | ||
| Net Debt Issued (Repaid) | 12.60M | -356.00K | -267.00K | -17.83M | ||
| Repurchase of Common Stock | -891.00K | -9.45M | ||||
| Preferred Dividends Paid | -1.11M | -1.22M | ||||
| Dividends Paid | -1.11M | -1.22M | ||||
| Other Financing Activities | -9.62M | -3.51M | -3.06M | -2.05M | -1.99M | -962.00K |
| Financing Cash Flow | 2.99M | -3.87M | -3.33M | -2.94M | -12.55M | -20.01M |
| Net Cash Flow | 27.48M | -30.75M | -21.00M | 29.98M | -33.02M | 45.28M |
| Free Cash Flow | 24.53M | -27.32M | -27.56M | -15.14M | -8.10M | 19.92M |
| Free Cash Flow Margin | 4.30% | -5.27% | -6.26% | -4.00% | -2.33% | 5.94% |
| Free Cash Flow Per Share | 0.78 | -0.87 | -0.89 | -0.50 | -0.31 | 0.79 |
| Levered Free Cash Flow | 5.24M | -41.82M | -5.88M | -13.24M | -12.89M | -2.21M |
| Unlevered Free Cash Flow | 7.46M | -39.84M | -4.41M | -13.02M | -12.79M | -1.57M |
| Cash Interest Paid | 3.52M | 3.19M | 2.35M | 110.00K | 171.00K | 1.53M |
| Cash Income Tax Paid | 1.99M | 6.17M | 8.84M | 7.20M | 1.47M | 737.00K |
| Change in Working Capital | -27.38M | -47.14M | -54.48M | -29.44M | -57.90M | -32.89M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 656.00M | 763.71M | 498.00M | 314.85M | 183.18M | 201.70M |
| Enterprise Value | 839.92M | 945.96M | 614.98M | 351.59M | 227.85M | 242.38M |
| Last Close Price | 20.68 | 24.15 | 15.82 | 10.04 | 5.79 | 7.47 |
| PE Ratio | 28.38 | 38.19 | 50.35 | 12.11 | 19.89 | 7.73 |
| Forward PE | 21.47 | 36.15 | 21.87 | 19.75 | 10.72 | 10.88 |
| PS Ratio | 1.15 | 1.47 | 1.13 | 0.83 | 0.53 | 0.60 |
| PB Ratio | 3.24 | 3.83 | 2.79 | 1.89 | 1.26 | 1.43 |
| P/TBV Ratio | 3.42 | 4.04 | 2.97 | 2.02 | 1.41 | 1.76 |
| P/FCF Ratio | 26.74 | 10.13 | ||||
| P/OCF Ratio | 6.98 | 12.88 | 16.99 | 12.32 | 207.69 | 7.35 |
| PEG Ratio | 2.32 | 1.46 | 1.32 | 0.82 | 0.81 | |
| EV/Sales Ratio | 1.47 | 1.82 | 1.40 | 0.93 | 0.65 | 0.72 |
| EV/EBITDA Ratio | 13.85 | 18.99 | 22.40 | 26.18 | 9.69 | 33.56 |
| EV/EBIT Ratio | 25.56 | 32.64 | 42.41 | 52.79 | 13.29 | 2,955.81 |
| EV/FCF Ratio | 34.23 | 12.17 | ||||
| Debt / Equity Ratio | 1.13 | 1.02 | 1.00 | 0.70 | 0.69 | 0.69 |
| Debt / EBITDA Ratio | 2.71 | 2.85 | 3.73 | 3.52 | 2.37 | 4.25 |
| Debt / FCF Ratio | 9.30 | 4.92 | ||||
| Net Debt / Equity Ratio | 0.91 | 0.88 | 0.66 | 0.24 | 0.28 | 0.10 |
| Net Debt / EBITDA Ratio | 3.03 | 3.52 | 4.31 | 3.04 | 1.69 | 2.02 |
| Net Debt / FCF Ratio | 7.50 | -6.42 | -4.29 | -2.69 | -4.91 | 0.73 |
| Asset Turnover | 1.17 | 1.11 | 1.13 | 1.19 | 1.19 | 1.24 |
| Inventory Turnover | 53.42 | 58.36 | 60.58 | 58.31 | 55.72 | 54.32 |
| Quick Ratio | 0.88 | 0.75 | 1.14 | 1.52 | 1.78 | 1.66 |
| Current Ratio | 0.96 | 0.86 | 1.23 | 1.83 | 2.07 | 1.85 |
| Return on Equity (ROE) | 11.90% | 10.58% | 5.73% | 16.68% | 8.83% | 28.41% |
| Return on Assets (ROA) | 4.20% | 3.90% | 2.32% | 1.31% | 3.65% | 0.02% |
| Return on Invested Capital (ROIC) | 6.65% | 6.61% | 3.87% | 2.48% | 7.74% | 0.04% |
| Return on Capital Employed (ROCE) | 7.80% | 7.40% | 4.20% | 2.40% | 7.30% | 0.00% |
| Earnings Yield | 3.52% | 2.62% | 1.99% | 8.26% | 6.90% | 17.21% |
| FCF Yield | 3.74% | -3.58% | -5.53% | -4.81% | -4.42% | 9.87% |
| Payout Ratio | 8.79% | 3.51% | ||||
| Buyback Yield / Dilution | -0.40% | -1.20% | -1.15% | -18.01% | -3.18% | -1.34% |