Lincoln Educational Services Corporation (LINC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	-$0.01	$0.06	+700.0%	—	$142.6M	—
Q1 26	$0.04	$0.14	+250.0%	—	$144M	—
Q3 25	$0.12	$0.2	+66.7%	—	$141.4M	—
Q2 25	$0.04	$0.09	+125.0%	—	$116.5M	—
Q1 25	$0.04	$0.11	+175.0%	—	$117.5M	—
Q4 24	$0.29	$0.31	+6.9%	—	$119.4M	—
Q3 24	$0.14	$0.13	-7.1%	—	$114.4M	—
Q2 24	-$0.01	$0.05	+600.0%	—	$102.9M	—
Q1 24	$0.02	$0.06	+200.0%	—	$103.4M	—
Q4 23	$0.28	$0.32	+14.3%	—	$102.5M	—
Q3 23	$0.05	$0.11	+120.0%	—	$99.6M	—
Q2 23	-$0.02	$0.01	+150.0%	—	$88.6M	—
Q1 23	-$0.01	$0.03	+400.0%	—	$87.3M	—
Q4 22	$0.26	$0.38	+46.2%	—	$91.8M	—
Q3 22	$0.07	$0.13	+85.7%	—	$91.8M	—
Q2 22	$0.06	-$0.01	-116.7%	—	$82.1M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.65	—	—	$518.2M	—
FY24	—	$0.32	—	—	$440.1M	—
FY23	—	$0.86	—	—	$378.1M	—
FY22	—	$0.36	—	—	$348.3M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$285.6M	$261.9M	$263.2M	$273.3M	$293.1M	$335.3M	$348.3M	$378.1M	$440.1M	$518.2M
YoY change	-6.71%	-8.3%	+0.51%	+3.85%	+7.23%	+14.4%	+3.86%	+8.55%	+16.4%	+17.8%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	285.6M	261.9M	263.2M	273.3M	293.1M	335.3M	348.3M	378.1M	440.1M	518.2M
Cost of revenue	144.4M	129.4M	125.4M	123.5M	122.2M	138.9M	148.7M	162.3M	181.8M	205.4M
Gross profit	141.1M	132.4M	137.8M	149.8M	170.9M	196.4M	199.5M	215.8M	258.3M	312.9M
Gross margin	49.4%	50.6%	52.4%	54.8%	58.3%	58.6%	57.3%	57.1%	58.7%	60.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	148.4M	138.8M	141.2M	145.2M	156.2M	168.9M	182.4M	209.1M	243.8M	282.9M
Operating expenses	148.4M	138.8M	141.2M	145.2M	156.2M	168.9M	182.4M	209.1M	243.8M	282.9M
Operating income	-7.3M	-6.3M	-3.4M	4.7M	14.7M	27.5M	17.1M	6.7M	14.5M	29M
Operating margin	-2.56%	-2.42%	-1.3%	1.71%	5.02%	8.2%	4.92%	1.76%	3.3%	5.59%
Non-operating income, net	-14.8M	1.6M	-537K	567K	81K	21.8M	-872K	26.7M	675K	406K
Pretax income	-28.1M	-11.8M	-6.3M	2.3M	13.5M	47.2M	16.4M	35.6M	14.7M	26.1M
Income tax	200K	-274K	200K	268K	-35.1M	12.5M	3.8M	9.6M	4.8M	6.1M
Net income	-28.3M	-11.5M	-6.5M	2M	48.6M	34.7M	12.6M	26M	9.9M	20M
Net margin	-9.91%	-4.39%	-2.49%	0.74%	16.6%	10.4%	3.63%	6.88%	2.25%	3.86%
EBITDA	10.7M	2.4M	5M	12.8M	22.1M	34.6M	23.8M	15.9M	27.9M	48.3M
EPS	-1.21	-0.48	-0.27	0.08	1.49	1.04	0.36	0.86	0.32	0.65
Diluted EPS	-1.21	-0.48	-0.27	0.08	1.49	1.04	0.36	0.85	0.32	0.64

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	99.6M	102.5M	103.4M	102.9M	114.4M	119.4M	117.5M	116.5M	141.4M	142.9M	144M	142.6M
Cost of revenue	43.1M	41M	43M	45.6M	48.1M	45.1M	47.4M	46.8M	57.3M	53.9M	58.4M	59.6M
Gross profit	56.5M	61.5M	60.3M	57.4M	66.4M	74.3M	70.1M	69.7M	84.1M	89M	85.6M	82.9M
Gross margin	56.7%	60%	58.4%	55.7%	58%	62.2%	59.7%	59.8%	59.5%	62.3%	59.4%	58.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	54.5M	52.5M	60.5M	57.9M	63.3M	62.1M	66.9M	67.1M	77.8M	71.2M	79.2M	79.6M
Operating expenses	54.5M	52.5M	60.5M	57.9M	63.3M	62.1M	66.9M	67.1M	77.8M	71.2M	79.2M	79.6M
Operating income	2M	9M	-149K	-512K	3M	12.1M	3.2M	2.6M	6.3M	16.9M	6.4M	3.3M
Operating margin	2.01%	8.75%	-0.14%	-0.5%	2.64%	10.2%	2.72%	2.25%	4.45%	11.8%	4.45%	2.3%
Non-operating income, net	-8K	-5K	-309K	-604K	2.8M	-1.2M	220K	256K	-10K	-60K	-6K	33K
Pretax income	2.9M	9.4M	-327K	-1.1M	5.6M	10.6M	2.8M	2.1M	5.3M	15.9M	5.6M	2.3M
Income tax	789K	2.6M	-113K	-463K	1.7M	3.7M	882K	522K	1.5M	3.2M	1.2M	315K
Net income	2.1M	6.8M	-214K	-682K	4M	6.8M	1.9M	1.6M	3.8M	12.7M	4.4M	1.9M
Net margin	2.07%	6.62%	-0.21%	-0.66%	3.46%	5.72%	1.65%	1.33%	2.69%	8.89%	3.03%	1.37%
EBITDA	4.6M	11.6M	3.1M	3M	6.3M	15.5M	6.7M	6.9M	11.3M	23.4M	13.7M	10.7M
EPS	0.07	0.23	-0.01	-0.02	0.13	0.22	0.06	0.05	0.12	0.41	0.14	0.06
Diluted EPS	0.07	0.22	-0.01	-0.02	0.13	0.22	0.06	0.05	0.12	0.4	0.14	0.06

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	—	—	—	—	—	—	689M
Enterprise value	—	—	—	—	—	—	—	—	—	—	872.9M
Shares outstanding	23.5M	23.9M	24.4M	24.6M	24.7M	25.1M	25.9M	30.1M	30.6M	30.9M	30.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	—	—	—	—	30.6
P/S	—	—	—	—	—	—	—	—	—	—	1.21
P/B	—	—	—	—	—	—	—	—	—	—	3.4
EV/EBITDA	—	—	—	—	—	—	—	—	—	—	14.4
EV/Sales	—	—	—	—	—	—	—	—	—	—	1.53
Earnings yield	—	—	—	—	—	—	—	—	—	—	3.27%
FCF yield	—	—	—	—	—	—	—	—	—	—	0.76%
PEG	—	—	—	—	—	—	—	—	—	—	1.53

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	49.4%	50.6%	52.4%	54.8%	58.3%	58.6%	57.3%	57.1%	58.7%	60.4%	58.2%
Operating margin	-2.56%	-2.42%	-1.3%	1.71%	5.02%	8.2%	4.92%	1.76%	3.3%	5.59%	2.3%
Net margin	-9.91%	-4.39%	-2.49%	0.74%	16.6%	10.4%	3.63%	6.88%	2.25%	3.86%	4%
ROE	-51.5%	-25.1%	-16.4%	3.65%	47.1%	24.6%	8.72%	15.6%	5.55%	10%	11.9%
ROA	-17.3%	-7.4%	-4.48%	1.03%	19.8%	11.8%	4.33%	7.53%	2.27%	4.06%	4.2%
ROIC	-9.65%	-7.56%	-4.81%	3.42%	10.2%	12.9%	7.14%	2.34%	3.29%	5.92%	6.67%
Return on tangible assets	-21.1%	-9.11%	-5.6%	1.22%	22.5%	13%	4.81%	8.03%	2.38%	4.24%	4.49%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.97	0.94	0.88	0.88	1.11	1.85	2.07	1.83	1.23	0.86	0.96
Quick ratio	0.95	0.91	0.86	0.85	1.07	1.8	2.03	1.79	1.2	0.82	0.92
Debt / equity	0.76	1.15	1.22	1.62	0.76	0.69	0.69	0.7	1	1.02	1.13
Debt / assets	0.26	0.34	0.33	0.46	0.32	0.33	0.35	0.34	0.41	0.41	0.43
Net debt / EBITDA	1.95	15.7	6.2	5.12	1.83	0.42	1.67	2.57	4.23	3.63	3.12
Interest coverage	-3.58	-0.66	-1.62	1.77	11.6	24.4	103.7	103.7	6.74	8.7	8.7
Effective tax rate	0%	0%	0%	11.7%	0%	26.5%	23.1%	27.1%	32.8%	23.4%	21.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	12.2	11	10.8	11.1	11.8	13.4	13.5	12.6	14.4	16.7	18.4
EPS (basic)	-1.21	-0.48	-0.27	0.08	1.49	1.04	0.36	0.86	0.32	0.65	0.65
EPS (diluted)	-1.21	-0.48	-0.27	0.08	1.49	1.04	0.36	0.85	0.32	0.64	0.71
Book value per share	2.34	1.92	1.63	2.25	4.16	5.64	5.6	5.54	5.83	6.45	6.38
FCF per share	-0.41	-0.67	-0.26	-0.18	0.72	0.79	-0.31	-0.5	-0.9	-0.88	0.78
Cash per share	0.9	0.61	0.72	0.96	1.54	3.32	2.35	2.52	1.94	0.92	1.39
Capex per share	0.02	0.65	0.1	0	0	1.81	0.09	1.11	0.32	2.8	2.21

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.16%	5.9%	0.89%	0%	0%	13.5%	0.69%	8.81%	2.25%	16.7%	12.2%
Capex / operating cash flow	-1.03%	-68.8%	-12.6%	0%	0%	176.3%	-8.38%	801.9%	-39.6%	146.1%	73.9%
Payout ratio	0%	—	—	0%	2.84%	3.51%	8.79%	0%	0%	—	0%
Dividend yield	—	—	—	—	—	—	—	—	—	—	0.37%

Yield

0.37%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.02

ex-dividend Dec 11, 2014

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Dec 11, 2014	$0.02
Sep 10, 2014	$0.02
Jun 11, 2014	$0.07
Mar 12, 2014	$0.07
Dec 11, 2013	$0.07
Sep 11, 2013	$0.07
Jun 12, 2013	$0.07
Mar 13, 2013	$0.07

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$99.6M	$102.5M	$103.4M	$102.9M	$114.4M	$119.4M	$117.5M	$116.5M	$141.4M	$142.9M	$144M	$142.6M
YoY change	+8.5%	+11.7%	+18.4%	+16.1%	+14.8%	+16.4%	+13.7%	+13.2%	+23.6%	+19.7%	+22.5%	+22.4%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	21.1M	14.6M	17.6M	23.6M	38M	83.3M	60.8M	76M	59.3M	28.5M
Receivables	15.4M	15.8M	18.7M	20.7M	30M	26.2M	37.2M	35.7M	43M	36.9M
Inventory	1.7M	1.7M	1.5M	1.6M	2.4M	2.7M	2.6M	2.9M	3.1M	4M
Total current assets	64.5M	44.7M	57.1M	50.5M	74.2M	121.6M	114.1M	134.7M	111.3M	87M
Property, plant & equipment	-69.4M	-74.2M	-79.1M	-33.3M	-31M	26.5M	31M	55M	162.2M	167.1M
Goodwill & intangibles	29.1M	29.1M	29.1M	29.1M	29.1M	29.1M	29.1M	21.5M	21.5M	21.5M
Total assets	163.2M	155.2M	146M	194.8M	245.2M	295.3M	291.6M	345.3M	436.6M	493.2M
Accounts payable	13.7M	10.5M	14.1M	14.6M	15.7M	12.3M	10.5M	18.2M	37M	27M
Short-term debt	11.7M	—	15M	11.1M	10.5M	11.5M	9.6M	11.8M	9.5M	11.1M
Total current liabilities	66.3M	47.5M	64.6M	57.2M	66.8M	65.9M	55M	73.4M	90.2M	100.7M
Long-term debt	30.2M	52.6M	33.8M	78M	67.9M	86.4M	91M	105M	168.1M	192.8M
Total liabilities	108.3M	109.4M	106.2M	139.6M	142.1M	153.9M	146.7M	178.4M	258.3M	293.5M
Shareholders' equity	54.9M	45.8M	39.9M	55.1M	103M	141.4M	144.9M	166.8M	178.3M	199.7M
Total debt	42M	52.6M	48.8M	89.2M	78.4M	97.9M	100.6M	116.8M	177.6M	203.9M
Net debt	20.9M	38M	31.2M	65.5M	40.4M	14.6M	54.6M	40.8M	118.3M	175.3M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	66.1M	76M	68.6M	67M	54M	59.3M	28.7M	16.7M	13.5M	28.5M	16.7M	44.2M
Receivables	40.3M	35.7M	40.5M	43.6M	53.1M	43M	47.3M	47.3M	51.1M	36.9M	41.7M	45.9M
Inventory	2.9M	2.9M	2.4M	2.3M	2.7M	3.1M	2.4M	4.5M	3.1M	4M	2.5M	4.1M
Total current assets	130.7M	134.7M	118.7M	119.4M	115.4M	111.3M	86.4M	79.6M	77.3M	87M	76.4M	106.2M
Property, plant & equipment	131.3M	55M	182.8M	193.7M	232.5M	162.2M	161.7M	174.2M	170.6M	167.1M	169.3M	176.8M
Goodwill & intangibles	21.5M	21.5M	21.5M	21.5M	21.5M	21.5M	21.5M	21.5M	21.5M	21.5M	21.5M	21.5M
Total assets	315.8M	345.3M	355.2M	366.4M	404M	436.6M	427.4M	447.3M	466.9M	493.2M	486.7M	529.8M
Accounts payable	17.6M	18.2M	14.3M	19M	27.9M	37M	34.4M	34M	35.1M	27M	28.3M	30.7M
Short-term debt	10.9M	11.8M	11.8M	12M	10.3M	9.5M	9.8M	10.7M	10.5M	11.1M	10.9M	11.7M
Total current liabilities	66.1M	73.4M	59.9M	66.9M	73.5M	90.2M	83.1M	88.3M	95.9M	100.7M	92.3M	111M
Long-term debt	91.9M	105M	130.7M	134.6M	160.6M	168.1M	166.6M	178.4M	185.2M	192.8M	195.6M	216.4M
Total liabilities	158.6M	178.4M	190.7M	201.5M	234.1M	258.3M	249.7M	266.6M	281.1M	293.5M	287.9M	327.4M
Shareholders' equity	157.2M	166.8M	164.5M	164.9M	170M	178.3M	177.8M	180.7M	185.9M	199.7M	198.8M	202.4M
Total debt	102.8M	116.8M	142.6M	146.6M	170.9M	177.6M	176.3M	189.1M	195.7M	203.9M	206.6M	228.1M
Net debt	61.1M	40.8M	74M	79.6M	117M	118.3M	147.6M	172.4M	182.2M	175.3M	189.9M	183.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-28.3M	-11.5M	-6.5M	2M	48.6M	34.7M	12.6M	26M	9.9M	20M
Depreciation & amortization	11.1M	8.7M	8.4M	8.1M	7.4M	7.1M	6.4M	6.6M	11.3M	19.2M
Stock-based compensation	1.4M	1.2M	522K	679K	1.7M	2.9M	3.1M	5.9M	4.6M	5.5M
Change in working capital	-21.7M	-19.8M	-20.5M	-27.7M	-34.4M	-31.2M	-51.9M	-36.1M	-50.4M	-42.1M
Operating cash flow	-43.8M	-22.5M	-18.7M	-16.5M	-12.5M	25.7M	-28.5M	4.2M	-25M	59.3M
Capital expenditure	451K	15.5M	2.3M	0	0	45.4M	2.4M	33.3M	9.9M	-86.6M
Investing cash flow	1.4M	14.7M	2.3M	575K	97K	45.4M	-12.4M	48.1M	9.9M	-86.6M
Dividends paid	0	—	—	0	-1.4M	-1.2M	-1.1M	0	0	—
Share repurchases	—	—	—	—	—	0	-9.4M	-891K	0	—
Financing cash flow	-3.9M	7.9M	-4.2M	-3.5M	-18.4M	-19.1M	-10.6M	-891K	39K	-78K
Net change in cash	-46.3M	86K	-20.5M	-19.4M	-30.7M	52.1M	-51.4M	51.3M	-15.1M	-27.4M
Free cash flow	-9.7M	-16.1M	-6.4M	-4.4M	17.9M	19.9M	-8.1M	-15.1M	-27.6M	-27.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	2.1M	6.8M	-214K	-682K	4M	6.8M	—	—	3.8M	12.7M	4.4M	1.9M
Depreciation & amortization	1.7M	1.9M	2.6M	2.9M	2.8M	3M	—	—	5M	6.5M	7.2M	7.4M
Stock-based compensation	662K	1.8M	1.1M	1M	1.3M	1.3M	—	—	1.5M	1.4M	1.4M	1.6M
Change in working capital	-25.3M	-3.5M	-26.5M	-13.4M	-16.4M	5.9M	—	—	-5.7M	9.9M	-18.9M	-13M
Operating cash flow	-20.9M	8.7M	-22.3M	-9.7M	-7.9M	14.8M	-8.4M	299K	23.9M	43.5M	4.6M	22.1M
Capital expenditure	0	0	9.7M	0	177K	0	—	—	-21.9M	-18.5M	-14.6M	-14.5M
Investing cash flow	0	24.3M	9.7M	0	177K	0	—	—	-21.9M	-18.5M	-14.6M	-14.5M
Dividends paid	0	0	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	0	0	0	0	—	—	—	—	—	—
Financing cash flow	0	0	-438K	-82K	657K	-98K	—	—	-5.1M	-9.9M	4.9M	20.9M
Net change in cash	-20.9M	33M	-13M	-9.8M	-7M	14.7M	-8.4M	299K	-3.1M	15.1M	-5.2M	28.4M
Free cash flow	-24.6M	9.9M	-16.6M	-2.7M	-13.8M	5.5M	—	—	2M	25M	-10.1M	7.6M

Lincoln Educational Services Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement