LINCOLN EDUCATIONAL SERVICES CORP LINC
Business Activities— Lincoln Educational Services Corporation and its subsidiaries (collectively, the "Company", "we", "our", and "us", as applicable) provide diversified career-oriented postsecondary education to recent high school graduates and working adults. The Company, which currently operates 22 campuses in 12 states, has entered into leases for two new campuses: one in Hicksville, New York, where programs are expected to begin by the end of 2026, and one in Rowlett, Texas, a northern suburb of Dallas, where the lease commenced in the fourth quarter of 2025, and programs are expected to begin in the first quarter of 2027. The Company offers programs in skilled trades, automotive, health sciences and information technology. The schools operate under the brands Lincoln Technical Institute, Lincoln College of Technology and Nashville Auto Diesel College.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $518.2M | $440.1M | $378.1M | $348.3M | $335.3M | $293.1M | $273.3M | $263.2M | $261.9M | $285.6M |
| Cost of revenue | $205.4M | $181.8M | $162.3M | $148.7M | $138.9M | $122.2M | $123.5M | $125.4M | $129.4M | $144.4M |
| Gross profit | $312.9M | $258.3M | $215.8M | $199.5M | $196.4M | $170.9M | $149.8M | $137.8M | $132.4M | $141.1M |
| SG&A | $282.9M | $243.8M | $209.1M | $182.4M | $168.9M | $156.2M | $145.2M | $141.2M | $138.8M | $148.4M |
| Total operating expenses | $487.9M | $424.9M | $344.7M | $332.0M | $286.1M | $278.3M | $268.1M | $267.2M | $266.6M | $314.5M |
| Operating income | $30.3M | $15.2M | $33.4M | $16.3M | $49.3M | $14.8M | $5.2M | -$4.0M | -$4.7M | -$28.9M |
| Interest expense | $3.4M | $2.6M | $347.0K | $160.0K | $2.0M | $1.3M | $3.0M | $2.4M | $7.1M | $6.1M |
| Pre-tax income | $26.1M | $14.7M | $35.6M | $16.4M | $47.2M | $13.5M | $2.3M | -$6.3M | -$11.8M | -$28.1M |
| Income tax | $6.1M | $4.8M | $9.6M | $3.8M | $12.5M | $35.1M | $268.0K | $200.0K | $274.0K | $200.0K |
| Net income | $20.0M | $9.9M | $26.0M | $12.6M | $34.7M | $48.6M | $2.0M | -$11.5M | -$11.5M | -$28.3M |
| EPS, basic | 0.65 | 0.32 | 0.86 | 0.36 | 1.04 | 1.49 | 0.08 | -0.48 | -0.48 | -1.21 |
| EPS, diluted | 0.64 | 0.32 | 0.85 | 0.36 | 1.04 | 1.49 | 0.08 | -0.48 | -0.48 | -1.21 |
| Shares, diluted (wtd. avg.) | $31.3K | $30.9K | $30.5K | $25.9M | $25.1M | $24.7M | $24.6M | $23.9M | $23.9M | $23.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $28.5M | $59.3M | $80.3M | $50.3M | $83.3M | $38.0M | $38.6M | $45.9M | $54.6M | $47.7M |
| Short-term investments | — | — | $0 | $14.8M | $0 | — | — | — | — | — |
| Receivables | $36.9M | $43.0M | $35.7M | $37.2M | $26.2M | $30.0M | $20.7M | $18.7M | $15.8M | $15.4M |
| Inventory | $4.0M | $3.1M | $2.9M | $2.6M | $2.7M | $2.4M | $1.6M | $1.5M | $1.7M | $1.7M |
| Total current assets | $87.0M | $111.3M | $134.7M | $114.1M | $121.6M | $74.2M | $50.5M | $57.1M | $44.7M | $64.5M |
| Property, plant and equipment | $171.6M | $103.5M | $50.9M | $23.9M | $23.1M | $48.4M | $49.3M | $49.3M | $52.9M | $55.4M |
| Goodwill | $10.7M | $10.7M | $10.7M | $14.5M | $14.5M | $14.5M | $14.5M | $14.5M | $14.5M | $14.5M |
| Other intangibles | — | — | — | — | — | — | — | — | $16.0K | $32.0K |
| Total assets | $493.2M | $436.6M | $345.2M | $291.6M | $295.3M | $245.2M | $194.8M | $146.0M | $155.2M | $163.2M |
| Accounts payable | $27.0M | $37.0M | $18.2M | $10.5M | $12.3M | $15.7M | $14.6M | $14.1M | $10.5M | $13.7M |
| Short-term debt | — | — | — | — | $0 | $2.0M | $2.0M | $15.0M | $0 | $11.7M |
| Total current liabilities | $100.7M | $90.2M | $73.4M | $55.0M | $65.9M | $66.8M | $57.2M | $64.6M | $47.5M | $66.3M |
| Long-term debt | — | — | — | — | $0 | $15.2M | $32.0M | $33.8M | $52.6M | $30.2M |
| Total liabilities | $293.5M | $258.3M | $178.4M | $146.7M | $153.9M | $142.1M | $139.6M | $106.2M | $109.4M | $108.3M |
| Retained earnings | $99.2M | $79.2M | $69.3M | $51.2M | $39.7M | $6.2M | -$42.1M | -$44.1M | -$37.5M | -$26.0M |
| Total equity | $199.7M | $178.3M | $166.8M | $144.9M | $129.4M | $91.1M | $43.1M | $39.9M | $45.8M | $54.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $59.3M | $29.3M | $25.6M | $882.0K | $27.4M | $23.5M | $988.0K | -$1.7M | -$11.3M | -$6.1M |
| Depreciation and amortisation | $19.2M | $11.3M | $6.6M | $6.4M | $7.1M | $7.4M | $8.1M | $8.4M | $8.7M | $11.1M |
| Stock-based compensation | $5.5M | $4.6M | $5.9M | $3.1M | $2.9M | $1.7M | $679.0K | $522.0K | $1.2M | $1.4M |
| Capital expenditure | $86.6M | $56.9M | $40.7M | $9.0M | $7.5M | $5.6M | $5.4M | $4.7M | $4.8M | $3.6M |
| Investing cash flow | -$86.2M | -$47.0M | $7.4M | -$21.4M | $37.8M | -$5.5M | -$4.8M | -$2.3M | $10.7M | -$3.1M |
| Financing cash flow | -$3.9M | -$3.3M | -$2.9M | -$12.5M | -$20.0M | -$18.6M | -$3.5M | -$4.6M | $7.5M | -$4.1M |
| Dividends paid | — | — | — | — | — | — | — | — | — | $0 |
| Buybacks | — | $0 | $891.0K | $9.4M | $0 | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-007380.
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