LINCOLN EDUCATIONAL SERVICES CORP LINC

Industrials SIC 8200 - Services-Educational Services NAICS Educational Services derived Nasdaq

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.

Last close 21.68 2026-10-23
Market cap $687.7M 2026-06-30 share count
52-week range 17.29 - 56.34

Valuation FY2025 figures against the last close

P/S1.3x
P/E33.9x
P/FCF—
EV/EBITDA13.9x
Dividend yield—
Diluted EPS0.64

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 0.650.320.860.361.041.490.08-0.48-0.48-1.21
EPS, diluted 0.640.320.850.361.041.490.08-0.48-0.48-1.21
Shares, diluted (wtd. avg.) 31,26030,89130,54125.9M25.1M24.7M24.6M23.9M23.9M23.5M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -200M 0 200M 400M 600M Revenue, FY2016: 285.6M Gross profit, FY2016: 141.1M Net income, FY2016: -28.3M Revenue, FY2017: 261.9M Gross profit, FY2017: 132.4M Net income, FY2017: -11.5M Revenue, FY2018: 263.2M Gross profit, FY2018: 137.8M Net income, FY2018: -11.5M Revenue, FY2019: 273.3M Gross profit, FY2019: 149.8M Net income, FY2019: 2M Revenue, FY2020: 293.1M Gross profit, FY2020: 170.9M Net income, FY2020: 48.6M Revenue, FY2021: 335.3M Gross profit, FY2021: 196.4M Net income, FY2021: 34.7M Revenue, FY2022: 348.3M Gross profit, FY2022: 199.5M Net income, FY2022: 12.6M Revenue, FY2023: 378.1M Gross profit, FY2023: 215.8M Net income, FY2023: 26M Revenue, FY2024: 440.1M Gross profit, FY2024: 258.3M Net income, FY2024: 9.9M Revenue, FY2025: 518.2M Gross profit, FY2025: 312.9M Net income, FY2025: 20M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $285.6M $261.9M $263.2M $273.3M $293.1M $335.3M $348.3M $378.1M $440.1M $518.2M
Gross profit $141.1M $132.4M $137.8M $149.8M $170.9M $196.4M $199.5M $215.8M $258.3M $312.9M
Net income -$28.3M -$11.5M -$11.5M $2.0M $48.6M $34.7M $12.6M $26.0M $9.9M $20.0M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Material agreement signed Item 1.01
  • Results announced Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 8200

TickerCompanyMarket capP/ERevenue growth
LAUR LAUREATE EDUCATION, INC. $5.38B 20.7x 8.6%
GHC Graham Holdings Co $5.18B 18.3x 2.5%
CVSA Covista Inc. $4.49B 18.7x 9.3%
LOPE Grand Canyon Education, Inc. $4.24B 21.1x 7.1%
LRN Stride, Inc. $3.30B 11.1x 4.7%
PRDO PERDOCEO EDUCATION Corp $2.12B 14.0x 24.2%
STRA Strategic Education, Inc. $1.82B 15.1x 4.0%
UTI UNIVERSAL TECHNICAL INSTITUTE INC $1.20B 19.3x 14.0%