Lincoln Educational Services Corp
LINC Nasdaq Services-Educational Services Financials FY2016–FY2025
Last close · Oct 23, 2026
$21.68
1.3%
Revenue
Total sales reported in the income statement.
$518M
17.8%
vs prior year
Operating margin
Operating income as a share of revenue.
5.8%
2.4 pts
Net income
Profit after all expenses, interest and tax.
$20.0M
102.2%
Free cash flow
Cash from operations minus capital spending.
−$27.3M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
13.6%
5.0 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$681M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
29.7x
On $0.73 EPS (TTM)
What Lincoln Educational Services Corp does
No business description yet.
- Legal name
- LINCOLN EDUCATIONAL SERVICES CORP
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 2, 2026
- Accession · CIK
- 0001140361-26-007380
0001286613
Revenue and margins
Lincoln Educational Services Corp had $518M of revenue in fiscal 2025, up 17.8% on the year before.
FY16
Revenue $286M
FY17
Revenue $262M
FY18
Revenue $263M
FY19
Revenue $273M
FY20
Revenue $293M
FY21
Revenue $335M
FY22
Revenue $348M
FY23
Revenue $378M
FY24
Revenue $440M
FY25
Revenue $518M
Q3 '23
Revenue $99.6M
Q4 '23
Revenue $103M
Q1 '24
Revenue $103M
Q2 '24
Revenue $103M
Q3 '24
Revenue $114M
Q4 '24
Revenue $119M
Q1 '25
Revenue $118M
Q2 '25
Revenue $116M
Q3 '25
Revenue $141M
Q4 '25
Revenue $143M
Q1 '26
Revenue $144M
Q2 '26
Revenue $143M
FY16
Gross 49.4%
Operating −10.1%
Net −9.9%
FCF −3.4%
FY17
Gross 50.6%
Operating −1.8%
Net −4.4%
FCF −6.1%
FY18
Gross 52.4%
Operating −1.5%
Net −4.4%
FCF −2.4%
FY19
Gross 54.8%
Operating 1.9%
Net 0.7%
FCF −1.6%
FY20
Gross 58.3%
Operating 5.0%
Net 16.6%
FCF 6.1%
FY21
Gross 58.6%
Operating 14.7%
Net 10.4%
FCF 5.9%
FY22
Gross 57.3%
Operating 4.7%
Net 3.6%
FCF −2.3%
FY23
Gross 57.1%
Operating 8.8%
Net 6.9%
FCF −4.0%
FY24
Gross 58.7%
Operating 3.4%
Net 2.2%
FCF −6.3%
FY25
Gross 60.4%
Operating 5.8%
Net 3.9%
FCF −5.3%
Gross
Operating
Net
FCF
Q3 '23
Gross 56.7%
Operating 2.0%
Net 2.1%
FCF −24.7%
Q4 '23
Gross 60.0%
Operating 8.7%
Net 6.6%
FCF 9.7%
Q1 '24
Gross 58.4%
Operating −0.4%
Net −0.2%
FCF −16.1%
Q2 '24
Gross 55.7%
Operating −1.1%
Net −0.7%
FCF −2.6%
Q3 '24
Gross 58.0%
Operating 5.1%
Net 3.5%
FCF −12.0%
Q4 '24
Gross 62.2%
Operating 9.2%
Net 5.7%
FCF 4.6%
Q1 '25
Gross 59.7%
Operating 2.9%
Net 1.7%
FCF −24.1%
Q2 '25
Gross 59.8%
Operating 2.5%
Net 1.3%
FCF −22.4%
Q3 '25
Gross 59.5%
Operating 4.4%
Net 2.7%
FCF 1.4%
Q4 '25
Gross 62.3%
Operating 12.4%
Net 8.9%
FCF 17.5%
Q1 '26
Gross 59.4%
Operating 4.5%
Net 3.0%
FCF −7.0%
Q2 '26
Gross 58.2%
Operating 2.3%
Net 1.4%
FCF 5.3%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income −$28.3M
FY17
Net income −$11.5M
FY18
Net income −$11.5M
FY19
Net income $2.0M
FY20
Net income $48.6M
FY21
Net income $34.7M
FY22
Net income $12.6M
FY23
Net income $26.0M
FY24
Net income $9.9M
FY25
Net income $20.0M
Q3 '23
Net income $2.1M
Q4 '23
Net income $6.8M
Q1 '24
Net income −$0.2M
Q2 '24
Net income −$0.7M
Q3 '24
Net income $4.0M
Q4 '24
Net income $6.8M
Q1 '25
Net income $1.9M
Q2 '25
Net income $1.6M
Q3 '25
Net income $3.8M
Q4 '25
Net income $12.7M
Q1 '26
Net income $4.4M
Q2 '26
Net income $1.9M
FY16
Diluted EPS −$1.21
FY17
Diluted EPS −$0.48
FY18
Diluted EPS −$0.48
FY19
Diluted EPS $0.08
FY20
Diluted EPS $1.49
FY21
Diluted EPS $1.04
FY22
Diluted EPS $0.36
FY23
Diluted EPS $0.85
FY24
Diluted EPS $0.32
FY25
Diluted EPS $0.64
Q3 '23
Diluted EPS $0.07
Q4 '23
Diluted EPS $0.21
Q1 '24
Diluted EPS −$0.01
Q2 '24
Diluted EPS −$0.02
Q3 '24
Diluted EPS $0.13
Q4 '24
Diluted EPS $0.22
Q1 '25
Diluted EPS $0.06
Q2 '25
Diluted EPS $0.05
Q3 '25
Diluted EPS $0.12
Q4 '25
Diluted EPS $0.41
Q1 '26
Diluted EPS $0.14
Q2 '26
Diluted EPS $0.06
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital −30.1%
Return on equity −51.5%
Return on assets −17.3%
FY17
Return on capital −4.4%
Return on equity −22.8%
Return on assets −7.2%
FY18
Return on capital −4.4%
Return on equity −26.8%
Return on assets −7.6%
FY19
Return on capital 8.5%
Return on equity 4.9%
Return on assets 1.2%
FY20
Return on capital 20.9%
Return on equity 72.4%
Return on assets 22.1%
FY21
Return on capital 78.5%
Return on equity 31.5%
Return on assets 12.8%
FY22
Return on capital —
Return on equity 9.2%
Return on assets 4.3%
FY23
Return on capital —
Return on equity 16.7%
Return on assets 8.2%
FY24
Return on capital 8.6%
Return on equity 5.7%
Return on assets 2.5%
FY25
Return on capital 13.6%
Return on equity 10.6%
Return on assets 4.3%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$27.3M in fiscal 2025, −5.3% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow −$9.7M
FY17
Free cash flow −$16.1M
FY18
Free cash flow −$6.4M
FY19
Free cash flow −$4.4M
FY20
Free cash flow $17.9M
FY21
Free cash flow $19.9M
FY22
Free cash flow −$8.1M
FY23
Free cash flow −$15.1M
FY24
Free cash flow −$27.6M
FY25
Free cash flow −$27.3M
Q3 '23
Free cash flow −$24.6M
Q4 '23
Free cash flow $9.9M
Q1 '24
Free cash flow −$16.6M
Q2 '24
Free cash flow −$2.7M
Q3 '24
Free cash flow −$13.8M
Q4 '24
Free cash flow $5.5M
Q1 '25
Free cash flow −$28.3M
Q2 '25
Free cash flow −$26.1M
Q3 '25
Free cash flow $2.0M
Q4 '25
Free cash flow $25.0M
Q1 '26
Free cash flow −$10.1M
Q2 '26
Free cash flow $7.6M
FY16
Cash from operations −$6.1M
Capital spending $3.6M
FY17
Cash from operations −$11.3M
Capital spending $4.8M
FY18
Cash from operations −$1.7M
Capital spending $4.7M
FY19
Cash from operations $1.0M
Capital spending $5.4M
FY20
Cash from operations $23.5M
Capital spending $5.6M
FY21
Cash from operations $27.4M
Capital spending $7.5M
FY22
Cash from operations $0.9M
Capital spending $9.0M
FY23
Cash from operations $25.6M
Capital spending $40.7M
FY24
Cash from operations $29.3M
Capital spending $56.9M
FY25
Cash from operations $59.3M
Capital spending $86.6M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$6.8M
Capital spending $17.8M
Q4 '23
Cash from operations $21.9M
Capital spending $12.0M
Q1 '24
Cash from operations −$14.9M
Capital spending $1.7M
Q2 '24
Cash from operations $8.3M
Capital spending $11.0M
Q3 '24
Cash from operations $5.6M
Capital spending $19.4M
Q4 '24
Cash from operations $30.3M
Capital spending $24.8M
Q1 '25
Cash from operations −$8.4M
Capital spending $19.9M
Q2 '25
Cash from operations $0.3M
Capital spending $26.4M
Q3 '25
Cash from operations $23.9M
Capital spending $21.9M
Q4 '25
Cash from operations $43.5M
Capital spending $18.5M
Q1 '26
Cash from operations $4.6M
Capital spending $14.6M
Q2 '26
Cash from operations $22.1M
Capital spending $14.5M
Cash from operations
Capital spending
Dividends, buybacks and share count
Lincoln Educational Services Corp returned — to shareholders in fiscal 2025. The diluted share count rose 1.3%.
FY16
Dividends $0.0M
Buybacks —
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks $0.0M
FY22
Dividends —
Buybacks $9.4M
FY23
Dividends —
Buybacks $0.9M
FY24
Dividends —
Buybacks $0.0M
FY25
Dividends —
Buybacks —
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks $0.0M
Q4 '23
Dividends —
Buybacks $0.0M
Q1 '24
Dividends —
Buybacks $0.0M
Q2 '24
Dividends —
Buybacks $0.0M
Q3 '24
Dividends —
Buybacks $0.0M
Q4 '24
Dividends —
Buybacks $0.0M
Q1 '25
Dividends —
Buybacks —
Q2 '25
Dividends —
Buybacks —
Q3 '25
Dividends —
Buybacks —
Q4 '25
Dividends —
Buybacks —
Q1 '26
Dividends —
Buybacks —
Q2 '26
Dividends —
Buybacks —
Dividends
Buybacks
FY16
Diluted shares 0.02B
FY17
Diluted shares 0.02B
FY18
Diluted shares 0.02B
FY19
Diluted shares 0.02B
FY20
Diluted shares 0.02B
FY21
Diluted shares 0.03B
FY22
Diluted shares 0.03B
FY23
Diluted shares 0.00B
FY24
Diluted shares 0.00B
FY25
Diluted shares 0.00B
Balance sheet
Cash, debt and the ratios that show how comfortably Lincoln Educational Services Corp can carry it.
FY16
Cash $21.1M
Debt $42.0M
FY17
Cash $14.6M
Debt $53.4M
FY18
Cash $17.6M
Debt $48.8M
FY19
Cash $23.6M
Debt $34.8M
FY20
Cash $38.0M
Debt $17.8M
FY21
Cash $83.3M
Debt $0.0M
FY22
Cash $60.8M
Debt —
FY23
Cash $76.0M
Debt —
FY24
Cash $59.3M
Debt $29.3M
FY25
Cash $28.5M
Debt $31.1M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $83.3M | $60.8M | $76.0M | $59.3M | $28.5M |
| Debt incl. finance leases | $0.0M | — | — | $29.3M | $31.1M |
| Net debt / EBITDA | −1.5x | — | — | −1.1x | 0.1x |
| Debt / equity | 0.0x | — | — | 0.0x | 0.0x |
| Interest coverage | 24.4x | 101.7x | 96.1x | 5.9x | 8.9x |
| Current ratio | 1.8x | 2.1x | 1.8x | 1.2x | 0.9x |
| Quick ratio | 1.8x | 2.0x | 1.8x | 1.2x | 0.8x |
| Total assets | $295M | $292M | $345M | $437M | $493M |
| Total liabilities | $154M | $147M | $178M | $258M | $293M |
| Shareholders' equity | $129M | $145M | $167M | $178M | $200M |
| Net debt (− = net cash) | −$83.3M | — | — | −$30.0M | $2.6M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ |
| Debt fell relative to assets | — | ✕ | ✓ | ✓ | ✓ | ✓ | — | — | — | ✕ |
| Current ratio rose | — | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ |
| Share count didn't rise | — | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ |
| Gross margin rose | — | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ |
| Revenue rose relative to assets | — | ✕ | ✓ | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ | ✓ |
| F-score | — / 3 | 3 / 9 | 5 / 9 | 5 / 9 | 6 / 9 | 5 / 9 | 4 / 8 | 4 / 8 | 4 / 8 | 6 / 9 |
| Accruals ratio | −13.6% | −0.1% | −6.5% | 0.6% | 11.4% | 2.7% | 4.0% | 0.1% | −5.0% | −8.5% |
| Altman Z'' | −1.25 | −0.67 | −1.11 | −0.43 | 1.36 | 3.68 | 3.32 | 3.45 | 1.87 | 1.60 |
10 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $286M | $262M | $263M | $273M | $293M | $335M | $348M | $378M | $440M | $518M |
| Gross profit | $141M | $132M | $138M | $150M | $171M | $196M | $200M | $216M | $258M | $313M |
| Operating income | −$28.9M | −$4.7M | −$4.0M | $5.2M | $14.8M | $49.3M | $16.3M | $33.4M | $15.2M | $30.3M |
| Interest expense | $6.1M | $7.1M | $2.4M | $3.0M | $1.3M | $2.0M | $0.2M | $0.3M | $2.6M | $3.4M |
| Pretax income | −$28.1M | −$11.8M | −$6.3M | $2.3M | $13.5M | $47.2M | $16.4M | $35.6M | $14.7M | $26.1M |
| Income tax | $0.2M | −$0.3M | $0.2M | $0.3M | −$35.1M | $12.5M | $3.8M | $9.6M | $4.8M | $6.1M |
| Net income | −$28.3M | −$11.5M | −$11.5M | $2.0M | $48.6M | $34.7M | $12.6M | $26.0M | $9.9M | $20.0M |
| Net income to common | — | −$11.5M | −$11.5M | $1.9M | $36.8M | $26.1M | $9.2M | $26.0M | $9.9M | — |
| Diluted EPS | −$1.21 | −$0.48 | −$0.48 | $0.08 | $1.49 | $1.04 | $0.36 | $0.85 | $0.32 | $0.64 |
| Diluted shares | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.03B | 0.03B | 0.00B | 0.00B | 0.00B |
| Cash flow | ||||||||||
| Cash from operations | −$6.1M | −$11.3M | −$1.7M | $1.0M | $23.5M | $27.4M | $0.9M | $25.6M | $29.3M | $59.3M |
| Capital expenditure | $3.6M | $4.8M | $4.7M | $5.4M | $5.6M | $7.5M | $9.0M | $40.7M | $56.9M | $86.6M |
| Free cash flow | −$9.7M | −$16.1M | −$6.4M | −$4.4M | $17.9M | $19.9M | −$8.1M | −$15.1M | −$27.6M | −$27.3M |
| Depreciation and 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 | $0.5M | $0.7M | $1.7M | $2.9M | $3.1M | $5.9M | $4.6M | $5.5M |
| Share buybacks | — | — | — | — | — | $0.0M | $9.4M | $0.9M | $0.0M | — |
| Dividends paid | $0.0M | — | — | — | — | — | — | — | — | — |
| Dividends and buybacks | $0.0M | — | — | — | — | $0.0M | $9.4M | $0.9M | $0.0M | — |
| Balance sheet | ||||||||||
| Cash and short-term investments | $21.1M | $14.6M | $17.6M | $23.6M | $38.0M | $83.3M | $60.8M | $76.0M | $59.3M | $28.5M |
| Total debt | $42.0M | $53.4M | $48.8M | $34.8M | $17.8M | $0.0M | — | — | $0.0M | $0.0M |
| Finance lease liabilities | — | — | — | — | — | — | — | $16.2M | $29.3M | $31.1M |
| Current assets | $64.5M | $44.7M | $57.1M | $50.5M | $74.2M | $122M | $114M | $135M | $111M | $87.0M |
| Current liabilities | $66.3M | $47.5M | $64.6M | $57.2M | $66.8M | $65.9M | $55.0M | $73.4M | $90.2M | $101M |
| Inventory | $1.7M | $1.7M | $1.5M | $1.6M | $2.4M | $2.7M | $2.6M | $2.9M | $3.1M | $4.0M |
| Property and equipment, net | $55.4M | $52.9M | $49.3M | $49.3M | $48.4M | $23.1M | $23.9M | $50.9M | $104M | $172M |
| Goodwill | $14.5M | $14.5M | $14.5M | $14.5M | $14.5M | $14.5M | $14.5M | $10.7M | $10.7M | $10.7M |
| Intangible assets | $0.0M | $0.0M | — | — | — | — | — | — | — | — |
| Total assets | $163M | $155M | $146M | $195M | $245M | $295M | $292M | $345M | $437M | $493M |
| Total liabilities | $108M | $109M | $106M | $140M | $142M | $154M | $147M | $178M | $258M | $293M |
| Shareholders' equity | $54.9M | $45.8M | $39.9M | $43.1M | $91.1M | $129M | $145M | $167M | $178M | $200M |
| Margins | ||||||||||
| Gross margin | 49.4% | 50.6% | 52.4% | 54.8% | 58.3% | 58.6% | 57.3% | 57.1% | 58.7% | 60.4% |
| Operating margin | −10.1% | −1.8% | −1.5% | 1.9% | 5.0% | 14.7% | 4.7% | 8.8% | 3.4% | 5.8% |
| EBITDA margin | −6.3% | 1.5% | 1.7% | 4.9% | 7.6% | 16.8% | 6.5% | 10.6% | 6.0% | 9.5% |
| Net margin | −9.9% | −4.4% | −4.4% | 0.7% | 16.6% | 10.4% | 3.6% | 6.9% | 2.2% | 3.9% |
| FCF margin | −3.4% | −6.1% | −2.4% | −1.6% | 6.1% | 5.9% | −2.3% | −4.0% | −6.3% | −5.3% |
| Returns | ||||||||||
| Return on capital | −30.1% | −4.4% | −4.4% | 8.5% | 20.9% | 78.5% | — | — | 8.6% | 13.6% |
| Return on capital employed | −29.8% | −4.4% | −4.9% | 3.8% | 8.3% | 21.5% | 6.9% | 12.3% | 4.4% | 7.7% |
| Return on equity | −51.5% | −22.8% | −26.8% | 4.9% | 72.4% | 31.5% | 9.2% | 16.7% | 5.7% | 10.6% |
| Return on assets | −17.3% | −7.2% | −7.6% | 1.2% | 22.1% | 12.8% | 4.3% | 8.2% | 2.5% | 4.3% |
| Return on tangible equity | −70.1% | −36.7% | −45.3% | 6.7% | 48.1% | 22.7% | 7.1% | 16.7% | 5.9% | 10.6% |
| Growth | ||||||||||
| Revenue growth | — | −8.3% | 0.5% | 3.9% | 7.2% | 14.4% | 3.9% | 8.6% | 16.4% | 17.8% |
| Net income growth | — | — | — | — | 2,310.2% | −28.5% | −63.6% | 105.8% | −62.0% | 102.2% |
| EPS growth | — | — | — | — | 1,762.5% | −30.2% | −65.4% | 136.1% | −62.4% | 100.0% |
| FCF growth | — | — | — | — | — | 11.2% | −140.7% | — | — | — |
| Share count change | — | 1.9% | 0.0% | 2.7% | 0.8% | 1.3% | 3.2% | −99.9% | 1.3% | 1.3% |
| Financial health | ||||||||||
| Net debt / EBITDA | — | 9.7x | 7.0x | 0.8x | −0.9x | −1.5x | — | — | −1.1x | 0.1x |
| Debt / equity | 0.8x | 1.2x | 1.2x | 0.8x | 0.2x | 0.0x | — | — | 0.0x | 0.0x |
| Interest coverage | −4.7x | −0.7x | −1.6x | 1.8x | 11.6x | 24.4x | 101.7x | 96.1x | 5.9x | 8.9x |
| Current ratio | 1.0x | 0.9x | 0.9x | 0.9x | 1.1x | 1.8x | 2.1x | 1.8x | 1.2x | 0.9x |
| Quick ratio | 0.9x | 0.9x | 0.9x | 0.9x | 1.1x | 1.8x | 2.0x | 1.8x | 1.2x | 0.8x |
| Capital allocation | ||||||||||
| Capex / revenue | 1.3% | 1.8% | 1.8% | 2.0% | 1.9% | 2.2% | 2.6% | 10.8% | 12.9% | 16.7% |
| Stock comp / revenue | 0.5% | 0.5% | 0.2% | 0.2% | 0.6% | 0.9% | 0.9% | 1.6% | 1.1% | 1.1% |
| Payouts / FCF | — | — | — | — | — | 0.0% | — | — | — | — |
| Quality scores | ||||||||||
| Piotroski F-score | — | 3.0 | 5.0 | 5.0 | 6.0 | 5.0 | 4.0 | 4.0 | 4.0 | 6.0 |
| Altman Z'' | −1.2 | −0.7 | −1.1 | −0.4 | 1.4 | 3.7 | 3.3 | 3.4 | 1.9 | 1.6 |
| Accruals ratio | −13.6% | −0.1% | −6.5% | 0.6% | 11.4% | 2.7% | 4.0% | 0.1% | −5.0% | −8.5% |
Source: SEC EDGAR XBRL filings (CIK 0001286613). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.