A Business at a Glance
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LINCOLN EDUCATIONAL SERVICES CORP
LINC
$1.3B
Mkt Cap
$40.51
-1.72%
LINCOLN EDUCATIONAL SERVICES CORP (LINC) has a current P/E ratio of 63.3, compared to its historical median P/E of 16.0. The stock is currently considered Expensive based on its historical valuation range.
LINCOLN EDUCATIONAL SERVICES CORP (LINC) has a 5-year average return on invested capital (ROIC) of 23.8%. This indicates strong capital allocation and a potential competitive advantage.
LINCOLN EDUCATIONAL SERVICES CORP (LINC) has a market capitalization of $1.3B. It is classified as a small-cap stock.
LINCOLN EDUCATIONAL SERVICES CORP (LINC) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.81%.
Based on historical P/E analysis, LINCOLN EDUCATIONAL SERVICES CORP (LINC) appears expensive. The current P/E of 63.3 is 295% above its historical median of 16.0. The estimated fair value CAGR (P/E method) is -1.2%.
LINCOLN EDUCATIONAL SERVICES CORP (LINC) operates in the Services-Educational Services industry, within the Consumer Cyclical sector.
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. Most of the Company’s campuses serve major metropolitan markets and each typically offers courses in multiple areas of study.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 518M | 518M | 440M | 378M | 348M | 335M |
| Net Income | 20M | 20M | 9.9M | 26M | 9.2M | 26M |
| EPS | $0.64 | $0.64 | $0.32 | $0.85 | $0.36 | $1.04 |
| Free Cash Flow | -27M | -27M | -28M | -15M | -8.1M | 20M |
| ROIC | 10.7% | 13.8% | 8.0% | 25.5% | 19.2% | 52.7% |
| Gross Margin | 60.4% | 60.4% | 58.7% | 57.1% | 57.3% | 58.6% |
| Debt/Equity | 0.23 | 0.23 | 0.16 | 0.10 | 0.00 | 0.00 |
| Dividends/Share | $0.00 | - | $0.00 | $0.00 | $0.04 | $0.05 |
| Operating Income | 30M | 30M | 15M | 33M | 16M | 49M |
| Operating Margin | 5.8% | 5.8% | 3.4% | 8.8% | 4.7% | 14.7% |
| ROE | 10.0% | 10.6% | 5.7% | 16.7% | 6.7% | 23.7% |
| Shares Outstanding | 31M | 31M | 31M | 31M | 26M | 25M |
| Metric | 2017 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 218M | 306M | 286M | 262M | 263M | 273M | 293M | 335M | 348M | 378M | 440M | 518M | 518M |
| Gross Margin | 52.6% | 50.5% | 49.4% | 50.6% | 52.4% | 54.8% | 58.3% | 58.6% | 57.3% | 57.1% | 58.7% | 60.4% | 60.4% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 117M | 152M | 148M | 139M | 141M | 145M | 156M | 169M | 182M | 209M | 244M | 283M | 283M |
| EBIT | -24M | 704K | -29M | -4.7M | -4.0M | 5.2M | 15M | 49M | 16M | 33M | 15M | 30M | 30M |
| Op. Margin | -10.9% | 0.2% | -10.1% | -1.8% | -1.5% | 1.9% | 5.0% | 14.7% | 4.7% | 8.8% | 3.4% | 5.8% | 5.8% |
| Net Income | -56M | -3.4M | -28M | -11M | -11M | 1.9M | 37M | 26M | 9.2M | 26M | 9.9M | 20M | 20M |
| Net Margin | -25.7% | -1.1% | -9.9% | -4.4% | -4.4% | 0.7% | 12.6% | 7.8% | 2.6% | 6.9% | 2.2% | 3.9% | 3.9% |
| Non-Recurring | 39M | -1.5M | 8.5M | 1.6M | -537K | 567K | 81K | 22M | 177K | 35M | -2.1M | 406K | 406K |
| Returns on Capital | |||||||||||||
| ROIC | -39.7% | 0.7% | -28.5% | -11.7% | -13.4% | 4.5% | 12.8% | 52.7% | 19.2% | 25.5% | 8.0% | 13.8% | 10.7% |
| ROE | -49.2% | -4.1% | -41.6% | -22.8% | -26.8% | 4.6% | 54.9% | 23.7% | 6.7% | 16.7% | 5.7% | 10.6% | 10.0% |
| ROA | -21.6% | -1.6% | -15.3% | -7.2% | -7.6% | 1.1% | 16.7% | 9.7% | 3.1% | 8.2% | 2.5% | 4.3% | 4.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 12M | 14M | -6.1M | -11M | -1.7M | 988K | 23M | 27M | 882K | 26M | 29M | 59M | 59M |
| Free Cash Flow | 4.5M | 12M | -9.7M | -16M | -6.4M | -4.4M | 18M | 20M | -8.1M | -15M | -28M | -27M | -27M |
| Owner Earnings | -9.9M | -1.3M | -19M | -21M | -11M | -7.8M | 14M | 17M | -8.6M | 13M | 13M | 35M | 35M |
| CapEx | 7.5M | 2.2M | 3.6M | 4.8M | 4.7M | 5.4M | 5.6M | 7.5M | 9.0M | 41M | 57M | 87M | 87M |
| Maint. CapEx | 19M | 15M | 11M | 8.7M | 8.4M | 8.1M | 7.4M | 7.1M | 6.4M | 6.6M | 11M | 19M | 19M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 391K | 2.6M | 34M | 46M | 67M | 67M |
| D&A | 19M | 15M | 11M | 8.7M | 8.4M | 8.1M | 7.4M | 7.1M | 6.4M | 6.6M | 11M | 19M | 19M |
| CapEx/OCF | 62.2% | 15.5% | N/A | N/A | N/A | 545.0% | 23.8% | 27.4% | 1018.8% | 159.2% | 194.0% | 146.1% | 146.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 4.3M | 0 | 0 | 0 | 0 | 0 | 1.4M | 1.2M | 1.1M | 0 | 0 | 0 | 0 |
| Dividend Yield | 5.3% | N/A | N/A | N/A | N/A | N/A | 1.3% | 0.7% | 0.7% | N/A | N/A | N/A | N/A |
| Share Buybacks | 448K | 186K | 178K | 440K | 372K | 18K | 245K | 0 | 9.4M | 891K | 0 | 10M | 10M |
| Buyback Yield | 0.7% | 0.4% | 0.4% | 0.9% | 0.7% | 0.0% | 0.1% | N/A | 4.7% | 0.3% | N/A | N/A | 0.8% |
| Stock-Based Comp | 2.6M | 1.1M | 1.4M | 1.2M | 522K | 679K | 1.7M | 2.9M | 3.1M | 5.9M | 4.6M | 5.5M | 5.5M |
| Debt Repayment | 72M | 39M | 387K | 67M | 35M | 55M | 28M | 18M | 0 | 0 | 0 | 45M | 45M |
| Balance Sheet | |||||||||||||
| Net Debt | 38M | 3.7M | 21M | 42M | 31M | 91M | 61M | -83M | -61M | -60M | -30M | 17M | 17M |
| Cash & Equiv. | 12M | 38M | 21M | 15M | 18M | 24M | 38M | 83M | 46M | 76M | 59M | 29M | 29M |
| Long-Term Debt | 0 | 32M | 30M | 53M | 34M | 32M | 15M | 0 | 0 | 16M | 29M | 45M | 45M |
| Debt/Equity | 0.60 | 0.52 | 0.76 | 1.24 | 1.22 | 2.65 | 1.09 | 0.00 | 0.00 | 0.10 | 0.16 | 0.23 | 0.23 |
| Interest Coverage | -6.9 | 0.1 | -4.7 | -0.7 | -1.6 | 1.8 | 11.6 | 24.4 | 101.7 | 96.1 | 5.9 | 8.9 | 8.9 |
| Equity | 83M | 81M | 55M | 46M | 40M | 43M | 91M | 129M | 145M | 167M | 178M | 200M | 200M |
| Total Assets | 214M | 208M | 163M | 155M | 146M | 195M | 245M | 295M | 292M | 345M | 437M | 493M | 493M |
| Total Liabilities | 131M | 127M | 108M | 109M | 106M | 140M | 142M | 154M | 147M | 178M | 258M | 293M | 293M |
| Intangibles | 1.2M | 50K | 32K | 15M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 5.6M | 2.3M | -26M | -38M | -44M | -42M | 6.2M | 40M | 51M | 69M | 79M | 99M | 99M |
| Working Capital | 30M | 34M | -1.7M | -2.8M | -7.5M | -6.7M | 7.3M | 56M | 59M | 61M | 21M | -14M | -14M |
| Current Assets | 113M | 105M | 65M | 45M | 57M | 50M | 74M | 122M | 114M | 135M | 111M | 87M | 87M |
| Current Liabilities | 83M | 71M | 66M | 47M | 65M | 57M | 67M | 66M | 55M | 73M | 90M | 101M | 101M |
| Per Share Data | |||||||||||||
| EPS | -2.46 | -0.14 | -1.21 | -0.48 | -0.48 | 0.08 | 1.49 | 1.04 | 0.36 | 0.85 | 0.32 | 0.64 | 0.64 |
| Owner EPS | -0.44 | -0.05 | -0.80 | -0.89 | -0.44 | -0.32 | 0.58 | 0.69 | -0.34 | 0.43 | 0.43 | 1.11 | 1.11 |
| Book Value | 3.64 | 3.38 | 2.35 | 1.91 | 1.67 | 1.80 | 3.69 | 5.16 | 5.66 | 5.45 | 5.77 | 6.39 | 6.39 |
| Cash Flow/Share | 0.53 | 0.60 | -0.26 | -0.47 | -0.07 | 0.04 | 0.95 | 1.09 | 0.03 | 0.84 | 0.95 | 1.90 | 1.25 |
| Dividends/Share | 0.18 | 0.00 | 0.00 | N/A | N/A | 0.00 | 0.06 | 0.05 | 0.04 | 0.00 | 0.00 | N/A | 0.00 |
| Shares Out. | 22.8M | 23.9M | 23.4M | 23.9M | 23.9M | 24.0M | 24.7M | 25.1M | 25.6M | 30.6M | 30.9M | 31.2M | 31.2M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | 26.5 | 4.7 | 7.3 | 16.0 | 12.1 | 48.2 | 38.8 | 63.3 |
| P/FCF | 14.4 | 4.1 | N/A | N/A | N/A | N/A | 9.6 | 9.6 | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | 76.6 | N/A | N/A | N/A | 8.0 | 11.5 | 3.5 | 8.7 | 5.3 | 25.5 | 24.8 | 42.3 |
| Price/Book | 0.8 | 0.6 | 0.8 | 1.1 | 1.4 | 1.2 | 2.5 | 2.0 | 1.4 | 1.9 | 2.7 | 3.9 | 6.3 |
| Price/Sales | 0.4 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.5 | 0.7 | 0.7 | 0.6 | 0.8 | 1.2 | 2.4 |
| FCF Yield | 6.9% | 24.1% | -21.8% | -31.7% | -11.5% | -8.2% | 7.9% | 7.8% | -4.0% | -4.8% | -5.8% | -3.5% | -2.2% |
| Market Cap | 66M | 50M | 44M | 51M | 56M | 53M | 226M | 254M | 202M | 313M | 477M | 776M | 1.3B |
| Avg. Price | 3.55 | 1.88 | 2.06 | 2.60 | 2.02 | 2.49 | 4.33 | 6.82 | 6.49 | 7.33 | 11.90 | 19.86 | 40.51 |
| Year-End Price | 2.88 | 2.10 | 1.90 | 2.12 | 2.29 | 2.12 | 6.94 | 7.62 | 5.77 | 10.25 | 15.42 | 24.83 | 40.51 |
LINCOLN EDUCATIONAL SERVICES CORP passes 5 of 9 quality checks, suggesting mixed fundamentals.
LINCOLN EDUCATIONAL SERVICES CORP trades at 63.3x trailing earnings, compared to its 15-year median P/E of 16.0x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average ROIC is 23.8% with a gross margin of 58.4%. Total shareholder yield (buybacks) is 0.8%. At current prices, the estimated annualized return to fair value is -7.3%.
LINCOLN EDUCATIONAL SERVICES CORP (LINC) reported annual revenue of $518 million in its most recent fiscal year, based on SEC EDGAR filings.
LINCOLN EDUCATIONAL SERVICES CORP (LINC) has a net profit margin of 3.9%. This is a modest margin.
LINCOLN EDUCATIONAL SERVICES CORP (LINC) generated $-27 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
LINCOLN EDUCATIONAL SERVICES CORP (LINC) has a debt-to-equity ratio of 0.23. This indicates a conservatively financed balance sheet.
LINCOLN EDUCATIONAL SERVICES CORP (LINC) reported earnings per share (EPS) of $0.64 in its most recent fiscal year.
LINCOLN EDUCATIONAL SERVICES CORP (LINC) has a return on equity (ROE) of 10.6%. This indicates moderate shareholder returns.
LINCOLN EDUCATIONAL SERVICES CORP (LINC) has a 5-year average gross margin of 58.4%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for LINCOLN EDUCATIONAL SERVICES CORP (LINC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
LINCOLN EDUCATIONAL SERVICES CORP (LINC) has a book value per share of $6.39, based on its most recent annual SEC filing.
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