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Lincoln Educational Services Corporation

LINC Consumer Defensive Education & Training Services

Lincoln Educational Services Corporation’s revenue for fiscal 2025 (year ended December 2025) was $518.2 million, up 17.8% from fiscal 2024.

Revenue
+22.4%
EPS
+20.0%
Free cash flow
+129.4%
Total debt
+28.4%

Quarter to June 2026, against a year earlier

17.54 2.57 −12.78%
Market cap
$556.7M
P/E
24.0×
Fwd P/E
26.6×
Dividend yield
—
F-score
6/9
Altman Z
3.03
Beneish M
−2.81
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 31.77
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — 3 3 — 4 6 — — — — —
Insider Ownership 5.53%

Capital & Financial Ratios $m

Size
Market Cap 556.71
Revenue ttm 570.78
Net income ttm 22.80
Free cash flow ttm 24.49
Net debt Q 12.19
Valuation
P/E 24.03
Forward P/E 26.60
Price / sales 0.96
Forward P/S Powerpack
Price / FCF 22.39
Price / book 2.71
Financial health
Current ratio Q 0.96 (below 1: weak)
Debt / equity Q 0.28 (at or below 0.5: strong)
Interest coverage Q 3.13
Growth
Revenue growth Q +22.40% (above 0%: growing)
Operating income growth Q +15.08% (above 0%: growing)
EPS, this year +21.68% (at or above 15%: strong)
EPS, next year A +32.77% (at or above 15%: strong)
Revenue, next year A +14.60% (at or above 10%: strong)
EPS, past 5 yrs −15.55% (below 0%: weak)
EPS, next 5 yrs A +27.02% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.0×, against a ten-year median of 0.5×; over the ten years it ranged from 0.2× in 2019 to 2.8× in 2026.
P/E against its own 10 years 62.60%
10-year low 10-year high
P/S against its own 10 years 80.93%
10-year low 10-year high
P/B against its own 10 years 78.62%
10-year low 10-year high
EV/Sales against its own 10 years 81.59%
10-year low 10-year high
EV/FCF against its own 10 years 75.48%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 80 59 29 44
Receivables 36 44 47 53
Inventory 3 3 4 4
Other 10 1 — —
135 111 87 106
2023 2024 2025 Q'26
Payables 18 37 27 31
ST’ Debt — — — —
Other 0 — — —
73 90 101 111

Compound Annual Growth %

10y 5y 3y
Sales 5.41% 12.07% 14.16%
Cash Flow 15.26% 20.36% 306.65%
Earnings 0.00% (15.78%) 29.49%
Book Value 9.44% 14.15% 11.29%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.00 Actual 0.06

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.12 0.20 Beat by 0.08
Q4 FY25 0.42 0.50 Beat by 0.08
Q1 FY26 0.04 0.14 Beat by 0.10
Q2 FY26 0.00 0.06 Beat by 0.06
Q3 FY26 0.13 — Reports 9 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.14 0.06 — — —
’25 0.06 0.05 0.12 0.40 0.64
’24 (0.01) (0.02) 0.13 0.22 0.32
’23 0.00 0.57 0.07 0.22 0.85
’22 0.00 0.00 0.10 0.27 0.36
’21 0.13 0.06 0.11 0.73 1.04
’20 (0.08) 0.03 0.08 1.44 1.49
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 144 143 — — —
’25 118 116 141 143 518
’24 103 103 114 119 440
’23 87 89 100 103 378
’22 83 82 92 92 348
’21 78 80 89 88 335
’20 70 62 79 82 293
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 5 22 — — —
’25 (8) 0 24 44 59
’24 (15) 8 6 30 29
’23 0 11 (7) 22 26
’22 (14) 4 11 0 1
’21 (8) 9 17 10 27
’20 (12) 18 4 13 23
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (10) 8 — — —
’25 (28) (26) 2 25 (27)
’24 (7) (3) (14) 6 (18)
’23 (3) 36 (25) 10 18
’22 (15) 4 7 (2) (6)
’21 (10) 7 15 53 65
’20 (13) 17 3 11 18
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 286 262 263 273 293 335 348 378 440 518 571 +6.8% 594 648 711 +11.1%
Gross margin, % 49.42 50.58 52.37 54.82 58.31 58.57 57.29 57.08 58.70 60.37 59.84 +11.0 pt
EBT (28) (12) (6) 2 14 47 16 36 15 26 29 n/m
EBT margin, % (9.84) (4.49) (2.41) 0.84 4.61 14.09 4.72 9.43 3.34 5.04 5.09 +14.9 pt
Net income (28) (11) (7) 2 49 35 13 26 10 20 23 n/m
Per share, $
Per share, $ Revenue 12.18 10.95 10.78 11.13 11.84 13.37 13.46 12.56 14.39 16.75 18.26 +3.6%
Earnings (1.21) (0.48) (0.27) 0.08 1.49 1.04 0.36 0.86 0.32 0.65 0.73 n/m
Cash flow (0.26) (0.47) (0.07) 0.04 0.95 1.09 0.03 0.85 0.96 1.92 3.01 n/m
Capex (0.13) 0.45 (0.10) (0.22) (0.23) 1.51 (0.25) (0.25) (1.54) (2.79) (2.22) +40.1%
Free cash flow (0.39) (0.03) (0.17) (0.18) 0.72 2.60 (0.22) 0.60 (0.58) (0.87) 0.78 +9.2%
Book value 2.34 1.92 1.63 2.25 4.16 5.64 5.60 5.54 5.83 6.45 6.47 +11.9%
Shares, m 23 24 24 25 25 25 26 30 31 31 31 +3.1%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 67.50 4.42 7.25 16.11 11.36 48.99 37.73 24.03 19.3
P/S 0.16 0.18 0.30 0.24 0.55 0.56 0.44 0.78 1.10 1.44 0.96 0.6
P/B 0.83 1.03 1.96 1.54 1.77 1.45 1.06 1.78 2.71 3.74 2.71 1.8
EV/Sales 0.21 0.33 0.35 0.28 0.48 0.60 0.55 0.64 1.06 1.45 0.98 0.6
EV/FCF (6.51) (139.96) (22.90) (17.44) 7.82 3.09 (33.22) 13.37 (26.31) (27.89) 22.90 (25.0)
Cash, $m
Cash, $m Operating cash flow (6) (11) (2) 1 23 27 1 26 29 59 94 n/m
Capex (3) 11 (2) (5) (6) 38 (7) (7) (47) (86) (70) +44.5%
Free cash flow (9) (1) (4) (4) 18 65 (6) 18 (18) (27) 24 +12.6%
Balance, $m
Balance, $m Working capital (2) (3) (7) (7) 7 56 59 61 21 (14) (5) +25.9%
Net debt 14 31 14 10 (21) 3 26 (64) (30) 2 12 (19.2%)
Shareholders’ equity 55 46 40 55 103 141 145 167 178 200 202 +15.4%
Returns, %
Returns, % ROA (15.26) (7.21) (4.35) 1.13 21.45 12.40 3.14 8.16 2.53 4.30 4.67 +19.6 pt
ROIC (26.03) (3.85) (4.55) 5.00 11.23 21.31 5.96 20.31 6.40 9.39 9.83 +35.4 pt
ROE (41.65) (22.80) (15.28) 4.63 70.32 30.39 6.72 16.68 5.73 10.58 11.90 +52.2 pt
People
People Employees 2,197 1,980 1,884 1,922 1,933 2,056 2,121 2,300 2,475 2,640 — +2.1%
Revenue/emp, $m 0.13 0.13 0.14 0.14 0.15 0.16 0.16 0.16 0.18 0.20 — +4.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Lincoln Educational Services Corporation vs peers in Education & Training Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
UTI Universal Technical Institute Inc $1.1B 31.3× 37.5× +7.15% (above 0%: growing) −80.00% (below 0%: shrinking) −408.92% (below 0%: shrinking) 45.94% 1.48% Compare
COUR Coursera, Inc. $991.5M — (loss-making) — (loss-making) +93.98% (above 0%: growing) n/m −45.99% (below 0%: shrinking) 58.43% (7.67%) Compare
AFYA Afya Limited $928.2M 6.2× 6.6× +18.55% (above 0%: growing) +29.41% (above 0%: growing) +59.54% (above 0%: growing) 61.59% 30.64% Compare
PXED Phoenix Education Partners, Inc. $788.9M 9.2× 9.4× +1.28% (above 0%: growing) −29.07% (below 0%: shrinking) +151.03% (above 0%: growing) 100.00% 11.98% Compare
APEI American Public Education, Inc. $699.5M 15.1× 15.6× +5.51% (above 0%: growing) n/m −77.96% (below 0%: shrinking) 55.37% 7.88% Compare
DAO Youdao, Inc. Unsponsored ADR $657.2M 102× 83.9× +9.25% (above 0%: growing) n/m +147.18% (above 0%: growing) 48.87% 7.60% Compare
LINC Lincoln Educational Services Corporation $556.7M 24.0× 26.6× +22.40% (above 0%: growing) +20.00% (above 0%: growing) +129.40% (above 0%: growing) 58.17% 2.32%
GOTU Gaotu Techedu Inc. $284.0M — (loss-making) 931× +26.91% (above 0%: growing) n/m +129.63% (above 0%: growing) 66.51% (8.97%) Compare
KLC KinderCare Learning Companies, Inc. $237.0M — (loss-making) — (loss-making) −0.37% (below 0%: shrinking) n/m +6,646.66% (above 0%: growing) 18.65% 0.34% Compare
Median of peers $744.2M 15.1× 26.6× +8.20% −29.07% +94.59% 56.90% 4.54%

All 44 Education & Training Services stocks →

Pay and ownership Proxy statement filed 26 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 4.00m 6.39m 372.00
2024 2.56m 4.37m 243.00
2023 2.46m 4.02m 154.00
2022 1.74m 842.21k 89.00
2021 1.69m 2.00m 115.00

Ownership

Directors and executive officers, together 12.80%
Juniper Investment Company, LLC 7.40%
John A. Bartholdson 6.80%
BlackRock, Inc. 6.50%
The Vanguard Group 5.10%
Alyeska Investment Group, L.P. 5.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Lincoln Educational Services Corporation (LINC) Latest News

29 Oct

Impact 4 · · GlobeNewswire

23 Oct

Impact 4 · · Insider Monkey
Impact 3 · · Insider Monkey

22 Oct

Impact 4 · · GlobeNewswire

25 Sep

Impact 3 · · StockStory

21 Sep

Impact 3 ·

13 Aug

Impact 3 ·

11 Aug

Impact 3 ·
Impact 3 ·

10 Aug

Impact 4 ·
Impact 3 · · The Motley Fool transcript
Impact 3 · · MarketBeat transcript

20 Jul

Impact 3 ·

7 Jul

Impact 3 ·

6 Jul

Impact 3 ·

22 Jun

Impact 4 · · Insider Monkey

15 Jun

Impact 3 ·

10 Jun

Impact 3 · · Simply Wall St.

29 May

Impact 3 · · The Motley Fool

19 May

Impact 3 · · StockStory

15 May

Impact 3 · · The Motley Fool

14 May

Impact 4 · · Simply Wall St.

13 May

Impact 3 · · StockStory

12 May

Impact 4 ·

11 May

Impact 4 · · Moby
Impact 4 · · The Motley Fool
Impact 4 · · MarketBeat
Impact 4 · · Zacks
Impact 4 · · StockStory
Impact 4 · · GlobeNewswire
stockrow.com/LINC · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com