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Friday 6 November 2026
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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%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
37.73 | 48.99 | 11.36 | 16.11 | 7.25 | 4.42 | 67.50 | 0.00 | 0.00 | 0.00 |
Piotroski F-Score |
6 | 4 | 5 | 4 | 4 | 6 | 5 | 5 | 4 | 3 |
P/S ratio |
1.44 | 1.10 | 0.78 | 0.44 | 0.56 | 0.55 | 0.24 | 0.30 | 0.18 | 0.16 |
Altman Z-Score |
3.03 | 2.56 | 2.92 | 2.48 | 2.83 | 2.14 | 1.43 | 1.67 | 1.49 | 1.18 |
P/FCF ratio |
0.00 | 0.00 | 16.30 | 0.00 | 2.87 | 8.98 | 0.00 | 0.00 | 0.00 | 0.00 |
Altman Z″-Score (non-manufacturers) |
1.60 | 1.87 | 3.45 | 3.32 | 3.76 | 1.44 | (0.34) | (1.11) | (0.67) | (1.25) |
Beneish M-Score |
(2.81) | (2.48) | (2.31) | (1.87) | (2.67) | (1.53) | (1.96) | (2.59) | (2.33) | (2.44) |
P/Operating CF |
17.18 | 15.97 | 13.50 | 571.26 | 19.32 | 12.13 | 11.27 | 18.96 | 8.91 | 13.43 |
P/B ratio |
3.74 | 2.71 | 1.78 | 1.06 | 1.45 | 1.77 | 1.54 | 1.96 | 1.03 | 0.83 |
Price to Tangible BV |
3.95 | 2.89 | 1.90 | 1.18 | 1.63 | 2.10 | 2.32 | 3.09 | 1.51 | 1.13 |
EV/Sales |
1.45 | 1.06 | 0.64 | 0.55 | 0.60 | 0.48 | 0.28 | 0.35 | 0.33 | 0.21 |
EV/EBITDA |
14.62 | 16.44 | 6.06 | 8.38 | 3.54 | 6.26 | 5.46 | 19.14 | 12.77 | 0.00 |
EV/Operating CF |
12.64 | 15.86 | 9.51 | 215.22 | 7.36 | 5.96 | 77.61 | (54.65) | (7.59) | (9.86) |
EV/FCF |
(27.89) | (26.31) | 13.37 | (33.22) | 3.09 | 7.82 | (17.44) | (22.90) | (139.96) | (6.51) |
Quick Ratio |
0.75 | 1.14 | 1.58 | 1.86 | 1.66 | 1.02 | 0.77 | 0.82 | 0.79 | 0.65 |
Current Ratio |
0.86 | 1.23 | 1.83 | 2.07 | 1.85 | 1.11 | 0.88 | 0.88 | 0.94 | 0.97 |
Net Debt/EBITDA |
0.04 | (1.06) | (1.60) | 1.15 | 0.05 | (0.93) | 0.74 | 2.98 | 4.58 | (0.86) |
Debt/Assets |
6.22% | 6.70% | 4.67% | 31.21% | 29.26% | 7.02% | 17.47% | 33.39% | 33.88% | 25.71% |
Debt/Equity |
0.15 | 0.16 | 0.10 | 0.63 | 0.61 | 0.17 | 0.62 | 1.22 | 1.15 | 0.76 |
Asset Turnover |
1.11 | 1.13 | 1.19 | 1.19 | 1.24 | 1.33 | 1.60 | 1.75 | 1.64 | 1.54 |
Operating CF/Net income |
2.97 | 2.96 | 0.98 | 0.10 | 0.82 | 0.50 | 0.51 | 0.26 | 0.99 | 0.22 |
Capex/Depreciation |
(4.11) | (3.59) | (1.09) | (1.04) | 4.88 | (0.74) | (0.61) | (0.27) | 0.94 | (0.26) |
Interest Coverage |
8.93 | 5.92 | 96.13 | 101.74 | 24.45 | 11.59 | 1.77 | (1.63) | (0.66) | (4.72) |
| 10.58% | 5.73% | 16.68% | 6.72% | 30.39% | 70.32% | 4.63% | (15.28%) | (22.80%) | (41.65%) | |
| 4.30% | 2.53% | 8.16% | 3.14% | 12.40% | 21.45% | 1.13% | (4.35%) | (7.21%) | (15.26%) | |
ROIC |
9.39% | 6.40% | 20.31% | 5.96% | 21.31% | 11.23% | 5.00% | (4.55%) | (3.85%) | (26.03%) |
Return on Tangible Assets |
12.66% | 7.94% | 23.19% | 11.09% | 42.48% | 84.70% | 4.51% | (15.65%) | (22.92%) | (52.69%) |
Average Days of Receivables |
32.86 | 36.28 | 34.46 | 38.96 | 28.47 | 37.39 | 27.58 | 25.90 | 22.01 | 19.66 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
54.60% | 55.40% | 55.32% | 52.37% | 50.37% | 53.29% | 53.11% | 53.66% | 53.00% | 51.98% |
Intangible Assets out of Total Assets |
0.02 | 0.02 | 0.03 | 0.05 | 0.05 | 0.06 | 0.07 | 0.10 | 0.09 | 0.09 |
Share Based Compensation of Revenue |
1.06% | 1.05% | 1.56% | 0.89% | 0.86% | 0.58% | 0.25% | 0.20% | 0.47% | 0.50% |
Graham Net Nets |
(0.28) | (0.30) | (0.15) | (0.21) | (0.17) | (0.42) | (1.34) | (0.63) | (1.37) | (0.96) |
Graham Number |
9.64 | 6.51 | 10.39 | 6.83 | 10.94 | 11.04 | 1.26 | 0.00 | 0.00 | 0.00 |
Earnings Yield |
2.65% | 2.04% | 8.80% | 6.21% | 13.79% | 22.64% | 1.48% | (8.13%) | (24.37%) | (61.54%) |
Free Cash Flow Yield |
(3.60%) | (3.65%) | 6.13% | (3.70%) | 34.85% | 11.13% | (6.63%) | (5.17%) | (1.30%) | (20.23%) |
Revenue per Share |
16.75 | 14.39 | 12.56 | 13.46 | 13.37 | 11.84 | 11.13 | 10.78 | 10.95 | 12.18 |
Operating CF per Share |
1.92 | 0.96 | 0.85 | 0.03 | 1.09 | 0.95 | 0.04 | (0.07) | (0.47) | (0.26) |
Capex per Share |
(2.79) | (1.54) | (0.25) | (0.25) | 1.51 | (0.23) | (0.22) | (0.10) | 0.45 | (0.13) |
Free Cash Flow per Share |
(0.87) | (0.58) | 0.60 | (0.22) | 2.60 | 0.72 | (0.18) | (0.17) | (0.03) | (0.39) |
Cash per Share |
0.92 | 1.94 | 2.67 | 2.51 | 3.32 | 1.54 | 0.96 | 1.41 | 0.91 | 1.17 |
Shareholders Equity per Share |
6.45 | 5.83 | 5.54 | 5.60 | 5.64 | 4.16 | 2.25 | 1.63 | 1.92 | 2.34 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
6.45 | 5.83 | 5.54 | 5.60 | 5.64 | 4.16 | 2.25 | 1.63 | 1.92 | 2.34 |
Free Cash Flow |
(26.89) | (17.66) | 18.17 | (5.71) | 65.30 | 17.91 | (4.40) | (4.04) | (0.61) | (9.25) |
Working Capital |
(13.68) | 21.04 | 61.25 | 59.12 | 55.75 | 7.32 | (6.73) | (7.47) | (2.77) | (1.72) |
Capital Expenditures |
(86.20) | (46.97) | (7.39) | (6.60) | 37.85 | (5.58) | (5.38) | (2.35) | 10.71 | (3.14) |
Net Current Asset Value |
(206.44) | (147.04) | (43.78) | (32.55) | (32.27) | (67.98) | (89.16) | (49.06) | (64.68) | (43.74) |
EV/EBIT |
24.74 | 30.62 | 7.28 | 11.66 | 4.10 | 9.47 | 14.64 | 0.00 | 0.00 | 0.00 |
Capex to Sales |
0.17 | 0.11 | 0.02 | 0.02 | (0.11) | 0.02 | 0.02 | 0.01 | (0.04) | 0.01 |
Price to Operating Income |
24.65 | 31.88 | 8.88 | 9.48 | 3.80 | 10.88 | 12.66 | 0.00 | 0.00 | 0.00 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.12 | 0.13 | 0.13 | 0.27 | 0.34 | 0.16 | 0.18 | 0.18 | 0.22 | 0.22 |
Cash ROIC |
(10.39%) | (6.62%) | 6.90% | (1.90%) | 20.99% | 11.31% | (3.90%) | (3.29%) | (0.51%) | (7.44%) |
Accounts Receivable Turnover |
11.47 | 11.08 | 10.38 | 11.00 | 11.94 | 11.57 | 13.90 | 15.27 | 16.80 | 22.14 |
Accounts Payable Turnover |
6.41 | 6.59 | 11.33 | 13.05 | 9.93 | 8.08 | 8.61 | 10.19 | 10.67 | 10.85 |
Inventory Turnover |
58.36 | 60.58 | 58.31 | 55.72 | 54.32 | 61.07 | 80.74 | 80.68 | 77.40 | 98.62 |
Average Days of Payables |
48.02 | 74.35 | 40.83 | 25.76 | 32.31 | 46.82 | 43.10 | 41.07 | 29.64 | 34.74 |
Days of Inventory on Hand |
7.08 | 6.13 | 6.63 | 6.42 | 7.15 | 7.15 | 4.75 | 4.22 | 4.67 | 4.26 |
Average Receivables |
45.20 | 39.72 | 36.43 | 31.67 | 28.09 | 25.34 | 19.66 | 17.23 | 15.59 | 12.90 |
Average Payables |
32.02 | 27.59 | 14.32 | 11.40 | 13.99 | 15.13 | 14.35 | 12.31 | 12.13 | 13.31 |
Average Inventory |
3.52 | 3.00 | 2.78 | 2.67 | 2.56 | 2.00 | 1.53 | 1.55 | 1.67 | 1.46 |
Average Assets |
464.86 | 390.90 | 318.41 | 293.43 | 270.24 | 219.98 | 170.40 | 150.63 | 159.21 | 185.48 |
Average Common Equity |
188.98 | 172.53 | 155.84 | 137.15 | 110.24 | 67.11 | 41.51 | 42.84 | 50.37 | 67.96 |
Columns are period end dates