Saturday 17 October 2026 Export LINC’s income statement to Excel — free account

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. In the quarter to June 2026, revenue grew 22.4%, EPS grew 20.0%, free cash flow grew 129.4% and total debt rose 28.4%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.

22.22 0.34 −1.51%

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Market cap: $715.6M
P/E: 30.4×
Fwd P/E: 61.4×
Dividend yield: —
F-score: 6/9
Altman Z: 3.03
Beneish M: −2.81
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 31.77

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	1	—	3	3	—	4	6	—	—	—	—

Insider Ownership 5.53%

Capital & Financial Ratios $m

Market Cap 715.63

Revenue 570.78

Net Income 22.80

Free Cash Flow 24.49

Net Debt 12.19

Current Ratio 0.96

Debt/Equity 0.28

P/E ratio 30.44

Fwd P/E 61.40

P/S ratio 1.22

P/B ratio 3.43

Past 5Y EPS Growth (15.55%)

This Y EPS Growth 21.61%

Next Y EPS Growth 32.76%

Next Y revenue growth 14.60%

Next 5Y EPS Growth 26.97%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 64.33%

10-year low 10-year high

P/S against its own 10 years 86.47%

10-year low 10-year high

P/B against its own 10 years 86.29%

10-year low 10-year high

EV/Sales against its own 10 years 86.88%

10-year low 10-year high

EV/FCF against its own 10 years 76.95%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2023	Powerpack
2022	Powerpack
2021	Powerpack

special payouts not included in total or ratios

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%

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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	1.30	1.83	1.49	1.51	1.69	5.25	4.59	5.05	8.91	14.10	Analyst estimates 2026–2028 Powerpack
	High	3.20	3.74	3.23	3.34	8.99	8.20	7.95	10.35	18.74	25.76
People
People	Employees	2,197	1,980	1,884	1,922	1,933	2,056	2,121	2,300	2,475	2,640
	Revenue/emp, $m	0.13	0.13	0.14	0.14	0.15	0.16	0.16	0.16	0.18	0.20
Income, $m
Income, $m	Revenue	286	262	263	273	293	335	348	378	440	518
	Gross margin, %	49.42	50.58	52.37	54.82	58.31	58.57	57.29	57.08	58.70	60.37
	EBT	(28)	(12)	(6)	2	14	47	16	36	15	26
	EBT margin, %	(9.84)	(4.49)	(2.41)	0.84	4.61	14.09	4.72	9.43	3.34	5.04
	Net income	(28)	(11)	(7)	2	49	35	13	26	10	20
	Depreciation	12	11	9	9	8	8	6	7	13	21
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
	Earnings	(1.21)	(0.48)	(0.27)	0.08	1.49	1.04	0.36	0.86	0.32	0.65
	Cash flow	(0.26)	(0.47)	(0.07)	0.04	0.95	1.09	0.03	0.85	0.96	1.92
	Capex	(0.13)	0.45	(0.10)	(0.22)	(0.23)	1.51	(0.25)	(0.25)	(1.54)	(2.79)
	Free cash flow	(0.39)	(0.03)	(0.17)	(0.18)	0.72	2.60	(0.22)	0.60	(0.58)	(0.87)
	Book value	2.34	1.92	1.63	2.25	4.16	5.64	5.60	5.54	5.83	6.45
	Shares, m	23	24	24	25	25	25	26	30	31	31
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	67.50	4.42	7.25	16.11	11.36	48.99	37.73
	P/S	0.16	0.18	0.30	0.24	0.55	0.56	0.44	0.78	1.10	1.44
	P/B	0.83	1.03	1.96	1.54	1.77	1.45	1.06	1.78	2.71	3.74
	EV/Sales	0.21	0.33	0.35	0.28	0.48	0.60	0.55	0.64	1.06	1.45
	EV/FCF	(6.51)	(139.96)	(22.90)	(17.44)	7.82	3.09	(33.22)	13.37	(26.31)	(27.89)
Cash, $m
Cash, $m	Operating cash flow	(6)	(11)	(2)	1	23	27	1	26	29	59
	Capex	(3)	11	(2)	(5)	(6)	38	(7)	(7)	(47)	(86)
	Free cash flow	(9)	(1)	(4)	(4)	18	65	(6)	18	(18)	(27)
Balance, $m
Balance, $m	Working capital	(2)	(3)	(7)	(7)	7	56	59	61	21	(14)
	Total debt	42	53	49	34	17	86	91	16	29	31
	Net debt	14	31	14	10	(21)	3	26	(64)	(30)	2
	Shareholders’ equity	55	46	40	55	103	141	145	167	178	200
Returns, %
Returns, %	ROA	(15.26)	(7.21)	(4.35)	1.13	21.45	12.40	3.14	8.16	2.53	4.30
	ROIC	(26.03)	(3.85)	(4.55)	5.00	11.23	21.31	5.96	20.31	6.40	9.39
	ROE	(41.65)	(22.80)	(15.28)	4.63	70.32	30.39	6.72	16.68	5.73	10.58

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
STRA Strategic Education Inc.	$1.8B	13.2×	10.2×	+4.91% (above 0%: growing)	+23.40% (above 0%: growing)	−26.16% (below 0%: shrinking)	47.26%	14.97%	Compare
COUR Coursera, Inc.	$1.4B	— (loss-making)	— (loss-making)	+59.59% (above 0%: growing)	n/m	−190.46% (below 0%: shrinking)	58.07%	(28.37%)	Compare
AFYA Afya Limited	$1.3B	8.8×	7.7×	+18.55% (above 0%: growing)	+29.41% (above 0%: growing)	+59.54% (above 0%: growing)	61.59%	30.64%	Compare
UTI Universal Technical Institute Inc	$1.1B	32.8×	56.3×	+7.15% (above 0%: growing)	−80.00% (below 0%: shrinking)	−408.92% (below 0%: shrinking)	45.94%	1.48%	Compare
APEI American Public Education, Inc.	$899.2M	19.6×	20.9×	+5.51% (above 0%: growing)	n/m	−77.96% (below 0%: shrinking)	55.37%	7.88%	Compare
PXED Phoenix Education Partners, Inc.	$864.4M	10.2×	10.5×	+0.04% (above 0%: growing)	−29.07% (below 0%: shrinking)	+31.81% (above 0%: growing)	100.00%	19.07%	Compare
LINC Lincoln Educational Services Corporation	$715.6M	30.4×	61.4×	+22.40% (above 0%: growing)	+20.00% (above 0%: growing)	+129.40% (above 0%: growing)	58.17%	2.32%
DAO Youdao, Inc. Unsponsored ADR	$604.4M	90.8×	57.2×	+9.25% (above 0%: growing)	n/m	+147.18% (above 0%: growing)	48.87%	7.60%	Compare
GOTU Gaotu Techedu Inc.	$334.0M	— (loss-making)	171×	+26.91% (above 0%: growing)	n/m	+129.63% (above 0%: growing)	66.51%	(8.97%)	Compare
Median of peers	$1.0B	16.4×	20.9×	+8.20%	−2.83%	+2.82%	56.72%	7.74%

All 46 Education & Training Services stocks →

Lincoln Educational Services Corporation (LINC) key facts

Strength: Lincoln Educational Services Corporation’s revenue for fiscal 2025 (year ended December 2025) was $518.2 million, up 17.8% from fiscal 2024.
Lincoln Educational Services Corporation (LINC) is an Education & Training Services company in the Consumer Defensive sector, listed on Nasdaq.
As of October 16, 2026, LINC traded at $22.22, a market capitalization of $715.6 million.
Return on equity was 10.6% and debt-to-equity 0.28.
Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 3.03 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.