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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. 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%
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 (below 1: weak)
Debt/Equity 0.28 (at or below 0.5: strong)
P/E ratio 30.44
Fwd P/E 61.40 (above 35: high)
P/S ratio 1.22
P/B ratio 3.43
Past 5Y EPS Growth (15.55%) (below 0%: weak)
This Y EPS Growth 21.61% (at or above 15%: strong)
Next Y EPS Growth 32.76% (at or above 15%: strong)
Next Y revenue growth 14.60% (at or above 10%: strong)
Next 5Y EPS Growth 26.97% (at or above 15%: strong)

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.2×, 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 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.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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
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.

Lincoln Educational Services Corporation (LINC) Latest News

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stockrow.com/LINC · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com