LINCOLN EDUCATIONAL SERVICES CORP
LINC· Nasdaq· Services-Educational Services
- Market cap
- –
- P/FCF
- –
- EV/Sales
- –
- FCF margin
- -5.3%
- ROIC, 5 yr avg
- –
- Revenue, 5 yr CAGR
- +12.1%
We record prices for the companies we cover; LINC is not one of them yet.
Company statistics
Profile · FY2025
- Market cap
- –
- Enterprise value
- –
- Diluted shares
- 31,260
- Revenue
- $518.2M
- Free cash flow
- -$27.3M
- Owner earnings
- -$32.8M
Valuation · FY2025
- P/E
- –
- P/FCF
- –
- P/Owner earnings
- –
- EV/Sales
- –
- EV/FCF
- –
- P/B
- –
Margins · FY2025
- Gross
- –
- Operating
- 5.8%
- Net
- 3.9%
- Free cash flow
- -5.3%
- Owner earnings
- -6.3%
- Stock pay
- 1.1%
Returns
- ROIC, FY2025
- –
- ROIC, 5 yr avg
- –
- ROE, FY2025
- 10.0%
- ROE, 5 yr avg
- 13.3%
Growth (CAGR)
- Revenue, 3 yr
- 14.2%
- Revenue, 5 yr
- 12.1%
- Revenue, 9 yr
- 6.8%
- Diluted EPS, 3 yr
- -87.9%
- Diluted EPS, 5 yr
- -78.8%
- Diluted EPS, 9 yr
- –
- Free cash flow, 3 yr
- –
- Free cash flow, 5 yr
- –
- Free cash flow, 9 yr
- –
Financial health · FY2025
- Cash and investments
- $28.5M
- Total debt
- –
- Net cash
- –
- Debt/Equity
- –
- Debt/FCF
- –
Shareholder returns · FY2025
- Dividend yield
- –
- Payout ratio
- –
- Buyback yield
- –
- Shareholder yield
- –
- Share count, 5 yr
- 4.8%
Financials: ten years from the 10-Ks
Revenue
$518.2M
+6.8% a year over 9 years
FY2016FY2025
Margins
Operating5.8%Net3.9%
FY2025
FY2016FY2025
Free cash flow and owner earnings
Free cash flow-$27.3MOwner earnings-$32.8M
FY2025
FY2016FY2025
Diluted shares
31,260
+33.3% over 9 years, net dilution
FY2016FY2025
Return on invested capital
–
FY2025
FY2016FY2025
Net cash
–
$83.3M more cash than debt
FY2016FY2025
Every figure, year by year
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| The business | ||||||||||
| Revenue | $285.6M | $261.9M | $263.2M | $273.3M | $293.1M | $335.3M | $348.3M | $378.1M | $440.1M | $518.2M |
| Revenue growth | -6.7% | -8.3% | 0.5% | 3.9% | 7.2% | 14.4% | 3.9% | 8.6% | 16.4% | 17.8% |
| Gross margin | – | – | – | – | – | – | – | – | – | – |
| Operating margin | -10.1% | -1.8% | -1.5% | 1.9% | 5.0% | 14.7% | 4.7% | 8.8% | 3.4% | 5.8% |
| Net income | -$28.3M | -$11.5M | -$11.5M | $2.0M | $48.6M | $34.7M | $12.6M | $26.0M | $9.9M | $20.0M |
| Net margin | -9.9% | -4.4% | -4.4% | 0.7% | 16.6% | 10.4% | 3.6% | 6.9% | 2.2% | 3.9% |
| Diluted EPS | $-1,210.00s | $-480.00s | $-480.00s | $80.00s | $1,490.00s | $1,040.00s | $360.00s | $0.85 | $0.32 | $0.64 |
| Return on invested capital? | – | – | – | 8.6% | – | 78.5% | – | – | – | – |
| Cash | ||||||||||
| Operating cash flow | -$6.1M | -$11.3M | -$1.7M | $988.0K | $23.5M | $27.4M | $882.0K | $25.6M | $29.3M | $59.3M |
| Capital expenditure | $3.6M | $4.8M | $4.7M | $5.4M | $5.6M | $7.5M | $9.0M | $40.7M | $56.9M | $86.6M |
| Free cash flow | -$9.7M | -$16.1M | -$6.4M | -$4.4M | $17.9M | $19.9M | -$8.1M | -$15.1M | -$27.6M | -$27.3M |
| Stock-based compensation | $1.4M | $1.2M | $522.0K | $679.0K | $1.7M | $2.9M | $3.1M | $5.9M | $4.6M | $5.5M |
| Owner earnings? | -$11.1M | -$17.3M | -$6.9M | -$5.1M | $16.2M | $17.0M | -$11.2M | -$21.0M | -$32.2M | -$32.8M |
| Free cash flow per share | $-413.71 | $-672.46 | $-267.33 | $-179.07 | $723.48 | $794.07 | $-313.14 | $-495.76 | $-892.17 | $-874.02 |
| Capital allocation | ||||||||||
| Dividends paid | $0 | – | – | – | – | – | – | – | – | – |
| Share repurchases | – | – | – | – | – | $0 | $9.4M | $891.0K | $0 | – |
| Diluted shares | 23,453.427s | 23,906.395s | 23,906.395s | 24,554.033s | 24,748.496s | 25,080.789s | 25,879.483s | 30,541 | 30,891 | 31,260 |
| Share count change? | 1.2% | 1.9% | 0.0% | 2.7% | 0.8% | 1.3% | 3.2% | 18.0% | 1.1% | 1.2% |
| Balance sheet | ||||||||||
| Cash and equivalents | $21.1M | $14.6M | $17.6M | $23.6M | $38.0M | $83.3M | $46.1M | $76.0M | $59.3M | $28.5M |
| Short-term investments | – | – | – | – | – | $0 | $14.8M | $0 | – | – |
| Total debt | $42.0M | $52.6M | $48.8M | $34.0M | $17.2M | $0 | – | – | – | – |
| Net debt | $20.9M | $38.0M | $31.2M | $10.4M | -$20.8M | -$83.3M | – | – | – | – |
| Shareholders' equity | $54.9M | $45.8M | $39.9M | $43.1M | $91.1M | $129.4M | $144.9M | $166.8M | $178.3M | $199.7M |
Latest filings
| 2026-08-10 | 8-K | Earnings release |
| 2026-08-10 | 10-Q | Quarterly report |
| 2026-05-11 | 10-Q | Quarterly report |
| 2026-05-11 | 8-K | Earnings release |
| 2026-03-26 | DEF 14A | Proxy statement |
| 2026-03-02 | 10-K | Annual report |
| 2026-02-23 | 8-K | Earnings release |
| 2025-11-10 | 8-K | Earnings release |
| 2025-11-10 | 10-Q | Quarterly report |
| 2025-08-11 | 10-Q | Quarterly report |
More from our coverage
- MSFTPlatforms8.4MicrosoftThe most entrenched software franchise in the enterprise, now spending its cash flow on AI capacity; a great business we would own with a margin of safety, not at any price.Base value $410.29
- NVDAAI infrastructure8.4NVIDIAThe best business in technology at the top of its cycle: the moat is CUDA as much as silicon, but today's margins are a peak, not a floor.Base value $104.32
- AAPLHardware7.6AppleOne of the highest-quality businesses in the world growing in the low single digits; the price usually assumes more growth than the numbers show.Base value $134.27
- GOOGLPlatforms7.4AlphabetSearch pays for everything, and AI is both its biggest threat and its biggest opportunity; the price has to allow for search being worth less than it was.Base value $209.60
- NOWSoftware7.4ServiceNowA rare enterprise platform still growing above 20% with high retention; the free cash flow is real but stock pay takes a large share of it.Base value $189.13
- ADBESoftware7.4AdobeSuperb margins and a shrinking share count, priced for decline; the question is whether AI makes Adobe's tools more valuable or makes them unnecessary.Base value $449.35
