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Lincoln Educational Services Corp (LINC) stock

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NASDAQ: LINC Nasdaq Education Services Next results ~November 9, 2026

B Fundamentals grade

Lincoln Educational Services Corp is a US-listed company in the education services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$16

Valuation models combined (4)

Base case. Range ~$9.4–$26. Weighted average of 4 models (growth cash-flow model, forward price-to-earnings vs peers, residual income, justified price-to-book), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Lincoln Educational Services Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 9 selling0 purchases and 23 sales by directors and officers, last 12 monthsInsider trades
  • Funds142 adding, 80 cuttingOf 46 active managers that changed their stake, 24 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Lincoln Educational Services files

Where Lincoln Educational Services stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $571m, up 22.0% on a year earlier, faster than the 19.9% growth a quarter earlier. That growth ranks 1 of 11 among the education services companies we cover. Free-cash-flow margin rose to 4.3% from -13.4% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 4 of our 7 financial-health checks. Our cash-flow model value is $11.82 a share, against a share price of $22.04.

Source: 10-Q filed August 10, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 9, 2026 (estimated)

Lincoln Educational Services Corp's trailing-twelve-month revenue grew 22.0% year on year, with a free-cash-flow margin of 4.3%. Where it stands out: revenue growth of 22.0% ranks 5 of 25 education services companies we cover.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 1100% in the quarter to 2026-06-30, the 4th beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 22.0% over the last 12 months, against a median of 7.5% for education services companies we cover.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 9 November; the share price can move sharply on the day.
  • Share dilution. Diluted shares rose 15.0% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 55% and a beta of 0.8 against the S&P 500.
  • Insiders selling. 9 insiders sold $32M of stock over the past 365 days and none bought (0% under pre-set trading plans).

Latest results: FY2026 Q2

Filed August 10, 2026
Earnings per share
$0.06 against an average estimate of -$0.01: beat by 1100.0%
Revenue
$143m, up 22.4% on a year earlier
Share reaction
-25.9% in the first session after the results on August 10, 2026, against -0.3% for the S&P 500
Guidance given
revenue $590m to $600m (2026 Guidance); adjusted EBITDA $76m to $80m (2026 Guidance)
Next report
November 9, 2026; average EPS estimate $0.12

Lincoln Educational Services' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.7%
  • 1 week-5.1%
  • 1 month-6.6%
  • This year-16.6%
  • 1 year+10.4%
  • 5 years+189.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$571M
Operating margin
5.9%
Net margin
4.0%

Growth

Revenue growth
+22.0%
Change in growth rate
+2.1 pts

Cash

Free cash flow (TTM)
$24.5M
FCF margin
4.3%
Stock pay % of revenue
1.1%

Earnings

Last results
August 10, 2026
Next results (est.)
November 9, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Deal

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Lincoln Educational Services Corp valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Lincoln Educational Services Corp as an operating company, with every model that fits that kind of business. Cost of equity 8.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.87 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$26 ~$18–$33 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$9.8 ~$8.2–$14 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$9.4 ~$6.9–$13 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$10 ~$8.9–$13 Included
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$16 ~$9.4–$26 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Lincoln Educational Services Corp with Education Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025
Share price$1.99$1.92$2.02$3.20$2.70$6.50$7.47$5.79$10.04$15.82$24.15
Market value$46m$45m$48m$77m$66m$161m$187m$150m$307m$489m$755m
+ Net debt (− = net cash)$20m$21m$39m$46m$13m−$18m−$83m−$46m−$76m−$59m−$29m
Enterprise value$67m$66m$87m$123m$79m$143m$104m$104m$231m$429m$726m
Multiples
Price / sales 0.2x0.2x0.2x0.3x0.2x0.5x0.6x0.4x0.8x1.1x1.5x
Price / earnings ————32.9x3.3x5.4x11.9x11.8x49.4x37.8x
Price / free cash flow 3.8x————9.0x9.4x————
EV / EBITDA 4.4x—21.9x27.5x5.9x6.4x1.8x4.6x5.8x16.2x14.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

30 /100

Weak moat

How hard Lincoln Educational Services's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 2 / 20

    Cash operating profit has been a median 3.2% of total assets over 10 years.

  • Pricing power 18 / 20

    Gross margin has been a median 57.2%, moving by 3.3 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 4.6%; its worst year was -11.4%.

  • Cash conversion 5 / 20

    Free cash flow was positive in 5 of 10 years, at a median -0.1% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 20.3% over five years; stock-based pay has been a median 0.9% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (35 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 9, 2026, before the open. Analysts expect revenue of $152m and EPS of $0.12 (range $0.11 to $0.13) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.77 −15% $594m +15%
Next $1.05 +35% $648m +9%

Next year's EPS estimate has moved −3.3% in 90 days, across 5 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.2% on 90 days ago. In the last 30 days, 1 analyst raised Lincoln Educational Services Corp's forecast and 2 cut it.

Consensus EPS forecast Lincoln Educational Services Corp, last 90 days
$0.70 $0.80 $0.90 $1.00 $1.10 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.77 Current fiscal year, 60 days ago: $0.78 Current fiscal year, 30 days ago: $0.77 Current fiscal year, 7 days ago: $0.77 Current fiscal year, Now: $0.77 $0.77 Next fiscal year, 90 days ago: $1.08 Next fiscal year, 60 days ago: $1.05 Next fiscal year, 30 days ago: $1.05 Next fiscal year, 7 days ago: $1.05 Next fiscal year, Now: $1.05 $1.05

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.77$1.08
60 days ago $0.78$1.05
30 days ago $0.77$1.05
7 days ago $0.77$1.05
Now $0.77$1.05

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.01 $0.06 +1100.0%
Mar 2026 $0.04 $0.14 +250.0%
Dec 2025 $0.42 $0.50 +20.1%
Sept 2025 $0.12 $0.20 +68.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 10, 2026
  • Revenue 2026 Guidance $590m to $600m Maintained
    “Revenue $ 590.0 - $ 600.0” source
  • Diluted EPS 2026 Guidance $0.74 to $0.83 Maintained
    “Diluted EPS $ 0.74 - $ 0.83” source
  • Adjusted EBITDA 2026 Guidance $76m to $80m Non-GAAP Maintained
    “Adjusted EBITDA 1 $ 76.0 - $ 80.0” source
  • Net income 2026 Guidance $23m to $26m Maintained
    “Net income $ 23.0 - $ 26.0” source
  • Capital expenditures 2026 Guidance $95m to $100m Raised
    “Capital expenditures $ 95.0 - $ 100.0” source
  • Student starts growth 2026 Guidance 10% growth to 14% growth Maintained
    “Student starts 10 % - 14 %” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

5 analysts, Oct 2026
Buy5100%
Hold00%
Sell00%

Monthly trend

  1. Oct 2026145
  2. Sep 2026145
  3. Aug 2026145
  4. Jul 2026145

Counts of recommendations published by analysts covering Lincoln Educational Services Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
7.1%
of tradable shares
Days to cover
2.97
at average volume
Short interest, 1 month
−31%
to October 15, 2026
Held by institutions
94%
of shares
Held by insiders
7.1%
of shares
Employees
2,190
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +3.7%

$19.42 on October 31, 2025 to $20.13

ThenNowEffect
Revenue (last 12 months) $468m $571m +22.0%
Net margin 3.1% 4.0% +30.8%
P/E multiple 42.2x 27.7x −34.4%
Share count 31m 31m −1.0%

Biggest factor: p/e multiple.

Last 3 years +130.6%

$8.73 on November 3, 2023 to $20.13

ThenNowEffect
Revenue (last 12 months) $360m $571m +58.8%
Net margin 8.1% 4.0% −50.9%
P/E multiple 8.4x 27.7x +230.2%
Share count 28m 31m −10.4%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
LINC+15%−23%+73%+58%+53%−17%
Industry peers (median)−20%−6%+23%+14%−3%−8%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
LINC58%42%75%67%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
LINC−25%−39%−25%−20%−27%−64%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 64% from July 7, 2026 to November 2, 2026. Getting back needed a 177% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$17.80 – $55.68
From 52-week high
−63.8%
vs 50-day average
−14.0%
vs 200-day average
−43.9%
Volatility (1 year)
55%
Beta vs S&P 500
0.80

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±10.3%
After a week
9 up, 3 down
typical move ±11.8%
After a month
7 up, 5 down
typical move ±12.7%
Results releasedNext dayS&P 500 next day5 days21 days
August 10, 2026 −25.9% −0.3% −29.9% −41.0%
May 11, 2026 +12.2% +0.1% +10.5% +6.0%
February 23, 2026 +18.2% −0.3% +22.8% +36.2%
November 10, 2025 +16.8% +1.8% +13.2% +25.6%
August 11, 2025 −15.0% +0.9% −19.5% −20.0%
May 12, 2025 −1.3% +4.0% +1.8% +3.4%
February 24, 2025 +9.8% −1.0% +13.1% −2.4%
November 12, 2024 −3.2% −0.3% −9.7% −3.2%
August 8, 2024 +2.8% +2.8% +2.4% +0.5%
May 6, 2024 +7.3% +1.1% +8.7% −1.1%
February 26, 2024 +4.4% −0.2% +2.4% +5.9%
November 6, 2023 +6.4% +0.5% +7.9% +7.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Lincoln Educational Services Corp in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Lincoln Educational Services Corp
$300M $400M $500M $600M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $367.3M Revenue (TTM), FY23 Q4: $378.1M Revenue (TTM), FY24 Q1: $394.2M Revenue (TTM), FY24 Q2: $408.4M Revenue (TTM), FY24 Q3: $423.2M Revenue (TTM), FY24 Q4: $440.1M Revenue (TTM), FY25 Q1: $454.2M Revenue (TTM), FY25 Q2: $467.8M Revenue (TTM), FY25 Q3: $494.7M Revenue (TTM), FY25 Q4: $518.2M Revenue (TTM), FY26 Q1: $544.7M Revenue (TTM), FY26 Q2: $570.8M $570.8M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $367.3M
FY23 Q4 $378.1M
FY24 Q1 $394.2M
FY24 Q2 $408.4M
FY24 Q3 $423.2M
FY24 Q4 $440.1M
FY25 Q1 $454.2M
FY25 Q2 $467.8M
FY25 Q3 $494.7M
FY25 Q4 $518.2M
FY26 Q1 $544.7M
FY26 Q2 $570.8M
Revenue growth, TTM YoY Lincoln Educational Services Corp
0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 6.7% Revenue growth, TTM YoY, FY23 Q4: 8.6% Revenue growth, TTM YoY, FY24 Q1: 11.7% Revenue growth, TTM YoY, FY24 Q2: 13.6% Revenue growth, TTM YoY, FY24 Q3: 15.2% Revenue growth, TTM YoY, FY24 Q4: 16.4% Revenue growth, TTM YoY, FY25 Q1: 15.2% Revenue growth, TTM YoY, FY25 Q2: 14.5% Revenue growth, TTM YoY, FY25 Q3: 16.9% Revenue growth, TTM YoY, FY25 Q4: 17.8% Revenue growth, TTM YoY, FY26 Q1: 19.9% Revenue growth, TTM YoY, FY26 Q2: 22.0% 22.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 6.7%
FY23 Q4 8.6%
FY24 Q1 11.7%
FY24 Q2 13.6%
FY24 Q3 15.2%
FY24 Q4 16.4%
FY25 Q1 15.2%
FY25 Q2 14.5%
FY25 Q3 16.9%
FY25 Q4 17.8%
FY26 Q1 19.9%
FY26 Q2 22.0%
Operating margin (TTM) Lincoln Educational Services Corp
0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 9.7% Operating margin (TTM), FY23 Q4: 8.8% Operating margin (TTM), FY24 Q1: 8.6% Operating margin (TTM), FY24 Q2: 2.3% Operating margin (TTM), FY24 Q3: 3.1% Operating margin (TTM), FY24 Q4: 3.4% Operating margin (TTM), FY25 Q1: 4.2% Operating margin (TTM), FY25 Q2: 4.9% Operating margin (TTM), FY25 Q3: 4.8% Operating margin (TTM), FY25 Q4: 5.8% Operating margin (TTM), FY26 Q1: 6.1% Operating margin (TTM), FY26 Q2: 5.9% 5.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 9.7%
FY23 Q4 8.8%
FY24 Q1 8.6%
FY24 Q2 2.3%
FY24 Q3 3.1%
FY24 Q4 3.4%
FY25 Q1 4.2%
FY25 Q2 4.9%
FY25 Q3 4.8%
FY25 Q4 5.8%
FY26 Q1 6.1%
FY26 Q2 5.9%
FCF margin (TTM) Lincoln Educational Services Corp
-15% -10% -5% 0% 5% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -7.3% FCF margin (TTM), FY23 Q4: -4.0% FCF margin (TTM), FY24 Q1: -7.2% FCF margin (TTM), FY24 Q2: -8.3% FCF margin (TTM), FY24 Q3: -5.5% FCF margin (TTM), FY24 Q4: -6.3% FCF margin (TTM), FY25 Q1: -8.6% FCF margin (TTM), FY25 Q2: -13.4% FCF margin (TTM), FY25 Q3: -9.5% FCF margin (TTM), FY25 Q4: -5.3% FCF margin (TTM), FY26 Q1: -1.7% FCF margin (TTM), FY26 Q2: 4.3% 4.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -7.3%
FY23 Q4 -4.0%
FY24 Q1 -7.2%
FY24 Q2 -8.3%
FY24 Q3 -5.5%
FY24 Q4 -6.3%
FY25 Q1 -8.6%
FY25 Q2 -13.4%
FY25 Q3 -9.5%
FY25 Q4 -5.3%
FY26 Q1 -1.7%
FY26 Q2 4.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Lincoln Educational Services took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $518M
  2. Cost of revenue $205M · 39.6%
  3. Gross profit $313M · 60.4%
  4. Selling, general and admin $283M · 54.6%
  5. Operating income $30.3M · 5.8%
  6. Income tax $6.1M · 1.2%
  7. Interest and other $4.2M · 0.8%
  8. Net income $20M · 3.9%

Shares of revenue. Source: Lincoln Educational Services's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 553 605 457 380 216 218 306 286 262 263 273 293 335 348 378 440 518 571
Gross profit 341 377 260 202 113 115 154 141 132 138 150 171 196 200 216 258 313 342
EBITDA 113 141 63 14 20 −4 15 −18 4 4 13 22 56 23 40 27 49 61
Operating income 88 115 35 −13 −3 −24 1 −29 −5 −4 5 15 49 16 33 15 30 34
Net income 49 70 18 −37 −51 −56 −3 −28 −11 −11 2 49 35 13 26 10 20 23
Diluted EPS $1.82 $2.79 $0.79 −$1.68 −$2.28 −$2.46 −$0.14 −$1.21 −$0.48 −$0.48 $0.08 $1.49 $1.04 $0.36 $0.85 $0.32 $0.64 —
Growth (year on year)
Revenue — +9.5% −24.5% −16.8% −43.3% +1.1% +40.4% −6.7% −8.3% +0.5% +3.9% +7.2% +14.4% +3.9% +8.6% +16.4% +17.8% +22.0%
EBITDA — +25.4% −55.1% −77.8% +43.5% −121.3% — −217.3% — — — +66.1% +154.3% −59.9% +76.5% −33.6% +86.6% +62.8%
Operating income — +30.2% −69.6% −136.5% — — — — — — — — +233.3% −67.0% +104.9% −54.5% +99.7% +46.4%
Net income — +41.6% −74.8% −312.0% — — — — — — — — −28.5% −63.6% +105.8% −62.0% +102.2% +59.6%
Diluted EPS — +53.3% −71.7% −312.7% — — — — — — — — −30.2% −65.4% +136.1% −62.4% +100.0% —
Margins
Gross margin 61.8% 62.4% 56.9% 53.1% 52.5% 52.6% 50.5% 49.4% 50.6% 52.4% 54.8% 58.3% 58.6% 57.3% 57.1% 58.7% 60.4% 59.8%
EBITDA margin 20.4% 23.3% 13.9% 3.7% 9.4% −2.0% 5.0% −6.3% 1.5% 1.7% 4.9% 7.6% 16.8% 6.5% 10.6% 6.0% 9.5% 10.6%
Operating margin 16.0% 19.0% 7.7% −3.4% −1.6% −10.9% 0.2% −10.1% −1.8% −1.5% 1.9% 5.0% 14.7% 4.7% 8.8% 3.4% 5.8% 5.9%
Net margin 8.9% 11.5% 3.8% −9.8% −23.8% −25.7% −1.1% −9.9% −4.4% −4.4% 0.7% 16.6% 10.4% 3.6% 6.9% 2.2% 3.9% 4.0%
Free-cash-flow margin 8.9% 11.9% −0.3% 1.9% −1.5% 2.1% 4.0% −3.4% −6.1% −2.4% −1.6% 6.1% 5.9% −2.3% −4.0% −6.3% −5.3% 4.3%
Cash flow
Cash from operations 73 114 37 16 3 12 14 −6 −11 −2 1 23 27 1 26 29 59 94
Capital spending 24 42 38 9 7 7 2 4 5 5 5 6 8 9 41 57 87 69
Free cash flow 49 72 −1 7 −3 5 12 −10 −16 −6 −4 18 20 −8 −15 −28 −27 25
Stock-based pay 2 3 4 4 3 3 1 1 1 1 1 2 3 3 6 5 5 6
Free cash flow after stock pay 47 69 −5 3 −6 2 11 −11 −17 −7 −5 16 17 −11 −21 −32 −33 19
Balance sheet
Cash 46 66 27 62 13 12 38 21 15 18 24 38 83 46 76 59 29 44
Total debt 0 57 37 74 90 65 59 42 53 64 37 20 0 0 0 0 0 26
Net debt (negative = net cash) −46 −9 10 12 77 53 20 21 39 46 13 −18 −83 −46 −76 −59 −29 −18
Diluted shares 27m 25m 22m 22m 23m 23m 23m 23m 24m 24m 25m 25m 25m 26m 31m 31m 31m —
Returned to shareholders
Dividends 0 6 18 6 7 4 0 0 — — — — — — — — — —
Buybacks 26 50 0 0 — 0 0 0 0 0 0 0 0 9 1 0 — —
Total returned 26 56 18 6 7 5 0 0 0 0 0 0 0 9 1 0 — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · June 30, 2026
What it owns · $530m
Short-term assets $106mLonger-term assets $424m
What it owes, and who funded it · $530m
Short-term liabilities $111mLonger-term liabilities $216mShareholders' equity $202m
  • Short-term assets cover short-term liabilities $106m of assets due within a year against $111m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $106m short-term assets against $216m of longer-dated liabilities.
  • More cash than debt $44m of cash against $26m of debt.
  • Debt below 40% of shareholders' equity Debt is 13% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 0% to 13% over five years.
  • A year's operating cash flow covers at least 20% of debt $94m of operating cash flow against $26m of debt.
  • Operating profit covers interest at least five times over Operating income of $34m against $4m of interest.

From Lincoln Educational Services Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Sales & admin spending
53.9%
of revenue
Days sales outstanding
29 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in education services
Last 12 months unless stated LINC AFYA PRDO UTI LOPE CHGG Median
Revenue, last 12 months $571m $662m $859m $884m $1.1bn $266m $266m
Revenue growth, last 12 months 22.0% 7.5% 11.7% 9.1% 7.0% −47.6% 7.5%
Revenue growth, 3-year average 16.7% — 5.7% 17.3% 7.2% −29.0% 10.3%
Revenue growth, latest quarter 22.4% — 1.8% 7.2% 6.7% −50.7% 5.8%
Gross margin 59.8% 64.5% — — — 58.0% 54.6%
Operating margin 5.9% 32.8% 24.6% 5.0% 24.5% −20.9% 5.0%
Operating margin, 3-year average 4.4% 27.1% 23.8% 7.2% 26.0% −53.7% 5.9%
Net margin 4.0% 20.4% 20.6% 3.9% 19.6% −20.0% 3.9%
Cash from operations / revenue 16.5% 41.4% 26.2% 8.4% 24.4% 3.8% 8.4%
Free-cash-flow margin 4.3% 36.9% 25.4% −2.6% 21.2% −2.6% 5.8%
Free-cash-flow margin, 3-year average −5.8% 25.7% 24.1% 4.5% 22.7% 5.3% 5.4%
Stock pay / revenue 1.1% 0.4% 1.5% 1.4% 1.2% 6.7% 1.4%
Change in share count 15.0% 0.1% −3.8% 0.3% −5.3% 5.0% 0.7%

Median of all 25 companies we cover in education services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

25 education services companies
Measure Company Peer median Rank
Revenue growth Growth 22.0% 7.5% 5 of 25
Change in growth rate Growth +2.1pp -0.5pp 6 of 25
Gross margin Profitability 59.8% 54.6% 6 of 19
Operating margin Profitability 5.9% 5.0% 12 of 25
Net margin Profitability 4.0% 3.9% 12 of 25
Free-cash-flow margin Cash generation 4.3% 5.8% 14 of 25
Stock pay as % of revenue Cash generation 1.1% 1.4% 7 of 21
Long-term debt as % of assets Balance sheet 4.9% 16.5% 5 of 14
Days sales outstanding Balance sheet 29 days 29 days 11 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Campus Operations $518M 100.0% ▲ 19.7%
Transitional $0 0.0% ▼ 100.0%
Transitional $0 0.0% ▼ 100.0%

From Lincoln Educational Services Corp's 10-K filed March 2, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.5B
Institutions reporting
220
Shares held vs prior quarter
▲ 7.4%
Positions opened / closed
47 / 20

Top buyers and sellers, Q2 2026: 142 institutions bought and 80 sold ; the biggest buyer was Alliancebernstein L.P (+1.5M shares) and the biggest seller Divisadero Street Capital Management, LP (−826K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $124M 2.5M 8.4% ▲ 13.8%
Juniper Investment Company, LLC $86.5M 1.7M 5.8% ▼ 10.6%
Needham Investment Management LLC $66.1M 1.3M 4.5% ▲ 3.7%
Alliancebernstein L.P. $63.6M 1.6M 4.3% ▲ 5391.4%
First Eagle Investment Management, LLC $61.4M 1.2M 4.1% ▲ 79.7%
Vanguard Capital Management LLC $61M 1.2M 4.1% ▲ 1.6%
Next Century Growth Investors LLC $58.7M 1.2M 4.0% ▲ 13.0%
Driehaus Capital Management LLC $47.5M 952K 3.2% ▲ 40.6%
Geode Capital Management, LLC $43.8M 877K 3.0% ▲ 18.4%
American Century Companies Inc $40.6M 814K 2.7% ▲ 0.7%
Alyeska Investment Group, L.P. $36.5M 731K 2.5% ▼ 6.1%
Dimensional Fund Advisors LP $34.7M 696K 2.3% ▲ 0.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Lincoln Educational Services Corp's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $31.8M 23 trades by 9 insiders · 0% under pre-set plans
Net ▼ $31.8M net selling
Insider Date Trade Shares Price Value
Luster Alexandra M SVP and General Counsel June 15, 2026 Sell 18,007 $44.64 $803,832
Juniper Investment Company, Llc 10% owner June 12, 2026 Sell 37,000 $46.88 $1.7M
Juniper Investment Company, Llc 10% owner June 11, 2026 Sell 11,812 $47.87 $565,440
Carney Kevin M Director June 10, 2026 Sell 3,000 $48.00 $144,000
Luster Alexandra M SVP and General Counsel June 5, 2026 Sell 1,993 $50.11 $99,869
Juniper Investment Company, Llc 10% owner June 4, 2026 Sell 25,208 $51.13 $1.3M
Pryor Felecia J. Director June 3, 2026 Sell 2,000 $49.70 $99,400
Juniper Investment Company, Llc 10% owner June 3, 2026 Sell 81,504 $50.10 $4.1M
Burke James J Jr Director May 22, 2026 Sell 15,807 $48.36 $764,427
Burke James J Jr Director May 18, 2026 Sell 16,000 $49.54 $792,640
Juniper Investment Company, Llc 10% owner May 15, 2026 Sell 1,985 $50.11 $99,468
Juniper Investment Company, Llc 10% owner May 14, 2026 Sell 47,836 $51.16 $2.4M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 9, 2026 estimated from the company's past filing pattern, not announced

  • August 10, 2026
  • May 11, 2026
  • February 23, 2026
  • November 10, 2025
  • August 11, 2025
  • May 12, 2025

Recent SEC filings

Data status

When each part of this page on Lincoln Educational Services Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Lincoln Educational Services Corp in brief

What does Lincoln Educational Services Corp do?
Lincoln Educational Services Corp is a US-listed company in the education services industry. Its financial year ends in December.
What is Lincoln Educational Services Corp's stock ticker?
Lincoln Educational Services Corp trades under the ticker LINC on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Lincoln Educational Services Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Lincoln Educational Services Corp reported revenue of $571M, 22.0% higher than a year earlier, according to its SEC filings.
What is Lincoln Educational Services Corp's free cash flow?
Lincoln Educational Services Corp's free-cash-flow margin is 4.3% of revenue over the trailing twelve months, ranking 14 of the 25 education services companies we cover.
Who are Lincoln Educational Services Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Juniper Investment Company, LLC and Needham Investment Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Lincoln Educational Services Corp's market cap?
On December 31, 2025, Lincoln Educational Services Corp's market capitalisation was about $755M, with a price-to-earnings ratio of 37.8 and net debt of -$28.5M. Market figures come from third-party market data and may be delayed.
How much debt does Lincoln Educational Services Corp have?
Lincoln Educational Services Corp's debt-to-equity ratio is 12.8%, from its latest balance sheet (0.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Lincoln Educational Services Corp's competitors?
In our Education Services peer group, the companies closest to Lincoln Educational Services Corp are Afya Ltd, Perdoceo Education Corp, Universal Technical Institute Inc, Grand Canyon Education, Inc. and Chegg, Inc. The side-by-side comparison below sets their revenue, margins and growth against Lincoln Educational Services Corp's.
Are insiders buying or selling Lincoln Educational Services Corp stock?
Over the last 12 months, Lincoln Educational Services Corp's directors and officers reported 0 open-market purchases and 23 sales on Form 4. The insider trading page charts every trade.
When is Lincoln Educational Services Corp's next earnings date?
Around November 9, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Lincoln Educational Services Corp announces its own schedule.