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Lincoln Educational Services Corp key statistics and ratios

In fiscal 2025, Lincoln Educational Services Corp had return on equity of 10.6%, an operating margin of 5.8%, debt equal to 0.0% of equity and a current ratio of 0.86. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin61.8%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%
Operating margin16.0%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 margin8.9%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 margin8.9%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%
Return on equity22.5%31.6%7.6%−17.0%−29.8%−49.2%−4.1%−41.6%−22.8%−26.8%4.9%72.4%31.5%9.2%16.7%5.7%10.6%11.3%
Return on assets—16.9%4.5%−10.5%−15.7%−21.6%−1.6%−15.3%−7.2%−7.6%1.2%22.1%12.8%4.3%8.2%2.5%4.3%4.5%
Asset turnover—1.461.181.070.660.841.451.541.641.751.601.331.241.191.191.131.111.12
Current ratio—0.971.021.701.831.351.480.970.940.880.881.111.852.071.831.230.860.96
Debt to equity0.0%25.6%15.3%37.0%62.1%78.5%72.7%76.4%116.6%160.0%85.3%21.7%0.0%0.0%0.0%0.0%0.0%12.8%
Interest cover (operating income ÷ interest)20.7x25.4x8.0xn/mn/mn/m0.1xn/mn/mn/m1.8x11.6x24.4x101.7x96.1x5.9x8.9x8.9x
Effective tax rate41.5%−40.6%42.6%———————11.7%—26.5%23.1%27.1%32.8%23.4%21.6%
SG&A as % of revenue45.7%42.6%47.5%49.8%54.2%53.5%49.6%52.0%53.0%53.7%53.1%53.3%50.4%52.4%55.3%55.4%54.6%53.9%
Capital spending as % of revenue4.3%7.0%8.3%2.3%3.0%3.4%0.7%1.3%1.8%1.8%2.0%1.9%2.2%2.6%10.8%12.9%16.7%12.2%
Free cash flow ÷ net income99.8%103.4%−7.3%———————−218.2%36.9%57.4%−64.1%−58.2%−278.6%−136.6%107.6%
Dividends ÷ net income0.0%8.0%105.4%———————————————
Dividends and buybacks ÷ free cash flow53.3%77.2%—90.2%—104.8%1.5%————1.4%0.0%—————

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: AFYA vs LINCLINC vs PRDOLINC vs UTI

More: Education Services stocks compared, Consumer Discretionary sector, rankings of US companies

Figures from Lincoln Educational Services Corp's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Lincoln Educational Services Corp.