Lincoln Educational Services (LINC) Financials

$22.65 +0.04 (+0.18%)

Closing price 07/11/2025 04:00 PM Eastern

Extended Trading

$23.06 +0.41 (+1.83%)

As of 04:19 AM Eastern

Annual Income Statements for Lincoln Educational Services

This table shows Lincoln Educational Services' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-56	-3.35	-28	-11	-6.55	2.02	47	33	12	26	9.89
Consolidated Net Income / (Loss)	-56	-3.35	-28	-11	-6.55	2.02	49	35	13	26	9.89
Net Income / (Loss) Continuing Operations	-26	-3.35	-28	-11	-6.55	2.02	49	35	13	26	9.89
Total Pre-Tax Income	-27	-3.11	-28	-12	-6.35	2.28	14	47	16	36	15
Total Operating Income	-24	0.70	-29	-4.72	-3.95	5.24	15	49	16	33	15
Total Gross Profit	115	154	141	132	138	150	171	196	200	216	258
Total Revenue	218	306	286	262	263	273	293	335	348	378	440
Operating Revenue	218	306	286	262	263	273	293	335	348	378	440
Total Cost of Revenue	103	152	144	129	125	123	122	139	149	162	182
Operating Cost of Revenue	103	152	144	129	125	123	122	139	149	162	182
Total Operating Expenses	138	154	170	137	142	145	156	147	183	182	243
Selling, General & Admin Expense	117	152	148	139	141	145	156	169	182	209	244
Other Operating Expenses / (Income)	-	-	-	-	-	-	-	-	0.00	0.00	-2.79
Impairment Charge	22	0.22	21	-	-	-	0.00	0.70	1.05	4.22	0.00
Other Special Charges / (Income)	-0.06	1.74	0.23	-1.62	0.54	-0.57	-0.08	-22	-0.18	-31	2.12
Total Other Income / (Expense), net	-3.37	-3.81	0.81	-7.04	-2.39	-2.96	-1.28	-2.02	0.16	2.28	-0.47
Interest Expense	3.43	8.02	6.13	7.10	2.42	2.96	1.28	2.02	0.16	0.35	2.57
Interest & Investment Income	0.06	0.05	0.16	0.06	0.03	0.01	0.00	0.00	0.32	2.63	2.10
Income Tax Expense	-1.48	0.24	0.20	-0.27	0.20	0.27	-35	13	3.80	9.64	4.82
Preferred Stock Dividends Declared	-	-	-	-	-	0.00	1.38	1.22	1.11	0.00	0.00
Basic Earnings per Share	($2.46)	($0.14)	($1.21)	($0.48)	($0.27)	$0.08	$1.49	$1.04	$0.36	$0.86	$0.32
Weighted Average Basic Shares Outstanding	22.81M	23.17M	23.45M	23.91M	24.42M	24.55M	24.75M	25.08M	25.88M	30.11M	30.58M
Diluted Earnings per Share	($2.46)	($0.14)	($1.21)	($0.48)	($0.27)	$0.08	$1.49	$1.04	$0.36	$0.85	$0.32
Weighted Average Diluted Shares Outstanding	22.81M	23.17M	23.45M	23.91M	24.42M	24.55M	24.75M	25.08M	25.88M	30.54M	30.89M
Weighted Average Basic & Diluted Shares Outstanding	22.80M	23.90M	23.40M	23.90M	25.11M	26.36M	26.99M	27.45M	31.51M	31.76M	31.59M

This table shows Lincoln Educational Services' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	3.24	8.36	-0.11	17	2.06	6.79	-0.21	-0.68	3.95	6.83	1.94
Consolidated Net Income / (Loss)	3.54	8.56	-0.11	17	2.06	6.79	-0.21	-0.68	3.95	6.83	1.94
Net Income / (Loss) Continuing Operations	3.54	8.56	-0.11	17	2.06	6.79	-0.21	-0.68	3.95	6.83	1.94
Total Pre-Tax Income	4.84	12	-0.67	24	2.85	9.43	-0.33	-1.15	5.63	11	2.83
Total Operating Income	4.88	11	-1.12	24	2.00	8.96	-0.46	-1.12	5.82	11	3.41
Total Gross Profit	52	55	49	49	56	61	60	57	66	74	70
Total Revenue	92	92	87	89	100	103	103	103	114	119	118
Operating Revenue	92	92	87	89	100	103	103	103	114	119	118
Total Cost of Revenue	40	37	38	40	43	41	43	46	48	45	47
Operating Cost of Revenue	40	37	38	40	43	41	43	46	48	45	47
Total Operating Expenses	47	44	50	25	54	53	61	58	61	63	67
Selling, General & Admin Expense	47	43	50	52	54	53	60	58	63	62	67
Other Special Charges / (Income)	0.02	-	-	-31	0.01	-	0.31	0.60	-0.01	1.22	-0.22
Total Other Income / (Expense), net	-0.04	0.27	0.44	0.52	0.86	0.46	0.13	-0.03	-0.20	-0.37	-0.59
Interest Expense	0.04	0.05	0.03	0.03	0.02	0.27	0.57	0.67	0.66	0.67	0.70
Interest & Investment Income	0.00	0.32	0.47	0.55	0.88	0.74	0.70	0.64	0.46	0.30	0.11
Income Tax Expense	1.30	3.04	-0.57	6.78	0.79	2.63	-0.11	-0.46	1.67	3.72	0.88
Basic Earnings per Share	$0.10	$0.26	$0.00	$0.57	$0.07	$0.22	($0.01)	($0.02)	$0.13	$0.22	$0.06
Weighted Average Basic Shares Outstanding	25.38M	25.88M	30.04M	30.14M	30.16M	30.11M	30.30M	30.66M	30.68M	30.58M	30.81M
Diluted Earnings per Share	$0.10	$0.26	$0.00	$0.57	$0.07	$0.21	($0.01)	($0.02)	$0.13	$0.22	$0.06
Weighted Average Diluted Shares Outstanding	25.38M	25.88M	30.04M	30.40M	30.70M	30.54M	30.30M	30.66M	31.04M	30.89M	31.07M
Weighted Average Basic & Diluted Shares Outstanding	26.26M	31.51M	31.34M	31.36M	31.36M	31.76M	31.44M	31.47M	31.48M	31.59M	31.59M

This table details how cash moves in and out of Lincoln Educational Services' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-0.59	26	-13	6.84	-8.61	-7.30	-0.62	45	-33	30	-21
Net Cash From Operating Activities	12	14	-6.11	-11	-1.69	0.99	23	27	0.88	26	29
Net Cash From Continuing Operating Activities	12	21	51	-11	-1.69	0.99	23	27	0.88	26	29
Net Income / (Loss) Continuing Operations	-56	0.00	0.00	-11	-6.55	2.02	49	35	13	26	9.89
Consolidated Net Income / (Loss)	-56	-	-	-11	-6.55	2.02	49	35	13	26	9.89
Depreciation Expense	19	15	11	8.70	8.42	8.12	7.40	7.14	6.36	6.60	11
Amortization Expense	0.82	0.55	0.95	0.58	0.37	0.19	0.18	0.14	0.00	0.18	1.76
Non-Cash Adjustments To Reconcile Net Income	60	10	-4.37	15	19	20	28	6.33	38	21	63
Changes in Operating Assets and Liabilities, net	-12	-11	-14	-25	-23	-30	-61	-21	-57	-28	-57
Net Cash From Investing Activities	-7.41	-1.77	-3.15	11	-2.35	-4.81	-5.48	38	-21	7.37	-47
Net Cash From Continuing Investing Activities	-7.41	-1.77	-3.15	11	-2.35	-4.81	-5.48	38	-21	7.37	-47
Purchase of Property, Plant & Equipment	-7.47	-2.22	-3.60	-4.76	-4.70	-5.39	-5.58	-7.53	-8.99	-41	-57
Purchase of Investments	-	-	-	-	-	-	-	0.00	-15	-24	0.00
Sale of Property, Plant & Equipment	0.07	0.45	0.45	15	2.35	-	0.00	45	2.39	33	9.90
Sale and/or Maturity of Investments	-	-	-	-	-	-	-	-	0.00	39	0.00
Net Cash From Financing Activities	-5.20	14	-4.07	7.45	-4.57	-3.48	-19	-20	-13	-2.95	-3.33
Net Cash From Continuing Financing Activities	-5.20	14	-4.07	7.45	-4.57	-3.48	-19	-20	-13	-2.95	-3.33
Repayment of Debt	-72	-47	-3.90	-68	-35	-55	-28	-18	0.00	0.00	-0.46
Repurchase of Common Equity	-0.45	-0.19	-0.18	-0.44	-0.37	-0.74	-0.25	0.00	-9.45	-0.89	0.00
Payment of Dividends	-4.32	-	-	-	-	0.00	-1.38	-1.22	-1.11	0.00	0.00
Other Financing Activities, net	0.00	-23	-	-	-	-0.98	0.00	-0.96	-1.99	-2.05	-2.88
Cash Interest Paid	4.60	7.16	5.27	2.79	2.03	2.16	1.11	1.53	0.17	0.11	2.35
Cash Income Taxes Paid	0.15	0.09	0.15	0.14	0.19	0.12	0.18	0.74	1.47	7.20	8.84

This table details how cash moves in and out of Lincoln Educational Services' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	2.63	-19	-5.80	26	-25	34	-10	-2.79	-13	5.31	-31
Net Cash From Operating Activities	11	0.27	-0.21	11	-6.79	22	-15	8.34	5.61	30	-8.38
Net Cash From Continuing Operating Activities	11	0.27	-0.21	11	-6.79	22	-15	8.34	5.61	30	-8.38
Net Income / (Loss) Continuing Operations	3.54	8.56	-0.11	17	2.06	6.79	-0.21	-0.68	3.95	6.83	1.94
Consolidated Net Income / (Loss)	3.54	8.56	-0.11	17	2.06	6.79	-0.21	-0.68	3.95	6.83	1.94
Depreciation Expense	1.56	1.74	1.26	1.68	1.72	1.94	2.60	2.90	2.81	3.02	3.35
Amortization Expense	-	-	0.00	-	-	0.18	0.39	0.46	0.46	0.46	0.46
Non-Cash Adjustments To Reconcile Net Income	9.28	12	8.98	-14	13	12	13	15	16	18	13
Changes in Operating Assets and Liabilities, net	-3.78	-22	-10	5.61	-24	0.90	-31	-9.24	-18	1.77	-27
Net Cash From Investing Activities	-3.47	-17	-3.25	16	-18	12	8.03	-11	-19	-25	-20
Net Cash From Continuing Investing Activities	-3.47	-17	-3.25	16	-18	12	8.03	-11	-19	-25	-20
Purchase of Property, Plant & Equipment	-3.47	-1.93	-3.25	-7.65	-18	-12	-1.68	-11	-19	-25	-20
Sale of Property, Plant & Equipment	-	-	0.00	33	-	-	9.72	-	0.18	-	0.25
Net Cash From Financing Activities	-4.50	-2.91	-2.34	-0.61	-	-	-3.59	-0.08	0.56	-0.22	-2.60
Net Cash From Continuing Financing Activities	-4.50	-2.91	-2.34	-0.61	-	-	-3.59	-0.08	0.56	-0.22	-2.60
Repayment of Debt	-	-	0.00	-	-	-	-0.44	-0.02	-	-	-0.08
Other Financing Activities, net	-	-	-1.78	-0.28	-	-	-3.16	-0.06	0.56	-0.22	-2.53
Cash Interest Paid	0.01	0.04	0.09	-	-	0.02	0.03	1.03	0.67	0.62	0.65
Cash Income Taxes Paid	0.01	0.26	0.00	2.17	3.83	1.20	0.01	4.21	1.26	3.36	0.11

This table presents Lincoln Educational Services' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	214	208	163	155	146	195	245	295	292	345	437
Total Current Assets	113	105	65	45	57	50	74	122	114	135	111
Cash & Equivalents	12	38	21	15	18	24	38	83	46	76	59
Accounts Receivable	14	10	15	16	19	21	30	26	37	36	43
Inventories, net	1.49	1.24	1.69	1.66	1.45	1.61	2.39	2.72	2.62	2.95	3.05
Prepaid Expenses	3.94	2.71	2.89	2.35	2.46	4.19	3.72	4.88	4.74	5.56	4.79
Other Current Assets	-	-	-	-	-	-	0.00	4.56	4.56	10	1.15
Plant, Property, & Equipment, net	70	67	55	53	49	49	48	23	24	51	104
Total Noncurrent Assets	31	36	43	58	40	95	123	151	153	160	222
Noncurrent Note & Lease Receivables	6.24	5.28	7.32	8.93	12	15	16	20	23	33	46
Goodwill	22	15	15	15	15	15	15	15	15	11	11
Noncurrent Deferred & Refundable Income Taxes	-	-	0.00	0.42	0.42	0.00	36	24	22	23	25
Employee Benefit Assets	-	-	-	-	-	-	-	-	0.00	0.76	1.55
Other Noncurrent Operating Assets	2.46	1.19	1.12	0.94	0.90	50	56	92	93	92	138
Total Liabilities & Shareholders' Equity	214	208	163	155	146	195	245	295	292	345	437
Total Liabilities	131	127	108	109	106	140	142	154	147	178	258
Total Current Liabilities	83	71	66	47	65	57	67	66	55	73	90
Accounts Payable	12	13	14	11	14	15	16	12	10	18	37
Accrued Expenses	14	11	15	12	11	7.87	17	16	8.65	14	12
Current Deferred Revenue	26	24	25	-	-	-	-	-	24	27	31
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	-	0.00	0.49	1.02	2.06	2.83	1.07
Other Current Liabilities	0.78	0.69	0.65	25	25	33	32	37	9.66	12	9.50
Total Noncurrent Liabilities	47	56	42	62	42	82	75	88	92	105	168
Other Noncurrent Operating Liabilities	10	9.67	0.74	0.55	0.14	46	56	86	91	105	168
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	83	81	55	46	40	43	91	129	145	167	178
Total Preferred & Common Equity	83	81	55	46	40	43	91	129	145	167	178
Total Common Equity	83	81	55	46	40	43	91	129	145	167	178
Common Stock	168	169	170	171	171	172	172	174	95	98	99
Retained Earnings	5.61	2.26	-26	-38	-44	-42	6.20	40	51	69	79
Accumulated Other Comprehensive Income / (Loss)	-7.47	-7.07	-6.10	-4.51	-4.06	-3.46	-4.17	-1.24	-0.96	-0.04	0.27

This table presents Lincoln Educational Services' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	285	291	281	311	316	355	366	404	427
Total Current Assets	111	111	108	137	131	119	119	115	86
Cash & Equivalents	67	70	40	66	42	69	67	54	29
Accounts Receivable	32	32	35	32	40	40	44	53	47
Inventories, net	3.08	2.71	2.64	2.56	2.94	2.42	2.35	2.71	2.39
Prepaid Expenses	4.47	2.26	6.29	7.97	6.95	6.07	4.09	3.64	8.05
Other Current Assets	4.56	4.56	4.56	0.00	10	0.00	0.00	0.00	0.00
Plant, Property, & Equipment, net	22	24	26	33	38	52	59	75	126
Total Noncurrent Assets	152	156	147	141	147	184	187	213	215
Noncurrent Note & Lease Receivables	20	22	15	15	17	45	45	47	43
Goodwill	15	15	15	11	11	11	11	11	11
Noncurrent Deferred & Refundable Income Taxes	24	24	25	25	25	23	23	23	25
Employee Benefit Assets	-	-	-	-	-	0.85	0.94	1.04	1.55
Other Noncurrent Operating Assets	93	96	93	90	93	103	108	132	135
Total Liabilities & Shareholders' Equity	285	291	281	311	316	355	366	404	427
Total Liabilities	147	153	146	157	159	191	202	234	250
Total Current Liabilities	58	60	55	69	66	60	67	73	83
Accounts Payable	14	16	13	17	18	14	19	28	34
Accrued Expenses	11	10	9.01	12	13	9.21	12	12	8.85
Current Deferred Revenue	-	-	21	23	22	22	24	23	29
Current Deferred & Payable Income Tax Liabilities	0.00	0.51	1.55	6.10	3.05	2.29	0.00	0.00	1.30
Other Current Liabilities	33	33	10	10	11	12	12	10	9.75
Total Noncurrent Liabilities	89	93	91	88	93	131	135	161	167
Other Noncurrent Operating Liabilities	87	92	91	88	92	131	135	161	167
Commitments & Contingencies	0.00	0.00	-	-	-	-	-	-	0.00
Total Equity & Noncontrolling Interests	127	126	135	154	157	164	165	170	178
Total Preferred & Common Equity	127	126	135	154	157	164	165	170	178
Total Common Equity	127	126	135	154	157	164	165	170	178
Common Stock	88	85	93	95	96	95	97	98	96
Retained Earnings	40	43	43	60	62	69	68	72	81
Accumulated Other Comprehensive Income / (Loss)	-1.28	-1.30	-1.01	-1.01	-1.04	-0.04	-0.04	-0.04	0.27

This table displays calculated financial ratios and metrics derived from Lincoln Educational Services' official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.13%	40.39%	-6.71%	-8.30%	0.51%	3.85%	7.23%	14.41%	3.86%	8.55%	16.40%
EBITDA Growth	-116.89%	668.51%	-150.78%	145.18%	5.84%	180.07%	65.11%	152.83%	-59.96%	77.25%	-29.56%
EBIT Growth	-588.96%	120.52%	-555.78%	78.69%	16.16%	232.47%	182.19%	233.27%	-66.96%	104.93%	-54.50%
NOPAT Growth	-585.37%	102.98%	-4,207.10%	83.69%	16.16%	267.03%	1,049.65%	-31.89%	-65.43%	94.47%	-58.06%
Net Income Growth	-9.45%	94.03%	-744.90%	59.43%	43.01%	130.79%	2,310.17%	-28.51%	-63.61%	105.77%	-61.95%
EPS Growth	-7.89%	94.31%	-764.29%	60.33%	43.75%	129.63%	1,762.50%	-30.20%	-65.38%	136.11%	-62.35%
Operating Cash Flow Growth	270.36%	19.26%	-142.60%	-85.38%	85.04%	158.32%	2,277.02%	16.87%	-96.79%	2,797.73%	14.66%
Free Cash Flow Firm Growth	61.07%	-86.86%	-257.24%	36.23%	61.56%	29.84%	769.25%	181.59%	-113.94%	299.87%	-232.31%
Invested Capital Growth	-70.19%	-25.06%	-4.78%	26.52%	4.39%	18.33%	62.80%	-29.36%	36.02%	9.51%	37.51%
Revenue Q/Q Growth	9.78%	145.05%	-23.37%	-1.94%	1.04%	1.41%	2.76%	1.83%	1.15%	2.92%	3.98%
EBITDA Q/Q Growth	84.77%	-57.59%	-164.64%	121.16%	-30.65%	42.67%	4.65%	66.30%	-49.84%	-4.73%	13.35%
EBIT Q/Q Growth	47.04%	-84.39%	-1,032.10%	84.91%	-104.34%	456.64%	7.84%	87.00%	-58.26%	-6.62%	14.88%
NOPAT Q/Q Growth	47.21%	-98.15%	-373.61%	84.91%	-104.34%	601.85%	293.53%	-39.12%	-56.81%	-7.23%	6.51%
Net Income Q/Q Growth	39.59%	53.91%	-2,427.14%	69.63%	-69.03%	193.37%	313.28%	-38.85%	-54.94%	-6.36%	0.43%
EPS Q/Q Growth	40.00%	54.84%	-3,933.33%	70.00%	-80.00%	188.89%	282.05%	-41.24%	-57.14%	-5.56%	3.23%
Operating Cash Flow Q/Q Growth	-13.54%	8.67%	-361.88%	14.24%	-219.62%	228.15%	45.84%	-11.50%	-91.44%	558.37%	39.87%
Free Cash Flow Firm Q/Q Growth	16.85%	-85.45%	-1,157.59%	45.27%	26.46%	-12.41%	96.90%	149.67%	-119.53%	84.70%	-7.13%
Invested Capital Q/Q Growth	-53.50%	-20.31%	-11.59%	12.44%	3.56%	12.94%	73.67%	-29.71%	15.32%	1.03%	2.58%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	52.62%	50.46%	49.42%	50.58%	52.37%	54.82%	58.31%	58.57%	57.29%	57.08%	58.70%
EBITDA Margin	-1.61%	6.51%	-3.54%	1.74%	1.84%	4.96%	7.63%	16.86%	6.50%	10.61%	6.42%
Operating Margin	-10.85%	0.23%	-10.13%	-1.80%	-1.50%	1.92%	5.04%	14.69%	4.67%	8.82%	3.45%
EBIT Margin	-10.85%	1.59%	-7.75%	-1.80%	-1.50%	1.92%	5.04%	14.69%	4.67%	8.82%	3.45%
Profit (Net Income) Margin	-25.74%	-1.09%	-9.91%	-4.39%	-2.49%	0.74%	16.57%	10.35%	3.63%	6.88%	2.25%
Tax Burden Percent	207.68%	107.79%	100.71%	97.67%	103.15%	88.26%	359.58%	73.48%	76.87%	72.95%	67.24%
Interest Burden Percent	114.24%	-64.02%	127.01%	249.32%	160.47%	43.59%	91.37%	95.91%	100.97%	106.84%	96.93%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	11.74%	-259.58%	26.52%	23.13%	27.05%	32.76%
Return on Invested Capital (ROIC)	-16.79%	1.24%	-61.09%	-9.02%	-6.62%	9.92%	80.08%	51.59%	18.25%	29.40%	9.93%
ROIC Less NNEP Spread (ROIC-NNEP)	238.74%	10.31%	-37.94%	50.44%	353.63%	300.84%	116.13%	54.44%	18.09%	27.12%	10.38%
Return on Net Nonoperating Assets (RNNOA)	-32.40%	-5.33%	19.44%	-13.78%	-8.66%	-5.68%	-18.67%	-23.19%	-9.43%	-12.71%	-4.20%
Return on Equity (ROE)	-49.20%	-4.09%	-41.65%	-22.80%	-15.28%	4.24%	61.41%	28.41%	8.83%	16.68%	5.73%
Cash Return on Invested Capital (CROIC)	91.36%	29.89%	-56.20%	-32.43%	-10.92%	-6.87%	32.28%	86.00%	-12.27%	20.32%	-21.65%
Operating Return on Assets (OROA)	-9.11%	2.30%	-11.93%	-2.96%	-2.63%	3.07%	6.72%	18.23%	5.55%	10.48%	3.88%
Return on Assets (ROA)	-21.60%	-1.59%	-15.26%	-7.21%	-4.35%	1.18%	22.08%	12.85%	4.31%	8.16%	2.53%
Return on Common Equity (ROCE)	-49.20%	-4.09%	-41.65%	-22.80%	-15.28%	3.71%	52.10%	25.62%	8.46%	16.68%	5.73%
Return on Equity Simple (ROE_SIMPLE)	-67.62%	-4.14%	-51.53%	-25.07%	-16.42%	4.67%	53.33%	26.83%	8.72%	15.59%	5.55%
Net Operating Profit after Tax (NOPAT)	-17	0.49	-20	-3.30	-2.77	4.62	53	36	13	24	10
NOPAT Margin	-7.60%	0.16%	-7.09%	-1.26%	-1.05%	1.69%	18.13%	10.79%	3.59%	6.44%	2.32%
Net Nonoperating Expense Percent (NNEP)	-255.53%	-9.07%	-23.15%	-59.46%	-360.25%	-290.92%	-36.06%	-2.84%	0.16%	2.28%	-0.45%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	8.64%	14.59%	5.72%
Cost of Revenue to Revenue	47.38%	49.54%	50.58%	49.42%	47.63%	45.18%	41.69%	41.43%	42.71%	42.92%	41.30%
SG&A Expenses to Revenue	53.46%	49.59%	51.98%	53.00%	53.66%	53.11%	53.29%	50.37%	52.37%	55.32%	55.40%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	63.47%	50.23%	59.55%	52.38%	53.87%	52.90%	53.27%	43.88%	52.62%	48.25%	55.25%
Earnings before Interest and Taxes (EBIT)	-24	4.86	-22	-4.72	-3.95	5.24	15	49	16	33	15
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-3.50	20	-10	4.57	4.84	14	22	57	23	40	28
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.81	0.59	0.87	1.09	1.98	1.58	1.89	1.56	1.05	1.89	2.79
Price to Tangible Book Value (P/TBV)	1.11	0.71	1.18	1.60	3.11	2.38	2.25	1.76	1.17	2.02	2.97
Price to Revenue (P/Rev)	0.31	0.16	0.17	0.19	0.30	0.25	0.59	0.60	0.44	0.83	1.13
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	33.81	3.65	6.02	13.19	12.11	50.35
Dividend Yield	6.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	2.96%	27.42%	16.61%	7.58%	8.26%	1.99%
Enterprise Value to Invested Capital (EV/IC)	1.78	1.41	1.93	1.98	2.19	1.79	1.99	2.24	1.10	2.71	3.69
Enterprise Value to Revenue (EV/Rev)	0.37	0.16	0.22	0.31	0.35	0.33	0.56	0.39	0.25	0.62	1.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	2.40	0.00	17.68	19.29	6.68	7.30	2.31	3.84	5.85	15.52
Enterprise Value to EBIT (EV/EBIT)	0.00	9.83	0.00	0.00	0.00	17.28	11.05	2.65	5.34	7.03	28.91
Enterprise Value to NOPAT (EV/NOPAT)	0.00	96.87	0.00	0.00	0.00	19.57	3.07	3.60	6.95	9.64	42.99
Enterprise Value to Operating Cash Flow (EV/OCF)	6.70	3.33	0.00	0.00	0.00	91.59	6.95	4.75	98.61	9.18	14.97
Enterprise Value to Free Cash Flow (EV/FCFF)	0.89	4.03	0.00	0.00	0.00	0.00	7.62	2.16	0.00	13.95	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.67	0.57	0.76	1.15	1.22	0.62	0.17	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.30	0.44	0.55	1.15	0.85	0.58	0.15	0.00	0.00	0.00	0.00
Financial Leverage	-0.14	-0.52	-0.51	-0.27	-0.02	-0.02	-0.16	-0.43	-0.52	-0.47	-0.40
Leverage Ratio	2.28	2.57	2.73	3.16	3.52	3.59	2.78	2.21	2.05	2.04	2.27
Compound Leverage Factor	2.60	-1.65	3.47	7.88	5.64	1.56	2.54	2.12	2.07	2.18	2.20
Debt to Total Capital	40.07%	36.23%	43.31%	53.44%	55.02%	38.17%	14.31%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	22.00%	7.96%	12.09%	0.00%	16.92%	2.24%	1.66%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	18.08%	28.27%	31.22%	53.44%	38.10%	35.92%	12.65%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	13.44%	9.96%	8.47%	0.00%	0.00%	0.00%
Common Equity to Total Capital	59.93%	63.77%	56.69%	46.56%	44.98%	48.40%	75.72%	91.53%	100.00%	100.00%	100.00%
Debt to EBITDA	-15.85	2.31	-4.15	11.51	10.08	2.51	0.77	0.00	0.00	0.00	0.00
Net Debt to EBITDA	-3.77	0.01	-1.43	6.75	2.98	0.77	-0.93	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	-7.15	1.80	-2.99	11.51	6.98	2.36	0.68	0.00	0.00	0.00	0.00
Debt to NOPAT	-3.35	93.39	-2.07	-15.93	-17.62	7.36	0.32	0.00	0.00	0.00	0.00
Net Debt to NOPAT	-0.80	0.49	-0.72	-9.34	-5.21	2.25	-0.39	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	-1.51	72.87	-1.49	-15.93	-12.20	6.93	0.29	0.00	0.00	0.00	0.00
Altman Z-Score	1.17	1.99	1.33	1.50	1.67	1.44	2.19	2.89	2.49	2.97	2.59
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	12.61%	15.15%	9.80%	4.19%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.35	1.48	0.97	0.94	0.88	0.88	1.11	1.85	2.07	1.83	1.23
Quick Ratio	0.31	0.69	0.55	0.64	0.56	0.77	1.02	1.66	1.78	1.52	1.13
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	90	12	-19	-12	-4.56	-3.20	21	60	-8.41	17	-22
Operating Cash Flow to CapEx	162.35%	811.38%	-194.18%	0.00%	-72.12%	18.35%	420.88%	0.00%	13.37%	345.89%	62.39%
Free Cash Flow to Firm to Interest Expense	26.26	1.48	-3.04	-1.67	-1.88	-1.08	16.81	29.95	-52.59	48.47	-8.68
Operating Cash Flow to Interest Expense	3.50	1.79	-1.00	-1.60	-0.70	0.33	18.42	13.62	5.51	73.65	11.43
Operating Cash Flow Less CapEx to Interest Expense	1.35	1.57	-1.51	-0.09	-1.67	-1.48	14.04	32.40	-35.71	52.36	-6.89
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.84	1.45	1.54	1.64	1.75	1.60	1.33	1.24	1.19	1.19	1.13
Accounts Receivable Turnover	14.70	25.57	22.14	16.80	15.27	13.90	11.57	11.94	11.00	10.38	11.19
Inventory Turnover	55.02	111.18	98.62	77.40	80.68	80.74	61.07	54.32	55.72	58.31	60.58
Fixed Asset Turnover	2.21	4.49	4.68	4.84	5.15	5.54	6.00	9.38	14.80	10.11	5.70
Accounts Payable Turnover	7.80	12.25	10.85	10.67	10.19	8.61	8.08	9.93	13.05	11.33	6.59
Days Sales Outstanding (DSO)	24.83	14.28	16.48	21.73	23.90	26.26	31.55	30.57	33.19	35.17	32.63
Days Inventory Outstanding (DIO)	6.63	3.28	3.70	4.72	4.52	4.52	5.98	6.72	6.55	6.26	6.03
Days Payable Outstanding (DPO)	46.81	29.79	33.63	34.21	35.83	42.40	45.19	36.75	27.97	32.22	55.40
Cash Conversion Cycle (CCC)	-15.35	-12.24	-13.44	-7.76	-7.41	-11.62	-7.66	0.55	11.77	9.22	-16.75
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	45	34	32	41	43	51	82	58	79	87	119
Invested Capital Turnover	2.21	7.73	8.62	7.15	6.30	5.87	4.42	4.78	5.08	4.57	4.28
Increase / (Decrease) in Invested Capital	-107	-11	-1.62	8.57	1.80	7.83	32	-24	21	7.52	32
Enterprise Value (EV)	81	48	62	81	93	90	163	130	87	235	439
Market Capitalization	67	47	48	50	79	68	172	202	152	315	498
Book Value per Share	$3.45	$3.39	$2.21	$1.85	$1.62	$1.71	$3.44	$4.79	$5.52	$5.32	$5.66
Tangible Book Value per Share	$2.53	$2.78	$1.62	$1.27	$1.03	$1.13	$2.89	$4.25	$4.96	$4.98	$5.32
Total Capital	139	127	97	98	89	89	120	141	145	167	178
Total Debt	56	46	42	53	49	34	17	0.00	0.00	0.00	0.00
Total Long-Term Debt	25	36	30	53	34	32	15	0.00	0.00	0.00	0.00
Net Debt	13	0.24	14	31	14	10	-21	-83	-65	-80	-59
Capital Expenditures (CapEx)	7.41	1.77	3.15	-11	2.35	5.39	5.58	-38	6.60	7.39	47
Debt-free, Cash-free Net Working Capital (DFCFNWC)	18	-1.71	-17	-25	-27	-28	-29	-28	-5.93	-19	-38
Debt-free Net Working Capital (DFNWC)	60	44	9.99	-2.77	7.53	-4.73	9.32	56	59	61	21
Net Working Capital (NWC)	30	34	-1.72	-2.77	-7.47	-6.73	7.32	56	59	61	21
Net Nonoperating Expense (NNE)	40	3.84	8.06	8.18	3.78	2.61	4.58	1.48	-0.12	-1.66	0.31
Net Nonoperating Obligations (NNO)	-38	-47	-23	-4.92	2.82	-4.62	-21	-83	-66	-80	-59
Total Depreciation and Amortization (D&A)	20	15	12	9.29	8.79	8.31	7.58	7.28	6.36	6.77	13
Debt-free, Cash-free Net Working Capital to Revenue	8.14%	-0.56%	-6.12%	-9.36%	-10.19%	-10.38%	-9.79%	-8.22%	-1.70%	-5.03%	-8.69%
Debt-free Net Working Capital to Revenue	27.54%	14.40%	3.50%	-1.06%	2.86%	-1.73%	3.18%	16.62%	16.97%	16.20%	4.78%
Net Working Capital to Revenue	13.57%	11.09%	-0.60%	-1.06%	-2.84%	-2.46%	2.50%	16.62%	16.97%	16.20%	4.78%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($2.46)	($0.14)	($1.21)	($0.48)	($0.27)	$0.08	$1.49	$1.04	$0.36	$0.86	$0.32
Adjusted Weighted Average Basic Shares Outstanding	22.81M	23.17M	23.45M	23.91M	24.42M	24.55M	24.75M	25.08M	25.88M	30.11M	30.58M
Adjusted Diluted Earnings per Share	($2.46)	($0.14)	($1.21)	($0.48)	($0.27)	$0.08	$1.49	$1.04	$0.36	$0.85	$0.32
Adjusted Weighted Average Diluted Shares Outstanding	22.81M	23.17M	23.45M	23.91M	24.42M	24.55M	24.75M	25.08M	25.88M	30.54M	30.89M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	23.84M	23.76M	24.72M	24.70M	25.11M	26.36M	26.99M	27.45M	31.51M	31.76M	31.59M
Normalized Net Operating Profit after Tax (NOPAT)	-1.28	1.86	-5.12	-4.44	-2.39	4.12	10	20	13	4.86	12
Normalized NOPAT Margin	-0.59%	0.61%	-1.79%	-1.69%	-0.91%	1.51%	3.51%	6.02%	3.79%	1.29%	2.64%
Pre Tax Income Margin	-12.40%	-1.02%	-9.84%	-4.49%	-2.41%	0.84%	4.61%	14.09%	4.72%	9.43%	3.34%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-6.90	0.61	-3.61	-0.66	-1.63	1.77	11.59	24.45	101.74	96.13	5.92
NOPAT to Interest Expense	-4.83	0.06	-3.30	-0.47	-1.14	1.56	41.69	17.96	78.20	70.12	3.98
EBIT Less CapEx to Interest Expense	-9.05	0.39	-4.12	0.84	-2.60	-0.05	7.22	43.23	60.51	74.84	-12.40
NOPAT Less CapEx to Interest Expense	-6.99	-0.16	-3.81	1.04	-2.11	-0.26	37.31	36.75	36.98	48.83	-14.33
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-7.70%	0.00%	0.00%	0.00%	0.00%	0.00%	2.84%	3.51%	8.79%	0.00%	0.00%
Augmented Payout Ratio	-8.50%	-5.55%	-0.63%	-3.83%	-5.68%	36.53%	3.34%	3.51%	83.55%	3.43%	0.00%

This table displays calculated financial ratios and metrics derived from Lincoln Educational Services' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.09%	4.51%	5.73%	7.92%	8.50%	11.71%	18.42%	16.10%	14.85%	16.44%	13.68%
EBITDA Growth	-16.53%	-63.24%	-88.44%	1,208.68%	-42.25%	-15.25%	1,718.71%	-91.10%	144.30%	30.05%	185.44%
EBIT Growth	-15.06%	-66.73%	-242.33%	5,838.13%	-59.10%	-20.88%	58.96%	-104.75%	191.68%	21.93%	845.20%
NOPAT Growth	-11.73%	-66.29%	-242.33%	5,840.46%	-59.56%	-22.73%	58.96%	-104.63%	183.24%	9.56%	832.31%
Net Income Growth	-7.68%	-64.28%	-140.07%	6,560.23%	-41.76%	-20.64%	-96.33%	-103.95%	91.52%	0.62%	1,008.41%
EPS Growth	-9.09%	-64.86%	0.00%	0.00%	-30.00%	-19.23%	0.00%	-103.51%	85.71%	4.76%	700.00%
Operating Cash Flow Growth	-36.44%	-97.22%	98.51%	142.67%	-164.04%	8,028.15%	-6,878.50%	-21.49%	182.55%	38.06%	43.90%
Free Cash Flow Firm Growth	156.61%	-125.68%	-108.33%	32.18%	-188.65%	91.59%	-875.95%	-235.65%	-67.49%	-2,302.05%	-204.19%
Invested Capital Growth	-17.08%	36.02%	1.36%	-16.71%	24.99%	9.51%	22.72%	64.34%	35.44%	37.51%	59.88%
Revenue Q/Q Growth	11.77%	-0.04%	-4.90%	1.56%	12.38%	2.92%	0.82%	-0.44%	11.17%	4.34%	-1.56%
EBITDA Q/Q Growth	234.60%	102.95%	-98.94%	18,023.74%	-85.23%	197.80%	-76.81%	-11.27%	305.17%	58.53%	-49.91%
EBIT Q/Q Growth	1,132.32%	132.13%	-109.85%	2,207.08%	-91.51%	349.05%	-105.11%	-143.67%	621.68%	87.72%	-68.77%
NOPAT Q/Q Growth	1,156.67%	134.10%	-109.35%	2,260.46%	-91.44%	347.26%	-104.96%	-143.67%	623.55%	73.00%	-66.82%
Net Income Q/Q Growth	1,268.34%	141.51%	-101.27%	15,925.69%	-88.03%	229.07%	-103.15%	-218.69%	679.62%	72.88%	-71.55%
EPS Q/Q Growth	0.00%	160.00%	-100.00%	0.00%	-87.72%	200.00%	-104.76%	-100.00%	750.00%	69.23%	-72.73%
Operating Cash Flow Q/Q Growth	142.38%	-97.45%	-179.26%	5,061.22%	-163.96%	423.16%	-168.05%	155.81%	-32.74%	440.47%	-127.65%
Free Cash Flow Firm Q/Q Growth	-18.88%	-171.06%	85.66%	1,699.30%	-154.40%	93.26%	-1,564.61%	-122.29%	32.83%	3.36%	-110.80%
Invested Capital Q/Q Growth	-4.16%	15.32%	-3.81%	-21.65%	43.82%	1.03%	7.79%	4.93%	18.53%	2.58%	25.32%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	56.51%	60.22%	56.36%	54.84%	56.71%	59.99%	58.38%	55.73%	58.00%	62.20%	59.65%
EBITDA Margin	7.02%	14.24%	0.16%	28.42%	3.73%	10.81%	2.45%	2.18%	7.94%	12.07%	6.14%
Operating Margin	5.32%	12.34%	-1.28%	26.53%	2.00%	8.74%	-0.44%	-1.08%	5.09%	9.16%	2.90%
EBIT Margin	5.32%	12.34%	-1.28%	26.53%	2.00%	8.74%	-0.44%	-1.08%	5.09%	9.16%	2.90%
Profit (Net Income) Margin	3.86%	9.33%	-0.12%	19.46%	2.07%	6.62%	-0.21%	-0.66%	3.46%	5.72%	1.65%
Tax Burden Percent	73.16%	73.78%	16.17%	71.77%	72.34%	72.06%	65.44%	59.56%	70.25%	64.74%	68.79%
Interest Burden Percent	99.26%	102.40%	60.39%	102.21%	142.94%	105.17%	71.40%	102.60%	96.65%	96.59%	82.80%
Effective Tax Rate	26.84%	26.22%	0.00%	28.23%	27.66%	27.94%	0.00%	0.00%	29.75%	35.26%	31.21%
Return on Invested Capital (ROIC)	17.72%	46.27%	-4.19%	104.46%	6.91%	28.77%	-1.44%	-3.94%	15.01%	25.38%	7.49%
ROIC Less NNEP Spread (ROIC-NNEP)	17.77%	46.00%	-5.26%	104.00%	6.03%	28.32%	-1.61%	-4.06%	15.22%	25.73%	8.30%
Return on Net Nonoperating Assets (RNNOA)	-7.11%	-23.97%	2.38%	-57.48%	-2.88%	-13.28%	0.70%	2.06%	-5.84%	-10.40%	-2.42%
Return on Equity (ROE)	10.60%	22.30%	-1.80%	46.99%	4.03%	15.50%	-0.74%	-1.88%	9.17%	14.98%	5.07%
Cash Return on Invested Capital (CROIC)	57.01%	-12.27%	14.23%	61.52%	11.81%	20.32%	8.51%	-39.90%	-20.60%	-21.65%	-35.48%
Operating Return on Assets (OROA)	6.72%	14.65%	-1.59%	31.96%	2.42%	10.38%	-0.55%	-1.31%	5.98%	10.31%	3.37%
Return on Assets (ROA)	4.88%	11.07%	-0.16%	23.44%	2.51%	7.87%	-0.26%	-0.80%	4.06%	6.44%	1.92%
Return on Common Equity (ROCE)	9.59%	21.37%	-1.73%	45.06%	3.86%	15.50%	-0.74%	-1.88%	9.17%	14.98%	5.07%
Return on Equity Simple (ROE_SIMPLE)	22.22%	0.00%	9.06%	18.93%	17.67%	0.00%	15.74%	4.83%	5.79%	0.00%	6.78%
Net Operating Profit after Tax (NOPAT)	3.57	8.36	-0.78	17	1.44	6.46	-0.32	-0.78	4.09	7.08	2.35
NOPAT Margin	3.89%	9.11%	-0.90%	19.04%	1.45%	6.30%	-0.31%	-0.76%	3.57%	5.93%	2.00%
Net Nonoperating Expense Percent (NNEP)	-0.05%	0.27%	1.08%	0.46%	0.88%	0.46%	0.16%	0.12%	-0.22%	-0.35%	-0.81%
Return On Investment Capital (ROIC_SIMPLE)	-	5.77%	-	-	-	3.87%	-	-	-	3.97%	1.32%
Cost of Revenue to Revenue	43.49%	39.78%	43.64%	45.16%	43.29%	40.01%	41.62%	44.27%	42.00%	37.80%	40.35%
SG&A Expenses to Revenue	51.17%	46.73%	57.64%	58.45%	54.69%	51.24%	58.52%	56.23%	55.36%	52.03%	56.94%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	51.19%	47.88%	57.64%	28.32%	54.70%	51.24%	58.82%	56.81%	52.91%	53.05%	56.75%
Earnings before Interest and Taxes (EBIT)	4.88	11	-1.12	24	2.00	8.96	-0.46	-1.12	5.82	11	3.41
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	6.44	13	0.14	25	3.72	11	2.53	2.24	9.09	14	7.22
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.16	1.05	1.32	1.37	1.69	1.89	1.99	2.26	2.21	2.79	2.82
Price to Tangible Book Value (P/TBV)	1.31	1.17	1.48	1.47	1.81	2.02	2.13	2.42	2.36	2.97	3.00
Price to Revenue (P/Rev)	0.42	0.44	0.51	0.59	0.72	0.83	0.83	0.91	0.89	1.13	1.10
Price to Earnings (P/E)	5.44	13.19	15.58	7.35	9.61	12.11	12.67	46.85	38.16	50.35	41.61
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	18.38%	7.58%	6.42%	13.61%	10.40%	8.26%	7.89%	2.13%	2.62%	1.99%	2.40%
Enterprise Value to Invested Capital (EV/IC)	1.29	1.10	1.57	1.95	2.27	2.71	2.77	3.13	2.77	3.69	3.17
Enterprise Value to Revenue (EV/Rev)	0.26	0.25	0.34	0.32	0.53	0.62	0.66	0.75	0.76	1.00	1.04
Enterprise Value to EBITDA (EV/EBITDA)	1.96	3.84	5.52	2.59	4.62	5.85	6.08	15.63	12.91	15.52	14.34
Enterprise Value to EBIT (EV/EBIT)	2.26	5.34	7.69	3.01	5.45	7.03	7.59	32.60	24.36	28.91	24.82
Enterprise Value to NOPAT (EV/NOPAT)	3.05	6.95	10.12	4.10	7.42	9.64	10.55	44.26	33.59	42.99	36.79
Enterprise Value to Operating Cash Flow (EV/OCF)	8.56	98.61	7.92	5.47	50.14	9.18	23.83	35.76	15.36	14.97	13.18
Enterprise Value to Free Cash Flow (EV/FCFF)	2.05	0.00	11.09	2.89	21.38	13.95	35.84	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.40	-0.52	-0.45	-0.55	-0.48	-0.47	-0.44	-0.51	-0.38	-0.40	-0.29
Leverage Ratio	2.16	2.05	2.06	2.04	2.06	2.04	2.12	2.12	2.20	2.27	2.29
Compound Leverage Factor	2.14	2.10	1.25	2.08	2.94	2.15	1.52	2.18	2.13	2.19	1.89
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	8.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	91.33%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	2.23	2.43	2.42	2.75	2.71	2.73	2.61	2.65	2.43	2.56	2.57
Noncontrolling Interest Sharing Ratio	9.51%	4.19%	4.34%	4.09%	4.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.85	2.07	1.97	2.00	1.98	1.83	1.98	1.78	1.57	1.23	1.04
Quick Ratio	1.70	1.78	1.65	1.79	1.61	1.52	1.82	1.65	1.46	1.13	0.91
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	18	-13	-1.80	29	-16	-1.06	-18	-39	-26	-25	-54
Operating Cash Flow to CapEx	305.50%	13.97%	-6.59%	0.00%	-38.19%	182.67%	0.00%	75.49%	29.21%	122.31%	-42.66%
Free Cash Flow to Firm to Interest Expense	491.34	-273.23	-72.09	1,029.37	-746.67	-3.87	-31.02	-58.62	-39.85	-37.77	-76.32
Operating Cash Flow to Interest Expense	294.56	5.87	-8.56	379.18	-323.38	80.39	-26.34	12.50	8.51	45.09	-11.95
Operating Cash Flow Less CapEx to Interest Expense	198.14	-36.15	-138.52	1,295.54	-1,170.24	36.38	-12.17	-4.06	-20.62	8.22	-39.97
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.26	1.19	1.24	1.20	1.21	1.19	1.24	1.21	1.18	1.13	1.16
Accounts Receivable Turnover	11.13	11.00	10.13	11.30	10.18	10.38	10.46	10.80	9.06	11.19	10.35
Inventory Turnover	50.10	55.72	57.11	54.84	55.86	58.31	66.15	70.50	62.93	60.58	77.35
Fixed Asset Turnover	14.62	14.80	14.24	13.18	11.80	10.11	10.09	8.88	7.43	5.70	5.11
Accounts Payable Turnover	9.11	13.05	11.58	10.04	9.33	11.33	12.28	9.64	7.82	6.59	7.65
Days Sales Outstanding (DSO)	32.80	33.19	36.04	32.31	35.85	35.17	34.88	33.80	40.27	32.63	35.26
Days Inventory Outstanding (DIO)	7.29	6.55	6.39	6.66	6.53	6.26	5.52	5.18	5.80	6.03	4.72
Days Payable Outstanding (DPO)	40.07	27.97	31.53	36.35	39.13	32.22	29.72	37.87	46.67	55.40	47.69
Cash Conversion Cycle (CCC)	0.02	11.77	10.91	2.61	3.26	9.22	10.68	1.10	-0.61	-16.75	-7.71
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	69	79	76	60	86	87	93	98	116	119	149
Invested Capital Turnover	4.56	5.08	4.68	5.49	4.77	4.57	4.66	5.19	4.20	4.28	3.75
Increase / (Decrease) in Invested Capital	-14	21	1.02	-12	17	7.52	17	38	30	32	56
Enterprise Value (EV)	88	87	119	116	195	235	258	306	322	439	473
Market Capitalization	146	152	178	211	265	315	328	373	376	498	501
Book Value per Share	$4.70	$5.52	$4.29	$4.93	$5.01	$5.32	$5.18	$5.24	$5.40	$5.66	$5.63
Tangible Book Value per Share	$4.16	$4.96	$3.83	$4.59	$4.67	$4.98	$4.84	$4.90	$5.06	$5.32	$5.29
Total Capital	138	145	135	154	157	167	164	165	170	178	178
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-70	-65	-59	-95	-70	-80	-70	-67	-54	-59	-29
Capital Expenditures (CapEx)	3.47	1.93	3.25	-26	18	12	-8.03	11	19	25	20
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-18	-5.93	-6.23	-26	-5.76	-19	-11	-14	-12	-38	-25
Debt-free Net Working Capital (DFNWC)	51	59	53	69	65	61	59	52	42	21	3.28
Net Working Capital (NWC)	51	59	53	69	65	61	59	52	42	21	3.28
Net Nonoperating Expense (NNE)	0.03	-0.20	-0.67	-0.37	-0.62	-0.33	-0.11	-0.10	0.14	0.24	0.40
Net Nonoperating Obligations (NNO)	-70	-66	-59	-95	-72	-80	-71	-67	-54	-59	-29
Total Depreciation and Amortization (D&A)	1.56	1.74	1.26	1.68	1.72	2.12	2.99	3.36	3.27	3.48	3.80
Debt-free, Cash-free Net Working Capital to Revenue	-5.36%	-1.70%	-1.77%	-7.26%	-1.57%	-5.03%	-2.77%	-3.55%	-2.83%	-8.69%	-5.59%
Debt-free Net Working Capital to Revenue	14.86%	16.97%	15.02%	19.14%	17.58%	16.20%	14.94%	12.85%	9.92%	4.78%	0.72%
Net Working Capital to Revenue	14.86%	16.97%	15.02%	19.14%	17.58%	16.20%	14.94%	12.85%	9.92%	4.78%	0.72%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.10	$0.26	$0.00	$0.57	$0.07	$0.22	($0.01)	($0.02)	$0.13	$0.22	$0.06
Adjusted Weighted Average Basic Shares Outstanding	25.38M	25.88M	30.04M	30.14M	30.16M	30.11M	30.30M	30.66M	30.68M	30.58M	30.81M
Adjusted Diluted Earnings per Share	$0.10	$0.26	$0.00	$0.57	$0.07	$0.21	($0.01)	($0.02)	$0.13	$0.22	$0.06
Adjusted Weighted Average Diluted Shares Outstanding	25.38M	25.88M	30.04M	30.40M	30.70M	30.54M	30.30M	30.66M	31.04M	30.89M	31.07M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	26.26M	31.51M	31.34M	31.36M	31.36M	31.76M	31.44M	31.47M	31.48M	31.59M	31.59M
Normalized Net Operating Profit after Tax (NOPAT)	3.58	8.36	-0.78	-2.30	1.45	6.46	-0.10	-0.36	4.08	7.86	2.20
Normalized NOPAT Margin	3.90%	9.11%	-0.90%	-2.59%	1.46%	6.30%	-0.10%	-0.35%	3.57%	6.59%	1.87%
Pre Tax Income Margin	5.28%	12.64%	-0.77%	27.11%	2.86%	9.19%	-0.32%	-1.11%	4.92%	8.84%	2.41%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	135.56	246.26	-44.64	839.82	95.05	32.83	-0.81	-1.67	8.83	16.26	4.87
NOPAT to Interest Expense	99.18	181.70	-31.25	602.77	68.76	23.66	-0.57	-1.17	6.21	10.53	3.35
EBIT Less CapEx to Interest Expense	39.14	204.24	-174.60	1,756.18	-751.81	-11.18	13.36	-18.23	-20.29	-20.60	-23.15
NOPAT Less CapEx to Interest Expense	2.76	139.68	-161.21	1,519.12	-778.10	-20.35	13.60	-17.72	-22.92	-26.33	-24.67
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	4.35%	8.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	28.36%	83.55%	81.62%	26.67%	12.98%	3.43%	1.29%	0.00%	0.00%	0.00%	0.00%

Key Financial Trends

Lincoln Educational Services (NASDAQ:LINC) delivered a marked turnaround in Q1 2025, with revenue growth and profitable operations returning after prior losses. However, cash flow remains under pressure from elevated capital expenditures, and liquidity ratios warrant monitoring.

Revenue increased 13.7% year-over-year to $117.5 million in Q1 2025, driven by higher enrollments and program offerings.
EBITDA rose to $7.22 million (6.1% margin) from $2.53 million (2.4% margin) a year ago, reflecting operational leverage.
Net income of $1.94 million (1.7% margin) compared to a $0.21 million loss in Q1 2024, returning LINC to profitability.
Earnings per share was $0.06 in Q1 2025 versus breakeven a year earlier.
Negative net debt of $28.7 million (cash exceeds debt) bolsters the balance sheet and provides dry powder for investments.
Capital expenditures of $19.6 million rose sharply year-over-year as LINC continues to invest in facilities—a sign of growth but a drag on free cash flow.
Current ratio of 1.04× and quick ratio of 0.91× suggest coverage of short-term obligations remains thin.
Free cash flow to the firm was a negative $53.5 million in Q1 2025, deeper than last year’s $17.6 million outflow, largely due to CapEx.
Operating cash flow remained negative $8.38 million, albeit improved from a $14.9 million outflow in Q1 2024.
Altman Z-Score of 2.57 (below the 3.0 “safe” threshold) indicates a moderate risk of financial distress if conditions worsen.

07/14/25 04:05 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Lincoln Educational Services' Financials

When does Lincoln Educational Services' fiscal year end?

According to the most recent income statement we have on file, Lincoln Educational Services' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Lincoln Educational Services' net income changed over the last 10 years?

Lincoln Educational Services' net income appears to be on an upward trend, with a most recent value of $9.89 million in 2024, falling from -$56.13 million in 2014. The previous period was $26.00 million in 2023. View Lincoln Educational Services' forecast to see where analysts expect Lincoln Educational Services to go next.

What is Lincoln Educational Services' operating income?

Lincoln Educational Services' total operating income in 2024 was $15.18 million, based on the following breakdown:

Total Gross Profit: $258.31 million
Total Operating Expenses: $243.13 million

How has Lincoln Educational Services' revenue changed over the last 10 years?

Over the last 10 years, Lincoln Educational Services' total revenue changed from $218.04 million in 2014 to $440.06 million in 2024, a change of 101.8%.

How much debt does Lincoln Educational Services have?

Lincoln Educational Services' total liabilities were at $258.29 million at the end of 2024, a 44.7% increase from 2023, and a 97.6% increase since 2014.

How much cash does Lincoln Educational Services have?

In the past 10 years, Lincoln Educational Services' cash and equivalents has ranged from $12.30 million in 2014 to $83.31 million in 2021, and is currently $59.27 million as of their latest financial filing in 2024.

How has Lincoln Educational Services' book value per share changed over the last 10 years?

Over the last 10 years, Lincoln Educational Services' book value per share changed from 3.45 in 2014 to 5.66 in 2024, a change of 64.1%.

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This page (NASDAQ:LINC) was last updated on 7/14/2025 by MarketBeat.com Staff

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Lincoln Educational Services (LINC) Financials

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