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Stocks · Consumer discretionary · Services-Educational Services

LINCOLN EDUCATIONAL SERVICES CORP

LINC Clue Score51
United States Fiscal year ends December CIK 0001286613
$23.49 +1.08% Close, 9 Oct 2026
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Price $23.49 +237.99% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue285.6Operating income−28.9Net income−28.3EPS, diluted−1.21Fiscal year 2017Revenue261.9 −8.3%Operating income−4.7Net income−11.5EPS, diluted−0.48Fiscal year 2018Revenue263.2 +0.5%Operating income−4.0Net income−11.5EPS, diluted−0.48Fiscal year 2019Revenue273.3 +3.9%Operating income5.2Net income2.0EPS, diluted0.08Fiscal year 2020Revenue293.1 +7.2%Operating income14.8Net income48.6 +2,310.2%EPS, diluted1.49Fiscal year 2021Revenue335.3 +14.4%Operating income49.3Net income34.7 −28.5%EPS, diluted1.04Fiscal year 2022Revenue348.3 +3.9%Operating income16.3Net income12.6 −63.6%EPS, diluted0.36Fiscal year 2023Revenue378.1 +8.6%Operating income33.4Net income26.0 +105.8%EPS, diluted0.85Fiscal year 2024Revenue440.1 +16.4%Operating income15.2Net income9.9 −62.0%EPS, diluted0.32Fiscal year 2025Revenue518.2 +17.8%Operating income30.3Net income20.0 +102.2%EPS, diluted0.64
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 285.6 261.9 263.2 273.3 293.1 335.3 348.3 378.1 440.1 518.2
Growth −8.3% +0.5% +3.9% +7.2% +14.4% +3.9% +8.6% +16.4% +17.8%
Operating income −28.9 −4.7 −4.0 5.2 14.8 49.3 16.3 33.4 15.2 30.3
Net income −28.3 −11.5 −11.5 2.0 48.6 34.7 12.6 26.0 9.9 20.0
Growth +2,310.2% −28.5% −63.6% +105.8% −62.0% +102.2%
EPS, diluted −1.21 −0.48 −0.48 0.08 1.49 1.04 0.36 0.85 0.32 0.64

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin−10.1%Net margin−9.9%Free cash flow margin−3.4%Fiscal year 2017Operating margin−1.8%Net margin−4.4%Free cash flow margin−6.1%Fiscal year 2018Operating margin−1.5%Net margin−4.4%Free cash flow margin−2.4%Fiscal year 2019Operating margin1.9%Net margin0.7%Free cash flow margin−1.6%Fiscal year 2020Operating margin5.0%Net margin16.6%Free cash flow margin6.1%Fiscal year 2021Operating margin14.7%Net margin10.4%Free cash flow margin5.9%Fiscal year 2022Operating margin4.7%Net margin3.6%Free cash flow margin−2.3%Fiscal year 2023Operating margin8.8%Net margin6.9%Free cash flow margin−4.0%Fiscal year 2024Operating margin3.4%Net margin2.2%Free cash flow margin−6.3%Fiscal year 2025Operating margin5.8%Net margin3.9%Free cash flow margin−5.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin −10.1% −1.8% −1.5% 1.9% 5.0% 14.7% 4.7% 8.8% 3.4% 5.8%
Net margin −9.9% −4.4% −4.4% 0.7% 16.6% 10.4% 3.6% 6.9% 2.2% 3.9%
Free cash flow margin −3.4% −6.1% −2.4% −1.6% 6.1% 5.9% −2.3% −4.0% −6.3% −5.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−6.1Capital expenditure−3.6Free cash flow−9.7Dividends paid0.0Fiscal year 2017Operating cash flow−11.3Capital expenditure−4.8Free cash flow−16.1Fiscal year 2018Operating cash flow−1.7Capital expenditure−4.7Free cash flow−6.4Fiscal year 2019Operating cash flow1.0Capital expenditure−5.4Free cash flow−4.4Fiscal year 2020Operating cash flow23.5Capital expenditure−5.6Free cash flow17.9Fiscal year 2021Operating cash flow27.4Capital expenditure−7.5Free cash flow19.9 +11.2%Buybacks0.0Fiscal year 2022Operating cash flow0.9Capital expenditure−9.0Free cash flow−8.1 −140.7%Buybacks−9.4Fiscal year 2023Operating cash flow25.6Capital expenditure−40.7Free cash flow−15.1Buybacks−0.9Fiscal year 2024Operating cash flow29.3Capital expenditure−56.9Free cash flow−27.6Buybacks0.0Fiscal year 2025Operating cash flow59.3Capital expenditure−86.6Free cash flow−27.3
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −6.1 −11.3 −1.7 1.0 23.5 27.4 0.9 25.6 29.3 59.3
Capital expenditure −3.6 −4.8 −4.7 −5.4 −5.6 −7.5 −9.0 −40.7 −56.9 −86.6
Free cash flow −9.7 −16.1 −6.4 −4.4 17.9 19.9 −8.1 −15.1 −27.6 −27.3
Growth +11.2% −140.7%
Buybacks n/a n/a n/a n/a n/a 0.0 −9.4 −0.9 0.0 n/a
Dividends paid 0.0 n/a n/a n/a n/a n/a n/a n/a n/a n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash21.1Total debt42.0Net cash (debt)−20.9Shareholders’ equity54.9Debt to equity0.76Fiscal year 2017Cash14.6Total debt52.6Net cash (debt)−38.0Shareholders’ equity45.8Debt to equity1.15Fiscal year 2018Cash17.6Total debt48.8Net cash (debt)−31.2Shareholders’ equity39.9Debt to equity1.22Fiscal year 2019Cash23.6Total debt34.0Net cash (debt)−10.4Shareholders’ equity43.1Debt to equity0.79Fiscal year 2020Cash38.0Total debt17.2Net cash (debt)20.8Shareholders’ equity91.1Debt to equity0.19Fiscal year 2021Cash83.3Total debt0.0Net cash (debt)83.3Shareholders’ equity129.4Debt to equity0.00Fiscal year 2022Cash46.1Shareholders’ equity144.9Fiscal year 2023Cash76.0Shareholders’ equity166.8Fiscal year 2024Cash59.3Total debt0.0Net cash (debt)59.3Shareholders’ equity178.3Debt to equity0.00Fiscal year 2025Cash28.5Total debt0.0Net cash (debt)28.5Shareholders’ equity199.7Debt to equity0.00
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 21.1 14.6 17.6 23.6 38.0 83.3 46.1 76.0 59.3 28.5
Total debt 42.0 52.6 48.8 34.0 17.2 0.0 n/a n/a 0.0 0.0
Net cash (debt) −20.9 −38.0 −31.2 −10.4 20.8 83.3 n/a n/a 59.3 28.5
Shareholders’ equity 54.9 45.8 39.9 43.1 91.1 129.4 144.9 166.8 178.3 199.7
Debt to equity 0.76 1.15 1.22 0.79 0.19 0.00 n/a n/a 0.00 0.00

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
−10.1% −1.8% −1.5% 1.9% 5.0% 14.7% 4.7% 8.8% 3.4% 5.8%
−9.8% −4.5% −2.4% 0.8% 4.6% 14.1% 4.7% 9.4% 3.3% 5.0%
−9.9% −4.4% −4.4% 0.7% 16.6% 10.4% 3.6% 6.9% 2.2% 3.9%
−3.4% −6.1% −2.4% −1.6% 6.1% 5.9% −2.3% −4.0% −6.3% −5.3%
Spending
52.0% 53.0% 53.7% 53.1% 53.3% 50.4% 52.4% 55.3% 55.4% 54.6%
1.3% 1.8% 1.8% 2.0% 1.9% 2.2% 2.6% 10.8% 12.9% 16.7%
n/a n/a n/a 11.7% −259.6% 26.5% 23.1% 27.1% 32.8% 23.4%
Returns
−51.5% −25.1% −28.8% 4.7% 53.3% 26.8% 8.7% 15.6% 5.5% 10.0%
−17.3% −7.4% −7.9% 1.0% 19.8% 11.8% 4.3% 7.5% 2.3% 4.1%
Balance and payout
0.76 1.15 1.22 0.79 0.19 0.00 n/a n/a 0.00 0.00
66.3% 70.5% 72.7% 71.7% 58.0% 52.1% 50.3% 51.7% 59.2% 59.5%
n/a n/a n/a n/a n/a 0.0% n/a n/a n/a n/a