LINC - Lincoln Educational Services Corporation
Price:
--
--
|
CONSENSUS:
Buy
DETAILS
|
PRICE TARGET:
$47.60
DETAILS
HIGH:
$56.00
LOW:
$38.00
MEDIAN:
$50.00
CONSENSUS:
$47.60
DOWNSIDE:
1.65%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||||||||||||||||
| Revenue | 518.2 | 440.1 | 378.1 | 348.3 | 335.3 | 293.1 | 273.3 | 263.2 | 261.9 | 196.9 | 193.2 | 325.0 | 345.0 | 402.7 | 512.6 | 639.5 | 552.5 | 376.9 | 327.8 | 321.5 | 299.2 | 261.3 | 198.9 | 139.2 | 105.7 |
| Cost of Revenue | 205.4 | 181.8 | 162.3 | 148.7 | 138.9 | 122.2 | 123.5 | 125.4 | 129.4 | 94.9 | 92.2 | 164.4 | 172.7 | 192.2 | 223.0 | 239.7 | 211.3 | 153.5 | 139.5 | 136.6 | 121.5 | 104.8 | 85.2 | 66.6 | 53.0 |
| Gross Profit | 312.9 | 258.3 | 215.8 | 199.5 | 196.4 | 170.9 | 149.8 | 137.8 | 132.4 | 102.0 | 101.1 | 160.7 | 172.3 | 210.5 | 289.7 | 399.8 | 341.2 | 223.4 | 188.3 | 184.9 | 177.7 | 156.4 | 113.7 | 72.6 | 52.8 |
| Operating Expenses | |||||||||||||||||||||||||
| R&D Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A Expenses | 282.9 | 243.8 | 209.1 | 182.4 | 168.9 | 156.2 | 145.2 | 141.2 | 138.8 | 103.1 | 98.3 | 168.4 | 178.5 | 204.3 | 244.4 | 270.9 | 252.7 | 187.7 | 162.4 | 157.3 | 145.2 | 130.9 | 97.7 | 0 | 59.0 |
| Other Expenses | 0 | (0.7) | (26.7) | 0.9 | (21.8) | (0.1) | 0 | 0 | 0 | 0 | 0 | 0.3 | 0.0 | 0.0 | 0 | (0.0) | 0 | 0.1 | (0.0) | (0.4) | (0.0) | 0.4 | (0.0) | (70.7) | 0 |
| Operating Expenses | 282.9 | 243.1 | 182.4 | 183.3 | 147.1 | 156.1 | 145.2 | 141.2 | 138.8 | 103.1 | 98.3 | 168.4 | 178.5 | 204.3 | 244.4 | 270.9 | 252.7 | 187.8 | 162.4 | 156.9 | 145.2 | 131.3 | 97.7 | (70.7) | 59.0 |
| Operating Income | |||||||||||||||||||||||||
| Operating Income | 29.9 | 15.2 | 33.4 | 16.3 | 49.3 | 14.8 | 5.2 | (4.0) | (4.7) | (5.2) | 0.8 | (48.5) | (9.6) | (27.7) | 34.9 | 122.6 | 88.3 | 35.6 | 25.9 | 28.0 | 32.5 | 25.1 | 16.0 | 1.9 | (6.2) |
| Interest Expense | 3.4 | 2.6 | 0.3 | 0.2 | 2.0 | 1.3 | 3.0 | 2.4 | 7.1 | 6.1 | 8.0 | 3.4 | 4.3 | 4.5 | 4.4 | 4.5 | 4.3 | 2.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0.1 | 2.1 | 2.6 | 0.3 | 0 | 0 | 0.0 | 0.0 | 0.1 | 0.2 | 0.1 | 0.1 | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.2 | 0 | 1.0 | 0.8 | 0 | 0.1 | 0 | 0 |
| Profitability | |||||||||||||||||||||||||
| EBITDA | 50.7 | 28.6 | 42.8 | 23.0 | 56.4 | 22.1 | 13.4 | 4.5 | 4.0 | (10.9) | 19.4 | 17.5 | 20.0 | 14.1 | 63.4 | 148.9 | 112.6 | 53.6 | 25.9 | 45.7 | 48.4 | 36.2 | 26.2 | 72.6 | (0.8) |
| EBIT | 29.9 | 17.3 | 36.0 | 16.6 | 49.3 | 14.7 | 5.2 | (3.9) | (4.7) | (22.0) | 4.9 | (23.6) | (3.4) | (12.7) | 35.0 | 115.0 | 88.4 | 35.7 | 25.9 | 30.6 | 35.1 | 25.1 | 15.7 | 72.6 | (6.2) |
| Income Before Tax | 26.1 | 14.7 | 35.6 | 16.4 | 47.2 | 83.6 | 2.3 | (6.3) | (11.8) | (4.3) | (2.5) | (53.7) | (14.2) | (32.1) | 30.6 | 118.2 | 84.1 | 33.5 | 23.8 | 26.6 | 30.6 | 22.2 | 13.6 | (0.8) | (7.6) |
| Income Tax Expense | 6.1 | 4.8 | 9.6 | 3.8 | 12.5 | 35.1 | 0.3 | 0.2 | (0.3) | 0.2 | 0.2 | (4.2) | 19.6 | (8.2) | 13.0 | 48.5 | 34.9 | 13.3 | 9.9 | 11.0 | 11.9 | 9.2 | 5.4 | (0.1) | (2.9) |
| Net Income | 20.0 | 9.9 | 26.0 | 12.6 | 34.7 | 48.6 | 2.0 | (6.5) | (11.5) | (28.3) | (3.4) | (56.1) | (51.3) | (37.2) | 17.5 | 69.7 | 49.2 | 20.2 | 8.3 | 15.6 | 18.7 | 13.0 | 8.2 | (0.7) | (4.6) |
| Per Share Data | |||||||||||||||||||||||||
| EPS (Basic) | 0.65 | 0.32 | 0.86 | 0.36 | 1.04 | 1.49 | 0.08 | -0.27 | -0.48 | -1.21 | -0.14 | -2.46 | -2.28 | -1.68 | 0.80 | 2.86 | 1.87 | 0.80 | 0.33 | 0.61 | 0.80 | 0.60 | 0.38 | -0.03 | -0.22 |
| EPS (Diluted) | 0.65 | 0.32 | 0.85 | 0.36 | 1.04 | 1.49 | 0.08 | -0.27 | -0.48 | -1.21 | -0.14 | -2.46 | -2.28 | -1.68 | 0.79 | 2.79 | 1.82 | 0.78 | 0.32 | 0.60 | 0.76 | 0.56 | 0.37 | -0.03 | -0.22 |
| Shares Outstanding | 30.9 | 30.6 | 30.1 | 25.9 | 25.1 | 24.7 | 24.6 | 24.2 | 23.9 | 23.4 | 23.2 | 22.8 | 22.5 | 22.2 | 22.0 | 24.4 | 26.3 | 25.3 | 25.5 | 25.3 | 23.5 | 21.7 | 21.7 | 21.7 | 21.4 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2009 | 2008 | 2004 | 2003 | 2001 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Assets | |||||||||||||||
| Cash & Cash Equivalents | 28.5 | 59.3 | 76.0 | 46.1 | 83.3 | 38.0 | 23.6 | 17.6 | 14.6 | 21.1 | 46.1 | 15.2 | 41.4 | 49.0 | 7.4 |
| Short-Term Investments | 0 | 0 | 0 | 14.8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Receivables | 58.2 | 43.0 | 35.7 | 37.2 | 26.2 | 30.0 | 20.7 | 18.7 | 15.8 | 15.4 | 36.6 | 23.7 | 12.8 | 10.8 | 0 |
| Inventory | 4.0 | 3.1 | 2.9 | 2.6 | 2.7 | 2.4 | 1.6 | 1.5 | 1.7 | 1.1 | 3.3 | 3.4 | 1.7 | 1.1 | 0 |
| Other Current Assets | (3.6) | 5.9 | 14.5 | 8.8 | 4.6 | 0 | 4.6 | 17.0 | 10.4 | 23.5 | 11.7 | 6.0 | 5.4 | 5.4 | 0 |
| Total Current Assets | 87.0 | 111.3 | 134.7 | 114.1 | 121.6 | 74.2 | 50.5 | 57.1 | 44.2 | 66.3 | 106.0 | 51.3 | 64.2 | 68.7 | 7.4 |
| Non-Current Assets | |||||||||||||||
| Property, Plant & Equipment | 350.9 | 266.3 | 156.6 | 117.0 | 114.6 | 103.6 | 98.4 | 49.3 | 52.9 | 55.4 | 149.3 | 108.6 | 55.1 | 42.0 | 0 |
| Goodwill | 10.7 | 10.7 | 10.7 | 14.5 | 14.5 | 14.5 | 14.5 | 14.5 | 14.5 | 14.5 | 113.0 | 91.5 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.0 | 0.0 | 0 | 0 | 32.8 | 20.0 | 0 |
| Long-Term Investments | 0 | 0 | 17.5 | 22.7 | 0 | 16.5 | 30.3 | 12.2 | 9.5 | 27.6 | 7.6 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 22.8 | 22.9 | 2.5 | 0.8 | 20.8 | 0.7 | 1.0 | 12.5 | 33.7 | 26.9 | 8.3 | 9.7 | 8.4 | 7.7 | 0 |
| Total Non-Current Assets | 406.1 | 325.3 | 210.6 | 177.4 | 173.7 | 171.0 | 144.3 | 88.9 | 111.0 | 96.9 | 282.4 | 216.8 | 98.5 | 70.7 | 0 |
| Total Assets | 493.2 | 436.6 | 345.2 | 291.6 | 295.3 | 245.2 | 194.8 | 146.0 | 155.2 | 163.2 | 388.4 | 268.0 | 162.7 | 139.4 | 89.1 |
| Current Liabilities | |||||||||||||||
| Account Payables | 27.0 | 37.0 | 18.2 | 10.5 | 12.3 | 15.7 | 14.6 | 14.1 | 10.5 | 13.7 | 19.6 | 12.3 | 10.7 | 9.0 | 0 |
| Short-Term Debt | 11.1 | 0 | 0 | 0 | 0 | 2 | 11.1 | 15 | 0 | 11.7 | 0.4 | 0.1 | 5.3 | 3.6 | 0 |
| Deferred Revenue | 0 | 30.6 | 26.9 | 24.2 | 25.4 | 23.5 | 23.4 | 22.5 | 24.6 | 17.5 | 48.1 | 38.8 | 31.2 | 26.2 | 0 |
| Other Current Liabilities | 62.6 | 7.5 | 0.0 | 3.2 | 11.7 | 4.2 | 4.3 | 8.6 | 9.2 | 25.4 | 56.5 | 0.2 | 0.3 | 4.6 | 0 |
| Total Current Liabilities | 100.7 | 90.2 | 73.4 | 55.0 | 65.9 | 66.8 | 57.2 | 64.6 | 47.5 | 68.3 | 101.5 | 71.1 | 59.7 | 55.3 | 0 |
| Non-Current Liabilities | |||||||||||||||
| Long-Term Debt | 192.8 | 0 | 0 | 0 | 0 | 15.2 | 32.0 | 33.8 | 52.6 | 30.2 | 19.6 | 10.0 | 41.5 | 39.4 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0.0 | 0.1 | 0.7 | 1.6 | 7.4 | 4.2 | 7.8 | 9.3 | 11.8 | 48.6 | 11.9 | 3.5 | 1.7 | 0 |
| Total Non-Current Liabilities | 192.8 | 168.1 | 105.0 | 91.7 | 88.0 | 75.3 | 82.4 | 41.6 | 61.9 | 22.5 | 68.3 | 22.0 | 45.0 | 41.2 | 0 |
| Total Liabilities | 293.5 | 258.3 | 178.4 | 146.7 | 153.9 | 142.1 | 139.6 | 106.2 | 109.4 | 90.8 | 169.7 | 93.1 | 104.6 | 96.4 | 0 |
| Stockholders' Equity | |||||||||||||||
| Common Stock | 48.2 | 48.2 | 48.2 | 49.1 | 141.4 | 141.4 | 141.4 | 141.4 | 141.4 | 141.4 | 137.7 | 120.6 | 62.4 | 62.4 | 0 |
| Retained Earnings | 99.2 | 79.2 | 69.3 | 51.2 | 39.7 | 6.2 | (42.1) | (44.1) | (37.5) | (26.0) | 104.5 | 55.2 | (7.5) | (20.5) | 0 |
| Accumulated Other Comprehensive Income | 0 | 0.3 | (0.0) | (1.0) | (1.2) | (4.2) | (3.5) | (4.1) | (4.5) | (6.1) | (4.9) | (9.4) | (0.2) | (0.4) | 0 |
| Total Stockholders' Equity | 199.7 | 178.3 | 166.8 | 144.9 | 141.4 | 103.0 | 55.1 | 39.9 | 45.8 | 72.4 | 218.6 | 174.9 | 58.1 | 42.9 | 34.1 |
| Total Liabilities & Equity | 493.2 | 436.6 | 345.2 | 291.6 | 295.3 | 245.2 | 194.8 | 146.0 | 155.2 | 163.2 | 388.4 | 268.0 | 162.7 | 139.4 | 89.1 |
| Debt Metrics | |||||||||||||||
| Total Debt | 203.9 | 177.6 | 116.8 | 100.6 | 97.9 | 78.4 | 89.2 | 48.8 | 52.6 | 42.0 | 57.3 | 10.2 | 46.8 | 43.1 | 0 |
| Net Debt | 175.3 | 118.3 | 40.8 | 54.6 | 14.6 | 40.4 | 65.5 | 31.2 | 38.0 | 20.9 | 11.3 | (5.1) | 5.4 | (5.9) | (7.4) |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2005 | 2004 | 2003 | 2001 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||||||
| Net Income | 20.0 | 9.9 | 26.0 | 12.6 | 34.7 | 48.6 | 2.0 | (6.5) | (11.5) | (28.3) | 18.7 | 13.0 | (0.7) | (4.6) |
| Depreciation & Amortization | 19.2 | 11.3 | 6.6 | 6.4 | 7.1 | 7.4 | 8.1 | 8.4 | 8.7 | 11.1 | 13.3 | 11.1 | 7.8 | 5.5 |
| Stock-Based Compensation | 5.5 | 4.6 | 5.9 | 3.1 | 2.9 | 1.7 | 0.7 | 0.5 | 1.2 | 1.4 | 0 | 0 | 0 | 0 |
| Change in Working Capital | (47.1) | (54.5) | (29.4) | (57.9) | (32.9) | (24.9) | (29.9) | (21.7) | (22.8) | (20.1) | (8.4) | (8.6) | (2.0) | 0 |
| Other Non-Cash Items | 59.1 | 60.2 | 14.9 | 35.4 | 3.6 | 26.7 | 19.9 | (0.6) | 13.5 | (6.2) | 15.0 | 11.5 | 5.1 | (0.8) |
| Operating Cash Flow | 59.2 | 29.3 | 25.6 | 0.9 | 27.4 | 23.5 | 1.0 | (1.7) | (11.3) | (6.1) | 39.0 | 26.7 | 9.7 | (4.6) |
| Investing Activities | ||||||||||||||
| Capital Expenditure | (86.6) | (56.9) | (40.7) | (9.0) | (7.5) | (5.6) | (5.4) | (4.7) | (4.8) | (3.6) | (22.6) | (23.8) | (3.6) | (7.3) |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.3 | 15.5 | 0.5 | (27.8) | (14.5) | 0 | 0 |
| Purchases of Investments | 0 | 0 | (24.3) | (14.8) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sales/Maturities of Investments | 0 | 0 | 39.1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing Activities | 0.4 | 9.9 | 33.3 | 2.4 | 45.4 | 0.1 | (4.8) | 2.3 | (18.1) | 1.4 | 0 | 0 | 1.4 | 7.3 |
| Investing Cash Flow | (86.2) | (47.0) | 7.4 | (21.4) | 37.8 | (5.5) | (4.8) | (2.3) | (22.9) | (2.2) | (50.4) | (38.3) | (2.2) | (7.3) |
| Financing Activities | ||||||||||||||
| Net Debt Issuance | 0.0 | 0.5 | 0 | 0 | (17.8) | (17) | (14.5) | (4.2) | (4.7) | (8.2) | (36.1) | 3.8 | 19.4 | 0 |
| Stock Repurchased | 0 | 0 | (0.9) | (9.4) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | (1.1) | (1.2) | (1.4) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | (3.8) | (3.8) | (2.1) | (2.0) | (1.0) | (0.2) | (1.7) | (0.4) | 12.1 | (0.8) | (3.5) | 0.3 | (0.0) | 0 |
| Financing Cash Flow | (3.7) | (3.3) | (2.9) | (12.5) | (20.0) | (18.6) | (3.5) | (4.6) | 27.7 | (9.1) | 20.2 | 4.1 | (3.9) | 0 |
| Cash Position | ||||||||||||||
| Net Change in Cash | (30.8) | (21.0) | 30.0 | (33.0) | 45.3 | (0.6) | (7.3) | (8.6) | (6.5) | (17.4) | 8.8 | (7.5) | 3.7 | (12.0) |
| Cash at Beginning | 59.3 | 80.3 | 50.3 | 83.3 | 38.0 | 38.6 | 45.9 | 54.6 | 21.1 | 38.4 | 41.4 | 49.0 | 7.4 | 7.3 |
| Cash at End | 28.5 | 59.3 | 80.3 | 50.3 | 83.3 | 38.0 | 38.6 | 45.9 | 14.6 | 21.1 | 50.3 | 41.4 | 11.1 | (4.6) |
| Free Cash Flow | (27.4) | (27.6) | (15.1) | (8.1) | 19.9 | 17.9 | (4.4) | (6.4) | (16.1) | (9.7) | 16.3 | 2.9 | 6.1 | (12.0) |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||||||||||||||
| Revenue | 518.2 | 440.1 | 378.1 | 348.3 | 335.3 | 293.1 | 273.3 | 263.2 | 261.9 | 196.9 | 193.2 | 325.0 | 345.0 | 402.7 | 512.6 | 639.5 | 552.5 | 376.9 | 327.8 | 321.5 | 299.2 | 261.3 | 198.9 | 139.2 | 105.7 |
| Gross Profit | 312.9 | 258.3 | 215.8 | 199.5 | 196.4 | 170.9 | 149.8 | 137.8 | 132.4 | 102.0 | 101.1 | 160.7 | 172.3 | 210.5 | 289.7 | 399.8 | 341.2 | 223.4 | 188.3 | 184.9 | 177.7 | 156.4 | 113.7 | 72.6 | 52.8 |
| Operating Income | 29.9 | 15.2 | 33.4 | 16.3 | 49.3 | 14.8 | 5.2 | (4.0) | (4.7) | (5.2) | 0.8 | (48.5) | (9.6) | (27.7) | 34.9 | 122.6 | 88.3 | 35.6 | 25.9 | 28.0 | 32.5 | 25.1 | 16.0 | 1.9 | (6.2) |
| Net Income | 20.0 | 9.9 | 26.0 | 12.6 | 34.7 | 48.6 | 2.0 | (6.5) | (11.5) | (28.3) | (3.4) | (56.1) | (51.3) | (37.2) | 17.5 | 69.7 | 49.2 | 20.2 | 8.3 | 15.6 | 18.7 | 13.0 | 8.2 | (0.7) | (4.6) |
| EPS (Diluted) | 0.65 | 0.32 | 0.85 | 0.36 | 1.04 | 1.49 | 0.08 | -0.27 | -0.48 | -1.21 | -0.14 | -2.46 | -2.28 | -1.68 | 0.79 | 2.79 | 1.82 | 0.78 | 0.32 | 0.60 | 0.76 | 0.56 | 0.37 | -0.03 | -0.22 |
| Balance Sheet | |||||||||||||||||||||||||
| Cash & Equivalents | 28.5 | 59.3 | 76.0 | 46.1 | 83.3 | 38.0 | 23.6 | 17.6 | 14.6 | 21.1 | 46.1 | 15.2 | 41.4 | 49.0 | 7.4 | ||||||||||
| Total Assets | 493.2 | 436.6 | 345.2 | 291.6 | 295.3 | 245.2 | 194.8 | 146.0 | 155.2 | 163.2 | 388.4 | 268.0 | 162.7 | 139.4 | 89.1 | ||||||||||
| Total Debt | 203.9 | 177.6 | 116.8 | 100.6 | 97.9 | 78.4 | 89.2 | 48.8 | 52.6 | 42.0 | 57.3 | 10.2 | 46.8 | 43.1 | 0 | ||||||||||
| Stockholders' Equity | 199.7 | 178.3 | 166.8 | 144.9 | 141.4 | 103.0 | 55.1 | 39.9 | 45.8 | 72.4 | 218.6 | 174.9 | 58.1 | 42.9 | 34.1 | ||||||||||
| Cash Flow | |||||||||||||||||||||||||
| Operating Cash Flow | 59.2 | 29.3 | 25.6 | 0.9 | 27.4 | 23.5 | 1.0 | (1.7) | (11.3) | (6.1) | 39.0 | 26.7 | 9.7 | (4.6) | |||||||||||
| Capital Expenditure | (86.6) | (56.9) | (40.7) | (9.0) | (7.5) | (5.6) | (5.4) | (4.7) | (4.8) | (3.6) | (22.6) | (23.8) | (3.6) | (7.3) | |||||||||||
| Free Cash Flow | (27.4) | (27.6) | (15.1) | (8.1) | 19.9 | 17.9 | (4.4) | (6.4) | (16.1) | (9.7) | 16.3 | 2.9 | 6.1 | (12.0) | |||||||||||