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Lincoln Educational Services Corporation

LINCConsumer DefensiveNASDAQ

Education & Training Services

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Financials · Annual
Revenue
$518.2M
+17.8% YoY
Net Income
$20.0M
+102.2% YoY
EBITDA
$48.7M
+70.1% YoY
Free Cash Flow
-$26.9M

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About Lincoln Educational Services Corporation

Lincoln Educational Services Corporation, together with its subsidiaries, provides various career-oriented postsecondary education services to high school graduates and working adults in the United. Valued at $1.57B, LINC is a small-cap name in its sector. It operates in two segments, Campus Operations and Transitional.

Key stats
Market Cap$1.57B
P/E (TTM)68.60
Fwd P/E45.15
EPS$0.72
Beta0.77
52W Change+112.8%
ROE11.9%
Analysis

On the balance sheet, LINC has $16.7M in cash with $206.6M in obligations. The ability to service this debt comfortably depends on continued operational cash generation. Free cash flow is running at -$26.9M, which bears watching. Negative free cash flow can be acceptable during heavy investment periods but needs to improve over time. Return on equity stands at 11.9%, which is decent for the sector. ROE measures how effectively a company uses shareholder capital to generate profits. ROA of 4.4% is on the lower side, which is common in asset-heavy industries. Revenue has grown from $348.3M (2022) to $518.2M (2025), reflecting a 49% increase over the period.

The debt-to-cash ratio suggests meaningful leverage on the balance sheet, a factor worth monitoring if credit conditions tighten. Negative free cash flow means the company is currently spending more than it generates, which may require future fundraising or debt if the trend continues. At over 50x earnings, LINC carries valuation risk — any slowdown in growth expectations could lead to meaningful price adjustments. Understanding these risk dimensions helps frame what to watch going forward as conditions evolve for Lincoln Educational Services Corporation and its sector.

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