Lincoln Educational Services Corporation (LINC) 10-Year Financial Performance & Capital Metrics

LINC • • Industrial / General

Consumer DefensiveEducation & TrainingVocational & Technical EducationTechnical & Trade Schools

AboutLincoln Educational Services Corporation, together with its subsidiaries, provides various career-oriented post-secondary education services to high school graduates and working adults in the United States. The company operates in two segments: Transportation and Skilled Trades, and Healthcare and Other Professions. It offers associate's degree, and diploma and certificate programs in automotive technology; skilled trades programs, including electrical, heating and air conditioning repair, welding, computerized numerical control, and electrical and electronic systems technology; health science programs comprising nursing, dental and medical assistant, claim examiner, medical administrative assistant, etc.; hospitality services programs, such as culinary, therapeutic massage, cosmetology, and aesthetics; and information technology programs. The company operates 22 schools in 14 states under the Lincoln Technical Institute, Lincoln College of Technology, Lincoln Culinary Institute, Euphoria Institute of Beauty Arts and Sciences, and other brand names. As of December 31, 2021, it had 13,059 students enrolled at 22 campuses. The company was founded in 1946 and is based in Parsippany, New Jersey.Show more

Revenue $440M +16.4%
EBITDA $27M -33.9%
Net Income $10M -62.0%
EPS (Diluted) 0.32 -62.4%
Gross Margin 58.7% +2.8%
EBITDA Margin 6.02% -43.2%
Operating Margin 3.45% -60.9%
Net Margin 2.25% -67.3%
ROE 5.73% -65.6%
ROIC 4.52% -63.3%
Debt/Equity 1.00 +42.3%
Interest Coverage 5.92 -93.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 37.5%
✓High quality earnings: Operating CF exceeds net income
✓Trading near 52-week high
✓Efficient asset utilization: 1.0x turnover

✗Weaknesses

✗Negative free cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.08%

5Y9.99%

3Y9.48%

TTM16.9%

Profit (Net Income) CAGR

10Y-

5Y37.47%

3Y-34.2%

TTM43.48%

EPS CAGR

10Y-

5Y32.52%

3Y-32.49%

TTM41.13%

ROCE

10Y Avg5.06%

5Y Avg11.71%

3Y Avg8.34%

Latest4.91%

Peer Comparison

Technical & Trade Schools

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LINCLincoln Educational Services Corporation	844.67M	26.71	83.47	16.4%	2.86%	7.6%		1.00
UTIUniversal Technical Institute, Inc.	1.51B	27.77	24.58	14.05%	7.54%	19.21%	3.66%	0.79
LGCYLegacy Education Inc.	128.31M	10.21	23.20	29.74%	32.53%	48.84%	0.95%	0.22

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	193.22M	196.91M	261.85M	263.2M	273.34M	293.1M	335.34M	348.29M	378.07M	440.06M
Revenue Growth %	-0.41%	0.02%	0.33%	0.01%	0.04%	0.07%	0.14%	0.04%	0.09%	0.16%
Cost of Goods Sold+	92.17M	94.92M	129.41M	125.37M	123.5M	122.2M	138.93M	148.75M	162.28M	181.76M
COGS % of Revenue	0.48%	0.48%	0.49%	0.48%	0.45%	0.42%	0.41%	0.43%	0.43%	0.41%
Gross Profit+	101.06M	101.99M	132.44M	137.83M	149.85M	170.9M	196.41M	199.54M	215.79M	258.31M
Gross Margin %	0.52%	0.52%	0.51%	0.52%	0.55%	0.58%	0.59%	0.57%	0.57%	0.59%
Gross Profit Growth %	-0.37%	0.01%	0.3%	0.04%	0.09%	0.14%	0.15%	0.02%	0.08%	0.2%
Operating Expenses+	98.32M	103.13M	138.78M	141.24M	145.18M	156.12M	147.14M	183.26M	182.44M	243.13M
OpEx % of Revenue	0.51%	0.52%	0.53%	0.54%	0.53%	0.53%	0.44%	0.53%	0.48%	0.55%
Selling, General & Admin	98.32M	103.13M	138.78M	141.24M	145.18M	156.2M	168.92M	182.39M	209.13M	243.8M
SG&A % of Revenue	0.51%	0.52%	0.53%	0.54%	0.53%	0.53%	0.5%	0.52%	0.55%	0.55%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	-81K	-21.78M	872K	-26.7M	-675K
Operating Income+	778K	-5.16M	-4.72M	-3.95M	5.24M	14.78M	49.26M	16.28M	33.36M	15.18M
Operating Margin %	0%	-0.03%	-0.02%	-0.02%	0.02%	0.05%	0.15%	0.05%	0.09%	0.03%
Operating Income Growth %	1.02%	-7.64%	0.09%	0.16%	2.32%	1.82%	2.33%	-0.67%	1.05%	-0.55%
EBITDA+	15.28M	5.9M	3.99M	4.47M	13.35M	22.18M	56.4M	22.64M	40.13M	26.51M
EBITDA Margin %	0.08%	0.03%	0.02%	0.02%	0.05%	0.08%	0.17%	0.07%	0.11%	0.06%
EBITDA Growth %	1.52%	-0.61%	-0.32%	0.12%	1.99%	0.66%	1.54%	-0.6%	0.77%	-0.34%
D&A (Non-Cash Add-back)	14.51M	11.07M	8.7M	8.42M	8.12M	7.4M	7.14M	6.36M	6.77M	11.33M
EBIT	4.91M	-21.97M	-4.66M	-3.92M	5.25M	14.7M	49.26M	16.6M	35.99M	17.28M
Net Interest Income+	-7.96M	-5.98M	-7.04M	-2.39M	-2.96M	-1.27M	-2.02M	158K	2.28M	-466K
Interest Income	52K	155K	56K	31K	8K	0	0	318K	2.63M	2.1M
Interest Expense	8.02M	6.13M	7.1M	2.42M	2.96M	1.27M	2.02M	160K	347K	2.56M
Other Income/Expense	-321K	810K	-7.04M	-2.39M	0	68.84M	-2.02M	158K	2.28M	-466K
Pretax Income+	-2.47M	-4.3M	-11.76M	-6.34M	2.28M	83.62M	47.25M	16.44M	35.64M	14.71M
Pretax Margin %	-0.01%	-0.02%	-0.04%	-0.02%	0.01%	0.29%	0.14%	0.05%	0.09%	0.03%
Income Tax+	242K	200K	-274K	200K	268K	35.06M	12.53M	3.8M	9.64M	4.82M
Effective Tax Rate %	1.36%	6.59%	0.98%	1.03%	0.88%	0.58%	0.73%	0.77%	0.73%	0.67%
Net Income+	-3.35M	-28.3M	-11.48M	-6.54M	2.02M	48.56M	34.72M	12.63M	26M	9.89M
Net Margin %	-0.02%	-0.14%	-0.04%	-0.02%	0.01%	0.17%	0.1%	0.04%	0.07%	0.02%
Net Income Growth %	0.94%	-7.45%	0.59%	0.43%	1.31%	23.1%	-0.29%	-0.64%	1.06%	-0.62%
Net Income (Continuing)	-3.35M	-28.3M	-11.48M	-6.54M	2.02M	48.56M	34.72M	12.63M	26M	9.89M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.14	-1.21	-0.48	-0.27	0.08	1.49	1.04	0.36	0.85	0.32
EPS Growth %	0.94%	-7.64%	0.6%	0.44%	1.29%	18.03%	-0.3%	-0.65%	1.36%	-0.62%
EPS (Basic)	-0.14	-1.21	-0.48	-0.27	0.08	1.49	1.04	0.36	0.86	0.32
Diluted Shares Outstanding	23.17M	23.45M	23.91M	24.42M	24.55M	24.75M	25.08M	25.88M	30.54M	30.89M
Basic Shares Outstanding	23.17M	23.39M	23.91M	24.24M	24.55M	24.75M	25.08M	25.88M	30.11M	30.58M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	105.26M	66.3M	44.18M	57.11M	50.48M	74.16M	121.63M	114.14M	134.66M	111.25M
Cash & Short-Term Investments	38.42M	21.06M	14.56M	17.57M	23.64M	38.03M	83.31M	60.83M	75.99M	59.27M
Cash Only	38.42M	21.06M	14.56M	17.57M	23.64M	38.03M	83.31M	46.07M	75.99M	59.27M
Short-Term Investments	0	0	0	0	0	0	0	14.76M	0	0
Accounts Receivable	10.41M	15.38M	15.79M	18.68M	20.65M	30.02M	26.16M	37.17M	35.69M	42.98M
Days Sales Outstanding	19.66	28.51	22.01	25.9	27.58	37.39	28.47	38.96	34.46	35.65
Inventory	1.04M	1.06M	1.66M	1.45M	1.61M	2.39M	2.72M	2.62M	2.95M	3.05M
Days Inventory Outstanding	4.13	4.07	4.67	4.22	4.75	7.15	7.15	6.42	6.63	6.13
Other Current Assets	52.08M	23.51M	10.36M	16.95M	4.57M	0	4.56M	8.77M	14.47M	5.94M
Total Non-Current Assets+	105.02M	96.91M	111.03M	88.93M	144.29M	171.03M	173.67M	177.43M	210.59M	325.3M
Property, Plant & Equipment	66.51M	55.45M	52.87M	49.29M	98.41M	103.58M	114.61M	117.04M	156.58M	266.31M
Fixed Asset Turnover	2.91x	3.55x	4.95x	5.34x	2.78x	2.83x	2.93x	2.98x	2.41x	1.65x
Goodwill	14.54M	14.54M	14.54M	14.54M	14.54M	14.54M	14.54M	14.54M	10.74M	10.74M
Intangible Assets	50K	32K	16K	0	0	0	0	0	0	0
Long-Term Investments	20.54M	27.57M	9.47M	12.18M	30.34M	16.46M	0	22.73M	17.5M	0
Other Non-Current Assets	23.92M	26.9M	33.73M	12.5M	1M	734K	20.82M	812K	2.55M	22.89M
Total Assets+	210.28M	163.21M	155.21M	146.04M	194.76M	245.19M	295.3M	291.57M	345.25M	436.56M
Asset Turnover	0.92x	1.21x	1.69x	1.80x	1.40x	1.20x	1.14x	1.19x	1.10x	1.01x
Asset Growth %	-0.02%	-0.22%	-0.05%	-0.06%	0.33%	0.26%	0.2%	-0.01%	0.18%	0.26%
Total Current Liabilities+	71.45M	68.33M	47.48M	64.58M	57.2M	66.84M	65.88M	55.02M	73.41M	90.21M
Accounts Payable	12.86M	13.75M	10.51M	14.11M	14.58M	15.68M	12.3M	10.5M	18.15M	37.03M
Days Payables Outstanding	50.94	52.86	29.64	41.07	43.1	46.82	32.31	25.76	40.83	74.35
Short-Term Debt	10.11M	11.71M	0	15M	11.14M	2M	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	20.27M	25.43M	9.21M	8.59M	4.28M	4.24M	11.68M	3.23M	33K	7.51M
Current Ratio	1.47x	0.97x	0.93x	0.88x	0.88x	1.11x	1.85x	2.07x	1.83x	1.23x
Quick Ratio	1.46x	0.95x	0.90x	0.86x	0.85x	1.07x	1.80x	2.03x	1.79x	1.20x
Cash Conversion Cycle	-27.15	-20.28	-2.95	-10.95	-10.77	-2.29	3.31	19.63	0.26	-32.57
Total Non-Current Liabilities+	57.84M	22.49M	61.92M	41.59M	82.43M	75.3M	88.02M	91.67M	105.03M	168.08M
Long-Term Debt	41.8M	30.24M	52.59M	33.77M	32.03M	15.21M	0	0	0	0
Capital Lease Obligations	3.79M	0	0	0	46.02M	52.7M	86.41M	91M	104.98M	168.06M
Deferred Tax Liabilities	0	0	0	0	153K	0	0	0	0	0
Other Non-Current Liabilities	10.27M	11.78M	9.32M	7.82M	4.23M	7.38M	1.61M	668K	56K	16K
Total Liabilities	129.28M	90.82M	109.4M	106.17M	139.63M	142.14M	153.9M	146.69M	178.44M	258.29M
Total Debt+	58.22M	41.96M	52.59M	48.77M	89.19M	78.42M	97.89M	100.63M	116.79M	177.56M
Net Debt	19.8M	20.89M	38.03M	31.2M	65.54M	40.39M	14.58M	54.56M	40.79M	118.29M
Debt / Equity	0.72x	0.58x	1.15x	1.22x	1.62x	0.76x	0.69x	0.69x	0.70x	1.00x
Debt / EBITDA	3.81x	7.11x	13.19x	10.92x	6.68x	3.54x	1.74x	4.44x	2.91x	6.70x
Net Debt / EBITDA	1.30x	3.54x	9.54x	6.98x	4.91x	1.82x	0.26x	2.41x	1.02x	4.46x
Interest Coverage	0.10x	-0.84x	-0.66x	-1.63x	1.77x	11.59x	24.45x	101.74x	96.13x	5.92x
Total Equity+	81M	72.39M	45.81M	39.87M	55.13M	103.05M	141.4M	144.88M	166.8M	178.26M
Equity Growth %	-0.02%	-0.11%	-0.37%	-0.13%	0.38%	0.87%	0.37%	0.02%	0.15%	0.07%
Book Value per Share	3.50	3.09	1.92	1.63	2.25	4.16	5.64	5.60	5.46	5.77
Total Shareholders' Equity	81M	72.39M	45.81M	39.87M	55.13M	103.05M	141.4M	144.88M	166.8M	178.26M
Common Stock	141.38M	141.38M	141.38M	141.38M	141.38M	141.38M	141.38M	49.07M	48.18M	48.18M
Retained Earnings	2.26M	-26.04M	-37.53M	-44.07M	-42.06M	6.2M	39.7M	51.23M	69.28M	79.17M
Treasury Stock	-82.86M	-82.86M	-82.86M	-82.86M	-82.86M	-82.86M	-82.86M	0	0	0
Accumulated OCI	-7.07M	-6.1M	-4.51M	-4.06M	-3.46M	-4.17M	-1.24M	-960K	-36K	274K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	14.34M	-6.11M	-11.32M	-1.69M	988K	23.48M	27.45M	882K	25.56M	29.31M
Operating CF Margin %	0.07%	-0.03%	-0.04%	-0.01%	0%	0.08%	0.08%	0%	0.07%	0.07%
Operating CF Growth %	0.19%	-1.43%	-0.85%	0.85%	1.58%	22.77%	0.17%	-0.97%	27.98%	0.15%
Net Income	-3.35M	-28.3M	-11.48M	-6.54M	2.02M	48.56M	34.72M	12.63M	26M	9.89M
Depreciation & Amortization	14.51M	11.07M	8.7M	8.42M	8.12M	7.4M	7.14M	6.36M	6.6M	11.33M
Stock-Based Compensation	1.13M	1.44M	1.22M	522K	679K	1.69M	2.89M	3.11M	5.89M	4.63M
Deferred Taxes	15.52M	36.06M	-424K	18.24M	153K	-35.87M	12.01M	1.29M	1.63M	-2.24M
Other Non-Cash Items	-3.15M	-6.25M	13.51M	-589K	19.9M	26.65M	3.58M	35.38M	14.88M	60.17M
Working Capital Changes	-10.32M	-20.12M	-22.85M	-21.75M	-29.87M	-24.95M	-32.89M	-57.9M	-29.44M	-54.48M
Change in Receivables	-13.22M	-15.7M	-15.73M	-23.84M	-25.99M	-37.38M	-26.5M	-48.64M	-45.76M	-65.98M
Change in Inventory	9K	201K	30K	206K	-157K	-786K	-327K	103K	-330K	-184K
Change in Payables	1M	742K	-3.19M	3.75M	444K	856K	-3.68M	-2.03M	5.04M	11.58M
Cash from Investing+	-1.77M	-2.18M	-22.89M	-2.35M	-4.81M	-5.48M	37.85M	-21.35M	7.37M	-46.97M
Capital Expenditures	-2.22M	-3.6M	-4.75M	-4.7M	0	-5.58M	-7.53M	-8.99M	-40.7M	-56.87M
CapEx % of Revenue	0.01%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.03%	0.11%	0.13%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	451K	1.41M	-18.13M	2.35M	-4.81M	97K	45.38M	2.39M	33.31M	9.89M
Cash from Financing+	13.55M	-9.07M	27.7M	-4.57M	-3.48M	-18.62M	-20.01M	-12.55M	-2.94M	-3.33M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	-1.38M	-1.22M	-1.11M	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	4.37M	-823K	12.11M	-372K	-1.71M	-242K	-962K	-1.99M	-2.05M	-3.83M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	12.12M	-9.7M	-16.08M	-6.39M	-4.4M	17.91M	19.92M	-8.1M	-15.14M	-27.56M
FCF Margin %	0.06%	-0.05%	-0.06%	-0.02%	-0.02%	0.06%	0.06%	-0.02%	-0.04%	-0.06%
FCF Growth %	1.66%	-1.8%	-0.66%	0.6%	0.31%	5.07%	0.11%	-1.41%	-0.87%	-0.82%
FCF per Share	0.52	-0.41	-0.67	-0.26	-0.18	0.72	0.79	-0.31	-0.50	-0.89
FCF Conversion (FCF/Net Income)	-4.28x	0.22x	0.99x	0.26x	0.49x	0.48x	0.79x	0.07x	0.98x	2.96x
Interest Paid	7.16M	5.26M	2.79M	2.03M	2.15M	1.11M	1.53M	171K	110K	2.35M
Taxes Paid	89K	150K	139K	191K	118K	179K	737K	1.47M	7.2M	8.84M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-4.09%	-36.91%	-19.43%	-15.28%	4.24%	61.41%	28.41%	8.83%	16.68%	5.73%
Return on Invested Capital (ROIC)	0.56%	-3.99%	-3.99%	-3.83%	4.1%	8.39%	24.68%	6.87%	12.29%	4.52%
Gross Margin	52.3%	51.79%	50.58%	52.37%	54.82%	58.31%	58.57%	57.29%	57.08%	58.7%
Net Margin	-1.73%	-14.37%	-4.39%	-2.49%	0.74%	16.57%	10.35%	3.63%	6.88%	2.25%
Debt / Equity	0.72x	0.58x	1.15x	1.22x	1.62x	0.76x	0.69x	0.69x	0.70x	1.00x
Interest Coverage	0.10x	-0.84x	-0.66x	-1.63x	1.77x	11.59x	24.45x	101.74x	96.13x	5.92x
FCF Conversion	-4.28x	0.22x	0.99x	0.26x	0.49x	0.48x	0.79x	0.07x	0.98x	2.96x
Revenue Growth	-40.55%	1.91%	32.98%	0.51%	3.85%	7.23%	14.41%	3.86%	8.55%	16.4%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Campus Operations	-	-	-	-	-	-	-	-	376.6M	432.97M
Campus Operations Growth	-	-	-	-	-	-	-	-	-	14.97%
Transitional	9.4M	19.03M	8.44M	5.8M	-	-	-	-	1.47M	7.1M
Transitional Growth	-	102.45%	-55.62%	-31.29%	-	-	-	-	-	383.51%
Transportation and Skilled Trades	183.82M	177.88M	177.1M	185.26M	193.72M	207.43M	240.53M	249.91M	-	-
Transportation and Skilled Trades Growth	-	-3.23%	-0.44%	4.61%	4.57%	7.08%	15.96%	3.90%	-	-
Healthcare and Other Professions Business	-	-	76.31M	72.14M	79.62M	85.66M	94.81M	91.53M	-	-
Healthcare and Other Professions Business Growth	-	-	-	-5.47%	10.38%	7.59%	10.67%	-3.45%	-	-

Frequently Asked Questions

Valuation & Price

Lincoln Educational Services Corporation (LINC) has a price-to-earnings (P/E) ratio of 83.5x. This suggests investors expect higher future growth.

Growth & Financials

Lincoln Educational Services Corporation (LINC) reported $494.7M in revenue for fiscal year 2024. This represents a 3% decrease from $512.6M in 2011.

Lincoln Educational Services Corporation (LINC) grew revenue by 16.4% over the past year. This is strong growth.

Yes, Lincoln Educational Services Corporation (LINC) is profitable, generating $14.1M in net income for fiscal year 2024 (2.2% net margin).

Dividend & Returns

Lincoln Educational Services Corporation (LINC) has a return on equity (ROE) of 5.7%. This is below average, suggesting room for improvement.

Lincoln Educational Services Corporation (LINC) had negative free cash flow of $46.8M in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

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Lincoln Educational Services Corporation (LINC) 10-Year Financial Performance & Capital Metrics

LINC • • Industrial / General

Consumer DefensiveEducation & TrainingVocational & Technical EducationTechnical & Trade Schools

Revenue $440M +16.4%
EBITDA $27M -33.9%
Net Income $10M -62.0%
EPS (Diluted) 0.32 -62.4%
Gross Margin 58.7% +2.8%
EBITDA Margin 6.02% -43.2%
Operating Margin 3.45% -60.9%
Net Margin 2.25% -67.3%
ROE 5.73% -65.6%
ROIC 4.52% -63.3%
Debt/Equity 1.00 +42.3%
Interest Coverage 5.92 -93.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 37.5%
✓High quality earnings: Operating CF exceeds net income
✓Trading near 52-week high
✓Efficient asset utilization: 1.0x turnover

✗Weaknesses

✗Negative free cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.08%

5Y9.99%

3Y9.48%

TTM16.9%

Profit (Net Income) CAGR

10Y-

5Y37.47%

3Y-34.2%

TTM43.48%

EPS CAGR

10Y-

5Y32.52%

3Y-32.49%

TTM41.13%

ROCE

10Y Avg5.06%

5Y Avg11.71%

3Y Avg8.34%

Latest4.91%

Peer Comparison

Technical & Trade Schools

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LINCLincoln Educational Services Corporation	844.67M	26.71	83.47	16.4%	2.86%	7.6%		1.00
UTIUniversal Technical Institute, Inc.	1.51B	27.77	24.58	14.05%	7.54%	19.21%	3.66%	0.79
LGCYLegacy Education Inc.	128.31M	10.21	23.20	29.74%	32.53%	48.84%	0.95%	0.22

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	193.22M	196.91M	261.85M	263.2M	273.34M	293.1M	335.34M	348.29M	378.07M	440.06M
Revenue Growth %	-0.41%	0.02%	0.33%	0.01%	0.04%	0.07%	0.14%	0.04%	0.09%	0.16%
Cost of Goods Sold+	92.17M	94.92M	129.41M	125.37M	123.5M	122.2M	138.93M	148.75M	162.28M	181.76M
COGS % of Revenue	0.48%	0.48%	0.49%	0.48%	0.45%	0.42%	0.41%	0.43%	0.43%	0.41%
Gross Profit+	101.06M	101.99M	132.44M	137.83M	149.85M	170.9M	196.41M	199.54M	215.79M	258.31M
Gross Margin %	0.52%	0.52%	0.51%	0.52%	0.55%	0.58%	0.59%	0.57%	0.57%	0.59%
Gross Profit Growth %	-0.37%	0.01%	0.3%	0.04%	0.09%	0.14%	0.15%	0.02%	0.08%	0.2%
Operating Expenses+	98.32M	103.13M	138.78M	141.24M	145.18M	156.12M	147.14M	183.26M	182.44M	243.13M
OpEx % of Revenue	0.51%	0.52%	0.53%	0.54%	0.53%	0.53%	0.44%	0.53%	0.48%	0.55%
Selling, General & Admin	98.32M	103.13M	138.78M	141.24M	145.18M	156.2M	168.92M	182.39M	209.13M	243.8M
SG&A % of Revenue	0.51%	0.52%	0.53%	0.54%	0.53%	0.53%	0.5%	0.52%	0.55%	0.55%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	-81K	-21.78M	872K	-26.7M	-675K
Operating Income+	778K	-5.16M	-4.72M	-3.95M	5.24M	14.78M	49.26M	16.28M	33.36M	15.18M
Operating Margin %	0%	-0.03%	-0.02%	-0.02%	0.02%	0.05%	0.15%	0.05%	0.09%	0.03%
Operating Income Growth %	1.02%	-7.64%	0.09%	0.16%	2.32%	1.82%	2.33%	-0.67%	1.05%	-0.55%
EBITDA+	15.28M	5.9M	3.99M	4.47M	13.35M	22.18M	56.4M	22.64M	40.13M	26.51M
EBITDA Margin %	0.08%	0.03%	0.02%	0.02%	0.05%	0.08%	0.17%	0.07%	0.11%	0.06%
EBITDA Growth %	1.52%	-0.61%	-0.32%	0.12%	1.99%	0.66%	1.54%	-0.6%	0.77%	-0.34%
D&A (Non-Cash Add-back)	14.51M	11.07M	8.7M	8.42M	8.12M	7.4M	7.14M	6.36M	6.77M	11.33M
EBIT	4.91M	-21.97M	-4.66M	-3.92M	5.25M	14.7M	49.26M	16.6M	35.99M	17.28M
Net Interest Income+	-7.96M	-5.98M	-7.04M	-2.39M	-2.96M	-1.27M	-2.02M	158K	2.28M	-466K
Interest Income	52K	155K	56K	31K	8K	0	0	318K	2.63M	2.1M
Interest Expense	8.02M	6.13M	7.1M	2.42M	2.96M	1.27M	2.02M	160K	347K	2.56M
Other Income/Expense	-321K	810K	-7.04M	-2.39M	0	68.84M	-2.02M	158K	2.28M	-466K
Pretax Income+	-2.47M	-4.3M	-11.76M	-6.34M	2.28M	83.62M	47.25M	16.44M	35.64M	14.71M
Pretax Margin %	-0.01%	-0.02%	-0.04%	-0.02%	0.01%	0.29%	0.14%	0.05%	0.09%	0.03%
Income Tax+	242K	200K	-274K	200K	268K	35.06M	12.53M	3.8M	9.64M	4.82M
Effective Tax Rate %	1.36%	6.59%	0.98%	1.03%	0.88%	0.58%	0.73%	0.77%	0.73%	0.67%
Net Income+	-3.35M	-28.3M	-11.48M	-6.54M	2.02M	48.56M	34.72M	12.63M	26M	9.89M
Net Margin %	-0.02%	-0.14%	-0.04%	-0.02%	0.01%	0.17%	0.1%	0.04%	0.07%	0.02%
Net Income Growth %	0.94%	-7.45%	0.59%	0.43%	1.31%	23.1%	-0.29%	-0.64%	1.06%	-0.62%
Net Income (Continuing)	-3.35M	-28.3M	-11.48M	-6.54M	2.02M	48.56M	34.72M	12.63M	26M	9.89M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.14	-1.21	-0.48	-0.27	0.08	1.49	1.04	0.36	0.85	0.32
EPS Growth %	0.94%	-7.64%	0.6%	0.44%	1.29%	18.03%	-0.3%	-0.65%	1.36%	-0.62%
EPS (Basic)	-0.14	-1.21	-0.48	-0.27	0.08	1.49	1.04	0.36	0.86	0.32
Diluted Shares Outstanding	23.17M	23.45M	23.91M	24.42M	24.55M	24.75M	25.08M	25.88M	30.54M	30.89M
Basic Shares Outstanding	23.17M	23.39M	23.91M	24.24M	24.55M	24.75M	25.08M	25.88M	30.11M	30.58M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	105.26M	66.3M	44.18M	57.11M	50.48M	74.16M	121.63M	114.14M	134.66M	111.25M
Cash & Short-Term Investments	38.42M	21.06M	14.56M	17.57M	23.64M	38.03M	83.31M	60.83M	75.99M	59.27M
Cash Only	38.42M	21.06M	14.56M	17.57M	23.64M	38.03M	83.31M	46.07M	75.99M	59.27M
Short-Term Investments	0	0	0	0	0	0	0	14.76M	0	0
Accounts Receivable	10.41M	15.38M	15.79M	18.68M	20.65M	30.02M	26.16M	37.17M	35.69M	42.98M
Days Sales Outstanding	19.66	28.51	22.01	25.9	27.58	37.39	28.47	38.96	34.46	35.65
Inventory	1.04M	1.06M	1.66M	1.45M	1.61M	2.39M	2.72M	2.62M	2.95M	3.05M
Days Inventory Outstanding	4.13	4.07	4.67	4.22	4.75	7.15	7.15	6.42	6.63	6.13
Other Current Assets	52.08M	23.51M	10.36M	16.95M	4.57M	0	4.56M	8.77M	14.47M	5.94M
Total Non-Current Assets+	105.02M	96.91M	111.03M	88.93M	144.29M	171.03M	173.67M	177.43M	210.59M	325.3M
Property, Plant & Equipment	66.51M	55.45M	52.87M	49.29M	98.41M	103.58M	114.61M	117.04M	156.58M	266.31M
Fixed Asset Turnover	2.91x	3.55x	4.95x	5.34x	2.78x	2.83x	2.93x	2.98x	2.41x	1.65x
Goodwill	14.54M	14.54M	14.54M	14.54M	14.54M	14.54M	14.54M	14.54M	10.74M	10.74M
Intangible Assets	50K	32K	16K	0	0	0	0	0	0	0
Long-Term Investments	20.54M	27.57M	9.47M	12.18M	30.34M	16.46M	0	22.73M	17.5M	0
Other Non-Current Assets	23.92M	26.9M	33.73M	12.5M	1M	734K	20.82M	812K	2.55M	22.89M
Total Assets+	210.28M	163.21M	155.21M	146.04M	194.76M	245.19M	295.3M	291.57M	345.25M	436.56M
Asset Turnover	0.92x	1.21x	1.69x	1.80x	1.40x	1.20x	1.14x	1.19x	1.10x	1.01x
Asset Growth %	-0.02%	-0.22%	-0.05%	-0.06%	0.33%	0.26%	0.2%	-0.01%	0.18%	0.26%
Total Current Liabilities+	71.45M	68.33M	47.48M	64.58M	57.2M	66.84M	65.88M	55.02M	73.41M	90.21M
Accounts Payable	12.86M	13.75M	10.51M	14.11M	14.58M	15.68M	12.3M	10.5M	18.15M	37.03M
Days Payables Outstanding	50.94	52.86	29.64	41.07	43.1	46.82	32.31	25.76	40.83	74.35
Short-Term Debt	10.11M	11.71M	0	15M	11.14M	2M	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	20.27M	25.43M	9.21M	8.59M	4.28M	4.24M	11.68M	3.23M	33K	7.51M
Current Ratio	1.47x	0.97x	0.93x	0.88x	0.88x	1.11x	1.85x	2.07x	1.83x	1.23x
Quick Ratio	1.46x	0.95x	0.90x	0.86x	0.85x	1.07x	1.80x	2.03x	1.79x	1.20x
Cash Conversion Cycle	-27.15	-20.28	-2.95	-10.95	-10.77	-2.29	3.31	19.63	0.26	-32.57
Total Non-Current Liabilities+	57.84M	22.49M	61.92M	41.59M	82.43M	75.3M	88.02M	91.67M	105.03M	168.08M
Long-Term Debt	41.8M	30.24M	52.59M	33.77M	32.03M	15.21M	0	0	0	0
Capital Lease Obligations	3.79M	0	0	0	46.02M	52.7M	86.41M	91M	104.98M	168.06M
Deferred Tax Liabilities	0	0	0	0	153K	0	0	0	0	0
Other Non-Current Liabilities	10.27M	11.78M	9.32M	7.82M	4.23M	7.38M	1.61M	668K	56K	16K
Total Liabilities	129.28M	90.82M	109.4M	106.17M	139.63M	142.14M	153.9M	146.69M	178.44M	258.29M
Total Debt+	58.22M	41.96M	52.59M	48.77M	89.19M	78.42M	97.89M	100.63M	116.79M	177.56M
Net Debt	19.8M	20.89M	38.03M	31.2M	65.54M	40.39M	14.58M	54.56M	40.79M	118.29M
Debt / Equity	0.72x	0.58x	1.15x	1.22x	1.62x	0.76x	0.69x	0.69x	0.70x	1.00x
Debt / EBITDA	3.81x	7.11x	13.19x	10.92x	6.68x	3.54x	1.74x	4.44x	2.91x	6.70x
Net Debt / EBITDA	1.30x	3.54x	9.54x	6.98x	4.91x	1.82x	0.26x	2.41x	1.02x	4.46x
Interest Coverage	0.10x	-0.84x	-0.66x	-1.63x	1.77x	11.59x	24.45x	101.74x	96.13x	5.92x
Total Equity+	81M	72.39M	45.81M	39.87M	55.13M	103.05M	141.4M	144.88M	166.8M	178.26M
Equity Growth %	-0.02%	-0.11%	-0.37%	-0.13%	0.38%	0.87%	0.37%	0.02%	0.15%	0.07%
Book Value per Share	3.50	3.09	1.92	1.63	2.25	4.16	5.64	5.60	5.46	5.77
Total Shareholders' Equity	81M	72.39M	45.81M	39.87M	55.13M	103.05M	141.4M	144.88M	166.8M	178.26M
Common Stock	141.38M	141.38M	141.38M	141.38M	141.38M	141.38M	141.38M	49.07M	48.18M	48.18M
Retained Earnings	2.26M	-26.04M	-37.53M	-44.07M	-42.06M	6.2M	39.7M	51.23M	69.28M	79.17M
Treasury Stock	-82.86M	-82.86M	-82.86M	-82.86M	-82.86M	-82.86M	-82.86M	0	0	0
Accumulated OCI	-7.07M	-6.1M	-4.51M	-4.06M	-3.46M	-4.17M	-1.24M	-960K	-36K	274K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	14.34M	-6.11M	-11.32M	-1.69M	988K	23.48M	27.45M	882K	25.56M	29.31M
Operating CF Margin %	0.07%	-0.03%	-0.04%	-0.01%	0%	0.08%	0.08%	0%	0.07%	0.07%
Operating CF Growth %	0.19%	-1.43%	-0.85%	0.85%	1.58%	22.77%	0.17%	-0.97%	27.98%	0.15%
Net Income	-3.35M	-28.3M	-11.48M	-6.54M	2.02M	48.56M	34.72M	12.63M	26M	9.89M
Depreciation & Amortization	14.51M	11.07M	8.7M	8.42M	8.12M	7.4M	7.14M	6.36M	6.6M	11.33M
Stock-Based Compensation	1.13M	1.44M	1.22M	522K	679K	1.69M	2.89M	3.11M	5.89M	4.63M
Deferred Taxes	15.52M	36.06M	-424K	18.24M	153K	-35.87M	12.01M	1.29M	1.63M	-2.24M
Other Non-Cash Items	-3.15M	-6.25M	13.51M	-589K	19.9M	26.65M	3.58M	35.38M	14.88M	60.17M
Working Capital Changes	-10.32M	-20.12M	-22.85M	-21.75M	-29.87M	-24.95M	-32.89M	-57.9M	-29.44M	-54.48M
Change in Receivables	-13.22M	-15.7M	-15.73M	-23.84M	-25.99M	-37.38M	-26.5M	-48.64M	-45.76M	-65.98M
Change in Inventory	9K	201K	30K	206K	-157K	-786K	-327K	103K	-330K	-184K
Change in Payables	1M	742K	-3.19M	3.75M	444K	856K	-3.68M	-2.03M	5.04M	11.58M
Cash from Investing+	-1.77M	-2.18M	-22.89M	-2.35M	-4.81M	-5.48M	37.85M	-21.35M	7.37M	-46.97M
Capital Expenditures	-2.22M	-3.6M	-4.75M	-4.7M	0	-5.58M	-7.53M	-8.99M	-40.7M	-56.87M
CapEx % of Revenue	0.01%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.03%	0.11%	0.13%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	451K	1.41M	-18.13M	2.35M	-4.81M	97K	45.38M	2.39M	33.31M	9.89M
Cash from Financing+	13.55M	-9.07M	27.7M	-4.57M	-3.48M	-18.62M	-20.01M	-12.55M	-2.94M	-3.33M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	-1.38M	-1.22M	-1.11M	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	4.37M	-823K	12.11M	-372K	-1.71M	-242K	-962K	-1.99M	-2.05M	-3.83M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	12.12M	-9.7M	-16.08M	-6.39M	-4.4M	17.91M	19.92M	-8.1M	-15.14M	-27.56M
FCF Margin %	0.06%	-0.05%	-0.06%	-0.02%	-0.02%	0.06%	0.06%	-0.02%	-0.04%	-0.06%
FCF Growth %	1.66%	-1.8%	-0.66%	0.6%	0.31%	5.07%	0.11%	-1.41%	-0.87%	-0.82%
FCF per Share	0.52	-0.41	-0.67	-0.26	-0.18	0.72	0.79	-0.31	-0.50	-0.89
FCF Conversion (FCF/Net Income)	-4.28x	0.22x	0.99x	0.26x	0.49x	0.48x	0.79x	0.07x	0.98x	2.96x
Interest Paid	7.16M	5.26M	2.79M	2.03M	2.15M	1.11M	1.53M	171K	110K	2.35M
Taxes Paid	89K	150K	139K	191K	118K	179K	737K	1.47M	7.2M	8.84M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-4.09%	-36.91%	-19.43%	-15.28%	4.24%	61.41%	28.41%	8.83%	16.68%	5.73%
Return on Invested Capital (ROIC)	0.56%	-3.99%	-3.99%	-3.83%	4.1%	8.39%	24.68%	6.87%	12.29%	4.52%
Gross Margin	52.3%	51.79%	50.58%	52.37%	54.82%	58.31%	58.57%	57.29%	57.08%	58.7%
Net Margin	-1.73%	-14.37%	-4.39%	-2.49%	0.74%	16.57%	10.35%	3.63%	6.88%	2.25%
Debt / Equity	0.72x	0.58x	1.15x	1.22x	1.62x	0.76x	0.69x	0.69x	0.70x	1.00x
Interest Coverage	0.10x	-0.84x	-0.66x	-1.63x	1.77x	11.59x	24.45x	101.74x	96.13x	5.92x
FCF Conversion	-4.28x	0.22x	0.99x	0.26x	0.49x	0.48x	0.79x	0.07x	0.98x	2.96x
Revenue Growth	-40.55%	1.91%	32.98%	0.51%	3.85%	7.23%	14.41%	3.86%	8.55%	16.4%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Campus Operations	-	-	-	-	-	-	-	-	376.6M	432.97M
Campus Operations Growth	-	-	-	-	-	-	-	-	-	14.97%
Transitional	9.4M	19.03M	8.44M	5.8M	-	-	-	-	1.47M	7.1M
Transitional Growth	-	102.45%	-55.62%	-31.29%	-	-	-	-	-	383.51%
Transportation and Skilled Trades	183.82M	177.88M	177.1M	185.26M	193.72M	207.43M	240.53M	249.91M	-	-
Transportation and Skilled Trades Growth	-	-3.23%	-0.44%	4.61%	4.57%	7.08%	15.96%	3.90%	-	-
Healthcare and Other Professions Business	-	-	76.31M	72.14M	79.62M	85.66M	94.81M	91.53M	-	-
Healthcare and Other Professions Business Growth	-	-	-	-5.47%	10.38%	7.59%	10.67%	-3.45%	-	-

Frequently Asked Questions

Valuation & Price

Lincoln Educational Services Corporation (LINC) has a price-to-earnings (P/E) ratio of 83.5x. This suggests investors expect higher future growth.

Growth & Financials

Lincoln Educational Services Corporation (LINC) reported $494.7M in revenue for fiscal year 2024. This represents a 3% decrease from $512.6M in 2011.

Lincoln Educational Services Corporation (LINC) grew revenue by 16.4% over the past year. This is strong growth.

Yes, Lincoln Educational Services Corporation (LINC) is profitable, generating $14.1M in net income for fiscal year 2024 (2.2% net margin).

Dividend & Returns

Lincoln Educational Services Corporation (LINC) has a return on equity (ROE) of 5.7%. This is below average, suggesting room for improvement.

Lincoln Educational Services Corporation (LINC) had negative free cash flow of $46.8M in fiscal year 2024, likely due to heavy capital investments.