LINCOLN EDUCATIONAL SERVICES CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data LINCOLN EDUCATIONAL SERVICES CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	286	262	263	273	293	335	348	378	440	518
Cost of revenue	144	129	125	123	122	139	149	162	182	205
Gross profit	141	132	138	150	171	196	200	216	258	313
Selling, general and administrative	148	139	141	145	156	169	182	209	244	283
Selling and marketing							61.2	65.6	75.2	84.6
General and administrative							69.6	82.6	89.4	114
Operating income	-28.9	-4.72	-3.95	5.24	14.8	49.3	16.3	33.4	15.2	30.3
Interest expense	6.13	7.1	2.42	2.96	1.28	2.02	0.16	0.35	2.57	3.39
Interest income	0.16	0.06	0.03	0.01	0	0	0.32	2.63	2.1	0.13
Pre-tax income	-28.1	-11.8	-6.35	2.28	13.5	47.2	16.4	35.6	14.7	26.1
Income tax	0.2	-0.27	0.2	0.27	-35.1	12.5	3.8	9.64	4.82	6.12
Income from continuing operations	-4.5
Net income	-28.3	-11.5	-11.5	2.02	48.6	34.7	12.6	26	9.89	20
EBITDA	-17.8	3.99	4.47	13.4	22.2	56.4	22.6	40	26.5	49.5
EPS, basic	-2.15	-0.85	-0.48	0.08	1.49	1.04	0.36	0.86	0.32	0.65
EPS, diluted	-2.15	-0.85	-0.48	0.08	1.49	1.04	0.36	0.85	0.32	0.64
Shares, basic (weighted)	13.2	13.4	23.9	24.6	24.7	25.1	25.9	0.03	0.03	0.03
Shares, diluted (weighted)	13.2	13.4	23.9	24.6	24.7	25.1	25.9	0.03	0.03	0.03

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	21.1	14.6	17.6	23.6	38	83.3	46.1	76	59.3	28.5
Short-term investments						0	14.8	0
Receivables	15.4	15.8	18.7	20.7	30	26.2	37.2	35.7	43	36.9
Inventory	1.69	1.66	1.45	1.61	2.39	2.72	2.62	2.95	3.05	3.99
Other current assets	2.89	2.35	2.46	4.19	3.72	4.88	4.74	5.56	4.03	7.87
Total current assets	64.5	44.7	57.1	50.5	74.2	122	114	135	111	87
Property, plant and equipment	55.4	52.9	49.3	49.3	48.4	23.1	23.9	50.9	104	172
Lease right-of-use assets			0	49.1	55.2	91.5	93.1	89.9	136	154
Goodwill	14.5	14.5	14.5	14.5	14.5	14.5	14.5	10.7	10.7	10.7
Intangible assets	0.03	0.02
Other non-current assets	1.12	0.94	0.9	1	0.73	0.79	0.81	1.79	1.39	1.27
Total assets	163	155	146	195	245	295	292	345	437	493
Accounts payable	13.7	10.5	14.1	14.6	15.7	12.3	10.5	18.2	37	27
Accrued liabilities	15.4	11.8	10.6	7.87	16.7	15.7	8.65	13.7	12	18.4
Deferred revenue	24.8	24.6	22.5	23.4	23.5	25.4	24.2	26.9	30.6	44.2
Short-term debt	11.7	0	15	2	2	0
Total current liabilities	66.3	47.5	64.6	57.2	66.8	65.9	55	73.4	90.2	101
Long-term debt	30.2	52.6	33.8	32	15.2	0			0	0
Lease liabilities			0	46	52.7	86.4	91	88.9	139	162
Other non-current liabilities	0.74	0.55	0.14	0.21	3.13	0	0	0.06	0.02	0
Total liabilities	108	109	106	140	142	154	147	178	258	293
Total debt	42	53.4	48.8	34.8	17.8	0			0	0
Paid-in capital	28.6	29.3	29.5	30.1	30.5	32.4	45.5	49.4	50.6	52.3
Retained earnings	-26	-37.5	-44.1	-42.1	6.2	39.7	51.2	69.3	79.2	99.2
Treasury stock	-82.9	-82.9	-82.9	-82.9	-82.9	-82.9	0
Other comprehensive income	-6.1	-4.51	-4.06	-3.46	-4.17	-1.24	-0.96	-0.04	0.27	0
Shareholders' equity	54.9	45.8	39.9	43.1	91.1	129	145	167	178	200
Total equity	54.9	45.8	39.9	43.1	91.1	129	145	167	178	200
Total liabilities and equity	163	155	146	195	245	295	292	345	437	493
Shares outstanding	17.3	17.2	30.6	25.2	26.5	27	31.1	31.4	31.5	31.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-28.3	-11.5	-11.5	2.02	48.6	34.7	12.6	26	9.89	20
Depreciation and amortization	11.1	8.7	8.42	8.12	7.4	7.14	6.36	6.6	11.3	19.2
Stock-based compensation	1.44	1.22	0.52	0.68	1.69	2.89	3.11	5.89	4.63	5.49
Deferred income tax	0	-0.42	0	0.15	-35.9	11.3	1.29	1.63	-2.24	2.62
Change in receivables	-15.7	-15.7	-23.8	-26	-37.4	-26.5	-48.6	-45.8	-66	-53.7
Change in inventory	0.2	0.03	0.21	-0.16	-0.79	-0.33	0.1	-0.33	-0.18	-0.93
Change in payables	0.74	-3.19	3.75	0.44	0.86	-3.68	-2.03	5.04	11.6	-9.29
Cash from operations	-6.11	-11.3	-1.69	0.99	23.5	27.4	0.88	25.6	29.3	59.3
Capital expenditures	-3.6	-4.76	-4.7	-5.39	-5.58	-7.53	-8.99	-40.7	-56.9	-86.6
Purchases of investments						0	-14.8	-24.3	0
Cash from investing	-3.15	10.7	-2.35	-4.81	-5.48	37.8	-21.4	7.37	-47	-86.2
Debt issued		75.9	31	40	11	0			0	45
Debt repaid	-0.39	-66.8	-35.1	-54.5	-28	-17.8	0		0	-45
Share buybacks	-0.18	-0.44	-0.37	-0.02	-0.25	0	-9.45	-0.89	0
Dividends paid	0
Cash from financing	-4.07	7.45	-4.57	-3.48	-18.6	-20	-12.5	-2.95	-3.33	-3.87
Net change in cash	-17.4	-6.5	-8.61	-7.3	-0.62	45.3	-33	30	-21	-30.8
Free cash flow	-9.7	-16.1	-6.39	-4.4	17.9	19.9	-8.1	-15.1	-27.6	-27.3
Interest paid	5.27	2.79	2.03	2.16	1.11	1.53	0.17	0.11	2.35	3.19
Income taxes paid	0.15	0.14	0.19	0.12	0.18	0.74	1.47	7.2	8.84	6.17

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $22.46 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	59.8%	Gross profit / revenue.
Operating margin	5.9%	Operating income / revenue.
EBITDA margin	10.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	5.1%	Pre-tax income / revenue.
Net margin	4.0%	Net income / revenue.
FCF margin	4.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.5%	Cash from operations / revenue.
Effective tax rate	21.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.3%	Net income / average total assets.
Return on invested capital (ROIC)	14.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	53.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	12.2%	Capital expenditures / revenue.
D&A / revenue	4.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	17.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	14.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	21.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	16.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	12.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	99.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	23.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	15.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	86.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	29.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	17.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	102.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	16.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-16.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	100.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	21.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-15.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	102.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	306.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	20.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	12.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	11.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	17.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	13.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	19.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	15.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-89.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-73.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.96x	Current assets / current liabilities.
Quick ratio	0.81x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.40x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.13x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	4.9%	Total debt / total assets.
Liabilities / assets	61.8%	Total liabilities / total assets.
Net debt	-$18.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.30x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	8.94x	Operating income / interest expense.
Working capital	-$4.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	2.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$191.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.08x	Revenue / average total assets.
Fixed asset turnover	2.99x	Revenue / average property, plant and equipment.
Inventory turnover	56.2x	Cost of revenue / average inventory.
Days inventory	6 days	365 x average inventory / cost of revenue.
Receivables turnover	12.4x	Revenue / average receivables.
Days sales outstanding	29 days	365 x average receivables / revenue.
Days payables	49 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-13 days	Days inventory + days sales outstanding - days payables.
FCF conversion	107.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	73.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.73	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$18.17	Revenue / diluted weighted shares.
FCF per share	$0.78	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.99	Cash from operations / diluted weighted shares.
Book value per share	$6.38	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.04	Tangible book value / shares outstanding.
Cash per share	$1.39	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$712.5M	Share price x shares outstanding.
Enterprise value	$694.3M	Market cap + total debt - cash - short-term investments.
P/E	31.2x	Market cap / net income. Only when net income is positive.
P/S	1.25x	Market cap / revenue.
P/B	3.52x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.72x	Market cap / tangible book value, when positive.
P/FCF	29.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.58x	Market cap / cash from operations, when positive.
EV/Sales	1.22x	Enterprise value / revenue.
EV/EBIT	20.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.4x	Enterprise value / EBITDA, when both are positive.
EV/FCF	28.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.4%	Free cash flow / market cap.
Earnings yield	3.2%	Net income / market cap (the inverse of P/E).
PEG	1.48x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was LINCOLN EDUCATIONAL SERVICES CORP's revenue in fiscal 2025?

LINCOLN EDUCATIONAL SERVICES CORP reported revenue of $518.2M for fiscal 2025, 17.8% higher than the year before.

Was LINCOLN EDUCATIONAL SERVICES CORP profitable in fiscal 2025?

Yes. Net income was $20.0M, a net margin of 3.9%.

How much free cash flow did LINCOLN EDUCATIONAL SERVICES CORP generate in fiscal 2025?

Cash from operations of $59.3M minus capital expenditures of $86.6M left free cash flow of -$27.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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