Lincoln Educational Services (LINC) Financials

$16.78 +0.34 (+2.07%)

As of 04:00 PM Eastern

Annual Income Statements for Lincoln Educational Services

This table shows Lincoln Educational Services' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	12	26	9.89
Consolidated Net Income / (Loss)	13	26	9.89
Net Income / (Loss) Continuing Operations	13	26	9.89
Total Pre-Tax Income	16	36	15
Total Operating Income	16	33	15
Total Gross Profit	200	216	258
Total Revenue	348	378	440
Operating Revenue	348	378	440
Total Cost of Revenue	149	162	182
Operating Cost of Revenue	149	162	182
Total Operating Expenses	183	182	243
Selling, General & Admin Expense	182	209	244
Other Operating Expenses / (Income)	0.00	0.00	-2.79
Impairment Charge	1.05	4.22	0.00
Other Special Charges / (Income)	-0.18	-31	2.12
Total Other Income / (Expense), net	0.16	2.28	-0.47
Interest Expense	0.16	0.35	2.57
Interest & Investment Income	0.32	2.63	2.10
Income Tax Expense	3.80	9.64	4.82
Preferred Stock Dividends Declared	1.11	0.00	0.00
Basic Earnings per Share	$0.36	$0.86	$0.32
Weighted Average Basic Shares Outstanding	25.88M	30.11M	30.58M
Diluted Earnings per Share	$0.36	$0.85	$0.32
Weighted Average Diluted Shares Outstanding	25.88M	30.54M	30.89M
Weighted Average Basic & Diluted Shares Outstanding	31.51M	31.76M	31.59M

This table shows Lincoln Educational Services' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	3.24	8.36	-0.11	17	2.06	6.79	-0.21	-0.68	3.95	6.83
Consolidated Net Income / (Loss)	3.54	8.56	-0.11	17	2.06	6.79	-0.21	-0.68	3.95	6.83
Net Income / (Loss) Continuing Operations	3.54	8.56	-0.11	17	2.06	6.79	-0.21	-0.68	3.95	6.83
Total Pre-Tax Income	4.84	12	-0.67	24	2.85	9.43	-0.33	-1.15	5.63	11
Total Operating Income	4.88	11	-1.12	24	2.00	8.96	-0.46	-1.12	5.82	11
Total Gross Profit	52	55	49	49	56	61	60	57	66	74
Total Revenue	92	92	87	89	100	103	103	103	114	119
Operating Revenue	92	92	87	89	100	103	103	103	114	119
Total Cost of Revenue	40	37	38	40	43	41	43	46	48	45
Operating Cost of Revenue	40	37	38	40	43	41	43	46	48	45
Total Operating Expenses	47	44	50	25	54	53	61	58	61	63
Selling, General & Admin Expense	47	43	50	52	54	53	60	58	63	62
Other Special Charges / (Income)	0.02	-	-	-31	0.01	-	0.31	0.60	-0.01	1.22
Total Other Income / (Expense), net	-0.04	0.27	0.44	0.52	0.86	0.46	0.13	-0.03	-0.20	-0.37
Interest Expense	0.04	0.05	0.03	0.03	0.02	0.27	0.57	0.67	0.66	0.67
Interest & Investment Income	0.00	0.32	0.47	0.55	0.88	0.74	0.70	0.64	0.46	0.30
Income Tax Expense	1.30	3.04	-0.57	6.78	0.79	2.63	-0.11	-0.46	1.67	3.72
Basic Earnings per Share	$0.10	$0.26	$0.00	$0.57	$0.07	$0.22	($0.01)	($0.02)	$0.13	$0.22
Weighted Average Basic Shares Outstanding	25.38M	25.88M	30.04M	30.14M	30.16M	30.11M	30.30M	30.66M	30.68M	30.58M
Diluted Earnings per Share	$0.10	$0.26	$0.00	$0.57	$0.07	$0.21	($0.01)	($0.02)	$0.13	$0.22
Weighted Average Diluted Shares Outstanding	25.38M	25.88M	30.04M	30.40M	30.70M	30.54M	30.30M	30.66M	31.04M	30.89M
Weighted Average Basic & Diluted Shares Outstanding	26.26M	31.51M	31.34M	31.36M	31.36M	31.76M	31.44M	31.47M	31.48M	31.59M

This table details how cash moves in and out of Lincoln Educational Services' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Net Change in Cash & Equivalents	-33	30	-21
Net Cash From Operating Activities	0.88	26	29
Net Cash From Continuing Operating Activities	0.88	26	29
Net Income / (Loss) Continuing Operations	13	26	9.89
Consolidated Net Income / (Loss)	13	26	9.89
Depreciation Expense	6.36	6.60	11
Amortization Expense	0.00	0.18	1.76
Non-Cash Adjustments To Reconcile Net Income	38	21	63
Changes in Operating Assets and Liabilities, net	-57	-28	-57
Net Cash From Investing Activities	-21	7.37	-47
Net Cash From Continuing Investing Activities	-21	7.37	-47
Purchase of Property, Plant & Equipment	-8.99	-41	-57
Purchase of Investments	-15	-24	0.00
Sale of Property, Plant & Equipment	2.39	33	9.90
Sale and/or Maturity of Investments	0.00	39	0.00
Net Cash From Financing Activities	-13	-2.95	-3.33
Net Cash From Continuing Financing Activities	-13	-2.95	-3.33
Repayment of Debt	0.00	0.00	-0.46
Repurchase of Common Equity	-9.45	-0.89	0.00
Payment of Dividends	-1.11	0.00	0.00
Other Financing Activities, net	-1.99	-2.05	-2.88
Cash Interest Paid	0.17	0.11	2.35
Cash Income Taxes Paid	1.47	7.20	8.84

This table details how cash moves in and out of Lincoln Educational Services' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	2.63	-19	-5.80	26	-25	34	-10	-2.79	-13	5.31
Net Cash From Operating Activities	11	0.27	-0.21	11	-6.79	22	-15	8.34	5.61	30
Net Cash From Continuing Operating Activities	11	0.27	-0.21	11	-6.79	22	-15	8.34	5.61	30
Net Income / (Loss) Continuing Operations	3.54	8.56	-0.11	17	2.06	6.79	-0.21	-0.68	3.95	6.83
Consolidated Net Income / (Loss)	3.54	8.56	-0.11	17	2.06	6.79	-0.21	-0.68	3.95	6.83
Depreciation Expense	1.56	1.74	1.26	1.68	1.72	1.94	2.60	2.90	2.81	3.02
Amortization Expense	-	-	0.00	-	-	0.18	0.39	0.46	0.46	0.46
Non-Cash Adjustments To Reconcile Net Income	9.28	12	8.98	-14	13	12	13	15	16	18
Changes in Operating Assets and Liabilities, net	-3.78	-22	-10	5.61	-24	0.90	-31	-9.24	-18	1.77
Net Cash From Investing Activities	-3.47	-17	-3.25	16	-18	12	8.03	-11	-19	-25
Net Cash From Continuing Investing Activities	-3.47	-17	-3.25	16	-18	12	8.03	-11	-19	-25
Purchase of Property, Plant & Equipment	-3.47	-1.93	-3.25	-7.65	-18	-12	-1.68	-11	-19	-25
Net Cash From Financing Activities	-4.50	-2.91	-2.34	-0.61	-	-	-3.59	-0.08	0.56	-0.22
Net Cash From Continuing Financing Activities	-4.50	-2.91	-2.34	-0.61	-	-	-3.59	-0.08	0.56	-0.22
Other Financing Activities, net	-	-	-1.78	-0.28	-	-	-3.16	-0.06	0.56	-0.22
Cash Interest Paid	0.01	0.04	0.09	-	-	0.02	0.03	1.03	0.67	0.62
Cash Income Taxes Paid	0.01	0.26	0.00	2.17	3.83	1.20	0.01	4.21	1.26	3.36

This table presents Lincoln Educational Services' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Total Assets	292	345	437
Total Current Assets	114	135	111
Cash & Equivalents	46	76	59
Restricted Cash	4.21	4.28	0.00
Accounts Receivable	37	36	43
Inventories, net	2.62	2.95	3.05
Prepaid Expenses	4.74	5.56	4.79
Other Current Assets	4.56	10	1.15
Plant, Property, & Equipment, net	24	51	104
Total Noncurrent Assets	153	160	222
Noncurrent Note & Lease Receivables	23	33	46
Goodwill	15	11	11
Noncurrent Deferred & Refundable Income Taxes	22	23	25
Employee Benefit Assets	0.00	0.76	1.55
Other Noncurrent Operating Assets	93	92	138
Total Liabilities & Shareholders' Equity	292	345	437
Total Liabilities	147	178	258
Total Current Liabilities	55	73	90
Accounts Payable	10	18	37
Accrued Expenses	8.65	14	12
Current Deferred Revenue	24	27	31
Current Deferred & Payable Income Tax Liabilities	2.06	2.83	1.07
Other Current Liabilities	9.66	12	9.50
Total Noncurrent Liabilities	92	105	168
Other Noncurrent Operating Liabilities	91	105	168
Commitments & Contingencies	0.00	0.00	0.00
Redeemable Noncontrolling Interest	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	145	167	178
Total Preferred & Common Equity	145	167	178
Total Common Equity	145	167	178
Common Stock	95	98	99
Retained Earnings	51	69	79
Accumulated Other Comprehensive Income / (Loss)	-0.96	-0.04	0.27

This table presents Lincoln Educational Services' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Total Assets	291	281	311	316	355	366	404
Total Current Assets	111	108	137	131	119	119	115
Cash & Equivalents	70	40	66	42	69	67	54
Restricted Cash	-	4.21	4.21	4.28	1.22	0.00	0.00
Accounts Receivable	32	35	32	40	40	44	53
Inventories, net	2.71	2.64	2.56	2.94	2.42	2.35	2.71
Prepaid Expenses	2.26	6.29	7.97	6.95	6.07	4.09	3.64
Current Deferred & Refundable Income Taxes	-	-	-	-	-	2.39	2.01
Other Current Assets	4.56	4.56	0.00	10	0.00	0.00	0.00
Plant, Property, & Equipment, net	24	26	33	38	52	59	75
Total Noncurrent Assets	156	147	141	147	184	187	213
Noncurrent Note & Lease Receivables	22	15	15	17	45	45	47
Goodwill	15	15	11	11	11	11	11
Noncurrent Deferred & Refundable Income Taxes	24	25	25	25	23	23	23
Employee Benefit Assets	-	-	-	-	0.85	0.94	1.04
Other Noncurrent Operating Assets	96	93	90	93	103	108	132
Total Liabilities & Shareholders' Equity	291	281	311	316	355	366	404
Total Liabilities	153	146	157	159	191	202	234
Total Current Liabilities	60	55	69	66	60	67	73
Accounts Payable	16	13	17	18	14	19	28
Accrued Expenses	10	9.01	12	13	9.21	12	12
Current Deferred Revenue	-	21	23	22	22	24	23
Current Deferred & Payable Income Tax Liabilities	0.51	1.55	6.10	3.05	2.29	0.00	0.00
Other Current Liabilities	33	10	10	11	12	12	10
Total Noncurrent Liabilities	93	91	88	93	131	135	161
Other Noncurrent Operating Liabilities	92	91	88	92	131	135	161
Total Equity & Noncontrolling Interests	126	135	154	157	164	165	170
Total Preferred & Common Equity	126	135	154	157	164	165	170
Total Common Equity	126	135	154	157	164	165	170
Common Stock	85	93	95	96	95	97	98
Retained Earnings	43	43	60	62	69	68	72
Accumulated Other Comprehensive Income / (Loss)	-1.30	-1.01	-1.01	-1.04	-0.04	-0.04	-0.04

This table displays calculated financial ratios and metrics derived from Lincoln Educational Services' official financial filings.

Metric	2022	2023	2024
Growth Metrics	-	-	-
Revenue Growth	3.86%	8.55%	16.40%
EBITDA Growth	-59.96%	77.25%	-29.56%
EBIT Growth	-66.96%	104.93%	-54.50%
NOPAT Growth	-65.43%	94.47%	-58.06%
Net Income Growth	-63.61%	105.77%	-61.95%
EPS Growth	-65.38%	136.11%	-62.35%
Operating Cash Flow Growth	-96.79%	2,797.73%	14.66%
Free Cash Flow Firm Growth	-113.94%	299.87%	-232.31%
Invested Capital Growth	36.02%	9.51%	37.51%
Revenue Q/Q Growth	1.15%	2.92%	3.98%
EBITDA Q/Q Growth	-49.84%	-4.73%	13.35%
EBIT Q/Q Growth	-58.26%	-6.62%	14.88%
NOPAT Q/Q Growth	-56.81%	-7.23%	6.51%
Net Income Q/Q Growth	-54.94%	-6.36%	0.43%
EPS Q/Q Growth	-57.14%	-5.56%	3.23%
Operating Cash Flow Q/Q Growth	-91.44%	558.37%	39.87%
Free Cash Flow Firm Q/Q Growth	-119.53%	84.70%	-7.13%
Invested Capital Q/Q Growth	15.32%	1.03%	2.58%
Profitability Metrics	-	-	-
Gross Margin	57.29%	57.08%	58.70%
EBITDA Margin	6.50%	10.61%	6.42%
Operating Margin	4.67%	8.82%	3.45%
EBIT Margin	4.67%	8.82%	3.45%
Profit (Net Income) Margin	3.63%	6.88%	2.25%
Tax Burden Percent	76.87%	72.95%	67.24%
Interest Burden Percent	100.97%	106.84%	96.93%
Effective Tax Rate	23.13%	27.05%	32.76%
Return on Invested Capital (ROIC)	18.25%	29.40%	9.93%
ROIC Less NNEP Spread (ROIC-NNEP)	18.09%	27.12%	10.38%
Return on Net Nonoperating Assets (RNNOA)	-9.43%	-12.71%	-4.20%
Return on Equity (ROE)	8.83%	16.68%	5.73%
Cash Return on Invested Capital (CROIC)	-12.27%	20.32%	-21.65%
Operating Return on Assets (OROA)	5.55%	10.48%	3.88%
Return on Assets (ROA)	4.31%	8.16%	2.53%
Return on Common Equity (ROCE)	8.46%	16.68%	5.73%
Return on Equity Simple (ROE_SIMPLE)	8.72%	15.59%	5.55%
Net Operating Profit after Tax (NOPAT)	13	24	10
NOPAT Margin	3.59%	6.44%	2.32%
Net Nonoperating Expense Percent (NNEP)	0.16%	2.28%	-0.45%
Return On Investment Capital (ROIC_SIMPLE)	8.64%	14.59%	5.72%
Cost of Revenue to Revenue	42.71%	42.92%	41.30%
SG&A Expenses to Revenue	52.37%	55.32%	55.40%
R&D to Revenue	0.00%	0.00%	0.00%
Operating Expenses to Revenue	52.62%	48.25%	55.25%
Earnings before Interest and Taxes (EBIT)	16	33	15
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	23	40	28
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	1.05	1.89	2.79
Price to Tangible Book Value (P/TBV)	1.17	2.02	2.97
Price to Revenue (P/Rev)	0.44	0.83	1.13
Price to Earnings (P/E)	13.19	12.11	50.35
Dividend Yield	0.00%	0.00%	0.00%
Earnings Yield	7.58%	8.26%	1.99%
Enterprise Value to Invested Capital (EV/IC)	1.10	2.71	3.69
Enterprise Value to Revenue (EV/Rev)	0.25	0.62	1.00
Enterprise Value to EBITDA (EV/EBITDA)	3.84	5.85	15.52
Enterprise Value to EBIT (EV/EBIT)	5.34	7.03	28.91
Enterprise Value to NOPAT (EV/NOPAT)	6.95	9.64	42.99
Enterprise Value to Operating Cash Flow (EV/OCF)	98.61	9.18	14.97
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	13.95	0.00
Leverage & Solvency	-	-	-
Debt to Equity	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00
Financial Leverage	-0.52	-0.47	-0.40
Leverage Ratio	2.05	2.04	2.27
Compound Leverage Factor	2.07	2.18	2.20
Debt to Total Capital	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00
Altman Z-Score	2.49	2.97	2.59
Noncontrolling Interest Sharing Ratio	4.19%	0.00%	0.00%
Liquidity Ratios	-	-	-
Current Ratio	2.07	1.83	1.23
Quick Ratio	1.78	1.52	1.13
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	-8.41	17	-22
Operating Cash Flow to CapEx	13.37%	345.89%	62.39%
Free Cash Flow to Firm to Interest Expense	-52.59	48.47	-8.68
Operating Cash Flow to Interest Expense	5.51	73.65	11.43
Operating Cash Flow Less CapEx to Interest Expense	-35.71	52.36	-6.89
Efficiency Ratios	-	-	-
Asset Turnover	1.19	1.19	1.13
Accounts Receivable Turnover	11.00	10.38	11.19
Inventory Turnover	55.72	58.31	60.58
Fixed Asset Turnover	14.80	10.11	5.70
Accounts Payable Turnover	13.05	11.33	6.59
Days Sales Outstanding (DSO)	33.19	35.17	32.63
Days Inventory Outstanding (DIO)	6.55	6.26	6.03
Days Payable Outstanding (DPO)	27.97	32.22	55.40
Cash Conversion Cycle (CCC)	11.77	9.22	-16.75
Capital & Investment Metrics	-	-	-
Invested Capital	79	87	119
Invested Capital Turnover	5.08	4.57	4.28
Increase / (Decrease) in Invested Capital	21	7.52	32
Enterprise Value (EV)	87	235	439
Market Capitalization	152	315	498
Book Value per Share	$5.52	$5.32	$5.66
Tangible Book Value per Share	$4.96	$4.98	$5.32
Total Capital	145	167	178
Total Debt	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00
Net Debt	-65	-80	-59
Capital Expenditures (CapEx)	6.60	7.39	47
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-5.93	-19	-38
Debt-free Net Working Capital (DFNWC)	59	61	21
Net Working Capital (NWC)	59	61	21
Net Nonoperating Expense (NNE)	-0.12	-1.66	0.31
Net Nonoperating Obligations (NNO)	-66	-80	-59
Total Depreciation and Amortization (D&A)	6.36	6.77	13
Debt-free, Cash-free Net Working Capital to Revenue	-1.70%	-5.03%	-8.69%
Debt-free Net Working Capital to Revenue	16.97%	16.20%	4.78%
Net Working Capital to Revenue	16.97%	16.20%	4.78%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$0.36	$0.86	$0.32
Adjusted Weighted Average Basic Shares Outstanding	25.88M	30.11M	30.58M
Adjusted Diluted Earnings per Share	$0.36	$0.85	$0.32
Adjusted Weighted Average Diluted Shares Outstanding	25.88M	30.54M	30.89M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	31.51M	31.76M	31.59M
Normalized Net Operating Profit after Tax (NOPAT)	13	4.86	12
Normalized NOPAT Margin	3.79%	1.29%	2.64%
Pre Tax Income Margin	4.72%	9.43%	3.34%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	101.74	96.13	5.92
NOPAT to Interest Expense	78.20	70.12	3.98
EBIT Less CapEx to Interest Expense	60.51	74.84	-12.40
NOPAT Less CapEx to Interest Expense	36.98	48.83	-14.33
Payout Ratios	-	-	-
Dividend Payout Ratio	8.79%	0.00%	0.00%
Augmented Payout Ratio	83.55%	3.43%	0.00%

This table displays calculated financial ratios and metrics derived from Lincoln Educational Services' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.09%	4.51%	5.73%	7.92%	8.50%	11.71%	18.42%	16.10%	14.85%	16.44%
EBITDA Growth	-16.53%	-63.24%	-88.44%	1,208.68%	-42.25%	-15.25%	1,718.71%	-91.10%	144.30%	30.05%
EBIT Growth	-15.06%	-66.73%	-242.33%	5,838.13%	-59.10%	-20.88%	58.96%	-104.75%	191.68%	21.93%
NOPAT Growth	-11.73%	-66.29%	-242.33%	5,840.46%	-59.56%	-22.73%	58.96%	-104.63%	183.24%	9.56%
Net Income Growth	-7.68%	-64.28%	-140.07%	6,560.23%	-41.76%	-20.64%	-96.33%	-103.95%	91.52%	0.62%
EPS Growth	-9.09%	-64.86%	0.00%	0.00%	-30.00%	-19.23%	0.00%	-103.51%	85.71%	4.76%
Operating Cash Flow Growth	-36.44%	-97.22%	98.51%	142.67%	-164.04%	8,028.15%	-6,878.50%	-21.49%	182.55%	38.06%
Free Cash Flow Firm Growth	156.61%	-125.68%	-108.33%	32.18%	-188.65%	91.59%	-875.95%	-235.65%	-67.49%	-2,302.05%
Invested Capital Growth	-17.08%	36.02%	1.36%	-16.71%	24.99%	9.51%	22.72%	64.34%	35.44%	37.51%
Revenue Q/Q Growth	11.77%	-0.04%	-4.90%	1.56%	12.38%	2.92%	0.82%	-0.44%	11.17%	4.34%
EBITDA Q/Q Growth	234.60%	102.95%	-98.94%	18,023.74%	-85.23%	197.80%	-76.81%	-11.27%	305.17%	58.53%
EBIT Q/Q Growth	1,132.32%	132.13%	-109.85%	2,207.08%	-91.51%	349.05%	-105.11%	-143.67%	621.68%	87.72%
NOPAT Q/Q Growth	1,156.67%	134.10%	-109.35%	2,260.46%	-91.44%	347.26%	-104.96%	-143.67%	623.55%	73.00%
Net Income Q/Q Growth	1,268.34%	141.51%	-101.27%	15,925.69%	-88.03%	229.07%	-103.15%	-218.69%	679.62%	72.88%
EPS Q/Q Growth	0.00%	160.00%	-100.00%	0.00%	-87.72%	200.00%	-104.76%	-100.00%	750.00%	69.23%
Operating Cash Flow Q/Q Growth	142.38%	-97.45%	-179.26%	5,061.22%	-163.96%	423.16%	-168.05%	155.81%	-32.74%	440.47%
Free Cash Flow Firm Q/Q Growth	-18.88%	-171.06%	85.66%	1,699.30%	-154.40%	93.26%	-1,564.61%	-122.29%	32.83%	3.36%
Invested Capital Q/Q Growth	-4.16%	15.32%	-3.81%	-21.65%	43.82%	1.03%	7.79%	4.93%	18.53%	2.58%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	56.51%	60.22%	56.36%	54.84%	56.71%	59.99%	58.38%	55.73%	58.00%	62.20%
EBITDA Margin	7.02%	14.24%	0.16%	28.42%	3.73%	10.81%	2.45%	2.18%	7.94%	12.07%
Operating Margin	5.32%	12.34%	-1.28%	26.53%	2.00%	8.74%	-0.44%	-1.08%	5.09%	9.16%
EBIT Margin	5.32%	12.34%	-1.28%	26.53%	2.00%	8.74%	-0.44%	-1.08%	5.09%	9.16%
Profit (Net Income) Margin	3.86%	9.33%	-0.12%	19.46%	2.07%	6.62%	-0.21%	-0.66%	3.46%	5.72%
Tax Burden Percent	73.16%	73.78%	16.17%	71.77%	72.34%	72.06%	65.44%	59.56%	70.25%	64.74%
Interest Burden Percent	99.26%	102.40%	60.39%	102.21%	142.94%	105.17%	71.40%	102.60%	96.65%	96.59%
Effective Tax Rate	26.84%	26.22%	0.00%	28.23%	27.66%	27.94%	0.00%	0.00%	29.75%	35.26%
Return on Invested Capital (ROIC)	17.72%	46.27%	-4.19%	104.46%	6.91%	28.77%	-1.44%	-3.94%	15.01%	25.38%
ROIC Less NNEP Spread (ROIC-NNEP)	17.77%	46.00%	-5.26%	104.00%	6.03%	28.32%	-1.61%	-4.06%	15.22%	25.73%
Return on Net Nonoperating Assets (RNNOA)	-7.11%	-23.97%	2.38%	-57.48%	-2.88%	-13.28%	0.70%	2.06%	-5.84%	-10.40%
Return on Equity (ROE)	10.60%	22.30%	-1.80%	46.99%	4.03%	15.50%	-0.74%	-1.88%	9.17%	14.98%
Cash Return on Invested Capital (CROIC)	57.01%	-12.27%	14.23%	61.52%	11.81%	20.32%	8.51%	-39.90%	-20.60%	-21.65%
Operating Return on Assets (OROA)	6.72%	14.65%	-1.59%	31.96%	2.42%	10.38%	-0.55%	-1.31%	5.98%	10.31%
Return on Assets (ROA)	4.88%	11.07%	-0.16%	23.44%	2.51%	7.87%	-0.26%	-0.80%	4.06%	6.44%
Return on Common Equity (ROCE)	9.59%	21.37%	-1.73%	45.06%	3.86%	15.50%	-0.74%	-1.88%	9.17%	14.98%
Return on Equity Simple (ROE_SIMPLE)	22.22%	0.00%	9.06%	18.93%	17.67%	0.00%	15.74%	4.83%	5.79%	0.00%
Net Operating Profit after Tax (NOPAT)	3.57	8.36	-0.78	17	1.44	6.46	-0.32	-0.78	4.09	7.08
NOPAT Margin	3.89%	9.11%	-0.90%	19.04%	1.45%	6.30%	-0.31%	-0.76%	3.57%	5.93%
Net Nonoperating Expense Percent (NNEP)	-0.05%	0.27%	1.08%	0.46%	0.88%	0.46%	0.16%	0.12%	-0.22%	-0.35%
Return On Investment Capital (ROIC_SIMPLE)	-	5.77%	-	-	-	3.87%	-	-	-	3.97%
Cost of Revenue to Revenue	43.49%	39.78%	43.64%	45.16%	43.29%	40.01%	41.62%	44.27%	42.00%	37.80%
SG&A Expenses to Revenue	51.17%	46.73%	57.64%	58.45%	54.69%	51.24%	58.52%	56.23%	55.36%	52.03%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	51.19%	47.88%	57.64%	28.32%	54.70%	51.24%	58.82%	56.81%	52.91%	53.05%
Earnings before Interest and Taxes (EBIT)	4.88	11	-1.12	24	2.00	8.96	-0.46	-1.12	5.82	11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	6.44	13	0.14	25	3.72	11	2.53	2.24	9.09	14
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.16	1.05	1.32	1.37	1.69	1.89	1.99	2.26	2.21	2.79
Price to Tangible Book Value (P/TBV)	1.31	1.17	1.48	1.47	1.81	2.02	2.13	2.42	2.36	2.97
Price to Revenue (P/Rev)	0.42	0.44	0.51	0.59	0.72	0.83	0.83	0.91	0.89	1.13
Price to Earnings (P/E)	5.44	13.19	15.58	7.35	9.61	12.11	12.67	46.85	38.16	50.35
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	18.38%	7.58%	6.42%	13.61%	10.40%	8.26%	7.89%	2.13%	2.62%	1.99%
Enterprise Value to Invested Capital (EV/IC)	1.29	1.10	1.57	1.95	2.27	2.71	2.77	3.13	2.77	3.69
Enterprise Value to Revenue (EV/Rev)	0.26	0.25	0.34	0.32	0.53	0.62	0.66	0.75	0.76	1.00
Enterprise Value to EBITDA (EV/EBITDA)	1.96	3.84	5.52	2.59	4.62	5.85	6.08	15.63	12.91	15.52
Enterprise Value to EBIT (EV/EBIT)	2.26	5.34	7.69	3.01	5.45	7.03	7.59	32.60	24.36	28.91
Enterprise Value to NOPAT (EV/NOPAT)	3.05	6.95	10.12	4.10	7.42	9.64	10.55	44.26	33.59	42.99
Enterprise Value to Operating Cash Flow (EV/OCF)	8.56	98.61	7.92	5.47	50.14	9.18	23.83	35.76	15.36	14.97
Enterprise Value to Free Cash Flow (EV/FCFF)	2.05	0.00	11.09	2.89	21.38	13.95	35.84	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.40	-0.52	-0.45	-0.55	-0.48	-0.47	-0.44	-0.51	-0.38	-0.40
Leverage Ratio	2.16	2.05	2.06	2.04	2.06	2.04	2.12	2.12	2.20	2.27
Compound Leverage Factor	2.14	2.10	1.25	2.08	2.94	2.15	1.52	2.18	2.13	2.19
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	8.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	91.33%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	2.23	2.43	2.42	2.75	2.71	2.73	2.61	2.65	2.43	2.56
Noncontrolling Interest Sharing Ratio	9.51%	4.19%	4.34%	4.09%	4.06%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.85	2.07	1.97	2.00	1.98	1.83	1.98	1.78	1.57	1.23
Quick Ratio	1.70	1.78	1.65	1.79	1.61	1.52	1.82	1.65	1.46	1.13
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	18	-13	-1.80	29	-16	-1.06	-18	-39	-26	-25
Operating Cash Flow to CapEx	305.50%	13.97%	-6.59%	0.00%	-38.19%	182.67%	0.00%	75.49%	29.21%	122.31%
Free Cash Flow to Firm to Interest Expense	491.34	-273.23	-72.09	1,029.37	-746.67	-3.87	-31.02	-58.62	-39.85	-37.77
Operating Cash Flow to Interest Expense	294.56	5.87	-8.56	379.18	-323.38	80.39	-26.34	12.50	8.51	45.09
Operating Cash Flow Less CapEx to Interest Expense	198.14	-36.15	-138.52	1,295.54	-1,170.24	36.38	-12.17	-4.06	-20.62	8.22
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.26	1.19	1.24	1.20	1.21	1.19	1.24	1.21	1.18	1.13
Accounts Receivable Turnover	11.13	11.00	10.13	11.30	10.18	10.38	10.46	10.80	9.06	11.19
Inventory Turnover	50.10	55.72	57.11	54.84	55.86	58.31	66.15	70.50	62.93	60.58
Fixed Asset Turnover	14.62	14.80	14.24	13.18	11.80	10.11	10.09	8.88	7.43	5.70
Accounts Payable Turnover	9.11	13.05	11.58	10.04	9.33	11.33	12.28	9.64	7.82	6.59
Days Sales Outstanding (DSO)	32.80	33.19	36.04	32.31	35.85	35.17	34.88	33.80	40.27	32.63
Days Inventory Outstanding (DIO)	7.29	6.55	6.39	6.66	6.53	6.26	5.52	5.18	5.80	6.03
Days Payable Outstanding (DPO)	40.07	27.97	31.53	36.35	39.13	32.22	29.72	37.87	46.67	55.40
Cash Conversion Cycle (CCC)	0.02	11.77	10.91	2.61	3.26	9.22	10.68	1.10	-0.61	-16.75
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	69	79	76	60	86	87	93	98	116	119
Invested Capital Turnover	4.56	5.08	4.68	5.49	4.77	4.57	4.66	5.19	4.20	4.28
Increase / (Decrease) in Invested Capital	-14	21	1.02	-12	17	7.52	17	38	30	32
Enterprise Value (EV)	88	87	119	116	195	235	258	306	322	439
Market Capitalization	146	152	178	211	265	315	328	373	376	498
Book Value per Share	$4.70	$5.52	$4.29	$4.93	$5.01	$5.32	$5.18	$5.24	$5.40	$5.66
Tangible Book Value per Share	$4.16	$4.96	$3.83	$4.59	$4.67	$4.98	$4.84	$4.90	$5.06	$5.32
Total Capital	138	145	135	154	157	167	164	165	170	178
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-70	-65	-59	-95	-70	-80	-70	-67	-54	-59
Capital Expenditures (CapEx)	3.47	1.93	3.25	-26	18	12	-8.03	11	19	25
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-18	-5.93	-6.23	-26	-5.76	-19	-11	-14	-12	-38
Debt-free Net Working Capital (DFNWC)	51	59	53	69	65	61	59	52	42	21
Net Working Capital (NWC)	51	59	53	69	65	61	59	52	42	21
Net Nonoperating Expense (NNE)	0.03	-0.20	-0.67	-0.37	-0.62	-0.33	-0.11	-0.10	0.14	0.24
Net Nonoperating Obligations (NNO)	-70	-66	-59	-95	-72	-80	-71	-67	-54	-59
Total Depreciation and Amortization (D&A)	1.56	1.74	1.26	1.68	1.72	2.12	2.99	3.36	3.27	3.48
Debt-free, Cash-free Net Working Capital to Revenue	-5.36%	-1.70%	-1.77%	-7.26%	-1.57%	-5.03%	-2.77%	-3.55%	-2.83%	-8.69%
Debt-free Net Working Capital to Revenue	14.86%	16.97%	15.02%	19.14%	17.58%	16.20%	14.94%	12.85%	9.92%	4.78%
Net Working Capital to Revenue	14.86%	16.97%	15.02%	19.14%	17.58%	16.20%	14.94%	12.85%	9.92%	4.78%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.10	$0.26	$0.00	$0.57	$0.07	$0.22	($0.01)	($0.02)	$0.13	$0.22
Adjusted Weighted Average Basic Shares Outstanding	25.38M	25.88M	30.04M	30.14M	30.16M	30.11M	30.30M	30.66M	30.68M	30.58M
Adjusted Diluted Earnings per Share	$0.10	$0.26	$0.00	$0.57	$0.07	$0.21	($0.01)	($0.02)	$0.13	$0.22
Adjusted Weighted Average Diluted Shares Outstanding	25.38M	25.88M	30.04M	30.40M	30.70M	30.54M	30.30M	30.66M	31.04M	30.89M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	26.26M	31.51M	31.34M	31.36M	31.36M	31.76M	31.44M	31.47M	31.48M	31.59M
Normalized Net Operating Profit after Tax (NOPAT)	3.58	8.36	-0.78	-2.30	1.45	6.46	-0.10	-0.36	4.08	7.86
Normalized NOPAT Margin	3.90%	9.11%	-0.90%	-2.59%	1.46%	6.30%	-0.10%	-0.35%	3.57%	6.59%
Pre Tax Income Margin	5.28%	12.64%	-0.77%	27.11%	2.86%	9.19%	-0.32%	-1.11%	4.92%	8.84%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	135.56	246.26	-44.64	839.82	95.05	32.83	-0.81	-1.67	8.83	16.26
NOPAT to Interest Expense	99.18	181.70	-31.25	602.77	68.76	23.66	-0.57	-1.17	6.21	10.53
EBIT Less CapEx to Interest Expense	39.14	204.24	-174.60	1,756.18	-751.81	-11.18	13.36	-18.23	-20.29	-20.60
NOPAT Less CapEx to Interest Expense	2.76	139.68	-161.21	1,519.12	-778.10	-20.35	13.60	-17.72	-22.92	-26.33
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	4.35%	8.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	28.36%	83.55%	81.62%	26.67%	12.98%	3.43%	1.29%	0.00%	0.00%	0.00%

Frequently Asked Questions About Lincoln Educational Services' Financials

When does Lincoln Educational Services's fiscal year end?

According to the most recent income statement we have on file, Lincoln Educational Services' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Lincoln Educational Services' net income changed over the last 2 years?

Lincoln Educational Services' net income appears to be on a downward trend, with a most recent value of $9.89 million in 2024, falling from $12.63 million in 2022. The previous period was $26.00 million in 2023.

What is Lincoln Educational Services's operating income?

Lincoln Educational Services's total operating income in 2024 was $15.18 million, based on the following breakdown:

Total Gross Profit: $258.31 million
Total Operating Expenses: $243.13 million

How has Lincoln Educational Services revenue changed over the last 2 years?

Over the last 2 years, Lincoln Educational Services' total revenue changed from $348.29 million in 2022 to $440.06 million in 2024, a change of 26.4%.

How much debt does Lincoln Educational Services have?

Lincoln Educational Services' total liabilities were at $258.29 million at the end of 2024, a 44.7% increase from 2023, and a 76.1% increase since 2022.

How much cash does Lincoln Educational Services have?

In the past 2 years, Lincoln Educational Services' cash and equivalents has ranged from $46.07 million in 2022 to $75.99 million in 2023, and is currently $59.27 million as of their latest financial filing in 2024.

How has Lincoln Educational Services' book value per share changed over the last 2 years?

Over the last 2 years, Lincoln Educational Services' book value per share changed from 5.52 in 2022 to 5.66 in 2024, a change of 2.6%.

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This page (NASDAQ:LINC) was last updated on 4/14/2025 by MarketBeat.com Staff

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Lincoln Educational Services (LINC) Financials

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Lincoln Educational Services (LINC) Financials

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