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MARKETS / NASDAQ / LINC
NASDAQ · SERVICES-EDUCATIONAL SERVICES · MID CAP

Lincoln Educational Services Corp. LINC

17 fiscal years on record · USD · FY2025 reported · SEC filings only
$518.2M
▲ 17.8% YoY
$20.0M
▲ 102.2% YoY
$-27.3M
In brief

What this company does

Lincoln Educational Services Corporation and its subsidiaries provide diversified career-oriented postsecondary education to recent high school graduates and working adults. It offers programs in skilled trades, automotive, health sciences and information technology through schools operating under the brands Lincoln Technical Institute, Lincoln College of Technology and Nashville Auto Diesel College. The Company currently operates 22 campuses in 12 states. As of December 31, 2025, it had 17,046 students enrolled, with average enrollment of 16,622 students for the fiscal year. Its annual revenue for the fiscal year was $518.2 million, an increase of 17.8% over the prior fiscal year. The Company organizes its business into two reportable segments, Campus Operations and Transitional, with the Campus Operations segment comprising campuses continuing in operation and the Transitional segment comprising campuses marked for closure or held for sale. The Company was incorporated in New Jersey in 2003 as successor-in-interest to various acquired schools, including Lincoln Technical Institute, Inc., which opened its first campus in Newark, New Jersey in 1946.

Written from the business description in LINCOLN EDUCATIONAL SERVICES CORPORATION's annual report to the U.S. Securities and Exchange Commission, filed 2 March 2026. Every sentence was checked against that document before publication.

Growth
USD 518.2M
Revenue, FY2025 · full 17-year series below
Revenue $M Net income $M
FY2025 · Revenue 518.2 · Net income 20.0
250.0M500.0M200920112013201520172019202120232025
Compound annual growth
+14.2%
+12.1%
+5.4%
−1.0%
+16.5%
−16.3%
−8.0%
+37.0%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +12.1% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
4 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 5.8% · Net 3.9%
5%10%15%-10%-20%200920112013201520172019202120232025
ROE
FY2025 · ROE 10.6%
20%40%60%-20%-40%200920112013201520172019202120232025

Each USD of equity produced 11 cents of profit this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -27.3
25.0M50.0M-10.0M-20.0M200920112013201520172019202120232025
Net buybacks $M Dividends $M
FY2024 · Dividends — · Net buybacks 0.0
20M40MDividendsNet buybacks2009201120132015202120232024

Total assetsUSD 493.2M
EquityUSD 199.7M
CashUSD 28.5M
Current ratio0.86×

Equity funds 40% of total assets.

The 17-year record
17 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B0.50.40.40.30.30.30.30.30.30.30.30.20.20.40.50.60.6
Operating income $B0.00.00.00.00.00.00.0−0.0−0.0−0.00.0−0.0−0.0−0.00.00.10.1
EBITDA $B0.00.00.00.00.10.00.00.00.0−0.00.0−0.00.00.00.10.10.1
Income tax $B0.00.00.00.00.0−0.00.00.0−0.00.00.0−0.00.0−0.00.0−0.00.0
Net income $B0.00.00.00.00.00.00.0−0.0−0.0−0.0−0.0−0.1−0.1−0.00.00.10.0
Free cash flow $B−0.0−0.0−0.0−0.00.00.0−0.0−0.0−0.0−0.00.00.0−0.00.0−0.00.10.0
EPS, diluted $0.640.320.850.361.041.490.08−0.48−0.48−1.21−0.14−2.46−2.28−1.680.792.791.82
Dividend / sh $···········0.180.280.280.071.00·
Payout %·········−0−0−8−13−1710580
ROE %10.65.716.79.231.572.44.9−26.8−22.8−41.6−4.1−49.2−29.8−17.07.631.622.5
Shares out B0.030.030.030.030.030.030.000.000.000.000.030.030.030.030.030.03·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 66 reconciliationsAUDITED

Reconciled in 17 of 19 fiscal years. 12 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityServices-Educational Services
Listed onNASDAQ
Incorporated inNew Jersey
Fiscal year endsDecember 31
Data on record since2009

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