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Nasdaq · Consumer Discretionary

LINCOLN EDUCATIONAL SERVICES CORP (LINC)

As-reported financials and SEC filings for LINCOLN EDUCATIONAL SERVICES CORP. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About LINCOLN EDUCATIONAL SERVICES CORP

Lincoln Educational Services Corporation provides career-oriented postsecondary education through 22 campuses across 12 states. The company offers programs in skilled trades, automotive, health sciences, and information technology, serving recent high school graduates and working adults. Its schools operate under the brands Lincoln Technical Institute, Lincoln College of Technology, and Nashville Auto Diesel College.

Snapshot

Revenue
$518.2M
Revenue growth (YoY)
17.8%
Net income
$20.0M
Diluted EPS
$0.64
Gross margin
60.4%
Operating margin
5.8%
Net margin
3.9%
FCF margin
-5.3%
ROE
10.0%
net income / fiscal-year-end equity
P/E
34.9×
trailing when available, otherwise FY EPS
Market cap
$798.1M
Long-term debt / equity
0.00×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Lincoln Educational Services

  • Revenue grew 17.8% to $518M in FY2025, in line with the 16.4% the year before.
  • Operating margin is 5.8% in FY2025, -8.8 pp against 14.7% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $143M, up 22.4% from Q2 FY2025.
  • Free cash flow was negative $27M in FY2025.
  • Net income rose 102.2% to $20M in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Lincoln Educational Services’s fundamentals sit among the 403 Consumer Discretionary companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin60.4%
88th percentile of 275
Operating margin5.8%
59th percentile of 348
Net margin3.9%
58th percentile of 377
FCF margin-5.3%
11th percentile of 351
Revenue growth (YoY)+17.8%
87th percentile of 394
ROE10.0%
58th percentile of 343
P/E34.9×
81st percentile of 249
Long-term debt / equity0.00×
1st percentile of 234
Short interest1.46d
19th percentile of 401

Lincoln Educational Services’s long-term debt to equity of 0.00 ranks in the 1st percentile of the 234 Consumer Discretionary companies reporting it. Lincoln Educational Services’s FCF margin of -5.3% ranks in the 11th percentile of the 351 Consumer Discretionary companies reporting it. Lincoln Educational Services’s gross margin of 60.4% ranks in the 88th percentile of the 275 Consumer Discretionary companies reporting it.

No reported insider purchases (code P) in the last 90 days; 6 insider sales totaling $4.6M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 1 of the superinvestors we track (plus 3 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
1
+3 quant / multi-strat
Initiated / added
2
0 new, 2 added
Reduced / exited
5
2 trimmed, 3 exited
Combined position
$62.3M
reported long value
InvestorAs ofPosition valueSharesChange
First Eagle Investment ManagementQ2 2026$30.7M615.5KReduced
Two Sigma InvestmentsquantQ2 2026$19.0M379.9KAdded
Renaissance TechnologiesquantQ2 2026$10.7M213.7KReduced
AQR Capital ManagementquantQ2 2026$1.9M38.6KAdded

No longer held by: Citadel Advisors (as of Q2 2026), Millennium Management (as of Q2 2026), Point72 Asset Management (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
code P value
Sells (90d)
6
$4.6M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-06-15
LUSTER ALEXANDRA MSVP and General CounselSell18.0K$44.64$804K
2026-06-12
filed 2026-06-15
Juniper Investment Company, LLCInsiderSell37.0K$46.88$1.7M
2026-06-11
filed 2026-06-15
Juniper Investment Company, LLCInsiderSell11.8K$47.87$565K
2026-06-10
Carney Kevin MDirectorSell3.0K$48.00$144K
2026-06-05
filed 2026-06-09
LUSTER ALEXANDRA MSVP and General CounselSell2.0K$50.11$100K
2026-06-04
filed 2026-06-05
Juniper Investment Company, LLCInsiderSell25.2K$51.13$1.3M
2026-06-03
filed 2026-06-05
Juniper Investment Company, LLCInsiderSell81.5K$50.10$4.1M
2026-06-03
filed 2026-06-04
Pryor Felecia J.DirectorSell2.0K$49.70$99K
2026-05-22
filed 2026-05-27
BURKE JAMES J JRDirectorSell15.8K$48.36$764K
2026-05-18
BURKE JAMES J JRDirectorSell16.0K$49.54$793K
2026-05-15
filed 2026-05-18
Juniper Investment Company, LLCInsiderSell2.0K$50.11$99K
2026-05-14
filed 2026-05-18
Juniper Investment Company, LLCInsiderSell47.8K$51.16$2.4M

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
2.1M
settled 2026-08-14
Change vs prior
-29.8%
vs previous settlement
Days to cover
1.46
at avg daily volume
Avg daily volume
1.4M
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-142.1M-29.8%1.46
2026-07-312.9M-4.3%5.19
2026-07-153.1M+11.3%5.23
2026-06-302.8M+11.4%5.52
2026-06-152.5M+14.1%4.65
2026-05-292.2M+3.5%4.49
2026-05-152.1M+3.1%2.95
2026-04-302.0M+9.6%6.24

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$518.2M$440.1M$378.1M$348.3M$335.3M
Gross profit$312.9M$258.3M$215.8M$199.5M$196.4M
Operating income$30.3M$15.2M$33.4M$16.3M$49.3M
Net income$20.0M$9.9M$26.0M$12.6M$34.7M
Diluted EPS$0.64$0.32$0.85$0.36$1.04

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$28.5M$59.3M$76.0M$46.1M$83.3M
Current assets$87.0M$111.3M$134.7M$114.1M$121.6M
Total assets$493.2M$436.6M$345.2M$291.6M$295.3M
Current liabilities$100.7M$90.2M$73.4M$55.0M$65.9M
Long-term debt$0$0$0
Total liabilities$293.5M$258.3M$178.4M$146.7M$153.9M
Total equity$199.7M$178.3M$166.8M$144.9M$129.4M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$59.3M$29.3M$25.6M$882,000$27.4M
Capital expenditure$86.6M$56.9M$40.7M$9.0M$7.5M
Free cash flow$-27.3M$-27.6M$-15.1M$-8.1M$19.9M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$142.6M22.4%$1.9M$0.06
Q1 FY2026$144.0M22.5%$4.4M$0.14
Q4 FY2025$142.9M19.7%$12.7M$0.41
Q3 FY2025$141.4M23.6%$3.8M$0.12
Q2 FY2025$116.5M13.2%$1.6M$0.05
Q1 FY2025$117.5M13.7%$1.9M$0.06
Q4 FY2024$119.4M16.4%$6.8M$0.22
Q3 FY2024$114.4M14.8%$4.0M$0.13

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNasdaq
SectorConsumer Discretionary
SIC industryServices-Educational Services
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2009
SEC CIK1286613

Selected SEC filings

10-Q2026-08-10
View on EDGAR →
10-Q2026-05-11
View on EDGAR →
8-K2026-08-10
View on EDGAR →
8-K2026-07-10
View on EDGAR →
8-K2026-05-13
View on EDGAR →
8-K2026-05-11
View on EDGAR →

Largest Consumer Discretionary peers

All Consumer Discretionary companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.