LINC (Lincoln Educational Services Corporation) Stock Financials & Earnings | Market Cap Arena

LINC (Lincoln Educational Services Corporation) Stock Financials & Earnings | Market Cap Arena

LINCLincoln Educational Services Corporation

Mkt Cap$1B

Consumer Defensive·Education & Training Services·🇺🇸 United States·NASDAQ

Revenue (TTM)$518M

Net Income (TTM)$20M

EPS (TTM)$0.65

Free Cash Flow (TTM)-$27M

Gross Margin60.4%

Op. Margin5.7%

Net Margin3.9%

FCF Margin-5.3%

P/S Ratio (TTM)2.3x

P/E Ratio (TTM)58.5x

YoY Rev Growth+17.8%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$87M	$49M	-$1M
Q2 23	$89M	$49M	$24M
Q3 23	$100M	$56M	$2M
Q4 23	$103M	$61M	$9M
Q1 24	$103M	$60M	-$458K
Q2 24	$103M	$57M	-$1M
Q3 24	$114M	$66M	$6M
Q4 24	$119M	$74M	$11M
Q1 25	$118M	$70M	$3M
Q2 25	$116M	$70M	$3M
Q3 25	$141M	$84M	$6M
Q4 25	$143M	$89M	$17M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	3.3x	95.5x
Q2 23	3.3x	40.0x
Q3 23	3.2x	42.1x
Q4 23	3.1x	45.0x
Q1 24	3.0x	45.2x
Q2 24	2.9x	147.0x
Q3 24	2.8x	118.8x
Q4 24	2.7x	118.3x
Q1 25	2.6x	97.1x
Q2 25	2.5x	81.9x
Q3 25	2.4x	82.8x
Q4 25	2.3x	58.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	-$214K	-$3M
Q2 23	$11M	$3M
Q3 23	-$7M	-$25M
Q4 23	$22M	$10M
Q1 24	-$15M	-$17M
Q2 24	$8M	-$3M
Q3 24	$6M	-$14M
Q4 24	$30M	$6M
Q1 25	-$8M	-$28M
Q2 25	$299K	-$26M
Q3 25	$24M	$2M
Q4 25	$44M	$25M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$3M
Q2 23	$8M
Q3 23	$18M
Q4 23	$12M
Q1 24	$2M
Q2 24	$11M
Q3 24	$19M
Q4 24	$25M
Q1 25	$20M
Q2 25	$26M
Q3 25	$22M
Q4 25	$19M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+5.7%	+6.7%
Q2 23	+7.9%	-20.3%
Q3 23	+8.5%	+12.3%
Q4 23	+11.7%	+16.3%
Q1 24	+18.4%	+17.4%
Q2 24	+16.1%	+59.7%
Q3 24	+14.8%	+11.2%
Q4 24	+16.4%	+15.9%
Q1 25	+13.7%	+9.9%
Q2 25	+13.2%	+9.2%
Q3 25	+23.6%	+24.4%
Q4 25	+19.7%	+16.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$812K	0.9%
Q2 23	$3M	2.9%
Q3 23	$662K	0.7%
Q4 23	$2M	1.8%
Q1 24	$1M	1.0%
Q2 24	$1M	1.0%
Q3 24	$1M	1.1%
Q4 24	$1M	1.1%
Q1 25	$1M	1.0%
Q2 25	$1M	1.2%
Q3 25	$0	0.0%
Q4 25	$1M	1.0%

OpEx Breakdown

Quarter	SG&A
Q1 23	$50M
Q2 23	$52M
Q3 23	$54M
Q4 23	$53M
Q1 24	$60M
Q2 24	$58M
Q3 24	$63M
Q4 24	$62M
Q1 25	$67M
Q2 25	$67M
Q3 25	$78M
Q4 25	$71M

Revenue Segments

Quarter	Campus Operations	Transitional
Q1 23	$86M	$932K
Q2 23	$88M	$433K
Q3 23	$100M	$91K
Q4 23	$103M	$12K
Q1 24	$103M	—
Q2 24	$103M	—
Q3 24	$114M	—
Q4 24	$112M	$7M
Q1 25	$118M	—
Q2 25	$116M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$40M	$15M	$55M
Q2 23	$66M	$24M	$91M
Q3 23	$42M	$24M	$66M
Q4 23	$76M	$0	$76M
Q1 24	$70M	$0	$70M
Q2 24	$67M	$0	$67M
Q3 24	$54M	$0	$54M
Q4 24	$59M	$0	$59M
Q1 25	$29M	$0	$29M
Q2 25	$17M	$0	$17M
Q3 25	$13M	$0	$13M
Q4 25	$29M	$0	$29M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	30M	+13.6%
Q2 23	30M	+1.2%
Q3 23	31M	+1.0%
Q4 23	31M	+0.5%
Q1 24	30M	-1.8%
Q2 24	31M	+1.2%
Q3 24	31M	+1.2%
Q4 24	31M	+0.3%
Q1 25	31M	-0.2%
Q2 25	31M	+0.6%
Q3 25	31M	+0.2%
Q4 25	31M	-0.2%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$126K	3K
FY 15	$81K	2K
FY 16	$90K	2K
FY 17	$132K	2K
FY 18	$140K	2K
FY 19	$142K	2K
FY 20	$152K	2K
FY 21	$163K	2K
FY 22	$164K	2K
FY 23	$164K	2K
FY 24	$178K	2K
FY 25	$200K	3K