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Lincoln Educational Services (LINC)

Market Price (3/15/2026): $37.61 | Market Cap: $1.2 Bil
Sector: Consumer Discretionary | Industry: Education Services

Lincoln Educational Services (LINC)

Market Price (3/15/2026): $37.61
Market Cap: $1.2 Bil
Sector: Consumer Discretionary
Industry: Education Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 18%		 Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%		 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 39x, P/EPrice/Earnings or Price/(Net Income) is 58x
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11%		  Stock price has recently run up significantly
12M Rtn12 month market price return is 153%
2 Low stock price volatility
Vol 12M is 46%		  Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -5.3%
3 Megatrend and thematic drivers
Megatrends include Electrification of Everything, and Renewable Energy Transition. Themes include Heat Pump Technology, EV Charging Infrastructure (Utility Role), Show more.		  Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 53%
4   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.3%
0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 18%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11%
2 Low stock price volatility
Vol 12M is 46%
3 Megatrend and thematic drivers
Megatrends include Electrification of Everything, and Renewable Energy Transition. Themes include Heat Pump Technology, EV Charging Infrastructure (Utility Role), Show more.
4 Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
5 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 39x, P/EPrice/Earnings or Price/(Net Income) is 58x
6 Stock price has recently run up significantly
12M Rtn12 month market price return is 153%
7 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -5.3%
8 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 53%
9 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.3%

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Lincoln Educational Services (LINC) stock has gained about 85% since 11/30/2025 because of the following key factors:

1. Lincoln Educational Services significantly exceeded its fourth-quarter and full-year 2025 financial guidance. The company reported a 19.7% increase in fourth-quarter revenue, reaching $142.9 million, surpassing forecasts by $10.1 million. Net income for the full year 2025 increased by 102.2% to $20.0 million, and adjusted EBITDA grew by 51.2% in Q4 2025 to $29.1 million. This strong financial performance led to a notable positive market reaction, with LINC shares gaining 10.2% the day following the earnings announcement on February 23, 2026.

2. The company provided robust financial guidance for 2026, projecting continued strong growth. Management established full-year 2026 guidance forecasting revenue to approach $600 million, alongside an anticipated approximately 30% growth in adjusted EBITDA for the year. This optimistic outlook was further supported by strategic growth initiatives, including the launch of new electrical programs, new corporate relationships, and planned campus openings and expansions.

Show more

Stock Movement Drivers

Fundamental Drivers

The 82.8% change in LINC stock from 11/30/2025 to 3/14/2026 was primarily driven by a 35.1% change in the company's Net Income Margin (%).
(LTM values as of)113020253142026Change
Stock Price ($)20.5837.6182.8%
Change Contribution By: 
Total Revenues ($ Mil)4955184.7%
Net Income Margin (%)2.9%3.9%35.1%
P/E Multiple45.158.229.0%
Shares Outstanding (Mil)31310.1%
Cumulative Contribution82.8%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/14/2026
ReturnCorrelation
LINC82.8% 
Market (SPY)-3.1%16.6%
Sector (XLY)-6.2%20.6%

Fundamental Drivers

The 99.9% change in LINC stock from 8/31/2025 to 3/14/2026 was primarily driven by a 42.7% change in the company's P/E Multiple.
(LTM values as of)83120253142026Change
Stock Price ($)18.8137.6199.9%
Change Contribution By: 
Total Revenues ($ Mil)46851810.8%
Net Income Margin (%)3.1%3.9%26.4%
P/E Multiple40.858.242.7%
Shares Outstanding (Mil)31310.1%
Cumulative Contribution99.9%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/14/2026
ReturnCorrelation
LINC99.9% 
Market (SPY)3.0%23.8%
Sector (XLY)-4.2%20.7%

Fundamental Drivers

The 105.0% change in LINC stock from 2/28/2025 to 3/14/2026 was primarily driven by a 65.8% change in the company's Net Income Margin (%).
(LTM values as of)22820253142026Change
Stock Price ($)18.3537.61105.0%
Change Contribution By: 
Total Revenues ($ Mil)42351822.5%
Net Income Margin (%)2.3%3.9%65.8%
P/E Multiple57.258.21.9%
Shares Outstanding (Mil)3131-0.9%
Cumulative Contribution105.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/14/2026
ReturnCorrelation
LINC105.0% 
Market (SPY)12.4%30.7%
Sector (XLY)3.4%30.3%

Fundamental Drivers

The 542.9% change in LINC stock from 2/28/2023 to 3/14/2026 was primarily driven by a 999.8% change in the company's P/E Multiple.
(LTM values as of)22820233142026Change
Stock Price ($)5.8537.61542.9%
Change Contribution By: 
Total Revenues ($ Mil)34451850.5%
Net Income Margin (%)8.1%3.9%-52.6%
P/E Multiple5.358.2999.8%
Shares Outstanding (Mil)2531-18.0%
Cumulative Contribution542.9%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/14/2026
ReturnCorrelation
LINC542.9% 
Market (SPY)73.4%34.4%
Sector (XLY)56.0%32.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
LINC Return15%-22%73%58%53%53%467%
Peers Return-4%10%50%50%20%8%208%
S&P 500 Return27%-19%24%23%16%-1%80%

Monthly Win Rates [3]
LINC Win Rate58%42%75%67%58%100% 
Peers Win Rate48%47%67%50%55%63% 
S&P 500 Win Rate75%42%67%75%67%33% 

Max Drawdowns [4]
LINC Max Drawdown-11%-37%-12%-11%-9%-3% 
Peers Max Drawdown-23%-23%-10%-8%-9%-6% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-2% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: UTI, ATGE, PRDO, LAUR, STRA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/13/2026 (YTD)

How Low Can It Go

Unique KeyEventLINCS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-42.0%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven72.3%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven297 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-42.4%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven73.7%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven235 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-57.5%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven135.3%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven822 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-31.9%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven46.9%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven116 days1,480 days

Compare to UTI, ATGE, PRDO, LAUR, STRA

In The Past

Lincoln Educational Services's stock fell -42.0% during the 2022 Inflation Shock from a high on 6/28/2021. A -42.0% loss requires a 72.3% gain to breakeven.

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Asset Allocation

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About Lincoln Educational Services (LINC)

Lincoln Educational Services Corporation, together with its subsidiaries, provides various career-oriented post-secondary education services to high school graduates and working adults in the United States. The company operates in two segments: Transportation and Skilled Trades, and Healthcare and Other Professions. It offers associate's degree, and diploma and certificate programs in automotive technology; skilled trades programs, including electrical, heating and air conditioning repair, welding, computerized numerical control, and electrical and electronic systems technology; health science programs comprising nursing, dental and medical assistant, claim examiner, medical administrative assistant, etc.; hospitality services programs, such as culinary, therapeutic massage, cosmetology, and aesthetics; and information technology programs. The company operates 22 schools in 14 states under the Lincoln Technical Institute, Lincoln College of Technology, Lincoln Culinary Institute, Euphoria Institute of Beauty Arts and Sciences, and other brand names. As of December 31, 2021, it had 13,059 students enrolled at 22 campuses. The company was founded in 1946 and is based in Parsippany, New Jersey.

AI Analysis | Feedback

  • Universal Technical Institute (UTI) but for a broader range of careers, including healthcare, culinary arts, and more skilled trades like HVAC and welding.
  • A multi-campus vocational education system, similar to a hands-on, career-focused DeVry University.

AI Analysis | Feedback

Lincoln Educational Services (LINC) provides the following major educational services:

  • Automotive Technology Education: Offers associate's degrees, diplomas, and certificates for careers in automotive repair and maintenance.
  • Skilled Trades Education: Provides training in fields such as electrical, heating and air conditioning repair, welding, and computerized numerical control.
  • Healthcare Professions Education: Delivers programs for roles like nursing, dental and medical assistant, and medical administrative assistant.
  • Culinary & Hospitality Education: Includes training in culinary arts, therapeutic massage, cosmetology, and aesthetics.
  • Information Technology Programs: Offers various educational programs focused on information technology skills and careers.

AI Analysis | Feedback

Lincoln Educational Services (LINC) primarily sells its educational services to **individuals** rather than other companies. Its major customers are students seeking post-secondary education and career training.

The company serves the following categories of individual customers:

  • High School Graduates: Individuals who have recently completed high school and are seeking to acquire specific career skills or an associate's degree to enter the workforce or advance their education.
  • Working Adults: Individuals already in the workforce who are looking to enhance their skills, change careers, obtain certifications, or earn a degree to advance in their current profession or transition into a new one.

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Online vocational and certificate programs, including specialized bootcamps and micro-credentialing platforms, that offer more flexible, often lower-cost, and sometimes faster pathways to acquire career-specific skills, directly competing with Lincoln Educational Services' in-person programs.

Employer-led and industry-consortium apprenticeship programs that recruit directly from high schools and other entry points, providing on-the-job training and certifications, thereby bypassing traditional post-secondary vocational schools for skilled trades and other technical professions.

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Better Bets vs. Lincoln Educational Services (LINC)

Latest Trefis Analyses

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Trade Ideas

Select ideas related to LINC.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
MBLY_2272026_Dip_Buyer_HighCashEquity_ExInd02272026MBLYMobileye GlobalDip BuyDB | Cash/EquityDip Buyer with High Net Cash % Equity
Buying dips for companies with significant net cash as a % of market cap along with meaningful cash flow generation		0.0%0.0%0.0%
SAH_2202026_Insider_Buying_GTE_1Mil_EBITp+DE_V202202026SAHSonic AutomotiveInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		-5.9%-5.9%-6.1%
MAT_2132026_Insider_Buying_GTE_1Mil_EBITp+DE_V202132026MATMattelInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		2.9%2.9%0.0%
SONO_2132026_Insider_Buying_GTE_1Mil_EBITp+DE_V202132026SONOSonosInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		-0.7%-0.7%-4.6%
DECK_2062026_Dip_Buyer_ValueBuy02062026DECKDeckers OutdoorDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		1.6%1.6%-0.8%

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Peer Comparisons

Peers to compare with:

Financials

LINCUTIATGEPRDOLAURSTRAMedian
NameLincoln .Universa.Adtalem .Perdoceo.Laureate.Strategi. 
Mkt Price37.6136.00-35.7834.2680.7636.00
Mkt Cap1.22.03.42.35.01.82.1
Rev LTM5188551,8898461,7021,2681,062
Op Inc LTM2972369225431196211
FCF LTM-2716368217263154185
FCF 3Y Avg-2331266160206121140
CFO LTM5977428225366198212
CFO 3Y Avg3878315166283162164

Growth & Margins

LINCUTIATGEPRDOLAURSTRAMedian
NameLincoln .Universa.Adtalem .Perdoceo.Laureate.Strategi. 
Rev Chg LTM17.8%12.6%11.9%24.2%8.6%4.0%12.3%
Rev Chg 3Y Avg14.2%26.7%9.5%7.4%11.2%6.0%10.4%
Rev Chg Q19.7%9.6%12.4%20.0%27.9%3.8%16.1%
QoQ Delta Rev Chg LTM4.7%2.3%3.0%4.3%7.4%0.9%3.7%
Op Mgn LTM5.6%8.4%19.6%26.7%25.3%15.5%17.5%
Op Mgn 3Y Avg3.5%7.5%17.6%28.6%24.1%12.8%15.2%
QoQ Delta Op Mgn LTM0.7%-1.6%0.0%-1.3%1.6%1.0%0.3%
CFO/Rev LTM11.4%9.1%22.7%26.6%21.5%15.6%18.6%
CFO/Rev 3Y Avg8.3%10.2%18.3%22.0%17.8%13.3%15.5%
FCF/Rev LTM-5.3%1.9%19.5%25.6%15.5%12.1%13.8%
FCF/Rev 3Y Avg-5.2%4.1%15.5%21.2%12.9%9.9%11.4%

Valuation

LINCUTIATGEPRDOLAURSTRAMedian
NameLincoln .Universa.Adtalem .Perdoceo.Laureate.Strategi. 
Mkt Cap1.22.03.42.35.01.82.1
P/S2.22.31.82.72.91.42.3
P/EBIT39.525.29.410.212.19.111.2
P/E58.236.613.614.217.714.216.0
P/CFO19.625.48.010.113.69.011.9
Total Yield1.7%2.7%7.4%8.7%5.6%10.3%6.5%
Dividend Yield0.0%0.0%0.0%1.6%0.0%3.2%0.0%
FCF Yield 3Y Avg-4.8%2.4%8.4%9.9%6.7%6.1%6.4%
D/E0.20.10.20.10.10.10.1
Net D/E0.20.10.2-0.20.1-0.00.1

Returns

LINCUTIATGEPRDOLAURSTRAMedian
NameLincoln .Universa.Adtalem .Perdoceo.Laureate.Strategi. 
1M Rtn37.8%26.8%3.4%18.0%1.0%9.8%13.9%
3M Rtn70.8%44.9%3.4%24.5%6.6%0.7%15.5%
6M Rtn91.3%32.4%-30.0%3.7%16.6%-1.0%10.2%
12M Rtn152.9%33.9%-1.3%48.2%81.4%4.1%41.0%
3Y Rtn548.4%425.5%160.4%187.8%211.3%3.2%199.5%
1M Excs Rtn41.9%35.0%3.3%20.3%2.0%7.7%14.0%
3M Excs Rtn69.8%47.4%4.9%28.2%10.5%4.3%19.3%
6M Excs Rtn86.0%24.1%-33.5%1.1%15.1%-5.7%8.1%
12M Excs Rtn126.1%12.8%-20.2%28.7%61.8%-17.0%20.7%
3Y Excs Rtn427.3%312.2%82.6%110.6%133.7%-67.9%122.1%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Campus Operations433    
Transitional7    
Corporate0    
Total440    


Operating Income by Segment
$ Mil20252024202320222021
Campus Operations64    
Transitional-2    
Corporate-46    
Total15    


Price Behavior

Price Behavior
Market Price$37.61 
Market Cap ($ Bil)1.2 
First Trading Date06/23/2005 
Distance from 52W High0.0% 
   50 Days200 Days
DMA Price$29.37$23.67
DMA Trendupup
Distance from DMA28.1%58.9%
 3M1YR
Volatility44.3%46.0%
Downside Capture-108.213.05
Upside Capture219.37100.17
Correlation (SPY)15.0%29.0%
LINC Betas & Captures as of 2/28/2026

 1M2M3M6M1Y3Y
Beta-0.010.810.791.060.771.03
Up Beta-1.321.251.272.340.830.80
Down Beta0.180.380.481.120.891.06
Up Capture280%277%301%180%93%314%
Bmk +ve Days9203170142431
Stock +ve Days14243973140396
Down Capture-256%-95%-121%-23%39%98%
Bmk -ve Days12213054109320
Stock -ve Days7172251110351

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with LINC
LINC148.2%46.3%2.12-
Sector ETF (XLY)13.0%23.7%0.4628.6%
Equity (SPY)19.6%18.9%0.8129.4%
Gold (GLD)71.9%26.3%2.050.0%
Commodities (DBC)19.3%17.3%0.897.2%
Real Estate (VNQ)6.2%16.3%0.1926.5%
Bitcoin (BTCUSD)-15.3%44.2%-0.258.5%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with LINC
LINC44.7%43.3%0.99-
Sector ETF (XLY)8.0%23.7%0.3030.7%
Equity (SPY)13.1%17.0%0.6131.7%
Gold (GLD)24.1%17.3%1.142.6%
Commodities (DBC)11.2%19.0%0.476.9%
Real Estate (VNQ)4.8%18.8%0.1625.2%
Bitcoin (BTCUSD)6.3%56.7%0.3312.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with LINC
LINC29.2%57.3%0.68-
Sector ETF (XLY)12.4%21.9%0.5222.9%
Equity (SPY)14.5%17.9%0.7022.8%
Gold (GLD)14.4%15.6%0.774.5%
Commodities (DBC)8.6%17.6%0.407.8%
Real Estate (VNQ)5.6%20.7%0.2318.7%
Bitcoin (BTCUSD)67.4%66.8%1.074.3%

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Short Interest

Short Interest: As Of Date2272026
Short Interest: Shares Quantity0.8 Mil
Short Interest: % Change Since 2152026-14.1%
Average Daily Volume0.7 Mil
Days-to-Cover Short Interest1.1 days
Basic Shares Quantity31.0 Mil
Short % of Basic Shares2.6%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/23/202610.2%20.8% 
11/10/202512.8%17.2%25.6%
8/11/2025-15.1%-19.9%-18.3%
5/12/20251.9%3.7%1.1%
2/24/202515.3%14.0%-1.9%
11/12/20240.7%-8.8%-2.6%
8/8/20244.5%2.5%-2.1%
5/6/202410.3%9.5%0.5%
...
SUMMARY STATS   
# Positive181712
# Negative5610
Median Positive6.2%5.5%9.9%
Median Negative-6.8%-12.3%-3.7%
Max Positive15.3%37.3%56.9%
Max Negative-15.1%-19.9%-18.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202503/02/202610-K
09/30/202511/10/202510-Q
06/30/202508/11/202510-Q
03/31/202505/12/202510-Q
12/31/202403/04/202510-K
09/30/202411/12/202410-Q
06/30/202408/08/202410-Q
03/31/202405/06/202410-Q
12/31/202303/05/202410-K
09/30/202311/06/202310-Q
06/30/202308/07/202310-Q
03/31/202305/08/202310-Q
12/31/202203/07/202310-K
09/30/202211/07/202210-Q
06/30/202208/08/202210-Q
03/31/202205/09/202210-Q

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Carney, Kevin M the Kevin M. Carney Living TrustSell1205202522.647,604172,155875,919Form
2Carney, Kevin M the Kevin M. Carney Living TrustSell1205202522.1813,866307,548550,574Form
3Nyce, Chad DEVP & Chief Operating OfficerDirectSell609202522.936,200142,1663,902,892Form
4Rose, Carlton DirectSell602202523.6330,000708,900361,421Form
5Pryor, Felecia J DirectSell530202523.5320,000470,600336,620Form

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