# Lincoln Educational Services Corporation (LINC)

> Source: Nexqual · https://nexqual.com/LINC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Lincoln Educational Services Corporation (LINC), nexqual.com/LINC" · informational, not investment advice.

**Price:** USD 21.96 (+3.34% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 21.25 · day 20.8–22.06 · 52w 17.29–56.34 · market cap $697M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $571M, net income $22.8M (4.0% margin), free cash flow $24.5M (SEC filings).
- Valuation: P/E 30.6x (avg 33.0x at the last 3 fiscal year-ends), EV/EBITDA 11.2x, net cash $18.2M.
- 1 of 80 tracked superinvestors hold LINC (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 10 Form 4 filings, $14.9M; 10 not under a Rule 10b5-1 plan ($14.9M); 2 by opportunistic insiders (2 outside 10b5-1 plans), 3 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.80 on a 1–5 scale) (5 analysts), mean target USD 48.2 (range 40–56).
- Total return with dividends: 1Y -5.3% vs S&P 500 +14.9%; 5Y +214.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-09, EPS estimate USD 0.12, revenue estimate $152M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $335M | $348M | $378M | $440M | $518M | $571M |
| Gross profit | $196M | $200M | $216M | $258M | $313M | — |
| Operating income | $49.3M | $16.3M | $33.4M | $15.2M | $30.3M | $33.7M |
| Net income | $34.7M | $12.6M | $26.0M | $9.9M | $20.0M | $22.8M |
| EPS (diluted) | $1.04 | $0.36 | $0.85 | $0.32 | $0.64 | — |
| Free cash flow | $19.9M | -$8.1M | -$15.1M | -$27.6M | -$27.3M | $24.5M |
| Gross margin | 58.6% | 57.3% | 57.1% | 58.7% | 60.4% | — |
| Operating margin | 14.7% | 4.7% | 8.8% | 3.4% | 5.8% | 5.9% |
| Net margin | 10.4% | 3.6% | 6.9% | 2.2% | 3.9% | 4.0% |
| Revenue growth | +14.4% | +3.9% | +8.6% | +16.4% | +17.8% | — |
| Cash + short-term investments | $83.3M | $60.8M | $76.0M | — | — | — |
| Total debt | $0K | — | — | $0K | $0K | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 30.6x · P/S 1.2x · EV/EBITDA 11.2x · EV/Sales 1.2x · P/FCF 28.4x · P/B 3.4x · FCF yield 3.52% · Earnings yield 3.27% · Net cash $18.2M · EV $678M
P/E at fiscal year-ends: Dec 2025 37.8x, Dec 2024 49.4x, Dec 2023 11.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold LINC. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.05% | $30.7M | Reduced -10.2% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 10 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-15 | Luster Alexandra M | SVP and General Counsel | 18,007 | $804K | 17.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-11…2026-06-12 | Juniper Investment Company, Llc |  | 48,812 | $2.3M | 2.7% | No | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-06-10 | Carney Kevin M | Director | 3,000 | $144K | 9.8% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-05 | Luster Alexandra M | SVP and General Counsel | 1,993 | $100K | 1.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-03…2026-06-04 | Juniper Investment Company, Llc |  | 106,712 | $5.4M | 5.7% | No | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-06-03 | Pryor Felecia J. | Director | 2,000 | $99K | 11.9% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-22 | Burke James J Jr | Director | 15,807 | $764K | 26.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-14…2026-05-18 | Burke James J Jr | Director | 16,193 | $803K | 21.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-14…2026-05-15 | Juniper Investment Company, Llc |  | 49,821 | $2.5M | — | No | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-05-12 | Meyers Brian K | CFO and Treasurer | 40,070 | $2.0M | 20% | No | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.80 on a 1–5 scale), 5 analysts; mean target USD 48.2 (low 40, high 56).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-11 | Lake Street | Target lowered | Buy | $55 → $50 |
| 2026-08-11 | Rosenblatt | Target lowered | Buy | $60 → $50 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -5.3% | +214.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -5.4% | +25.7% |
| Volatility (annualized) | 57.5% | 49.9% |
| Max drawdown | -61.8% (Jul 2026→Oct 2026) | -59.6% (Jul 2026→Sep 2026) |

## Peers (Education & Training Services)
GOTU (Gaotu Techedu Inc.) USD 2.52 -3.08% · PXED (Phoenix Education Partners, Inc) USD 24.57 +3.85% · APEI (American Public Education, Inc.) USD 48.86 +2.26% · UTI (Universal Technical Institute I) USD 21.66 +4.13% · AFYA (Afya Limited) USD 14.91 +0.07% · COUR (Coursera, Inc.) USD 5.07 +2.01%

## More
Full page: https://nexqual.com/LINC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.12 | $0.16 | -22.8% | $152.3M | 5 |
| Next quarter (ends 2026-12-31) | $0.45 | $0.48 | -6.6% | $155.2M | 5 |
| Current fiscal year (ends 2026-12-31) | $0.77 | $0.77 | +0.2% | $593.9M | 5 |
| Next fiscal year (ends 2027-12-31) | $1.05 | $1.08 | -3.3% | $647.9M | 5 |