Lincoln Educational Services Corporation (LINC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-213.3%

-$22.80

vs $20.13 price

Levered DCF

-$16.99

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.72

Grey zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	37.15×	49.44×	11.67×	16.08×	7.18×	4.36×	34.48×	-11.85×
P/B	3.74×	2.71×	1.81×	1.03×	1.32×	1.56×	1.2×	1.95×
P/S	1.44×	1.1×	0.8×	0.43×	0.56×	0.55×	0.24×	0.29×
EV / EBITDA	18.33×	21.04×	8.06×	8.9×	27.96×	9.11×	9.87×	24.18×
Gross margin	60.4%	58.7%	57.1%	57.3%	58.6%	58.3%	54.8%	52.4%
Operating margin	5.8%	3.4%	8.8%	4.7%	14.7%	5.0%	1.9%	-1.5%
Net margin	3.9%	2.2%	6.9%	3.6%	10.4%	16.6%	0.7%	-2.5%
Current ratio	0.86×	1.23×	1.83×	2.07×	1.85×	1.11×	0.88×	0.88×
Debt / equity	1.02×	1×	0.7×	0.69×	0.69×	0.76×	1.62×	1.22×
Interest coverage	8.81×	5.92×	96.13×	101.74×	24.45×	11.59×	1.77×	-1.63×
Dividend yield	0.0%	0.0%	0.0%	0.7%	0.7%	0.9%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	8.8%	3.5%	2.8%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.0%	5.5%	15.6%	8.7%	24.6%	47.1%	3.7%	-16.4%
Return on invested capital	5.7%	2.9%	8.6%	5.1%	15.0%	4.5%	3.1%	-4.1%
Return on assets	4.1%	2.3%	7.5%	4.3%	11.8%	19.8%	1.0%	-4.5%
Free cash flow yield	-3.7%	-5.7%	-5.0%	-5.4%	10.6%	11.1%	-6.6%	-8.2%
Earnings yield	2.7%	2.0%	8.6%	8.4%	18.5%	30.2%	3.0%	-8.4%
Enterprise value	$922.6M	$602.1M	$343.1M	$204.4M	$201.9M	$201.3M	$131.8M	$108.8M
Net debt / EBITDA	3.48×	4.13×	0.96×	2.38×	2.02×	1.83×	4.91×	6.94×
Cash conversion cycle (days)	0	-33	0	20	3	-2	-11	-11