LINCNasdaqServices-Educational ServicesUS GAAP · USD

Lincoln Educational Services Corporation

Lincoln Educational Services Corp. operates a network of career-focused postsecondary schools in the United States under the Lincoln Technical Institute, Lincoln College of Technology and Nashville Auto Diesel College brands. It trains recent high school graduates and working adults in skilled trades, automotive, health sciences and information technology, with campuses concentrated in major metropolitan markets and a mix of local and destination schools.

Liikevaihto518milj. USD
+17,8 %v/v
Liikevoitto (EBIT)30,3milj. USD
+99,7 %v/v
EBIT-marginaali5,8%
+2,4 %-yks.v/v
Nettotulos20,0milj. USD
+102,2 %v/v
Vapaa kassavirta−27,3milj. USD
+0,9 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

0200400600milj. USD2020: 293 milj. USD2020: EBIT 15 milj. USD20202021: 335 milj. USD2021: EBIT 49 milj. USD20212022: 348 milj. USD2022: EBIT 16 milj. USD20222023: 378 milj. USD2023: EBIT 33 milj. USD20232024: 440 milj. USD2024: EBIT 15 milj. USD20242025: 518 milj. USD2025: EBIT 30 milj. USD202551830
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Skilled Trades Programs35 %

Hands-on training in trades-oriented fields designed to prepare students for technical careers.

Automotive Programs30 %

Automotive and diesel technician education delivered through Lincoln Technical Institute and related brands.

Health Sciences Programs20 %

Career training for healthcare support and allied health roles, including externship-based learning.

Information Technology Programs10 %

IT-focused programs aimed at entry-level technical roles and career changers.

Student Services and Ancillary Revenue5 %

Books, tools and other student-related services tied to program delivery.

Asiakkaat

The company serves recent high school graduates seeking a direct path into skilled careers and working adults looking to retrain or upskill. Its students are typically motivated by job placement, hands-on training and access to federal financial aid, which helps fund tuition and related education costs.

Recent high school graduates

Buy career-focused programs that provide a faster route into technical jobs than traditional four-year education.

Working adults

Enroll in retraining or upskilling programs to move into higher-demand technical and healthcare roles.

Title IV-funded students

Use federal student aid to pay a substantial portion of tuition and related education expenses.

Employer partners

Engage with the schools for candidate pipelines, customized training and hiring support.

Destination-school students

Travel from outside the local area, and sometimes from abroad, for specialized programs not available nearby.

Strategia

The company is expanding geographically while also broadening program offerings at existing campuses. It is trying to improve scalability by standardizing curricula, centralizing operations and moving toward a hybrid teaching platform called Lincoln 10.0.

Geographic expansionKeskipitkä aikaväli

New campuses add enrollment capacity and extend the brand into larger labor markets.

Program replication and portfolio expansionKeskipitkä aikaväli

Copying proven programs across campuses supports enrollment growth and reduces launch risk.

Operating efficiencyLyhyt aikaväli

Centralized operations and standardized curricula should improve margins and scalability.

Hybrid teaching platform rolloutLyhyt aikaväli

Lincoln 10.0 can improve flexibility, student value and delivery efficiency.

Maantiede

Lincoln operates 22 campuses across 12 U.S. states, with most schools located in major metropolitan markets. Five campuses are destination schools that draw students nationally, while the rest primarily serve local communities; the company also has planned openings in Houston, Hicksville and Rowlett to expand its footprint.

Riskit

The business is heavily exposed to federal and state regulation because access to Title IV aid is central to student demand and tuition collection. It also faces execution risk from campus openings, enrollment swings, unionized teaching staff at some campuses, cybersecurity threats and goodwill/lease-related accounting judgments.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Federal and state regulatory compliance1Enrollment and student financing dependence2Campus expansion execution3Cybersecurity and technology disruption4
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Federal and state regulatory complianceVaikutus: KriittinenTodennäköisyys: Kohtalainen

    The company operates in a highly regulated for-profit education industry and depends on Title IV participation.

    KohdistuuLoss of aid eligibilityPenaltiesOr operating restrictions
  2. Enrollment and student financing dependenceVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Most students rely on government-sponsored aid, so demand is sensitive to borrowing capacity and labor-market conditions.

    Kohdistuu: Tuition cash collections and campus utilization

  3. Campus expansion executionVaikutus: KorkeaTodennäköisyys: Matala

    New campuses require lease-up, program launch and staffing to reach acceptable utilization.

    KohdistuuHoustonHicksvilleRowlett openings
  4. Cybersecurity and technology disruptionVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    The company relies on systems for enrollment, instruction and collections, making outages or breaches operationally disruptive.

    KohdistuuRevenue generationReputationRemediation costs
  5. Labor relations and unionized campusesVaikutus: Keskitaso

    Teaching professionals at seven campuses are represented by unions, creating strike and cost risk.

    Kohdistuu: Class continuity and student retention

Kysy Clarifolta: Lincoln Educational Services Corporation

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition for student contracts

Revenue is tied to instructional delivery and withdrawal assumptions, so timing affects quarterly results.

Vaikutus: Unearned tuition and withdrawal estimates

Allowance for credit losses on student receivables

A large share of tuition is funded through aid and collections can lag, requiring judgment on collectability.

Vaikutus: Bad debt expense and net receivables

Goodwill impairment

Acquired-school goodwill must be tested annually and any impairment would reduce earnings and equity.

Vaikutus: Potential non-cash operating charge

Long-lived asset and campus closure accounting

Campus openings, closures and held-for-sale assets can create gains, losses or write-downs.

Vaikutus: Operating income volatility

Lease accounting

The company uses leased campuses, so lease terms and right-of-use assets affect balance sheet and expense recognition.

Vaikutus: Occupancy costs and leverage metrics

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

Päivitetty: 24.9.2026