Recent News
On April 15, 2026 Lincoln Educational Services announced an amended revolving credit facility increased to $125 million to support growth initiatives.
On May 5, 2026 the company confirmed executive participation at multiple investor conferences in May to highlight business momentum and growth drivers.
Technical Analysis
Directional indicators: DI+ at 28.19 shows a dip-and-reversal, while DI- at 19.28 trends down; ADX at 20.98 indicates an emerging trend strength. Together, directional behavior favors bullish price bias into the near term while trend strength remains nascent.
MACD & signal: MACD at 0.97 has dipped then reversed and sits above the signal line at 0.72, which constitutes a bullish momentum signal that supports continued upside pressure.
MRO (Momentum/Regression Oscillator): MRO sits at 26.43 with a peak-and-reversal pattern, indicating the market price sits above the model target and faces mean-reversion pressure; this offsets some of the bullish momentum signals.
RSI: RSI at 58.96 with a dip-and-reversal conveys recovering upside momentum without overbought extremes, leaving room for additional gains before exhaustion.
Price vs moving averages and bands: Last close $52.61 sits above the 20-day average $48.17, the 50-day average $46.51 and the 200-day average $32.18; the 12-day EMA shows an increasing trend. Price approaches the upper Bollinger band region (upper 1× std $50.45, upper 2× std $52.73), indicating near-term overextension risk around current levels.
Support, volatility, and volume: SuperTrend lower support sits at $45.83. 10-day average volume at 511,438 compares with current volume 590,520, signaling above-average participation. 42-day and 52-week volatility remain moderate at 3%.
Fundamental Analysis
Operating performance: Total revenue reached $143,957,000 with gross profit $85,565,000. Operating margin stands at 4.455% and EBIT margin at 4.471%; EBIT margin moved down QoQ by -62.00% but improved YoY by 48.93%. These margin dynamics imply recent quarter-level pressure paired with stronger year-over-year recovery.
Earnings and guidance activity: Reported EPS actual $0.14 versus estimate $0.04 produced an EPS surprise of 250%, with EPS difference $0.10; the company reported first-quarter results and materially raised full-year guidance in its May 11, 2026 disclosure.
Cash flow and liquidity: Operating cash flow reached $4,566,000 while free cash flow registered negative $10,068,000, yielding a free cash flow yield of -0.84%. Cash and short-term investments total $16,690,000 and the cash conversion cycle stands at -16.37 days. Current ratio at 0.83 and quick ratio at 0.80 mark constrained near-term liquidity versus the industry peer mean current ratio of 1.59496 and quick ratio of 4.55422.
Leverage and capitalization: Total debt equals $206,550,000 with debt-to-assets at 42.44% and debt-to-equity at 1.04; both metrics sit above the industry peer mean levels, reflecting heavier leverage that elevates financial risk despite an interest coverage ratio near 7.69.
Valuation multiples: Trailing PE stands at 269.72 and forward PE at 118.65; price-to-book at 6.02 sits above the industry peer mean book multiple of 3.68701. Price-to-sales sits at 8.31. Enterprise value to revenue and enterprise multiple sit elevated. WMDST values the stock as over-valued, reflecting stretched multiples relative to underlying cash flow generation and negative free cash flow.
Growth and returns: Reported revenue growth sits at 0.76% overall while revenue growth YoY shows -148.53%; return on assets registers 0.89% and return on equity 2.19% with notable QoQ declines. Receivables turnover at 3.66 and inventory turnover at 18.04 remain operationally healthy.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-11 |
| NEXT REPORT DATE: | 2026-08-10 |
| CASH FLOW | Begin Period Cash Flow | $ 28.5 M |
| Operating Cash Flow | $ 4.6 M | |
| Capital Expenditures | $ -14.63 M | |
| Change In Working Capital | $ -22.50 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -11.83 M | |
| End Period Cash Flow | $ 16.7 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 144.0 M | |
| Forward Revenue | $ 70.8 M | |
| COSTS | ||
| Cost Of Revenue | $ 58.4 M | |
| Depreciation | $ 7.2 M | |
| Depreciation and Amortization | $ 7.2 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 137.5 M | |
| PROFITABILITY | ||
| Gross Profit | $ 85.6 M | |
| EBITDA | $ 13.7 M | |
| EBIT | $ 6.4 M | |
| Operating Income | $ 6.4 M | |
| Interest Income | $ 30.0 K | |
| Interest Expense | $ 837.0 K | |
| Net Interest Income | $ -807.00 K | |
| Income Before Tax | $ 5.6 M | |
| Tax Provision | $ 1.2 M | |
| Tax Rate | 22.2 % | |
| Net Income | $ 4.4 M | |
| Net Income From Continuing Operations | $ 4.4 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.04 | |
| EPS Actual | $ 0.14 | |
| EPS Difference | $ 0.10 | |
| EPS Surprise | 250.0 % | |
| Forward EPS | $ 0.27 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 486.7 M | |
| Intangible Assets | $ 10.7 M | |
| Net Tangible Assets | $ 188.1 M | |
| Total Current Assets | $ 76.4 M | |
| Cash and Short-Term Investments | $ 16.7 M | |
| Cash | $ 16.7 M | |
| Net Receivables | $ 41.7 M | |
| Inventory | $ 2.5 M | |
| Long-Term Investments | $ 1.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 28.3 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 92.3 M | |
| Net Debt | — | |
| Total Debt | $ 206.6 M | |
| Total Liabilities | $ 287.9 M | |
| EQUITY | ||
| Total Equity | $ 198.8 M | |
| Retained Earnings | $ 103.5 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 6.27 | |
| Shares Outstanding | 31.697 M | |
| Revenue Per-Share | $ 4.54 | |
| VALUATION | Market Capitalization | $ 1.2 B |
| Enterprise Value | $ 1.4 B | |
| Enterprise Multiple | 101.588 | |
| Enterprise Multiple QoQ | 142.001 % | |
| Enterprise Multiple YoY | 2.426 % | |
| Enterprise Multiple IPRWA | high: 416.92 LINC: 101.588 median: 33.077 mean: 30.705 low: -225.93 |
|
| EV/R | 9.633 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.448 | |
| Asset To Liability | 1.691 | |
| Debt To Capital | 0.51 | |
| Debt To Assets | 0.424 | |
| Debt To Assets QoQ | 2.656 % | |
| Debt To Assets YoY | 2.883 % | |
| Debt To Assets IPRWA | high: 0.609 LINC: 0.424 mean: 0.161 median: 0.098 low: 0.004 |
|
| Debt To Equity | 1.039 | |
| Debt To Equity QoQ | 1.756 % | |
| Debt To Equity YoY | 4.756 % | |
| Debt To Equity IPRWA | high: 1.589 LINC: 1.039 mean: 0.289 median: 0.15 low: -0.086 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 6.02 | |
| Price To Book QoQ | 49.818 % | |
| Price To Book YoY | 100.44 % | |
| Price To Book IPRWA | high: 6.463 LINC: 6.02 median: 4.45 mean: 3.687 low: -1.701 |
|
| Price To Earnings (P/E) | 269.722 | |
| Price To Earnings QoQ | 325.218 % | |
| Price To Earnings YoY | -4.243 % | |
| Price To Earnings IPRWA | LINC: 269.722 high: 89.897 median: 45.992 mean: -11.375 low: -222.104 |
|
| PE/G Ratio | -4.15 | |
| Price To Sales (P/S) | 8.314 | |
| Price To Sales QoQ | 48.048 % | |
| Price To Sales YoY | 82.982 % | |
| Price To Sales IPRWA | high: 17.117 mean: 10.047 median: 9.694 LINC: 8.314 low: 0.058 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 118.654 | |
| Forward PE/G | -1.825 | |
| Forward P/S | 16.711 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -81.256 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.294 | |
| Asset Turnover Ratio QoQ | -1.277 % | |
| Asset Turnover Ratio YoY | 8.018 % | |
| Asset Turnover Ratio IPRWA | high: 0.475 LINC: 0.294 mean: 0.291 median: 0.263 low: 0.121 |
|
| Receivables Turnover | 3.66 | |
| Receivables Turnover Ratio QoQ | 12.796 % | |
| Receivables Turnover Ratio YoY | 40.573 % | |
| Receivables Turnover Ratio IPRWA | high: 9.385 LINC: 3.66 median: 3.126 mean: 2.926 low: 0.731 |
|
| Inventory Turnover | 18.039 | |
| Inventory Turnover Ratio QoQ | 18.445 % | |
| Inventory Turnover Ratio YoY | 3.628 % | |
| Inventory Turnover Ratio IPRWA | high: 20.197 LINC: 18.039 mean: 14.362 median: 11.778 low: 0.852 |
|
| Days Sales Outstanding (DSO) | 24.931 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -16.374 | |
| Cash Conversion Cycle Days QoQ | 4.295 % | |
| Cash Conversion Cycle Days YoY | -48.232 % | |
| Cash Conversion Cycle Days IPRWA | high: 118.558 mean: 42.886 median: 31.423 low: -11.518 LINC: -16.374 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -9.056 | |
| CapEx To Revenue | -0.102 | |
| CapEx To Depreciation | -2.029 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 203.8 M | |
| Net Invested Capital | $ 203.8 M | |
| Invested Capital | $ 203.8 M | |
| Net Tangible Assets | $ 188.1 M | |
| Net Working Capital | $ -15.90 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.181 | |
| Current Ratio | 0.828 | |
| Current Ratio QoQ | -4.213 % | |
| Current Ratio YoY | -20.361 % | |
| Current Ratio IPRWA | high: 4.816 mean: 1.595 median: 1.156 LINC: 0.828 low: 0.57 |
|
| Quick Ratio | 0.801 | |
| Quick Ratio QoQ | -2.885 % | |
| Quick Ratio YoY | -20.759 % | |
| Quick Ratio IPRWA | high: 6.135 mean: 4.554 median: 2.51 LINC: 0.801 low: 0.592 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 15.131 | |
| Cost Of Debt | 0.317 % | |
| Interest Coverage Ratio | 7.691 | |
| Interest Coverage Ratio QoQ | -59.328 % | |
| Interest Coverage Ratio YoY | 52.852 % | |
| Interest Coverage Ratio IPRWA | high: 45.646 LINC: 7.691 mean: 6.883 median: -1.816 low: -43.004 |
|
| Operating Cash Flow Ratio | 0.103 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 46.785 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -1.304 % | |
| Revenue Growth | 0.759 % | |
| Revenue Growth QoQ | -27.645 % | |
| Revenue Growth YoY | -148.529 % | |
| Revenue Growth IPRWA | high: 18.96 % mean: 0.826 % LINC: 0.759 % median: 0.253 % low: -12.933 % |
|
| Earnings Growth | -65.0 % | |
| Earnings Growth QoQ | -165.0 % | |
| Earnings Growth YoY | -10.625 % | |
| Earnings Growth IPRWA | high: 182.143 % median: -18.966 % mean: -36.796 % LINC: -65.0 % low: -200.0 % |
|
| MARGINS | ||
| Gross Margin | 59.438 % | |
| Gross Margin QoQ | -4.548 % | |
| Gross Margin YoY | -0.362 % | |
| Gross Margin IPRWA | high: 86.489 % LINC: 59.438 % mean: 59.356 % median: 55.666 % low: 26.338 % |
|
| EBIT Margin | 4.471 % | |
| EBIT Margin QoQ | -62.001 % | |
| EBIT Margin YoY | 48.934 % | |
| EBIT Margin IPRWA | high: 31.413 % mean: 5.862 % LINC: 4.471 % median: -3.303 % low: -21.411 % |
|
| Return On Sales (ROS) | 4.455 % | |
| Return On Sales QoQ | -62.268 % | |
| Return On Sales YoY | 48.401 % | |
| Return On Sales IPRWA | high: 31.057 % mean: 5.792 % LINC: 4.455 % median: -0.057 % low: -21.411 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -10.07 M | |
| Free Cash Flow Yield | -0.841 % | |
| Free Cash Flow Yield QoQ | -126.99 % | |
| Free Cash Flow Yield YoY | -84.114 % | |
| Free Cash Flow Yield IPRWA | high: 7.633 % mean: 2.543 % median: 1.779 % LINC: -0.841 % low: -2.558 % |
|
| Free Cash Growth | -140.269 % | |
| Free Cash Growth QoQ | -112.402 % | |
| Free Cash Growth YoY | -77.059 % | |
| Free Cash Growth IPRWA | high: 186.825 % median: 60.987 % mean: 44.476 % LINC: -140.269 % low: -489.122 % |
|
| Free Cash To Net Income | -2.311 | |
| Cash Flow Margin | 6.594 % | |
| Cash Flow To Earnings | 2.179 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.889 % | |
| Return On Assets QoQ | -66.402 % | |
| Return On Assets YoY | 97.556 % | |
| Return On Assets IPRWA | high: 7.688 % LINC: 0.889 % mean: 0.591 % median: -0.927 % low: -5.465 % |
|
| Return On Capital Employed (ROCE) | 1.632 % | |
| Return On Equity (ROE) | 0.022 | |
| Return On Equity QoQ | -65.55 % | |
| Return On Equity YoY | 100.457 % | |
| Return On Equity IPRWA | high: 0.108 median: 0.049 mean: 0.037 LINC: 0.022 low: -0.211 |
|
| DuPont ROE | 2.186 % | |
| Return On Invested Capital (ROIC) | 2.457 % | |
| Return On Invested Capital QoQ | -63.41 % | |
| Return On Invested Capital YoY | 80.0 % | |
| Return On Invested Capital IPRWA | high: 10.491 % mean: 2.921 % median: 2.541 % LINC: 2.457 % low: -8.433 % |
|