LINCLINCOLN EDUCATIONAL SERVICES CORP
Services-Educational Services
- Revenue
- $518M
- 18% YoY
- Operating margin
- 5.8%
- 70% YoY
- EBITDA
- $49M
- 87% YoY
- Market cap
- $656M
- Employees
- 2,590
- $200K revenue each
- Net debt / EBITDA
- -0.9×
- −$43M net debt
- AI in 10-K
- 0.3
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo297% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo2% of assetsOver 40% of assets
- Shareholder dissentNo95% lowest supportAny vote under 80% support
Buyer economics 3 of 4
- Low revenue per employeeNo$200K per employeeBottom quartile of its SIC industry
- Quiet on AIYes0.3 per 10K words · 15th pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 0.9× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedYes$656M market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$32M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $335M | $348M | $378M | $440M | $518M | 18% |
| Operating income | $49M | $16M | $33M | $15M | $30M | 100% |
| Net income | $35M | $13M | $26M | $10M | $20M | 102% |
| Operating cash flow | $27M | $882K | $26M | $29M | $59M | 102% |
| Capex | $8M | $9M | $41M | $57M | $87M | 52% |
| Stock-based comp | $3M | $3M | $6M | $5M | $5M | 19% |
| Buybacks | $0 | $9M | $891K | $0 | — |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jun 15, 2026 | Juniper Investment Company, LLC | SCHEDULE 13D/A | 6.8% | Passive |
| Feb 27, 2026 | Juniper Investment Company, LLC | SCHEDULE 13D/A | 7.9% | Passive |
| Mar 4, 2025 | Juniper Investment Company, LLC | SCHEDULE 13D/A | 9.4% | Passive |
| Dec 2, 2024 | Juniper Investment Company, LLC | SC 13D/A | 10.8% | Passive |
| Mar 13, 2024 | Juniper Investment Company, LLC | SC 13D/A | 7.4% | Passive |
| Mar 5, 2024 | Juniper Investment Company, LLC | SC 13D/A | 13.1% | Passive |
| Jun 16, 2023 | Juniper Investment Company, LLC | SC 13D/A | 14.3% | Passive |
| Jun 7, 2023 | Juniper Investment Company, LLC | SC 13D/A | 15.5% | Passive |
| Dec 1, 2022 | Juniper Investment Company, LLC | SC 13D/A | 17.8% | Passive |
| Nov 30, 2022 | TALANTA Investment Group, LLC | SC 13D/A | 4.9% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $32M · 23
- Net
- −$32M
Pay vs performance
No pay-versus-performance disclosure yet.