Lincoln Educational Services Corporation (LINC) Balance Sheet
LINC balance sheet, 2025
December 31, 2025 · U.S. dollars$493.2M assets = $293.5M liabilities + $199.7M equity
Both columns are drawn to the same scale: what LINC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
LINC financial health
Descriptive bands, not a rating. Fiscal 2025.
LINC balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $163.2M2016 | $493.2M2025 | +13.1%/yr | |
| Total liabilities | $90.8M2016 | $293.5M2025 | +13.9%/yr | |
| Shareholders’ equity | $72.4M2016 | $199.7M2025 | +11.9%/yr | |
| Cash & short-term investments | $21.1M2016 | $28.5M2025 | +3.4%/yr | |
| Total debt | $42.0M2016 | $203.9M2025 | +19.2%/yr | |
| Net cash (debt) | −$20.9M2016 | −$175.3M2025 | −$154.5M | |
| Working capital | −$2.0M2016 | −$13.7M2025 | −$11.6M | |
| Book value per share | $3.092016 | $6.392025 | +8.4%/yr | |
| Current ratio | 0.972016 | 0.862025 | −0.11 | |
| Debt / equity | 0.582016 | 1.022025 | +0.44 | |
| Shares outstanding | 23.5M2016 | 31.3M2025 | +3.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LINC assets
LINC liabilities and equity
LINC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
LINC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $28.5M | $59.3M | $76.0M | $60.8M | $83.3M | $38.0M | $23.6M | $17.6M | $14.6M | $21.1M |
| Cash & equivalents | $28.5M | $59.3M | $76.0M | $46.1M | $83.3M | $38.0M | $23.6M | $17.6M | $14.6M | $21.1M |
| Short-term investments | — | — | $0 | $14.8M | $0 | — | — | — | $7.2M | $6.4M |
| Receivables | $58.2M | $43.0M | $35.7M | $37.2M | $26.2M | $30.0M | $20.7M | $18.7M | $15.8M | $15.4M |
| Inventory | $4.0M | $3.1M | $2.9M | $2.6M | $2.7M | $2.4M | $1.6M | $1.5M | $1.7M | $1.1M |
| Other current assets | $0 | $5.9M | $20.0M | $13.5M | $9.4M | $3.7M | $4.6M | $19.4M | $12.2M | $28.8M |
| Total current assets | $87.0M | $111.3M | $134.7M | $114.1M | $121.6M | $74.2M | $50.5M | $57.1M | $44.2M | $66.3M |
| Property, plant & equipment (net) | $350.9M | $266.3M | $156.6M | $117.0M | $114.6M | $103.6M | $98.4M | $49.3M | $52.9M | $55.4M |
| Goodwill & intangible assets | $10.7M | $10.7M | $10.7M | $14.5M | $14.5M | $14.5M | $14.5M | $14.5M | $14.6M | $14.6M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $8.9M | $5.6M |
| Other non-current assets | $44.5M | $48.2M | $43.3M | $45.9M | $44.5M | $52.9M | $31.3M | $25.1M | $34.7M | $21.3M |
| Total assets | $493.2M | $436.6M | $345.2M | $291.6M | $295.3M | $245.2M | $194.8M | $146.0M | $155.2M | $163.2M |
| Liabilities | ||||||||||
| Accounts payable | $27.0M | $37.0M | $18.2M | $10.5M | $12.3M | $15.7M | $14.6M | $14.1M | $10.5M | $13.7M |
| Short-term debt | $11.1M | $9.5M | $11.8M | $9.6M | $11.5M | $10.5M | $11.1M | $15.0M | $11.8M | $11.7M |
| Deferred revenue | $44.2M | $30.6M | $26.9M | $24.2M | $25.4M | $23.5M | $23.4M | $22.5M | $24.6M | $17.5M |
| Total current liabilities | $100.7M | $90.2M | $73.4M | $55.0M | $65.9M | $66.8M | $57.2M | $64.6M | $47.5M | $68.3M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $15.2M | $32.0M | $33.8M | $52.6M | $30.2M |
| Lease obligations | $203.9M | $177.6M | $116.8M | $100.6M | $97.9M | $61.2M | $55.2M | — | — | — |
| Other long-term liabilities | $192.8M | $168.1M | $105.0M | $91.7M | $88.0M | $60.1M | $50.4M | $7.8M | $9.3M | $0 |
| Total liabilities | $293.5M | $258.3M | $178.4M | $146.7M | $153.9M | $142.1M | $139.6M | $106.2M | $109.4M | $90.8M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $48.2M | $48.2M | $48.2M | $49.1M | $141.4M | $141.4M | $141.4M | $141.4M | $141.4M | $141.4M |
| Retained earnings (deficit) | $99.2M | $79.2M | $69.3M | $51.2M | $39.7M | $6.2M | −$42.1M | −$44.1M | −$37.5M | −$26.0M |
| Treasury stock | — | — | — | — | — | −$82.9M | −$82.9M | −$82.9M | −$82.9M | −$82.9M |
| Accumulated other comprehensive income | — | $274,000 | −$36,000 | −$960,000 | −$1.2M | −$4.2M | −$3.5M | −$4.1M | −$4.5M | −$6.1M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $199.7M | $178.3M | $166.8M | $144.9M | $141.4M | $103.0M | $55.1M | $39.9M | $45.8M | $72.4M |
| Key figures | ||||||||||
| Total debt | $203.9M | $177.6M | $116.8M | $100.6M | $97.9M | $78.4M | $89.2M | $48.8M | $64.4M | $42.0M |
| Net cash (debt) | −$175.3M | −$118.3M | −$40.8M | −$39.8M | −$14.6M | −$40.4M | −$65.5M | −$31.2M | −$49.8M | −$20.9M |
| Working capital | −$13.7M | $21.0M | $61.3M | $59.1M | $55.7M | $7.3M | −$6.7M | −$7.5M | −$3.3M | −$2.0M |
| Tangible book value | $188.9M | $167.5M | $156.1M | $130.3M | $126.9M | $88.5M | $40.6M | $25.3M | $31.3M | $57.8M |
| Book value per share | $6.39 | $5.77 | $5.46 | $5.60 | $5.64 | $4.16 | $2.25 | $1.63 | $1.92 | $3.09 |
| Shares outstanding | 31.3M | 30.9M | 30.5M | 25.9M | 25.1M | 24.7M | 24.6M | 24.4M | 23.9M | 23.5M |
| Current ratio | 0.86 | 1.23 | 1.83 | 2.07 | 1.85 | 1.11 | 0.88 | 0.88 | 0.93 | 0.97 |
| Quick ratio | 0.86 | 1.13 | 1.52 | 1.78 | 1.66 | 1.02 | 0.77 | 0.56 | 0.64 | 0.53 |
| Debt / equity | 1.02 | 1.00 | 0.70 | 0.69 | 0.69 | 0.76 | 1.62 | 1.22 | 1.40 | 0.58 |
| Equity / assets | 40.5% | 40.8% | 48.3% | 49.7% | 47.9% | 42.0% | 28.3% | 27.3% | 29.5% | 44.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $44.2M | $16.7M | $28.5M | $13.5M | $16.7M | $28.7M | $59.3M | $54.0M | $67.0M | $69.8M | $76.0M | $66.1M |
| Cash & equivalents | $44.2M | $16.7M | $28.5M | $13.5M | $16.7M | $28.7M | $59.3M | $54.0M | $67.0M | $69.8M | $76.0M | $41.7M |
| Short-term investments | — | — | — | — | — | — | — | — | — | — | $0 | $24.3M |
| Receivables | $51.5M | $62.4M | $58.2M | $52.6M | $47.3M | $47.3M | $43.0M | $53.1M | $43.6M | $40.5M | $35.7M | $40.3M |
| Inventory | $4.1M | $2.5M | $4.0M | $3.1M | $4.5M | $2.4M | $3.1M | $2.7M | $2.3M | $2.4M | $2.9M | $2.9M |
| Other current assets | $6.5M | $0 | $0 | $8.2M | $11.2M | $8.1M | $5.9M | $5.6M | $6.5M | $6.1M | $20.0M | $21.4M |
| Total current assets | $106.2M | $76.4M | $87.0M | $77.3M | $79.6M | $86.4M | $111.3M | $115.4M | $119.4M | $118.7M | $134.7M | $130.7M |
| Property, plant & equipment (net) | $366.5M | $355.2M | $350.9M | $328.1M | $307.8M | $285.4M | $266.3M | $232.5M | $193.7M | $182.8M | $156.6M | $131.3M |
| Goodwill & intangible assets | $10.7M | $10.7M | $10.7M | $10.7M | $10.7M | $10.7M | $10.7M | $10.7M | $10.7M | $10.7M | $10.7M | $10.7M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $46.3M | $44.4M | $44.5M | $50.8M | $49.2M | $44.9M | $48.2M | $45.3M | $42.6M | $42.9M | $43.3M | $43.1M |
| Total assets | $529.8M | $486.7M | $493.2M | $466.9M | $447.3M | $427.4M | $436.6M | $404.0M | $366.4M | $355.2M | $345.2M | $315.8M |
| Liabilities | ||||||||||||
| Accounts payable | $30.7M | $28.3M | $27.0M | $35.1M | $34.0M | $34.4M | $37.0M | $27.9M | $19.0M | $14.3M | $18.2M | $17.6M |
| Short-term debt | $11.7M | $10.9M | $11.1M | $10.5M | $10.7M | $9.8M | $9.5M | $10.3M | $12.0M | $11.8M | $11.8M | $10.9M |
| Deferred revenue | $51.9M | $39.3M | $44.2M | $33.5M | $28.1M | $28.8M | $30.6M | $23.0M | $24.3M | $22.3M | $26.9M | $21.8M |
| Total current liabilities | $111.0M | $92.3M | $100.7M | $95.9M | $88.3M | $83.1M | $90.2M | $73.5M | $66.9M | $59.9M | $73.4M | $66.1M |
| Long-term debt | $26.0M | $5.0M | $0 | $8.0M | $13.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $202.1M | $201.6M | $203.9M | $187.7M | $176.1M | $176.3M | $177.6M | $170.9M | $146.6M | $142.6M | $116.8M | $102.8M |
| Other long-term liabilities | $190.4M | $190.6M | $192.8M | $177.2M | $165.4M | $166.6M | $168.1M | $160.6M | $134.6M | $130.8M | $105.0M | $92.5M |
| Total liabilities | $327.4M | $287.9M | $293.5M | $281.1M | $266.6M | $249.7M | $258.3M | $234.1M | $201.5M | $190.7M | $178.4M | $158.6M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $48.2M | $48.2M | $48.2M | $48.2M | $48.2M | $48.2M | $48.2M | $48.2M | $48.2M | $48.2M | $48.2M | $48.2M |
| Retained earnings (deficit) | $105.5M | $103.5M | $99.2M | $86.5M | $82.7M | $81.1M | $79.2M | $72.3M | $68.4M | $69.1M | $69.3M | $62.5M |
| Accumulated other comprehensive income | — | — | — | $274,000 | $274,000 | $274,000 | $274,000 | −$36,000 | −$36,000 | −$36,000 | −$36,000 | −$1.0M |
| Total shareholders' equity | $202.4M | $198.8M | $199.7M | $185.9M | $180.7M | $177.8M | $178.3M | $170.0M | $164.9M | $164.5M | $166.8M | $157.2M |
| Key figures | ||||||||||||
| Total debt | $228.1M | $206.6M | $203.9M | $195.7M | $189.1M | $176.3M | $177.6M | $170.9M | $146.6M | $142.6M | $116.8M | $102.8M |
| Net cash (debt) | −$183.9M | −$189.9M | −$175.3M | −$182.2M | −$172.4M | −$147.6M | −$118.3M | −$117.0M | −$79.6M | −$72.8M | −$40.8M | −$36.7M |
| Working capital | −$4.7M | −$15.9M | −$13.7M | −$18.5M | −$8.6M | $3.3M | $21.0M | $42.0M | $52.5M | $58.9M | $61.3M | $64.6M |
| Tangible book value | $191.6M | $188.1M | $188.9M | $175.1M | $169.9M | $167.0M | $167.5M | $159.2M | $154.1M | $153.8M | $156.1M | $146.4M |
| Book value per share | $6.44 | $6.35 | $6.39 | $5.93 | $5.78 | $5.72 | $5.72 | $5.48 | $5.38 | $5.43 | $5.41 | $5.12 |
| Shares outstanding | 31.4M | 31.3M | 31.3M | 31.3M | 31.3M | 31.1M | 31.1M | 31.0M | 30.7M | 30.3M | 30.8M | 30.7M |
| Current ratio | 0.96 | 0.83 | 0.86 | 0.81 | 0.90 | 1.04 | 1.23 | 1.57 | 1.78 | 1.98 | 1.83 | 1.98 |
| Quick ratio | 0.86 | 0.86 | 0.86 | 0.69 | 0.72 | 0.91 | 1.13 | 1.46 | 1.65 | 1.84 | 1.52 | 1.61 |
| Debt / equity | 1.13 | 1.04 | 1.02 | 1.05 | 1.05 | 0.99 | 1.00 | 1.01 | 0.89 | 0.87 | 0.70 | 0.65 |
| Equity / assets | 38.2% | 40.8% | 40.5% | 39.8% | 40.4% | 41.6% | 40.8% | 42.1% | 45.0% | 46.3% | 48.3% | 49.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 2, 2026); data from EODHD.
LINC financial position
At the end of fiscal 2025 (December 31, 2025), Lincoln Educational Services had total assets of $493.2 million (up 13.0% from a year earlier), total liabilities of $293.5 million and shareholders' equity of $199.7 million. It held $28.5 million in cash and short-term investments against $203.9 million of debt, net debt of $175.3 million. Its current ratio was 0.86. In the latest quarter (ended June 30, 2026) total assets were $529.8 million and equity $202.4 million.
Related: LINC income statement, LINC cash flow statement, LINC key metrics. See the LINC stock overview for the latest quote and news.
LINC balance sheet FAQ
What are Lincoln Educational Services's total assets?
Lincoln Educational Services reported total assets of $493.2 million at the end of fiscal 2025 (December 31, 2025), compared with $436.6 million a year earlier.
How much debt does Lincoln Educational Services have?
Lincoln Educational Services had $203.9 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.02.
How much cash does Lincoln Educational Services have?
Lincoln Educational Services held $28.5 million in cash and short-term investments at the end of fiscal 2025; with $203.9 million of debt that is net debt of $175.3 million.
What is Lincoln Educational Services's book value?
Lincoln Educational Services's shareholders' equity (book value) was $199.7 million at the end of fiscal 2025, or $6.39 per share.
What is Lincoln Educational Services's current ratio?
Lincoln Educational Services had current assets of $87.0 million and current liabilities of $100.7 million, a current ratio of 0.86 (current liabilities exceed current assets).
How much goodwill does Lincoln Educational Services have?
Lincoln Educational Services carried $10.7 million of goodwill and intangible assets, 2.2% of total assets, at the end of fiscal 2025.