Lincoln Educational Services Corporation Financial Ratios — LINC

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	7.61	-12.95	-21.69	-31.68	-2.31	-21.86	-10.48	-6.51	1.99	38.22	20.39	8.19	23.88	8.08	14.56
Return on Assets (%)	4.53	-10.49	-15.71	-21.6	-1.59	-15.26	-7.21	-4.35	1.18	22.08	12.85	4.31	8.16	2.53	4.3
Return on Capital (%)	7.23	- -	- -	- -	- -	- -	- -	- -	2.67	- -	13.69	5.19	12.06	4.31	6.89
Return on Invested Capital (%)	9.26	- -	- -	- -	- -	- -	- -	- -	4.14	- -	10.78	6.05	2.05	3.42	6.55
Gross Margin (%)	56.95	53.11	52.46	52.62	50.46	49.42	50.58	52.37	54.82	58.31	58.57	57.29	57.08	58.7	60.37
EBITDA Margin (%)	15.7	10.33	9.26	8.03	5.61	1.31	0.9	1.9	4.68	7.54	10.32	6.75	3.51	5.87	9.29
Operating Margin (%)	9.47	3.26	-1.73	-0.84	0.87	-2.56	-2.42	-1.3	1.71	5.02	8.2	4.92	1.76	3.3	5.59
Incremental Operating Margin (%)	51.72	40.27	- -	- -	5.1	- -	- -	- -	79.75	50.77	30.26	-79.78	-35.22	12.65	18.52
Pretax Margin (%)	6.7	-4.52	-3.55	-12.4	-1.02	-9.84	-4.49	-2.41	0.84	4.61	14.09	4.72	9.43	3.34	5.04
Profit Margin (%)	3.84	-9.78	-23.79	-25.74	-1.09	-9.91	-4.39	-2.49	0.74	16.57	10.35	3.63	6.88	2.25	3.86
Net Income to Common Margin (%)	3.84	-9.78	-23.79	-25.74	-1.09	-9.91	-4.39	-2.49	0.72	16.1	9.99	3.31	6.88	2.25	3.86
Effective Tax Rate (%)	42.64	- -	- -	- -	- -	- -	- -	- -	11.74	- -	26.52	23.13	27.05	32.76	23.43
Dvd Payout Ratio (%)	105.32	-43.19	-24.62	-16.91	- -	- -	- -	- -	-2.75	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	-0.4	-18.54	-27.03	-37.03	-2.31	-21.86	-10.48	-6.51	2.05	38.22	20.39	8.19	23.88	8.08	14.56

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	37	74	90	65	56	42	53	49	89	78	98	101	117	178	204
ST Debt	- -	- -	- -	30	10	12	- -	15	11	11	11	10	12	9	11
LT Debt	36	73	90	35	46	30	53	34	78	68	86	91	105	168	193
Total Debt/EBITDA	0.51	1.87	4.51	3.72	3.24	11.18	22.26	9.75	6.97	3.55	2.83	4.28	8.81	6.87	4.23
Net Debt/EBITDA	0.13	0.3	2.11	1.01	0.22	5.57	16.09	6.23	0.81	-0.94	-2.41	-1.96	-5.73	-2.29	-0.59
Total Debt/EBIT	0.84	5.93	-24.13	-35.58	20.95	-5.74	-8.3	-14.27	19.09	5.33	3.56	5.87	17.54	12.24	7.03
Net Debt/EBIT	0.22	0.95	-11.26	-9.66	1.39	-2.86	-6	-9.13	2.22	-1.42	-3.03	-2.69	-11.41	-4.09	-0.98
EBITDA to Interest Expense	16.41	8.77	4.68	5.1	2.14	0.61	0.33	2.07	4.32	17.33	17.18	146.95	38.2	10.07	14.18
EBITDA-CapEx/Interest Expense	16.41	8.77	4.68	5.1	2.14	0.61	0.33	2.07	4.32	17.33	17.18	146.95	38.2	10.07	14.18
EBIT to Interest Expense	9.9	2.77	-0.88	-0.53	0.33	-1.19	-0.89	-1.41	1.58	11.53	13.64	107.19	19.19	5.65	8.54
Interest Expense	4	4	4	3	8	6	7	2	3	1	2	- -	- -	3	3
Common Equity/Total Assets	85.32	76.54	67.8	68.78	69.14	70.67	66.91	66.63	50.99	60.19	61.32	34.4	34.02	29.17	29.88
Long-Term Debt/Equity (%)	15.07	36.84	61.77	41.81	56.27	55.06	114.8	84.71	141.57	65.9	61.11	62.81	62.94	94.28	96.53
Long-Term Debt/Capital (%)	10.43	21.57	30.14	16.36	22.87	19.23	33.62	23.12	38.93	28.54	29.7	45.29	44.82	55.12	54.89
Long-Term Debt/Total Assets (%)	9.95	21.08	29.31	16.24	21.94	18.53	33.88	23.12	40.07	27.7	29.26	31.21	30.41	38.5	39.09
Total Debt/Equity (%)	15.27	37.05	62.07	78.52	68.76	76.39	114.8	122.33	161.78	76.1	69.23	69.46	70.01	99.61	102.09
Total Debt/Capital (%)	10.56	21.69	30.29	30.72	27.94	26.67	33.62	33.39	44.49	32.95	33.64	50.08	49.86	58.23	58.05
Total Debt/Total Assets (%)	10.08	21.2	29.45	30.5	26.81	25.71	33.88	33.39	45.79	31.98	33.15	34.51	33.83	40.67	41.34
Net Debt to Equity	3.98	5.95	28.96	21.32	4.57	38.04	83.01	78.26	18.84	-20.2	-58.92	-31.8	-45.56	-33.25	-14.28
Net Debt/Capital (%)	2.98	4.26	14.77	8.86	2.3	15.34	26.8	24.28	5.87	-10.41	-40.12	-29.75	-48.02	-24.13	-8.84
EBITDA	72	39	20	18	17	4	2	5	13	22	35	24	13	26	48
EBITDA-CapEx	72	39	20	18	17	4	2	5	13	22	35	24	13	26	48
Operating Income (Loss)	43	12	-4	-2	3	-7	-6	-3	5	15	27	17	7	15	29

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.37	1.05	0.23	0.15	0.54	0.32	0.31	0.27	0.41	0.57	1.26	1.11	1.04	0.66	0.28
Current Ratio	1.02	1.7	1.83	1.35	1.48	0.97	0.94	0.88	0.88	1.11	1.85	2.07	1.83	1.23	0.86
Quick Ratio	0.65	1.35	0.51	0.31	0.69	0.55	0.64	0.56	0.77	1.02	1.66	1.78	1.52	1.14	0.75
CFO/Avg Current Liab	0.38	0.25	0.06	0.17	0.19	-0.09	-0.2	-0.03	0.02	0.38	0.41	0.01	0.4	0.36	0.62
Common Equity/Total Assets	85.32	76.54	67.8	68.78	69.14	70.67	66.91	66.63	50.99	60.19	61.32	34.4	34.02	29.17	29.88
Long-Term Debt/Equity (%)	15.07	36.84	61.77	41.81	56.27	55.06	114.8	84.71	141.57	65.9	61.11	62.81	62.94	94.28	96.53
Long-Term Debt/Capital (%)	10.43	21.57	30.14	16.36	22.87	19.23	33.62	23.12	38.93	28.54	29.7	45.29	44.82	55.12	54.89
Long-Term Debt/Total Assets (%)	9.95	21.08	29.31	16.24	21.94	18.53	33.88	23.12	40.07	27.7	29.26	31.21	30.41	38.5	39.09
Total Debt/Equity (%)	15.27	37.05	62.07	78.52	68.76	76.39	114.8	122.33	161.78	76.1	69.23	69.46	70.01	99.61	102.09
Total Debt/Capital (%)	10.56	21.69	30.29	30.72	27.94	26.67	33.62	33.39	44.49	32.95	33.64	50.08	49.86	58.23	58.05
Total Debt/Total Assets (%)	10.08	21.2	29.45	30.5	26.81	25.71	33.88	33.39	45.79	31.98	33.15	34.51	33.83	40.67	41.34
CFO/Total Liabilities	29.89	10.78	2.02	9.2	11.31	-5.64	-10.35	-1.6	0.71	16.52	17.83	0.6	14.32	11.35	20.21
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	4.03	2.81	1.88	1.64	2.08	1.75	1.58	1.82	1.52	2.24	2.68	2.59	2.72	2.59	3.05

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	17.11	20.51	12.87	14.7	25.57	22.14	16.8	15.27	13.9	11.57	11.94	11	10.38	11.19	12.97
Days Sales Outstanding	21.34	17.79	28.35	24.83	14.27	16.48	21.73	23.9	26.26	31.55	30.57	33.19	35.17	32.63	28.14
Inventory Turnover	59.53	62.25	41.44	55.02	111.18	98.62	77.4	80.68	80.74	61.07	54.32	55.72	58.31	60.58	58.36
Days Inventory Outstanding	6.13	5.86	8.81	6.63	3.28	3.7	4.72	4.52	4.52	5.98	6.72	6.55	6.26	6.03	6.25
Accounts Payable Turnover	9.55	12.28	7.26	7.74	12.23	10.89	10.67	10.17	8.62	8.13	9.96	13.04	11.35	6.59	6.44
Accounts Payable Turnover Days	38.23	29.72	50.24	47.17	29.84	33.52	34.21	35.89	42.35	44.9	36.66	27.98	32.15	55.37	56.65
Cash Conversion Cycle	-10.76	-6.06	-13.08	-15.71	-12.28	-13.34	-7.77	-7.47	-11.57	-7.38	0.63	11.75	9.28	-16.72	-22.26
Inventory to Cash Days	15.2	11.93	19.55	18.19	10.99	12.78	17.01	19.37	21.74	25.58	23.86	26.64	28.91	26.6	21.89
Inventories	3	3	2	1	1	2	2	1	2	2	3	3	3	3	4
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	3	3	2	1	1	2	2	1	2	2	3	3	3	3	4

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	174	124	112	64	46	45	48	78	66	161	187	150	302	484	747
- Cash & Cash Equivalents	27	62	13	12	38	21	15	18	24	38	83	46	76	59	29
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	12	12	12	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	37	74	90	65	56	42	53	49	89	78	98	101	117	178	204
Enterprise Value	184	136	189	117	63	66	86	109	144	213	214	190	343	602	923
Total Capital	346	339	298	212	199	157	156	146	200	238	291	201	234	305	351
Total Debt/Capital (%)	10.56	21.69	30.29	30.72	27.94	26.67	33.62	33.39	44.49	32.95	33.64	50.08	49.86	58.23	58.05
Total Debt / EV	0.2	0.54	0.48	0.56	0.88	0.64	0.61	0.45	0.62	0.37	0.46	0.53	0.34	0.29	0.22
EV/Sales	0.4	0.36	0.88	0.54	0.21	0.23	0.33	0.42	0.53	0.73	0.64	0.54	0.91	1.37	1.78
EV/EBITDA	2.57	3.46	9.48	6.67	3.69	17.57	36.53	21.85	11.25	9.65	6.18	8.07	25.88	23.3	19.16
EV/EBIT	4.25	10.96	- -	- -	23.84	- -	- -	- -	30.79	14.51	7.78	11.06	51.51	41.52	31.84
EV/Cash Flow to Firm	4.68	6.84	10.28	7.65	2.76	974.74	- -	135.95	39.92	7.6	7.39	188.7	13.29	19.4	14.9
EV/Free Cash Flow to Firm	4.68	6.84	10.28	7.65	2.76	974.74	- -	135.95	39.92	7.6	7.39	188.7	13.29	19.4	14.9
Diluted Market Cap	175	124	112	64	46	45	48	78	66	161	187	150	307	489	755
Diluted Enterprise Value	185	136	189	117	63	66	86	109	144	213	214	204	347	607	930
EV per Share	8.35	6.12	8.41	5.12	2.74	2.81	3.61	4.48	5.86	8.62	8.53	7.33	11.4	19.69	29.82
TTM Sales	457	380	216	218	306	286	262	263	273	293	335	348	378	440	518
TTM EBITDA	72	39	20	18	17	4	2	5	13	22	35	24	13	26	48
TTM Operating Income	43	12	-4	-2	3	-7	-6	-3	5	15	27	17	7	15	29
TTM Cash Flow to Firm	39	20	18	15	23	- -	-4	1	4	28	29	1	26	31	62
TTM Free Cash Flow to Firm	39	20	18	15	23	- -	-4	1	4	28	29	1	26	31	62

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	4.75	7.76	34.54	5.31	3.22	-7.37	-4.27	-46.14	67.1	6.85	6.83	169.89	12	16.68	12.73
EV/EBIT	4.25	10.96	- -	- -	23.84	- -	- -	- -	30.79	14.51	7.78	11.06	51.51	41.52	31.84
Enterprise Value	184	136	189	117	63	66	86	109	144	213	214	190	343	602	923
Low Price	6.55	3.42	4.3	2.08	0.17	1.3	1.83	1.49	1.51	1.69	5.25	4.59	5.05	8.91	14.1
EV/Sales	0.4	0.36	0.88	0.54	0.21	0.23	0.33	0.42	0.53	0.73	0.64	0.54	0.91	1.37	1.78
EV/EBITDA	2.57	3.46	9.48	6.67	3.69	17.57	36.53	21.85	11.25	9.65	6.18	8.07	25.88	23.3	19.16
Price/Earnings	9.92	- -	- -	- -	- -	- -	- -	- -	33.81	3.41	5.59	13	11.63	48.91	37.37
Price/Earnings Average	16.22	-3.55	-2.47	-1.47	-12.91	-1.71	-5.42	-7.55	31.17	2.29	5.11	14.52	8.52	36.89	30.86
Price/Earnings High	24.97	-5.79	-3.2	-2.17	-22.2	-2.65	-7.79	-12.05	41.82	4.71	6.14	17.85	11.99	57.94	39.86
Price/Earnings Low	8.22	-2.04	-1.89	-0.85	-1.18	-1.08	-3.81	-5.56	18.91	0.89	3.93	10.31	5.85	27.55	21.82
Price/Book Value	0.56	0.47	0.54	0.43	0.32	0.39	0.47	0.8	0.67	1.09	1.03	1.49	2.57	3.8	5.07
Price/Book Value Average	0.92	0.5	0.61	0.56	0.3	0.42	0.6	0.51	0.62	0.73	0.95	1.67	1.89	2.87	4.19
Price/Book Value High	1.42	0.81	0.79	0.83	0.52	0.65	0.86	0.81	0.83	1.51	1.14	2.05	2.65	4.5	5.41
Price/Book Value Low	0.47	0.29	0.47	0.32	0.03	0.26	0.42	0.37	0.37	0.28	0.73	1.18	1.29	2.14	2.96
Price/Tangible Book Value	1.25	0.95	1.39	1.07	0.69	1.12	1.54	3.09	2.32	2.1	1.63	1.15	1.94	2.89	3.95
Price/Tangible Book Value Average	2.04	1.01	1.56	1.39	0.65	1.2	1.99	1.95	2.14	1.41	1.49	1.28	1.42	2.18	3.27
Price/Tangible Book Value High	3.14	1.65	2.03	2.04	1.12	1.86	2.86	3.11	2.87	2.91	1.79	1.58	2	3.42	4.22
Price/Tangible Book Value Low	1.03	0.58	1.2	0.8	0.06	0.76	1.4	1.44	1.3	0.55	1.15	0.91	0.97	1.63	2.31
Price/Sales	0.38	0.33	0.52	0.29	0.15	0.16	0.18	0.3	0.24	0.55	0.56	0.43	0.8	1.1	1.44
Price/Sales Average	0.62	0.35	0.59	0.38	0.14	0.17	0.24	0.19	0.22	0.37	0.51	0.48	0.59	0.83	1.19
Price/Sales High	0.96	0.57	0.76	0.56	0.24	0.26	0.34	0.3	0.3	0.76	0.61	0.59	0.82	1.3	1.54
Price/Sales Low	0.32	0.2	0.45	0.22	0.01	0.11	0.17	0.14	0.14	0.14	0.39	0.34	0.4	0.62	0.84
Price/Cash Flow	4.72	7.76	34.54	5.31	3.22	-7.37	-4.27	-46.14	67.1	6.85	6.83	169.89	11.83	16.51	12.6
Price/Cash Flow Average	7.72	8.25	38.97	6.87	3.02	-7.9	-5.49	-29.17	61.87	4.6	6.24	189.66	8.67	12.45	10.4
Price/Cash Flow High	11.89	13.47	50.49	10.13	5.19	-12.29	-7.9	-46.57	83.01	9.47	7.49	233.26	12.19	19.55	13.44
Price/Cash Flow Low	3.92	4.75	29.82	3.95	0.27	-4.99	-3.86	-21.48	37.53	1.78	4.8	134.68	5.95	9.3	7.36
Price/Free Cash Flow Average	7.77	8.25	38.97	6.87	3.02	-7.9	-5.49	-29.17	61.87	4.6	6.24	189.66	8.79	12.58	10.51
Price/Free Cash Flow High	11.96	13.47	50.49	10.13	5.19	-12.29	-7.9	-46.57	83.01	9.47	7.49	233.26	12.37	19.75	13.58
Price/Free Cash Flow Low	3.94	4.75	29.82	3.95	0.27	-4.99	-3.86	-21.48	37.53	1.78	4.8	134.68	6.03	9.39	7.43
EV/Sales Average	0.64	0.38	0.95	0.62	0.2	0.24	0.38	0.31	0.51	0.55	0.59	0.64	0.69	1.1	1.53
EV/Sales High	0.98	0.6	1.12	0.8	0.3	0.34	0.49	0.42	0.58	0.94	0.69	0.75	0.93	1.57	1.88
EV/Sales Low	0.34	0.23	0.81	0.46	0.07	0.18	0.31	0.26	0.42	0.32	0.47	0.5	0.51	0.89	1.18
EV/EBITDA Average	4.11	3.66	10.2	7.74	3.53	18.43	42.42	16.11	10.84	7.26	5.71	9.44	19.79	18.7	16.46
EV/EBITDA High	6.25	5.79	12.08	9.98	5.34	25.57	53.93	22	12.48	12.44	6.71	11.07	26.58	26.76	20.2
EV/EBITDA Low	2.15	2.23	8.72	5.73	1.24	13.69	34.61	13.51	8.96	4.26	4.57	7.37	14.55	15.12	12.7
EV/EBIT Average	6.81	11.59	-54.56	-73.96	22.78	-9.46	-15.81	-23.59	29.68	10.92	7.2	12.94	39.39	33.32	27.34
EV/EBIT High	10.36	18.31	-64.58	-95.37	34.48	-13.12	-20.1	-32.22	34.15	18.7	8.45	15.18	52.91	47.67	33.55
EV/EBIT Low	3.57	7.07	-46.61	-54.77	7.98	-7.03	-12.9	-19.78	24.53	6.41	5.76	10.11	28.95	26.94	21.11
Last Price	7.9	5.59	4.98	2.8	1.99	1.92	2.02	3.2	2.7	6.5	7.47	5.79	10.04	15.82	24.15
High Price	19.89	9.7	7.28	5.34	3.21	3.2	3.74	3.23	3.34	8.99	8.2	7.95	10.35	18.74	25.76
Enterprise Value Average	295	144	204	135	61	69	100	81	139	160	198	222	262	483	792
Enterprise Value High	448	227	241	175	92	96	127	110	160	275	232	260	352	691	972
Enterprise Value Low	154	88	174	100	21	51	82	68	115	94	158	173	193	391	612

Shares Outstanding	23	24	24	24	24	25	25	25	25	26	27	31	31	31	32
Diluted Weighted Avg Shares	22	22	23	23	23	23	24	24	25	25	25	26	31	31	31
Basic Weighted Avg Shares	22	22	23	23	23	23	24	24	25	25	25	26	30	31	31
Revenue per Share	20.74	17.13	9.58	9.56	13.21	12.18	10.95	10.78	11.13	11.84	13.37	13.46	12.56	14.39	16.75
EBITDA per Share	3.26	1.77	0.89	0.77	0.74	0.16	0.1	0.2	0.52	0.89	1.38	0.91	0.44	0.84	1.56
Operating Income per Share	1.96	0.56	-0.17	-0.08	0.11	-0.31	-0.27	-0.14	0.19	0.59	1.1	0.66	0.22	0.47	0.94
Basic EPS, GAAP	0.8	-1.68	-2.28	-2.46	-0.14	-1.21	-0.48	-0.27	0.08	1.91	1.34	0.45	0.86	0.32	0.65
Basic EPS from Cont Ops	0.8	-0.67	-1.21	-1.12	-0.14	-1.21	-0.48	-0.27	0.08	1.96	1.38	0.49	0.86	0.32	0.65
Diluted EPS, GAAP	0.79	-1.68	-2.28	-2.46	-0.14	-1.21	-0.48	-0.27	0.08	1.91	1.34	0.45	0.85	0.32	0.64
Diluted EPS from Cont Ops	0.79	-0.67	-1.21	-1.12	-0.14	-1.21	-0.48	-0.27	0.08	1.96	1.38	0.49	0.85	0.32	0.64
Dividend per Share	0.84	0.29	0.3	0.19	- -	- -	- -	- -	- -	0.06	0.05	0.04	- -	- -	- -
Cash Flow per Share	1.67	0.72	0.14	0.53	0.62	-0.26	-0.47	-0.07	0.04	0.95	1.09	0.03	0.85	0.96	1.92
Free Cash Flow per Basic Share	1.67	0.72	0.14	0.53	0.62	-0.26	-0.47	-0.07	0.04	0.95	1.09	0.03	0.85	0.96	1.92
Cash & Equivalents per Share	1.2	2.78	0.57	0.54	1.66	0.9	0.61	0.72	0.96	1.54	3.32	2.35	2.52	1.94	0.92
Book Value per Share	14.04	11.96	9.21	6.44	6.2	4.92	4.34	3.98	4.04	5.96	7.22	3.88	3.9	4.16	4.76
Tangible Book Value per Share	6.33	5.89	3.59	2.61	2.87	1.72	1.31	1.04	1.17	3.09	4.58	5.04	5.18	5.48	6.11

Lincoln Educational Services Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)