Does LINCOLN EDUCATIONAL SERVICES CORPORATION have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores LINCOLN EDUCATIONAL SERVICES CORPORATION (LINC) 56.6 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 91, returns on capital 42, balance-sheet safety 45, capital discipline 38.

Is LINC stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $7.03 per share versus a recent price of $42.95 — 511% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has LINC's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 56.6 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

LINCOLN EDUCATIONAL SERVICES CORPORATION

LINC · Consumer Discretionary · $1.4B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power91

Median gross margin 57.2% over 10y, very stable.

Returns on capital42

Median ROIC 10.7%, above the 9% hurdle in 50% of years.

Balance-sheet safety45

Net debt/EBITDA n/ax, interest coverage 9x.

Capital discipline38

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

511% above value

Owner earnings (normalized): $20.0M
Est. intrinsic value / share: $7.03
Recent price: $42.95
Discount to value: 511% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

LINCOLN EDUCATIONAL SERVICES CORPORATION booked $518.2M of revenue in FY2025 in the Consumer Discretionary sector and kept 60.4% of it as gross profit — a high-margin business by that measure. After every other cost, 3.9% of each revenue dollar reached the bottom line.

Across the filed record, revenue shrank from $552.5M (FY2009) to $518.2M (FY2025) — about −0.4% a year compounded over 16 years.

It earned 13.6% on invested capital in FY2025, with a median of 8.6% across 17 filed years. The Returns on Capital filter above scores it 42/100.

The balance sheet carried $0 of total debt in FY2021. Balance-Sheet Safety scores it 45/100.

The share count rose 12.5% between FY2010 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 38/100.

Put together: Pricing Power is the strongest of the four filters (91/100) and Capital Discipline the weakest (38/100), which is how LINC lands at 57/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$518.2M FY2025

Gross marginRevenue kept after cost of goods60.4% FY2025

Return on invested capitalOperating profit on the capital employed13.6% FY2025

Owner earningsCash an owner could take out$20.0M FY2025

Gaps in a line mean that item isn’t in LINC’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale56.6 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — LINC has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Consumer Discretionary context

#124 of 340 scored Consumer Discretionary companies, ranked by Moat Score.

Nearest peers by Moat Score

#122PSMT PriceSmart, Inc.56.7 out of 100, Shallow moatShallow moat
#123FORR FORRESTER RESEARCH, INC.56.6 out of 100, Shallow moatShallow moat
#125NEGG Newegg Commerce, Inc.56.6 out of 100, Shallow moatShallow moat
#126ALV AUTOLIV, INC.55.9 out of 100, Shallow moatShallow moat

Compare LINC with its nearest peers →All Consumer Discretionary companies on the Index →

Common questions about LINC

Does LINCOLN EDUCATIONAL SERVICES CORPORATION have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores LINCOLN EDUCATIONAL SERVICES CORPORATION (LINC) 56.6 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 91, returns on capital 42, balance-sheet safety 45, capital discipline 38.
Is LINC stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $7.03 per share versus a recent price of $42.95 — 511% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has LINC's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 56.6 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell LINC. See the disclaimer.