Lincoln Educational Services Co — Earnings Quality Grade F
LINC · Consumer Defensive
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 26 days, change -10 days YoY
AR growth -14.1% vs revenue growth 17.8%
Revenue 17.8%, CFFO 102.4%. Cash follows revenue
Expense Quality
Inventory growth 30.6% exceeds COGS 13.0%
CapEx growth 52.3% is >2x revenue growth 17.8%
SG&A/Gross Profit = 90.4%, exceeds 70%
Gross margin 60.4%, change +1.7pp. Stable
Cash Flow Quality
CFFO/NI = 2.97. Profits backed by cash
FCF < 50% of Net Income for 3 years
Accruals ratio = -8.0%. Low accruals
Cash $0.0B covers only 14% of debt $0.2B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 5% of equity. Manageable
Debt/EBITDA = 4.2x (>4x). Financial stress
Other assets -8.4% vs revenue 17.8%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles change 0% YoY. Normal
Manipulation Score
M-Score = -3.05 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25