Updated
The most significant concentration Lincoln Educational Services discloses is Title IV Programs (U.S. Department of Education) at 85%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
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Source: Lincoln Educational Services’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1A: 'As we received approximately 85% of our revenue (calculated based on cash receipts) from Title IV Programs during the fiscal year ended December 31, 2025'”
“10-K Item 1: 'skilled trades were our largest area of study, representing 52% of our total average student enrollment.'”
Lincoln Educational Services carries a significant regulatory dependency: approximately 85% of revenue, calculated on a cash-receipts basis, came from Title IV Programs administered by the U.S. Department of Education. This is a large, dependency-type exposure — any change in federal student-aid policy, eligibility rules, or funding levels would flow directly through to the vast majority of the company's revenue base. Alongside that regulatory concentration sits a structural one: Skilled Trades represents the company's largest area of study, accounting for 52% of total average student enrollment. This program-mix concentration means Lincoln's enrollment trends — and by extension revenue — are closely tied to demand for skilled-trades education specifically, rather than being spread evenly across a broader curriculum. Netting these out, the Title IV dependency is the exposure most capable of moving the verdict on its own, given how much of the revenue base it touches and the fact that it is a regulatory dependency outside the company's direct control. The Skilled Trades enrollment concentration is a structural feature of the current business mix; it would matter most if demand specifically for skilled-trades programs were to soften, but it is a narrower risk than the federal funding dependency that underlies the great majority of revenue.
For the engine’s reasoning on LINC’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| LINC● | Lincoln Educational Services Co | 2 | 0 | 0 | 2 |
| KLC | KinderCare Learning Companies, | 1 | 1 | 0 | 2 |
| LAUR | Laureate Education, Inc. | 1 | 0 | 0 | 1 |
| COUR | Coursera, Inc. | 0 | 0 | 1 | 1 |
| APEI | American Public Education, Inc. | 0 | 0 | 0 | 0 |
| CVSA | Covista Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.