Lincoln International, Inc. (LCLN)
Lincoln International, Inc. functions as an independent investment banking advisory firm, concentrating its expertise on private capital markets both domestically and globally. The company operates through two principal divisions: Investment Banking Advisory and Valuations & Opinions. The Investment Banking Advisory segment delivers comprehensive capital advisory services, encompassing debt guidance, special situations and restructuring support, and growth or minority equity solutions. It also provides private funds advisory, which includes structured and continuation vehicles, single-asset funds, primary fund placements, and co-investment strategies. Within the Valuations & Opinions segment, the firm offers specialized services such as portfolio valuations, transaction opinions, board advisory, and disputes advisory. These services are provided to a diverse clientele of alternative asset managers, including private equity and credit firms, mutual funds, insurance companies, banks, infrastructure investors, hedge funds, and various institutional investors. Additionally, this segment extends financial advice to general partners, boards of directors, special committees, investors, trustees, and other key corporate decision-makers across both public and private entities. Other services include strategic consulting, "Connect" (an executive peer exchange fostering mentorship among leaders in the insurance and wealth sectors), and "FirstChoice" (an agency network offering direct access to insurance carriers, strategic business planning, advanced technology, and educational resources). Lincoln International also maintains a dedicated platform designed to assist clients in attracting capital, making impact-driven investments, maximizing value, and ultimately realizing significant returns. The firm's industry focus spans Business Services, Consumer, Healthcare, Industrials, and Technology sectors. Established in 1996, Lincoln International is headquartered in Chicago, Illinois.
Sector: Investment Advice
Industry: Financial - Capital Markets
Lincoln International Inc.
No splits on record
Nothing in LCLN's public trading history: no forward or reverse split has affected the share count.
| Period | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|
| Currency | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
| Revenue | $783.81M | $578.75M | $518.33M |
| YoY Growth | 35.4% | 11.7% | - |
| Cost of Revenue | $101.22M | $174.7M | $153.6M |
| Gross Profit | $682.58M | $404.05M | $364.73M |
| Gross Margin | 87.1% | 69.8% | 70.4% |
| Research and Development | $0 | $0 | $0 |
| Selling, General, and Administrative | $87.95M | $183.25M | $151.12M |
| Other | $378.71M | $62.51M | $49.41M |
| Total Operating Expenses | $466.66M | $245.76M | $200.53M |
| Operating Income (EBIT) | $215.92M | $158.29M | $164.2M |
| Operating Margin | 27.5% | 27.4% | 31.7% |
| Interest Expense | $0 | $0 | $0 |
| Interest Income | $0 | $0 | $0 |
| Other Income (Expense) | $3.93M | $9.19M | $7.89M |
| Income Before Tax (EBT) | $219.85M | $167.48M | $172.09M |
| Income Tax Expense | $5.72M | $3.89M | $8.08M |
| Net Income | $214.13M | $160.74M | $163.05M |
| Net Income Margin | 27.3% | 27.8% | 31.5% |
| Supplementary Data | |||
| EPS | 2.10 | 4.82 | 4.89 |
| Diluted EPS | 2.10 | 1.55 | 1.57 |
| Weighted Average OS | 102.02M | 33.32M | 33.32M |
| EBITDA | $257.66M | $172.18M | $171.58M |
| EBITDA Margin | 32.9% | 29.8% | 33.1% |
| Period | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|
| Currency | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
| Assets | |||
| Current Assets | |||
| Cash and Cash Equivalents | $324.83M | $228.99M | $244.46M |
| Short-Term Investments | $0 | $0 | $0 |
| Cash and Short-Term Investments | $324.83M | $228.99M | $244.46M |
| Accounts Receivable | $191.43M | $138.18M | $94.13M |
| Inventory | $0 | $0 | $0 |
| Other Current Assets | -$17.46M | -$10.94M | $24.76M |
| Total Current Assets | $516.25M | $367.17M | $373.01M |
| Long-Term Assets | |||
| Property, Plant & Equipment Net | $175.13M | $173.92M | $176.97M |
| Goodwill | $274.47M | $59.89M | $38.85M |
| Intangible Assets | $115.9M | $16.07M | $0 |
| Long-Term Investments | $0 | $0 | $0 |
| Deferred Tax Assets | $9.53M | $5.08M | $3.03M |
| Other Long-Term Assets | $26.85M | $18.03M | $6.5M |
| Total Long-Term Assets | $601.88M | $272.99M | $225.35M |
| Other Assets | $0 | $0 | $0 |
| Total Assets | $1.12B | $640.16M | $598.36M |
| Liabilities | |||
| Current Liabilities | |||
| Accounts Payable | $88.48M | $14.26M | $17.66M |
| Short-Term Debt | $24.31M | $19.85M | $22M |
| Current Income Tax Payable | $9.77M | $7.27M | $2.7M |
| Current Unearned Revenue | $2.74M | $1.08M | $712K |
| Other Current Liabilities | -$259.83M | -$130.92M | $0 |
| Total Current Liabilities | $24.31M | $19.85M | $113.14M |
| Long-Term Liabilities | |||
| Long-Term Debt | $270.37M | $0 | $0 |
| Long-Term Unearned Revenue | $2.74M | $1.08M | $0 |
| Long-Term Deferred Tax Liabilities | $481K | $4.81M | $130K |
| Other Long-Term Liabilities | $257.1M | $129.83M | $0 |
| Total Long-Term Liabilities | $655.22M | $265.89M | $154.73M |
| Other Liabilities | $0 | $0 | $0 |
| Total Liabilities | $679.53M | $285.74M | $267.86M |
| Stockholders' Equity | |||
| Preferred Stock | $0 | $0 | $0 |
| Common Stock | $431.19M | $350.83M | $0 |
| Retained Earnings | $0 | $0 | $0 |
| Comprehensive Income & Other | $0 | $0 | $0 |
| Other Stockholders' Equity | $0 | $0 | - |
| Total Equity | $431.19M | $350.83M | $0 |
| Minority Interest | $7.42M | $3.6M | $886K |
| Total Liabilities and Equity | $1.11B | $636.56M | $267.86M |
| Supplementary Data | |||
| Total Debt | $419.22M | $150M | $176.6M |
| Net Debt | $94.39M | -$78.98M | -$67.86M |
| Period | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|
| Currency | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
| Operating Activities | |||
| Net Income | $214.13M | $163.59M | $164.01M |
| Depreciation & Amortization | $37.8M | $13.89M | $7.38M |
| Deferred Income Tax | -$8.46M | -$3.79M | -$1.09M |
| Stock-Based Compensation | $0 | $0 | $0 |
| Changes in Working Capital: | |||
| Accounts Receivable | -$6.65M | -$49.43M | $9.21M |
| Inventory | $0 | $0 | $0 |
| Accounts Payable | $10.55M | $1.68M | -$8.39M |
| Other Working Capital | $18.4M | $4.95M | -$4.88M |
| Total Working Capital Change | $22.29M | -$42.8M | -$4.07M |
| Other Non-Cash Items | -$49.44M | $18.44M | $17.43M |
| Net Cash from Operating | $216.32M | $149.34M | $183.68M |
| Investing Activities | |||
| Capital Expenditures | -$1.89M | -$8.61M | -$15.55M |
| Acquisitions | -$230.54M | -$5.26M | $0 |
| Purchases of Investments | $0 | $0 | $0 |
| Sales of Investments | $0 | $0 | $0 |
| Other Investing Activities | $0 | $0 | $0 |
| Net Cash from Investing | -$232.43M | -$13.87M | -$15.55M |
| Financing Activities | |||
| Debt Repaid | -$274.94M | - | - |
| Common Stock Issuance | $10.16M | $3.45M | $6.2M |
| Common Stock Repurchases | -$173.98M | -$153.4M | -$164.94M |
| Dividends Paid | $0 | $0 | $0 |
| Other Financing Activities | -$7.01M | $0 | $0 |
| Net Cash from Financing | $104.11M | -$171.94M | -$136.75M |
| Forex Effect | $7.84M | -$3.76M | $4.2M |
| Net Change in Cash | $95.84M | -$40.23M | $35.58M |
| Supplementary Data | |||
| Operating Cash Flow | $216.32M | $149.34M | $183.68M |
| Capital Expenditure | -$1.89M | -$8.61M | -$15.55M |
| Free Cash Flow | $214.44M | $140.73M | $168.12M |
| Cash at Beginning | $228.99M | $269.22M | $233.64M |
| Cash at End | $324.83M | $228.99M | $269.22M |