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Lincoln International, Inc. Class A
(NYSE:LCLN)
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Rating:71Outperform
Price Target:
$30.00
▲(20.10% Upside)
Action:N/A
Date:08/11/26
The score is driven primarily by strong financial performance (high margins, solid growth, and high-quality free cash flow) and a positive earnings-call outlook supported by backlog and improving expense efficiency. These strengths are meaningfully tempered by very weak valuation signals (extremely high P/E) and only mixed technical indicators (slightly negative MACD and near-overbought stochastic despite prices holding above key moving averages).
Positive Factors
Strong multi-year revenue growth
Sustained revenue expansion alongside rising net income indicates strong demand and effective execution across the business. Continued growth at this scale can support investment in talent and technology, reinforce market position, and provide a durable foundation for earnings generation over the coming quarters.
Negative Factors
Meaningful balance-sheet leverage
Debt roughly matching equity creates greater sensitivity to any weakening in earnings or transaction activity, particularly after the sharp expansion in assets and debt. Although later results show net cash, the 2025 leverage profile remains a factor that can constrain flexibility and amplify downside during a market slowdown.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong multi-year revenue growth
Sustained revenue expansion alongside rising net income indicates strong demand and effective execution across the business. Continued growth at this scale can support investment in talent and technology, reinforce market position, and provide a durable foundation for earnings generation over the coming quarters.
Read all positive factors
Lincoln International, Inc. Class A (LCLN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.43B
Dividend Yield0.28%
Average Volume (3M)649.71K
Price to Earnings (P/E)2376.0
Beta (1Y)1.17
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees1,453
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)0.01
Shares Outstanding34,846,973
10 Day Avg. Volume254,846
30 Day Avg. Volume649,714
Financial Highlights & Ratios
PEG Ratio-0.19
Price to Book (P/B)5.33
Price to Sales (P/S)2.93
P/FCF Ratio10.71
Enterprise Value/Market Cap1.12
Enterprise Value/Revenue7.11
Enterprise Value/Gross Profit19.27
Enterprise Value/Ebitda143.24
Forecast
1Y Price Target
$26.50Price Target Upside6.08% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)1.33
Revenue Forecast (FY)$996.78M
Lincoln International, Inc. Class A Business Overview & Revenue Model
Company Description
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 Banki...
Lincoln International, Inc. Class A Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call presented strong financial and operational results — record Q2 revenue, double-digit segment growth, improved operating leverage, a strengthened balance sheet and clear momentum across deal activity and valuations. Management highlighted meaningful investments in talent, technology and the platform, and expects normal seasonal back-half strength. Headwinds include an uneven recovery across sectors (notably software), a high compensation ratio (~61%), higher Q2 tax rate and operational adjustments driven by the retailization of private markets and recent acquisitions. Overall, positives (robust growth, backlog, cash position, diversified revenue streams) materially outweigh the challenges, which appear manageable and largely tied to investment/growth initiatives and macro uncertainty.Positive Updates
Record Revenue and Strong YoY Growth
Reported Q2 revenue of $226M, up 51% year-over-year and up 43% from Q1; adjusted operating margin of 20% in Q2; adjusted net income grew 48% YoY; adjusted diluted EPS of $0.26 for Q2.
Negative Updates
Uneven Recovery and Sector Headwinds
Recovery is uneven and not linear; some sectors lag (software practice noted as underweighted and facing headwinds related to AI-driven disruption), and macro/geopolitical uncertainty persists which could impact deal cadence.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Revenue and Strong YoY Growth
Reported Q2 revenue of $226M, up 51% year-over-year and up 43% from Q1; adjusted operating margin of 20% in Q2; adjusted net income grew 48% YoY; adjusted diluted EPS of $0.26 for Q2.
Read all positive updates
Company Guidance
The company provided several forward-looking metrics: management expects a full‑year adjusted compensation ratio of around 61% (Q2 adjusted compensation ratio was 61% on $138M of comp expense), sees adjusted non‑compensation expense growth in the high single digits (Q2 non‑comp expense $42M, a 18.7% non‑comp ratio versus 24% in Q2 2025), and expects an adjusted effective tax rate of ~31% for FY2026 (Q2 was 34% vs 26% in Q1). They reiterated normal seasonality with Q4 typically representing ~30%–40% of annual revenue and said they expect a back‑half revenue pickup supported by a strong backlog; Q2 revenue was $226M (up 51% YoY, 43% sequential) and H1 revenue was $383M (up 36%). Balance‑sheet and capital‑allocation guidance included ending Q2 with ~$251M cash, $102M long‑term debt (net cash ~$149M), repayment of a significant portion of acquisition debt with IPO proceeds, and a quarterly cash dividend of $0.07 per Class A share; management also noted RSU grants will shift compensation mix and are expected to benefit the adjusted comp ratio over the next three years.Lincoln International, Inc. Class A Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
62
Positive
Cash Flow
88
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 383.49M | 783.81M | 578.75M | 518.33M |
| Gross Profit | 141.61M | 682.58M | 404.05M | 364.73M |
| EBITDA | 19.05M | 257.66M | 172.18M | 171.58M |
| Net Income | -21.03M | 214.13M | 160.74M | 163.05M |
Balance Sheet | ||||
| Total Assets | 997.78M | 1.12B | 640.16M | 598.36M |
| Cash, Cash Equivalents and Short-Term Investments | 250.62M | 324.83M | 228.99M | 244.46M |
| Total Debt | 241.83M | 419.22M | 150.00M | 176.60M |
| Total Liabilities | 560.47M | 679.53M | 285.74M | 267.86M |
| Stockholders Equity | 179.49M | 431.19M | 350.83M | 0.00 |
Cash Flow | ||||
| Free Cash Flow | 100.81M | 214.44M | 140.73M | 168.12M |
| Operating Cash Flow | 103.30M | 216.32M | 149.34M | 183.68M |
| Investing Cash Flow | -2.48M | -232.43M | -13.87M | -15.55M |
| Financing Cash Flow | -167.32M | 104.11M | -171.94M | -136.75M |
Lincoln International, Inc. Class A Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $4.53B | 18.44 | 43.55% | 4.65% | 13.69% | 12.33% | |
72 Outperform | $3.65B | 15.91 | 71.16% | 0.70% | 22.91% | 21.48% | |
71 Outperform | $2.43B | 2,376.00 | -14.68% | 0.28% | ― | ― | |
71 Outperform | $9.25B | 21.73 | 17.78% | 1.96% | 1.59% | -1.40% | |
64 Neutral | $3.72B | 20.89 | 20.43% | 5.25% | 8.61% | -35.35% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | $1.22B | 39.14 | -14.08% | 2.19% | -20.87% | -66.62% |
* General Sector Average
LCLN
Lincoln International, Inc. Class A
23.76
1.30
5.80%
LAZ
Lazard
38.17
-8.85
-18.82%
MC
Moelis
55.88
-12.65
-18.47%
HLI
Houlihan Lokey
132.35
-66.27
-33.37%
PJT
PJT Partners
142.88
-38.03
-21.02%
PWP
Perella Weinberg Partners
12.77
-7.26
-36.25%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.