COMP <GO>

LINC vs AFYA // FORWARD P/E MULTIPLE

Lincoln Educational Services Corporation (NASDAQ) VS. Afya Limited (Class A) (NASDAQ) • 15-METRIC TALLY: LINC 1 — AFYA 1

■ METRIC PARITY

LAST: $22.13 (+1.89%) • MKT CAP: $702.0M

forward-pe

29.5x

LAST: $10.17 (-0.68%) • MKT CAP: $953.2M

forward-pe

—

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (LINC VS. AFYA) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	LINC	AFYA	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	60.40%	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	14.00%	—	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation	6.5x	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	-3.89%	—	—	TIE	/fcf-yield <GO>
Operating Margin	5.80%	—	—	TIE	/operating-margins <GO>
Net Profit Margin	3.90%	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	17.80%	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	2.94	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	7/9	—	—	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	46.3	27.4	+18.90	LINC	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple ACTIVE	29.5x	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$702.0M	$953.2M	-$251.2M	AFYA	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	LINC REV	AFYA REV	LINC GROSS %	AFYA GROSS %	LINC FCF	AFYA FCF
FY 2025	$518.2M	—	60.4%	—	-$27.3M	—
FY 2024	$440.1M	—	58.7%	—	-$27.6M	—
FY 2023	$378.1M	—	—	—	$25.6M	—

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

LINC // BETA —

AFYA // BETA —