Lincoln National Corp.

Life Insurance

LNCStrained9 of 11 basics passed

$40.23

-1.85%

Market cap $7.70B

$40.23

-1.85%

Market cap $7.70B

Lincoln National Corp operates multiple insurance and retirement businesses. The company's operating segment includes Annuities; Retirement Plan Services; Life Insurance and Group Protection.

It is a $7.70B financial services company. Revenue grew 7.9% over the last year, and it keeps 12¢ of every dollar of sales as profit. It trades at 3.3× earnings — in the cheapest third of its own history.

Website: lincolnfinancial.com
Location: Radnor, PA
Employees: 9 423
Sector: Financial Services

Share price · 3 years

$23.78 → $40.23+69.2%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $19.3B
Profit: keeps 12¢ of every $1 sold; $2.36B
Free cash flow: cash left after running the business; -$1.33B
Net cash: more cash than debt; $9.10B
P/E: years of profit in the price; 3.3
EPS: earnings per share, TTM; $11.69
Dividend: pays out 12% of profit; 5.65%
Shares: down 15% since 2016 — buybacks; 201.9M
Volatility: beta vs the market — under 1 swings less; 1.16

Revenue, last 10 years

52-week range

Low $32.59$40.23High $47.00

Today's price is 53% of the way from the year's low to its high.

P/E vs its history5y

3.3×median 6.4×

Higher than 18% of past days — in the cheapest third of its own history.

Valuation vs own history

P/E

3.3×

81%

P/S

0.4×

51%

EV/EBITDA

2.2×

78%

P/B

0.7×

65%

Share of the last ~5 years that was pricier than today (cheaper than usual). Based on the daily valuation record.

Insider activity · 90 days

-$896Knet selling

Purchases$0

Sales$896K

Insiders trading, last 14d0 buy · 0 sell

Standing in Financial Services

Size$7.70Btop 96%
Revenue growth-0%top 90%
Net margin11%top 67%
Return on equity22%top 20%
P/E3.3×top 1%
Dividend yield5.65%top 4%

Ranked against 129 Financial Services companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation and profitability; Growth, Health, Quality and Moat lag behind.

Valuation75

P/E vs own history18th pct · 25/25
FCF yield-17.2% · 0/25
P/S0.4x · 25/25
EV/EBITDA1.4x · 25/25

Growth20

Revenue CAGR-1.4% · 0/25
Net income CAGR-4.3% · 0/25
EPS CAGR ~5Y17.9% · 20/25
Fwd implied growth-32.2% · 0/25

Profitability85

ROIC75.2% · 25/25
ROE22.0% · 20/25
Net margin12.2% · 20/25
Operating margin15.4% · 20/25

Health43

Altman Zn/a · 0/25
Current ration/a · 0/25
Interest coverage6.9x · 18/25
Net cash / debtNet cash · 25/25

Quality31

Piotroski F1/9 · 0/25
Beneish M-2.63 · 25/25
FCF conversionn/a · 0/25
Margin stabilityσ 15.6% · 6/25

Moat13

ROIC >12% years3/5 yrs · 13/25
Median gross marginn/a · 0/25
FCF-positive yearsn/a · 0/25
Worst-year net marginworst -11.9% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2024Financial
Best year on record
$3.27B net income
FY2016Financial
First recorded profitable year
$1.19B net income
FY2016Financial
Revenue already above $10B
$13.3B in first reported year

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$6 135 today — price return only

$18.2B revenue in FY2025

Revenue up 7.9% year over year

9 423 employees

ROIC of 75.2%

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Net cash position after subtracting debt from cash
Interest covered 6.9× by operating earnings
High returns on invested capital (ROIC 75.2%)

Watch-outs

Negative free cash flow (-$1.3B)
Loss-making in 2 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 11 checks passed

Revenue growing — the company sells more than a year ago+7.9% YoY
Profitable — makes more than it spends$2.36B TTM
Profit growing — earnings are higher than last year+19.7% YoY
Generates cash — cash left after running and investing-$1.33B TTM
Debt under control — could handle its obligationsmore cash than debt
Established company — not a micro-cap — lower blow-up risk$7.70B market cap
Not printing shares — share count not ballooning — you keep your slice+3.6% shares over ~5y
Proven track record — years of profitability behind it8/10 profitable years
Financially stable — balance sheet not near distresshealth score 18/100
Pays a dividend — returns cash to shareholdersyield 5.65%
Valuation not extreme — price not wildly above earningsP/E 3.3

Peer comparisonLincoln National Corp. vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
LNC this company	$7.7B	3.3	+7.9%	12.2%	Strained
BRK.A Berkshire Hathaway Inc.	$1.1T	11.6	+3.9%	22.3%	Mixed
BRK.B Berkshire Hathaway	$1.1T	11.6	+0.0%	18.0%	Strong
JPM JPMorgan Chase & Co.	$886.2B	13.6	+13.5%	32.6%	Strained
V VISA Inc.	$723.9B	31.9	+14.4%	50.8%	Solid
MA Mastercard Incorporated	$516.4B	31.7	+16.0%	46.3%	Mixed
BAC Bank of America Corporation	$380.4B	11.3	+15.9%	27.8%	Mixed

Head-to-head: LNC vs BRK.A · LNC vs BRK.B · LNC vs JPM

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 2Buy 7Hold 8Sell 1Strong sell 1

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $19.3B · net income $2.36B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

RevenueNet income

Revenue (TTM)

$19.3B

YoY 7.9%

Net income (TTM)

$2.36B

Margin 12.2%

Operating margin

15.4%

P/E ratio

3.3

Dividend yield

5.65%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	17.4	19.2	18.8	11.6	18.4	18.2
Gross profit	—	—	—	—	—	—
Operating income (EBIT)	—	1.1	2.2	-3.2	0.9	1.3
Net income	0.5	1.4	-2.2	-0.8	3.3	1.2
EPS (diluted)	2.56	7.43	-13.00	-4.00	18.41	5.83

Cash flowFree cash flow -$1.33B · operating cash flow -$1.33B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

-$1.33B

Margin -6.9%

Operating cash flow (TTM)

-$1.33B

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.5	0.2	4.0	-2.1	-2.0	-0.2
Capital expenditure	—	—	—	—	—	—
Free cash flow	0.5	0.2	4.0	-2.1	-2.0	-0.2
FCF margin	3.1%	0.8%	21.5%	-17.8%	-10.9%	-0.9%

Balance sheetAssets $417B · net cash $9.10B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $417B of assets is financed

97%

Liabilities $406B — borrowed moneyEquity $10.9B — owners' stake

Cash vs debt

Total debt $400M − cash $9.50B = net cash $9.10B

Cash on hand covers all debt.

Debt repayment

Not needed

Cash already covers all debt

Interest coverage

6.9x

EBIT ÷ interest expense

ROE

22.0%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	1.7	2.6	3.3	3.4	5.8	9.5
Total assets	365.9	387.3	335.4	372.4	390.8	417.2
Total liabilities	343.2	367.0	331.3	365.5	382.6	406.3
Total debt	—	0.3	0.5	0.3	0.3	0.4
Equity	22.7	20.3	4.1	6.9	8.3	10.9
Net debt	—	-2.3	-2.8	-3.1	-5.5	-9.1

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of LNC on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $40.23 · market cap $7.70B.