LINCOLN NATIONAL CORP (LNC) Fundamental Analysis & Valuation

NYSE:LNC • US5341871094

Current stock price

37.22 USD
+1.36 (+3.79%)
Last:

This LNC fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

2

1. LNC Profitability Analysis

1.1 Basic Checks

  • LNC had positive earnings in the past year.
  • LNC had a negative operating cash flow in the past year.
  • In multiple years LNC reported negative net income over the last 5 years.
  • The reported operating cash flow has been mixed in the past 5 years: LNC reported negative operating cash flow in multiple years.
LNC Yearly Net Income VS EBIT VS OCF VS FCFLNC Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 2B -2B 4B

1.2 Ratios

  • LNC has a worse Return On Assets (0.26%) than 77.70% of its industry peers.
  • LNC has a Return On Equity (9.96%) which is in line with its industry peers.
  • Looking at the Return On Invested Capital, with a value of 0.33%, LNC is doing worse than 72.30% of the companies in the same industry.
Industry RankSector Rank
ROA 0.26%
ROE 9.96%
ROIC 0.33%
ROA(3y)0.28%
ROA(5y)0.13%
ROE(3y)12.13%
ROE(5y)0.31%
ROIC(3y)N/A
ROIC(5y)N/A
LNC Yearly ROA, ROE, ROICLNC Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20 -20 -40

1.3 Margins

  • Looking at the Profit Margin, with a value of 5.84%, LNC is in line with its industry, outperforming 40.54% of the companies in the same industry.
  • LNC's Profit Margin has improved in the last couple of years.
  • LNC has a worse Operating Margin (8.49%) than 66.22% of its industry peers.
  • In the last couple of years the Operating Margin of LNC has grown nicely.
Industry RankSector Rank
OM 8.49%
PM (TTM) 5.84%
GM N/A
OM growth 3YN/A
OM growth 5Y13.72%
PM growth 3YN/A
PM growth 5Y15.33%
GM growth 3YN/A
GM growth 5YN/A
LNC Yearly Profit, Operating, Gross MarginsLNC Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10 -10

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1

2. LNC Health Analysis

2.1 Basic Checks

  • Compared to 1 year ago, LNC has more shares outstanding
  • Compared to 5 years ago, LNC has less shares outstanding
  • The debt/assets ratio for LNC has been reduced compared to a year ago.
LNC Yearly Shares OutstandingLNC Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50M 100M 150M 200M
LNC Yearly Total Debt VS Total AssetsLNC Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100B 200B 300B 400B

2.2 Solvency

  • A Debt/Equity ratio of 0.54 indicates that LNC is somewhat dependend on debt financing.
  • LNC has a Debt to Equity ratio of 0.54. This is in the lower half of the industry: LNC underperforms 75.68% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.54
Debt/FCF N/A
Altman-Z N/A
ROIC/WACCN/A
WACCN/A
LNC Yearly LT Debt VS Equity VS FCFLNC Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 5B 10B 15B 20B

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
LNC Yearly Current Assets VS Current LiabilitesLNC Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B 8B 10B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

4

3. LNC Growth Analysis

3.1 Past

  • LNC shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 31.99%, which is quite impressive.
  • The Earnings Per Share has been growing by 13.97% on average over the past years. This is quite good.
  • Looking at the last year, LNC shows a decrease in Revenue. The Revenue has decreased by -9.44% in the last year.
  • The Revenue has been growing slightly by 1.30% on average over the past years.
EPS 1Y (TTM)31.99%
EPS 3Y9.52%
EPS 5Y13.97%
EPS Q2Q%15.71%
Revenue 1Y (TTM)-9.44%
Revenue growth 3Y-0.3%
Revenue growth 5Y1.3%
Sales Q2Q%6.35%

3.2 Future

  • LNC is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 5.58% yearly.
  • Based on estimates for the next years, LNC will show a small growth in Revenue. The Revenue will grow by 4.58% on average per year.
EPS Next Y-1.35%
EPS Next 2Y3.02%
EPS Next 3Y4.8%
EPS Next 5Y5.58%
Revenue Next Year5.22%
Revenue Next 2Y4.37%
Revenue Next 3Y4.08%
Revenue Next 5Y4.58%

3.3 Evolution

  • The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
LNC Yearly Revenue VS EstimatesLNC Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 5B 10B 15B 20B
LNC Yearly EPS VS EstimatesLNC Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 0 5 10

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5

4. LNC Valuation Analysis

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 4.53, the valuation of LNC can be described as very cheap.
  • 82.43% of the companies in the same industry are more expensive than LNC, based on the Price/Earnings ratio.
  • LNC's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 27.53.
  • The Price/Forward Earnings ratio is 4.60, which indicates a rather cheap valuation of LNC.
  • 83.11% of the companies in the same industry are more expensive than LNC, based on the Price/Forward Earnings ratio.
  • When comparing the Price/Forward Earnings ratio of LNC to the average of the S&P500 Index (37.95), we can say LNC is valued rather cheaply.
Industry RankSector Rank
PE 4.53
Fwd PE 4.6
LNC Price Earnings VS Forward Price EarningsLNC Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

Industry RankSector Rank
P/FCF N/A
EV/EBITDA N/A
LNC Per share dataLNC EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 40 60 80

4.3 Compensation for Growth

PEG (NY)N/A
PEG (5Y)0.32
EPS Next 2Y3.02%
EPS Next 3Y4.8%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

8

5. LNC Dividend Analysis

5.1 Amount

  • LNC has a Yearly Dividend Yield of 5.16%, which is a nice return.
  • LNC's Dividend Yield is rather good when compared to the industry average which is at 2.44. LNC pays more dividend than 85.81% of the companies in the same industry.
  • LNC's Dividend Yield is rather good when compared to the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 5.16%

5.2 History

  • On average, the dividend of LNC grows each year by 7.62%, which is quite nice.
  • LNC has been paying a dividend for at least 10 years, so it has a reliable track record.
  • LNC has not decreased its dividend for at least 10 years, so it has a reliable track record of non decreasing dividend.
Dividend Growth(5Y)7.62%
Div Incr Years0
Div Non Decr Years15
LNC Yearly Dividends per shareLNC Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.5 1 1.5

5.3 Sustainability

  • LNC pays out 38.31% of its income as dividend. This is a sustainable payout ratio.
  • LNC's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP38.31%
EPS Next 2Y3.02%
EPS Next 3Y4.8%
LNC Yearly Income VS Free CF VS DividendLNC Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 2B -2B 4B
LNC Dividend Payout.LNC Dividend Payout, showing the Payout Ratio.LNC Dividend Payout.PayoutRetained Earnings

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LNC Fundamentals: All Metrics, Ratios and Statistics

LINCOLN NATIONAL CORP

NYSE:LNC (4/17/2026, 1:02:16 PM)

37.22

+1.36 (+3.79%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupInsurance
GICS IndustryInsurance
Earnings (Last)02-12
Earnings (Next)05-07
Inst Owners84.87%
Inst Owner Change-0.01%
Ins Owners0.63%
Ins Owner Change11.02%
Market Cap7.08B
Revenue(TTM)18.60B
Net Income(TTM)1.09B
Analysts67.37
Price Target46.24 (24.23%)
Short Float %3.74%
Short Ratio2.82
Dividend
Industry RankSector Rank
Dividend Yield 5.16%
Yearly Dividend2.31
Dividend Growth(5Y)7.62%
DP38.31%
Div Incr Years0
Div Non Decr Years15
Ex-Date04-10
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)11.98%
Min EPS beat(2)8.74%
Max EPS beat(2)15.21%
EPS beat(4)4
Avg EPS beat(4)12.74%
Min EPS beat(4)3.35%
Max EPS beat(4)23.66%
EPS beat(8)7
Avg EPS beat(8)3.04%
EPS beat(12)9
Avg EPS beat(12)-4.5%
EPS beat(16)9
Avg EPS beat(16)-8.32%
Revenue beat(2)1
Avg Revenue beat(2)-2.63%
Min Revenue beat(2)-5.95%
Max Revenue beat(2)0.7%
Revenue beat(4)1
Avg Revenue beat(4)-5.06%
Min Revenue beat(4)-14.07%
Max Revenue beat(4)0.7%
Revenue beat(8)1
Avg Revenue beat(8)-4.97%
Revenue beat(12)3
Avg Revenue beat(12)-8.84%
Revenue beat(16)6
Avg Revenue beat(16)-3.49%
PT rev (1m)-1.98%
PT rev (3m)0.23%
EPS NQ rev (1m)-2.42%
EPS NQ rev (3m)-2.51%
EPS NY rev (1m)-0.48%
EPS NY rev (3m)-0.07%
Revenue NQ rev (1m)-0.77%
Revenue NQ rev (3m)-0.52%
Revenue NY rev (1m)-0.54%
Revenue NY rev (3m)0.36%
Valuation
Industry RankSector Rank
PE 4.53
Fwd PE 4.6
P/S 0.38
P/FCF N/A
P/OCF N/A
P/B 0.65
P/tB 0.72
EV/EBITDA N/A
EPS(TTM)8.21
EY22.06%
EPS(NY)8.1
Fwd EY21.76%
FCF(TTM)-0.88
FCFYN/A
OCF(TTM)-0.88
OCFYN/A
SpS97.84
BVpS57.37
TBVpS51.35
PEG (NY)N/A
PEG (5Y)0.32
Graham Number102.948 (176.59%)
Profitability
Industry RankSector Rank
ROA 0.26%
ROE 9.96%
ROCE 0.39%
ROIC 0.33%
ROICexc 0.33%
ROICexgc 0.97%
OM 8.49%
PM (TTM) 5.84%
GM N/A
FCFM N/A
ROA(3y)0.28%
ROA(5y)0.13%
ROE(3y)12.13%
ROE(5y)0.31%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexgc growth 3YN/A
ROICexgc growth 5Y17.29%
ROICexc growth 3YN/A
ROICexc growth 5Y12.71%
OM growth 3YN/A
OM growth 5Y13.72%
PM growth 3YN/A
PM growth 5Y15.33%
GM growth 3YN/A
GM growth 5YN/A
F-Score3
Asset Turnover0.04
Health
Industry RankSector Rank
Debt/Equity 0.54
Debt/FCF N/A
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage 4.7
Cash Conversion N/A
Profit Quality N/A
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score3
WACCN/A
ROIC/WACCN/A
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)31.99%
EPS 3Y9.52%
EPS 5Y13.97%
EPS Q2Q%15.71%
EPS Next Y-1.35%
EPS Next 2Y3.02%
EPS Next 3Y4.8%
EPS Next 5Y5.58%
Revenue 1Y (TTM)-9.44%
Revenue growth 3Y-0.3%
Revenue growth 5Y1.3%
Sales Q2Q%6.35%
Revenue Next Year5.22%
Revenue Next 2Y4.37%
Revenue Next 3Y4.08%
Revenue Next 5Y4.58%
EBIT growth 1Y-58.17%
EBIT growth 3YN/A
EBIT growth 5Y15.2%
EBIT Next YearN/A
EBIT Next 3Y3.63%
EBIT Next 5YN/A
FCF growth 1Y91.68%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y91.68%
OCF growth 3YN/A
OCF growth 5YN/A

LINCOLN NATIONAL CORP / LNC Fundamental Analysis FAQ

Can you provide the ChartMill fundamental rating for LINCOLN NATIONAL CORP?

ChartMill assigns a fundamental rating of 3 / 10 to LNC.


What is the valuation status of LINCOLN NATIONAL CORP (LNC) stock?

ChartMill assigns a valuation rating of 5 / 10 to LINCOLN NATIONAL CORP (LNC). This can be considered as Fairly Valued.


Can you provide the profitability details for LINCOLN NATIONAL CORP?

LINCOLN NATIONAL CORP (LNC) has a profitability rating of 2 / 10.


What is the expected EPS growth for LINCOLN NATIONAL CORP (LNC) stock?

The Earnings per Share (EPS) of LINCOLN NATIONAL CORP (LNC) is expected to decline by -1.35% in the next year.


How sustainable is the dividend of LINCOLN NATIONAL CORP (LNC) stock?

The dividend rating of LINCOLN NATIONAL CORP (LNC) is 8 / 10 and the dividend payout ratio is 38.31%.