LINCOLN NATIONAL CORP (LNC) Stock Fundamental Analysis

NYSE:LNC • US5341871094

39.9 USD
-0.2 (-0.5%)
At close: Feb 20, 2026
39.85 USD
-0.05 (-0.13%)
After Hours: 2/20/2026, 8:04:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership News
Fundamental Rating

3

LNC gets a fundamental rating of 3 out of 10. The analysis compared the fundamentals against 149 industry peers in the Insurance industry. LNC has a bad profitability rating. Also its financial health evaluation is rather negative. LNC has a decent growth rate and is not valued too expensively. Finally LNC also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

3

1. Profitability

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

  • Looking at the Return On Assets, with a value of 0.49%, LNC is doing worse than 70.47% of the companies in the same industry.
  • LNC's Return On Equity of 19.32% is amongst the best of the industry. LNC outperforms 85.23% of its industry peers.
  • LNC's Return On Invested Capital of 0.58% is on the low side compared to the rest of the industry. LNC is outperformed by 67.11% of its industry peers.
Industry RankSector Rank
ROA 0.49%
ROE 19.32%
ROIC 0.58%
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 10.28%, LNC is in the better half of the industry, outperforming 63.76% of the companies in the same industry.
  • LNC's Profit Margin has improved in the last couple of years.
  • LNC has a Operating Margin of 14.02%. This is comparable to the rest of the industry: LNC outperforms 58.39% of its industry peers.
  • In the last couple of years the Operating Margin of LNC has grown nicely.
Industry RankSector Rank
OM 14.02%
PM (TTM) 10.28%
GM N/A
OM growth 3YN/A
OM growth 5Y12.89%
PM growth 3YN/A
PM growth 5Y15.35%
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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ROAROEROICOperating and Profit MarginShow most profitable peers

1

2. Health

2.1 Basic Checks

  • The number of shares outstanding for LNC has been increased compared to 1 year ago.
  • Compared to 5 years ago, LNC has less shares outstanding
  • Compared to 1 year ago, LNC has an improved debt to assets ratio.
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 0.55 indicates that LNC is somewhat dependend on debt financing.
  • The Debt to Equity ratio of LNC (0.55) is worse than 75.17% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.55
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. Growth

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.
  • LNC shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 13.97% yearly.
  • The Revenue has decreased by -9.51% in the past year.
  • The Revenue has been growing slightly by 1.28% on average over the past years.
EPS 1Y (TTM)31.99%
EPS 3Y9.52%
EPS 5Y13.97%
EPS Q2Q%15.71%
Revenue 1Y (TTM)-9.51%
Revenue growth 3Y-0.32%
Revenue growth 5Y1.28%
Sales Q2Q%6.35%

3.2 Future

  • The Earnings Per Share is expected to grow by 5.58% on average over the next years.
  • Based on estimates for the next years, LNC will show a small growth in Revenue. The Revenue will grow by 4.32% on average per year.
EPS Next Y-1.24%
EPS Next 2Y3.56%
EPS Next 3Y4.21%
EPS Next 5Y5.58%
Revenue Next Year5.51%
Revenue Next 2Y4.63%
Revenue Next 3Y4.07%
Revenue Next 5Y4.32%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
  • The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
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. Valuation

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 4.86 indicates a rather cheap valuation of LNC.
  • Compared to the rest of the industry, the Price/Earnings ratio of LNC indicates a rather cheap valuation: LNC is cheaper than 84.56% of the companies listed in the same industry.
  • LNC is valuated cheaply when we compare the Price/Earnings ratio to 26.99, which is the current average of the S&P500 Index.
  • With a Price/Forward Earnings ratio of 4.92, the valuation of LNC can be described as very cheap.
  • Based on the Price/Forward Earnings ratio, LNC is valued cheaply inside the industry as 81.21% of the companies are valued more expensively.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 28.06, LNC is valued rather cheaply.
Industry RankSector Rank
PE 4.86
Fwd PE 4.92
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 80 100

4.3 Compensation for Growth

PEG (NY)N/A
PEG (5Y)0.35
EPS Next 2Y3.56%
EPS Next 3Y4.21%

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

8

5. Dividend

5.1 Amount

  • With a Yearly Dividend Yield of 4.40%, LNC is a good candidate for dividend investing.
  • LNC's Dividend Yield is a higher than the industry average which is at 2.65.
  • LNC's Dividend Yield is rather good when compared to the S&P500 average which is at 1.85.
Industry RankSector Rank
Dividend Yield 4.4%

5.2 History

  • On average, the dividend of LNC grows each year by 9.26%, 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)9.26%
Div Incr Years0
Div Non Decr Years14
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

  • 20.16% of the earnings are spent on dividend by LNC. This is a low number and sustainable payout ratio.
  • The dividend of LNC is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP20.16%
EPS Next 2Y3.56%
EPS Next 3Y4.21%
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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LINCOLN NATIONAL CORP

NYSE:LNC (2/20/2026, 8:04:00 PM)

After market: 39.85 -0.05 (-0.13%)

39.9

-0.2 (-0.5%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupInsurance
GICS IndustryInsurance
Earnings (Last)02-12
Earnings (Next)05-06
Inst Owners74.08%
Inst Owner Change1.74%
Ins Owners0.41%
Ins Owner Change0.1%
Market Cap7.58B
Revenue(TTM)18.58B
Net Income(TTM)2.02B
Analysts54.29
Price Target47.69 (19.52%)
Short Float %3.34%
Short Ratio3.24
Dividend
Industry RankSector Rank
Dividend Yield 4.4%
Yearly Dividend2.34
Dividend Growth(5Y)9.26%
DP20.16%
Div Incr Years0
Div Non Decr Years14
Ex-Date01-12
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)16.2%
Min EPS beat(2)8.74%
Max EPS beat(2)23.66%
EPS beat(4)4
Avg EPS beat(4)11%
Min EPS beat(4)3.35%
Max EPS beat(4)23.66%
EPS beat(8)7
Avg EPS beat(8)2.19%
EPS beat(12)8
Avg EPS beat(12)-9.64%
EPS beat(16)8
Avg EPS beat(16)-10.43%
Revenue beat(2)0
Avg Revenue beat(2)-10.01%
Min Revenue beat(2)-14.07%
Max Revenue beat(2)-5.95%
Revenue beat(4)0
Avg Revenue beat(4)-5.78%
Min Revenue beat(4)-14.07%
Max Revenue beat(4)-0.91%
Revenue beat(8)0
Avg Revenue beat(8)-12.04%
Revenue beat(12)2
Avg Revenue beat(12)-9.67%
Revenue beat(16)6
Avg Revenue beat(16)-2.89%
PT rev (1m)3.36%
PT rev (3m)7.06%
EPS NQ rev (1m)1.31%
EPS NQ rev (3m)-0.41%
EPS NY rev (1m)0%
EPS NY rev (3m)0.26%
Revenue NQ rev (1m)0.1%
Revenue NQ rev (3m)-0.2%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.18%
Valuation
Industry RankSector Rank
PE 4.86
Fwd PE 4.92
P/S 0.39
P/FCF N/A
P/OCF N/A
P/B 0.73
P/tB 0.81
EV/EBITDA N/A
EPS(TTM)8.21
EY20.58%
EPS(NY)8.11
Fwd EY20.32%
FCF(TTM)-0.94
FCFYN/A
OCF(TTM)-0.94
OCFYN/A
SpS103.36
BVpS55.03
TBVpS49
PEG (NY)N/A
PEG (5Y)0.35
Graham Number100.82
Profitability
Industry RankSector Rank
ROA 0.49%
ROE 19.32%
ROCE 0.68%
ROIC 0.58%
ROICexc 0.59%
ROICexgc 1.77%
OM 14.02%
PM (TTM) 10.28%
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 5Y16.41%
ROICexc growth 3YN/A
ROICexc growth 5Y11.86%
OM growth 3YN/A
OM growth 5Y12.89%
PM growth 3YN/A
PM growth 5Y15.35%
GM growth 3YN/A
GM growth 5YN/A
F-Score6
Asset Turnover0.05
Health
Industry RankSector Rank
Debt/Equity 0.55
Debt/FCF N/A
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score6
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-1.24%
EPS Next 2Y3.56%
EPS Next 3Y4.21%
EPS Next 5Y5.58%
Revenue 1Y (TTM)-9.51%
Revenue growth 3Y-0.32%
Revenue growth 5Y1.28%
Sales Q2Q%6.35%
Revenue Next Year5.51%
Revenue Next 2Y4.63%
Revenue Next 3Y4.07%
Revenue Next 5Y4.32%
EBIT growth 1Y2379.28%
EBIT growth 3YN/A
EBIT growth 5Y14.33%
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y95.66%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y95.66%
OCF growth 3YN/A
OCF growth 5YN/A

LINCOLN NATIONAL CORP / LNC 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.


What is the profitability of LNC stock?

LINCOLN NATIONAL CORP (LNC) has a profitability rating of 3 / 10.


What is the valuation of LINCOLN NATIONAL CORP based on its PE and PB ratios?

The Price/Earnings (PE) ratio for LINCOLN NATIONAL CORP (LNC) is 4.86 and the Price/Book (PB) ratio is 0.73.


Can you provide the financial health for LNC stock?

The financial health rating of LINCOLN NATIONAL CORP (LNC) is 1 / 10.