LINCOLN NATIONAL CORP (LNC) Fundamental Analysis & Valuation

NYSE:LNC • US5341871094

Current stock price

33.81 USD
+0.21 (+0.63%)
At close:
34.4 USD
+0.59 (+1.75%)
After Hours:

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.
  • The reported net income has been mixed in the past 5 years: LNC reported negative net income in multiple years.
  • In multiple years LNC reported negative operating cash flow during the last 5 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 0.26%, LNC is doing worse than 76.35% of the companies in the same industry.
  • The Return On Equity of LNC (9.96%) is comparable to the rest of the industry.
  • LNC's Return On Invested Capital of 0.33% is on the low side compared to the rest of the industry. LNC is outperformed by 73.65% of its industry peers.
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

  • LNC has a Profit Margin (5.84%) which is in line with its industry peers.
  • In the last couple of years the Profit Margin of LNC has grown nicely.
  • The Operating Margin of LNC (8.49%) is worse than 68.24% of its industry peers.
  • LNC's Operating Margin has improved in the last couple of years.
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

  • The number of shares outstanding for LNC has been increased compared to 1 year ago.
  • The number of shares outstanding for LNC has been reduced compared to 5 years ago.
  • 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 0.54 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.
  • Measured over the past years, LNC shows a quite strong growth in Earnings Per Share. The EPS has been growing by 13.97% on average per year.
  • LNC shows a decrease in Revenue. In the last year, the revenue decreased by -9.44%.
  • Measured over the past years, LNC shows a small growth in Revenue. The Revenue has been growing by 1.30% on average per year.
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

  • Based on estimates for the next years, LNC will show a small growth in Earnings Per Share. The EPS will grow by 5.58% on average per year.
  • 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-0.88%
EPS Next 2Y3.61%
EPS Next 3Y4.81%
EPS Next 5Y5.58%
Revenue Next Year5.59%
Revenue Next 2Y4.57%
Revenue Next 3Y4.39%
Revenue Next 5Y4.58%

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.
  • 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

  • LNC is valuated cheaply with a Price/Earnings ratio of 4.12.
  • Based on the Price/Earnings ratio, LNC is valued cheaper than 83.78% of the companies in the same industry.
  • When comparing the Price/Earnings ratio of LNC to the average of the S&P500 Index (25.23), we can say LNC is valued rather cheaply.
  • LNC is valuated cheaply with a Price/Forward Earnings ratio of 4.15.
  • LNC's Price/Forward Earnings ratio is rather cheap when compared to the industry. LNC is cheaper than 83.78% of the companies in the same industry.
  • LNC's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 22.42.
Industry RankSector Rank
PE 4.12
Fwd PE 4.15
LNC Price Earnings VS Forward Price EarningsLNC Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

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)0.29
EPS Next 2Y3.61%
EPS Next 3Y4.81%

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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 5.36%, which is a nice return.
  • The stock price of LNC dropped by -26.83% in the last 3 months. With lower prices the dividend yield is higher, but it may be a sign investors do not trust the long term dividend.
  • LNC's Dividend Yield is a higher than the industry average which is at 2.84.
  • Compared to an average S&P500 Dividend Yield of 1.89, LNC pays a better dividend.
Industry RankSector Rank
Dividend Yield 5.36%

5.2 History

  • The dividend of LNC is nicely growing with an annual growth rate of 7.62%!
  • LNC has been paying a dividend for at least 10 years, so it has a reliable track record.
  • LNC has not decreased their dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)7.62%
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

  • 38.31% 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.
DP38.31%
EPS Next 2Y3.61%
EPS Next 3Y4.81%
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 (3/20/2026, 8:06:12 PM)

After market: 34.4 +0.59 (+1.75%)

33.81

+0.21 (+0.63%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupInsurance
GICS IndustryInsurance
Earnings (Last)02-12
Earnings (Next)05-06
Inst Owners84.81%
Inst Owner Change15%
Ins Owners0.67%
Ins Owner Change11.02%
Market Cap6.43B
Revenue(TTM)18.60B
Net Income(TTM)1.09B
Analysts65.56
Price Target47.18 (39.54%)
Short Float %2.65%
Short Ratio2.23
Dividend
Industry RankSector Rank
Dividend Yield 5.36%
Yearly Dividend2.31
Dividend Growth(5Y)7.62%
DP38.31%
Div Incr Years0
Div Non Decr Years14
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)-1.07%
PT rev (3m)5.11%
EPS NQ rev (1m)1.19%
EPS NQ rev (3m)-1.59%
EPS NY rev (1m)0.37%
EPS NY rev (3m)0.43%
Revenue NQ rev (1m)0.3%
Revenue NQ rev (3m)-0.12%
Revenue NY rev (1m)0.07%
Revenue NY rev (3m)0.65%
Valuation
Industry RankSector Rank
PE 4.12
Fwd PE 4.15
P/S 0.35
P/FCF N/A
P/OCF N/A
P/B 0.59
P/tB 0.66
EV/EBITDA N/A
EPS(TTM)8.21
EY24.28%
EPS(NY)8.14
Fwd EY24.07%
FCF(TTM)-0.88
FCFYN/A
OCF(TTM)-0.88
OCFYN/A
SpS97.84
BVpS57.37
TBVpS51.35
PEG (NY)N/A
PEG (5Y)0.29
Graham Number102.95
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-0.88%
EPS Next 2Y3.61%
EPS Next 3Y4.81%
EPS Next 5Y5.58%
Revenue 1Y (TTM)-9.44%
Revenue growth 3Y-0.3%
Revenue growth 5Y1.3%
Sales Q2Q%6.35%
Revenue Next Year5.59%
Revenue Next 2Y4.57%
Revenue Next 3Y4.39%
Revenue Next 5Y4.58%
EBIT growth 1Y-58.17%
EBIT growth 3YN/A
EBIT growth 5Y15.2%
EBIT Next YearN/A
EBIT Next 3Y3.53%
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.


What is the profitability of LNC stock?

LINCOLN NATIONAL CORP (LNC) has a profitability rating of 2 / 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 4.12 and the Price/Book (PB) ratio is 0.59.


Can you provide the financial health for LNC stock?

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