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LNCLincoln National Corporation
$40.30$7.7B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
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LNC logo

Lincoln National Corporation

LNC
NYSE · Life Insurance
$40.30
At close - Oct 2, 4:00 PM EDT - USD
Market Cap$7.71B
P/E6.9x
52W High$47.67
Volume1.94M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Earnings Volatility Masks Reserve Adequacy Concerns

Lincoln National's Q2 2026 earnings beat (EPS $6.72, +76.4% YoY) suggests a potential inflection, but the quality of earnings is questionable given a zero loss ratio and negative operating cash flow (-$558M). The company's capital base has strengthened (equity...

GrowthMixed
ProfitabilityStrained
ValuationAttractive
TechnicalsMixed
Explore valuation models
MARKET ACTION

LNC price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

10/12 Beats

EPS beat 10 of last 12 quarters

02

Valuation risk

-58% Peers

P/E is 58% below peer median

03

Market leadership

RS 59 · Avg

Average momentum (RS Rating: 59)

04

Mixed Trend

Mixed

Price < 50DMA but > 200DMA

Next CatalystEstimated earnings · Oct 30

Market performance

Price History →

Trailing total returns as of 10/3/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
LNC-7.46%
S&P 500 (^GSPC)+12.66%
1-Year Return
LNC+4.34%
S&P 500 (^GSPC)+15.01%
3-Year Return
LNC+88.76%
S&P 500 (^GSPC)+82.41%
5-Year Return
LNC-29.16%
S&P 500 (^GSPC)+82.71%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/EMedian
6.9x
Forward P/EExpansion
5.1x
EV/EBITDA25th %ile
3.0x
FCF YieldCash Flow
N/A

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
6.9x
7.6x
50th· Fair
EV/EBITDA
3.0x
3.6x
25th· Low
Price/FCF
N/A
1.5x
N/A
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$69.65+72.8%
Base (Fair)$115.65+187.0%
Bull$169.16+319.8%
$69.65 Bear$115.65 Base$169.16 Bull
Current Market Price: $40.30
Trades at a 65.2% discount to Base DCF ($115.65)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$18.21B+1.2% YoY
Net income
$1.18B-64.1% YoY
Free cash flow
-$167M+91.7% YoY
Operating margin
7.3%-15.0 pts YoY
ROIC (TTM)12%
Avg ROIC 5Y-
ROE (TTM)12.3%
Piotroski Score3 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate10/12 (83%)
Revenue Beat Rate5/12 (42%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Jul 30, 2026
$2.24+14.3%
vs $1.96
$4.9B+0.8%
vs $4.9B
Q2 2026
May 7, 2026
$1.66+5.1%
vs $1.58
$5.3B+7.5%
vs $4.9B
Q1 2026
Feb 12, 2026
$2.21+18.8%
vs $1.86
$4.9B+1.1%
vs $4.8B
Q4 2025
Oct 30, 2025
$2.04+10.9%
vs $1.84
$4.6B-5.4%
vs $4.9B
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Business Wire·1d ago
Lincoln Financial Closes $6.3 Billion Reinsurance Transaction with Talcott

RADNOR, Pa.--(BUSINESS WIRE)--Lincoln Financial (NYSE: LNC) announced that it has closed its previously announced reinsurance transaction with Talcott Financial Group (“Talcott”), with an effective date of October 1, 2026. The $6.3 billion total transaction includes the reinsurance by a Talcott subsidiary of approximately $5.8 billion of in-force guaranteed universal life (“GUL”) statutory reserves, representing approximately 37% of Lincoln's remaining in-force GUL block. Combined with Lincoln'.

Business Wire·1d ago
Lincoln Financial and EBRI Research Highlights the Critical Importance of Benefits Education and Communication

RADNOR, Pa.--(BUSINESS WIRE)--As organizations prepare for annual enrollment, new research from Lincoln Financial (NYSE: LNC) and the Employee Benefit Research Institute (EBRI) reinforces the critical role education and communication play in helping employees understand their voluntary benefit options. Benefits in Focus: Supplemental Health, Dental and Vision Perspectives examines the intersection of employer, broker and employee views on the value of voluntary benefits. The three-part national.

Business Wire·1d ago
Lincoln Financial to Report 2026 Third Quarter Results on November 5

RADNOR, Pa.--(BUSINESS WIRE)--Lincoln Financial (NYSE:LNC) announced today that it will report its results for the third quarter ended September 30, 2026, at 6:00 a.m. Eastern Time on Thursday, November 5, 2026. A conference call is scheduled for 8:00 a.m. Eastern Time on the same day. Earnings materials, including the 2026 third quarter Earnings Release, Earnings Supplement, and Statistical Supplement, will be available on the company's Investor Relations web page at www.lincolnfinancial.com/i.

Zacks Investment Research·3d ago
3 Life Insurers Poised for Growth Amid Strong Annuity Demand

Life insurers like RGA, LNC and VOYA are seeing growth opportunities from aging demographics, retirement-income needs, protection gaps and continued product innovation.

Filtered for Lincoln National CorporationMore Headlines
04

Compare before deciding

Benchmark LNC against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Lincoln National Corporation (LNC)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
LNC logoLNCLincoln National CorporationCurrent
$40.30$7.71B6.901.24%6.46%12.28%4.33%
PRU logoPRUPrudential Financial, Inc.
$112.60$39.07B11.02-13.74%5.93%11.2%—
MET logoMETMetLife, Inc.
$94.43$60.76B19.6710.22%4.61%12.75%—
UNM logoUNMUnum Group
$88.57$14.02B20.692.07%5.3%6.43%—
PFG logoPFGPrincipal Financial Group, Inc.
$111.96$24.18B21.33-3.11%9.86%12.44%—
GL logoGLGlobe Life Inc.
$165.68$12.86B11.783.82%19.56%20.28%—

Compare LNC vs Peers

Lincoln National Corporation (LNC) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs PRU

Most directly comparable listed peer for LNC.

Scale Benchmark

vs BLK

Larger-name benchmark to compare LNC against a more recognizable public peer.

Peer Set

Compare Top 5

vs PRU, MET, UNM, PFG

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

LNC SEC Filings & Documents

Lincoln National Corporation (LNC) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Jul 30, 2026·SEC

Material company update

Jun 29, 2026·SEC

Material company update

Jun 1, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 19, 2026·SEC

FY 2025

Feb 21, 2025·SEC

10-Q Quarterly Reports

6
FY 2026

Jul 30, 2026·SEC

FY 2026

May 7, 2026·SEC

FY 2025

Oct 30, 2025·SEC

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LNC Frequently Asked Questions

Lincoln National Corporation (LNC) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
How fast is Lincoln National Corporation growing?

Lincoln National Corporation (LNC) grew revenue by 1.2% over the past year. Growth has been modest.

Is LNC profitable?

Yes, Lincoln National Corporation (LNC) is profitable, generating $2.36B in net income for fiscal year 2025 (6.5% net margin).

Dividend & Returns
Does LNC pay dividends?

Yes, Lincoln National Corporation (LNC) pays a dividend with a yield of 4.33%. This makes it attractive for income-focused investors.

What is LNC's return on equity?

Lincoln National Corporation (LNC) has a return on equity (ROE) of 12.3%. This is reasonable for most industries.

Industry Metrics
What is Lincoln National Corporation's combined ratio?

Lincoln National Corporation (LNC) has a combined ratio of 92.7%. A ratio below 100% indicates underwriting profitability.

What if you invested $1,000 in LNC back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →