Lincoln National Corporation (LNC) Financial Ratios
30 years of historical data (1995–2024) · Financial Services · Insurance - Life
EV/EBITDA
↓
1.69
↓-84% vs avg
5yr avg: 10.45
30Y Low1.5·High32.0
P/FCF
↓
N/A
—
5yr avg: 9.90
30Y Low1.5·High22.1
P/B Ratio
↑
0.79
+15% vs avg
5yr avg: 0.69
30Y Low0.4·High1.6
ROE
↑
43.2%
↓+252% vs avg
5yr avg: 12.3%
30Y Low-13%·High43%
Debt/EBITDA
↓
1.54
↓-71% vs avg
5yr avg: 5.26
30Y Low0.2·High14.5
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
LNC Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Lincoln National Corporation trades at 2.0x earnings, 76% below its 5-year average of 8.6x, sitting at the 4th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.3x, the stock trades at a discount of 85%.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.4B | $5.5B | $4.6B | $5.3B | $12.9B | $9.8B | $11.9B | $11.3B | $17.4B | $15.7B | $12.8B |
| Enterprise Value | $7.0B | $6.1B | $7.3B | $8.4B | $16.9B | $14.7B | $15.7B | $14.8B | $21.1B | $18.3B | $15.2B |
| P/E Ratio → | 2.04 | 1.72 | — | 3.95 | 9.19 | 19.58 | 13.47 | 6.87 | 8.34 | 13.17 | 11.14 |
| P/S Ratio | 0.36 | 0.31 | 0.39 | 0.28 | 0.73 | 0.56 | 0.69 | 0.69 | 1.22 | 1.18 | 0.94 |
| P/B Ratio | 0.79 | 0.67 | 0.66 | 1.04 | 0.64 | 0.43 | 0.61 | 0.79 | 1.00 | 1.08 | 0.94 |
| P/FCF | — | — | — | 1.47 | — | 18.32 | — | 5.80 | 22.07 | 12.34 | 5.71 |
| P/OCF | — | — | — | 1.47 | — | 18.32 | — | 5.80 | 22.07 | 12.34 | 5.71 |
P/E links to full P/E history page with 30-year chart
LNC EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Lincoln National Corporation's enterprise value stands at 1.7x EBITDA, 84% below its 5-year average of 10.5x. The Financial Services sector median is 11.4x, placing the stock at a 85% discount on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.34 | 0.63 | 0.44 | 0.96 | 0.84 | 0.91 | 0.90 | 1.48 | 1.37 | 1.12 |
| EV / EBITDA | 1.69 | 1.47 | — | 4.70 | 3.61 | 32.03 | 16.65 | 7.79 | 18.61 | 12.53 | 10.63 |
| EV / EBIT | 1.73 | 1.39 | — | 4.19 | 3.44 | 20.84 | 12.63 | 6.76 | 15.26 | 10.24 | 8.96 |
| EV / FCF | — | — | — | 2.33 | — | 27.59 | — | 7.60 | 26.78 | 14.40 | 6.80 |
LNC Profitability
Margins and return-on-capital ratios measuring operating efficiency
Lincoln National Corporation earns an operating margin of 22.4%, roughly in line with the Financial Services sector average. Operating margins have expanded from 9.1% to 22.4% over the past 3 years, signaling improving operational efficiency. Return on equity of 43.2% is exceptionally high — well above the sector median of 9.5%. ROIC of 32.7% represents excellent returns on invested capital versus a sector median of 5.7%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.5% | 25.5% | 0.4% | 12.9% | 22.2% | 19.7% | 23.8% | 28.6% | 31.1% | 28.6% | 27.5% |
| Operating Margin | 22.4% | 22.4% | -9.8% | 9.1% | 26.4% | 2.4% | 5.3% | 11.5% | 7.9% | 10.9% | 10.5% |
| Net Profit Margin | 18.2% | 18.2% | -6.4% | 7.2% | 21.5% | 2.8% | 5.1% | 10.0% | 14.6% | 8.9% | 8.5% |
Return on Capital
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 43.2% | 43.2% | -12.5% | 10.7% | 17.6% | 2.4% | 5.2% | 10.4% | 13.1% | 8.5% | 7.9% |
| ROA | 0.9% | 0.9% | -0.2% | 0.4% | 1.0% | 0.1% | 0.3% | 0.6% | 0.8% | 0.5% | 0.5% |
| ROIC | 32.7% | 32.7% | -9.6% | 8.0% | 13.4% | 1.2% | 3.3% | 7.3% | 4.4% | 6.6% | 6.4% |
| ROCE | 1.1% | 1.1% | -0.3% | 0.5% | 1.2% | 0.1% | 0.5% | 8.9% | 5.4% | 7.5% | 7.1% |
LNC Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Lincoln National Corporation carries a Debt/EBITDA ratio of 1.5x, which is manageable (63% below the sector average of 4.1x). Net debt stands at $554M ($6.4B total debt minus $5.8B cash). Interest coverage of 12.0x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.77 | 0.77 | 0.89 | 1.27 | 0.33 | 0.29 | 0.32 | 0.41 | 0.31 | 0.37 | 0.41 |
| Debt / EBITDA | 1.54 | 1.54 | — | 3.61 | 1.41 | 14.47 | 6.74 | 3.08 | 4.71 | 3.66 | 3.89 |
| Net Debt / Equity | — | 0.07 | 0.40 | 0.61 | 0.20 | 0.22 | 0.19 | 0.24 | 0.21 | 0.18 | 0.18 |
| Net Debt / EBITDA | 0.13 | 0.13 | — | 1.74 | 0.86 | 10.76 | 4.03 | 1.84 | 3.28 | 1.79 | 1.70 |
| Debt / FCF | — | — | — | 0.86 | — | 9.27 | — | 1.80 | 4.72 | 2.06 | 1.09 |
| Interest Coverage | 11.97 | 11.97 | -3.47 | 6.10 | 17.20 | 1.49 | 2.82 | 6.35 | 4.47 | 4.40 | 5.26 |
LNC Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Lincoln National Corporation's current ratio of 3.22x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has declined from 163.95x to 3.22x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.22 | 3.22 | — | 163.95 | 474.11 | — | 417.91 | 0.43 | 0.45 | 0.46 | 0.46 |
| Quick Ratio | 3.22 | 3.22 | — | 173.96 | 498.82 | — | 441.20 | 0.43 | 0.45 | 0.46 | 0.46 |
| Cash Ratio | 1.55 | 1.55 | — | 137.44 | 404.53 | — | 359.21 | 0.35 | 0.37 | 0.38 | 0.38 |
| Asset Turnover | — | 0.05 | 0.03 | 0.06 | 0.05 | 0.05 | 0.05 | 0.06 | 0.05 | 0.05 | 0.05 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
LNC Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Lincoln National Corporation returns 4.7% to shareholders annually primarily through dividends. The payout ratio of 9.4% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 49.0% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.7% | 5.6% | 6.7% | 5.8% | 2.5% | 3.2% | 2.5% | 2.6% | 1.5% | 1.5% | 1.6% |
| Payout Ratio | 9.4% | 9.4% | — | 22.8% | 8.4% | 62.3% | 34.2% | 17.6% | 12.6% | 20.0% | 17.7% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 49.0% | 58.1% | — | 25.3% | 10.9% | 5.1% | 7.4% | 14.6% | 12.0% | 7.6% | 9.0% |
| FCF Yield | — | — | — | 68.0% | — | 5.5% | — | 17.2% | 4.5% | 8.1% | 17.5% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 10.4% | 8.6% | 2.8% | 4.6% | 8.0% | 4.2% | 5.6% | 7.0% |
| Total Shareholder Yield | 4.7% | 5.6% | 6.7% | 16.2% | 11.0% | 6.0% | 7.2% | 10.6% | 5.7% | 7.1% | 8.6% |
| Shares Outstanding | — | $174M | $170M | $173M | $189M | $194M | $202M | $220M | $226M | $237M | $255M |
Peer Comparison
Compare LNC with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 LNCYou | $6B | 2.0 | 1.7 | — | 25.5% | 22.4% | 43.2% | 32.7% | 1.5 |
 PRU | $35B | 9.8 | 9.9 | 5.6 | 42.0% | 7.9% | 10.9% | 8.7% | 6.8 |
 MET | $53B | 13.5 | 8.1 | 3.5 | 27.2% | 8.0% | 15.3% | 15.4% | 3.0 |
 UNM | $13B | 18.9 | 15.9 | 23.5 | 38.2% | 7.2% | 6.7% | 4.7% | 3.7 |
 PFG | $22B | 19.2 | 13.0 | 4.9 | 45.2% | 9.1% | 9.9% | 9.0% | 2.5 |
 GL | $12B | 11.0 | 9.2 | 9.6 | 33.4% | 24.4% | 20.6% | 13.4% | 1.6 |
 CNO | $4B | 19.4 | 14.0 | 6.3 | 44.8% | 6.5% | 8.9% | 4.0% | 7.7 |
 AFL | $59B | 16.8 | 11.1 | 23.1 | 38.9% | 26.6% | 13.1% | 11.8% | 1.5 |
 AIG | $42B | 14.5 | 6.8 | 12.7 | 34.5% | 14.5% | 7.4% | 5.9% | 1.3 |
 EQH | $12B | -9.1 | — | 18.3 | 79.1% | -10.2% | -51.5% | — | — |
 RGA | $14B | 19.9 | 15.3 | 1.5 | 11.3% | 4.4% | 7.1% | 6.3% | 4.9 |
| Financial Services Median | — | 13.3 | 11.4 | 10.6 | 62.9% | 21.4% | 9.5% | 5.7% | 4.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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Start ComparisonLNC — Frequently Asked Questions
Quick answers to the most common questions about buying LNC stock.
What is Lincoln National Corporation's P/E ratio?
Lincoln National Corporation's current P/E ratio is 2.0x. The historical average is 16.3x. This places it at the 4th percentile of its historical range.
What is Lincoln National Corporation's EV/EBITDA?
Lincoln National Corporation's current EV/EBITDA is 1.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.9x.
What is Lincoln National Corporation's ROE?
Lincoln National Corporation's return on equity (ROE) is 43.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 9.3%.
Is LNC stock overvalued?
Based on historical data, Lincoln National Corporation is trading at a P/E of 2.0x. This is at the 4th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Lincoln National Corporation's dividend yield?
Lincoln National Corporation's current dividend yield is 4.71% with a payout ratio of 9.4%.
What are Lincoln National Corporation's profit margins?
Lincoln National Corporation has 25.5% gross margin and 22.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Lincoln National Corporation have?
Lincoln National Corporation's Debt/EBITDA ratio is 1.5x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.