Lincoln National (LNC) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Lincoln National

NYSE•Financial Services•Insurance - Life

$42.20-0.09(<0.01%)Market closed

Market Cap

$8.14B

P/E

3.4x

P/S

0.4x

P/B

0.7x

Lincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States. It operates through four segments: Life Insurance, Annuities, Group Protection, and Retirement Plan Services. The Life Insurance segment provides life insurance products, including term insurance, universal life insurance (UL), indexed universal life insurance, variable universal life insurance (VUL), linked-benefit UL and VUL products, and critical illness and long-term care riders. Its Annuities segment offers variable, fixed, and registered index-linked annuities. The Group Protection segment offers group nonmedical insurance products consisting of short and long-term disability and administration services, statutory disability; paid family medical leave administration and absence management services; term life; life; supplemental health insurance; accident, critical illness, and hospital indemnity benefits and dental and vision products to the employer marketplace through various forms of employee-paid and employer-paid plans. Its Retirement Plan Services segment provides employers with retirement plan products and services primarily in the defined contribution retirement plan marketplace; individual and group variable annuities, group fixed annuities, and mutual fund-based programs; and various plan services, including plan recordkeeping, compliance testing, participant education, and trust and custodial services. It distributes its products through consultants, brokers, planners, agents, financial advisors, third-party administrators, financial institutions, and other intermediaries. Lincoln National Corporation was founded in 1905 and is headquartered in Radnor, Pennsylvania.

How this company scores

GoodMetricSide Score: 62/100

Strongest: Profitability (23/25); weakest: Cash & Earnings Quality (6/25).

Profitability23/25

Growth16/25

Balance Sheet & Red Flags17/25

Cash & Earnings Quality6/25

Strengths

High ROERising earningsProfit converts from growthNet cash position

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 3.4x5y range 1.6x – 15.2x

Currently below its 15-quarter median.

P/S · 0.4x5y range 0.2x – 0.7x

Currently near its 20-quarter median.

P/B · 0.7x5y range 0.5x – 3.4x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $8.14B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $19.32B
Q. Revenue: $4.54B
TTM EBITDA: $2.84B
TTM Op. Income: $2.84B
Q. Op. Income: $1.64B
TTM Net Income: $2.36B
Q. Net Income: $1.33B
EPS: $6.85
Shares Out.: $192.86M

$19.32B in TTM revenue grew 7.9% YoY, reaching $4.54B last quarter. TTM EBITDA of $2.84B and TTM operating income of $2.84B show growth is flowing through to the bottom line. TTM net income of $2.36B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 36.2%
Op. Margin: 36.2%
Net Margin: 29.3%

Op. margin of 36.2% is up 15.2% YoY — cost efficiency is improving. Net margin at 29.3% Over the past year, operating margin is up 73% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 3.4x
P/S Ratio: 0.4x
P/B Ratio: 0.7x

At 3.4x P/E, the stock trades below typical market levels. P/S of 0.4x and P/B of 0.7x provide additional context. P/E sits below typical market levels while revenue is growing. Across the last 8 quarters, P/E has fallen for 2 consecutive quarters — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $429.80B
Cash: $10.16B
Long-Term Debt: $6.46B
Book Value: $11.35B
D/E Ratio: 0.6
Debt/EBITDA: 3.9

With $429.80B in assets and $6.46B in long-term debt, D/E is 0.6and book value is $11.35B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is down 6% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-558.00M
TTM Free Cash Flow: $-1.33B
FCF Margin: -6.9%
FCF / Net Income: -0.6

TTM FCF of $-1.33B on $-558.00M in operating cash flow. The FCF / Net Income ratio of -0.6x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is down 242% — a weakening trend.