LNC
LINCOLN NATIONAL CORP
Next earnings Jul 29, 2026 (before open) · consensus $2.05 EPS, $4.97B rev
Last earnings -4.5% on 2026-05-07
$37.00
▲ +1.15%$37.00▲ +12.27%
over 1Y
L $32.17H $45.39
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+1.1%
1W+1.8%
1M+6.0%
3M+7.5%
YTD-15.9%
1Y+12.3%
Hold
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 19 analysts
Hold
Lincoln looks cheap at 6.4x and 0.4x sales, but wildly volatile GAAP earnings, 37x leverage and dilution make it a high-uncertainty value name.
Diluted EPS $5.83 · FY2025
The read
Middling fundamentals offset by an attractive price (~34% below fair value) — worth a look on the value angle.
Lincoln National is a large US life insurer (annuities, life, group protection, retirement) trading at deep-value multiples — 6.4x earnings, 0.4x sales, and well below the $10.9B of book equity. FY2025 net income of $1.18B (EPS $5.83) and a 10.8% ROE look reasonable in isolation, and the balance sheet is rebuilding: equity grew 31.9%, cash rose 63.8% to $9.50B, and retained earnings climbed 9.7%. The dividend was maintained and raised modestly to $325M (+5.9%).
The problem is earnings reliability. GAAP results swing violently year to year — net income was $3.78B (FY2021), $1.36B (FY2022), -$752M (FY2023), $3.27B (FY2024) and $1.18B (FY2025) — because the P&L is dominated by hedging, derivative marks and annual actuarial assumption reviews on a vast variable-annuity block. The 10-K details enormous derivative notionals ($236B) hedging equity-market risk and explicit sensitivity to interest rates and equity markets. With liabilities/equity of 37.25x, small changes in assumptions or markets move reported earnings and capital materially, and FY2025 operating cash flow was negative (-$167M). The share count also rose 11.6%, diluting per-share value.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 4:55 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $17.7B | $18.8B | $11.6B | $18.4B | $18.2B |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | $3.78B | $1.36B | -$752M | $3.27B | $1.18B |
| Diluted EPS | $19.96 | $7.78 | -$4.92 | $18.41 | $5.83 |
| Net margin | 21.3% | 7.2% | -6.5% | 17.8% | 6.5% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value—
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield16.6%
FCF yield—
Quality & risk
ROIC (est.)—
Free cash flow—
Total debt$6.66B
Net cash$2.84B
Piotroski F-Score2/7
Capital returns
Buyback yield0.0%
Dividend yield (est.)4.6%
Shareholder yield4.6%
Shares Δ YoY+11.6%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsSome governance/structural items recently, but no outright red flags.
Recent filings
all on EDGAR ↗4Period ending 2026-06-302026-07-02open ↗4Period ending 2026-06-302026-07-02open ↗4Period ending 2026-06-302026-07-02open ↗4Period ending 2026-06-302026-07-02open ↗4Period ending 2026-06-302026-07-02open ↗4Period ending 2026-06-302026-07-02open ↗4Period ending 2026-06-302026-07-02open ↗4Period ending 2026-06-302026-07-02open ↗4Period ending 2026-06-302026-07-02open ↗8-KPeriod ending 2026-06-292026-06-29open ↗424B2Filing2026-06-26open ↗11-KPeriod ending 2025-12-312026-06-25open ↗
Frequently asked
- Is LINCOLN NATIONAL CORP (LNC) a buy?
- LNC currently carries a Hold rating with 2/5 conviction, derived from its latest SEC filings. Lincoln looks cheap at 6.4x and 0.4x sales, but wildly volatile GAAP earnings, 37x leverage and dilution make it a high-uncertainty value name.
- What is LNC's fair value?
- A Modified-Graham model based on LNC's SEC fundamentals estimates a fair value of about $49.56. It is an estimate from reported earnings, not a price target.
- Is LNC overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, LNC currently appears undervalued relative to its SEC-grounded earnings power.
- What is LINCOLN NATIONAL CORP's quality score?
- LNC scores 62.383748446027475/100 (grade C+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000059558, latest 10-Q filed 2026-05-07) · EODHD · Proprietary analysis · as of 6/21/2026, 8:55:12 PM.
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