LN
Lincoln National Corp
LNC—
Lincoln National Corp AI Insights
Informational only. Not investment advice.Snapshot
- P/E of 3.9x vs industry median 13.8x - trading at 72% discount despite ROE of 24% (TTM) vs industry 14.5%[P/E Ratio]
- Negative FCF of -178M (TTM) despite 2.1B net income - cash flow from ops -1.1B signals earnings quality concerns[Free Cash Flow]
- Revenue declining -1.5% 3Y CAGR and -3.1% 5Y CAGR while industry median grows 9% - structural headwinds[Total Revenue 3Y Growth]
Watch Triggers
- Cash Flow from Continuing Operating Activities: Turns positive and exceeds 1B annually — Would validate earnings quality and close gap between net income and cash generation
- Total Revenue 3Y Growth: Inflects to positive growth — Revenue stabilization needed to justify current profitability sustainability
- Debt to Equity: Rises above 1.0x — Balance sheet deterioration would pressure already-stressed cash flows
Bull Case
Extreme valuation discount: P/E 3.9x (72% below peers), P/B 1.0x near book, EV of 3.5B vs 2.1B net income implies <2x EV/earnings
P/E RatioP/B RatioEnterprise Value
Capital efficiency outperformance: ROE 24% and ROIC 13.5% both 2x industry medians despite revenue headwinds
ROEROIC
Bear Case
Negative operating cash flow (-1.1B) and FCF (-178M) while reporting 2.1B net income - accrual vs cash disconnect is red flag
Free Cash FlowCash Flow from Continuing Operating Activities
Structural revenue decline: -3.1% 5Y CAGR vs industry +8% growth - market share loss in competitive insurance market
Total Revenue 5Y GrowthTotal Revenue 3Y Growth
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
40%
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Forward Thesis
Valuation gap likely to narrow as operating cash flow normalizes toward net income levels
1-3ymed
- Working capital consumed 1B TTM - likely non-recurring
- Net income 2.1B provides earnings power baseline
- P/B at 1.0x near tangible book of 8.3B
Net margin 11.4% vs industry 10.9% medianROIC 13.5% vs industry 6.3% medianDebt/equity 0.61x manageable
Valuation Context
Caveats
Public Strategies Rankings
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LNC Fundamentals
Finance and Insurance → Insurance Carriers and Related Activities
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$7.48B | — | ||
$2.58B | — | ||
3.5 | — | ||
$18.46B | +35.4% | — | |
$11.71 | — | ||
0% | — | ||
11.4% | +8.8% | — | |
$-178.0M | — | ||
0.24 | +17.2% | — | |
Beta 5Y (Monthly) | unknown | — |
LNC Dividend History
105 dividends
2026
$0.450001/12/26$0.4500
2025
$1.800010/10/25$0.4500
07/10/25$0.4500
04/10/25$0.4500
01/10/25$0.4500
2024
$1.800010/10/24$0.4500
07/10/24$0.4500
04/09/24$0.4500
01/09/24$0.4500
2023
$1.800010/06/23$0.4500
07/07/23$0.4500
04/06/23$0.4500
01/09/23$0.4500
2022
$1.800010/06/22$0.4500
07/08/22$0.4500
04/08/22$0.4500
01/07/22$0.4500
2021
$1.680010/07/21$0.4200
07/09/21$0.4200
04/09/21$0.4200
01/08/21$0.4200
2020
$1.600010/08/20$0.4000
07/09/20$0.4000
04/09/20$0.4000
01/09/20$0.4000
2019
$1.480010/09/19$0.3700
07/09/19$0.3700
04/09/19$0.3700
01/09/19$0.3700
2018
$1.320010/09/18$0.3300
07/09/18$0.3300
04/09/18$0.3300
01/09/18$0.3300
2017
$1.160010/06/17$0.2900
07/06/17$0.2900
04/06/17$0.2900
01/06/17$0.2900
2016
$1.000010/06/16$0.2500
07/07/16$0.2500
04/07/16$0.2500
01/07/16$0.2500
2015
$0.800010/07/15$0.2000
07/08/15$0.2000
04/08/15$0.2000
01/08/15$0.2000
2014
$0.640010/08/14$0.1600
07/08/14$0.1600
04/08/14$0.1600
01/08/14$0.1600
2013
$0.480010/08/13$0.1200
07/08/13$0.1200
04/05/13$0.1200
01/08/13$0.1200
2012
$0.320010/05/12$0.0800
07/06/12$0.0800
04/04/12$0.0800
01/06/12$0.0800
2011
$0.200010/06/11$0.0500
07/07/11$0.0500
04/07/11$0.0500
01/06/11$0.0500
2010
$0.040010/06/10$0.0100
07/07/10$0.0100
04/07/10$0.0100
01/07/10$0.0100
2009
$0.240010/07/09$0.0100
07/08/09$0.0100
04/07/09$0.0100
01/07/09$0.2100
2008
$1.660010/08/08$0.4150
07/08/08$0.4150
04/07/08$0.4150
01/08/08$0.4150
2007
$1.580010/05/07$0.3950
07/06/07$0.3950
04/04/07$0.3950
01/08/07$0.3950
2006
$1.520010/10/06$0.3800
07/06/06$0.3800
04/11/06$0.3800
01/06/06$0.3800
2005
$1.460010/05/05$0.3650
07/07/05$0.3650
04/07/05$0.3650
01/06/05$0.3650
2004
$1.400010/06/04$0.3500
07/07/04$0.3500
04/06/04$0.3500
01/07/04$0.3500
2003
$1.340010/08/03$0.3350
07/08/03$0.3350
04/07/03$0.3350
01/08/03$0.3350
2002
$1.280010/08/02$0.3200
07/08/02$0.3200
04/08/02$0.3200
01/08/02$0.3200
2001
$1.220010/05/01$0.3050
07/06/01$0.3050
04/06/01$0.3050
01/08/01$0.3050
2000
$1.160010/05/00$0.2900
07/06/00$0.2900
04/06/00$0.2900
01/06/00$0.2900
LNC Stock Splits
No stock splits
LNC SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
10/30/25 | 09/30/25 | 10-Q | |
07/31/25 | 06/30/25 | 10-Q | |
05/08/25 | 03/31/25 | 10-Q | |
02/21/25 | 12/31/24 | 10-K | |
10/31/24 | 09/30/24 | 10-Q | |
08/01/24 | 06/30/24 | 10-Q | |
05/02/24 | 03/31/24 | 10-Q | |
02/22/24 | 12/31/23 | 10-K | |
11/02/23 | 09/30/23 | 10-Q | |
08/03/23 | 06/30/23 | 10-Q | |
05/10/23 | 03/31/23 | 10-Q | |
02/16/23 | 12/31/22 | 10-K | |
11/03/22 | 09/30/22 | 10-Q | |
08/04/22 | 06/30/22 | 10-Q | |
05/05/22 | 03/31/22 | 10-Q | |
02/17/22 | 12/31/21 | 10-K | |
11/04/21 | 09/30/21 | 10-Q | |
08/05/21 | 06/30/21 | 10-Q | |
05/06/21 | 03/31/21 | 10-Q | |
02/18/21 | 12/31/20 | 10-K | |
11/05/20 | 09/30/20 | 10-Q | |
08/06/20 | 06/30/20 | 10-Q | |
05/07/20 | 03/31/20 | 10-Q | |
02/20/20 | 12/31/19 | 10-K | |
10/31/19 | 09/30/19 | 10-Q | |
08/01/19 | 06/30/19 | 10-Q | |
05/02/19 | 03/31/19 | 10-Q | |
02/20/19 | 12/31/18 | 10-K | |
11/02/18 | 09/30/18 | 10-Q | |
08/02/18 | 06/30/18 | 10-Q | |
05/03/18 | 03/31/18 | 10-Q | |
02/22/18 | 12/31/17 | 10-K | |
11/02/17 | 09/30/17 | 10-Q | |
08/03/17 | 06/30/17 | 10-Q | |
05/04/17 | 03/31/17 | 10-Q | |
02/23/17 | 12/31/16 | 10-K | |
11/03/16 | 09/30/16 | 10-Q | |
08/04/16 | 06/30/16 | 10-Q | |
05/05/16 | 03/31/16 | 10-Q | |
02/25/16 | 12/31/15 | 10-K | |
10/29/15 | 09/30/15 | 10-Q | |
07/30/15 | 06/30/15 | 10-Q | |
04/30/15 | 03/31/15 | 10-Q | |
02/26/15 | 12/31/14 | 10-K | |
10/30/14 | 09/30/14 | 10-Q | |
07/31/14 | 06/30/14 | 10-Q | |
05/01/14 | 03/31/14 | 10-Q | |
02/25/14 | 12/31/13 | 10-K | |
11/01/13 | 09/30/13 | 10-Q | |
08/01/13 | 06/30/13 | 10-Q | |
05/02/13 | 03/31/13 | 10-Q | |
03/01/13 | 12/31/12 | 10-K | |
11/07/12 | 09/30/12 | 10-Q | |
08/02/12 | 06/30/12 | 10-Q | |
05/03/12 | 03/31/12 | 10-Q | |
02/23/12 | 12/31/11 | 10-K | |
11/08/12 | 09/30/11 | 10-Q/A | |
11/03/11 | 09/30/11 | 10-Q | |
08/03/11 | 06/30/11 | 10-Q | |
05/05/11 | 03/31/11 | 10-Q | |
02/25/11 | 12/31/10 | 10-K | |
11/08/10 | 09/30/10 | 10-Q | |
08/09/10 | 06/30/10 | 10-Q | |
05/07/10 | 03/31/10 | 10-Q | |
02/25/10 | 12/31/09 | 10-K | |
11/06/09 | 09/30/09 | 10-Q | |
08/07/09 | 06/30/09 | 10-Q | |
05/08/09 | 03/31/09 | 10-Q | |
02/27/09 | 12/31/08 | 10-K | |
11/10/08 | 09/30/08 | 10-Q | |
08/08/08 | 06/30/08 | 10-Q | |
05/09/08 | 03/31/08 | 10-Q | |
02/29/08 | 12/31/07 | 10-K | |
11/07/07 | 09/30/07 | 10-Q | |
08/09/07 | 06/30/07 | 10-Q | |
05/10/07 | 03/31/07 | 10-Q | |
03/01/07 | 12/31/06 | 10-K | |
11/09/06 | 09/30/06 | 10-Q | |
08/09/06 | 06/30/06 | 10-Q | |
05/08/06 | 03/31/06 | 10-Q | |
03/15/06 | 12/31/05 | 10-K | |
11/08/05 | 09/30/05 | 10-Q | |
08/04/05 | 06/30/05 | 10-Q | |
05/09/05 | 03/31/05 | 10-Q | |
03/11/05 | 12/31/04 | 10-K | |
11/08/04 | 09/30/04 | 10-Q | |
08/06/04 | 06/30/04 | 10-Q | |
05/07/04 | 03/31/04 | 10-Q | |
03/09/04 | 12/31/03 | 10-K | |
11/04/03 | 09/30/03 | 10-Q | |
08/08/03 | 06/30/03 | 10-Q | |
05/09/03 | 03/31/03 | 10-Q | |
03/18/03 | 12/31/02 | 10-K | |
11/05/02 | 09/30/02 | 10-Q | |
08/09/02 | 06/30/02 | 10-Q | |
05/07/02 | 03/31/02 | 10-Q | |
03/18/02 | 12/31/01 | 10-K | |
11/06/01 | 09/30/01 | 10-Q | |
08/06/01 | 06/30/01 | 10-Q | |
05/04/01 | 03/31/01 | 10-Q | |
03/12/01 | 12/31/00 | 10-K | |
10/27/00 | 09/30/00 | 10-Q | |
07/26/00 | 06/30/00 | 10-Q | |
05/05/00 | 03/31/00 | 10-Q |