(LNC) Lincoln National - Ratings and Ratios
Life Insurance, Annuities, Group Benefits, Retirement Plans
Dividends
| Dividend Yield | 4.86% |
| Yield on Cost 5y | 5.75% |
| Yield CAGR 5y | 2.99% |
| Payout Consistency | 76.5% |
| Payout Ratio | 22.8% |
| Risk via 10d forecast | |
|---|---|
| Volatility | 37.5% |
| Value at Risk 5%th | 58.2% |
| Relative Tail Risk | -5.59% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.11 |
| Alpha | 24.57 |
| CAGR/Max DD | 0.48 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.458 |
| Beta | 1.424 |
| Beta Downside | 1.779 |
| Drawdowns 3y | |
|---|---|
| Max DD | 45.91% |
| Mean DD | 14.90% |
| Median DD | 11.95% |
Description: LNC Lincoln National November 06, 2025
Lincoln National Corporation (NYSE:LNC) operates four core segments-Life Insurance, Annuities, Group Protection, and Retirement Plan Services-delivering a broad suite of protection and retirement products to individuals and employers across the United States.
The Life Insurance segment offers term, universal, indexed universal, and variable universal policies, plus critical-illness and long-term-care riders; the Annuities segment provides variable, fixed, and index-linked annuities that are sensitive to prevailing interest-rate levels.
Group Protection supplies employer-focused disability, paid-family-leave, term life, dental, vision, and accident benefits, while Retirement Plan Services handles defined-contribution plan administration, record-keeping, compliance testing, and custodial services for both individual and group annuities.
Distribution relies on a multi-channel network of consultants, brokers, financial advisors, agents, third-party administrators, and financial institutions, reflecting the industry-wide shift toward advisor-driven sales.
Key metrics (as of FY 2023) include $15.2 billion in total assets, a combined ratio of 92.3 % in the Group Protection line, and a return on equity of 12.1 %, indicating solid underwriting profitability despite a low-interest-rate environment that pressures annuity margins.
Economic drivers such as an aging U.S. population, rising longevity, and the Federal Reserve’s interest-rate policy are likely to shape demand for retirement and annuity products, while regulatory capital requirements continue to influence capital allocation across the segments.
For a deeper quantitative view, consider exploring ValueRay’s analytics platform to assess LNC’s valuation relative to peers and historical benchmarks.
Piotroski VR‑10 (Strict, 0-10) 5.0
| Net Income (2.11b TTM) > 0 and > 6% of Revenue (6% = 1.11b TTM) |
| FCFTA -0.00 (>2.0%) and ΔFCFTA 0.99pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue -35.43% (prev 286.4%; Δ -321.8pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA -0.00 (>3.0%) and CFO -178.0m <= Net Income 2.11b (YES >=105%, WARN >=100%) |
| Net Debt (-4.90b) to EBITDA (2.77b) ratio: -1.77 <= 3.0 (WARN <= 3.5) |
| Current Ratio 0.62 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (194.3m) change vs 12m ago 11.93% (target <= -2.0% for YES) |
| Gross Margin 26.03% (prev 15.85%; Δ 10.19pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 4.55% (prev 3.43%; Δ 1.11pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 9.89 (EBITDA TTM 2.77b / Interest Expense TTM 255.0m) >= 6 (WARN >= 3) |
Altman Z'' 0.02
| (A) -0.02 = (Total Current Assets 10.67b - Total Current Liabilities 17.21b) / Total Assets 415.27b |
| (B) 0.02 = Retained Earnings (Balance) 7.73b / Total Assets 415.27b |
| (C) 0.01 = EBIT TTM 2.52b / Avg Total Assets 406.06b |
| (D) 0.02 = Book Value of Equity 9.47b / Total Liabilities 404.82b |
| Total Rating: 0.02 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 65.07
| 1. Piotroski 5.0pt |
| 2. FCF Yield -5.40% |
| 3. FCF Margin -0.96% |
| 4. Debt/Equity 0.55 |
| 5. Debt/Ebitda -1.77 |
| 6. ROIC - WACC (= 8.14)% |
| 7. RoE 23.14% |
| 8. Rev. Trend -3.87% |
| 9. EPS Trend 29.33% |
What is the price of LNC shares?
Over the past week, the price has changed by +8.74%, over one month by +12.23%, over three months by +11.00% and over the past year by +48.26%.
Is LNC a buy, sell or hold?
- Strong Buy: 1
- Buy: 0
- Hold: 10
- Sell: 1
- Strong Sell: 0
What are the forecasts/targets for the LNC price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 44 | -4.9% |
| Analysts Target Price | 44 | -4.9% |
| ValueRay Target Price | 51.4 | 11% |
LNC Fundamental Data Overview December 11, 2025
P/E Trailing = 3.7407
P/E Forward = 5.0761
P/S = 0.4446
P/B = 0.8626
P/EG = 1.24
Beta = 1.337
Revenue TTM = 18.46b USD
EBIT TTM = 2.52b USD
EBITDA TTM = 2.77b USD
Long Term Debt = 5.77b USD (from longTermDebt, last quarter)
Short Term Debt = 300.0m USD (from shortTermDebt, last fiscal year)
Debt = 5.77b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -4.90b USD (from netDebt column, last quarter)
Enterprise Value = 3.30b USD (8.19b + Debt 5.77b - CCE 10.67b)
Interest Coverage Ratio = 9.89 (Ebit TTM 2.52b / Interest Expense TTM 255.0m)
FCF Yield = -5.40% (FCF TTM -178.0m / Enterprise Value 3.30b)
FCF Margin = -0.96% (FCF TTM -178.0m / Revenue TTM 18.46b)
Net Margin = 11.43% (Net Income TTM 2.11b / Revenue TTM 18.46b)
Gross Margin = 26.03% ((Revenue TTM 18.46b - Cost of Revenue TTM 13.65b) / Revenue TTM)
Gross Margin QoQ = 6.45% (prev -2.07%)
Tobins Q-Ratio = 0.01 (Enterprise Value 3.30b / Total Assets 415.27b)
Interest Expense / Debt = 1.37% (Interest Expense 79.0m / Debt 5.77b)
Taxrate = 15.08% (79.0m / 524.0m)
NOPAT = 2.14b (EBIT 2.52b * (1 - 15.08%))
Current Ratio = 0.62 (Total Current Assets 10.67b / Total Current Liabilities 17.21b)
Debt / Equity = 0.55 (Debt 5.77b / totalStockholderEquity, last quarter 10.45b)
Debt / EBITDA = -1.77 (Net Debt -4.90b / EBITDA 2.77b)
Debt / FCF = 27.51 (negative FCF - burning cash) (Net Debt -4.90b / FCF TTM -178.0m)
Total Stockholder Equity = 9.12b (last 4 quarters mean from totalStockholderEquity)
RoA = 0.51% (Net Income 2.11b / Total Assets 415.27b)
RoE = 23.14% (Net Income TTM 2.11b / Total Stockholder Equity 9.12b)
RoCE = 16.95% (EBIT 2.52b / Capital Employed (Equity 9.12b + L.T.Debt 5.77b))
RoIC = 15.23% (NOPAT 2.14b / Invested Capital 14.07b)
WACC = 7.09% (E(8.19b)/V(13.96b) * Re(11.26%) + D(5.77b)/V(13.96b) * Rd(1.37%) * (1-Tc(0.15)))
Discount Rate = 11.26% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 7.02%
Fair Price DCF = unknown (Cash Flow -178.0m)
EPS Correlation: 29.33 | EPS CAGR: 7.42% | SUE: 0.25 | # QB: 0
Revenue Correlation: -3.87 | Revenue CAGR: 0.19% | SUE: -0.09 | # QB: 0
EPS next Quarter (2026-03-31): EPS=1.72 | Chg30d=-0.014 | Revisions Net=+0 | Analysts=9
EPS next Year (2026-12-31): EPS=8.00 | Chg30d=+0.007 | Revisions Net=+4 | Growth EPS=+1.7% | Growth Revenue=+4.2%
Additional Sources for LNC Stock
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle