Sunday 11 October 2026
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Lincoln National Corporation
Lincoln National Corporation’s revenue for fiscal 2025 (year ended December 2025) was $18.2 billion, down 1.25% from fiscal 2024. In the quarter to June 2026, revenue grew 12.3%, EPS grew 76.6%, free cash flow fell 155.1% and total debt rose 19.0%, each against the same quarter a year earlier. Dividend growth for ten consecutive years; insiders bought in the last twelve months.
40.23
0.76
−1.85%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
7 | 7 | 6 | 3 | 5 | 6 | 7 | 3 | 5 | 3 |
P/E ratio |
13.25 | 8.30 | 6.75 | 13.41 | 19.50 | 3.39 | 3.88 | 0.00 | 1.70 | 8.08 |
P/S ratio |
1.18 | 1.21 | 0.67 | 0.69 | 0.56 | 0.72 | 0.28 | 0.40 | 0.29 | 0.45 |
P/FCF ratio |
12.32 | 21.96 | 5.70 | 0.00 | 18.24 | 0.00 | 1.46 | 0.00 | 0.00 | 0.00 |
P/Operating CF |
26.47 | 96.68 | 12.19 | 69.23 | 50.47 | (39.35) | 8.87 | (2.48) | 24.37 | 34.91 |
P/B ratio |
1.08 | 1.00 | 0.77 | 0.60 | 0.43 | 0.62 | 1.28 | 0.78 | 0.74 | 0.82 |
Price to Tangible BV |
1.28 | 1.08 | 0.88 | 0.66 | 0.47 | 0.67 | 1.77 | 0.97 | 0.88 | 0.93 |
EV/Sales |
1.39 | 1.47 | 0.90 | 0.91 | 0.86 | 0.95 | 0.45 | 0.62 | 0.31 | 0.27 |
EV/EBITDA |
10.81 | 15.46 | 6.82 | 12.88 | 22.54 | 3.45 | 4.24 | 0.00 | 1.32 | 3.13 |
EV/Operating CF |
14.58 | 26.68 | 7.63 | (5.82) | 28.12 | (77.43) | 2.32 | (3.48) | (2.87) | (29.33) |
EV/FCF |
14.58 | 26.68 | 7.63 | (5.82) | 28.12 | (77.43) | 2.32 | (3.48) | (2.87) | (29.33) |
Quick Ratio |
0.09 | 0.07 | 0.16 | 0.15 | 0.13 | 0.14 | 0.15 | 0.20 | 0.20 | 0.20 |
Current Ratio |
0.09 | 0.07 | 0.16 | 0.15 | 0.13 | 0.14 | 0.15 | 0.20 | 0.20 | 0.20 |
Net Debt/EBITDA |
1.53 | 2.73 | 1.61 | 3.13 | 7.47 | 0.82 | 1.55 | (3.16) | 0.08 | (2.07) |
Debt/Assets |
2.04% | 1.90% | 1.96% | 1.90% | 1.83% | 1.71% | 1.93% | 1.60% | 1.58% | 1.50% |
Debt/Equity |
0.37 | 0.31 | 0.41 | 0.32 | 0.29 | 0.32 | 1.27 | 0.86 | 0.74 | 0.57 |
Asset Turnover |
0.05 | 0.05 | 0.06 | 0.05 | 0.05 | 0.05 | 0.05 | 0.03 | 0.05 | 0.05 |
Operating CF/Net income |
1.07 | 0.38 | 1.18 | (3.03) | 1.07 | (0.06) | 2.66 | 2.49 | (0.63) | (0.15) |
Capex/Depreciation |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — |
Interest Coverage |
5.40 | 5.47 | 7.35 | 3.82 | 2.49 | 18.20 | 7.10 | (2.47) | 12.97 | 6.89 |
| 8.49% | 13.08% | 10.36% | 5.21% | 2.35% | 17.39% | 10.92% | (16.64%) | 48.28% | 12.63% | |
| 0.46% | 0.77% | 0.57% | 0.28% | 0.14% | 1.00% | 0.38% | (0.24%) | 0.83% | 0.27% | |
ROIC |
6.54% | 4.11% | 7.64% | 3.31% | 1.60% | 12.40% | 15.28% | (5.39%) | 31.58% | 12.75% |
Return on Tangible Assets |
(1.24%) | (2.07%) | (1.50%) | (0.74%) | (0.37%) | (2.72%) | (0.99%) | 0.61% | (2.25%) | (0.73%) |
Average Days of Receivables |
172.83 | 150.95 | 419.47 | 383.76 | 366.53 | 418.16 | 387.18 | 935.40 | 569.01 | 561.41 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Intangible Assets out of Total Assets |
0.01 | 0.00 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Share Based Compensation of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Graham Net Nets |
(15.20) | (14.85) | (23.70) | (24.87) | (33.27) | (26.84) | (58.04) | (71.74) | (64.33) | (45.34) |
Graham Number |
83.81 | 128.36 | 106.60 | 98.57 | 82.50 | 224.18 | 65.57 | 0.00 | 133.92 | 82.05 |
Earnings Yield |
7.55% | 12.05% | 14.81% | 7.46% | 5.13% | 29.54% | 25.76% | (18.05%) | 58.88% | 12.37% |
Free Cash Flow Yield |
8.12% | 4.55% | 17.54% | (22.69%) | 5.48% | (1.70%) | 68.47% | (44.77%) | (37.10%) | (2.05%) |
Revenue per Share |
56.92 | 64.18 | 76.06 | 86.03 | 90.07 | 94.55 | 109.98 | 68.68 | 108.10 | 99.70 |
Operating CF per Share |
5.43 | 3.55 | 9.00 | (13.39) | 2.76 | (1.16) | 21.10 | (12.23) | (11.76) | (0.91) |
Capex per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Free Cash Flow per Share |
5.43 | 3.55 | 9.00 | (13.39) | 2.76 | (1.16) | 21.10 | (12.23) | (11.76) | (0.91) |
Cash per Share |
11.62 | 7.33 | 10.86 | 12.78 | 8.82 | 13.94 | 19.55 | 19.85 | 34.00 | 52.02 |
Shareholders Equity per Share |
61.82 | 77.98 | 66.45 | 98.15 | 117.24 | 110.77 | 29.83 | 40.65 | 48.47 | 59.70 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
61.82 | 77.98 | 66.45 | 98.15 | 117.24 | 110.77 | 29.83 | 40.65 | 48.47 | 59.70 |
Free Cash Flow |
1,272.00 | 788.00 | 1,943.00 | (2,686.00) | 534.00 | (217.00) | 3,609.00 | (2,074.00) | (2,007.00) | (167.00) |
Working Capital |
(96,493.00) | (100,496.00) | (109,469.00) | (119,439.00) | (133,613.00) | (139,079.00) | (137,177.00) | (135,748.00) | (141,773.00) | (149,162.00) |
Net Current Asset Value |
(238,115.00) | (256,917.00) | (262,577.00) | (294,364.00) | (324,029.00) | (343,284.00) | (305,933.00) | (332,312.00) | (348,011.00) | (368,784.00) |
EV/EBIT |
10.36 | 15.20 | 6.79 | 12.56 | 21.24 | 3.42 | 4.17 | 0.00 | 1.32 | 3.13 |
Capex to Sales |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Price to Operating Income |
8.76 | 12.51 | 5.08 | 9.51 | 13.78 | 2.60 | 2.63 | 0.00 | 1.24 | 5.20 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — |
Cash ROIC |
5.64% | 3.24% | 8.62% | (9.39%) | 1.72% | (0.72%) | 24.22% | (12.80%) | (9.92%) | (0.63%) |
Accounts Receivable Turnover |
2.06 | 2.34 | 1.33 | 0.93 | 0.98 | 0.94 | 0.93 | 0.47 | 0.63 | 0.64 |
Accounts Payable Turnover |
0.44 | 0.44 | 0.42 | 0.39 | 0.37 | 0.26 | 0.15 | 0.08 | 0.08 | 0.09 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
842.60 | 837.39 | 1,016.62 | 957.40 | 1,038.84 | 1,434.62 | 3,611.46 | 4,941.24 | 4,561.83 | 4,084.26 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
6,470.00 | 6,104.00 | 12,385.50 | 18,510.00 | 17,828.50 | 18,903.50 | 20,124.00 | 24,898.00 | 29,296.50 | 28,381.00 |
Average Payables |
26,038.00 | 26,992.50 | 33,408.50 | 40,642.50 | 44,628.50 | 48,702.00 | 104,974.50 | 164,339.50 | 172,365.00 | 181,150.00 |
Average Assets |
256,767.50 | 271,695.00 | 289,955.00 | 316,454.00 | 350,354.50 | 376,446.50 | 360,638.00 | 353,372.00 | 381,622.00 | 404,017.50 |
Average Common Equity |
14,047.50 | 15,900.00 | 15,836.00 | 17,019.50 | 21,194.00 | 21,726.50 | 12,435.00 | 5,011.50 | 6,595.00 | 8,601.50 |
Columns are period end dates