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Lincoln National Corporation

LNC Financial Insurance Life

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%
Market cap
$7.9B
P/E
3.4×
Fwd P/E
7.0×
Dividend yield
4.47%
F-score
3/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
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
ROE
8.49% 13.08% 10.36% 5.21% 2.35% 17.39% 10.92% (16.64%) 48.28% 12.63%
ROA
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

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