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

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