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Friday 6 November 2026 Export LNC’s income statement to Excel — free account

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.

Revenue
+20.3%
EPS
+220.9%
Free cash flow
+176.7%
Total debt
+19.0%

Quarter to September 2026, against a year earlier

39.20 0.04 +0.10%
Market cap
$7.5B
P/E
2.4×
Fwd P/E
4.5×
Dividend yield
4.56%
F-score
3/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Lincoln National Corporation (LNC) valuation and DCF model

What the price implies · reverse DCF

At $39.20 the price implies 7.0% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 8.1% a year over the last ten years, 1.8% over the last five. The price asks for close to its ten-year rate. Return on equity averaged 11.2% over ten years; the price implies 7.7% for good.

Price implies
7.0%
Last 5 years, reported
1.8%
Last 10 years, reported
8.1%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
7.0% a year for ten years
$39.20
today’s price
Its base case
8.1% a year for five years, then 4.9%
$38.40
2.0% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Lincoln National Corporation’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 7.0% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Lincoln National Corporation’s own cost of capital: risk-free 4.3% + beta 1.14 × equity premium 4.5% = 9.4% cost of equity; weighted, 9.4%.

Use 9.4%
Base case value per share $38.40 ten years discounted, and what follows
Current price $39.20 market price per share
Below today’s price 2.0% downside at the base case’s assumptions

How we got there$16.25 10 years of dividends+$22.15 terminal value=$38.40 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Insurance Life).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 2.38× 3.89× 8.06× 70% below 11.34× 79% below
P/FCF 11.05× 11.68× 11.79× 6% below 7.43× 49% above
P/B 0.73× 0.87× 0.78× 6% below 1.08× 32% below
EV/EBITDA — 6.94× 8.96× — 3.38× —
EV/Sales — 0.52× 0.81× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
0.51×0.75×0.99×1.23×10Y avg 0.78×2017201820192020202120222023202420252026

LNC trades at 0.73× P/B, against a 10-year average of 0.78× (range 0.43×–1.28×). That is cheaper than 67% of the last 9 year-end readings; re-rating to the average implies $41.56 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.