CNO Financial Group, Inc. (CNO) vs Lincoln National Corporation (LNC)

CNO Financial Group, Inc. and Lincoln National Corporation are both Insurance Life companies. Lincoln National Corporation is the larger, with a market value of $7.9B against $5.0B — 1.6× the size. Lincoln National Corporation trades at the lower P/E: 3.5× against 18.2×. Lincoln National Corporation grew revenue faster over the last twelve months: 7.91% against 6.03%. Lincoln National Corporation has the higher net margin (11.7% vs 6.02%) and the higher return on invested capital (24.5% vs 6.42%). Both pay a dividend; Lincoln National Corporation yields more (6.82% vs 2.34%). Across the 22 metrics below, Lincoln National Corporation leads on 16 and CNO Financial Group, Inc. on 6.

Valuation

Metric CNO LNC Insurance Life median
P/E 18.18 3.53 12.15
P/S 1.08 0.42 0.75
P/B 1.94 0.78 1.12
Price to free cash flow 7.20 n/m 7.78
EV/EBITDA 7.98 1.50 8.42
EV/Sales 1.72 0.25 0.80
Earnings yield 5.50% 28.33% 8.23%
Free cash flow yield 13.89% (16.52%) 11.12%

Profitability

Metric CNO LNC Insurance Life median
Gross margin 44.97% 16.35% 32.44%
Operating margin 12.30% 16.35% 11.31%
Net margin 6.02% 11.74% 6.61%
Free cash flow margin 15.04% (6.87%) 15.04%
Return on equity 10.93% 23.98% 8.67%
Return on assets 0.72% 0.55% 0.67%
Return on invested capital 6.42% 24.53% 8.20%

Growth

Metric CNO LNC Insurance Life median
Revenue growth (TTM) 6.03% 7.91% 7.91%
EPS growth (last fiscal year) (38.50%) (68.33%) —
Revenue growth, 5-year CAGR 3.27% 0.87% 1.08%
Net income growth, 5-year CAGR (5.35%) 16.83% 0.00%

Health

Metric CNO LNC Insurance Life median
Debt to equity 1.65 0.60 0.48
Current ratio 0.15 0.20 0.21
Net debt to EBITDA 2.96 (2.07) 0.12

Dividend

Metric CNO LNC Insurance Life median
Dividend yield 2.34% 6.82% 2.41%
Payout ratio 1.14 0.25 0.17

Size

Metric CNO LNC Insurance Life median
Market cap 4.95b 7.92b 7.92b

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