F&G Annuities & Life, Inc. (FG) vs Lincoln National Corporation (LNC)

F&G Annuities & Life, Inc. and Lincoln National Corporation are both Insurance Life companies. Lincoln National Corporation is the larger, with a market value of $7.9B against $2.8B — 2.8× the size. Lincoln National Corporation trades at the lower P/E: 3.5× against 7.4×. F&G Annuities & Life, Inc. grew revenue faster over the last twelve months: 15.0% against 7.91%. Lincoln National Corporation has the higher net margin (11.7% vs 6.61%) and the higher return on invested capital (24.5% vs 8.88%). Both pay a dividend; Lincoln National Corporation yields more (6.82% vs 1.34%). Across the 22 metrics below, Lincoln National Corporation leads on 13 and F&G Annuities & Life, Inc. on 9.

Valuation

Metric FG LNC Insurance Life median
P/E 7.36 3.53 12.15
P/S 0.47 0.42 0.75
P/B 0.61 0.78 1.12
Price to free cash flow 0.66 n/m 7.78
EV/EBITDA 2.17 1.50 8.42
EV/Sales 0.50 0.25 0.80
Earnings yield 13.58% 28.33% 8.23%
Free cash flow yield 150.61% (16.52%) 11.12%

Profitability

Metric FG LNC Insurance Life median
Gross margin 30.01% 16.35% 32.44%
Operating margin 11.31% 16.35% 11.31%
Net margin 6.61% 11.74% 6.61%
Free cash flow margin 71.29% (6.87%) 15.04%
Return on equity 8.67% 23.98% 8.67%
Return on assets 0.41% 0.55% 0.67%
Return on invested capital 8.88% 24.53% 8.20%

Growth

Metric FG LNC Insurance Life median
Revenue growth (TTM) 15.01% 7.91% 7.91%
EPS growth (last fiscal year) (61.48%) (68.33%) —
Revenue growth, 5-year CAGR 32.79% 0.87% 1.08%
Net income growth, 5-year CAGR 0.00% 16.83% 0.00%

Health

Metric FG LNC Insurance Life median
Debt to equity 0.48 0.60 0.48
Current ratio 0.30 0.20 0.21
Net debt to EBITDA 0.65 (2.07) 0.12

Dividend

Metric FG LNC Insurance Life median
Dividend yield 1.34% 6.82% 2.41%
Payout ratio — 0.25 0.17

Size

Metric FG LNC Insurance Life median
Market cap 2.82b 7.92b 7.92b

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