Lincoln National (LNC) AI Stock Analysis

• Market Cap: $7.82B
• Dividend Yield: 4.38%
• Average Volume (3M): 1.49M
• Price to Earnings (P/E): 3.7
• Beta (1Y): 1.15
• Revenue Growth: 35.76%
• EPS Growth: 636.97%
• Country: US
• Employees: 9,783
• Sector: Financial
• Sector Strength: 70
• Industry: Insurance - Life
• EPS (TTM): 2.04
• Shares Outstanding: 189,939,060
• 10 Day Avg. Volume: 1,826,546
• 30 Day Avg. Volume: 1,485,390
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.66
• Price to Sales (P/S): 0.30
• P/FCF Ratio: -2.70
• Enterprise Value/Market Cap: 1.87
• Enterprise Value/Revenue: 0.79
• Enterprise Value/Gross Profit: 2.75
• Enterprise Value/Ebitda: 5.44
• 1Y Price Target: $43.09
• Price Target Upside: 4.92% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 12
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 68 Neutral
• Price Target: $44.00 ▲(7.13% Upside)

Lincoln National's overall stock score is driven by strong earnings call performance and attractive valuation, offset by mixed financial performance and moderate technical indicators. The company's strategic initiatives and disciplined execution are positive, but challenges in cash flow and leverage need addressing for sustained growth.

Positive Factors

Revenue Growth

Consistent revenue growth over multiple quarters indicates strong market demand and effective execution of strategic priorities, enhancing long-term business stability.

Annuities Business Success

Sustained growth in annuities sales highlights a robust product offering and strong market position, contributing to durable revenue streams and competitive advantage.

Life Insurance Earnings Improvement

Improved earnings in life insurance reflect successful strategic shifts to higher-margin products, enhancing profitability and financial resilience.

Negative Factors

Inconsistent Revenue Growth

Inconsistent revenue growth can hinder long-term planning and investment, potentially impacting the company's ability to sustain competitive advantages.

High Leverage

High leverage can strain financial flexibility and increase vulnerability to economic downturns, posing risks to long-term financial health.

Negative Cash Flows

Persistent negative cash flows indicate challenges in cash generation, which can limit the company's ability to invest in growth opportunities and manage debt effectively.

Lincoln National Business Overview & Revenue Model

Company Description

Lincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States. It operates through four segments: Annuities, Retirement Plan Services, Life Insurance, and Group Protection. The Annuities segment offers fixed, variable, and indexed variable annuities. The Retirement Plan Services segment provides employers with retirement plan products and services primarily in the defined contribution retirement plan marketplace. This segment offers individual and group variable annuities, group fixed annuities, and mutual fund-based programs; and a range of plan services, including plan recordkeeping, compliance testing, participant education, and trust and custodial services. The Life Insurance segment provides life insurance products, including term insurance, such as single and survivorship versions of universal life insurance; variable universal life insurance; indexed universal life insurance products; and critical illness and long-term care riders. The Group Protection segment offers group non-medical insurance products comprising short and long-term disability, statutory disability and paid family medical leave administration and absence management services, term life, dental, vision and accident, and critical illness benefits and services to the employer marketplace through various forms of employee-paid and employer-paid plans. The company distributes its products through consultants, brokers, planners, agents, financial advisors, third-party administrators, and other intermediaries. Lincoln National Corporation was founded in 1905 and is based in Radnor, Pennsylvania.

How the Company Makes Money

Lincoln National generates revenue through multiple key streams. The primary source of income comes from the sale of life insurance and annuity products, where customers pay premiums or deposits that create a pool of funds for the company. The company earns money from these funds through investment income generated from the underlying assets. Additionally, Lincoln National collects management fees from its investment management services and earns income from the fees associated with retirement plans. Significant partnerships with financial advisors and institutions also enhance its distribution capabilities, allowing for a broader reach in the market. The company's diversified product offerings and strategic partnerships contribute to its overall earnings stability and growth.

Lincoln National Financial Statement Overview

Summary

Lincoln National shows a mixed financial picture. The company made a significant recovery in net income in 2024, improving profitability ratios. However, inconsistent revenue growth, high leverage, and negative cash flows remain areas of concern. Strategic focus on stabilizing cash flow and managing debt levels is essential for sustained financial health.

Income Statement

Lincoln National's income statement reflects a volatile performance. While the company achieved a strong turnaround in net income to $3.275 billion in 2024 from a loss in 2023, the overall revenue growth is inconsistent, with dips and rebounds over the years. The absence of positive EBIT and EBITDA margins in recent years indicates profitability challenges, though the net profit margin improved significantly in 2024 due to net income gains.

Balance Sheet

The balance sheet shows a moderate financial position with some concerns. The debt-to-equity ratio is relatively high, indicating potential leverage risks, though it slightly improved in 2024. Return on equity surged to 39.60% in 2024, driven by higher net income, showcasing improved shareholder returns. However, the company's equity ratio is low, suggesting limited buffer against liabilities.

Cash Flow

Cash flow analysis reveals challenges, primarily due to negative free cash flow and operating cash flow in recent years. Despite a significant increase in financing cash flow, the company struggles with cash generation from operations. The free cash flow to net income ratio indicates cash flow issues, though the operating cash flow to net income improved slightly due to the net income rise in 2024.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	18.42B	17.99B	14.06B	18.93B	17.71B	17.44B
Gross Profit	5.31B	6.96B	2.65B	18.93B	6.69B	17.44B
EBITDA	2.69B	4.45B	-778.00M	42.20B	4.96B	35.90B
Net Income	2.11B	3.27B	-752.00M	1.36B	1.41B	499.00M
Balance Sheet
Total Assets	415.27B	390.83B	372.41B	334.22B	387.30B	365.94B
Cash, Cash Equivalents and Short-Term Investments	10.67B	26.72B	92.10B	103.08B	121.36B	124.75B
Total Debt	5.77B	6.36B	6.12B	6.46B	6.63B	6.68B
Total Liabilities	404.82B	382.56B	365.52B	329.12B	367.03B	343.25B
Stockholders Equity	10.45B	8.27B	6.89B	5.10B	20.27B	22.70B
Cash Flow
Free Cash Flow	-178.00M	-2.01B	-2.07B	3.61B	-217.00M	534.00M
Operating Cash Flow	-178.00M	-2.01B	-2.07B	3.61B	-217.00M	534.00M
Investing Cash Flow	-817.00M	821.00M	-3.33B	-11.65B	-3.58B	-9.48B
Financing Cash Flow	5.65B	3.62B	5.43B	8.77B	4.71B	8.09B

Lincoln National Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 41.07
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LNC, the sentiment is Positive. The current price of 41.07 is above the 20-day moving average (MA) of 40.09, above the 50-day MA of 40.26, and above the 200-day MA of 35.81, indicating a bullish trend. The MACD of 0.35 indicates Negative momentum. The RSI at 56.27 is Neutral, neither overbought nor oversold. The STOCH value of 45.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LNC.

Lincoln National Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FG	77 Outperform	$4.15B	9.12	10.12%	2.70%	-4.56%	―
BHF	73 Outperform	$3.77B	4.50	16.27%	―	27.71%	―
CNO	71 Outperform	$3.93B	14.42	11.12%	1.61%	-1.61%	15.79%
LNC	68 Neutral	$7.82B	3.69	21.66%	4.38%	35.76%	636.97%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
JXN	63 Neutral	$6.31B	12.85	5.50%	3.36%	24.94%	―
GNW	60 Neutral	$3.50B	19.28	2.86%	―	1.41%	150.35%

Lincoln National Corporate Events

Lincoln Financial Reports Strong Third Quarter Results

Lincoln Financial, a prominent player in the financial services sector, specializes in annuities, life insurance, group protection, and retirement plan services, serving approximately 17 million customers. The company reported strong financial results for the third quarter of 2025, highlighting balanced growth across all business segments. Net income available to common stockholders was $411 million, or $2.12 per diluted share, while adjusted operating income was $397 million, or $2.04 per diluted share.

Lincoln National Reports Strong Q3 2025 Financial Results

On October 30, 2025, Lincoln Financial reported strong financial results for the third quarter of 2025, showcasing momentum and balanced growth across its business segments. The company achieved a net income of $411 million, or $2.12 per diluted share, and an adjusted operating income of $397 million, or $2.04 per diluted share. The results were driven by growth in annuities, life insurance, group protection, and retirement plan services, with each segment contributing to the company’s strategic priorities and robust sales performance. Lincoln Financial’s focus on capital flexibility and operational efficiencies positions it for sustained growth and long-term shareholder value.

The most recent analyst rating on (LNC) stock is a Hold with a $43.00 price target. To see the full list of analyst forecasts on Lincoln National stock, see the LNC Stock Forecast page.

Lincoln Financial Reports Strong Q2 2025 Results

Lincoln Financial, a prominent player in the financial services sector, specializes in providing annuities, life insurance, group protection, and retirement plan services, serving approximately 17 million customers. In its latest earnings report for the second quarter of 2025, Lincoln Financial showcased a strong performance with a net income of $688 million, translating to $3.80 per diluted share. The company highlighted a diversified earnings mix and strategic execution as key drivers of its success.

Lincoln Financial’s Earnings Call Highlights Strong Growth

Lincoln Financial’s recent earnings call conveyed a positive sentiment, underscored by strong financial performance and significant growth across various business segments. The company reported impressive gains in adjusted operating income and robust results, particularly in Group Protection and Annuities. Despite facing challenges in Retirement Plan Services due to stable value outflows and traditional variable annuity outflows, the overall sentiment remains optimistic, with positive developments outweighing the hurdles.

Lincoln National Reports Strong Q2 2025 Financial Results

On July 31, 2025, Lincoln Financial reported strong financial results for the second quarter of 2025, driven by a diversified earnings mix and strategic execution. The company achieved a net income of $688 million and adjusted operating income of $427 million, with significant contributions from Group Protection and Annuities. The closed transaction with Bain Capital is expected to accelerate strategic priorities, enhancing Lincoln’s long-term value creation.

The most recent analyst rating on (LNC) stock is a Hold with a $28.00 price target. To see the full list of analyst forecasts on Lincoln National stock, see the LNC Stock Forecast page.