Lincoln National (LNC) AI Stock Analysis

• Market Cap: $7.76B
• Dividend Yield: 4.39%
• Average Volume (3M): 1.46M
• Price to Earnings (P/E): 3.7
• Beta (1Y): 1.14
• 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: 1,327,236
• 30 Day Avg. Volume: 1,455,525
• 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: 1.88
• Enterprise Value/Revenue: 0.79
• Enterprise Value/Gross Profit: 3.04
• Enterprise Value/Ebitda: 5.28
• 1Y Price Target: $43.09
• Price Target Upside: 5.25% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 12
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 70 Outperform
• Price Target: $45.00 ▲(9.92% Upside)

Lincoln National's overall stock score reflects a strong valuation and positive earnings call sentiment, which are slightly offset by mixed financial performance and moderate technical indicators. The company's strategic initiatives and attractive valuation provide a solid foundation for potential growth, despite liquidity concerns.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong market demand and effective execution of strategic initiatives, supporting long-term business expansion.

Annuities Business Success

Strong annuities sales growth reflects robust demand for retirement products, enhancing revenue stability and supporting future profitability.

Life Insurance Earnings Improvement

Improved life insurance earnings demonstrate successful strategic shifts to higher-margin products, strengthening long-term financial performance.

Negative Factors

Declining Profit Margins

Reduced profit margins suggest increased costs or pricing pressures, potentially impacting long-term profitability and competitive positioning.

Cash Flow Challenges

Significant cash flow challenges indicate potential liquidity issues, which could constrain investment capacity and operational flexibility.

Volatility in Group Protection Earnings

Earnings volatility in Group Protection segment highlights operational risks, potentially affecting long-term earnings stability and predictability.

Lincoln National Business Overview & Revenue Model

Company Description

Lincoln National Corporation (LNC) is a leading provider of financial services and insurance products in the United States. The company operates through various segments, including Life Insurance, Annuities, Retirement Plan Services, and Group Protection. Lincoln National offers a diverse range of products, including life insurance policies, retirement savings products such as fixed and variable annuities, and employee benefits solutions, aimed at helping individuals and businesses achieve financial security and peace of mind.

How the Company Makes Money

Lincoln National generates revenue primarily through the sale of insurance policies and financial products. Key revenue streams include premiums collected from life insurance policies, fees from annuity contracts, and investment income from the management of assets. The company earns fees on the assets under management in its retirement and investment products, contributing significantly to its earnings. Additionally, Lincoln National engages in strategic partnerships with financial advisors, broker-dealers, and other financial institutions, enhancing its distribution capabilities and broadening its market reach. The performance of its investment portfolio also plays a critical role in its profitability, as investment income is a substantial component of its overall revenue.

Lincoln National Financial Statement Overview

Summary

Lincoln National shows mixed financial performance. Positive revenue growth and improved leverage management are offset by declining profit margins and significant cash flow challenges, indicating potential liquidity concerns.

Income Statement

Lincoln National's income statement shows moderate performance with a recent TTM revenue growth of 2.18%, indicating a positive trend. However, the gross profit margin has decreased from 38.67% in 2024 to 28.83% in the TTM period, suggesting increased costs or pricing pressures. The net profit margin also declined from 18.21% in 2024 to 11.45% in TTM, reflecting reduced profitability. Despite these challenges, the company maintains a positive EBIT margin of 14.58% in TTM, though it has decreased from previous years.

Balance Sheet

The balance sheet reflects a stable financial position with a debt-to-equity ratio of 0.55 in TTM, improved from 0.77 in 2024, indicating better leverage management. The return on equity (ROE) is strong at 23.14% in TTM, although it has decreased from 39.61% in 2024, suggesting a decline in efficiency in generating returns from equity. The equity ratio remains robust, indicating a solid capital structure.

Cash Flow

Cash flow analysis reveals significant challenges, with negative operating and free cash flows in the TTM period. The free cash flow growth rate is notably negative at -119.02%, indicating cash flow difficulties. The operating cash flow to net income ratio is 0, highlighting issues in converting income into cash. These factors suggest potential liquidity concerns that need addressing.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	18.46B	17.99B	11.71B	18.93B	17.61B	17.58B
Gross Profit	4.80B	4.60B	50.00M	2.43B	3.90B	3.46B
EBITDA	2.77B	4.45B	-773.00M	2.07B	4.96B	744.00M
Net Income	2.11B	3.27B	-752.00M	1.36B	3.78B	499.00M
Balance Sheet
Total Assets	415.27B	390.83B	372.41B	334.22B	387.30B	365.95B
Cash, Cash Equivalents and Short-Term Investments	33.91B	26.72B	92.10B	103.08B	121.36B	124.75B
Total Debt	5.77B	6.36B	6.12B	6.46B	6.63B	6.66B
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: 40.94
• 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 40.94 is above the 20-day moving average (MA) of 40.66, above the 50-day MA of 40.13, and above the 200-day MA of 36.25, indicating a bullish trend. The MACD of 0.18 indicates Negative momentum. The RSI at 53.80 is Neutral, neither overbought nor oversold. The STOCH value of 66.10 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
BHF	74 Outperform	$3.75B	4.47	16.27%	―	27.71%	―
FG	74 Outperform	$4.40B	9.75	10.12%	2.78%	-4.58%	―
CNO	72 Outperform	$3.93B	14.42	11.12%	1.60%	-1.61%	15.79%
LNC	70 Outperform	$7.76B	3.67	21.66%	4.39%	35.76%	636.97%
JXN	69 Neutral	$6.65B	13.53	5.50%	3.36%	24.94%	―
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
GNW	60 Neutral	$3.50B	19.28	2.86%	―	1.41%	150.35%

Lincoln National Corporate Events

Lincoln National Completes $500M Senior Notes Offering

On November 3, 2025, Lincoln National Corporation entered into an Underwriting Agreement with several financial institutions to sell $500 million of 5.350% Senior Notes due 2035 in a public offering. The offering was completed on November 10, 2025, with the company planning to use the proceeds to repay existing debt and for general corporate purposes, thereby potentially strengthening its financial position and operational flexibility.

The most recent analyst rating on (LNC) stock is a Hold with a $44.00 price target. To see the full list of analyst forecasts on Lincoln National stock, see the LNC Stock Forecast page.

Lincoln National Reports Strong Earnings Amid Challenges

Lincoln National’s latest earnings call revealed a strong overall performance, marked by consistent growth in key segments such as Annuities and Life Insurance. The company’s strategic initiatives and disciplined execution have been pivotal in driving this success. However, challenges in the Group Protection segment, particularly due to volatility in disability claims, were noted. Despite these hurdles, Lincoln National’s strategic direction and financial health remain positive.

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.