Stocktoria

LINCOLN NATIONAL CORP LNC

NYSE · stock · Life Insurance · website · IPO 1969-08-20 · LEI

LINCOLN NATIONAL CORP statistics & valuation

Market cap$7.0B
P / E6.0×
P / S0.4×
P / B0.6×
Dividend yield4.63%
Net margin6.5%
Return on equity10.8%
Net debt$5.9B
Enterprise value USD$12.9B
Graham number +96.7%$86.76

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($86.76); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
8.90% 14.60% 10.00% 5.10% 2.90% 21.30% 7.20% -6.50% 17.80% 6.50% 2016201720182019202020212022202320242025
Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
2016201720182019202020212022202320242025
Return on equity (%)
8.20% 12.00% 11.40% 4.50% 2.20% 19.00% 26.60% -10.90% 39.60% 10.80% 2016201720182019202020212022202320242025
Shares outstanding
236.8M 226.2M 219.6M 202.1M 194.5M 189.6M 172.7M 170.7M 173.1M 190.1M 2016201720182019202020212022202320242025
Net debt ($)
$2.40B $3.50B $5.69B $6.13B $6.68B $6.62B $6.33B $5.70B $5.86B $5.87B 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
0.50% 0.70% 0.60% 0.30% 0.10% 1.00% 0.40% -0.20% 0.80% 0.30% 2016201720182019202020212022202320242025
Free cash flow margin (%)
2016201720182019202020212022202320242025
Debt / equity (×)
0.35× 0.30× 0.40× 0.31× 0.29× 0.33× 1.24× 0.83× 0.71× 0.54× 2016201720182019202020212022202320242025
EPS ($)
$5.03 $9.22 $7.40 $4.38 $2.56 $19.96 $7.78 -$4.92 $18.41 $5.83 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

LINCOLN NATIONAL CORP trades at about 7.6× earnings — below its 10-year norm (10-year range 1.9×–17.8×, median 8.7×).

1.9× 17.8×

Shaded band = 10-year range (1.9×–17.8×); dot = today's 7.6×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Net margin6.5%17.8%-6.5%7.2%21.3%2.9%5.1%10.0%14.6%8.9%
Return on assets0.3%0.8%-0.2%0.4%1.0%0.1%0.3%0.6%0.7%0.5%
Return on equity10.8%39.6%-10.9%26.6%19.0%2.2%4.5%11.4%12.0%8.2%
Debt / equity0.54×0.71×0.83×1.24×0.33×0.29×0.31×0.40×0.30×0.35×

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.