Lincoln National LNC
United StatesFinancial Services · Insurance - LifeUSD
48.08 USD (+17.3%)
12 analysts
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Lincoln National Corporation is a U.S. life insurance and annuity company, offering financial protection and retirement products to individuals and businesses through its subsidiaries.
Key points
from its scores- ✓Attractive valuation9.5
- ✓Strong growth8.4
- ✓Attractive dividend7.0
- ✕Little competitive advantage4.2
- !Risks to watch5.0
AI analysis
bottom line, main risk, context and newsHold, with attention to the evolution of long-term rates and the quality of the investment portfolio. The valuation is very attractive, but balance sheet leverage and rate sensitivity are risks to watch.
Lincoln National trades at an extremely attractive valuation (P/E 3.50, P/B adjusted for ROE 0.34) and a solid ROE of 22.59%, but its low ROA (0.28%) and the sensitivity of its portfolio to long-term rates (Treasury at 5.28%) warrant caution. The 76.8% earnings growth may not be sustainable, although the dividend (4.39% net) is well covered with a 15.35% payout.
The main risk is the sensitivity of the annuity and investment portfolio to a rising long-term interest rate environment, which can compress asset values and pressure the solvency of an insurer with a very low ROA (0.28%).
Context and risks
Lincoln National operates in the U.S. life insurance and annuity sector, a long-duration business sensitive to interest rates. The sharp rise in the 10-year Treasury to 5.28% pressures the value of its fixed-income assets and makes funding more expensive, although a high-rate environment can also improve the investment margin on new premiums. The main risk is the sensitivity of its annuity portfolio to an adverse rate move.
Is Lincoln National stock cheap or expensive?
at the analysis dateOn P/E and Price / book, it trades 67% below the Financial Services median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 3.5 | 13.7 | −75% |
| Price / book | 0.8 | 1.9 | −59% |
| Price / sales | 0.4 | 3.5 | −88% |
Sector: median of the 351 Financial Services companies analysed. In bold, the multiples used for the comparison.
Valuation score: 9.5 out of 10 (median for Financial Services: 5.2).
Average analyst target: 48.08 USD, +17.3% versus the price.
A discount may reflect more risk or slower growth than its sector: Financial health 5.7 (sector 5.5), Growth 8.4 (sector 6.9).
Classic formulas with standard assumptions (0.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Financial Services medianValuation
- P/E
- 3.5
- Forward P/E
- 4.7
- Price / book
- 0.8
- Price / sales
- 0.4
- PEG
- 1.01
- Market cap
- 7.8B USD
- Enterprise value
- −29.5B USD
Profitability
- ROE
- 22.6%
- ROA
- 0.3%
- ROIC (approx.)
- 5.1%
- Gross margin
- 27.1%
- Operating margin
- 4.6%
- Net margin
- 12.2%
- Free cash flow
- 2.1B USD
- FCF yield
- 26.4%
Solvency
- Total debt
- 7.2B USD
- Net debt
- −38.3B USD
- Cash
- 45.5B USD
- Debt / equity
- 63.80
- Current ratio
- 2.18
- Quick ratio
- 1.15
Growth
- Revenue growth
- +12.6%
- Earnings growth
- +76.8%
- EPS (TTM)
- 11.73 USD
- EPS (forward)
- 8.76 USD
Dividend
- Dividend yield
- 4.4%
- Payout
- 15.3%
Risk and market
- Beta
- 1.15
- Analyst consensus
- Hold (12)
- Target price
- 48.08 USD
- 52-week range
- 32.18 – 47.67
Recent news
All LNC news →Compare it with its sector
All 351 in Financial Services →Frequently asked questions about Lincoln National
Is Lincoln National stock cheap or expensive?
On P/E and Price / book, it trades 67% below the Financial Services median on average. Valuation score: 9.5 out of 10 (median for Financial Services: 5.2). Average analyst target: 48.08 USD, +17.3% versus the price. This is not investment advice.
What score does Lincoln National get on MeridIAn Screener?
It scores 6.4 out of 10, rank 642 of 2,130 (better than 68% of the companies analysed). Its strongest category is Valuation (9.5) and its weakest, Quality / Moat (4.2). Analysis of 08/10/2026.
What is Lincoln National's P/E ratio?
Its P/E is 3.5: the share price equals 3.5 times earnings per share over the last 12 months. The Financial Services median is 13.7. Based on the earnings analysts expect, the forward P/E is 4.7.
How much is Lincoln National worth on the stock market?
Its market capitalisation is 7.8B USD.
Does Lincoln National pay a dividend?
Yes: its dividend yield is 4.39% and it pays out 15% of its earnings.
How has Lincoln National stock performed over the last year?
It has risen 11.6% over the last year, excluding dividends. Over the last 52 weeks it has traded between 32.18 and 47.67 USD. Past performance does not guarantee future results.
What do analysts think of Lincoln National?
12 analysts cover it; their average recommendation is “Hold” and their average target is 48.08 USD (+17.3% versus the price). It is an estimate, not market data.