Lincoln National Corporation (LNC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+435.6%

$222.78

vs $41.59 price

Levered DCF

-$38.02

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.14

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	7.48×	1.7×	-5.48×	3.87×	3.39×	19.5×	13.35×	6.75×
P/B	0.75×	0.66×	0.66×	1.03×	0.63×	0.43×	0.6×	0.77×
P/S	0.45×	0.3×	0.39×	0.28×	0.73×	0.55×	0.69×	0.67×
EV / EBITDA	3.24×	1.34×	-9.48×	4.12×	3.42×	19.74×	12.31×	6.65×
Gross margin	57.3%	25.5%	0.4%	12.9%	22.2%	19.7%	23.8%	28.6%
Operating margin	7.3%	22.4%	-9.8%	9.1%	26.4%	2.4%	5.3%	11.5%
Net margin	6.5%	18.2%	-6.4%	7.2%	21.5%	2.8%	5.1%	10.0%
Current ratio	0.47×	3.22×	0.91×	1.05×	10.64×	0×	417.91×	0.43×
Debt / equity	0.59×	0.77×	0.89×	1.3×	0.33×	0.29×	0.32×	0.41×
Interest coverage	5.89×	11.97×	-3.47×	6.1×	17.2×	1.49×	2.82×	6.35×
Dividend yield	5.1%	7.3%	8.5%	5.9%	2.5%	3.2%	2.6%	2.6%
Payout ratio	35.3%	12.2%	-51.5%	22.8%	8.4%	62.3%	34.2%	17.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.8%	39.6%	-10.9%	26.6%	18.6%	2.2%	4.5%	11.4%
Return on invested capital	0.5%	0.9%	-0.3%	0.6%	1.0%	169.2%	0.4%	8.1%
Return on assets	0.3%	0.8%	-0.2%	0.4%	1.0%	0.1%	0.3%	0.6%
Free cash flow yield	-2.1%	-37.0%	-45.4%	68.7%	-1.7%	5.5%	-22.7%	17.5%
Earnings yield	14.5%	60.5%	-16.4%	25.8%	29.5%	5.1%	7.5%	14.8%
Enterprise value	$5.1B	$6B	$7.3B	$8.5B	$17B	$14.7B	$15.6B	$14.6B
Net debt / EBITDA	-1.96×	0.12×	-3.57×	1.59×	0.84×	6.65×	2.99×	1.59×
Cash conversion cycle (days)	584	583	964	409	12	353	179	407