Is Lincoln National (LNC) overvalued or fairly valued?

MarketChacha shows Lincoln National's valuation in context — a trailing P/E of about 3.9, a forward P/E of about 5.3, a price-to-book of about 0.8 — alongside its revenue and profit growth and whether reported profit converts into operating cash, so you can judge value for yourself. MarketChacha does not issue ratings, price targets, or buy/sell advice.

What is Lincoln National's revenue?

Lincoln National reported revenue of $18.2B for FY2025, with net profit of $1.2B, per official filings.

What is the share price of Lincoln National (LNC)?

Lincoln National last traded at $45.47 (-0.4% on the day), as of 9/4/2026 — a delayed quote shown for education, not investment advice.

Lincoln National

LNC · NYSE · Financials · United States

Snapshot

TickerLNC

ExchangeNYSE

SectorFinancials

IndustryInsurance - Life

CountryUnited States

Employees9,423

HeadquartersRadnor, United States

Websitewww.lincolnfinancial.com

Filings tracked16

About Lincoln National

Lincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States. It operates through four segments: Life Insurance, Annuities, Group Protection, and Retirement Plan Services. The Life Insurance segment provides life insurance products, including term insurance, universal life insurance (UL), indexed universal life insurance, variable universal life insurance (VUL), linked-benefit UL and VUL products, and critical illness and long-term care riders. Its Annuities segment offers variable, fixed, and registered index-linked annuities. The Group Protection segment offers group nonmedical insurance products consisting of short and long-term disability and administration services, statutory disability; paid family medical leave administration and absence management services; term life; life; supplemental health insurance; accident, critical illness, and hospital indemnity benefits and dental and vision products to the employer marketplace through various forms of employee-paid and employer-paid plans. Its Retirement Plan Services segment provides employers with retirement plan products and services primarily in the defined contribution retirement plan marketplace; individual and group variable annuities, group fixed annuities, and mutual fund-based programs; and various plan services, including plan recordkeeping, compliance testing, participant education, and trust and custodial services. It distributes its products through consultants, brokers, planners, agents, financial advisors, third-party administrators, financial institutions, and other intermediaries. Lincoln National Corporation was founded in 1905 and is headquartered in Radnor, Pennsylvania.

Who owns it

Insiders0.3%
Institutions87.0%
Public & other12.6%

775 institutional holders

Ownership breakdown from public market data.

Top holders

Bain Capital Prairie, LLC9.80%
Blackrock Inc.9.70%
Vanguard Portfolio Management LLC5.45%
Dimensional Fund Advisors LP4.48%
Vanguard Capital Management LLC4.36%
Massachusetts Financial Services Co.3.33%
State Street Corporation3.19%
Price (T.Rowe) Associates Inc2.61%

Largest institutional holders — last updated 6/30/2026.

Forensic scorecard

Over 3 years only -1.15× of reported profit became operating cash — the classic sign that headline earnings may be running ahead of the cash actually generated. Often explained by working capital funding growth; worth a closer look.

Cash conversion-1.15×

Net margin trend-6.5% → 6.5%

Margin has expanded by about 12.9 points — the business is getting more profitable.

Computed by MarketChacha from reported figures (SEC XBRL). Education, not a rating or recommendation.

What's expected next

Next quarter

Rev $5.0B · EPS 2.03

Est. earnings growth -8.2%

Next fiscal year

Rev $20.6B · EPS 8.68

Est. earnings growth +8.6%

Analyst consensus estimates — not the company's own guidance.

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Financials at a glance

Source: SEC XBRL

Annual

Quarterly · last 8

Revenue (FY2025)

$18.2B

Net margin

6.5%

ROE

10.8%

Revenue CAGR (2y)

+25.1%

EPS (FY2025)

5.83

Net profit (FY2025)

$1.2B

Ask MarketChacha about LNC

Get a cited, plain-English answer — the “why”, not just data. Finance research only, never buy/sell advice.

Financials

Yearly

Period	Revenue	Net profit	EPS	Net margin	ROE
FY2025	$18.2B	$1.2B	5.83	6.5%	10.8%
FY2024	$18.4B	$3.3B	18.41	17.8%	39.6%
FY2023	$11.6B	$-752.0M	-4.92	-6.5%	-10.9%

Quarterly

Period	Revenue	Net profit	EPS	Net margin
2026Q2	$4.5B	$1.3B	6.72	29.3%
2026Q1	$5.3B	$-172.0M	-1.10	-3.2%
2025Q3	$4.6B	$445.0M	2.12	9.8%
2025Q2	$4.0B	$699.0M	3.80	17.3%
2025Q1	$4.7B	$-722.0M	-4.41	-15.4%
2024Q3	$4.1B	$-528.0M	-3.29	-12.8%
2024Q2	$5.2B	$895.0M	5.11	17.4%
2024Q1	$4.1B	$1.2B	6.93	29.7%
2023Q3	$4.2B	$853.0M	4.79	20.3%
2023Q2	$2.9B	$511.0M	2.94	17.4%
2023Q1	$3.8B	$-881.0M	-5.37	-23.1%

Figures as reported, in reporting currency. Source: SEC XBRL.

Filings & announcements

2026

8-K — Executive/director change, Reg FD disclosure, Exhibits
SEC8/10/2026material
10-Q filing
SEC7/30/2026
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC7/30/2026material
8-K — Other events, Exhibits
SEC6/29/2026material
8-K — Shareholder vote results
SEC6/1/2026material
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC5/7/2026material
10-Q filing
SEC5/7/2026
8-K — Executive/director change
SEC4/16/2026material
8-K — Material agreement, Exhibits
SEC3/31/2026material
10-K filing
SEC2/19/2026
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC2/12/2026material

2025

8-K — Other events, Exhibits
SEC11/10/2025material
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC10/30/2025material
10-Q filing
SEC10/30/2025
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC7/31/2025material
10-Q filing
SEC7/31/2025

In the news

Education and discussion only — not investment advice. Financials from official filings (SEC/BSE) and reported company statements; market figures (delayed market data) are delayed and shown for reference only. Verify with the linked sources before acting.