LNC

Company Overview — What Does LINCOLN NATIONAL CORP Do?

Lincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States. It operates through four segments: Annuities, Retirement Plan Services, Life Insurance, and Group Protection. The Annuities segment offers fixed, variable, and indexed variable annuities. The Retirement Plan Services segment provides employers with retirement plan products and services primarily in the defined contribution retirement plan marketplace. This segment offers individual and group variable annuities, group fixed annuities, and mutual fund-based programs; and a range of plan services, including plan recordkeeping, compliance testing, participant education, and trust and custodial services. The Life Insurance segment provides life insurance products, including term insurance, such as single and survivorship versions of universal life insurance; variable universal life insurance; indexed universal life insurance products; and critical illness and long-term care riders. The Group Protection segment offers group non-medical insurance products comprising short and long-term disability, statutory disability and paid family medical leave administration and absence management services, term life, dental, vision and accident, and critical illness benefits and services to the employer marketplace through various forms of employee-paid and employer-paid plans. The company distributes its products through consultants, brokers, planners, agents, financial advisors, third-party administrators, and other intermediaries. Lincoln National Corporation was founded in 1905 and is based in Radnor, Pennsylvania. LINCOLN NATIONAL CORP (LNC) is classified as a mid-cap stock in the Financials sector, specifically within the Insurance industry. The company is led by CEO Ellen G. Cooper and employs approximately 10,800 people, headquartered in Radnor Township, Pennsylvania. With a market capitalization of $6.7B, LNC is one of the notable companies in the Financials sector.

LINCOLN NATIONAL CORP (LNC) Stock Rating — Reduce (April 2026)

As of April 2026, LINCOLN NATIONAL CORP receives a Reduce rating with a composite score of 36.5/100 and 2 out of 5 stars from the Blank Capital Research quantitative model.LNC ranks #3,425 out of 4,446 stocks in our coverage universe. Within the Financials sector, LINCOLN NATIONAL CORP ranks #779 of 891 stocks, placing it in the lower half of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

LNC Stock Price and 52-Week Range

LINCOLN NATIONAL CORP (LNC) currently trades at $34.30. The stock lost $0.59 (1.7%) in the most recent trading session. The 52-week high for LNC is $46.82, which means the stock is currently trading -26.7% from its annual peak. The 52-week low is $27.58, putting the stock 24.4% above its annual trough. Recent trading volume was 1.5M shares, reflecting moderate market activity.

Is LNC Overvalued or Undervalued? — Valuation Analysis

LINCOLN NATIONAL CORP (LNC) carries a value factor score of 74/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 5.87x, compared to the Financials sector average of 14.88x — a discount of 61%. The price-to-book ratio stands at 0.61x, versus the sector average of 1.22x. The price-to-sales ratio is 0.38x, compared to 0.90x for the average Financials stock. On an enterprise value basis, LNC trades at 2.41x EV/EBITDA, versus 3.26x for the sector.

Based on these multiples, LINCOLN NATIONAL CORP appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.

LINCOLN NATIONAL CORP Profitability — ROE, Margins, and Quality Score

LINCOLN NATIONAL CORP (LNC) earns a quality factor score of 10/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is -1.0%, compared to the Financials sector average of 8.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at -0.0% versus the sector average of 1.2%.

On a margin basis, LINCOLN NATIONAL CORP reports gross margins of 0.0%. The operating margin is -1.2% (sector: 21.8%). Net profit margin stands at -0.3%, versus 17.7% for the average Financials stock. Revenue growth is running at -11.6% on a trailing basis, compared to 9.4% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

LNC Debt, Balance Sheet, and Financial Health

LINCOLN NATIONAL CORP has a debt-to-equity ratio of 57.0%, compared to the Financials sector average of 121.0%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. The current ratio is 1.03x, suggesting adequate working capital coverage. Total debt on the balance sheet is $6.26B. Cash and equivalents stand at $10.67B.

LNC has a beta of 1.45, meaning it is more volatile than the broader market — a $10,000 investment in LNC would be expected to move 45.1% more than the S&P 500 on any given day. The stability factor score for LINCOLN NATIONAL CORP is 58/100, reflecting average volatility within the normal range for its sector.

LINCOLN NATIONAL CORP Revenue and Earnings History — Quarterly Trend

In TTM 2026, LINCOLN NATIONAL CORP reported revenue of $17.40B and earnings per share (EPS) of $5.94. Net income for the quarter was $-106M. Gross margin was 0.0%. Operating income came in at $-280M.

In FY 2025, LINCOLN NATIONAL CORP reported revenue of $18.21B and earnings per share (EPS) of $5.94. Net income for the quarter was $1.18B. Revenue grew -1.2% year-over-year compared to FY 2024. Operating income came in at $1.34B.

In Q3 2025, LINCOLN NATIONAL CORP reported revenue of $4.55B and earnings per share (EPS) of $2.15. Net income for the quarter was $445M. Revenue grew 10.8% year-over-year compared to Q3 2024. Operating income came in at $524M.

In Q2 2025, LINCOLN NATIONAL CORP reported revenue of $4.04B and earnings per share (EPS) of $3.88. Net income for the quarter was $699M. Revenue grew -21.5% year-over-year compared to Q2 2024. Operating income came in at $848M.

Over the past 8 quarters, LINCOLN NATIONAL CORP has demonstrated a growth trajectory, with revenue expanding from $5.15B to $17.40B. Investors analyzing LNC stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

LNC Dividend Yield and Income Analysis

LINCOLN NATIONAL CORP (LNC) currently pays a dividend yield of 4.5%. At this yield, a $10,000 investment in LNC stock would generate approximately $$451.00 in annual dividend income. This compares to the Financials sector average dividend yield of 2.5%, meaning LNC offers above-average income for its sector.

LNC Momentum and Technical Analysis Profile

LINCOLN NATIONAL CORP (LNC) has a momentum factor score of 33/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 36/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 48/100 reflects moderate short selling activity.

LNC vs Competitors — Financials Sector Ranking and Peer Comparison

Within the Financials sector, LINCOLN NATIONAL CORP (LNC) ranks #779 out of 891 stocks based on the Blank Capital composite score. This places LNC in the lower half of all Financials stocks in our coverage universe. Key competitors and sector peers include WHITE MOUNTAINS INSURANCE GROUP LTD (WTM) with a score of 62.9/100, OPPENHEIMER HOLDINGS INC (OPY) with a score of 62.6/100, Enact Holdings, Inc. (ACT) with a score of 61.6/100, International General Insurance Holdings Ltd. (IGIC) with a score of 61.3/100, and PARKE BANCORP, INC. (PKBK) with a score of 60.4/100.

Comparing LNC against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full LNC vs S&P 500 (SPY) comparison to assess how LINCOLN NATIONAL CORP stacks up against the broader market across all factor dimensions.

LNC Next Earnings Date

No upcoming earnings date has been announced for LINCOLN NATIONAL CORP (LNC) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy LNC? — Investment Thesis Summary

The quantitative profile for LINCOLN NATIONAL CORP suggests caution. The quality score of 10/100 flags below-average profitability. The value score of 74/100 suggests attractive pricing relative to fundamentals. Momentum is weak at 33/100, a headwind for near-term performance.

In summary, LINCOLN NATIONAL CORP (LNC) earns a Reduce rating with a composite score of 36.5/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on LNC stock.

Related Resources for LNC Investors

Explore more research and tools: LNC vs S&P 500 comparison, top Financials stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare LNC head-to-head with peers: LNC vs WTM, LNC vs OPY, LNC vs ACT.