Stock LNC LINCOLN NATIONAL CORPORATION
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Financials Lincoln National Corporation

Equities

LNC

US5341871094

Life & Health Insurance

Market Closed - Nyse
Other stock markets
 04:00:02 2024-04-26 pm EDT 		5-day change 1st Jan Change
27.81 USD -0.54% Intraday chart for Lincoln National Corporation +0.58% +3.11%
Apr. 11 Wells Fargo Adjusts Price Target on Lincoln National to $28 From $26, Keeps Equalweight Rating MT
Apr. 11 Evercore ISI Raises Price Target on Lincoln National to $35 From $33, Maintains In-Line Rating MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 11,703 9,723 12,335 5,198 4,576 4,728 - -
Enterprise Value (EV) 1 18,070 16,405 18,960 11,653 10,525 10,801 10,925 11,050
P/E ratio 13.5 x 19.7 x 9.19 x -2.36 x -5.48 x 4.46 x 3.83 x 3.45 x
Yield 2.56% 3.22% 2.51% 5.86% 6.67% 6.47% 6.57% 6.72%
Capitalization / Revenue 0.65 x 0.54 x 0.63 x 0.28 x 0.29 x 0.25 x 0.24 x 0.23 x
EV / Revenue 1 x 0.9 x 0.97 x 0.62 x 0.66 x 0.58 x 0.56 x 0.54 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - 19.6 x 18.2 x -
FCF Yield - - - - - 5.09% 5.49% -
Price to Book 0.59 x 0.43 x 0.6 x 1.67 x 0.77 x 0.77 x 0.67 x 0.6 x
Nbr of stocks (in thousands) 198,331 193,265 180,709 169,215 169,662 170,017 - -
Reference price 2 59.01 50.31 68.26 30.72 26.97 27.81 27.81 27.81
Announcement Date 2/5/20 2/3/21 2/2/22 2/8/23 2/8/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 18,046 18,162 19,639 18,665 16,027 18,708 19,411 20,549
EBITDA - - - - - - - -
EBIT 1 1,861 1,218 2,094 -991 1,367 1,785 1,970 2,208
Operating Margin 10.31% 6.71% 10.66% -5.31% 8.53% 9.54% 10.15% 10.74%
Earnings before Tax (EBT) 1 - - - - -1,148 1,299 1,520 1,658
Net income 1 886 499 1,405 -2,240 -835 1,067 1,244 1,370
Net margin 4.91% 2.75% 7.15% -12% -5.21% 5.71% 6.41% 6.67%
EPS 2 4.380 2.560 7.430 -13.02 -4.920 6.239 7.260 8.063
Free Cash Flow 1 - - - - - 550 600 -
FCF margin - - - - - 2.94% 3.09% -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - 51.53% 48.25% -
Dividend per Share 2 1.510 1.620 1.710 1.800 1.800 1.800 1.828 1.870
Announcement Date 2/5/20 2/3/21 2/2/22 2/8/23 2/8/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 5,205 4,769 4,718 4,641 4,630 4,676 4,657 4,730 4,673 1,967 4,584 4,634 4,667 4,694 4,764
EBITDA - - - - - - - - - - - - - - -
EBIT 1 427 386 399 531 -2,172 250 393 511.6 131 357 351 474 476 520 -
Operating Margin 8.2% 8.09% 8.46% 11.44% -46.91% 5.35% 8.44% 10.82% 2.8% 18.15% 7.66% 10.23% 10.2% 11.08% -
Earnings before Tax (EBT) 1 - 237 92 269 -3,137 -35 -1,170 602 1,034 -1,613 234.5 347.5 357.5 359.5 332
Net income 1 318 220 103 231 -2,575 1 -909 502 819 -1,246 178 300 281.5 300.8 261.5
Net margin 6.11% 4.61% 2.18% 4.98% -55.62% 0.02% -19.52% 10.61% 17.53% -63.35% 3.88% 6.47% 6.03% 6.41% 5.49%
EPS 2 1.680 1.200 0.5800 1.340 -15.17 0.0100 -5.350 2.940 4.790 -7.350 1.045 1.754 1.640 1.799 1.550
Dividend per Share 2 0.4200 0.4500 0.4500 0.4500 0.4500 0.4500 0.4500 0.4500 0.4500 0.4500 0.4500 0.4500 0.4500 0.4500 0.4500
Announcement Date 11/3/21 2/2/22 5/4/22 8/3/22 11/2/22 2/8/23 5/9/23 8/2/23 11/1/23 2/8/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 6,367 6,682 6,625 6,455 5,949 6,073 6,197 6,322
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 - - - - - 550 600 -
ROE (net income / shareholders' equity) 9.7% 6.3% 11% -6.9% 8.9% 11.1% 11.6% 11.8%
ROA (Net income/ Total Assets) - - - - - - - -
Assets 1 - - - - - - - -
Book Value Per Share 2 100.0 118.0 114.0 18.40 34.80 36.20 41.40 46.70
Cash Flow per Share - 2.750 0.8000 23.40 - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 2/5/20 2/3/21 2/2/22 2/8/23 2/8/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Lincoln National Corporation

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
11
Last Close Price
27.81 USD
Average target price
30 USD
Spread / Average Target
+7.87%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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