Lincoln National CorporationLNC
NYSE•Financial Services•Insurance - Life
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.
Lincoln National Corporation (LNC) reported trailing twelve months revenue of $18.83B as of March 2026, a 1.0% decline year-over-year. Quarterly revenue reached $5.31B, reflecting a contraction in sales.
Lincoln National Corporation generated $1.73B in TTM net income, with quarterly EBITDA of $-246.00M. The operating margin expanded from -20.2% to -4.6%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (-4.6%) and net margin (-3.2%) indicates tight cost control with minimal non-operating drag. Net margin has improved from -15.4% a year ago, signaling stronger bottom-line efficiency.
LNC trades at a P/E of 3.8x (below the broader market average) and a P/S of 0.3x. The price-to-book ratio of 0.6x suggests the stock trades below its book value.
The company generated $138.00M in free cash flow over the trailing twelve months, a 150.7% increase year-over-year, indicating cash generation ability. The balance sheet shows $406.16B in total assets with $5.97B in long-term debt against $10.21B in stockholders equity for a debt-to-equity ratio of 0.6. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 9.0%. The business may lack pricing power or face rising costs.'
ROE averages 17.7% but has fluctuated — the competitive advantage may be cyclical or emerging.
Only 4 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue shows resilience with 4 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 0.6 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
4 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Shares outstanding increased 12.5% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation