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US life insurer and retirement plan provider selling annuities, life insurance and group benefits.
US life insurer and retirement plan provider selling annuities, life insurance and group benefits.
Earns fees and spread on annuity and retirement assets, premiums on life and group insurance, and investment income on policyholder funds. In 2023 it moved a large block of older life-insurance policies to a reinsurance partner, Fortitude Re, to free up capital.
Moat: narrow (distribution, scale). Advisor and employer distribution built over decades, but products are largely commoditized.
Headquarters: Radnor, Pennsylvania, US · Founded: 1905 · Employees: 9,423
Size Lincoln National (LNC) is a United States Financials company (Multi-Line Insurance) with a market value of $7.67B, the 914th largest of 3,117 United States companies the cockpit tracks. Shares closed at $40.05 on 6 Nov 2026.
Performance Over six months the shares gained 11.9%, against +5.4% for the median peer and -1.1% for the United States market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 12.3% over the last twelve months (peer median +6.9%); the operating margin is 15.3% (peer median 14.1%).
Valuation It trades at 0.74× book value against a peer median of 1.25× (4th cheapest of 21).
Price implies The share price implies a return on equity of about 8.6%; Lincoln National delivers 22.6%, so the price asks less than the business earns today.
Credit Lincoln National has 17 bonds outstanding ($6.39B), rated BBB+ by the agencies and trading like BBB at a weighted spread of 111 bp.
Short interest Short interest is 6.3% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $20.7B | $18.8B | $20.7B | $14.1B | $19.2B |
| Revenue growth | — | -9% | +47% | -27% | — |
| Net income | $2.36B | $1.18B | $3.27B | -$752M | $1.36B |
| Free cash flow | -$1.33B | -$167M | -$2.01B | -$2.07B | $3.61B |
| Capital expenditure | $0 | $0 | $0 | $0 | $0 |
| Total debt | $6.87B | $6.33B | $6.25B | $6.08B | $6.61B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Lincoln National LNC | $7.67B | +12% | +12% | 23% | 0.74× | 8.6% |
| Prudential Financial PRU | $41.1B | +20% | +4% | 13% | 1.39× | 11.4% |
| MetLife MET | $62.4B | +27% | +9% | 13% | 2.28× | 16.2% |
| Unum UNM | $12.2B | -5% | -5% | 3% | 1.52× | 8.1% |
| Voya Financial VOYA | $8.91B | +21% | -3% | 14% | 2.34× | 17.2% |
| Brighthouse Financial BHF | $2.45B | -31% | +3% | 14% | 0.37× | 5.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LNC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.3% | +1.9% | 6th lowest of 21 |
| 6-month return | +11.9% | +5.4% | 6th highest of 21 |
| Return on equity | 22.6% | 14.6% | 3rd highest of 21 |
| Price / book | 0.74× | 1.25× | 4th cheapest of 21 |
| Trailing P/E | 3.5× | 10.6× | 2nd cheapest of 21 |
| ROE the price implies | 8.6% | 8.1% | 8th most demanding of 21 |
| ROE delivered | 22.6% | 14.4% | 3rd highest of 20 |
| Bond spread | 111 bp | 97 bp | 5th widest of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Lincoln National LNC | United States | $7.67B | +12% | +12% | 23% | 0.74× | 8.6% | 22.6% |
| Axis Capital AXS | United States | $7.60B | +7% | +10% | 16% | 1.33× | 8.1% | 16.0% |
| Great Eastern G07.SI | Singapore | $7.47B | +21% | +27% | 15% | 1.73× | 11.4% | 14.8% |
| Hiscox HSX.L | United Kingdom | $8.08B | +18% | +4% | 17% | 2.06× | 15.1% | 16.6% |
| China Taiping Insurance 0966.HK | Hong Kong | $8.28B | -24% | +19% | 36% | 0.63× | 8.1% | 36.2% |
| Db Insurance 005830.KS | South Korea | $6.90B | +2% | -14% | 17% | 0.85× | 5.1% | 17.0% |
| Kinsale Capital KNSL | United States | $8.64B | +26% | +8% | 28% | 4.70× | 30.6% | 27.8% |
| China Reinsurance (Group) 1508.HK | Hong Kong | $6.64B | -5% | +11% | 10% | 0.40× | 5.5% | 9.7% |
| Enact ACT | United States | $6.38B | +5% | +2% | 13% | 1.19× | 7.9% | 12.9% |
| RLI RLI | United States | $6.27B | +39% | +6% | 22% | 3.70× | 15.4% | 22.1% |
| Sony Financial 8729.T | Japan | $6.06B | +1% | -10% | 14% | 1.08× | 5.1% | 14.4% |
| FWD 1828.HK | Hong Kong | $5.54B | +7% | +24% | 4% | 0.92× | 7.3% | 4.1% |
| Sunshine Insurance 6963.HK | Hong Kong | $5.35B | 0% | +8% | 14% | 0.66× | 5.4% | 13.7% |
| White Mountains Insurance WTM | United States | $5.35B | +5% | +21% | 22% | 0.99× | 6.3% | 21.9% |
| Aditya Birla Capital ABCAPITAL.NS | India | $11.5B | +8% | +24% | 12% | 2.56× | 41.9% | 12.1% |
| CNO Financial CNO | United States | $5.09B | +20% | +2% | 17% | 2.19× | 16.0% | 16.9% |
| Globe Life GL | United States | $12.1B | +4% | +6% | 21% | 2.08× | 11.7% | n/a |
| Unum UNM | United States | $12.2B | -5% | -5% | 3% | 1.52× | 8.1% | 2.6% |
| Aegon AGN.AS | Netherlands | $12.7B | +4% | +16% | 10% | 1.25× | 8.2% | 10.5% |
| CNA Financial CNA | United States | $12.8B | +9% | +2% | 10% | 1.25× | 7.2% | 9.6% |
| Mapfre MAP.MC | Spain | $14.1B | -2% | +5% | 12% | 1.26× | 8.4% | 12.4% |
Lincoln National has 17 bonds outstanding with $6.39B face value. The agencies rate it BBB+; its bonds trade like BBB. Weighted yield 5.87%, a spread of 111 bp over government bonds.