Lincoln National Corporation (LNC) Key Metrics
LNC valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $7.63B
- Enterprise value
- $5.54B
- P/E (TTM)
- 3.4 10-yr median 7.7
- Forward P/E
- 5.2
- PEG ratio
- 1.01
- Price / sales
- 0.4 10-yr median 0.6
- Price / book
- 0.8 10-yr median 0.7
- EV / EBITDA
- —
- Dividend yield
- 4.52% $1.80 a year
- Beta
- 1.15
LNC key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsLNC valuation Price multiples at each fiscal year-end price.
LNC returns How much profit the business earns on the capital it uses.
LNC per-share figures Results divided by the shares outstanding at year-end.
LNC financial health Debt, liquidity and how easily interest is covered.
LNC efficiency & capital use Working capital cycle and where the cash goes.
LNC valuation history
LNC returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
LNC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
LNC cash returned to shareholders
LNC price vs earnings per share
LNC key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $8.29B | $5.51B | $4.57B | $5.31B | $12.91B | $9.78B | $11.93B | $11.27B | $17.39B | $15.69B |
| Enterprise value | −$31.68B | −$14.85B | −$90.24B | −$98.23B | $17.08B | −$106.09B | −$87.66B | −$77.52B | −$72.22B | −$69.19B |
| P/E ratio | 7.0 | 1.7 | — | — | 3.4 | 19.6 | 13.5 | 6.9 | 8.4 | 13.2 |
| Price / sales | 0.5 | 0.3 | 0.4 | 0.3 | 0.7 | 0.6 | 0.7 | 0.7 | 1.2 | 1.2 |
| Price / book | 0.8 | 0.7 | 0.7 | 1.0 | 0.6 | 0.0 | 0.6 | 0.8 | 1.0 | 1.1 |
| Price / free cash flow | — | — | — | 1.3 | 85.5 | 18.3 | — | 5.8 | 22.1 | 12.3 |
| Price / operating cash flow | — | — | — | 1.3 | 85.5 | 18.3 | — | 5.8 | 22.1 | 12.3 |
| EV / sales | -1.7 | -0.8 | -7.7 | -5.2 | 1.0 | -6.0 | -5.1 | -4.7 | -5.1 | -5.2 |
| EV / EBITDA | — | — | — | — | 3.4 | — | — | — | — | — |
| EV / free cash flow | — | — | — | — | 113.1 | — | — | — | — | — |
| Earnings yield | 14.2% | 59.4% | −16.4% | −42.0% | 29.3% | 5.1% | 7.4% | 14.6% | 12.0% | 7.6% |
| Free cash flow yield | −2.0% | −36.4% | −45.4% | 76.0% | 1.2% | 5.5% | −22.5% | 17.2% | 4.5% | 8.1% |
| Dividend yield | 5.0% | 7.2% | 8.5% | 5.8% | 2.5% | 3.2% | 2.5% | 2.6% | 1.5% | 1.5% |
| Shareholder yield (dividends + buybacks) | 5.0% | 7.3% | 8.6% | 16.2% | 11.0% | 6.0% | 7.2% | 10.6% | 5.7% | 7.1% |
| Share price at fiscal year-end | $44.53 | $31.71 | $26.97 | $30.72 | $68.26 | $50.31 | $59.01 | $51.31 | $76.87 | $66.27 |
| Per share | ||||||||||
| Revenue per share | $97.88 | $103.50 | $69.07 | $108.77 | $93.10 | $90.40 | $85.38 | $74.81 | $63.02 | $56.29 |
| Earnings per share | $6.33 | $18.84 | −$4.43 | −$12.90 | $19.98 | $2.57 | $4.38 | $7.47 | $9.19 | $5.03 |
| Operating cash flow per share | −$0.90 | −$11.55 | −$12.23 | $23.35 | $0.80 | $2.75 | −$13.29 | $8.85 | $3.48 | $5.37 |
| Free cash flow per share | −$0.90 | −$11.55 | −$12.23 | $23.35 | $0.80 | $2.75 | −$13.29 | $8.85 | $3.48 | $5.37 |
| Cash per share | $249.35 | $153.72 | $595.27 | $637.93 | $13.81 | $641.51 | $533.20 | $438.93 | $427.52 | $389.35 |
| Book value per share | $58.61 | $47.58 | $40.65 | $29.54 | $107.20 | $1,847.44 | $97.42 | $65.36 | $76.57 | $61.13 |
| Tangible book value per share | −$16.47 | $35.37 | −$39.21 | −$47.93 | $94.84 | $1,805.34 | $47.42 | $7.49 | $33.12 | $12.71 |
| Dividends per share | $2.24 | $2.29 | $2.28 | $1.80 | $1.69 | $1.60 | $1.50 | $1.32 | $1.16 | $1.00 |
| Capex per share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $8.29 | $0.00 | $0.00 |
| Debt per share | $34.56 | $36.57 | $36.10 | $38.40 | $35.86 | $45.65 | $40.46 | $34.52 | $31.41 | $30.91 |
| Shares outstanding | 186.1M | 173.8M | 169.6M | 172.7M | 189.1M | 194.5M | 202.1M | 219.6M | 226.2M | 236.8M |
| Change in shares outstanding | +7.1% | +2.5% | −1.8% | −8.7% | −2.8% | −3.8% | −7.9% | −2.9% | −4.5% | −7.1% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 12.3% | 43.2% | −12.5% | −17.6% | 2.0% | 0.3% | 5.2% | 10.4% | 13.1% | 8.5% |
| Return on invested capital (ROIC) | — | — | — | — | 2.8% | 0.5% | — | — | — | — |
| Return on assets (ROA) | 0.3% | 0.9% | −0.2% | −0.6% | 1.0% | 0.1% | 0.3% | 0.6% | 0.8% | 0.5% |
| Return on tangible assets | 0.3% | 0.8% | −0.2% | −0.7% | 1.0% | 0.1% | 0.3% | 0.6% | 0.8% | 0.5% |
| Free cash flow margin | −0.9% | −11.2% | −17.7% | 21.5% | 0.9% | 3.0% | −15.6% | 11.8% | 5.5% | 9.5% |
| Income quality (OCF / net income) | −0.14 | −0.61 | — | — | 0.04 | 1.07 | −3.03 | 1.18 | 0.38 | 1.07 |
| Financial health | ||||||||||
| Total debt | $6.43B | $6.36B | $6.12B | $6.63B | $6.78B | $8.88B | $8.18B | $7.58B | $7.11B | $7.32B |
| Cash & short-term investments | $46.40B | $26.72B | $100.94B | $110.17B | $2.61B | $124.75B | $107.76B | $96.37B | $96.71B | $92.21B |
| Net debt | −$39.96B | −$20.36B | −$94.81B | −$103.54B | $4.17B | −$115.87B | −$99.59B | −$88.79B | −$89.61B | −$84.89B |
| Debt / equity | 0.59 | 0.77 | 0.89 | 1.30 | 0.33 | 0.02 | 0.42 | 0.53 | 0.41 | 0.51 |
| Debt / assets | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 | 0.03 | 0.03 |
| Net debt / EBITDA | −25.54 | −4.57 | — | −16.23 | 0.84 | −155.74 | −78.35 | −40.52 | −64.61 | −47.34 |
| Current ratio | 0.47 | 3.22 | 0.91 | 1.05 | 10.64 | — | 417.91 | 0.43 | 0.45 | 0.46 |
| Quick ratio | 0.47 | 3.22 | 1.28 | 1.11 | 35.35 | — | 441.20 | 0.43 | 0.45 | 0.46 |
| Interest coverage | 5.9 | 12.0 | -3.5 | -9.9 | 17.2 | 1.5 | 2.8 | 7.3 | 4.5 | 4.4 |
| Working capital | −$86.46B | $38.26B | −$12.50B | $5.79B | $2.89B | $151.86B | $125.07B | −$159.28B | −$143.75B | −$131.30B |
| Invested capital | −$29.06B | −$12.09B | −$87.92B | −$98.44B | $24.44B | $243.39B | −$79.90B | −$74.44B | −$72.29B | −$70.41B |
| Tangible asset value | −$3.06B | $6.15B | −$6.65B | −$8.28B | $17.93B | $351.08B | $9.58B | $1.65B | $7.49B | $3.01B |
| Net current asset value | −$330.77B | −$327.10B | −$233.66B | −$197.85B | −$368.11B | $135.05B | −$189.70B | −$165.12B | −$148.65B | −$136.64B |
| Graham number | $91.34 | $142.03 | — | — | $219.52 | $326.59 | $98.03 | $104.84 | $125.83 | $83.20 |
| Graham net-net per share | −$1,816.88 | −$1,923.37 | −$1,579.39 | −$1,198.08 | −$1,967.02 | $655.18 | −$977.69 | −$791.11 | −$723.85 | −$636.18 |
| Capital allocation | ||||||||||
| Dividends paid | $416.0M | $398.0M | $387.0M | $310.0M | $319.0M | $311.0M | $303.0M | $289.0M | $262.0M | $238.0M |
| Share buybacks (net) | $0 | $5.0M | $7.0M | $550.0M | $1.10B | $275.0M | $550.0M | $900.0M | $725.0M | $879.0M |
| Dividend payout ratio | 35.3% | 12.2% | — | — | 8.4% | 62.3% | 34.2% | 17.6% | 12.6% | 20.0% |
| Dividends + buybacks / free cash flow | — | — | — | 21.3% | 943.0% | 109.7% | — | 61.2% | 125.3% | 87.8% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 11.1% | 0.0% | 0.0% |
| Capex / operating cash flow | — | — | — | 0.0% | 0.0% | 0.0% | — | 93.7% | 0.0% | 0.0% |
| Capex / depreciation | — | 0.00 | 0.00 | — | — | — | — | 202.33 | 0.00 | 0.00 |
| Stock-based compensation / revenue | — | — | 0.7% | 0.3% | 0.5% | 0.5% | 0.5% | 0.3% | 0.6% | 0.6% |
| SG&A / revenue | 14.5% | 15.2% | 21.7% | 14.7% | 12.8% | 11.8% | 15.6% | 14.7% | 15.5% | 15.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 580.0 | 605.4 | 812.4 | 211.7 | 182.1 | 359.1 | 380.0 | 262.5 | 140.8 | 160.1 |
| Days of inventory on hand | — | — | -944.4 | -197.8 | -189.2 | -178.1 | -193.9 | — | — | — |
| Days payables outstanding | — | — | — | 117.0 | 111.1 | 146.1 | 137.2 | 149.5 | 174.8 | 185.1 |
| Cash conversion cycle (days) | — | — | — | -103.1 | -118.2 | 34.9 | 48.8 | 113.0 | -34.1 | -25.0 |
| Receivables turnover | 0.63 | 0.60 | 0.45 | 1.72 | 2.00 | 1.02 | 0.96 | 1.39 | 2.59 | 2.28 |
| Payables turnover | — | — | — | 3.12 | 3.29 | 2.50 | 2.66 | 2.44 | 2.09 | 1.97 |
| Asset turnover | 0.05 | 0.05 | 0.03 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.05 | 0.05 |
| Average receivables | $28.94B | $29.84B | $26.07B | $10.89B | $8.78B | $17.30B | $17.96B | $11.81B | $5.50B | $5.85B |
| Average payables | — | — | — | $4.42B | $4.17B | $5.65B | $4.94B | $4.61B | $4.71B | $4.83B |
| Average inventory | — | — | −$30.17B | −$7.46B | −$7.10B | −$6.89B | −$6.99B | — | $0 | $0 |
| Intangibles / total assets | 3.3% | 0.5% | 3.6% | 4.0% | 0.6% | 2.2% | 3.0% | 4.3% | 3.5% | 4.4% |
Computed from LNC's annual financial statements (latest annual report filed February 19, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
LNC valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Lincoln National traded at 7.0 times earnings, against a 10-year median of 7.7. Based on the latest twelve months, the trailing P/E is 3.4 and the forward P/E is 5.2. Lincoln National earned a return on equity of 12.3% in fiscal 2025. It ended the year with $6.4 billion of debt and $46.4 billion in cash and short-term investments, a net cash position of $40.0 billion. It returned $416.0 million to shareholders: $416.0 million in dividends and $0 in share buybacks. The share count fell 21.4% from 236.8M to 186.1M over 9 years.
See the LNC income statement, the LNC chart for price history, or the LNC stock overview for the latest quote and news.
LNC key metrics FAQ
What is Lincoln National's P/E ratio?
Lincoln National's trailing P/E ratio is 3.4 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 5.2. At the end of fiscal 2025 it was 7.0, compared with a 10-year median of 7.7.
What is Lincoln National's return on equity?
Lincoln National's return on equity (ROE) was 12.3% in fiscal 2025: net income of $1.2 billion on average shareholders' equity of $9.6 billion.
How much debt does Lincoln National have?
Lincoln National had total debt of $6.4 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.59 and more cash than debt.
What is Lincoln National's dividend yield?
Lincoln National's forward dividend yield is 4.52%. Lincoln National paid $416.0 million in dividends in fiscal 2025 ($2.24 per share), a payout ratio of 35.3%.
What is Lincoln National's free cash flow yield?
Lincoln National generated -$167.0 million of free cash flow in fiscal 2025, a free cash flow yield of −2.0% on its market value at year-end ($8.3 billion).
What is Lincoln National's current ratio?
Lincoln National's current ratio was 0.47 at the end of fiscal 2025: current assets were 0.47 times current liabilities.