Reading the tape
NYSE: LNC
Lincoln National Corporation
Financial Services · Insurance - Life
Market Cap
$7.18B
52w High
$46.82
52w Low
$31.61
P/E
6.10
Volume
728.80K
Outstanding Shares
191.21M
Price vs Fundamentals
Why The Stock Is Moving
Mixed / unclearLow confidence
Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.
1Y Price: 13.79%Revenue (TTM): 1.7%FCF (TTM): 91.68%P/E: 20th pct
What changed
The stock rose 13.79% over the last year. Revenue grew 1.7% over the trailing twelve months. Operating margin moved from 22.35% to 7.31%. Free cash flow grew 91.68% over the trailing twelve months.
What the market seems to be pricing
The stock has moved higher against modestly improving underlying metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.
What would invalidate this read
Operating margin currently stands at 7.31%. A decisive move in revenue — currently up 1.7% — would be the clearest signal to resolve the ambiguity.
Company profile
Lincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States.
CEOEllen R. Gail Cooper
SectorFinancial Services
IndustryInsurance - Life
Employees9,783
IPO dateMar 17, 1980
Valuation
Forward P/E—
EV/EBITDA3.13
Enterprise value$4.9B
Price / Book0.66
Stock splits
Jun 22, 1999↑ Forward
Every 1 shares became 2
Jun 28, 1993↑ Forward
Every 1 shares became 2
Feb 1, 1984↑ Forward
Every 1 shares became 2
Profitability & growth
Standard profitability metrics can be misleading for financial/insurance companies. GAAP requires unrealized investment gains/losses in net income (affecting ROE), and margins are blended across diverse business segments.
Revenue growth-3.19%
Gross margin19.98%▲124.44%vs FY2024
Operating margin7.31%▼67.14%vs FY2024
ROE10.79%▼72.75%vs FY2024
Analyst consensus
RatingHold
Target price$43.50▲15.88%
10
Buy
16
Hold
2
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
May 7, 2026
Q2 FY26 · EPS est $1.63 · Revenue est $4.93B
View
Dividends
$1.80/shareQuarterlyDividend Achiever · 16yrAt RiskLNC pays a dividend with a 4.79% dividend yield, 16 consecutive years of growth, growing at 1.88% annually, covered -0.4× by free cash flow.
Dividend Yield
4.79%
Annual Div / Share
$1.80
5yr CAGR
+1.88%
Doubles every ~37.2yr
Payout Ratio
35.37%
At Risk
Dividend Growth Rate
3yr CAGR
+0%
5yr CAGR
+1.88%
10yr CAGR
+7.18%
Dividend Safety
5/10At Risk
Dividend History
Annualized dividend cycles per share
YearAnnual DivYoY
2026$1.80+0.0%
2025$1.80+0.0%
2024$1.80+0.0%
2023$1.80+3.4%
2022$1.74+6.1%
2021$1.64+6.5%
2020$1.54+10.0%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$48/yr
$4/mo
In 5 yrs
$53/yr+10%
$4/mo
In 10 yrs
$58/yr+20%
$5/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$48/yr $4/mo | $53/yr+10% $4/mo | $58/yr+20% $5/mo |
Yield-on-cost grows from 4.79% → 5.78% over 10yr
Analysis
Dividend Strengths
Dividend Achiever
LNC has raised its dividend for 16 consecutive years — qualifying as a Dividend Achiever, demonstrating long-term commitment to shareholder income.
Risks to Watch
Dividend exceeds free cash flow
Free cash flow covers only -0.40× the dividend. The company is paying out more than it generates in cash, which is unsustainable without borrowing or asset sales.