# Lincoln National Corporation (LNC)

> Source: Nexqual · https://nexqual.com/LNC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Lincoln National Corporation (LNC), nexqual.com/LNC" · informational, not investment advice.

**Price:** USD 41.11 (+1.78% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 40.39 · day 39.96–41.12 · 52w 32.18–47.67 · market cap $7.87B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $19.3B, net income $2.36B (12.2% margin) (SEC filings).
- Valuation: P/E 3.3x (avg 4.3x at the last 2 fiscal year-ends), net cash $3.30B.
- 2 of 80 tracked superinvestors hold LNC (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Analysts: Hold (mean 2.54 on a 1–5 scale) (13 analysts), mean target USD 47.83 (range 35–57).
- Total return with dividends: 1Y +9.4% vs S&P 500 +14.9%; 5Y -29.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 1.95, revenue estimate $4.98B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $17.7B | $18.8B | $11.6B | $18.4B | $18.2B | $19.3B |
| Net income | $3.78B | $1.36B | -$752M | $3.27B | $1.18B | $2.36B |
| EPS (diluted) | $19.96 | $7.78 | -$4.92 | $18.41 | $5.83 | — |
| Net margin | 21.3% | 7.2% | -6.5% | 17.8% | 6.5% | 12.2% |
| Revenue growth | +1.6% | +6.2% | -38.1% | +58.4% | -1.2% | — |
| Cash + short-term investments | $2.61B | $3.34B | $3.37B | $5.80B | $9.50B | — |
| Total debt | $6.92B | $6.83B | $5.95B | $6.16B | $6.27B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 3.3x · P/S 0.4x · EV/Sales 0.2x · P/B 0.7x · Earnings yield 29.97% · Dividend yield (paid, TTM) 4.37% · Net cash $3.30B · EV $4.57B
P/E at fiscal year-ends: Dec 2025 7.0x, Dec 2024 1.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold LNC. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Miller | Miller Value Partners | 5.04% | $21.3M | Added +5.7% |
| First Eagle Investment | First Eagle Investment Management | 0.02% | $12.3M | Reduced -18.6% |

## Analysts
Consensus Hold (mean 2.54 on a 1–5 scale), 13 analysts; mean target USD 47.83 (low 35, high 57).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | JP Morgan | Target lowered | Underweight | $49 → $47 |
| 2026-10-12 | Wells Fargo | Target raised | Overweight | $52 → $54 |
| 2026-10-09 | Keefe, Bruyette & Woods | Target lowered | Outperform | $51 → $50 |
| 2026-10-07 | Mizuho | Target lowered | Outperform | $53 → $49 |
| 2026-10-07 | Barclays | Target raised | Overweight | $45 → $48 |
| 2026-10-07 | Evercore ISI Group | Target lowered | In-Line | $52 → $51 |
| 2026-10-06 | UBS | Target raised | Neutral | $44 → $46 |
| 2026-10-05 | Morgan Stanley | Target lowered | Overweight | $50 → $47 |
| 2026-08-24 | Morgan Stanley | Target raised | Overweight | $40 → $50 |
| 2026-07-31 | Mizuho | Target raised | Outperform | $51 → $53 |
| 2026-07-31 | Keefe, Bruyette & Woods | Target raised | Outperform | $46 → $51 |
| 2026-07-22 | TD Cowen | Target raised | Hold | $37 → $42 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +9.4% | -29.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +9.4% | -6.7% |
| Volatility (annualized) | 33.7% | 42.9% |
| Max drawdown | -29.1% (Jan 2026→Mar 2026) | -73.0% (Oct 2021→May 2023) |

## Peers (Insurance - Life)
PRI (Primerica, Inc.) USD 285.72 +0.38% · JXN (Jackson Financial Inc.) USD 133.32 +2.42% · CNO (CNO Financial Group, Inc.) USD 55.5 +0.16% · GL (Globe Life Inc.) USD 168.41 -0.71% · UNM (Unum Group) USD 93.75 +0.04% · GNW (Genworth Financial Inc) USD 8.94 +1.02%

## More
Full page: https://nexqual.com/LNC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name LNC in their own reports (relationship from LNC's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Voya Financial, Inc. (VOYA) | 10-K 2026-02-20 | "Reinsurance recoverable, net of the allowance for credit losses, related to the reinsurance agreement with Lincoln was $0.8 billion and $0.9 billion as of December 31, 2025 and 2024, respectively, on …" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.95 | $2.02 | -3.1% | $4.98B | 13 |
| Next quarter (ends 2026-12-31) | $2.05 | $2.01 | +2.2% | $5.00B | 11 |
| Current fiscal year (ends 2026-12-31) | $7.90 | $7.65 | +3.2% | $19.79B | 13 |
| Next fiscal year (ends 2027-12-31) | $8.72 | $8.40 | +3.8% | $20.54B | 13 |