US · USD

LNC

Lincoln National Corporation

$42.08+2.86% ($1.17)Updated 10/6/26, 5:00 PM

Day's range: $41.17 – $42.77
Day's volume: $129.3M
52-week range: $31.80 – $47.00

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LNC in numbers

Market cap: $8.1B

P/E: 3.42

P/B: 0.71

Dividend yield (12m): 4.28%

The 12-month dividend yield of LNC is 4.28%, below its 5-year average of 4.94%.

LNC price history

10/07/202510/06/2026

Compare with

LNC risk and return

Monthly closes adjusted for splits and distributions.

Metric	12 months	36 months	60 months
Return	+5.90%	+104.96%	-18.37%
Volatility (annualized)	40.96%	35.21%	41.64%
Largest drawdown	-22.17%	-22.17%	-68.20%
Positive months	6/12	21/36	29/60

How much did investing in LNC return?

Amount invested

$1,000.00 invested on 11/01/2021 would be worth $816.27 today.

Value today in LNC: $816.27

Return over the period: -18.37%

Return per year: -4.04%

In the S&P 500: $1,712.05

With dividends reinvested, before taxes and costs, at month-end closes. Past returns do not guarantee future ones.

LNC fundamentals

Valuation

P/E3.42
P/B0.71
EV/EBITDA—
EV/EBIT—
EV/Revenue0.77
P/EBIT—
P/S0.42
P/OCF-6.07
P/FCF—
Earnings yield—
PEG ratio—
Earnings per share$12.32
Book value per share$59.28

Debt

Net debt$6.9B
Net debt/EBITDA—
Net debt/Equity0.60
Debt/Equity0.60
Current ratio—
Quick ratio—
Cash ratio—

Efficiency

Gross margin—
EBITDA margin—
Operating margin—
Net margin12.21%
Asset turnover0.04

Profitability

ROE20.79%
ROA0.55%
ROIC—
Payout14.61%

Growth

Revenue CAGR (5 years)0.46%
Earnings CAGR (5 years)10.92%
Revenue growth (year)—
Earnings growth (year)—
Revenue growth (quarter)—
Earnings growth (quarter)—

What is LNC's fair price?

Two classic value formulas, with today's numbers. The current price is $42.08.

Graham's fair price: $128.20; 204.66% above the price

√(22.50 × $12.32 × $59.28)

Benjamin Graham paid no more than a P/E of 15 and a P/B of 1.5. Their product, 22.5, times earnings (EPS) and book value per share gives the fair price.

Bazin's ceiling price: $29.60; 29.66% below the price

$1.78 (5-year average) ÷ 6%

Décio Bazin only bought stocks yielding at least 6% a year in distributions. The ceiling price is the average dividend per share of recent years over 6%.

Graham ignores growth and debt; Bazin assumes past distributions repeat. They are references to compare, not a buy recommendation.

LNC's indicators by year

Multiples at each year's closing price; margins and returns from that year's statements.

Indicator	2025	2024	2023	2022	2021	2020	2019	2018
P/E	7.19	1.65	-6.09	3.83	3.12	19.35	13.01	6.39
P/B	0.78	0.65	0.66	1.02	0.59	0.43	0.59	0.73
Dividend yield	4.04%	5.68%	6.67%	5.86%	2.46%	3.18%	2.51%	2.57%
Earnings per share	$6.19	$19.22	-$4.43	$8.03	$21.91	$2.60	$4.53	$8.03
Book value per share	$57.37	$48.53	$40.63	$30.15	$115.48	$118.25	$100.78	$70.24
ROE	10.79%	39.61%	-10.91%	26.62%	18.97%	2.20%	4.50%	11.44%
Net margin	6.46%	17.76%	-6.46%	7.22%	21.33%	2.86%	5.13%	122.19%

LNC's financial statements

Line	2025	2024	2023	2022	2021	2020
Net revenue	$18.2B	$18.4B	$11.6B	$18.8B	$17.7B	$17.4B
Cost of revenue	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—
EBITDA	—	—	—	—	—	—
EBIT	—	—	—	—	—	—
Financial result	—	—	—	—	—	—
Income before tax	$1.3B	$4B	-$1.1B	$1.7B	$4.6B	$423M
Income tax	-$161M	-$747M	$396M	-$367M	-$865M	$76M
Net income	$1.2B	$3.3B	-$752M	$1.4B	$3.8B	$499M

Figures the company filed with the CVM. Debt excludes leases; each quarter is that quarter alone.

Does LNC pay dividends?

Announced payments
Type	Last day to own	Payment	Per share
Dividend	10/08/2026	11/02/2026	$0.45

Dividend yield per year

1.51%2017
2.57%2018
2.51%2019
3.18%2020
2.46%2021
5.86%2022
6.67%2023
5.68%2024
4.04%2025
3.21%2026

Payment history
Type	Last day to own	Payment	Per share
Dividend	07/09/2026	08/03/2026	$0.45
Dividend	04/09/2026	05/01/2026	$0.45
Dividend	01/09/2026	02/02/2026	$0.45
Dividend	10/09/2025	11/03/2025	$0.45
Dividend	07/09/2025	08/01/2025	$0.45
Dividend	04/09/2025	05/01/2025	$0.45
Dividend	01/09/2025	02/03/2025	$0.45
Dividend	10/09/2024	11/01/2024	$0.45
Dividend	07/09/2024	08/01/2024	$0.45
Dividend	04/08/2024	05/01/2024	$0.45
Dividend	01/08/2024	02/01/2024	$0.45
Dividend	10/06/2023	11/01/2023	$0.45

See all 39 distributions

Earlier distributions
Type	Last day to own	Payment	Per share
Dividend	07/06/2023	08/01/2023	$0.45
Dividend	04/05/2023	05/01/2023	$0.45
Dividend	01/06/2023	02/01/2023	$0.45
Dividend	10/05/2022	11/01/2022	$0.45
Dividend	07/07/2022	08/01/2022	$0.45
Dividend	04/07/2022	05/02/2022	$0.45
Dividend	01/06/2022	02/01/2022	$0.45
Dividend	10/06/2021	11/01/2021	$0.42
Dividend	07/08/2021	08/02/2021	$0.42
Dividend	04/08/2021	05/03/2021	$0.42
Dividend	01/07/2021	02/01/2021	$0.42
Dividend	10/07/2020	11/01/2020	$0.40
Dividend	07/08/2020	08/01/2020	$0.40
Dividend	04/08/2020	05/01/2020	$0.40
Dividend	01/08/2020	02/01/2020	$0.40
Dividend	10/08/2019	11/01/2019	$0.37
Dividend	07/08/2019	08/01/2019	$0.37
Dividend	04/08/2019	05/01/2019	$0.37
Dividend	01/08/2019	02/01/2019	$0.37
Dividend	10/08/2018	11/01/2018	$0.33
Dividend	07/06/2018	08/01/2018	$0.33
Dividend	04/06/2018	05/01/2018	$0.33
Dividend	01/08/2018	02/01/2018	$0.33
Dividend	10/05/2017	11/01/2017	$0.29
Dividend	07/05/2017	08/01/2017	$0.29
Dividend	04/05/2017	05/01/2017	$0.29
Dividend	01/05/2017	02/01/2017	$0.29

About Lincoln National

Sector: Finance, insurance and real estate

Questions about LNC

How much is LNC today?

LNC is at $42.08 (2.86% on the day), last traded on 10/06/2026.

How much did LNC pay in dividends in 2025?

LNC paid $1.80 per share in 2025, a dividend yield of 4.04%.

When is the next LNC dividend?

The next announced payment is $0.45 per share on 11/02/2026.

What are the P/E and P/B of LNC?

LNC trades at a P/E of 3.42 and a P/B of 0.71.

How much did LNC return in 12 months?

LNC returned 5.90% in 12 months, with annualized volatility of 40.96% and a largest drawdown of -22.17%.