Lincoln International, Inc. (LCLN) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Lincoln International, Inc. stock $5.13, price $25.96, that is 80.3% below the price, quality 49 out of 100. Rating: strongly overvalued. Calculated from audited financials with 8 of our 26 valuation models and 37 quality factors, updated daily.
Lincoln International, Inc. operates as an independent investment banking advisory firm focuses on the private capital markets in United States and Internationally. The company operates through two segments: Investment Banking Advisory and Valuations and Opinions.
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The investment Banking Advisory segment provides capital advisory, such as debt advisory, special situations and restructuring, and growth/minority equity; private funds advisory, includes structured / continuation vehicles, single asset vehicles, primary funds, and co-investment vehicles.
The Valuations and Opinions segment provides portfolio valuations, transaction opinions and board advisory, disputes advisory services to alternative asset managers includes private equity firms, private credit firms, mutual funds, insurance companies, banks, infrastructure firms, hedge funds, and institutional investors; In addition it also provides financial advice to general partners, boards of directors, special committees, investors, trustees, and other corporate decision-makers at both public and private companies; other services, such as strategic consulting, an executive peer exchange called Connect, which fosters connection and mentorship among leaders within the insurance and wealth sectors, and an agency member network, FirstChoice, which provides members direct insurance carrier access, strategic business planning, advanced technology services, and a education platform.
It also develops a platform to support clients in attracting capital and investing with purpose, driving value, and realizing returns. It serves Business Services, Consumer, Healthcare, Industrials, and Technology sectors. The company was founded in 1996 and is based in Chicago, Illinois.
Stock analysis
Lincoln International, Inc. (LCLN) currently trades at $25.96, while our model-based Fair Value estimate is $5.13, 80% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of $12.56 per share, and 0 of the 8 models we run sit above the $25.96 price.
Bear case: the Multiples group reads lowest at $0.6700, and 8 of the 8 models stay below the price. Data coverage for this calculation is low.
Scenario range: $3.03 (bear) to $10.16 (bull), the price of $25.96 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 49/100 (below-average quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Lincoln International, Inc. reported revenue of $854M in FY2025 versus $641M in FY2021, a compound +7.5%/yr. Reported net income was $5.4M in FY2025, compounding −64.0%/yr from FY2021.
Key figures
Market cap $2.7B Mid · P/S ratio 2.83 · EPS (TTM) $−1.65 · Net margin 0.6% · Return on assets (EBIT) 27.9% (4-year average) · Operating margin −7.0% · Revenue (TTM) $874M · Revenue growth (YoY) +50.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 34 out of 100 (low confidence).
What moves the price
For context, the median of 10 Financial Services peers we cover trades at −11% fair-value upside, at −80%, LCLN screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely ($0.6700 to $19.11). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear$3.03Fair Value $5.13Bull$10.16
Price $25.96 · Downside -80.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Growth DCF$10.31$19.11$35.2168
5Y P/E Exit$3.57$5.02$6.5565
Rev-Margin DCF$3.96$6.01$9.0165
All 8 models by family
DCF Models
Owner Earnings$2.75$6.03$12.5564
5Y P/E Exit$3.57$5.02$6.5565
10Y P/E Exit$5.81$8.38$11.9558
Earnings-Based
Graham-Dodd$0.3500$2.44$3.4260
Lynch FV$0.7400$1.05$1.3758
Multiples
P/E Multiple$0.5000$0.6700$0.840063
Growth DCF
Growth DCF$10.31$19.11$35.2168
Rev-Margin DCF$3.96$6.01$9.0165
The fair value above starts from this blend and is adjusted for dilution from new shares.
In the last 6 months, no officer or director bought or sold shares on the open market.
Plus 17 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.87/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−55.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−55.8%
Dividend (yield on the price)0.0%
Profit margin 2021 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.54% → 3%
AI conclusion: The firm gains specialized capabilities in European insurance and wealth advisory from its MarshBerry extension, yet low margins and ROA signal limited durable competitive advantage.
Main risk: Cyclical pressures on M&A and valuations activity in private capital markets could constrain revenue diversification and hit overall advisory income.
Lincoln International has expanded its European financial services advisory with a new managing director focused on insurance and wealth sectors, extending the MarshBerry acquisition. This adds specialized capabilities to its established M&A and valuations platform in private capital markets. Our models see the business as undervalued, yet will the European push generate sustained revenue diversification or encounter the same cyclical pressures that affect other advisors?
Compare Lincoln International, Inc. with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Capital Markets · 384 stocks
Beats the industry median on 2/10 measures
Overall it trails its industry peers.
Valuation
Quality Score49 · Below median
Fair Value upside−80.3% · Bottom 25%
Profitability
Return on equity (12 months)Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets0.5% · Bottom 25%
Net margin (12 months)17.9% · Below median
Operating margin (12 months)−7.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)50.8% · Top 25%
Dividend yield (12 months)0.0% · Bottom 25%
Balance sheet
Debt / equityNegative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Valuation Multiplesvs Capital Markets median · lower = cheaper
P/BNegative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
P/S (12 months)3.13× · Cheaper than median
Price / free cash flow (fiscal year)12.7× · Pricier than median
EV/EBITDA9.4× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 42
FUTURE (revenue growth)100· sector 68
PAST (return on equity)0· sector 38
HEALTH (low debt)–
DIVIDEND (yield)0· sector 47
VALUE 0: the price sits above our fair-value range.
HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Lincoln International, Inc. Fair Value". https://www.fairvalue-calculator.com/stock/LCLN
Frequently asked questions
Is Lincoln International, Inc. (LCLN) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $5.13 versus a price of $25.96, about 80% lower (overvalued).
What is the fair value of LCLN?
Our model-based fair value for Lincoln International, Inc. is $5.13 (as of Nov 8, 2026), built from audited fundamentals. The current price: $25.96.
What is the quality score of LCLN?
Lincoln International, Inc. has a Quality Score of 49/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Lincoln International, Inc. (LCLN)?
Our model-based price target is the fair value of $5.13 (as of Nov 8, 2026) from 8 valuation models. Cautious scenario $3.03, optimistic scenario $10.16. It is a calculation from audited fundamentals, not an analyst target.
What is the Lincoln International, Inc. stock forecast for 2026?
Our models put fair value at $5.13, about 80% lower versus a price of $25.96 (overvalued). Cautious scenario $3.03, optimistic scenario $10.16. The calculation is refreshed regularly with new filings.
What is the revenue of Lincoln International, Inc. (LCLN)?
Lincoln International, Inc. reported trailing-twelve-month revenue of about $874M (latest available figure, as of Nov 8, 2026).
What is the intrinsic value of Lincoln International, Inc. (LCLN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Lincoln International, Inc. it is $5.13 per share (as of Nov 8, 2026), against a price of $25.96. It is the blended result of 8 valuation models in 4 families (DCF Models, Earnings-Based, Multiples, Growth DCF).
Is Lincoln International, Inc. stock overvalued or undervalued in 2026?
As of Nov 8, 2026, LCLN trades above its calculated fair value: price $25.96, fair value $5.13, a gap of about −80% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of LCLN?
No. The price is what the market pays today ($25.96); the fair value is what the company's own numbers justify ($5.13). For Lincoln International, Inc. the two are $20.83 per share apart. That gap is exactly why we show both numbers side by side.
How much is Lincoln International, Inc. worth?
The market values Lincoln International, Inc. at about $2.7B (market capitalisation, as of Nov 8, 2026). Per share that is $25.96; our models calculate a fair value of $5.13 per share.
What do the bullish and bearish scenarios say about LCLN?
Our models span a range for Lincoln International, Inc.: cautious scenario $3.03, base $5.13, optimistic $10.16 per share (as of Nov 8, 2026, price $25.96). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Lincoln International, Inc. (LCLN)?
Balance-sheet figures for Lincoln International, Inc. (as of Nov 8, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
Which stocks are comparable to Lincoln International, Inc.?
From the same area (Financial Services) we also value Morgan Stanley, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Lincoln International, Inc. stock attractive at the current price?
The data as of Nov 8, 2026: price $25.96, calculated fair value $5.13 (−80%), Quality Score 49/100, from 8 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of LCLN calculated?
We run Lincoln International, Inc. through 8 models from 4 families: DCF Models, Earnings-Based, Multiples, Growth DCF. Every model gets the same audited fundamentals; the fair value of $5.13 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Lincoln International, Inc. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Lincoln International, Inc. (LCLN)?
The closing price on Nov 6, 2026 was $25.96. Our model-based fair value is $5.13, about 80% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Lincoln International, Inc. right now?
The price sits above even our optimistic bull case ($10.16). The favourable scenario is already priced in. Weak quality (49/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide ($3.03 to $10.16). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of Lincoln International, Inc.
How large is the market capitalisation of Lincoln International, Inc. (LCLN)?
The market capitalisation of Lincoln International, Inc. is $2.7B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Lincoln International, Inc. (LCLN)?
The price-to-sales ratio of Lincoln International, Inc. is 2.83 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Lincoln International, Inc. (LCLN)?
Earnings per share at Lincoln International, Inc. are $−1.65. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Lincoln International, Inc. (LCLN)?
The net margin of Lincoln International, Inc. is 0.6% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the EBIT return on assets of Lincoln International, Inc. (LCLN)?
On an EBIT basis the return on assets of Lincoln International, Inc. is 27.9% (avg 4y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Lincoln International, Inc. (LCLN)?
The operating margin of Lincoln International, Inc. is −7.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Lincoln International, Inc. (LCLN)?
Revenue at Lincoln International, Inc. is growing +50.8% versus a year earlier (3y avg +10.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Lincoln International, Inc. (LCLN) generate?
The free cash flow of Lincoln International, Inc. is $214M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Lincoln International, Inc. (LCLN) carry?
The net debt of Lincoln International, Inc. is $94.4M (fiscal year 2025, ≈ 0.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 8, 2026
