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Lincoln International, Inc. (LCLN) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Lincoln International, Inc. $48.06, price $23.95, upside +100.7%, quality 65 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Financial Services · US · ISIN US5337141015

LI Lincoln International, Inc. logo Thin data Sep 23, 2026

Lincoln International, Inc.

LCLN · US

Clearly undervaluedStrong Fair Value upside, but quality is only moderate.

✓Fair value $48.06 · Strongly undervalued (+101%)
✓Quality 65/100
!Mixed Growth (revenue YoY +47.6 %/yr)
✓Highly profitable · 24.0% net margin (TTM)
✓Negative equity (buybacks among others) · generates free cash flow
✓Ranks above peers (5/8)
!Moderate moat 55/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$27.19 $20.43 Fair Value $48.06 May 2026 Sep 2026

White line = price, green steps = our fair value per fiscal year. As of Sep 23, 2026.

How to read this chart

4‑month range $20.43 – $27.19 · fair‑value band $31.16 – $81.54 · the $23.95 price screens below the $48.06 fair value. As of Sep 23, 2026.

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Company profile

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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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. 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 $23.95, while our model-based Fair Value estimate is $48.06, implying the stock looks roughly 50.2% undervalued today.

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Valuation

Bull case: the Growth DCF group reads highest at a median of $55.90 per share, and 5 of the 8 models we run sit above the $23.95 price.

Bear case: the DCF Models group reads lowest at $45.34, and 3 of the 8 models stay below the price. Evidence for this calculation is low.

Scenario range: $31.16 (bear) to $81.54 (bull), the price of $23.95 sits below 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 65/100 (solid 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 $825M · P/S ratio 1.03 · EPS (TTM) $−0.8600 · Net margin 0.6% · Return on assets (EBIT) 27.9% · Operating margin 4.8% · Revenue (TTM) $797M · Revenue growth (YoY) +19.2%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).

What moves the price

For context, the median of 10 Financial Services peers we cover trades at −20% fair-value upside, at 101%, LCLN screens cheaper than that median.

Fair Value models

Bear $31.16 Fair Value $48.06 Bull $81.54
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. 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. Evidence ⓘEvidence = 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.
Highest evidence
Growth DCF $84.59 $139.86 $235.39 70
Owner Earnings $24.38 $40.64 $70.81 68
5Y P/E Exit $36.22 $45.34 $54.28 67
All 8 models by family
DCF Models
Owner Earnings $24.38 $40.64 $70.81 68
5Y P/E Exit $36.22 $45.34 $54.28 67
10Y P/E Exit $53.76 $71.57 $95.40 60
Earnings-Based
Graham-Dodd $1.06 $7.38 $10.36 60
Lynch FV $2.23 $3.19 $4.15 58
Multiples
P/E Multiple $1.52 $2.02 $2.53 63
Growth DCF
Growth DCF $84.59 $139.86 $235.39 70
Rev-Margin DCF $40.41 $55.90 $78.49 67

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Quality Score breakdown

Overall quality 65/100

Of which business quality 67 · Market factors (momentum, volatility) 42

Profitability 34
Margins and returns on capital today
Quality Growth 25
Are margins and returns improving?
Cashflow 97
Earnings quality: real cash, not paper profit
Fin. Strength 95
Balance sheet, leverage, solvency risk
Investment 50
Disciplined investing over empire-building
Low Volatility 24
Calm price path (market factor)
Momentum 55
Price trend over the last 3–12 months (market factor)
52W Momentum 40
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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Revenue & earnings trend

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%

Growth Forecast

Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−30.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+14.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −32.3% a year for the price and +11.7% for the forecasts.
Forecast 2026 (sales)+7.4%
Forecast 2027 (sales)+19.5%
Projected 2028 (sales)+17.3%
Projected 2029 (sales)+15.1%
Projected 2030 (sales)+12.9%

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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 · 463 stocks

Beats the industry median on 5/8 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 64 · Top 25%
Fair Value upside +100% · Top 25%
Profitability
Return on equity (TTM) 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 assets 0% · Below median
Net margin (TTM) 24% · Above median
Operating margin (TTM) 5% · Below median
Growth and dividend
Revenue growth 19% · Above median
Balance sheet
Debt / equity 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.

Valuation Multiplesvs Capital Markets median · lower = cheaper

P/B 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.
P/S (TTM) 1.04× · Cheaper than median
P/FCF 3.8× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 32
FUTURE (revenue growth)96 · sector 91
PAST (return on equity)0 · sector 30
HEALTH (low debt)0 · sector 95
DIVIDEND (yield)0 · sector 41

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Capital Markets stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Morgan Stanley, a financial holding company, MS $200.18 $312.73 +56%
The Goldman Sachs Group GS $949.49 $756.89 −20%
The Charles Schwab Corporation SCHW $100.35 $117.26 +17%
Interactive Brokers Group IBKR $91.88 $23.37 −75%
Robinhood Markets, Inc HOOD $124.25 $47.73 −62%
Macquarie Group MQG A$242.35 A$75.58 −69%
CITIC Securities Company 600030 ¥26.89 ¥17.68 −34%
Guotai Haitong Securities Co 601211 ¥17.71 ¥18.62 +5%
East Money Information Co 300059 ¥18.77 ¥4.77 −75%
CSC Financial Co 601066 ¥23.77 ¥40.45 +70%

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Lincoln International, Inc. · Fair Value
$48.06 +50%Fair Value
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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 Sep 23, 2026, our model estimates a fair value of $48.06 versus a price of $23.95, about +101% upside (undervalued).
What is the fair value of LCLN?
Our model-based fair value for Lincoln International, Inc. is $48.06 (as of Sep 23, 2026), built from audited fundamentals. The current price: $23.95.
What is the quality score of LCLN?
Lincoln International, Inc. has a Quality Score of 65/100. 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 $48.06 (as of Sep 23, 2026) from 8 valuation models. Cautious scenario $31.16, optimistic scenario $81.54. 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 $48.06, about +101% upside versus a price of $23.95 (undervalued). Cautious scenario $31.16, optimistic scenario $81.54. 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 $797M (latest available figure, as of Sep 23, 2026).
What growth is priced into Lincoln International, Inc. (LCLN)?
For today's price to be fair in a discounted-cash-flow model, Lincoln International, Inc. would have to grow free cash flow by -30.7 % per year for five years (discount rate 11.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +7.5 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of LCLN use?
Our models discount Lincoln International, Inc. at 11.2 %: a base by market capitalisation (small), country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Lincoln International, Inc. that is -30.7 % per year a year over ten years, using the same discount rate (11.2 %) and the same formula as our fair value.
How much growth has Lincoln International, Inc. (LCLN) delivered so far?
Over the past 4 years revenue at Lincoln International, Inc. grew +7.5 % a year. The price currently implies -30.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Lincoln International, Inc. (LCLN) growing?
The median revenue growth in the sector is +8.5 % a year. That is the yardstick for the growth priced into Lincoln International, Inc. (-30.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Lincoln International, Inc. (LCLN)?
The free-cash-flow yield on the price is 28.28 %: that much free cash flow Lincoln International, Inc. produces per unit of market value. When it exceeds the discount rate of our models (11.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
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 $48.06 per share (as of Sep 23, 2026), against a price of $23.95. It is the blended result of 8 valuation models (cash flow, earnings, asset, dividend).
Is Lincoln International, Inc. stock overvalued or undervalued in 2026?
As of Sep 23, 2026, LCLN trades below its calculated fair value: price $23.95, fair value $48.06, a gap of about +101% (undervalued). 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 ($23.95); the fair value is what the company's own numbers justify ($48.06). For Lincoln International, Inc. the two are $24.11 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 $825M (market capitalisation, as of Sep 23, 2026). Per share that is $23.95; our models calculate a fair value of $48.06 per share.
What do the bullish and bearish scenarios say about LCLN?
Our models span a range for Lincoln International, Inc.: cautious scenario $31.16, base $48.06, optimistic $81.54 per share (as of Sep 23, 2026, price $23.95). 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 Sep 23, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 65/100, 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, a financial holding company,, 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 Sep 23, 2026: price $23.95, calculated fair value $48.06 (+101%), Quality Score 65/100, 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 four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $48.06, 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 14.1 % above its aggregate fair value. Lincoln International, Inc. currently trades 101 % below its own fair value, and the market average says nothing about that. 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 Sep 23, 2026 was $23.95. Our model-based fair value is $48.06, about +101% upside (undervalued). 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 is below even our cautious bear case ($31.16). The market is more pessimistic than our downside scenario. The model range is unusually wide ($31.16 to $81.54). 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. Solid quality (65/100) at a price below fair value, the discount is the argument here, not the business quality.

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 $825M. 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 1.03 (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 $−0.8600. 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 4.8% (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 +19.2% 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.
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