Lincoln National Corporation (LNC) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Lincoln National Corporation stock $55.22, price $40.05, upside +37.9%, quality 33 out of 100. Rating: undervalued. Calculated from audited financials with 4 of our 26 valuation models and 37 quality factors, updated daily.
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Lincoln National Corporation
LNC · USThe stock costs 27% less than our calculation considers fair.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range $15.71 – $58.47 · fair‑value band $49.91 – $67.21 · the $40.05 price screens below the $55.22 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Company profile
Lincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States. It operates through four segments: Life Insurance, Annuities, Group Protection, and Retirement Plan Services.
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The Life Insurance segment provides life insurance products, including term insurance, universal life insurance (UL), indexed universal life insurance, variable universal life insurance (VUL), linked-benefit UL and VUL products, and critical illness and long-term care riders.
Its Annuities segment offers variable, fixed, and registered index-linked annuities.
The Group Protection segment offers group nonmedical insurance products consisting of short and long-term disability and administration services, statutory disability; paid family medical leave administration and absence management services; term life; life; supplemental health insurance; accident, critical illness, and hospital indemnity benefits and dental and vision products to the employer marketplace through various forms of employee-paid and employer-paid plans.
Its Retirement Plan Services segment provides employers with retirement plan products and services primarily in the defined contribution retirement plan marketplace; individual and group variable annuities, group fixed annuities, and mutual fund-based programs; and various plan services, including plan recordkeeping, compliance testing, participant education, and trust and custodial services.
It distributes its products through consultants, brokers, planners, agents, financial advisors, third-party administrators, financial institutions, and other intermediaries. Lincoln National Corporation was founded in 1905 and is headquartered in Radnor, Pennsylvania.
Stock analysis
Lincoln National Corporation (LNC) currently trades at $40.05, while our model-based Fair Value estimate is $55.22, implying the stock looks roughly 27% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $79.92 per share, and 2 of the 4 models we run sit above the $40.05 price.
Bear case: the Dividend Discount group reads lowest at $27.96, and 2 of the 4 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $49.91 (bear) to $67.21 (bull), the price of $40.05 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 33/100 (below-average quality), in the Financial Services sector.
Weak Growth: Revenue growth is weak, negative or inconsistent.
Lincoln National Corporation reported revenue of $18.2B in FY2025 versus $17.6B in FY2021, a compound +0.9%/yr. Reported net income was $1.2B in FY2025, compounding −25.3%/yr from FY2021.
Key figures
Market cap $7.9B Mid · P/E ratio 3.4 · P/S ratio 0.41 · EPS (TTM) $11.73 · Dividend yield 4.5% · Net margin 12.2% · Return on equity 22.6% · Return on assets (EBIT) 0.3% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 27% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −38% fair-value upside, at 38%, LNC screens cheaper than that median.
Fair Value models
All 4 models by family
Quality Score breakdown
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Insider trades
In the last 6 months, 2 officers or directors sold shares worth $2.4M and none bought.
- SaleSean WoodroffeEVP, Ch Ppl Comms Ent Srvc Off4× since Mar 2, 2026: 54,000 shares, avg. $36.54$2.0MAug 17, 2026
- SaleCraigT T BeazerEVP & General Counsel30,000 shares at $34.45$1.0MJun 5, 2026
- BuyJennifer ChartersEVP, Chief Information Officer300 shares at $32.61$9,783Mar 13, 2026
- SaleJames Waltman ReidEVP Workplace Solutions3,050 shares at $41.81$127,521Feb 18, 2026
- SaleJohn Christopher KennedyEVP, Chief Dist. & Brand Off3,519 shares at $44.15$155,364Dec 10, 2025
- BuyOwen RyanDirector2,000 shares at $42.17$84,340Nov 12, 2025
Plus 7 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.
Source: SEC Form 4, as of Nov 6, 2026. All filings at the SEC ↗
Revenue & earnings trend
Watch LNC, get fair value alerts →
Recent news
- Lincoln National Stock Faces Revenue Beat And Weak Earnings Quality
- Lincoln National (LNC) Reports Q3 Earnings: What Key Metrics Have to Say
- Lincoln Financial Group’s (NYSE:LNC) Q3 2026: beats on revenue
- Lincoln National (LNC) Q3 Earnings Lag Estimates
Compare Lincoln National Corporation with another stock
Price, fair value, quality and upside side by side.
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.Insurance - Life · 77 stocks
Valuation Multiplesvs Insurance - Life median · lower = cheaper
Strength profile in five axes (Snowflake)
HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.
Context: sector, industry, market
- Is the Financials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- P/B ratio by industry
- Net margin by industry
- Stock screener with 62 metrics
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Insurance - Life stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value | Compare |
|---|---|---|---|---|
| Ping An Insurance (Group) Company 601318 | ¥54.50 | ¥66.91 | +23% | vs LNC |
| China Life Insurance Company 601628 | ¥35.51 | ¥40.47 | +14% | vs LNC |
| Life Insurance Corporation LICI | ₹394.00 | ₹299.42 | −24% | vs LNC |
| Cathay Financial Holding 2882 | 106.00 TWD | 71.53 TWD | −33% | vs LNC |
| Manulife Financial Corporation MFC | $43.24 | $26.70 | −38% | vs LNC |
| Fubon Financial Holding 2881 | 155.50 TWD | 86.48 TWD | −44% | vs LNC |
| Aflac Incorporated AFL | $124.06 | $67.30 | −46% | vs LNC |
| AIA Group 1299 | HK$78.45 | HK$41.63 | −47% | vs LNC |
| MetLife, Inc MET | $98.27 | $48.73 | −50% | vs LNC |
| Great-West Lifeco Inc GWO | C$90.17 | C$41.90 | −54% | vs LNC |
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Frequently asked questions
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Key figures of Lincoln National Corporation
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