Lincoln National Corp. (LNC) intrinsic value & 10-year financials
Lincoln National Corp. (LNC) has a Graham intrinsic value of $59.35 per share. At $39.28 on Oct 20, 2026, the stock trades 34% below that value. Over the last 10 fiscal years revenue grew 3.5% a year to $18.2B, with an average return on invested capital of 6.5%.
- Graham intrinsic value
- $59.35
- Share price (Oct 20, 2026)
- $39.28
- Price vs Graham value
- 34% below
- Market cap
- $7.3B
- Revenue (FY2025)
- $18.2B
- Revenue growth (10-yr CAGR)
- 3.5%
- ROIC (10-yr avg)
- 6.5%
- Free cash flow (FY2025)
- —
LNC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $18.2B | $1.2B | $5.83 | — | — | 13.9% |
| FY2024 | $18.4B | $3.3B | $18.41 | — | — | 35.5% |
| FY2023 | $11.6B | -$752.0M | -$4.92 | — | — | -8.7% |
| FY2022 | $18.8B | -$2.2B | -$13.10 | — | — | -14.0% |
| FY2021 | $19.2B | $1.4B | $7.43 | — | — | 5.4% |
| FY2020 | $17.4B | $499.0M | $2.56 | — | — | 2.0% |
| FY2019 | $17.3B | $886.0M | $4.38 | — | — | 4.3% |
| FY2018 | $1.3B | $1.6B | $7.40 | — | — | 8.4% |
| FY2017 | $14.3B | $2.1B | $9.22 | — | — | 10.9% |
| FY2016 | $13.3B | $1.2B | $5.03 | — | — | 7.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
LINCOLN NATIONAL CORP has demonstrated mature, steady growth, with revenue compounding at 3.5% annually over the past decade.
LINCOLN NATIONAL CORP has historically struggled to out-earn its cost of capital, averaging just 6.5% ROIC.
Over the decade, LINCOLN NATIONAL CORP shows that management has aggressively returned capital to shareholders by retiring 21.4% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, LINCOLN NATIONAL CORP is modeled at 1.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $59.35 per share.