Lincoln National Corporation

NYSE:LNC Stock Report

Market Cap: US$6.3b

Lincoln National Valuation

Is LNC undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of LNC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: LNC ($32.59) is trading below our estimate of future cash flow value ($125.76)

Significantly Below Future Cash Flow Value: LNC is trading below future cash flow value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for LNC?

Key metric: As LNC is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for LNC. This is calculated by dividing LNC's market cap by their current earnings.
What is LNC's PE Ratio?
PE Ratio5.7x
EarningsUS$1.09b
Market CapUS$6.31b

Price to Earnings Ratio vs Peers

How does LNC's PE Ratio compare to its peers?

The above table shows the PE ratio for LNC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average13.1x
PRI Primerica
10.5x2.90%US$7.9b
GL Globe Life
9.4x3.91%US$11.1b
CNO CNO Financial Group
16.4x16.39%US$3.8b
UNM Unum Group
16.1x16.24%US$11.9b
LNC Lincoln National
5.7x13.58%US$6.3b

Price-To-Earnings vs Peers: LNC is good value based on its Price-To-Earnings Ratio (5.7x) compared to the peer average (13.1x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does LNC's PE Ratio compare vs other companies in the US Insurance Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
KG Kestrel Group
1.3xn/aUS$88.49m
CUII China United Insurance Service
0.0003xn/aUS$3.13k
No more companies available in this PE range
LNC 5.7xIndustry Avg. 11.3xNo. of Companies16PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: LNC is good value based on its Price-To-Earnings Ratio (5.7x) compared to the US Insurance industry average (11.4x).

Price to Earnings Ratio vs Fair Ratio

What is LNC's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

LNC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio5.7x
Fair PE Ratio15.2x

Price-To-Earnings vs Fair Ratio: LNC is good value based on its Price-To-Earnings Ratio (5.7x) compared to the estimated Fair Price-To-Earnings Ratio (15.2x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst LNC forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$32.59
US$45.67
+40.12%
13.30%US$60.00US$38.00n/a12
Mar ’27US$34.30
US$46.50
+35.57%
12.40%US$60.00US$39.00n/a12
Feb ’27US$41.61
US$46.75
+12.35%
11.88%US$58.00US$41.00n/a12
Jan ’27US$44.53
US$46.33
+4.05%
12.31%US$59.00US$39.00n/a12
Dec ’26US$40.84
US$44.00
+7.74%
10.82%US$53.00US$35.00n/a12
Nov ’26US$42.00
US$43.92
+4.56%
10.86%US$53.00US$35.00n/a12
Oct ’26US$40.11
US$42.75
+6.58%
14.01%US$58.00US$37.00n/a12
Sep ’26US$42.93
US$41.27
-3.86%
10.23%US$52.00US$35.00n/a11
Aug ’26US$36.87
US$40.18
+8.98%
9.89%US$49.00US$35.00n/a11
Jul ’26US$34.87
US$38.09
+9.24%
11.33%US$48.00US$32.00n/a11
Jun ’26US$33.14
US$37.91
+14.39%
10.34%US$46.00US$32.00n/a11
May ’26US$31.97
US$36.91
+15.45%
13.09%US$46.00US$31.00n/a11
Apr ’26US$36.01
US$39.18
+8.81%
11.76%US$50.00US$32.00n/a11
Mar ’26US$39.00
US$39.36
+0.93%
11.38%US$50.00US$32.00US$34.3011
Feb ’26US$35.16
US$36.09
+2.65%
10.60%US$43.00US$28.00US$41.6111
Jan ’26US$31.71
US$36.09
+13.82%
11.36%US$45.00US$29.00US$44.5311
Dec ’25US$35.54
US$35.91
+1.04%
11.29%US$45.00US$29.00US$40.8411
Nov ’25US$33.52
US$34.18
+1.97%
9.24%US$40.00US$28.00US$42.0011
Oct ’25US$30.90
US$33.27
+7.68%
10.73%US$40.00US$28.00US$40.1111
Sep ’25US$32.10
US$32.90
+2.49%
10.21%US$38.00US$28.00US$42.9310
Aug ’25US$34.05
US$32.60
-4.26%
9.22%US$38.00US$28.00US$36.8710
Jul ’25US$31.32
US$31.50
+0.57%
11.02%US$38.00US$27.00US$34.8710
Jun ’25US$32.99
US$30.30
-8.15%
8.74%US$35.00US$27.00US$33.1410
May ’25US$27.69
US$30.00
+8.34%
8.43%US$35.00US$26.00US$31.9710
Apr ’25US$31.60
US$28.20
-10.76%
7.40%US$33.00US$26.00US$36.0110
Mar ’25US$27.70
US$28.10
+1.44%
6.65%US$32.00US$26.00US$39.0010
US$45.67
Fair Value
28.6% undervalued intrinsic discount
12
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/03/12 07:01
End of Day Share Price 2026/03/12 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Lincoln National Corporation is covered by 29 analysts. 10 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullArgus Research Company
Jay GelbBarclays
Taylor ScottBarclays