Lincoln National Corporation

Lincoln National Corporation

LNCยทNYSE

$33.53

+0.10%
Financial ServicesInsurance - Life

Lincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States. It operates through four segments: Annuities, Retirement Plan Services, Life Insurance, and Group Protection. The Annuities segment offers fixed, variable, and indexed variable annuities. The Retirement Plan Services segment provides employers with retirement plan products and services primarily in the defined contribution retirement plan marketplace. This segment offers individual and group variable annuities, group fixed annuities, and mutual fund-based programs; and a range of plan services, including plan recordkeeping, compliance testing, participant education, and trust and custodial services. The Life Insurance segment provides life insurance products, including term insurance, such as single and survivorship versions of universal life insurance; variable universal life insurance; indexed universal life insurance products; and critical illness and long-term care riders. The Group Protection segment offers group non-medical insurance products comprising short and long-term disability, statutory disability and paid family medical leave administration and absence management services, term life, dental, vision and accident, and critical illness benefits and services to the employer marketplace through various forms of employee-paid and employer-paid plans. The company distributes its products through consultants, brokers, planners, agents, financial advisors, third-party administrators, and other intermediaries. Lincoln National Corporation was founded in 1905 and is based in Radnor, Pennsylvania.

At a Glance

Live Snapshot
Market Cap$6.41B
EPS5.9500
P/E Ratio5.64
Earnings Date07/30/2026
Lincoln National Corporation

Lincoln National Corporation Fair Value Envelope

LNC ยท NYSE

Our analysis suggests that LNC has a fair value of HIDDEN per share in the Base Case projection. With shares currently trading at $33.53, this represents a potential HIDDEN relative to our calculated worth for Lincoln National Corporation.

Intrinsic Value
Current Price: $33.53

Owner Earnings Valuation Tool

Warren Buffett's Owner Earnings DCF analysis for intrinsic value calculation

Historical Financial Data

Base year metrics used for projections

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Projection Settings

Forecast period and terminal assumptions

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DCF Valuation Summary

Calculation flow from present value to intrinsic value per share

Present Value-$118.2B
+ Cash & Equivalents$9.5B
Firm Value-$108.7B
- Debt$6.4B
Equity Value-$115.2B
/ Shares Outstanding189,939,050B
DCF Value-$606
OVERVALUED BY 1908%

Owner Earnings Projections

Operating Cash Flow - Maintenance CapEx = Owner Earnings

Metric
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
Operating Cash Flow
-$320.1M
-$613.6M
-$1.2B
-$2.3B
-$4.3B
-$8.3B
-$15.9B
-$30.4B
-$58.3B
-$111.8B
Maintenance CapEx
-$0
-$0
-$0
-$0
-$0
-$0
-$0
-$0
-$0
-$0
Owner Earnings
-$320.1M
-$613.6M
-$1.2B
-$2.3B
-$4.3B
-$8.3B
-$15.9B
-$30.4B
-$58.3B
-$111.8B
Discount Factor
0.926
0.857
0.794
0.735
0.681
0.630
0.583
0.540
0.500
0.463
Present Value
-$296.4M
-$526.0M
-$933.6M
-$1.7B
-$2.9B
-$5.2B
-$9.3B
-$16.4B
-$29.2B
-$51.8B
Terminal Value represents 0.0% of Enterprise Value
Negative Owner Earnings
This company generates negative free cash flow. Consider adjusting maintenance CapEx percentage or check the financial data.