Lincoln National
LNC on NYSE. Lincoln National sells life insurance and annuities to people and businesses. Market value $7.8bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 12 cents. Above 10 is good.
What you pay for each dollar of net assets: $0.71.
Profit per $100 you pay: $29.29.
Quality score: 53 of 100. Price score: 100 of 100. Our list needs 70 on quality and 60 on price.
$42.08 a share, 31% above its 1-year low
Over the past year the price has ranged from $32.18 to $47.67.
Dividend: 4.0% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $17.7bn | $18.8bn | $11.6bn | $18.4bn | $18.2bn |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.17bn | 0.17bn | 0.17bn | 0.19bn | 0.19bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsSlow, 0.9% a year
- Buying back its own sharesNo, 13% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $4.5 billion last quarter, up 12% on a year ago.
- Profit: $1.3 billion, up 91% on a year ago.
- 9% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $4.1bn |
| December 2024 | $5.1bn |
| March 2025 | $4.7bn |
| June 2025 | $4.0bn |
| September 2025 | $4.6bn |
| December 2025 | $4.9bn |
| March 2026 | $5.3bn |
| June 2026 | $4.5bn |
| Quarter to | Amount |
|---|---|
| September 2024 | -$528m |
| December 2024 | $1.7bn |
| March 2025 | -$722m |
| June 2025 | $699m |
| September 2025 | $445m |
| December 2025 | $754m |
| March 2026 | -$172m |
| June 2026 | $1.3bn |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 19 February 2026
- Next quarterly (estimated, 10-Q)
- 29 October 2026
Who owns it
8 long-term investors we follow own it, unchanged from 8 last quarter. 616 funds in all.
- LSV Asset ManagementJosef Lakonishok
- Value
- $90m
- Share of fund
- 0.2%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| LSV Asset ManagementJosef Lakonishok | $90m | 0.2% | |
| Gotham Asset ManagementJoel Greenblatt | $25m | <0.1% | Added |
| First Eagle Investment ManagementMatthew McLennan | $25m | <0.1% | Added |
| Miller Value PartnersBill Miller IV | $21m | 5.0% | Added |
| Hotchkis & WileyHotchkis & Wiley team | $10m | <0.1% | Added |
| Royce & AssociatesChuck Royce | $4m | <0.1% | Added |
| GMOJeremy Grantham | $2m | <0.1% | Added |
| Boston PartnersBoston Partners team | $1m | <0.1% | Added |
Largest holders overall
- Bain Capital Prairie$663m
- BlackRock$656m
- Vanguard Portfolio Management$369m
- Dimensional Fund Advisors LP$303mAdded
- Vanguard Capital Management$295m
- Massachusetts Financial Services$227mAdded
- State Street$216mAdded
- Price T Rowe Associates$177mAdded
- Jennison Associates$133m
- Morgan Stanley$128m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Bain Capital Prairie, LLCPassive investor9.8%−0.1 ptsSince 10 August 2026
What they said
Item 4 is amended and supplemented by adding: In accordance with Section 6.2 of the Stock Purchase Agreement, on August 10, 2026, the Reporting Person informed the Company of its election to sell shares of Common Stock to the Company, as the Company repurchases shares in the…
Read the filing - BlackRock, Inc.Passive investor6.2%Since 30 June 2026
- Vanguard Portfolio ManagementPassive investor5.5%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.0%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Bain Capital Prairie, LLC Passive investor | 9.8%−0.1 pts | 10 August 2026 | What they saidItem 4 is amended and supplemented by adding: In accordance with Section 6.2 of the Stock Purchase Agreement, on August 10, 2026, the Reporting Person informed the Company of its election to sell shares of Common Stock to the Company, as the Company repurchases shares in the… Read the filing |
BlackRock, Inc. Passive investor | 6.2% | 30 June 2026 | |
Vanguard Portfolio Management Passive investor | 5.5% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.0% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $94,123 of shares on the open market. 5 sold $4m.
- Woodroffe SeanEVP, Ch Ppl Comms Ent Srvc OffSold
- Date
- 17 August 2026
- Shares
- 11,000
- Price
- $45.28
- Value
- $498,080
- KELLY GARY CDirectorSold
- Date
- 12 August 2026
- Shares
- 15,007
- Price
- $26.50
- Value
- $397,674
- Beazer CraigT TEVP & General CounselSold
- Date
- 5 June 2026
- Shares
- 30,000
- Price
- $34.45
- Value
- $1m
- Woodroffe SeanEVP, Ch Ppl Comms Ent Srvc OffSold
- Date
- 1 June 2026
- Shares
- 25,000
- Price
- $34.75
- Value
- $868,750
- Charters JenniferEVP, Chief Information OfficerBought
- Date
- 13 March 2026
- Shares
- 300
- Price
- $32.61
- Value
- $9,783
- Woodroffe SeanEVP, Ch Ppl Comms Ent Srvc OffSold
- Date
- 9 March 2026
- Shares
- 8,000
- Price
- $32.74
- Value
- $261,920
- Woodroffe SeanEVP, Ch Ppl Comms Ent Srvc OffSold
- Date
- 2 March 2026
- Shares
- 10,000
- Price
- $34.46
- Value
- $344,600
- Reid James WaltmanEVP Workplace SolutionsSold
- Date
- 18 February 2026
- Shares
- 3,050
- Price
- $41.81
- Value
- $127,521
- Kennedy John ChristopherEVP, Chief Dist. & Brand OffSold
- Date
- 10 December 2025
- Shares
- 3,519
- Price
- $44.15
- Value
- $155,364
- Ryan OwenDirectorBought
- Date
- 12 November 2025
- Shares
- 2,000
- Price
- $42.17
- Value
- $84,340
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 17 August 2026 | Woodroffe Sean EVP, Ch Ppl Comms Ent Srvc Off | Sold | 11,000 | $45.28 | $498,080 |
| 12 August 2026 | KELLY GARY C Director | Sold | 15,007 | $26.50 | $397,674 |
| 5 June 2026 | Beazer CraigT T EVP & General Counsel | Sold | 30,000 | $34.45 | $1m |
| 1 June 2026 | Woodroffe Sean EVP, Ch Ppl Comms Ent Srvc Off | Sold | 25,000 | $34.75 | $868,750 |
| 13 March 2026 | Charters Jennifer EVP, Chief Information Officer | Bought | 300 | $32.61 | $9,783 |
| 9 March 2026 | Woodroffe Sean EVP, Ch Ppl Comms Ent Srvc Off | Sold | 8,000 | $32.74 | $261,920 |
| 2 March 2026 | Woodroffe Sean EVP, Ch Ppl Comms Ent Srvc Off | Sold | 10,000 | $34.46 | $344,600 |
| 18 February 2026 | Reid James Waltman EVP Workplace Solutions | Sold | 3,050 | $41.81 | $127,521 |
| 10 December 2025 | Kennedy John Christopher EVP, Chief Dist. & Brand Off | Sold | 3,519 | $44.15 | $155,364 |
| 12 November 2025 | Ryan Owen Director | Bought | 2,000 | $42.17 | $84,340 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 19 Feb 2026, plus the 10-Q filed 30 Jul 2026 and 7 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have barely grown: 0.9% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.