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Also traded in: Germany

GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 4/10

vs
industry
vs
history
Cash-to-Debt 0.31
LNC's Cash-to-Debt is ranked lower than
89% of the 89 Companies
in the Global Insurance - Life industry.

( Industry Median: 7.42 vs. LNC: 0.31 )
Ranked among companies with meaningful Cash-to-Debt only.
LNC' s Cash-to-Debt Range Over the Past 10 Years
Min: 0.19  Med: 0.67 Max: 4.7
Current: 0.31
0.19
4.7
Equity-to-Asset 0.05
LNC's Equity-to-Asset is ranked lower than
63% of the 88 Companies
in the Global Insurance - Life industry.

( Industry Median: 0.08 vs. LNC: 0.05 )
Ranked among companies with meaningful Equity-to-Asset only.
LNC' s Equity-to-Asset Range Over the Past 10 Years
Min: 0.04  Med: 0.06 Max: 0.1
Current: 0.05
0.04
0.1
Debt-to-Equity 0.38
LNC's Debt-to-Equity is ranked lower than
62% of the 58 Companies
in the Global Insurance - Life industry.

( Industry Median: 0.25 vs. LNC: 0.38 )
Ranked among companies with meaningful Debt-to-Equity only.
LNC' s Debt-to-Equity Range Over the Past 10 Years
Min: 0.16  Med: 0.31 Max: 0.79
Current: 0.38
0.16
0.79
Debt-to-EBITDA 1.50
LNC's Debt-to-EBITDA is ranked lower than
79% of the 56 Companies
in the Global Insurance - Life industry.

( Industry Median: 1.20 vs. LNC: 1.50 )
Ranked among companies with meaningful Debt-to-EBITDA only.
LNC' s Debt-to-EBITDA Range Over the Past 10 Years
Min: -21.77  Med: 1.32 Max: 25.21
Current: 1.5
-21.77
25.21
WACC vs ROIC
30.88%
38.70%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 4/10

vs
industry
vs
history
Net Margin % 13.40
LNC's Net Margin % is ranked higher than
81% of the 88 Companies
in the Global Insurance - Life industry.

( Industry Median: 4.69 vs. LNC: 13.40 )
Ranked among companies with meaningful Net Margin % only.
LNC' s Net Margin % Range Over the Past 10 Years
Min: -5.71  Med: 8.8 Max: 14.58
Current: 13.4
-5.71
14.58
ROE % 12.28
LNC's ROE % is ranked higher than
70% of the 89 Companies
in the Global Insurance - Life industry.

( Industry Median: 10.16 vs. LNC: 12.28 )
Ranked among companies with meaningful ROE % only.
LNC' s ROE % Range Over the Past 10 Years
Min: -5.29  Med: 8.18 Max: 13.08
Current: 12.28
-5.29
13.08
ROA % 0.70
LNC's ROA % is ranked higher than
53% of the 89 Companies
in the Global Insurance - Life industry.

( Industry Median: 0.74 vs. LNC: 0.70 )
Ranked among companies with meaningful ROA % only.
LNC' s ROA % Range Over the Past 10 Years
Min: -0.28  Med: 0.48 Max: 0.77
Current: 0.7
-0.28
0.77
3-Year Revenue Growth Rate 7.60
LNC's 3-Year Revenue Growth Rate is ranked higher than
59% of the 79 Companies
in the Global Insurance - Life industry.

( Industry Median: 5.30 vs. LNC: 7.60 )
Ranked among companies with meaningful 3-Year Revenue Growth Rate only.
LNC' s 3-Year Revenue Growth Rate Range Over the Past 10 Years
Min: -19.2  Med: 3.6 Max: 14.8
Current: 7.6
-19.2
14.8
3-Year EBITDA Growth Rate -0.60
LNC's 3-Year EBITDA Growth Rate is ranked lower than
86% of the 76 Companies
in the Global Insurance - Life industry.

( Industry Median: 4.50 vs. LNC: -0.60 )
Ranked among companies with meaningful 3-Year EBITDA Growth Rate only.
LNC' s 3-Year EBITDA Growth Rate Range Over the Past 10 Years
Min: 0  Med: 8.1 Max: 130.8
Current: -0.6
0
130.8
3-Year EPS without NRI Growth Rate 17.60
LNC's 3-Year EPS without NRI Growth Rate is ranked higher than
72% of the 75 Companies
in the Global Insurance - Life industry.

( Industry Median: 6.40 vs. LNC: 17.60 )
Ranked among companies with meaningful 3-Year EPS without NRI Growth Rate only.
LNC' s 3-Year EPS without NRI Growth Rate Range Over the Past 10 Years
Min: 0  Med: 5.6 Max: 206.7
Current: 17.6
0
206.7
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» LNC's 30-Y Financials

Financials (Next Earnings Date: 2018-11-01)


Revenue & Net Income
Equity & Asset
Operating Cash Flow & Free Cash Flow
Operating Cash Flow & Net Income

» Details

Guru Trades

Q3 2017

LNC Guru Trades in Q3 2017

Paul Tudor Jones 4,765 sh (New)
Andreas Halvorsen 995,600 sh (New)
David Dreman 6,320 sh (unchged)
Steven Cohen Sold Out
Pioneer Investments 1,030,057 sh (-1.77%)
Caxton Associates 6,100 sh (-10.29%)
Jeremy Grantham 108,703 sh (-16.32%)
Ray Dalio 2,963 sh (-75.54%)
» More
Q4 2017

LNC Guru Trades in Q4 2017

Paul Tudor Jones 21,419 sh (+349.51%)
Andreas Halvorsen 2,182,923 sh (+119.26%)
Jeremy Grantham 151,203 sh (+39.10%)
Pioneer Investments 1,213,557 sh (+17.81%)
Ray Dalio 3,384 sh (+14.21%)
David Dreman 6,320 sh (unchged)
Caxton Associates Sold Out
» More
Q1 2018

LNC Guru Trades in Q1 2018

Jim Simons 36,274 sh (New)
George Soros 42,929 sh (New)
Caxton Associates 5,734 sh (New)
Ray Dalio 33,067 sh (+877.16%)
Pioneer Investments 1,344,231 sh (+10.77%)
David Dreman 6,320 sh (unchged)
Jeremy Grantham 147,303 sh (-2.58%)
Andreas Halvorsen 2,121,983 sh (-2.79%)
Paul Tudor Jones 4,658 sh (-78.25%)
» More
Q2 2018

LNC Guru Trades in Q2 2018

Jim Simons 641,974 sh (+1669.79%)
Ray Dalio 140,181 sh (+323.93%)
Andreas Halvorsen 4,693,707 sh (+121.19%)
Paul Tudor Jones Sold Out
Caxton Associates Sold Out
Pioneer Investments 1,273,448 sh (-5.27%)
Jeremy Grantham 94,388 sh (-35.92%)
George Soros 16,045 sh (-62.62%)
» More
» Details

Insider Trades

Latest Guru Trades with LNC

(List those with share number changes of more than 20%, or impact to portfolio more than 0.1%)

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
George Soros 2018-06-30 Reduce -62.62%0.04%$62.09 - $72.22 $ 65.13-5%16,045
George Soros 2018-03-31 New Buy0.06%$70.36 - $85.91 $ 65.13-17%42,929
Premium More recent guru trades are included for Premium Members only!!
Premium More recent guru trades are included for USA Subscribe Members only!!
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Business Description

Industry: Insurance - Life » Insurance - Life    NAICS: 524113    SIC: 6311
Compare:BOM:540777, LSE:SLA, TSE:7181, NAS:PFG, LSE:OML, XPAR:CNP, TSX:PWF, JSE:SLM, SHSE:601336, XKRX:032830, HKSE:00966, BOM:540719, SGX:G07, NYSE:UNM, XBRU:AGS, TSE:8795, NYSE:TMK, TSX:POW, NSE:ICICIPRULI, LSE:LGEN » details
Traded in other countries:LCO.Germany,
Headquarter Location:USA
Lincoln National Corp offers individual and group insurance, retirement, and investment products in the United States and the United Kingdom. It distributes its products through independent and company-employed agents, and banks.

Founded in 1905, Philadelphia-based Lincoln National offers individual and group insurance, retirement, and investment products in the United States and the United Kingdom. The firm distributes its products through independent and company-employed agents, wirehouses, and banks. Lincoln also owns and operates 15 radio stations it acquired as part of the 2006 merger with Jefferson-Pilot Financial.

Guru Investment Theses on Lincoln National Corp

Keeley Management Comments on Lincoln National Corp - Jul 30, 2018

Lincoln National Corporation (NYSE:LNC) (LNC - $62.25 – NYSE) is an insurance company with an emphasis on retirement services including annuities and corporate and non-profit retirement plans. As interest rates and the stock market rose in 2017, the stock performed very well. For most of this year, the stock market (at least as measured by the S&P 500 Index) has been pretty stagnant, and longer-term rates came down in the second half of the quarter. In addition, the life insurance sector has been pressured by concerns over long-term care insurance, to which Lincoln has limited exposure. Finally, the recent acquisition of Liberty’s group insurance business has put its stock repurchase program on hold for a couple quarters. With it likely to resume in the third quarter, we think LNC will have a better second half.





From Keeley Management's Mid Cap Dividend Value Fund second quarter 2018 shareholder letter.



Check out Keeley Asset Management Corp latest stock trades

Keeley Asset Management Comments on Lincoln National Corp - Oct 24, 2016

Lincoln National Corporation (NYSE:LNC) was also a top performer this quarter, returning nearly 22% and contributing 32 basis points to the Fund’s performance. The company reported second quarter earnings that were in-line with expectations. More importantly, some issues that management claimed were transient that hurt first quarter results did not recur. In addition, the company bought back a significant amount of stock and showed good progress on the issues that led to last quarter’s disappointing results.



From Keeley Mid-Cap Dividend Value Fund third-quarter 2016 commentary.



Check out John Keeley latest stock trades

Top Ranked Articles about Lincoln National Corp

Keeley Management Comments on Lincoln National Corp Guru stock highlight
Lincoln National Corporation (NYSE:LNC) (LNC - $62.25 – NYSE) is an insurance company with an emphasis on retirement services including annuities and corporate and non-profit retirement plans. As interest rates and the stock market rose in 2017, the stock performed very well. For most of this year, the stock market (at least as measured by the S&P 500 Index) has been pretty stagnant, and longer-term rates came down in the second half of the quarter. In addition, the life insurance sector has been pressured by concerns over long-term care insurance, to which Lincoln has limited exposure. Finally, the recent acquisition of Liberty’s group insurance business has put its stock repurchase program on hold for a couple quarters. With it likely to resume in the third quarter, we think LNC will have a better second half. Read more...
The Impact Partnership announces first-ever Fixed Indexed Annuity designed for high net worth individuals, developed in partnership with Lincoln Financial Group
New Research: Key Drivers of Growth for Antero Resources, Hudson Pacific Properties, Lincoln National, TreeHouse Foods, GNC, and AMETEK — Factors of Influence, Major Initiatives and Sustained Production
Consolidated Research: 2018 Summary Expectations for Invesco, Swift Transportation, Kansas City Southern, Lumber Liquidators, Lincoln National, and Alliant Energy – Fundamental Analysis, Key Performance Indications

Ratios

vs
industry
vs
history
PE Ratio 7.37
LNC's PE Ratio is ranked higher than
80% of the 83 Companies
in the Global Insurance - Life industry.

( Industry Median: 13.25 vs. LNC: 7.37 )
Ranked among companies with meaningful PE Ratio only.
LNC' s PE Ratio Range Over the Past 10 Years
Min: 2.46  Med: 10.73 Max: 100.5
Current: 7.37
2.46
100.5
Forward PE Ratio 7.69
LNC's Forward PE Ratio is ranked higher than
82% of the 33 Companies
in the Global Insurance - Life industry.

( Industry Median: 11.90 vs. LNC: 7.69 )
Ranked among companies with meaningful Forward PE Ratio only.
N/A
PE Ratio without NRI 7.37
LNC's PE Ratio without NRI is ranked higher than
81% of the 83 Companies
in the Global Insurance - Life industry.

( Industry Median: 13.09 vs. LNC: 7.37 )
Ranked among companies with meaningful PE Ratio without NRI only.
LNC' s PE Ratio without NRI Range Over the Past 10 Years
Min: 2.16  Med: 10.74 Max: 182.73
Current: 7.37
2.16
182.73
PB Ratio 0.93
LNC's PB Ratio is ranked higher than
57% of the 88 Companies
in the Global Insurance - Life industry.

( Industry Median: 1.18 vs. LNC: 0.93 )
Ranked among companies with meaningful PB Ratio only.
LNC' s PB Ratio Range Over the Past 10 Years
Min: 0.17  Med: 0.81 Max: 1.55
Current: 0.93
0.17
1.55
PS Ratio 0.98
LNC's PS Ratio is ranked lower than
66% of the 85 Companies
in the Global Insurance - Life industry.

( Industry Median: 0.82 vs. LNC: 0.98 )
Ranked among companies with meaningful PS Ratio only.
LNC' s PS Ratio Range Over the Past 10 Years
Min: 0.15  Med: 0.94 Max: 1.82
Current: 0.98
0.15
1.82
Price-to-Free-Cash-Flow 11.91
LNC's Price-to-Free-Cash-Flow is ranked lower than
81% of the 57 Companies
in the Global Insurance - Life industry.

( Industry Median: 6.33 vs. LNC: 11.91 )
Ranked among companies with meaningful Price-to-Free-Cash-Flow only.
LNC' s Price-to-Free-Cash-Flow Range Over the Past 10 Years
Min: 1.71  Med: 6.66 Max: 24.2
Current: 11.91
1.71
24.2
Price-to-Operating-Cash-Flow 11.91
LNC's Price-to-Operating-Cash-Flow is ranked lower than
81% of the 64 Companies
in the Global Insurance - Life industry.

( Industry Median: 5.97 vs. LNC: 11.91 )
Ranked among companies with meaningful Price-to-Operating-Cash-Flow only.
LNC' s Price-to-Operating-Cash-Flow Range Over the Past 10 Years
Min: 1.71  Med: 6.66 Max: 24.2
Current: 11.91
1.71
24.2
EV-to-EBIT 4.68
LNC's EV-to-EBIT is ranked lower than
78% of the 73 Companies
in the Global Insurance - Life industry.

( Industry Median: 10.20 vs. LNC: 4.68 )
Ranked among companies with meaningful EV-to-EBIT only.
LNC' s EV-to-EBIT Range Over the Past 10 Years
Min: -17.8  Med: 3.7 Max: 28.2
Current: 4.68
-17.8
28.2
EV-to-EBITDA 4.68
LNC's EV-to-EBITDA is ranked lower than
78% of the 74 Companies
in the Global Insurance - Life industry.

( Industry Median: 9.45 vs. LNC: 4.68 )
Ranked among companies with meaningful EV-to-EBITDA only.
LNC' s EV-to-EBITDA Range Over the Past 10 Years
Min: -19.7  Med: 3.7 Max: 24.1
Current: 4.68
-19.7
24.1
EV-to-Revenue 1.23
LNC's EV-to-Revenue is ranked lower than
71% of the 75 Companies
in the Global Insurance - Life industry.

( Industry Median: 0.93 vs. LNC: 1.23 )
Ranked among companies with meaningful EV-to-Revenue only.
LNC' s EV-to-Revenue Range Over the Past 10 Years
Min: 0.1  Med: 1.1 Max: 2.1
Current: 1.23
0.1
2.1
PEG Ratio 2.21
LNC's PEG Ratio is ranked lower than
99.99% of the 49 Companies
in the Global Insurance - Life industry.

( Industry Median: 1.65 vs. LNC: 2.21 )
Ranked among companies with meaningful PEG Ratio only.
LNC' s PEG Ratio Range Over the Past 10 Years
Min: 0.13  Med: 1.24 Max: 2.73
Current: 2.21
0.13
2.73
Shiller PE Ratio 17.16
LNC's Shiller PE Ratio is ranked lower than
59% of the 46 Companies
in the Global Insurance - Life industry.

( Industry Median: 19.48 vs. LNC: 17.16 )
Ranked among companies with meaningful Shiller PE Ratio only.
LNC' s Shiller PE Ratio Range Over the Past 10 Years
Min: 1.72  Med: 13.53 Max: 23.72
Current: 17.16
1.72
23.72

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield % 1.96
LNC's Dividend Yield % is ranked lower than
99.99% of the 135 Companies
in the Global Insurance - Life industry.

( Industry Median: 3.13 vs. LNC: 1.96 )
Ranked among companies with meaningful Dividend Yield % only.
LNC' s Dividend Yield % Range Over the Past 10 Years
Min: 0.12  Med: 1.26 Max: 27.13
Current: 1.96
0.12
27.13
Dividend Payout Ratio 0.11
LNC's Dividend Payout Ratio is ranked higher than
96% of the 102 Companies
in the Global Insurance - Life industry.

( Industry Median: 0.26 vs. LNC: 0.11 )
Ranked among companies with meaningful Dividend Payout Ratio only.
LNC' s Dividend Payout Ratio Range Over the Past 10 Years
Min: 0.04  Med: 0.11 Max: 8.5
Current: 0.11
0.04
8.5
3-Year Dividend Growth Rate 10.80
LNC's 3-Year Dividend Growth Rate is ranked higher than
56% of the 55 Companies
in the Global Insurance - Life industry.

( Industry Median: 9.20 vs. LNC: 10.80 )
Ranked among companies with meaningful 3-Year Dividend Growth Rate only.
LNC' s 3-Year Dividend Growth Rate Range Over the Past 10 Years
Min: -67.3  Med: 5.6 Max: 81.7
Current: 10.8
-67.3
81.7
Forward Dividend Yield % 2.05
LNC's Forward Dividend Yield % is ranked lower than
99.99% of the 137 Companies
in the Global Insurance - Life industry.

( Industry Median: 3.50 vs. LNC: 2.05 )
Ranked among companies with meaningful Forward Dividend Yield % only.
N/A
5-Year Yield-on-Cost % 7.36
LNC's 5-Year Yield-on-Cost % is ranked higher than
53% of the 132 Companies
in the Global Insurance - Life industry.

( Industry Median: 1.09 vs. LNC: 7.36 )
Ranked among companies with meaningful 5-Year Yield-on-Cost % only.
LNC' s 5-Year Yield-on-Cost % Range Over the Past 10 Years
Min: 0.45  Med: 4.73 Max: 101.9
Current: 7.36
0.45
101.9
3-Year Average Share Buyback Ratio 5.30
LNC's 3-Year Average Share Buyback Ratio is ranked higher than
95% of the 61 Companies
in the Global Insurance - Life industry.

( Industry Median: -0.10 vs. LNC: 5.30 )
Ranked among companies with meaningful 3-Year Average Share Buyback Ratio only.
LNC' s 3-Year Average Share Buyback Ratio Range Over the Past 10 Years
Min: -16.6  Med: 0.9 Max: 5.9
Current: 5.3
-16.6
5.9

Valuation & Return

vs
industry
vs
history
Price-to-Tangible-Book 1.05
LNC's Price-to-Tangible-Book is ranked lower than
67% of the 85 Companies
in the Global Insurance - Life industry.

( Industry Median: 1.46 vs. LNC: 1.05 )
Ranked among companies with meaningful Price-to-Tangible-Book only.
LNC' s Price-to-Tangible-Book Range Over the Past 10 Years
Min: 0.4  Med: 1.27 Max: 7.15
Current: 1.05
0.4
7.15
Price-to-Intrinsic-Value-Projected-FCF 0.50
LNC's Price-to-Intrinsic-Value-Projected-FCF is ranked lower than
56% of the 52 Companies
in the Global Insurance - Life industry.

( Industry Median: 0.55 vs. LNC: 0.50 )
Ranked among companies with meaningful Price-to-Intrinsic-Value-Projected-FCF only.
LNC' s Price-to-Intrinsic-Value-Projected-FCF Range Over the Past 10 Years
Min: 0.09  Med: 0.44 Max: 0.83
Current: 0.5
0.09
0.83
Price-to-Median-PS-Value 1.05
LNC's Price-to-Median-PS-Value is ranked lower than
76% of the 70 Companies
in the Global Insurance - Life industry.

( Industry Median: 1.05 vs. LNC: 1.05 )
Ranked among companies with meaningful Price-to-Median-PS-Value only.
LNC' s Price-to-Median-PS-Value Range Over the Past 10 Years
Min: 0.2  Med: 1.08 Max: 2.04
Current: 1.05
0.2
2.04
Price-to-Graham-Number 0.59
LNC's Price-to-Graham-Number is ranked lower than
52% of the 73 Companies
in the Global Insurance - Life industry.

( Industry Median: 0.88 vs. LNC: 0.59 )
Ranked among companies with meaningful Price-to-Graham-Number only.
LNC' s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.31  Med: 0.91 Max: 5.92
Current: 0.59
0.31
5.92
Earnings Yield (Greenblatt) % 21.42
LNC's Earnings Yield (Greenblatt) % is ranked lower than
64% of the 89 Companies
in the Global Insurance - Life industry.

( Industry Median: 8.31 vs. LNC: 21.42 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) % only.
LNC' s Earnings Yield (Greenblatt) % Range Over the Past 10 Years
Min: -339  Med: 25.9 Max: 99.8
Current: 21.42
-339
99.8
Forward Rate of Return (Yacktman) % 13.31
LNC's Forward Rate of Return (Yacktman) % is ranked lower than
68% of the 63 Companies
in the Global Insurance - Life industry.

( Industry Median: 18.57 vs. LNC: 13.31 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) % only.
LNC' s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: 11.5  Med: 22.95 Max: 121.8
Current: 13.31
11.5
121.8

More Statistics

Revenue (TTM) (Mil) $14,809.00
EPS (TTM) $ 8.85
Beta2.13
Volatility22.43%
52-Week Range $61.18 - 86.68
Shares Outstanding (Mil)216.68

Analyst Estimate

Dec18 Dec19 Dec20
Revenue (Mil $) 16,008 17,062 17,539
EBIT (Mil $)
EBITDA (Mil $)
EPS ($) 7.79 9.12 10.13
EPS without NRI ($) 7.79 9.12 10.13
EPS Growth Rate
(Future 3Y To 5Y Estimate)
N/A
Dividends per Share ($) 1.34 1.48 1.71

Piotroski F-Score Details

Piotroski F-Score: ----
Positive ROAN
Positive CFROAN
Higher ROA yoyN
CFROA > ROAN
Lower Leverage yoyN
Higher Current Ratio yoyN
Less Shares Outstanding yoyN
Higher Gross Margin yoyN
Higher Asset Turnover yoyN

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