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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 0.37
LNC's Cash-to-Debt is ranked lower than
88% of the 92 Companies
in the Global Insurance - Life industry.

( Industry Median: 6.48 vs. LNC: 0.37 )
Ranked among companies with meaningful Cash-to-Debt only.
LNC' s Cash-to-Debt Range Over the Past 10 Years
Min: 0.19  Med: 0.72 Max: 4.7
Current: 0.37
0.19
4.7
Equity-to-Asset 0.06
LNC's Equity-to-Asset is ranked lower than
62% of the 89 Companies
in the Global Insurance - Life industry.

( Industry Median: 0.08 vs. LNC: 0.06 )
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: 0.11
Current: 0.06
0.04
0.11
Debt-to-Equity 0.33
LNC's Debt-to-Equity is ranked lower than
62% of the 58 Companies
in the Global Insurance - Life industry.

( Industry Median: 0.28 vs. LNC: 0.33 )
Ranked among companies with meaningful Debt-to-Equity only.
LNC' s Debt-to-Equity Range Over the Past 10 Years
Min: 0.03  Med: 0.26 Max: 0.79
Current: 0.33
0.03
0.79
Debt-to-EBITDA 2.63
LNC's Debt-to-EBITDA is ranked lower than
72% of the 57 Companies
in the Global Insurance - Life industry.

( Industry Median: 1.17 vs. LNC: 2.63 )
Ranked among companies with meaningful Debt-to-EBITDA only.
LNC' s Debt-to-EBITDA Range Over the Past 10 Years
Min: -21.77  Med: 3.07 Max: 25.21
Current: 2.63
-21.77
25.21
Interest Coverage 5.37
LNC's Interest Coverage is ranked lower than
82% of the 89 Companies
in the Global Insurance - Life industry.

( Industry Median: 103.48 vs. LNC: 5.37 )
Ranked among companies with meaningful Interest Coverage only.
LNC' s Interest Coverage Range Over the Past 10 Years
Min: 1.71  Med: 5.5 Max: 7.48
Current: 5.37
1.71
7.48
WACC vs ROIC
13.02%
7.81%
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 : 6/10

vs
industry
vs
history
Operating Margin % 12.38
LNC's Operating Margin % is ranked higher than
71% of the 92 Companies
in the Global Insurance - Life industry.

( Industry Median: 8.16 vs. LNC: 12.38 )
Ranked among companies with meaningful Operating Margin % only.
LNC' s Operating Margin % Range Over the Past 10 Years
Min: -6.13  Med: 10.92 Max: 17.89
Current: 12.38
-6.13
17.89
Net Margin % 10.50
LNC's Net Margin % is ranked higher than
76% of the 92 Companies
in the Global Insurance - Life industry.

( Industry Median: 5.08 vs. LNC: 10.50 )
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: 11.6
Current: 10.5
-5.71
11.6
ROE % 9.31
LNC's ROE % is ranked higher than
53% of the 91 Companies
in the Global Insurance - Life industry.

( Industry Median: 9.29 vs. LNC: 9.31 )
Ranked among companies with meaningful ROE % only.
LNC' s ROE % Range Over the Past 10 Years
Min: -5.29  Med: 8.18 Max: 10.38
Current: 9.31
-5.29
10.38
ROA % 0.54
LNC's ROA % is ranked lower than
55% of the 92 Companies
in the Global Insurance - Life industry.

( Industry Median: 0.70 vs. LNC: 0.54 )
Ranked among companies with meaningful ROA % only.
LNC' s ROA % Range Over the Past 10 Years
Min: -0.28  Med: 0.48 Max: 0.66
Current: 0.54
-0.28
0.66
3-Year Revenue Growth Rate 9.00
LNC's 3-Year Revenue Growth Rate is ranked higher than
64% of the 85 Companies
in the Global Insurance - Life industry.

( Industry Median: 4.70 vs. LNC: 9.00 )
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: 9
-19.2
14.8
3-Year EBITDA Growth Rate 3.10
LNC's 3-Year EBITDA Growth Rate is ranked lower than
51% of the 80 Companies
in the Global Insurance - Life industry.

( Industry Median: 3.20 vs. LNC: 3.10 )
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: -49.6  Med: 6.4 Max: 82.8
Current: 3.1
-49.6
82.8
3-Year EPS without NRI Growth Rate 3.60
LNC's 3-Year EPS without NRI Growth Rate is ranked higher than
56% of the 78 Companies
in the Global Insurance - Life industry.

( Industry Median: 1.60 vs. LNC: 3.60 )
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: -60.4  Med: 5.8 Max: 206.7
Current: 3.6
-60.4
206.7
GuruFocus has detected 3 Warning Signs with Lincoln National Corp LNC.
More than 500,000 people have already joined GuruFocus to track the stocks they follow and exchange investment ideas.
» LNC's 30-Y Financials

Financials (Next Earnings Date: 2018-02-02)


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

» Details

Guru Trades

Q4 2016

LNC Guru Trades in Q4 2016

David Dreman 7,715 sh (+20.91%)
Keeley Asset Management Corp 45,167 sh (+10.63%)
Pioneer Investments 1,079,703 sh (+0.68%)
Jeremy Grantham 25,153 sh (-69.14%)
» More
Q1 2017

LNC Guru Trades in Q1 2017

Jim Simons 190,674 sh (New)
Caxton Associates 5,400 sh (New)
Andreas Halvorsen 671,188 sh (New)
Steven Cohen 160,300 sh (New)
Ray Dalio 7,272 sh (New)
Paul Tudor Jones 29,794 sh (New)
Jeremy Grantham 65,003 sh (+158.43%)
David Dreman 7,715 sh (unchged)
Pioneer Investments 1,075,346 sh (-0.40%)
» More
Q2 2017

LNC Guru Trades in Q2 2017

Jeremy Grantham 129,903 sh (+99.84%)
Ray Dalio 12,116 sh (+66.61%)
Caxton Associates 6,800 sh (+25.93%)
Andreas Halvorsen Sold Out
Paul Tudor Jones Sold Out
Jim Simons Sold Out
Pioneer Investments 1,048,659 sh (-2.48%)
David Dreman 6,320 sh (-18.08%)
Steven Cohen 16,200 sh (-89.89%)
» More
Q3 2017

LNC Guru Trades in Q3 2017

Andreas Halvorsen 995,600 sh (New)
Paul Tudor Jones 4,765 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
» 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
David Dreman 2017-06-30 Reduce -18.08%0.05%$63.23 - $68.77 $ 73.5911%6,320
Keeley Asset Management Corp 2016-12-31 Add 10.63%0.01%$47.15 - $68.48 $ 73.5927%45,167
David Dreman 2016-12-31 Add 20.91%0.05%$47.15 - $68.48 $ 73.5927%7,715
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:LSE:SLA, XPAR:CNP, NYSE:PFG, TSX:PWF, XKRX:032830, TSE:7181, LSE:LGEN, LSE:OML, HKSE:00966, NYSE:UNM, TSE:8750, ASX:AMP, TSX:POW, JSE:SLM, XBRU:AGS, NYSE:TMK, TSE:8795, SGX:G07, NSE:ICICIPRULI, SHSE:601336 » 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 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

Keeley Funds Comments on Lincoln National Corporation - May 06, 2016

Another financial holding, Lincoln National Corporation (NYSE:LNC), declined over 20% as falling interest rates dimmed its earnings outlook. In addition, the Department of Labor’s new fiduciary rule could negatively impact annuity sales, an important source of business for Lincoln National. Despite these challenges the stock appears cheap and we believe it will be able to blunt the negative impact more than investors anticipate.





From the Keeley Mid-Cap Dividend Fund first quarter 2016 commentary.



Check out John Keeley latest stock trades

Ratios

vs
industry
vs
history
PE Ratio 11.46
LNC's PE Ratio is ranked higher than
71% of the 87 Companies
in the Global Insurance - Life industry.

( Industry Median: 13.76 vs. LNC: 11.46 )
Ranked among companies with meaningful PE Ratio only.
LNC' s PE Ratio Range Over the Past 10 Years
Min: 2.46  Med: 11.13 Max: 100.5
Current: 11.46
2.46
100.5
Forward PE Ratio 9.50
LNC's Forward PE Ratio is ranked higher than
88% of the 33 Companies
in the Global Insurance - Life industry.

( Industry Median: 11.85 vs. LNC: 9.50 )
Ranked among companies with meaningful Forward PE Ratio only.
N/A
PE Ratio without NRI 11.46
LNC's PE Ratio without NRI is ranked higher than
72% of the 87 Companies
in the Global Insurance - Life industry.

( Industry Median: 13.76 vs. LNC: 11.46 )
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: 11.21 Max: 182.73
Current: 11.46
2.16
182.73
Price-to-Owner-Earnings 21.37
LNC's Price-to-Owner-Earnings is ranked lower than
79% of the 56 Companies
in the Global Insurance - Life industry.

( Industry Median: 9.30 vs. LNC: 21.37 )
Ranked among companies with meaningful Price-to-Owner-Earnings only.
LNC' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 10.96  Med: 13.39 Max: 21.37
Current: 21.37
10.96
21.37
PB Ratio 0.99
LNC's PB Ratio is ranked higher than
56% of the 90 Companies
in the Global Insurance - Life industry.

( Industry Median: 1.19 vs. LNC: 0.99 )
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: 1.67
Current: 0.99
0.17
1.67
PS Ratio 1.21
LNC's PS Ratio is ranked lower than
59% of the 90 Companies
in the Global Insurance - Life industry.

( Industry Median: 0.90 vs. LNC: 1.21 )
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: 2.05
Current: 1.21
0.15
2.05
Price-to-Free-Cash-Flow 13.88
LNC's Price-to-Free-Cash-Flow is ranked lower than
82% of the 55 Companies
in the Global Insurance - Life industry.

( Industry Median: 6.02 vs. LNC: 13.88 )
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: 6.22 Max: 22.14
Current: 13.88
1.71
22.14
Price-to-Operating-Cash-Flow 13.88
LNC's Price-to-Operating-Cash-Flow is ranked lower than
81% of the 62 Companies
in the Global Insurance - Life industry.

( Industry Median: 5.84 vs. LNC: 13.88 )
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: 6.22 Max: 22.14
Current: 13.88
1.71
22.14
EV-to-EBIT 9.59
LNC's EV-to-EBIT is ranked lower than
53% of the 76 Companies
in the Global Insurance - Life industry.

( Industry Median: 8.68 vs. LNC: 9.59 )
Ranked among companies with meaningful EV-to-EBIT only.
LNC' s EV-to-EBIT Range Over the Past 10 Years
Min: -29.5  Med: 7.8 Max: 15.5
Current: 9.59
-29.5
15.5
EV-to-EBITDA 9.59
LNC's EV-to-EBITDA is ranked lower than
56% of the 77 Companies
in the Global Insurance - Life industry.

( Industry Median: 8.33 vs. LNC: 9.59 )
Ranked among companies with meaningful EV-to-EBITDA only.
LNC' s EV-to-EBITDA Range Over the Past 10 Years
Min: -38.5  Med: 7.8 Max: 14.4
Current: 9.59
-38.5
14.4
EV-to-Revenue 1.41
LNC's EV-to-Revenue is ranked lower than
65% of the 79 Companies
in the Global Insurance - Life industry.

( Industry Median: 1.01 vs. LNC: 1.41 )
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: 2.4
Current: 1.41
0.1
2.4
PEG Ratio 0.64
LNC's PEG Ratio is ranked higher than
82% of the 49 Companies
in the Global Insurance - Life industry.

( Industry Median: 9999.00 vs. LNC: 0.64 )
Ranked among companies with meaningful PEG Ratio only.
LNC' s PEG Ratio Range Over the Past 10 Years
Min: 0.22  Med: 0.46 Max: 2.88
Current: 0.64
0.22
2.88
Shiller PE Ratio 22.50
LNC's Shiller PE Ratio is ranked lower than
65% of the 43 Companies
in the Global Insurance - Life industry.

( Industry Median: 19.84 vs. LNC: 22.50 )
Ranked among companies with meaningful Shiller PE Ratio only.
LNC' s Shiller PE Ratio Range Over the Past 10 Years
Min: 1.72  Med: 13.59 Max: 23.65
Current: 22.5
1.72
23.65

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield % 1.58
LNC's Dividend Yield % is ranked lower than
99.99% of the 130 Companies
in the Global Insurance - Life industry.

( Industry Median: 3.26 vs. LNC: 1.58 )
Ranked among companies with meaningful Dividend Yield % only.
LNC' s Dividend Yield % Range Over the Past 10 Years
Min: 0.12  Med: 1.34 Max: 27.13
Current: 1.58
0.12
27.13
Dividend Payout Ratio 0.18
LNC's Dividend Payout Ratio is ranked higher than
80% of the 93 Companies
in the Global Insurance - Life industry.

( Industry Median: 0.28 vs. LNC: 0.18 )
Ranked among companies with meaningful Dividend Payout Ratio only.
LNC' s Dividend Payout Ratio Range Over the Past 10 Years
Min: 0.04  Med: 0.21 Max: 8.5
Current: 0.18
0.04
8.5
3-Year Dividend Growth Rate 29.40
LNC's 3-Year Dividend Growth Rate is ranked higher than
79% of the 58 Companies
in the Global Insurance - Life industry.

( Industry Median: 9.10 vs. LNC: 29.40 )
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: 29.4
-67.3
81.7
Forward Dividend Yield % 1.79
LNC's Forward Dividend Yield % is ranked lower than
99.99% of the 128 Companies
in the Global Insurance - Life industry.

( Industry Median: 3.55 vs. LNC: 1.79 )
Ranked among companies with meaningful Forward Dividend Yield % only.
N/A
5-Year Yield-on-Cost % 9.12
LNC's 5-Year Yield-on-Cost % is ranked higher than
70% of the 117 Companies
in the Global Insurance - Life industry.

( Industry Median: 6.32 vs. LNC: 9.12 )
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: 0.69  Med: 7.74 Max: 156.64
Current: 9.12
0.69
156.64
3-Year Average Share Buyback Ratio 4.90
LNC's 3-Year Average Share Buyback Ratio is ranked higher than
96% of the 67 Companies
in the Global Insurance - Life industry.

( Industry Median: -0.20 vs. LNC: 4.90 )
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: 0.5 Max: 5.9
Current: 4.9
-16.6
5.9

Valuation & Return

vs
industry
vs
history
Price-to-Tangible-Book 2.94
LNC's Price-to-Tangible-Book is ranked lower than
80% of the 87 Companies
in the Global Insurance - Life industry.

( Industry Median: 1.49 vs. LNC: 2.94 )
Ranked among companies with meaningful Price-to-Tangible-Book only.
LNC' s Price-to-Tangible-Book Range Over the Past 10 Years
Min: 0.43  Med: 1.8 Max: 11.79
Current: 2.94
0.43
11.79
Price-to-Intrinsic-Value-Projected-FCF 0.55
LNC's Price-to-Intrinsic-Value-Projected-FCF is ranked lower than
56% of the 48 Companies
in the Global Insurance - Life industry.

( Industry Median: 0.54 vs. LNC: 0.55 )
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: 0.45 Max: 0.83
Current: 0.55
0.09
0.83
Price-to-Median-PS-Value 1.28
LNC's Price-to-Median-PS-Value is ranked lower than
76% of the 72 Companies
in the Global Insurance - Life industry.

( Industry Median: 1.07 vs. LNC: 1.28 )
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: 1.03 Max: 2.03
Current: 1.28
0.2
2.03
Price-to-Peter-Lynch-Fair-Value 1.37
LNC's Price-to-Peter-Lynch-Fair-Value is ranked higher than
52% of the 23 Companies
in the Global Insurance - Life industry.

( Industry Median: 0.85 vs. LNC: 1.37 )
Ranked among companies with meaningful Price-to-Peter-Lynch-Fair-Value only.
LNC' s Price-to-Peter-Lynch-Fair-Value Range Over the Past 10 Years
Min: 0.41  Med: 0.94 Max: 16.19
Current: 1.37
0.41
16.19
Price-to-Graham-Number 1.22
LNC's Price-to-Graham-Number is ranked lower than
58% of the 77 Companies
in the Global Insurance - Life industry.

( Industry Median: 1.01 vs. LNC: 1.22 )
Ranked among companies with meaningful Price-to-Graham-Number only.
LNC' s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.47  Med: 1.07 Max: 5.92
Current: 1.22
0.47
5.92
Earnings Yield (Greenblatt) % 10.43
LNC's Earnings Yield (Greenblatt) % is ranked higher than
56% of the 91 Companies
in the Global Insurance - Life industry.

( Industry Median: 10.07 vs. LNC: 10.43 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) % only.
LNC' s Earnings Yield (Greenblatt) % Range Over the Past 10 Years
Min: -1127.8  Med: 12.4 Max: 99.8
Current: 10.43
-1127.8
99.8
Forward Rate of Return (Yacktman) % 16.61
LNC's Forward Rate of Return (Yacktman) % is ranked higher than
53% of the 64 Companies
in the Global Insurance - Life industry.

( Industry Median: 20.94 vs. LNC: 16.61 )
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: 16.2  Med: 33.5 Max: 121.5
Current: 16.61
16.2
121.5

More Statistics

Revenue (TTM) (Mil) $13,842.00
EPS (TTM) $ 6.42
Beta2.23
Short Percentage of Float2.55%
52-Week Range $61.45 - 77.46
Shares Outstanding (Mil)218.83

Analyst Estimate

Dec17 Dec18 Dec19
Revenue (Mil $)
EPS ($) 7.53 7.75 8.45
EPS without NRI ($) 7.53 7.75 8.45
EPS Growth Rate
(Future 3Y To 5Y Estimate)
N/A
Dividends per Share ($) 1.60

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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