Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Lincoln NationalFRA:LCO +2.61%71 Debt-to-Equity is 0.61 as of Jun. 2026, which is 56% above its 10-year median of 0.39. GuruFocus rates FRA:LCO with a GF Score™ of 71/100 and a GF Value™ of €40.57 (Fairly Valued). The stock has 7 warning signs investors should review. Among 403 Insurance companies, Lincoln National ranks worse than 83.13% on this metric.
A high debt to equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense.
The historical rank and industry rank for Lincoln National's Debt-to-Equity or its related term are showing as below:
FRA:LCO'
s Debt-to-Equity Range Over the Past 10 Years
Min: 0.29 Med: 0.39 Max: 2.91
Current: 0.61
During the past 13 years, the highest Debt-to-Equity Ratio of Lincoln National was 2.91. The lowest was 0.29. And the median was 0.39.
FRA:LCO's Debt-to-Equity is ranked worse than 83.13% of 403
companies
in the Insurance industry
Industry Median: 0.21
vs FRA:LCO: 0.61
Because a company can increase its ROE % by having more financial leverage, it is important to watch the leverage ratio when investing in high ROE % companies.
Lincoln National Debt-to-Equity Related Terms
Lincoln National Debt-to-Equity Historical Data
* Premium members only.
The historical data trend for Lincoln National's Debt-to-Equity can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
FRA:LCO vs JXN, PRI, CNO: Debt-to-Equity Comparison
For the Insurance - Life subindustry, Lincoln National's Debt-to-Equity, along with its competitors' market caps and Debt-to-Equity data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Lincoln National Debt-to-Equity vs Insurance Industry
For the Insurance industry and Financial Services sector, Lincoln National's Debt-to-Equity distribution charts can be found below:
* The bar in red indicates where Lincoln National's Debt-to-Equity falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Lincoln National (FRA:LCO) has a Debt-to-Equity of 0.61 as of Jun. 2026. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Lincoln National and its competitors. This is 56% above median its historical median of 0.39. Over the past decade, Lincoln National's Debt-to-Equity has ranged from 0.29 to 2.91. According to the industry distribution chart, Lincoln National ranks #335 out of 403 companies in the Insurance industry, placing it in the top 83.1%.
Is Lincoln National's Debt-to-Equity too high?
Lincoln National's current Debt-to-Equity of 0.61 is 56% above median its 10-year median of 0.39. Over the past 10 years, this metric has ranged from a low of 0.29 to a high of 2.91. The Insurance industry median Debt-to-Equity is 0.21. Lincoln National's value of 0.61 is 190.5% above this industry median. Based on the distribution chart, Lincoln National ranks #335 out of 403 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Lincoln National has a GF Score™ of 71/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Lincoln National's Debt-to-Equity compare to JXN and PRI?
According to the Insurance industry distribution chart, Lincoln National ranks #335 out of 403 companies for Debt-to-Equity. This places Lincoln National in the lower half of its industry. The industry median Debt-to-Equity is 0.21. Lincoln National's value of 0.61 is 190.5% above this benchmark. Historically, Lincoln National's own Debt-to-Equity has ranged from 0.29 to 2.91 over the past decade. While the company's 10-year median is 0.39 vs. the industry median of 0.21, Lincoln National has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-Equity for an Insurance company?
The median Debt-to-Equity among Insurance companies is 0.21, based on 403 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-Equity significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Lincoln National's current Debt-to-Equity of 0.61 is 190.5% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-Equity mean?
A high Debt-to-Equity can signal that a stock is expensive relative to its fundamentals. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Lincoln National and its competitors. For the Insurance industry, the median Debt-to-Equity is 0.21 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Lincoln National's current Debt-to-Equity is 0.61, which is 56% above median its own 10-year median of 0.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Lincoln National stock overvalued right now?
Based on GuruFocus' analysis, Lincoln National (FRA:LCO) is currently considered Fairly Valued. The stock's GF Value™ is €40.57, compared to a current price of €38.96 — trading 4% below its estimated fair value. The current Debt-to-Equity is 0.61, which is 56% above median its 10-year median of 0.39 and 190.5% above the Insurance industry median of 0.21. Lincoln National's overall GF Score™ is 71/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-Equity calculated?
Debt-to-Equity is calculated from a company's financial statements. For Lincoln National (FRA:LCO), the current Debt-to-Equity is 0.61 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Lincoln National (FRA:LCO) Overvalued in 2026?
Based on GuruFocus' analysis, Lincoln National stock appears to be undervalued.
The current stock price of €38.96 is trading 4% below its estimated GF Value™ of €40.57.
GuruFocus considers Lincoln National to be Fairly Valued.
Key valuation signals for FRA:LCO:
Debt-to-Equity: 0.61 (56% above median its 10-year median of 0.39)
GF Value™: €40.57 vs. price of €38.96 (4% below fair value)
Industry Position: 190.5% above the Insurance median (#335 of 403)
No single metric tells the full story. See the FRA:LCO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Lincoln National Corp operates multiple insurance and retirement businesses. The company's operating segment includes Annuities; Retirement Plan Services; Life Insurance and Group Protection. Its products include fixed and indexed annuities, variable annuities, universal life insurance (UL), variable universal life insurance (VUL), linked-benefit UL and VUL, indexed universal life insurance (IUL), term life insurance, employer-sponsored retirement plans and services, and group life, disability, and dental.
71GF Score
Get the complete analysis for FRA:LCO
Debt-to-Equity is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
FRA:LCO has been successfully added to your 
