Lincoln National (STU:LCO) Beneish M-Score: -2.47 (As of Jun. 25, 2026)


STU:LCO Lincoln National Corp STU:LCO
67 GF Score
Price €32.00
GF Value €37.83
Valuation Modestly Undervalued
! 3 Warning Signs
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What is Lincoln National Beneish M-Score?

Lincoln National STU:LCO -4.33% 67 Beneish M-Score is -2.47 as of Jun. 25, 2026. GuruFocus rates STU:LCO with a GF Score™ of 67/100 and a GF Value™ of €37.83 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 397 Insurance companies, Lincoln National ranks worse than 53.15% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.47 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Lincoln National's Beneish M-Score or its related term are showing as below:

STU:LCO' s Beneish M-Score Range Over the Past 10 Years
Min: -2.59   Med: -2.52   Max: -0.54
Current: -2.47

During the past 13 years, the highest Beneish M-Score of Lincoln National was -0.54. The lowest was -2.59. And the median was -2.52.

STU:LCO
67GF Score
Lincoln National Corp STU:LCO
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Lincoln National Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Lincoln National for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.9556+0.528 * 1+0.404 * 1+0.892 * 0.9118+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9482+4.679 * 0.001366-0.327 * 0.9331
=-2.56

* 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.

This Year (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was €23,922 Mil.
Revenue was €15,664 Mil.
Gross Profit was €15,664 Mil.
Total Current Assets was €0 Mil.
Total Assets was €356,292 Mil.
Property, Plant and Equipment(Net PPE) was €0 Mil.
Depreciation, Depletion and Amortization(DDA) was €126 Mil.
Selling, General, & Admin. Expense(SGA) was €2,261 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €5,150 Mil.
Net Income was €1,005 Mil.
Gross Profit was €661 Mil.
Cash Flow from Operations was €-143 Mil.
 Total Receivables was €27,456 Mil.
Revenue was €17,179 Mil.
Gross Profit was €17,179 Mil.
Total Current Assets was €0 Mil.
Total Assets was €373,244 Mil.
Property, Plant and Equipment(Net PPE) was €0 Mil.
Depreciation, Depletion and Amortization(DDA) was €92 Mil.
Selling, General, & Admin. Expense(SGA) was €2,615 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €5,783 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(23922.248 / 15664.068) / (27456.25 / 17179.495)
=1.527205 / 1.598199
=0.9556

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(17179.495 / 17179.495) / (15664.068 / 15664.068)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 0) / 356292.216) / (1 - (0 + 0) / 373243.605)
=1 / 1
=1

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=15664.068 / 17179.495
=0.9118

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(91.68 / (91.68 + 0)) / (126.392 / (126.392 + 0))
=1 / 1
=1

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(2260.538 / 15664.068) / (2614.79 / 17179.495)
=0.144314 / 0.152204
=0.9482

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((5150.474 + 0) / 356292.216) / ((5782.525 + 0) / 373243.605)
=0.014456 / 0.015493
=0.9331

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(1005.158 - 660.996 - -142.618) / 356292.216
=0.001366

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Lincoln National has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.47 mean?
Lincoln National (STU:LCO) has a Beneish M-Score of -2.47 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Lincoln National and its competitors. According to the industry distribution chart, Lincoln National ranks #211 out of 397 companies in the Insurance industry, placing it in the top 53.1%.
Is Lincoln National's Beneish M-Score too high?
Lincoln National's current Beneish M-Score is -2.47. Based on the distribution chart, Lincoln National ranks #211 out of 397 companies in the Insurance industry, which is below the industry midpoint. Overall, Lincoln National has a GF Score™ of 67/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Lincoln National's Beneish M-Score compare to JXN and PRI?
According to the Insurance industry distribution chart, Lincoln National ranks #211 out of 397 companies for Beneish M-Score. This places Lincoln National in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Insurance company?
A good Beneish M-Score depends on the Insurance industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Lincoln National and its competitors. Lincoln National's current Beneish M-Score is -2.47. 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 (STU:LCO) is currently considered Modestly Undervalued. The stock's GF Value™ is €37.83, compared to a current price of €32.00 — trading 15.4% below its estimated fair value. The current Beneish M-Score is -2.47. Lincoln National's overall GF Score™ is 67/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Lincoln National (STU:LCO), the current Beneish M-Score is -2.47 as of Jun. 25, 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 (STU:LCO) Overvalued in 2026?

Based on GuruFocus' analysis, Lincoln National stock appears to be undervalued. The current stock price of €32.00 is trading 15.4% below its estimated GF Value™ of €37.83. GuruFocus considers Lincoln National to be Modestly Undervalued.

Key valuation signals for STU:LCO:

  • Beneish M-Score: -2.47
  • GF Value™: €37.83 vs. price of €32.00 (15.4% below fair value)
  • GF Score™: 67/100 with 3 warning signs

No single metric tells the full story. See the STU:LCO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Lincoln National Business Description

Address 150 North Radnor-Chester Road, Suite A305, Radnor, PA, USA, 19087
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.
67GF Score

Get the complete analysis for STU:LCO

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€32.00
Price
€37.83
GF Value