Lincoln National Corporation Common Stock (LNC)

FairStock Score: 59/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for a business I can understand, a durable advantage, and a price that protects me. Lincoln National is understandable enough: life insurance, annuities, group protection, and retirement plans. But insurance is a promise business where underwriting discipline and balance-sheet strength matter more than brand. The filed record is volatile. In fiscal 2023, the year ended 2023-12-31, it lost $752.0M, or $4.92 per diluted share. In fiscal 2024, the year ended 2024-12-31, it earned $3.3B, or $18.41 per diluted share. In fiscal 2025, the year ended 2025-12-31, net income fell to $1.2B and EPS to $5.83. In fiscal Q1 2026, the quarter ended 2026-03-31, it lost $172.0M, or $1.10 per share; then in fiscal Q2 2026, the quarter ended 2026-06-30, it earned $1.3B, or $6.72 per share. That is not consistency. FairStock calculations at the 2026-10-13 close of $40.63 show a P/E of 3.42, P/B of 0.75, ROE of 22.59%, dividend yield of 4.27%, and a Piotroski F-Score of only 2/9. Leverage, D/E 0.64, looks moderate on the surface, but insurers carry policyholder obligations that simple debt ratios miss. The low P/E and P/B may signal value, or they may reflect reserve, credit, longevity, and interest-rate risk. CET1, net interest margin, and combined ratio are not in the data, so I cannot fully judge capital adequacy or underwriting profitability. The Lynch category is turnaround, and profit growth is real but lumpy. I would want evidence that recent earnings are sustainable before trusting the statistical cheapness.

In plain English: Lincoln National sells life insurance, annuities, group protection, and retirement plans. Its results swing a lot: it lost money in 2023, earned a large profit in 2024, earned less in 2025, and had both a loss and a big profit in the first half of 2026. At $40.63, the price looks cheap compared with its reported profits and net worth, but that may reflect real uncertainty about future earnings.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer