Lincoln National Corporation

NYSE:LNC Stock Report

Market Cap: US$5.4b

Lincoln National Valuation

Is LNC undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of LNC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: LNC ($31.97) is trading below our estimate of fair value ($66.41)

Significantly Below Fair Value: LNC is trading below fair value by more than 20%.


Key Valuation Metric

Which metric is best to use when looking at relative valuation for LNC?

Other financial metrics that can be useful for relative valuation.

LNC key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue0.8x
Enterprise Value/EBITDA-35.8x
PEG Ratio1.3x

Price to Earnings Ratio vs Peers

How does LNC's PE Ratio compare to its peers?

The above table shows the PE ratio for LNC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average17x
AEL American Equity Investment Life Holding
26.9x18.6%US$4.5b
GL Globe Life
7.7x6.4%US$7.6b
FG F&G Annuities & Life
19.6x45.4%US$4.8b
PRI Primerica
13.9x5.8%US$8.3b
LNC Lincoln National
4.3x3.3%US$5.4b

Price-To-Earnings vs Peers: LNC is good value based on its Price-To-Earnings Ratio (4.3x) compared to the peer average (17x).


Price to Earnings Ratio vs Industry

How does LNC's PE Ratio compare vs other companies in the US Insurance Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a9.1%
n/an/an/a
No. of CompaniesPE048121620

Fetching data

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a9.1%
n/an/an/a
No more companies

Price-To-Earnings vs Industry: LNC is good value based on its Price-To-Earnings Ratio (4.3x) compared to the US Insurance industry average (13.2x).


Price to Earnings Ratio vs Fair Ratio

What is LNC's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

LNC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio4.3x
Fair PE Ratio10.9x

Price-To-Earnings vs Fair Ratio: LNC is good value based on its Price-To-Earnings Ratio (4.3x) compared to the estimated Fair Price-To-Earnings Ratio (10.9x).


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst LNC forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$31.97
US$30.30
-5.2%
8.7%US$35.00US$27.00n/a10
Jun ’25US$32.99
US$30.30
-8.2%
8.7%US$35.00US$27.00n/a10
May ’25US$27.69
US$30.00
+8.3%
8.4%US$35.00US$26.00n/a10
Apr ’25US$31.60
US$28.20
-10.8%
7.4%US$33.00US$26.00n/a10
Mar ’25US$27.70
US$28.10
+1.4%
6.6%US$32.00US$26.00n/a10
Feb ’25US$26.54
US$28.64
+7.9%
12.4%US$36.00US$22.00n/a11
Jan ’25US$26.97
US$25.64
-4.9%
14.6%US$30.00US$17.00n/a11
Dec ’24US$24.13
US$24.08
-0.2%
17.2%US$30.00US$16.00n/a12
Nov ’24US$21.44
US$25.58
+19.3%
15.5%US$32.00US$18.00n/a12
Oct ’24US$24.69
US$26.00
+5.3%
16.7%US$32.00US$18.00n/a12
Sep ’24US$26.21
US$26.08
-0.5%
17.5%US$32.00US$18.00n/a12
Aug ’24US$28.27
US$25.17
-11.0%
17.0%US$31.00US$17.00n/a12
Jul ’24US$25.76
US$24.00
-6.8%
18.9%US$31.00US$17.00n/a12
Jun ’24US$21.48
US$24.38
+13.5%
21.1%US$33.00US$16.00US$32.9913
May ’24US$21.68
US$27.79
+28.2%
20.1%US$37.00US$16.00US$27.6914
Apr ’24US$22.47
US$33.36
+48.5%
17.4%US$39.00US$16.00US$31.6014
Mar ’24US$31.10
US$34.29
+10.2%
11.1%US$39.00US$25.00US$27.7014
Feb ’24US$34.47
US$33.79
-2.0%
12.1%US$40.00US$25.00US$26.5414
Jan ’24US$30.72
US$39.43
+28.3%
19.9%US$55.00US$25.00US$26.9714
Dec ’23US$38.73
US$41.57
+7.3%
14.1%US$55.00US$35.00US$24.1314
Nov ’23US$53.96
US$57.00
+5.6%
15.5%US$78.00US$45.00US$21.4414
Oct ’23US$43.91
US$59.21
+34.9%
16.2%US$78.00US$45.00US$24.6914
Sep ’23US$46.05
US$59.36
+28.9%
16.1%US$78.00US$45.00US$26.2114
Aug ’23US$50.90
US$61.93
+21.7%
16.9%US$78.00US$45.00US$28.2714
Jul ’23US$47.59
US$68.07
+43.0%
17.9%US$92.00US$45.00US$25.7615
Jun ’23US$56.85
US$72.07
+26.8%
16.6%US$92.00US$45.00US$21.4815

Analyst Forecast: Target price is lower than the current share price.


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