# Lincoln National Corp. (LNC) — Stock CV

Lincoln National Corp. is a $7.70B financial services company. Revenue grew 7.9% over the last year, and it keeps 12¢ of every dollar of sales as profit. It trades at 3.3× earnings — in the cheapest third of its own history.

> Lincoln National Corp operates multiple insurance and retirement businesses. The company's operating segment includes Annuities; Retirement Plan Services; Life Insurance and Group Protection.

## Identity

- **Ticker**: LNC
- **Sector**: Financial Services
- **Industry**: Life Insurance
- **Headquarters**: RADNOR, PA
- **Employees**: 9 423
- **Website**: https://www.lincolnfinancial.com
- **Market cap**: $7.70B
- **Last price**: $40.23
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $19.3B
- **Net income**: $2.36B
- **Free cash flow**: -$1.33B
- **Net cash**: $9.10B
- **P/E**: 3.3
- **Revenue growth (YoY)**: 7.9%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 75 |
| Growth | 20 |
| Profitability | 85 |
| Health | 43 |
| Quality | 31 |
| Moat | 13 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +7.9% YoY
- [x] Profitable — $2.36B TTM
- [x] Profit growing — +19.7% YoY
- [ ] Generates cash — -$1.33B TTM
- [x] Debt under control — more cash than debt
- [x] Established company — $7.70B market cap
- [x] Not printing shares — +3.6% shares over ~5y
- [x] Proven track record — 8/10 profitable years
- [ ] Financially stable — health score 18/100
- [x] Pays a dividend — yield 5.65%
- [x] Valuation not extreme — P/E 3.3

## Experience (career milestones)

- **FY2024** — Best year on record: $3.27B net income
- **FY2016** — First recorded profitable year: $1.19B net income
- **FY2016** — Revenue already above $10B: $13.3B in first reported year

## Strengths

- Net cash position after subtracting debt from cash
- Interest covered 6.9× by operating earnings
- High returns on invested capital (ROIC 75.2%)

## Watch-outs

- Negative free cash flow (-$1.3B)
- Loss-making in 2 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $19.2B | $1.41B | $151M |
| FY2022 | $18.8B | -$2.23B | $4.03B |
| FY2023 | $11.6B | -$752M | -$2.07B |
| FY2024 | $18.4B | $3.27B | -$2.01B |
| FY2025 | $18.2B | $1.18B | -$167M |

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Source: https://stockcv.com/LNC — derived from company filings; may be delayed or incomplete. Information, not investment advice.