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Lincoln National Valuation Multiples

Discover revenue and EBITDA valuation multiples for Lincoln National and similar public comparables like NN Group, ASR Nederland, and ADNIC.

Lincoln National Overview

About Lincoln National

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.


Founded

1968

HQ

United States of America
Employees

9.8K+

Financials

LTM Revenue $18.5B

LTM EBITDA $1.9B

EV

$7.8B

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Lincoln National Financials

Lincoln National has a last 12-month revenue of $18.5B and a last 12-month EBITDA of $1.9B.

In the most recent fiscal year, Lincoln National achieved revenue of $18.0B and an EBITDA of n/a.

Lincoln National expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Lincoln National P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $11.7B $18.0B XXX XXX XXX
Gross Profit n/a n/a XXX XXX XXX
Gross Margin NaN% NaN% XXX XXX XXX
EBITDA n/a n/a XXX XXX XXX
EBITDA Margin NaN% NaN% XXX XXX XXX
Net Profit -$2.2B -$752M XXX XXX XXX
Net Margin -19% -4% XXX XXX XXX
Net Debt $3.3B $2.8B XXX XXX XXX

Financial data powered by Morningstar, Inc.

Lincoln National Stock Performance

As of March 19, 2025, Lincoln National's stock price is $37.

Lincoln National has current market cap of $6.2B, and EV of $7.8B.

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Lincoln National Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$7.8B $6.2B XXX XXX XXX XXX $7.20

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Lincoln National Valuation Multiples

As of March 19, 2025, Lincoln National has market cap of $6.2B and EV of $7.8B.

Lincoln National's trades at 0.4x LTM EV/Revenue multiple, and 4.1x LTM EBITDA.

Analysts estimate Lincoln National's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Lincoln National Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $7.8B XXX XXX XXX
EV/Revenue 0.4x XXX XXX XXX
EV/EBITDA n/a XXX XXX XXX
P/E 1.9x XXX XXX XXX
P/E/Growth -0.1x XXX XXX XXX
EV/FCF -3.9x XXX XXX XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Lincoln National Valuation Multiples

Lincoln National's NTM/LTM revenue growth is 3%

Lincoln National's revenue per employee for the last fiscal year averaged $1.8M, while opex per employee averaged n/a for the same period.

Over next 12 months, Lincoln National's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate Lincoln National's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Lincoln National Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 54% XXX XXX XXX XXX
EBITDA Margin n/a XXX XXX XXX XXX
EBITDA Growth n/a XXX XXX XXX XXX
Rule of 40 (SaaS-only) n/a XXX XXX XXX XXX
Revenue per Employee $1.8M XXX XXX XXX XXX
Opex per Employee n/a XXX XXX XXX XXX
S&M Expenses to Revenue n/a XXX XXX XXX XXX
G&A Expenses to Revenue 15% XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue n/a XXX XXX XXX XXX

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Lincoln National Public Comps

See public comps and valuation multiples for Insurance Carriers comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
ADNIC XXX XXX XXX XXX XXX XXX
Aegon XXX XXX XXX XXX XXX XXX
ASR Nederland XXX XXX XXX XXX XXX XXX
NN Group XXX XXX XXX XXX XXX XXX
Challenger XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Lincoln National M&A and Investment Activity

Lincoln National acquired  XXX companies to date.

Last acquisition by Lincoln National was  XXXXXXXX, XXXXX XXXXX XXXXXX . Lincoln National acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Lincoln National

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Lincoln National

When was Lincoln National founded? Lincoln National was founded in 1968.
Where is Lincoln National headquartered? Lincoln National is headquartered in United States of America.
How many employees does Lincoln National have? As of today, Lincoln National has 9.8K+ employees.
Who is the CEO of Lincoln National? Lincoln National's CEO is Ms. Ellen G. Cooper.
Is Lincoln National publicy listed? Yes, Lincoln National is a public company listed on NYS.
What is the stock symbol of Lincoln National? Lincoln National trades under LNC ticker.
When did Lincoln National go public? Lincoln National went public in 1969.
Who are competitors of Lincoln National? Similar companies to Lincoln National include e.g. ADNIC, Aegon, ASR Nederland, NN Group.
What is the current market cap of Lincoln National? Lincoln National's current market cap is $6.2B
What is the current revenue of Lincoln National? Lincoln National's last 12-month revenue is $18.5B.
What is the current EBITDA of Lincoln National? Lincoln National's last 12-month EBITDA is $1.9B.
What is the current EV/Revenue multiple of Lincoln National? Current revenue multiple of Lincoln National is 0.4x.
What is the current EV/EBITDA multiple of Lincoln National? Current EBITDA multiple of Lincoln National is 4.1x.
What is the current revenue growth of Lincoln National? Lincoln National revenue growth between 2023 and 2024 was 54%.
Is Lincoln National profitable? Yes, Lincoln National is EBITDA-positive (as of the last 12 months).

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