Lincoln National
Financial ratios & Valuation

Forward Multiples (2025 – 2026)

20252026
Price/Earnings ratio
5.865.24
Price/Sales ratio
0.380.36
Earnings per Share (EPS)
$6.98$7.81

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
9.9310.9113.018.216.7513.3619.529.103.86-6.0814.426.75
Price/Sales ratio
1.100.921.161.190.670.680.550.660.270.390.420.68
Price/Book Value ratio
0.950.921.070.980.770.600.420.631.020.660.560.60
Price/Cash Flow ratio
5.955.6112.2021.665.70-4.4018.2484.691.30-2.20-1.24-4.40
Price/Free Cash Flow ratio
5.955.6112.2021.6690.81-4.4018.2484.691.30-2.20-1.32-4.40
Price/Earnings Growth ratio
0.41-0.521.220.09-0.35-0.31-0.460.040.650.036.20-0.35
Dividend Yield
1.13%1.61%1.53%1.53%2.60%2.55%3.19%2.49%5.90%8.46%5.65%2.60%
Profitability Indicator Ratios
Gross Profit Margin
100%100%100%100%100%100%100%100%100%100%106.47%100%
Operating Profit Margin
11.17%8.50%8.94%9.67%13.28%5.14%-1.58%4.23%-13.43%-7.05%0.51%5.14%
Pretax Profit Margin
14.73%10.53%10.93%7.92%11.47%5.32%2.42%8.51%9.17%-9.85%2.43%5.32%
Net Profit Margin
11.17%8.50%8.94%14.58%9.99%5.13%2.86%7.30%7.21%-6.45%2.79%5.13%
Effective Tax Rate
24.18%19.30%18.24%-83.98%12.94%3.59%-17.96%14.22%21.27%34.49%-14.93%3.59%
Return on Assets
0.59%0.45%0.45%0.73%0.55%0.26%0.13%0.36%0.40%-0.20%0.08%0.26%
Return On Equity
9.62%8.47%8.23%12.00%11.43%4.5%2.19%6.93%26.61%-10.90%5.93%4.5%
Return on Capital Employed
7.20%6.01%6.01%6.20%10.80%0.26%-0.07%0.21%-0.75%-0.22%0.01%0.26%
Liquidity Ratios
Current Ratio
0.460.450.450.440.421.07N/AN/AN/AN/A20.040.42
Quick Ratio
0.460.450.450.440.42441.19-14.66498.82173.96N/A20.040.42
Cash ratio
0.010.010.010.000.008.54-0.168.704.45N/A20.040.00
Days of Sales Outstanding
167.04161.33155.93135.76407.09372.42355.43N/A387.17N/AN/A372.42
Days of Inventory outstanding
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Operating Cycle
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Days of Payables Outstanding
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Cash Conversion Cycle
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Debt Ratios
Debt Ratio
0.020.020.020.010.010.010.010.010.010.010.010.01
Debt Equity Ratio
0.350.400.360.300.400.320.290.321.260.860.680.40
Long-term Debt to Capitalization
0.250.290.260.220.280.230.220.230.530.450.390.28
Total Debt to Capitalization
0.250.290.260.230.280.240.220.240.550.460.400.28
Interest Coverage Ratio
N/AN/AN/AN/AN/AN/A3.46N/AN/AN/A0.19N/A
Cash Flow to Debt Ratio
0.450.400.230.140.33-0.420.070.020.62-0.34-0.66-0.42
Company Equity Multiplier
16.0918.5018.0716.2620.7717.0016.1219.1065.5054.0244.0220.77
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.180.160.090.050.11-0.150.030.000.21-0.17-0.32-0.15
Free Cash Flow / Operating Cash Flow Ratio
11110.061111110.06
Cash Flow Coverage Ratio
0.450.400.230.140.33-0.420.070.020.62-0.34-0.66-0.42
Short Term Coverage Ratio
10.10N/AN/A1.75N/A-8.95N/A0.508.06-8.29-13.65-8.95
Dividend Payout Ratio
11.22%17.67%19.96%12.60%17.61%34.19%62.32%22.70%22.82%-51.46%112.14%17.61%