LNCLINCOLN NATIONAL CORP
Life Insurance
- Revenue
- $18.2B
- 1.2% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- —
- $4.8B net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashFired-14% of net incomeCash flow under 80% of net income
- Dilutive SBCClear0% of revenueOver 10% of revenue
- Payouts exceed cash flowClear-195% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear0% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $17.7B | $18.8B | $11.6B | $18.4B | $18.2B | 1.2% |
| Net income | $3.8B | $1.4B | −$752M | $3.3B | $1.2B | 64% |
| Operating cash flow | −$217M | $3.6B | −$2.1B | −$2.0B | −$167M | 92% |
| Stock-based comp | $61M | $51M | $61M | $64M | $78M | 22% |
| Buybacks | $1.1B | $550M | $0 | $0 | — | |
| Dividends | $319M | $310M | $305M | $307M | $325M | 5.9% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 113 | 201 |
| FY2024 | — | — | 76 | 190 |
| FY2023 | — | — | 61 | 158 |
| FY2022 | — | — | 65 | 151 |
| FY2021 | — | — | 139 | 137 |