Lincoln National's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Lincoln National (LNC) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Lincoln National vs Its Competitors
- TTM: Trailing 12-month revenue of 20,251M vs 2,155,769M combined for its competitors (0.9% combined share).
- Trending: Latest-quarter revenue run-rate is decelerating (-10.3% annualized vs trailing 12 months), vs accelerating (+3.1%) for its tracked peer group.
- Growth: Lincoln National generated 12.3% revenue growth year over year in Q2 2026, vs 8.9% for its competitors combined.
- Profitability: Its 29.3% net margin compares with 21.4% for the peer group.
- Scale: Lincoln National ranks #12 of 18 companies by market capitalization in the Life Insurance industry, holding 2.2% of industry market cap.
- Peer revenue share: Lincoln National accounted for 0.8% of combined revenue among its tracked peer group, up from 0.8% a year earlier.
- Peer differentiation: Revenue per employee of $2.15M compares with $0.93M for the peer group (2.3x).
- Structure: Lincoln National operates in the following segments: Corporate and Unallocated, Life, Annuities, Group Protection, Retirement Plan Services, Corporate and Unallocated.
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
LNC Sales vs. its Competitors, Q2 2026
Lincoln National reported revenue growth of 12.31 % year on year in Q2 2026, above its competitors' combined revenue growth of 8.93 %.
With a net margin of 29.33 %, Lincoln National achieved higher profitability than its competitors (21.44 %).
Lincoln National generated 0.81 % of the combined sales of its peer group, up from 0.79 % a year earlier.
API endpoints for this dataset
Lincoln National vs. its Competitors, Q2 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Lincoln National reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Lincoln National and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Lincoln National Corporation | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (9) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Lincoln National's competitor groups requires a Commercial License.
For context: the Life Insurance industry grew revenue 2.7% year over year, combined, vs 12.3% for Lincoln National. Lincoln National's share of combined industry revenue moved from 1.67% to 1.82%, a gain of 0.16 percentage points.
Lincoln National's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Lincoln National Corporation | Yes | Yes | Yes | No |
| Competitors combined (109) | ||||
| High-Confidence Competitors (1) | ||||
| Similar-Size Competitors (9) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
LNC Stock Performance relative to its Competitors
LNC Stock Performance relative to High-Confidence Competitors
LNC Stock Performance relative to Similar-Size Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | The Bank Of New York Mellon Corporation | 282.9% | Outperformed |
| 2 | Wisdomtree Inc | 282.9% | Outperformed |
| 3 | Franklin Resources Inc | 282.9% | Outperformed |
| 4 | First Internet Bancorp | 282.9% | Outperformed |
| 5 | Voya Financial Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Lincoln National's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Lincoln National's Comment on Competition and Industry Peers
Publicly Traded Peers of Lincoln National Corporation
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Lincoln National Corporation |
7,875.96 | 20,251.00 |
 Jpmorgan Chase and Co |
897,436.67 | 190,733.00 |
 Bank Of America Corporation |
356,921.12 | 122,968.00 |
 Morgan Stanley |
284,135.04 | 59,960.00 |
 The Goldman Sachs Group Inc |
260,698.40 | 42,162.00 |
 Wells Fargo and Company |
256,142.91 | 85,055.00 |
| SUBTOTAL | 4,117,675.54 | 2,304,856.32 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Lincoln National Corporation versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Lincoln National's Competitors Named by the Company
Competitive relationships identified from Lincoln National reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Aegon Ltd | Company report | 85% |
| Hartford Financial Services Group Inc | Company report | 85% |
| Voya Financial Inc | Company report | 85% |
| Wells Fargo and Company | Company report | 85% |
| Unum Group | Company report | 85% |
| Metlife Inc | Company report | 85% |
| Cno Financial Group Inc | Company report | 85% |
| The Hartford Insurance Group Inc | Company report | 85% |
| The Cigna Group | Company report | 85% |
| Prudential Financial Inc | Company report | 85% |
| Genworth Financial Inc | Company report | 85% |
| Horace Mann Educators Corporation | Company report | 85% |
| Morgan Stanley | Company report | 85% |
| American National Group Inc | Company report | 85% |
| Pnc Financial Services Group Inc | Company report | 85% |
| Principal Financial Group inc | Company report | 85% |
| Mbia Inc | Company report | 85% |
| United Fire Group Inc | Company report | 85% |
| Blackrock Inc | Company report | 85% |
| Globe Life Inc | Company report | 85% |
| Loews Corp | Company report | 85% |
| Lpl Financial Holdings Inc | Company report | 85% |
| Legg Mason Inc | Company report | 85% |
| Raymond James Financial Inc | Company report | 85% |
| Affiliated Managers Group inc | Company report | 85% |
| Triple s Management Corporation | Company report | 85% |
| Fbl Financial Group Inc | Company report | 85% |
| Partnerre Ltd | Company report | 85% |
| Aflac Incorporated | Company report | 85% |
| National Western Life Group Inc | Company report | 85% |
| Berkshire Hathaway Inc | Company report | 85% |
| Invesco Ltd | Company report | 85% |
| Allstate Corp | Company report | 85% |
| Stifel Financial Corp | Company report | 85% |
| The Bank Of New York Mellon Corporation | Company report | 85% |
| Credit Suisse Group Ag | Company report | 85% |
| Hilltop Holdings Inc | Company report | 85% |
| Regions Financial Corporation | Company report | 85% |
| American International Group Inc | Company report | 85% |
| Security National Financial Corporation | Company report | 85% |
| Citigroup inc | Company report | 85% |
Company report basis, confidence, active dates and source counts for Lincoln National's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Lincoln National's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Lincoln National Corporation | Corporate and Unallocated 91.75 % |
| Citigroup inc | Markets 29.42 % |
| The Cigna Group | Evernorth 86.55 % |
| Aon Plc | Risk Capital 65.40 % |
| Apollo Global Management Inc | Retirement Services 91.20 % |
| Allstate Corp | Allstate Protection 86.96 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
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Lincoln National's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Lincoln National Corporation | 7,876 | 2,149,103 | 351,693 |
| Jpmorgan Chase and Co | 897,437 | 598,825 | 204,714 |
| Bank Of America Corporation | 356,921 | 577,315 | 150,793 |
| Morgan Stanley | 284,135 | 722,410 | 248,482 |
| The Goldman Sachs Group Inc | 260,698 | 889,494 | 467,700 |
| Wells Fargo and Company | 256,143 | 355,879 | 96,699 |
| PEERS TOTAL | 4,109,800 | 929,756 | 171,906 |
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Lincoln National's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Blackrock Inc | Americas 63.73 % |
| Aon Plc | Europe, Middle East, and Africa, Other Than United Kingdom and Ireland 14.78 % |
| Franklin Resources Inc | United States 72.53 % |
| Invesco Ltd | Americas 75.67 % |
| Stifel Financial Corp | Americas 57.23 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
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Lincoln National's Position in Industry Market Structure
Market-capitalization share and concentration across all 17 companies in Lincoln National's industry classification, broader than the peer set above. Market cap in millions of $.Lincoln National ranks #12 of 17 companies by market capitalization in its industry, holding 2.20 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 1,330, indicating a unconcentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Manulife Financial Corporation | 84,542 | 23.68 % |
| 2 | Metlife Inc | 63,571 | 17.81 % |
| 3 | Sun Life Financial Inc | 43,040 | 12.06 % |
| 4 | Prudential Financial Inc | 41,507 | 11.63 % |
| 5 | Prudential Plc | 1,234 | 5.2% |
| 6 | Reinsurance Group Of America Incorporated | 1,234 | 5.2% |
| 7 | Corebridge Financial Inc | 1,234 | 5.2% |
| 8 | Globe Life Inc | 1,234 | 5.2% |
| 9 | Jackson Financial Inc | 1,234 | 5.2% |
| 10 | Voya Financial Inc | 1,234 | 5.2% |
| 12 | Lincoln National Corporation | 7,867 | 2.20 % |
Market cap and industry share for the rest of Lincoln National's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-06.
Lincoln National's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 7 | Corebridge Financial Inc | 15,484 | 12.71 % |
| 8 | Globe Life Inc | 12,403 | 17.81 % |
| 9 | Jackson Financial Inc | 9,257 | 42.42 % |
| 10 | Voya Financial Inc | 9,139 | 38.76 % |
| 11 | Primerica Inc | 1,234 | 12.3% |
| 12 | Lincoln National Corporation | 7,867 | -3.95 % |
| 14 | Genworth Financial Inc | 1,234 | 12.3% |
| 15 | Brighthouse Financial Inc | 1,234 | 12.3% |
| 16 | Citizens Inc | 1,234 | 12.3% |
| 17 | Utg Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Lincoln National's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-06. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Lincoln National's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Life Insurance industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (33 companies). See the full Life Insurance industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 0.72 % | 40.28 % (avg) | -39.6 pp |
| Operating Margin | - | industry median | - |
| EBITDA Margin | - | 19.89 % (avg) | - |
| Capital Intensity (Capex / Revenue) | - | 0.74 % (avg) | - |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Lincoln National's Valuation vs Competitive Position
Valuation multiples vs the Life Insurance industry average (33 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Life Insurance industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 2.9x | 10.2x | -7.3x |
| EV / EBITDA | -4.8x | 8.7x | -13.4x |
| P/B | 0.7x | 1.2x | -0.6x |
| Return on Equity | 0.22 % | industry aggregate | -10.76 % |
| Return on Invested Capital | - | 5.35 % (avg) | - |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Lincoln National's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 15.20 % | 5.07 % | 1.05 % | 10.28 % | -2.18 % | -37.98 % | 58.37 % | -1.25 % |
| Operating Margin | 42.75 % | 38.23 % | 33.48 % | 40.49 % | 14.44 % | 44.31 % | 46.82 % | 36.12 % |
| Return on Invested Capital | 3.82 % | 3.24 % | 2.74 % | 3.24 % | 1.02 % | 1.45 % | 2.17 % | 2.71 % |
| P/E | 7.8x | 13.5x | 19.9x | 9.4x | - | - | 1.8x | 7.0x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Lincoln National's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Lincoln National falls in the Dog quadrant: relative market share of 0.09x vs its largest competitor, in an industry growing revenue 5.6% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Lincoln National's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 1,330 (see Industry Market Structure & Concentration above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Lincoln National's dedicated Suppliers and Customers pages, not here.
Lincoln National's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Lincoln National falls in the Medium attractiveness / Low strength cell: Harvest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Lincoln National's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
No rule matched.
Weaknesses
- Return on equity 10.8 points below the industry aggregate.
- Latest-quarter revenue run-rate is decelerating (-10.3% annualized vs trailing 12 months).
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.09x).
Opportunities
No rule matched.
Threats
No rule matched.
Methodology: see Methodology: SWOT Analysis.
Lincoln National's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Lincoln National Corporation | 0.16 | 0.30 | 0.59 |
| Jpmorgan Chase and Co | 0.15 | 0.42 | 1.41 |
| Bank Of America Corporation | 0.10 | 0.52 | 1.27 |
| Morgan Stanley | 0.37 | 1.12 | 3.24 |
| The Goldman Sachs Group Inc | 0.43 | 0.79 | 3.30 |
| Wells Fargo and Company | 0.11 | 0.80 | 1.16 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Lincoln National's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Lincoln National Corporation | Q2 2026 | +20.3 % | +214.4 % |
| Jpmorgan Chase and Co | Q3 2026 | +10.2 % | +9.0 % |
| Bank Of America Corporation | Q3 2026 | +3.2 % | -16.8 % |
| Morgan Stanley | Q2 2026 | -46.0 % | +5.5 % |
| The Goldman Sachs Group Inc | Q3 2026 | -68.0 % | +29.2 % |
| Wells Fargo and Company | Q3 2026 | +5.4 % | +6.9 % |
| PEERS TOTAL | +7.4 % | +27.0 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Lincoln National's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Lincoln National Corporation | Q2 2026 | +42.6 % | - |
| Jpmorgan Chase and Co | Q3 2026 | -12.8 % | - |
| Bank Of America Corporation | Q3 2026 | - | - |
| Morgan Stanley | Q2 2026 | - | +32.5 % |
| The Goldman Sachs Group Inc | Q3 2026 | +8.6 % | -5.9 % |
| Wells Fargo and Company | Q3 2026 | +31.5 % | - |
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Lincoln National's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Lincoln National Corporation | 0.79% | 1.34% | 31.64% |
| Jpmorgan Chase and Co | 1.34% | 1.65% | 17.70% |
| Bank Of America Corporation | 0.93% | 1.18% | 10.69% |
| Morgan Stanley | 1.30% | 1.70% | 17.79% |
| The Goldman Sachs Group Inc | 1.08% | 1.63% | 17.90% |
| Wells Fargo and Company | 1.04% | 1.23% | 12.78% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Lincoln National's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Lincoln National Corporation | 2.45 | 0.39 |
| Jpmorgan Chase and Co | 14.07 | 4.71 |
| Bank Of America Corporation | 11.79 | 2.90 |
| Morgan Stanley | 14.41 | 4.74 |
| The Goldman Sachs Group Inc | 12.49 | 6.18 |
| Wells Fargo and Company | 11.91 | 3.01 |
| PEERS AVERAGE | 9.67 | 1.79 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.