LNCLINCOLN NATIONAL CORP

Life Insurance

Revenue: $18.2B; 1.2% YoY
Operating margin: —
EBITDA: —
Market cap: $7.9B
Employees: 100; $182M revenue each
Net debt / EBITDA: —; $4.8B net debt
AI in 10-K: 1.7; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 3 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
-14% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-195% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentYes
71% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$182M · 99th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.7 per 10K words · 51st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$7.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingNo
$46M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
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

Filed	Filer	Form	Stake	Intent
Aug 12, 2026	Bain Capital Prairie, LLC	SCHEDULE 13D/A	9.8%	Passive
Jun 12, 2025	Bain Capital Prairie, LLC	SCHEDULE 13D	9.9%	Active

Insider trading

Open-market buys, 12 mo: $50M · 4
Open-market sells, 12 mo: $4M · 8
Net: $46M

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