Lincoln National Corporation Financial Ratios — LNC Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	1.97	12.17	10.79	12.35	9.08	9.28	15.4	11.71	6.34	3.59	26.91	10.96	-8.4	29.34	8.26
Return on Assets (%)	0.11	0.62	0.55	0.62	0.46	0.46	0.77	0.57	0.28	0.14	1	0.38	-0.21	0.86	0.29
Return on Capital (%)	2.09	9.34	8.38	9.64	7.63	8.1	- -	9.76	6.01	- -	19.32	8.1	- -	19.63	6.71
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	4.73	13.59	13.63	14.69	10.54	10.94	7.93	11.48	5.33	2.41	26.37	9.11	-9.8	22.36	7.29
Profit Margin (%)	2.08	11.38	10.4	11.15	8.51	8.94	14.58	10	5.13	2.84	21.46	7.17	-6.42	18.21	6.42
Net Income to Common Margin (%)	2.08	11.38	10.4	11.15	8.51	8.94	14.58	10	5.13	2.84	21.46	7.17	-7.12	17.7	5.92
Effective Tax Rate (%)	54.47	17.98	23.73	24.19	19.3	18.24	- -	12.94	3.59	- -	18.63	21.28	- -	18.57	12.03
Dvd Payout Ratio (%)	26.64	7.08	10.29	11.23	17.68	19.97	12.6	17.61	34.2	62.32	8.44	22.83	-36.57	9.64	29.93
Sustainable Growth Rate (%)	1.44	11.3	9.68	10.96	7.48	7.43	13.46	9.65	4.17	1.35	24.64	8.46	-11.48	26.51	5.79

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	5,691	5,639	5,820	5,273	5,323	5,123	5,123	5,773	6,207	6,657	6,646	6,632	6,121	6,355	6,431
ST Debt	300	200	500	250	- -	- -	450	200	550	250	550	500	250	300	400
LT Debt	5,391	5,439	5,320	5,023	5,323	5,123	4,673	5,573	5,657	6,407	6,096	6,132	5,871	6,055	6,031
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	294	273	265	267	272	331	253	297	326	284	270	283	331	336	227
Common Equity/Total Assets	5.17	5.1	5.02	4.99	5.07	4.94	5	4.68	4.19	3.76	3.7	3.13	2.52	3.15	3.35
Long-Term Debt/Equity (%)	41.15	36.33	39.55	31.91	39.09	35.38	26.98	38.84	28.73	28.23	29.37	120.19	85.17	73.23	55.3
Long-Term Debt/Capital (%)	33.46	32.37	30.04	28.03	29.42	28.41	24.32	28.27	27.97	31.37	29.09	33.9	35.6	30.8	28.19
Long-Term Debt/Total Assets (%)	2.68	2.49	2.25	1.98	2.11	1.96	1.66	1.87	1.69	1.75	1.58	1.83	1.58	1.55	1.45
Total Debt/Equity (%)	43.44	37.66	43.26	33.5	39.09	35.38	29.58	40.23	31.53	29.33	32.02	129.99	88.8	76.85	58.97
Total Debt/Capital (%)	35.32	33.56	32.86	29.43	29.42	28.41	26.66	29.28	30.69	32.59	31.71	36.67	37.12	32.32	30.06
Total Debt/Total Assets (%)	2.82	2.58	2.46	2.08	2.11	1.96	1.82	1.94	1.85	1.82	1.72	1.98	1.64	1.63	1.54
Net Debt to Equity	9.01	9.41	25.69	8.6	15.99	16.58	20.18	23.89	18.51	21.8	19.44	64.46	39.98	6.7	-28.16
Net Debt/Capital (%)	10.18	11.21	22.52	9.67	14.56	15.68	19.87	19.73	20.63	26.44	21.99	22.31	21	4	-25.82
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	5.17	5.1	5.02	4.99	5.07	4.94	5	4.68	4.19	3.76	3.7	3.13	2.52	3.15	3.35
Long-Term Debt/Equity (%)	41.15	36.33	39.55	31.91	39.09	35.38	26.98	38.84	28.73	28.23	29.37	120.19	85.17	73.23	55.3
Long-Term Debt/Capital (%)	33.46	32.37	30.04	28.03	29.42	28.41	24.32	28.27	27.97	31.37	29.09	33.9	35.6	30.8	28.19
Long-Term Debt/Total Assets (%)	2.68	2.49	2.25	1.98	2.11	1.96	1.66	1.87	1.69	1.75	1.58	1.83	1.58	1.55	1.45
Total Debt/Equity (%)	43.44	37.66	43.26	33.5	39.09	35.38	29.58	40.23	31.53	29.33	32.02	129.99	88.8	76.85	58.97
Total Debt/Capital (%)	35.32	33.56	32.86	29.43	29.42	28.41	26.66	29.28	30.69	32.59	31.71	36.67	37.12	32.32	30.06
Total Debt/Total Assets (%)	2.82	2.58	2.46	2.08	2.11	1.96	1.82	1.94	1.85	1.82	1.72	1.98	1.64	1.63	1.54
CFO/Total Liabilities	0.68	0.62	0.36	1.06	0.94	0.51	0.3	0.68	-0.85	0.16	-0.06	1.1	-0.57	-0.52	-0.04
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.09	0.1	0.12	0.13	0.12	0.13	0.13	0.12	0.11	0.1	0.1	0.09	0.06	0.08	0.08

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	2.93	1.68	1.8	2.15	2.22	2.28	2.59	1.39	0.96	1.02	0.94	0.94	0.47	0.61	0.65
Days Sales Outstanding	124.67	217.75	202.74	170.05	164.15	160.1	140.78	262.57	379.99	359.11	386.43	388.04	776	594.43	564.77
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	5,966	7,029	13,571	14,795	12,255	14,999	16,765	10,563	11,605	9,676	12,095	5,254	4,574	5,410	8,136
- Cash & Cash Equivalents	4,510	4,230	2,364	3,919	3,146	2,722	1,628	2,345	2,563	1,708	2,612	3,343	3,365	5,801	9,502
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	986	986	986	986
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	5,691	5,639	5,820	5,273	5,323	5,123	5,123	5,773	6,207	6,657	6,646	6,632	6,121	6,355	6,431
Enterprise Value	-69,125	-74,463	-63,949	-70,920	-71,367	-72,088	-74,826	-80,033	-89,951	-108,419	-102,582	-90,207	-80,422	-80,161	-19,221
Total Capital	16,112	16,804	17,709	17,917	18,095	18,035	19,215	19,716	20,223	20,425	20,959	18,086	16,490	19,660	21,395
Total Debt/Capital (%)	35.32	33.56	32.86	29.43	29.42	28.41	26.66	29.28	30.69	32.59	31.71	36.67	37.12	32.32	30.06
Total Debt / EV	-0.08	-0.08	-0.09	-0.07	-0.07	-0.07	-0.07	-0.07	-0.07	-0.06	-0.06	-0.07	-0.08	-0.08	-0.33
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	6,117	7,449	14,201	15,456	12,811	15,693	17,388	11,268	11,926	9,851	12,908	5,305	4,604	5,489	8,314
Diluted Enterprise Value	7,298	8,858	17,657	16,810	14,988	18,094	20,883	14,696	15,570	14,800	16,942	9,580	8,346	7,029	6,229
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	10,641	11,535	11,963	13,591	13,566	13,330	14,257	16,418	17,255	17,579	17,605	18,929	11,711	17,989	18,342
TTM EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	1,410	1,493	1,001	2,728	2,463	1,543	1,253	2,202	-2,372	869	3	3,832	-1,857	-1,733	33
TTM Free Cash Flow to Firm	1,410	1,493	1,001	2,728	2,463	1,543	1,253	2,202	-2,372	869	3	3,832	-1,857	-1,733	33

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	4.79	5.87	17.77	6.12	5.71	12.34	22.07	5.8	-4.44	18.45	-59.48	1.47	-2.22	-2.73	-49.78
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-69,125	-74,463	-63,949	-70,920	-71,367	-72,088	-74,826	-80,033	-89,951	-108,419	-102,582	-90,207	-80,422	-80,161	-19,221
Low Price	13.75	19.04	26.69	45.25	45.56	30.39	61.45	48.07	49.7	16.11	44.59	28.61	18.5	25.1	27.58
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	26.99	5.35	10.91	9.77	10.62	12.58	8.06	6.44	13.1	19.39	3.2	3.87	- -	1.7	7.49
Price/Earnings Average	34.69	4.85	8.17	8.78	11.64	8.76	7.36	8.57	13.42	15.49	3.02	6.7	-5.18	1.64	6.26
Price/Earnings High	45.43	5.69	11.05	10.02	13.12	13.19	8.26	10.87	14.99	23.88	3.64	9.62	-7.42	1.98	7.86
Price/Earnings Low	19.11	3.94	5.64	7.66	9.63	5.77	6.45	6.03	11.03	6.21	2.09	3.6	-3.76	1.34	4.64
Price/Book Value	0.57	0.63	1.14	1.17	0.96	1.16	1.19	0.76	0.83	0.7	0.85	0.5	0.49	0.44	0.58
Price/Book Value Average	0.74	0.57	0.86	1.05	1.05	0.81	1.09	1.01	0.85	0.56	0.8	0.87	0.46	0.42	0.49
Price/Book Value High	0.96	0.67	1.16	1.2	1.19	1.22	1.22	1.28	0.95	0.87	0.96	1.25	0.66	0.51	0.61
Price/Book Value Low	0.41	0.46	0.59	0.92	0.87	0.53	0.95	0.71	0.7	0.23	0.55	0.47	0.33	0.35	0.36
Price/Tangible Book Value	0.55	0.55	1.21	1.1	1.08	1.23	1.05	0.84	0.65	0.46	0.64	1.77	0.96	0.88	0.93
Price/Tangible Book Value Average	0.71	0.5	0.91	0.99	1.18	0.86	0.96	1.12	0.66	0.37	0.6	3.06	0.91	0.85	0.77
Price/Tangible Book Value High	0.93	0.59	1.23	1.13	1.33	1.29	1.08	1.42	0.74	0.57	0.72	4.4	1.3	1.03	0.97
Price/Tangible Book Value Low	0.39	0.41	0.63	0.86	0.98	0.56	0.84	0.79	0.55	0.15	0.42	1.65	0.66	0.7	0.57
Price/Sales	0.56	0.61	1.13	1.09	0.9	1.13	1.18	0.64	0.67	0.55	0.69	0.28	0.39	0.3	0.44
Price/Sales Average	0.72	0.55	0.85	0.98	0.99	0.78	1.07	0.86	0.69	0.44	0.65	0.48	0.37	0.29	0.37
Price/Sales High	0.94	0.65	1.15	1.12	1.12	1.18	1.2	1.09	0.77	0.68	0.78	0.69	0.53	0.35	0.47
Price/Sales Low	0.4	0.45	0.59	0.85	0.82	0.52	0.94	0.6	0.57	0.18	0.45	0.26	0.27	0.24	0.27
Price/Cash Flow	4.68	5.54	16.98	5.86	5.46	11.79	21.27	5.44	-4.32	18.12	-55.74	1.46	-2.21	-2.7	-48.72
Price/Cash Flow Average	6.01	5.02	12.73	5.27	5.99	8.21	19.43	7.24	-4.43	14.47	-52.58	2.52	-2.08	-2.6	-40.69
Price/Cash Flow High	7.87	5.89	17.2	6.01	6.75	12.36	21.79	9.18	-4.94	22.32	-63.34	3.62	-2.98	-3.14	-51.1
Price/Cash Flow Low	3.31	4.07	8.78	4.6	4.95	5.41	17.01	5.09	-3.64	5.8	-36.41	1.36	-1.51	-2.13	-30.17
Price/Free Cash Flow Average	6.16	5.32	13.32	5.5	6.26	8.59	20.15	7.72	-4.55	14.73	-56.11	2.55	-2.1	-2.64	-41.58
Price/Free Cash Flow High	8.07	6.24	18	6.28	7.05	12.94	22.6	9.8	-5.08	22.72	-67.6	3.66	-3	-3.19	-52.22
Price/Free Cash Flow Low	3.39	4.32	9.19	4.8	5.18	5.66	17.64	5.43	-3.74	5.91	-38.86	1.37	-1.52	-2.16	-30.83
EV/Sales Average	0.83	0.67	1.14	1.08	1.15	0.96	1.32	1.07	0.9	0.72	0.88	0.71	0.69	0.38	0.26
EV/Sales High	1.05	0.77	1.44	1.22	1.28	1.36	1.45	1.3	0.98	0.96	1.01	0.92	0.85	0.44	0.35
EV/Sales Low	0.51	0.57	0.88	0.95	0.98	0.7	1.19	0.81	0.78	0.46	0.68	0.48	0.59	0.32	0.16
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	19.42	25.9	51.62	57.67	50.26	66.27	76.87	51.31	59.01	50.31	68.26	30.72	26.97	31.71	44.53
High Price	32.68	27.54	52.27	59.17	62.08	69.49	78.74	86.68	67.52	61.96	77.57	76.4	36.5	36.98	46.71
Enterprise Value Average	8,848	7,781	13,624	14,656	15,604	12,844	18,802	17,496	15,532	12,677	15,443	13,376	8,061	6,765	4,709
Enterprise Value High	11,220	8,883	17,198	16,534	17,314	18,129	20,667	21,272	16,923	16,866	17,779	17,342	9,932	7,849	6,449
Enterprise Value Low	5,405	6,577	10,473	12,963	13,286	9,279	16,897	13,324	13,418	8,047	11,935	9,168	6,880	5,822	2,954

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	291	271	263	257	244	226	218	206	197	192	177	169	170	170	190
Diluted Weighted Avg Shares	315	288	275	268	255	237	226	220	202	196	189	173	171	173	187
Basic Weighted Avg Shares	307	271	263	257	244	226	218	206	197	192	177	171	170	171	183
Revenue per Share	34.64	42.5	45.5	52.98	55.64	58.89	65.37	79.75	87.74	91.4	99.35	110.67	69.05	105.45	100.39
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.72	4.84	4.73	5.91	4.73	5.27	9.53	7.97	4.51	2.59	21.32	7.94	-4.92	18.66	5.94
Basic EPS from Cont Ops	0.75	4.74	4.73	5.9	4.73	5.27	9.53	7.97	4.51	2.59	21.32	7.94	-4.43	19.2	6.44
Diluted EPS, GAAP	0.7	4.57	4.52	5.65	4.53	5.03	9.19	7.47	4.38	2.55	19.98	7.86	-4.89	18.39	5.82
Diluted EPS from Cont Ops	0.73	4.47	4.52	5.65	4.53	5.03	9.19	7.47	4.38	2.55	19.98	7.86	-4.41	18.92	6.3
Dividend per Share	0.2	0.34	0.49	0.66	0.84	1.05	1.2	1.4	1.54	1.62	1.8	1.81	2.28	2.33	2.28
Cash Flow per Share	4.15	4.68	3.04	9.85	9.2	5.62	3.61	9.44	-13.66	2.78	-1.22	21.1	-12.23	-11.76	-0.91
Free Cash Flow per Basic Share	4.15	4.68	3.04	9.85	9.2	5.62	3.61	9.44	-13.66	2.78	-1.22	21.1	-12.23	-11.76	-0.91
Cash & Equivalents per Share	262.96	321.04	317.01	354.66	364.77	407.4	443.46	468.12	547.94	648.64	684.69	602.68	543.06	544.62	190.33
Book Value per Share	33.92	41.14	45.22	49.28	52.38	57.05	64.62	67.73	71.27	71.59	80.78	61.2	55.32	72.21	76.51
Tangible Book Value per Share	35.25	46.79	42.52	52.49	46.52	53.92	73.15	61.05	91.07	108.78	107.09	17.38	28.08	35.98	48.04

Lincoln National Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)