LNC EV/EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
LNC's ev/ebitda is lower than 95% of the last 10 years.
EV/EBITDA History
LNC EV/EBITDA by year
Yearly range of LNC’s ev/ebitda from 2016 to 2026. Over the full period it ranged from 0.9 to 24.7, averaging 8.9.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 1.2 | 2.4 | 3.7 | 1.8 |
| 2025 | 0.9 | 2.6 | 4.3 | 3.5 |
| 2024 | 1.4 | 5.1 | 9.9 | 1.4 |
| 2023 | 6.6 | 8.9 | 10.4 | 10.2 |
| 2022 | 3.3 | 6.4 | 11.4 | 8.2 |
| 2021 | 8.2 | 14.9 | 24.7 | 8.7 |
| 2020 | 5.1 | 12.7 | 23.2 | 20.8 |
| 2019 | 6.6 | 9.3 | 13.7 | 12.4 |
| 2018 | 6.7 | 14.2 | 16.5 | 6.7 |
| 2017 | 8.5 | 9.6 | 10.9 | 10.1 |
| 2016 | 7.0 | 8.4 | 9.7 | 9.4 |
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An acquisition-style valuation multiple: Enterprise Value (market cap + net debt) divided by operating earnings before accounting adjustments. Compares companies fairly regardless of their capital structure.
(Market Cap + Net Debt) / EBITDAUnlike P/E, this metric accounts for debt — two companies with identical operations but different leverage will show similar EV/EBITDA. Low vs history suggests the total business is modestly priced.
- EBITDA ignores capital expenditure. For asset-heavy businesses (airlines, mining, utilities), this understates the real cost — use EV/EBIT or EV/FCF instead.
- Large acquisitions temporarily spike net debt and can distort the ratio for 1–2 years during integration.
Is LNC EV/EBITDA High or Low Right Now?
Lincoln National Corporation's EV/EBITDA is currently 1.8, which is near historic low relative to its 10-year historical range. The 10-year median EV/EBITDA for LNC is approximately 8.9. See all LNC valuation metrics →
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.