Is Lincoln National Corp. overvalued or undervalued?

As of 14 May 2025, Lincoln National Corp. has moved from an attractive to a fair valuation grade. The company is currently fairly valued based on its financial metrics. The P/E ratio stands at 4, which is significantly lower than the industry average, while the price to book value is 0.70 and the EV to capital employed ratio is 0.54, indicating a low valuation relative to its assets.
In comparison to its peers, Lincoln National Corp. has a P/E ratio of 4.2151, while Jackson Financial, Inc. is considered expensive at a P/E of 47.2169 and Brighthouse Financial, Inc. is very attractive with a P/E of 9.2743. The company's recent stock performance has lagged behind the S&P 500, with a 1-year return of 2.66% compared to the S&P 500's 10.26%, reinforcing the notion that Lincoln National Corp. is fairly valued in the current market context.