Lincoln National (LNC) vs Voya Financial (VOYA)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 8, 2026.
Summary
Voya Financial (VOYA) has outperformed Lincoln National (LNC) over the past year, gaining 28.8% versus a gain of 2.3%. Over five years, VOYA leads with a +40.9% price change compared with -43.3% for LNC. Voya Financial is the larger company by market cap ($8.76 billion vs $7.85 billion), about 1.1 times the size.
On valuation, Lincoln National trades at a lower forward P/E (4.7x vs 8.5x for Voya Financial). Lincoln National offers the higher dividend yield (4.39% vs 1.92%). Voya Financial converts more of its revenue into profit, with a net margin of 8.0% versus 6.5%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | LNC | VOYA |
|---|---|---|
| Share price | $40.99 | $96.64 |
| Market cap | $7.85B | $8.76B |
| 1-day change | -0.02% | -0.13% |
| YTD return | -7.93% | +29.91% |
| 1-year return | +2.35% | +28.84% |
| 5-year return | -43.29% | +40.94% |
| P/E ratio (TTM) | 3.49 | 16.27 |
| Forward P/E | 4.68 | 8.50 |
| EPS (TTM) | $11.73 | $5.94 |
| Dividend yield | 4.39% | 1.92% |
| Annual dividend | $1.80 | $1.86 |
| Revenue (latest FY) | $18.21B | $8.19B |
| Revenue growth (YoY) | -1.25% | +1.73% |
| Net income (latest FY) | $1.18B | $654.00M |
| Operating margin | — | 12.68% |
| Net margin | 6.46% | 7.99% |
| 52-week high | $47.67 | $105.64 |
| 52-week low | $32.18 | $64.50 |
| Distance from 52-week high | -14.01% | -8.52% |
| Analyst consensus | hold | buy |
| Avg. price target upside | +17.30% | +12.36% |
| Average volume | 2.04M | 1.05M |
| Shares outstanding | 191.45M | 90.60M |
| Employees | 9,423 | 11,000 |
| Sector | Finance | Finance |
| Industry | Life Insurance | Life Insurance |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- VOYA has outperformed LNC by 26.5 percentage points over the past year.
- Voya Financial trades at a higher earnings multiple (16.3x vs 3.5x trailing P/E).
- Lincoln National offers a meaningfully higher dividend yield (4.39% vs 1.92%).
About Lincoln National
LNC stock →Lincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States. It operates through four segments: Life Insurance, Annuities, Group Protection, and Retirement Plan Services.
Finance · Life Insurance · 9,423 employees
About Voya Financial
VOYA stock →Voya Financial, Inc. provides workplace benefits, and savings solutions and technologies in the United States and internationally.
Finance · Life Insurance · 11,000 employees
LNC vs VOYA FAQ
Which is bigger, Lincoln National or Voya Financial?
Voya Financial (VOYA) is larger, with a market capitalization of $8.76B compared with $7.85B for Lincoln National (LNC).
Which stock has performed better over the past year, LNC or VOYA?
VOYA returned +28.84% over the past 12 months, compared with +2.35% for LNC (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, LNC or VOYA?
LNC has the lower trailing P/E at 3.5, versus 16.3 for VOYA. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Which pays a higher dividend, Lincoln National or Voya Financial?
Lincoln National has the higher yield at 4.39%, compared with 1.92% for Voya Financial.
Are Lincoln National and Voya Financial in the same industry?
Yes. Both are classified in the Life Insurance industry within the Finance sector.