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Side-by-side financial comparison of LINCOLN NATIONAL CORP (LNC) and Steel Dynamics (STLD). Click either name above to swap in a different company.
Steel Dynamics is the larger business by last-quarter revenue ($5.2B vs $4.9B, roughly 1.1× LINCOLN NATIONAL CORP). LINCOLN NATIONAL CORP runs the higher net margin — 15.3% vs 7.7%, a 7.7% gap on every dollar of revenue. On growth, Steel Dynamics posted the faster year-over-year revenue change (17.9% vs -2.8%). Over the past eight quarters, LINCOLN NATIONAL CORP's revenue compounded faster (9.4% CAGR vs 6.0%).
Lincoln National Corporation is a Fortune 200 American holding company, which operates multiple insurance and investment management businesses through subsidiary companies. Lincoln Financial Group is the marketing name for LNC and its subsidiary companies.
Steel Dynamics, Inc. (SDI) is an American steel producer based in Fort Wayne, Indiana. With a production capacity of 13 million tons of steel, the company is the third largest producer of carbon steel products in the United States. It is among the most profitable American steel companies in terms of profit margins and operating margin per ton. Based on its 2021 revenue, the company ranked 196th on the 2022 edition of the Fortune 500.
LNC vs STLD — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $4.9B | $5.2B |
| Net Profit | $755.0M | $400.1M |
| Gross Margin | — | 14.7% |
| Operating Margin | 18.6% | 10.3% |
| Net Margin | 15.3% | 7.7% |
| Revenue YoY | -2.8% | 17.9% |
| Net Profit YoY | -55.2% | 51.3% |
| EPS (diluted) | $4.32 | $2.78 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $5.2B | ||
| Q4 25 | $4.9B | $4.4B | ||
| Q3 25 | $4.6B | $4.8B | ||
| Q2 25 | $4.0B | $4.6B | ||
| Q1 25 | $4.7B | $4.4B | ||
| Q4 24 | $5.1B | $3.9B | ||
| Q3 24 | $4.1B | $4.3B | ||
| Q2 24 | $5.2B | $4.6B |
| Q1 26 | — | $400.1M | ||
| Q4 25 | $755.0M | $266.0M | ||
| Q3 25 | $445.0M | $403.7M | ||
| Q2 25 | $699.0M | $298.7M | ||
| Q1 25 | $-722.0M | $217.2M | ||
| Q4 24 | $1.7B | $207.3M | ||
| Q3 24 | $-528.0M | $317.8M | ||
| Q2 24 | $895.0M | $428.0M |
| Q1 26 | — | 14.7% | ||
| Q4 25 | — | 12.0% | ||
| Q3 25 | — | 15.7% | ||
| Q2 25 | — | 13.5% | ||
| Q1 25 | — | 11.1% | ||
| Q4 24 | — | 11.4% | ||
| Q3 24 | — | 13.9% | ||
| Q2 24 | — | 16.7% |
| Q1 26 | — | 10.3% | ||
| Q4 25 | 18.6% | 7.0% | ||
| Q3 25 | 11.5% | 10.5% | ||
| Q2 25 | 21.0% | 8.4% | ||
| Q1 25 | -20.2% | 6.3% | ||
| Q4 24 | 41.5% | 6.1% | ||
| Q3 24 | -17.1% | 9.1% | ||
| Q2 24 | 21.3% | 12.1% |
| Q1 26 | — | 7.7% | ||
| Q4 25 | 15.3% | 6.0% | ||
| Q3 25 | 9.8% | 8.4% | ||
| Q2 25 | 17.3% | 6.5% | ||
| Q1 25 | -15.4% | 5.0% | ||
| Q4 24 | 33.3% | 5.4% | ||
| Q3 24 | -12.8% | 7.3% | ||
| Q2 24 | 17.4% | 9.2% |
| Q1 26 | — | $2.78 | ||
| Q4 25 | $4.32 | $1.80 | ||
| Q3 25 | $2.12 | $2.74 | ||
| Q2 25 | $3.80 | $2.01 | ||
| Q1 25 | $-4.41 | $1.44 | ||
| Q4 24 | $9.66 | $1.40 | ||
| Q3 24 | $-3.29 | $2.05 | ||
| Q2 24 | $5.11 | $2.72 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $556.5M |
| Total DebtLower is stronger | $6.3B | $4.2B |
| Stockholders' EquityBook value | $10.9B | $9.0B |
| Total Assets | $417.2B | $16.7B |
| Debt / EquityLower = less leverage | 0.57× | 0.47× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $556.5M | ||
| Q4 25 | — | $769.9M | ||
| Q3 25 | — | $770.4M | ||
| Q2 25 | — | $497.6M | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $737.3M | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.2B |
| Q1 26 | — | $4.2B | ||
| Q4 25 | $6.3B | $4.2B | ||
| Q3 25 | $5.8B | $3.8B | ||
| Q2 25 | $5.8B | $3.8B | ||
| Q1 25 | $5.9B | $4.2B | ||
| Q4 24 | $6.1B | $3.2B | ||
| Q3 24 | $5.9B | $3.7B | ||
| Q2 24 | $5.7B | $3.1B |
| Q1 26 | — | $9.0B | ||
| Q4 25 | $10.9B | $9.0B | ||
| Q3 25 | $10.5B | $9.0B | ||
| Q2 25 | $9.5B | $8.9B | ||
| Q1 25 | $8.2B | $8.8B | ||
| Q4 24 | $8.3B | $8.9B | ||
| Q3 24 | $9.0B | $9.1B | ||
| Q2 24 | $7.9B | $9.1B |
| Q1 26 | — | $16.7B | ||
| Q4 25 | $417.2B | $16.4B | ||
| Q3 25 | $415.3B | $16.0B | ||
| Q2 25 | $399.1B | $15.5B | ||
| Q1 25 | $382.9B | $15.9B | ||
| Q4 24 | $390.8B | $14.9B | ||
| Q3 24 | $396.8B | $15.7B | ||
| Q2 24 | $384.5B | $15.1B |
| Q1 26 | — | 0.47× | ||
| Q4 25 | 0.57× | 0.47× | ||
| Q3 25 | 0.55× | 0.42× | ||
| Q2 25 | 0.60× | 0.43× | ||
| Q1 25 | 0.72× | 0.48× | ||
| Q4 24 | 0.74× | 0.36× | ||
| Q3 24 | 0.65× | 0.41× | ||
| Q2 24 | 0.72× | 0.34× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $233.0M | $148.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 0.31× | 0.37× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $148.3M | ||
| Q4 25 | $233.0M | $272.7M | ||
| Q3 25 | $-1.1B | $722.6M | ||
| Q2 25 | $1.0B | $301.6M | ||
| Q1 25 | $-272.0M | $152.6M | ||
| Q4 24 | $222.0M | $346.9M | ||
| Q3 24 | $-27.0M | $759.9M | ||
| Q2 24 | $-859.0M | $382.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | $84.2M | ||
| Q3 25 | — | $556.9M | ||
| Q2 25 | — | $13.3M | ||
| Q1 25 | — | $-152.9M | ||
| Q4 24 | — | $-106.3M | ||
| Q3 24 | — | $138.5M | ||
| Q2 24 | — | $-36.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.9% | ||
| Q3 25 | — | 11.5% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | -3.5% | ||
| Q4 24 | — | -2.7% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | — | -0.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.3% | ||
| Q3 25 | — | 3.4% | ||
| Q2 25 | — | 6.3% | ||
| Q1 25 | — | 7.0% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | — | 14.3% | ||
| Q2 24 | — | 9.0% |
| Q1 26 | — | 0.37× | ||
| Q4 25 | 0.31× | 1.03× | ||
| Q3 25 | -2.56× | 1.79× | ||
| Q2 25 | 1.45× | 1.01× | ||
| Q1 25 | — | 0.70× | ||
| Q4 24 | 0.13× | 1.67× | ||
| Q3 24 | — | 2.39× | ||
| Q2 24 | -0.96× | 0.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LNC
| Life Segment | $1.6B | 33% |
| Group Protection Segment | $1.5B | 31% |
| Annuities Segment | $1.3B | 27% |
| Other | $435.0M | 9% |
STLD
| Steel | $3.5B | 68% |
| Metals Recycling | $593.2M | 11% |
| Other | $490.1M | 9% |
| Steel Fabrication | $355.4M | 7% |
| Aluminum | $227.4M | 4% |
