COMP <GO>

LNC vs FG // EV/EBITDA & P/E VALUATION

Lincoln National Corporation (NYSE) VS. F&G Annuities & Life Inc. (NYSE) • 15-METRIC TALLY: LNC 5 — FG 3

■ METRIC PARITY

LAST: $41.37 (+1.75%) • MKT CAP: $7.92B

valuation

60.3x

LAST: $21.05 (+2.18%) • MKT CAP: $2.76B

valuation

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (LNC VS. FG) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	LNC	FG	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	0.90%	5.20%	-4.30	FG	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	60.3x	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	-12.46%	—	—	TIE	/fcf-yield <GO>
Operating Margin	7.90%	—	—	TIE	/operating-margins <GO>
Net Profit Margin	6.50%	4.30%	+2.20	LNC	/net-margins <GO>
Revenue Growth (YoY)	-1.20%	-0.20%	-1.00	FG	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	4.10%	0.00%	+4.10	LNC	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	3/9	4/9	-1.00	FG	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	53.8	51.5	+2.32	LNC	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	0.93	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	6.2x	10.3x	-4.10	LNC	/forward-pe <GO>
Enterprise Scale & Market Cap	$7.92B	$2.76B	$5.16B	LNC	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	LNC REV	FG REV	LNC GROSS %	FG GROSS %	LNC FCF	FG FCF
FY 2025	$18.21B	$5.73B	—	—	-$986.5M	$4.68B
FY 2024	$18.44B	$5.74B	—	—	-$2.84B	$6.00B
FY 2023	$11.64B	$4.50B	—	—	-$2.60B	$5.83B

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

LNC // BETA 0.93

FG // BETA —