ValueScreener

ValueScreener company report

Lincoln National Corporation (LNC)

NYSE / Financial Services / Insurance - Life

Share price

39.83 USD Market dataClose of Oct 16, 2026

Market capitalisation

7.63B USD Market dataClose of Oct 16, 2026
Market data
Oct 16, 2026
Filed accounts
FY2025, filed Feb 19, 2026
Ratios computed
Oct 16, 2026
Filed years
18, FY2007 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

10.8% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

6.71x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Dividend yield

4.5% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 13.33B USDFY2016 Net income: 1.19B USDFY2017 Revenue: 14.26B USDFY2017 Net income: 2.08B USDFY2018 Revenue: 16.42B USDFY2018 Net income: 1.64B USDFY2019 Revenue: 17.26B USDFY2019 Net income: 886.0M USDFY2020 Revenue: 17.44B USDFY2020 Net income: 499.0M USDFY2021 Revenue: 17.71B USDFY2021 Net income: 3.78B USDFY2022 Revenue: 18.81B USDFY2022 Net income: 1.36B USDFY2023 Revenue: 11.64B USDFY2023 Net income: -752.0M USDFY2024 Revenue: 18.44B USDFY2024 Net income: 3.27B USDFY2025 Revenue: 18.21B USDFY2025 Net income: 1.18B USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
5 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 6.71x at the close of 2026-10-16 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits below the lowest.

Today, against the Financial Services sector (657 companies), 6.71x sits at the 7th percentile; the middle half of that group runs from 11.30x to 24.13x.

Is it good

Return on equity was 10.8% in FY2025, in the band labelled "Ordinary" (8.0% to 15.0%), on lines anchored on Damodaran's cost-of-capital data.

Today, against the Financial Services sector (739 companies), 10.8% sits at the 58th percentile; the middle half of that group runs from 3.6% to 13.7%.

Is it safe

Debt to equity was 0.58 in FY2025, in the band labelled "Within Graham's industrial limit" (0.50 to 1.00), on lines anchored on Graham's defensive-investor criteria.

Today, against the Financial Services sector (80 companies), 0.58 sits at the 50th percentile; the middle half of that group runs from 0.21 to 1.42.

Year by year against peers
Whether Lincoln National Corporation's return on equity stayed above the median of the Financial Services sector, year by year. (FY2023 to FY2025, 3 fiscal years of Lincoln National Corporation with a comparable figure)
The direction
Which way Lincoln National Corporation's return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Lincoln National Corporation)
What could explain it
What in Lincoln National Corporation's filed statements could explain the movements. (4 readings drawn from the statement lines Lincoln National Corporation filed)
What to check next
What to check next on Lincoln National Corporation, and where in its filings. (2 questions for Lincoln National Corporation)
In one paragraph
One paragraph on Lincoln National Corporation's returns, cash, balance sheet and price. (5 of sixteen figures read for Lincoln National Corporation)

These are LNC’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research LNCPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 19, 2026, accession 0000059558-26-000016.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Lincoln National Corporation: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/m

Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.

n/m ComputedFY2025 10-K, filed Feb 19, 2026, 0000059558-26-000016
Return on equity10.8% ComputedFY2025 10-K, filed Feb 19, 2026, 0000059558-26-000016
Return on capital employed, pre-tax
Why n/m

Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.

n/m ComputedFY2025 10-K, filed Feb 19, 2026, 0000059558-26-000016
Return on assets0.3% ComputedFY2025 10-K, filed Feb 19, 2026, 0000059558-26-000016
Gross margin
Why n/m

This filer reports no gross profit line, so there is no gross margin to compute. Banks, insurers and REITs do not present cost of revenue.

n/m ComputedFY2025 10-K, filed Feb 19, 2026, 0000059558-26-000016
Operating margin
Why n/a

No operating income line is filed for this year.

n/a ComputedFY2025 10-K, filed Feb 19, 2026, 0000059558-26-000016
Net margin6.5% ComputedFY2025 10-K, filed Feb 19, 2026, 0000059558-26-000016
LNC 6.5%
PRI 22.8%CNO 5.1%BHF 6.4%GNW 3.0%FG 4.6%
3.0%22.8%
Net margin: LNC against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Lincoln National Corporation: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.58 ComputedFY2025 10-K, filed Feb 19, 2026, 0000059558-26-000016
Current ratio
Why n/m

Banks and insurers present an unclassified balance sheet under Regulation S-X, with no split between current and non-current. A current ratio needs that split, so there is none to show.

n/m ComputedFY2025 10-K, filed Feb 19, 2026, 0000059558-26-000016
Quick ratio
Why n/m

Banks and insurers present an unclassified balance sheet under Regulation S-X, with no split between current and non-current. A current ratio needs that split, so there is none to show.

n/m ComputedFY2025 10-K, filed Feb 19, 2026, 0000059558-26-000016
Interest coverage
Why n/a

No operating income line is filed for this year.

n/a ComputedFY2025 10-K, filed Feb 19, 2026, 0000059558-26-000016
Altman Z-score
Why n/m

Altman's Z-Score was estimated on manufacturers and explicitly excludes financial firms. A financial company scores in the distress zone by construction, so the number would be wrong rather than alarming. Not applicable to financials.

n/m ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 19, 2026, 0000059558-26-000016
Net debt-3.17B ComputedFY2025 10-K, filed Feb 19, 2026, 0000059558-26-000016
Total assets 417.20BTotal liabilities 406.30BShareholders' equity 10.91BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Lincoln National Corporation owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 19, 2026, 0000059558-26-000016).

Lincoln National Corporation: balance sheet position
Total assets417.20B FiledFY2025 10-K, filed Feb 19, 2026
Total liabilities406.30B FiledFY2025 10-K, filed Feb 19, 2026
Shareholders' equity10.91B FiledFY2025 10-K, filed Feb 19, 2026
Cash9.50B FiledFY2025 10-K, filed Feb 19, 2026
Total debt6.33B FiledFY2025 10-K, filed Feb 19, 2026
Net debt-3.17B
Current ration/m
Debt to equity0.58
  • Current ratio: FY2025: Banks and insurers present an unclassified balance sheet under Regulation S-X, with no split between current and non-current. A current ratio needs that split, so there is none to show.
  • Interest cover: FY2025: No operating income line is filed for this year.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Lincoln National Corporation: what the market charges, each with its source
FigureValue, source and document
Price to earnings6.71x ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 19, 2026, 0000059558-26-000016
P/E on trailing twelve months3.30x ComputedClose of Oct 16, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book0.68x ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 19, 2026, 0000059558-26-000016
Price to sales0.41x ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 19, 2026, 0000059558-26-000016
Enterprise value to EBIT
Why n/m

Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.

n/m ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 19, 2026, 0000059558-26-000016
Enterprise value to EBITDA
Why n/m

Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.

n/m ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 19, 2026, 0000059558-26-000016
Price to earnings over growth0.37 ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 19, 2026, 0000059558-26-000016
Diluted earnings per share5.83 USD FiledFY2025 10-K, filed Feb 19, 2026, 0000059558-26-000016
Graham number88.51 USD ComputedFY2025 10-K, filed Feb 19, 2026, 0000059558-26-000016

We publish no fair value or price target of our own. Value LNC on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Lincoln National Corporation today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Lincoln National Corporation: valuation
Share price39.83 USD
Market capitalisation7.63B USD
Enterprise value to EBITDAn/m
Graham number88.51 USD
Diluted earnings per share, FY20255.83 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Oct 3, 2016: low 1.52x, median 7.70x, high 38.65x, latest 3.30x. 2,353 trading days with a meaningful ratio, 171 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Lincoln National Corporation

  1. Primerica, Inc. (PRI)Market cap 8.70B USD
  2. CNO Financial Group, Inc. (CNO)Market cap 5.06B USD
  3. Brighthouse Financial, Inc. (BHF)Market cap 2.75B USD
  4. Genworth Financial, Inc. (GNW)Market cap 3.43B USD
  5. F&G Annuities & Life, Inc. (FG)Market cap 2.59B USD

Same industry (Insurance - Life) and size band (Mid, 2B to 10B), nearest in market value and net margin. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Lincoln National Corporation: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield
Why n/m

For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.

n/m ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 19, 2026, 0000059558-26-000016
Free cash flow
Why n/a

The FY2025 filing carries no free cash flow we could read.

n/a ComputedFY2025 10-K, filed Feb 19, 2026, 0000059558-26-000016
Free cash flow margin
Why n/m

For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.

n/m ComputedFY2025 10-K, filed Feb 19, 2026, 0000059558-26-000016
Dividend yield4.5% ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 19, 2026, 0000059558-26-000016
Payout ratio27.6% ComputedFY2025 10-K, filed Feb 19, 2026, 0000059558-26-000016
FY2016 Net income: 1.19B USDFY2017 Net income: 2.08B USDFY2018 Net income: 1.64B USDFY2019 Net income: 886.0M USDFY2020 Net income: 499.0M USDFY2021 Net income: 3.78B USDFY2022 Net income: 1.36B USDFY2023 Net income: -752.0M USDFY2024 Net income: 3.27B USDFY2025 Net income: 1.18B USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Lincoln National Corporation: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
6.71xFY2025Oct 16, 2026
0.68xFY2025Oct 16, 2026
n/mFY2025Oct 16, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/mFY2025Oct 16, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/mFY2025Feb 19, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
4.5%FY2025Oct 16, 2026
0.58FY2025Feb 19, 2026
n/mFY2025Feb 19, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
0.41xFY2025Oct 16, 2026
0.37FY2025Oct 16, 2026
n/mFY2025Oct 16, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/mFY2025Feb 19, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/mFY2025Feb 19, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 18 filed fiscal years on record, FY2007 to FY2025, from SEC EDGAR. Prices as of Oct 16, 2026. Ratios recomputed Oct 16, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Lincoln National Corporation filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Lincoln National Corporation: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202518.21B1.56B1.18B5.83n/an/a10.8%10-K, Feb 19, 20260000059558-26-000016
FY202418.44B4.36B3.27B18.41n/an/a39.6%10-K, Feb 21, 20250000059558-25-000023
FY202311.64B-817.0M-752.0M-4.92n/an/a-10.9%10-K, Feb 22, 20240000059558-24-000013
FY202218.81B2.01B1.36B7.78n/an/a26.6%10-K, Feb 16, 20230000059558-23-000009
FY202117.71B4.91B3.78B19.96n/an/a19.0%10-K, Feb 17, 20220000059558-22-000008
FY202017.44B707.0M499.0M2.56n/an/a2.2%10-K, Feb 18, 20210000059558-21-000011
FY201917.26B1.25B886.0M4.38n/an/a4.5%10-K, Feb 20, 20200000059558-20-000012
FY201816.42B2.18B1.64B7.40n/an/a11.4%10-K, Feb 20, 20190000059558-19-000010
FY201714.26B1.38B2.08B9.22n/an/a12.0%10-K, Feb 22, 20180000059558-18-000009
FY201613.33B1.79B1.19B5.03n/an/a8.2%10-K, Feb 23, 20170000059558-17-000012
  • Revenue, compound annual growth FY2016 to FY2025: 3.5%
  • Earnings, compound annual growth FY2016 to FY2025: -0.1%
  • Earnings per share, compound annual growth FY2016 to FY2025: 1.7%
  • Free cash flow: Fewer than two filed years carry free cash flow.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Lincoln National Corporation: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score
Why n/m

The Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here.

n/m ComputedFY2025 10-K, filed Feb 19, 2026, 0000059558-26-000016
Piotroski F-score
Why n/m

4 of the nine Piotroski signals are undefined for an insurer: signal 5 (falling long-term leverage), signal 6 (rising current ratio), signal 8 (rising gross margin), signal 9 (rising asset turnover). We do not publish a partial score under the full score's name.

n/m ComputedFY2025 10-K, filed Feb 19, 2026, 0000059558-26-000016
Named tests met5 of 30 Computed
Beta0.97 ComputedClose of Oct 16, 2026

The named tests

Of 30 tests value investors published: 5 met, 12 not met, 13 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
P/E times P/B (Benjamin Graham); Book or below, low debt (Walter Schloss); Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Does not
Defensive investor (Benjamin Graham); Large cap, low P/E; Low PEG, low debt (Peter Lynch); High returns and growth; Dividends and buybacks; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); High returns, low debt; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Tangible book or below
Not measured
Deep value; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; ROIC at or above WACC; Two thirds of NCAV (Benjamin Graham); Owner earnings yield; Cash-covered dividend; Cash-flow yield and ROIC; Clean books, high ROIC. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(16)
  • Current Ratio: Banks and insurers present an unclassified balance sheet under Regulation S-X, with no split between current and non-current. A current ratio needs that split, so there is none to show.
  • Piotroski F-Score: 4 of the nine Piotroski signals are undefined for an insurer: signal 5 (falling long-term leverage), signal 6 (rising current ratio), signal 8 (rising gross margin), signal 9 (rising asset turnover). We do not publish a partial score under the full score's name.
  • EV/EBIT: Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.
  • Return on Invested Capital: Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.
  • Altman Z-Score: Altman's Z-Score was estimated on manufacturers and explicitly excludes financial firms. A financial company scores in the distress zone by construction, so the number would be wrong rather than alarming. Not applicable to financials.
  • Beneish M-Score: The Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here.
  • Gross Margin: This filer reports no gross profit line, so there is no gross margin to compute. Banks, insurers and REITs do not present cost of revenue.
  • Asset Turnover: A lender's assets are loans and securities that earn interest, not plant used to produce sales. Revenue over assets is not a turnover measure here.
  • EV/EBITDA: Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.
  • Interest Coverage: No operating income line is filed for this year.
  • Free Cash Flow Yield: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
  • ROIC-WACC Spread: Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.
  • Price To Ncav: Net current asset value needs current assets, which an unclassified balance sheet does not report.
  • Owner Earnings Yield: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
  • Capex To Ocf: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
  • Dividend Coverage Ratio: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 16 figures could not be read on this company, among them Current Ratio, Piotroski F-Score, EV/EBIT. Each blank in the table above names the rest, with its reason. 13 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

Monitor my portfolioHow this is computed

No card. 30 free days, and nothing is charged unless you choose a plan.

Analyze your own portfolio

ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

Site map

Apps

  • Android app coming soon
  • iPhone app coming soon
ValueScreener

Discover companies, research each one to its filings, track what matters, and take your work into your own spreadsheet.

ValueScreener is a trading name of Oliva Real Estate Technologies LLC, a Delaware limited liability company. Legal notices: legal@valuescreener.ai. © 2026 Oliva Real Estate Technologies LLC. All rights reserved.

Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.

With your permission, Google Analytics, Microsoft Clarity and HubSpot set cookies to measure how this site and the product are used, including recordings of sessions. Nothing is set unless you allow it. Privacy policy