A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
PRINCIPAL FINANCIAL GROUP INC
PFG
$24.7B
Mkt Cap
$109.40
+1.94%
PRINCIPAL FINANCIAL GROUP INC (PFG) has a current P/E ratio of 20.8, compared to its historical median P/E of 9.0. The stock is currently considered Expensive based on its historical valuation range.
PRINCIPAL FINANCIAL GROUP INC (PFG) has a 5-year average return on invested capital (ROIC) of 11.6%. This indicates solid capital allocation.
PRINCIPAL FINANCIAL GROUP INC (PFG) has a market capitalization of $23.7B. It is classified as a large-cap stock.
Yes, PRINCIPAL FINANCIAL GROUP INC (PFG) pays a dividend with a trailing twelve-month yield of 2.91%. The company also returns capital through share buybacks, with a buyback yield of 3.79%.
Based on historical P/E analysis, PRINCIPAL FINANCIAL GROUP INC (PFG) appears expensive. The current P/E of 20.8 is 132% above its historical median of 9.0. The estimated fair value CAGR (P/E method) is -1.6%.
PRINCIPAL FINANCIAL GROUP INC (PFG) operates in the Accident & Health Insurance industry, within the Financials sector.
Principal Financial Group is a diversified global financial services company offering retirement solutions, asset management, and workplace benefits and protection products to businesses, individuals, and institutional clients. The company operates through three reportable segments: Retirement and Income Solutions (which includes workplace savings and retirement solutions, individual annuities, investment-only products, pension risk transfer, and bank and trust services), Principal Asset Management (providing equity, fixed income, real estate, and alternative investment capabilities to institutional, retirement, high net worth, and retail investors), and Benefits and Protection (offering specialty benefits and life insurance solutions to business owners and employees). PFG earns revenue through a combination of recurring fees on assets under administration and management, mortality and expense charges on annuities, underwriting margins on insurance products, and spread-based income on guaranteed products, with a business model that balances capital-light fee-based revenue with capital-intensive spread-based products. The company distributes its retirement and workplace solutions primarily through a captive sales force and independent advisors, while asset management products reach clients through multiple channels including broker-dealers and financial advisors, and benefits products are sold to small and medium-sized businesses which management views as an underserved market with attractive growth opportunities. As of December 31, 2025, PFG had $1,814.6 billion in assets under administration and $781.0 billion in assets under management, serving a global customer base across the United States and international markets.
【Strong execution and capital generation】 Management expects to deliver on 2026 financial targets for a third consecutive year, with confidence in sustained performance across the diversified business mix. The company anticipates continued margin expansion while investing in growth initiatives, supported by strong business fundamentals and disciplined capital deployment. Management remains focused on profitable revenue growth, particularly in fee-based flows and higher-margin businesses, while maintaining disciplined underwriting in benefits and protection. The company expects to return $1.5–$1.8 billion to shareholders in 2026 through share repurchases and dividend increases, reflecting confidence in continued earnings growth and capital generation.
No forward guidance provided.
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 15.5B | 15.6B | 16.1B | 13.7B | 17.5B | 14.4B |
| Net Income | 1.6B | 1.2B | 1.6B | 623M | 4.8B | 1.6B |
| EPS | $7.13 | $5.25 | $6.68 | $2.55 | $18.63 | $5.79 |
| Free Cash Flow | 3.6B | 4.4B | 4.4B | 3.6B | 2.9B | 3.0B |
| ROIC | 0.0% | 7.7% | 10.5% | 4.3% | 27.7% | 7.7% |
| Gross Margin | - | 9.1% | 11.7% | 5.4% | 34.1% | 13.2% |
| Debt/Equity | 1.79 | 0.33 | 0.37 | 0.37 | 0.41 | 0.27 |
| Dividends/Share | $3.18 | $3.08 | $2.85 | $2.60 | $2.56 | $2.40 |
| Operating Income | 0 | 1.0B | 1.7B | 413M | 5.8B | 1.7B |
| Operating Margin | 0.0% | 6.7% | 10.3% | 3.0% | 32.9% | 11.9% |
| ROE | 13.2% | 10.3% | 14.3% | 6.0% | 36.5% | 9.7% |
| Shares Outstanding | 216M | 226M | 235M | 244M | 255M | 273M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 10.5B | 12.0B | 12.4B | 14.1B | 14.2B | 16.2B | 14.7B | 14.4B | 17.5B | 13.7B | 16.1B | 15.6B | 15.5B |
| Gross Margin | 14.3% | 12.0% | 12.8% | 16.0% | 12.5% | 10.4% | 11.5% | 13.2% | 34.1% | 5.4% | 11.7% | 9.1% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 1.2B | 1.2B | 1.3B | 1.8B | 1.7B | 1.4B | 1.3B | 1.7B | 5.8B | 413M | 1.7B | 1.0B | 0 |
| Op. Margin | 11.5% | 10.0% | 10.2% | 13.1% | 11.7% | 8.3% | 9.0% | 11.9% | 32.9% | 3.0% | 10.3% | 6.7% | 0.0% |
| Net Income | 1.1B | 1.2B | 1.3B | 2.3B | 1.5B | 1.4B | 1.4B | 1.6B | 4.8B | 623M | 1.6B | 1.2B | 1.6B |
| Net Margin | 10.6% | 10.1% | 10.6% | 16.4% | 10.9% | 8.6% | 9.5% | 11.0% | 27.1% | 4.6% | 9.7% | 7.6% | 10.1% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.0M | 27M | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 8.9% | 9.6% | 10.2% | 15.7% | 10.1% | 8.4% | 7.1% | 7.7% | 27.7% | 4.3% | 10.5% | 7.7% | 0.0% |
| ROE | 11.2% | 12.4% | 13.5% | 20.0% | 12.8% | 10.7% | 9.0% | 9.7% | 36.5% | 6.0% | 14.3% | 10.3% | 13.2% |
| ROA | 0.5% | 0.6% | 0.6% | 1.0% | 0.6% | 0.5% | 0.5% | 0.5% | 1.6% | 0.2% | 0.5% | 0.4% | 0.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 3.1B | 4.4B | 3.9B | 4.2B | 5.2B | 5.5B | 3.7B | 3.3B | 3.2B | 3.8B | 4.6B | 4.5B | 3.7B |
| Free Cash Flow | 2.8B | 4.1B | 3.7B | 4.0B | 5.1B | 5.4B | 3.5B | 3.0B | 2.9B | 3.6B | 4.4B | 4.4B | 3.6B |
| Owner Earnings | 2.9B | 4.1B | 3.6B | 4.0B | 4.9B | 5.2B | 3.4B | 3.0B | 2.9B | 3.5B | 4.4B | 4.4B | 3.0B |
| CapEx | 282M | 322M | 110M | 201M | 88M | 128M | 231M | 281M | 245M | 188M | 168M | 136M | 120M |
| Maint. CapEx | 123M | 144M | 134M | 140M | 151M | 167M | 187M | 208M | 230M | 203M | 66M | 73M | 674M |
| Growth CapEx | 159M | 178M | 0 | 61M | 0 | 0 | 44M | 73M | 15M | 0 | 102M | 63M | 0 |
| D&A | 123M | 144M | 134M | 140M | 151M | 167M | 187M | 208M | 230M | 203M | 66M | 73M | 674M |
| CapEx/OCF | 4.4% | 3.1% | 4.0% | 3.9% | 1.8% | 2.4% | 2.9% | 4.0% | 3.7% | 2.7% | 1.5% | 2.2% | 3.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 377M | 441M | 465M | 540M | 599M | 606M | 615M | 654M | 642M | 626M | 658M | 684M | 688M |
| Dividend Yield | 3.8% | 4.3% | 4.9% | 4.0% | 4.9% | 5.1% | 6.4% | 4.5% | 3.8% | 3.7% | 3.6% | 3.8% | 2.9% |
| Share Buybacks | 223M | 301M | 277M | 220M | 672M | 281M | 307M | 937M | 1.7B | 740M | 1.0B | 903M | 897M |
| Buyback Yield | 2.1% | 3.2% | 2.3% | 1.4% | 7.0% | 2.3% | 2.7% | 5.5% | 8.6% | 4.1% | 5.9% | 4.5% | 3.8% |
| Stock-Based Comp | 75M | 85M | 84M | 83M | 77M | 83M | 87M | 96M | 91M | 99M | 109M | 110M | 110M |
| Debt Repayment | 100M | 53M | 799M | 57M | 1.3M | 32M | 66M | 1.8M | 302M | 764M | 100K | 400M | 400M |
| Balance Sheet | |||||||||||||
| Net Debt | -49.0B | -49.1B | -54.4B | -58.6B | -59.8B | -68.8B | -77.2B | -14.6B | -20.1B | -12.1B | -15.1B | -16.1B | 13.0B |
| Cash & Equiv. | 1.9B | 2.6B | 2.7B | 2.5B | 3.0B | 2.5B | 2.8B | 2.3B | 4.8B | 4.7B | 4.2B | 4.4B | 8.1B |
| Long-Term Debt | 2.5B | 3.3B | 3.1B | 3.2B | 3.3B | 3.7B | 4.3B | 4.3B | 4.0B | 3.9B | 4.0B | 3.9B | 3.9B |
| Debt/Equity | 0.25 | 0.37 | 0.31 | 0.25 | 0.29 | 0.26 | 0.26 | 0.27 | 0.41 | 0.37 | 0.37 | 0.33 | 1.79 |
| Interest Coverage | 8.7 | 8.0 | 7.8 | 12.4 | 11.1 | 1351.9 | 1323.2 | 1715.2 | 4805.1 | 217.3 | 639.3 | 473.2 | 473.2 |
| Equity | 10.2B | 9.3B | 10.2B | 12.8B | 11.4B | 14.6B | 16.6B | 16.1B | 10.0B | 10.9B | 11.1B | 11.9B | 11.8B |
| Total Assets | 219.1B | 218.7B | 228.0B | 253.9B | 243.0B | 276.1B | 296.6B | 304.7B | 290.9B | 305.0B | 313.7B | 341.4B | 332.7B |
| Total Liabilities | 208.9B | 209.3B | 217.7B | 240.9B | 231.6B | 261.1B | 279.8B | 288.2B | 280.8B | 294.1B | 302.5B | 329.5B | 320.3B |
| Intangibles | 1.3B | 1.4B | 1.3B | 1.3B | 1.3B | 1.8B | 1.7B | 1.6B | 1.5B | 1.5B | 1.4B | 1.3B | 1.3B |
| Retained Earnings | 6.1B | 6.9B | 7.7B | 9.5B | 10.3B | 11.1B | 11.8B | 12.9B | 16.7B | 16.7B | 17.6B | 18.1B | 18.3B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 3.65 | 4.06 | 4.50 | 7.88 | 5.36 | 4.96 | 5.05 | 5.79 | 18.63 | 2.55 | 6.68 | 5.25 | 7.13 |
| Owner EPS | 9.54 | 13.93 | 12.44 | 13.52 | 17.08 | 18.66 | 12.43 | 10.81 | 11.17 | 14.28 | 18.83 | 19.29 | 13.69 |
| Book Value | 33.45 | 31.26 | 34.96 | 43.82 | 39.48 | 52.00 | 59.91 | 58.88 | 39.07 | 44.67 | 47.14 | 52.65 | 54.59 |
| Cash Flow/Share | 10.19 | 14.70 | 13.19 | 14.28 | 17.87 | 19.54 | 13.42 | 11.92 | 12.43 | 15.52 | 19.57 | 20.10 | 10.33 |
| Dividends/Share | 1.28 | 1.50 | 1.61 | 1.87 | 2.07 | 2.16 | 2.22 | 2.40 | 2.56 | 2.60 | 2.85 | 3.08 | 3.18 |
| Shares Out. | 304.4M | 297.9M | 292.6M | 293.2M | 288.5M | 281.1M | 276.4M | 272.9M | 255.3M | 244.4M | 235.2M | 225.7M | 216.4M |
| Valuation | |||||||||||||
| P/E Ratio | 9.7 | 7.7 | 9.2 | 6.6 | 6.2 | 8.8 | 8.0 | 10.8 | 4.1 | 28.9 | 11.2 | 17.0 | 15.3 |
| P/FCF | 3.8 | 2.3 | 3.2 | 3.9 | 1.9 | 2.3 | 3.2 | 5.8 | 6.6 | 5.0 | 4.0 | 4.6 | 6.5 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 9.4 | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 1.1 | 1.0 | 1.2 | 1.2 | 0.8 | 0.8 | 0.7 | N/A | 1.9 | 1.6 | 1.6 | 1.7 | 2.0 |
| Price/Sales | 0.9 | 0.9 | 0.8 | 1.0 | 0.9 | 0.7 | 0.7 | 1.0 | 1.0 | 1.3 | 1.1 | 1.1 | 1.5 |
| FCF Yield | 26.1% | 43.4% | 31.0% | 26.0% | 52.9% | 43.9% | 31.0% | 17.4% | 15.1% | 20.0% | 25.2% | 21.8% | 15.3% |
| Market Cap | 10.8B | 9.4B | 12.1B | 15.4B | 9.6B | 12.2B | 11.2B | 17.1B | 19.3B | 18.0B | 17.6B | 20.2B | 23.7B |
| Avg. Price | 32.49 | 34.40 | 32.13 | 46.48 | 42.70 | 41.87 | 35.01 | 53.70 | 66.10 | 69.99 | 77.13 | 79.26 | 109.40 |
| Year-End Price | 35.48 | 31.39 | 41.35 | 52.39 | 33.21 | 43.49 | 40.64 | 62.69 | 75.71 | 73.69 | 74.81 | 89.38 | 109.40 |
PRINCIPAL FINANCIAL GROUP INC passes 3 of 9 quality checks, indicating weak fundamentals.
PRINCIPAL FINANCIAL GROUP INC trades at 20.8x trailing earnings, compared to its 15-year median P/E of 9.0x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 5.3x vs a median of 3.9x. The company's 5-year average ROIC is 11.6% with a gross margin of 14.7%. Total shareholder yield (dividends + buybacks) is 6.7%. At current prices, the estimated annualized return to fair value is +2.2%.
PRINCIPAL FINANCIAL GROUP INC (PFG) reported annual revenue of $15.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
PRINCIPAL FINANCIAL GROUP INC (PFG) has a net profit margin of 7.6%. This is a modest margin.
PRINCIPAL FINANCIAL GROUP INC (PFG) generated $4.4 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
PRINCIPAL FINANCIAL GROUP INC (PFG) has a debt-to-equity ratio of 0.33. This indicates a conservatively financed balance sheet.
PRINCIPAL FINANCIAL GROUP INC (PFG) reported earnings per share (EPS) of $5.25 in its most recent fiscal year.
PRINCIPAL FINANCIAL GROUP INC (PFG) has a return on equity (ROE) of 10.3%. This indicates moderate shareholder returns.
PRINCIPAL FINANCIAL GROUP INC (PFG) has a 5-year average gross margin of 14.7%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 19 years of financial data for PRINCIPAL FINANCIAL GROUP INC (PFG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
PRINCIPAL FINANCIAL GROUP INC (PFG) has a book value per share of $52.65, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects to deliver on 2026 financial targets for a third consecutive year, with confidence in sustained performance across the diversified business mix. The company anticipates continued margin expansion while investing in growth initiatives, supported by strong business fundamentals and disciplined capital deployment. Management remains focused on profitable revenue growth, particularly in fee-based flows and higher-margin businesses, while maintaining disciplined underwriting in benefits and protection. The company expects to return $1.5–$1.8 billion to shareholders in 2026 through share repurchases and dividend increases, reflecting confidence in continued earnings growth and capital generation.