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Principal Financial Group, Inc.

PFG Financial Asset Management

Principal Financial Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $15.6 billion, down 3.11% from fiscal 2024.

Revenue
+25.4%
EPS
+190.8%
Free cash flow
+51.0%
Total debt
+14.4%

Quarter to September 2026, against a year earlier

112.23 0.59 −0.52%
Market cap
$24.0B
P/E
12.6×
Fwd P/E
12.2×
Dividend yield
2.88%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Valuation Filings

Insider Decisions last twelve months

Sold, $m 5.24
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 4 — — 3 1 — — — — — —
Insider Ownership 1.49%

Capital & Financial Ratios $m

Size
Market Cap 23,960.00
Revenue ttm 16,628.00
Net income ttm 1,255.50
Free cash flow ttm 5,352.00
Net debt Q 53.10
Valuation
P/E 12.59
Forward P/E 12.20
Price / sales 1.45
Forward P/S Powerpack
Price / FCF 0.00
Price / book 2.04
Financial health
Current ratio Q 0.24
Debt / equity Q 0.38
Interest coverage Q —
Growth
Revenue growth Q +25.39% (above 0%: growing)
Operating income growth Q +237.68% (above 0%: growing)
EPS, this year +11.20%
EPS, next year A +9.32%
Revenue, next year A +3.55%
EPS, past 5 yrs +0.78%
EPS, next 5 yrs A +9.60%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 68.49%
10-year low 10-year high
P/S against its own 10 years 90.80%
10-year low 10-year high
P/B against its own 10 years 95.67%
10-year low 10-year high

Dividends raised every year since 2017

Yield
2.88%
Annual rate
3.25
Payout ratio
36.8%
Growth, 2017–25
+6.44%/yr
  1. 1.87 ’17
  2. 2.10 ’18 +12
  3. 2.18 ’19 +4
  4. 2.24 ’20 +3
  5. 2.44 ’21 +9
  6. 2.56 ’22 +5
  7. 2.60 ’23 +2
  8. 2.85 ’24 +10
  9. 3.08 ’25 +8
  10. 3.31 ’26e +7
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 4,708 4,212 4,431 4,451
Receivables 24,611 23,262 22,895 21,727
Inventory — — — —
Other — — — —
29,318 27,474 27,326 26,178
2023 2024 2025 Q'26
Payables 66,456 66,283 69,533 61,788
ST’ Debt 61 153 28 178
Other 42,418 44,066 46,321 48,696
108,935 110,502 115,882 110,661

Compound Annual Growth %

10y 5y 3y
Sales 2.71% 1.17% (3.77%)
Cash Flow 0.36% 4.11% 12.66%
Earnings (0.20%) (3.22%) (37.08%)
Book Value 2.43% (6.43%) 5.96%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.46 Actual 2.22

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.23 2.19 Miss by 0.04
Q1 FY26 2.01 2.07 Beat by 0.06
Q2 FY26 2.33 2.50 Beat by 0.17
Q3 FY26 2.46 2.22 Miss by 0.24
Q4 FY26 2.42 — Reports 8 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.93 1.84 2.75 — —
’25 0.21 1.79 0.95 2.32 5.25
’24 2.22 1.49 (0.95) 3.92 6.68
’23 (0.57) 1.58 5.10 (3.66) 2.55
’22 1.43 11.94 5.50 (0.04) 18.85
’21 1.87 1.32 1.32 1.40 6.27
’20 1.04 1.45 0.85 1.70 5.05
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 3,529 3,906 4,616 — —
’25 3,696 3,671 3,682 4,577 15,626
’24 4,053 4,311 3,012 4,752 16,128
’23 2,819 3,557 4,599 2,691 13,666
’22 3,096 6,665 4,625 3,151 17,536
’21 3,209 3,539 3,424 4,256 14,428
’20 4,551 3,115 3,311 3,765 14,742
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 187 2,077 1,527 — —
’25 977 812 1,004 1,744 4,537
’24 584 1,432 1,128 1,459 4,603
’23 695 1,103 1,051 944 3,792
’22 32 807 1,171 1,163 3,173
’21 141 993 973 1,147 3,254
’20 1,589 457 1,064 599 3,709
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (2,950) 2,010 1,480 — —
’25 (1,577) 789 980 1,709 4,439
’24 (1,529) 1,414 1,111 1,442 4,534
’23 (1,496) 1,082 1,029 916 3,690
’22 (1,048) 781 1,136 1,133 3,057
’21 (3,045) 970 910 1,126 3,125
’20 1,571 429 1,028 573 3,601
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 13.2% a year for ten years. It grew 7.4% a year over the last ten.

Implied
13.2%
10 years, reported
7.4%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

3.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 12,394 14,093 14,237 16,222 14,742 14,428 17,536 13,666 16,128 15,626 16,628 +2.6% 16,180 17,803 18,632 +6.0%
Gross margin, % 42.96 43.61 41.59 38.20 43.01 49.04 61.64 42.36 49.33 44.60 48.48 +1.6 pt
EBT 1,592 2,252 1,784 1,693 1,694 1,911 5,987 739 1,890 1,416 2,453 (1.3%)
EBT margin, % 12.84 15.98 12.53 10.44 11.49 13.24 34.14 5.41 11.72 9.06 14.75 (3.8) pt
Net income 1,362 2,325 1,554 1,444 1,429 1,627 4,798 670 1,598 1,256 1,256 (0.9%)
Per share, $
Per share, $ Revenue 42.83 48.78 49.82 58.23 53.66 53.63 69.84 56.63 69.52 70.13 77.74 +5.6%
Earnings 4.55 8.00 5.41 5.00 5.08 6.36 19.16 2.58 6.68 5.32 8.97 +1.8%
Cash flow 13.33 14.50 18.04 19.72 13.50 12.10 12.64 15.72 19.84 20.36 25.88 +4.8%
Capex (0.54) (0.57) (0.32) (0.48) (0.40) (0.48) (0.46) (0.42) (0.30) (0.44) (0.86) (2.2%)
Free cash flow 12.80 13.93 17.72 19.24 13.11 11.62 12.17 15.29 19.54 19.92 25.02 +5.0%
Book value 35.57 44.73 40.08 52.71 60.49 59.95 39.90 45.43 47.98 53.49 55.40 +4.6%
Shares, m 289 289 286 279 275 269 251 241 232 223 217 (2.9%)
Valuation, ×
Valuation, × P/E 12.96 8.83 8.21 11.04 9.77 12.06 4.38 31.27 11.49 16.52 12.59 12.7
P/S 1.37 1.44 0.89 0.94 0.92 1.35 1.20 1.40 1.11 1.26 1.45 1.2
P/B 1.65 1.57 1.10 1.04 0.82 1.21 2.10 1.74 1.61 1.65 2.04 1.4
EV/Sales 1.40 1.50 0.91 1.03 1.03 1.49 1.16 1.34 1.11 1.23 — 1.2
EV/FCF 4.70 5.24 2.56 3.10 4.21 6.88 6.63 4.98 (4.53) (5.62) — 2.8
Cash, $m
Cash, $m Operating cash flow 3,858 4,188 5,157 5,493 3,709 3,254 3,173 3,792 4,603 4,537 5,535 +1.8%
Capex (155) (165) (92) (132) (109) (130) (116) (102) (69) (98) (183) (5.0%)
Free cash flow 3,703 4,023 5,064 5,361 3,601 3,125 3,057 3,690 4,534 4,439 5,352 +2.0%
Balance, $m
Balance, $m Working capital (63,815) (68,123) (71,905) (79,002) (85,015) (84,523) (77,344) (79,617) (83,028) (88,556) (84,483) +3.7%
Net debt 458 747 325 1,312 1,514 2,028 (770) (716) (104) (477) 53 n/m
Shareholders’ equity 10,294 12,922 11,456 14,686 16,617 16,126 10,018 10,962 11,131 11,917 11,850 +1.6%
Returns, %
Returns, % ROA 0.59 0.96 0.62 0.54 0.49 0.53 1.60 0.21 0.51 0.36 0.59 (0.2) pt
ROIC 9.25 10.30 9.47 6.62 5.84 6.58 40.46 4.51 10.71 7.74 12.88 (1.5) pt
ROE 13.39 19.90 12.69 10.67 8.92 9.65 36.39 5.94 14.22 10.28 16.78 (3.1) pt
People
People Employees 14,854 15,378 16,475 17,601 17,400 7,100 19,300 19,800 19,700 11,600 — (2.7%)
Revenue/emp, $m 0.83 0.92 0.86 0.92 0.85 2.03 0.91 0.69 0.82 1.35 — +5.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Principal Financial Group is a global financial-services company founded in 1879 and headquartered in Des Moines. Deanna Strable-Soethout is its President and Chief Executive Officer. It serves businesses, their employees, individual savers and institutional investors with retirement plans, investment management, workplace benefits and insurance.

The company has three operating segments. Retirement and Income Solutions administers employer retirement plans and offers retirement savings and income products, including 401(k), 403(b), defined-benefit, nonqualified-plan, pension-risk-transfer, annuity, trust and custody services. Principal Asset Management manages investments for institutional, retirement, retail and high-net-worth clients, across public equities and fixed income as well as real estate, direct lending, infrastructure debt and other alternatives. Benefits and Protection provides group dental, life, disability and supplemental-health coverage, individual disability insurance, and life-insurance solutions for business owners, executives and key employees.

Principal Financial Group, Inc. vs peers in Asset Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
RJF Raymond James Financial, Inc. $31.7B 13.6× 13.5× +13.10% (above 0%: growing) +14.42% (above 0%: growing) −148.58% (below 0%: shrinking) 100.00% 27.94% Compare
NTRS Northern Trust Corporation $31.0B 13.4× 12.6× +3.27% (above 0%: growing) +48.70% (above 0%: growing) +366.41% (above 0%: growing) 62.08% 0.00% Compare
PFG Principal Financial Group, Inc. $24.0B 12.6× 12.2× +25.39% (above 0%: growing) +190.78% (above 0%: growing) +51.01% (above 0%: growing) 49.13% 18.17%
TROW T. Rowe Price Group, Inc. $23.2B 11.0× 9.8× +5.88% (above 0%: growing) −3.12% (below 0%: shrinking) −13.81% (below 0%: shrinking) 100.00% 38.40% Compare
PS Pershing Square Inc. $20.1B — — — n/m — 100.00% (166.36%) Compare
TPG TPG Inc. $18.0B 19.7× 23.7× −0.20% (below 0%: shrinking) +367.06% (above 0%: growing) −57.60% (below 0%: shrinking) 100.00% 18.08% Compare
BEN Franklin Resources Inc $16.4B 22.0× 16.0× +14.26% (above 0%: growing) +106.67% (above 0%: growing) −55.71% (below 0%: shrinking) 100.00% 9.15% Compare
OWL Blue Owl Capital Inc. $15.5B 71.1× 35.0× +10.79% (above 0%: growing) +200.00% (above 0%: growing) +42.36% (above 0%: growing) 100.00% 18.32% Compare
CRBG Corebridge Financial, Inc. $15.0B 7.3× 16.6× +13.81% (above 0%: growing) +1,100.22% (above 0%: growing) +2,420.83% (above 0%: growing) 53.67% 39.88% Compare
Median of peers $19.1B 13.6× 16.0× +10.79% +106.67% −13.81% 100.00% 18.20%

All 121 Asset Management stocks →

From the latest earnings call

Updated

  • CEO Deanna Strable said quarterly companywide net cash flow was negative $11 billion, largely due to active-equity strategies, while private markets and active ETFs attracted inflows.
  • CFO Joel Pitz said Principal expects full-year share repurchases toward the low end of its target range after acquiring Beam Benefits, which was not in its outlook.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 79.63%
Held by the ten largest 50.51%
Holder Shares Stake Change
Vanguard 26.93m 12.58% +18.53k
BlackRock 20.01m 9.35% −307.68k
NIPPON LIFE INSURANCE CO 18.14m 8.47% 0.00
State Street 10.26m 4.79% +85.01k
Bank of America 6.88m 3.22% −1.94m
Charles Schwab 6.50m 3.04% +578.13k
Capital Group 6.04m 2.82% +13.12k
Geode Capital Management 5.68m 2.65% +21.01k
Dimensional Fund Advisors 3.92m 1.83% +36.77k
Invesco 3.77m 1.76% +229.66k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 6 April 2026

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group2 13.19%
BlackRock Inc.3 8.71%
Nippon Life Insurance Company4 8.36%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Principal Financial Group, Inc. (PFG) Latest News

5 Nov

Impact 3 · · The Motley Fool

28 Oct

Impact 3 · · Simply Wall St.

27 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby
Impact 3 · · MarketBeat
Impact 3 · · Zacks

26 Oct

Impact 4 · · Business Wire earnings
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Associated Press

22 Oct

Impact 3 · · Zacks

21 Oct

Impact 3 · · Zacks

19 Oct

Impact 3 · · Zacks

17 Oct

Impact 3 · · Simply Wall St.

16 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Zacks

9 Oct

Impact 4 · · Zacks

7 Oct

Impact 3 · · Barchart

1 Oct

Impact 3 · · Business Wire

30 Sep

Impact 3 · · Zacks

29 Sep

Impact 3 · · Zacks
Impact 3 · · Zacks

28 Sep

Impact 3 · · Zacks

5 Sep

Impact 4 ·
Impact 3 ·

3 Sep

Impact 4 ·

1 Sep

Impact 4 ·

27 Aug

Impact 3 ·

26 Aug

Impact 3 ·

28 Jul

Impact 4 ·

PFG metrics, ten years each

stockrow.com/PFG · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com