Principal Financial Group, Inc.

Accident & Health Insurance

PFGStrained9 of 11 basics passed

$107.30

-2.25%

Market cap $23.0B

$107.30

-2.25%

Market cap $23.0B

Principal Financial Group Inc is a financial services provider. It offers various financial products and services including retirement, asset management, and workplace benefits and protection solutions to individuals and institutional clients.

It is a $23.0B financial services company. Revenue grew 3.7% over the last year, and it keeps 10¢ of every dollar of sales as profit. It trades at 14.7× earnings — in the most expensive third of its own history.

Website: principal.com
Location: Des Moines, IA
Employees: 19 700
Sector: Financial Services
Founded: 1879

Share price · 3 years

$70.41 → $107.30+52.4%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $15.7B
Profit: keeps 10¢ of every $1 sold; $1.56B
Free cash flow: cash left after running the business; $5.01B
Net cash: more cash than debt; $477M
P/E: years of profit in the price; 14.7
EPS: earnings per share, TTM; $6.91
Dividend: pays out 45% of profit · 14% of FCF; 3.03%
Shares: down 22% since 2018 — buybacks; 225.7M
Volatility: beta vs the market — under 1 swings less; 0.89

Revenue, last 10 years

52-week range

Low $78.39$107.30High $118.51

Today's price is 72% of the way from the year's low to its high.

P/E vs its history5y

14.7×median 12.2×

Higher than 73% of past days — in the most expensive third of its own history.

Valuation vs own history

P/E

14.7×

27%

P/S

1.5×

11%

EV/EBITDA

11.7×

96%

P/B

1.8×

40%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Standing in Financial Services

Size$23.0Btop 54%
Revenue growth+5%top 69%
Net margin10%top 73%
Return on equity13%top 48%
P/E14.7×top 54%
Dividend yield3.03%top 27%

Ranked against 129 Financial Services companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation; Growth, Profitability, Health, Quality and Moat lag behind.

Valuation75

P/E vs own history73th pct · 5/25
FCF yield21.8% · 25/25
P/S1.5x · 25/25
EV/EBITDA10.9x · 20/25

Growth37

Revenue CAGR2.3% · 6/25
Net income CAGR-8.8% · 0/25
EPS CAGR ~5Y0.8% · 6/25
Fwd implied growth32.0% · 25/25

Profitability49

ROIC10.4% · 12/25
ROE13.1% · 12/25
Net margin9.9% · 13/25
Operating margin12.8% · 12/25

Health35

Altman Zn/a · 0/25
Current ration/a · 0/25
Interest coverage4.2x · 10/25
Net cash / debtNet cash · 25/25

Quality47

Piotroski F5/9 · 15/25
Beneish M-2.48 · 20/25
FCF conversionn/a · 0/25
Margin stabilityσ 12.9% · 12/25

Moat18

ROIC >12% years2/5 yrs · 6/25
Median gross marginn/a · 0/25
FCF-positive yearsn/a · 0/25
Worst-year net marginworst 4.6% · 12/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

2024Acquisition
Principal agreed to acquire the employee stock-option plan (ESOP) business from Ascensus
FY2022Financial
Became debt-free
cash now exceeds total debt
FY2022Financial
Best year on record
$4.81B net income
2019Acquisition
Principal purchased Wells Fargo's institutional retirement and trust business (including 401k, pension,…
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Revenue already above $10B
$12.4B in first reported year
FY2016Financial
Positive free cash flow every year since
10-year streak
1879Founded
The bank was founded in 1879 with Temple as president and Phineas Casady as vice president

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$16 472 today — price return only

$15.6B revenue in FY2025

Profitable 10 years in a row

Positive free cash flow 10 years in a row

19 700 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Strong cash conversion — FCF is 31.9% of revenue
Net cash position after subtracting debt from cash

Watch-outs

Nothing stands out as a concern in the available data.

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 11 checks passed

Revenue growing — the company sells more than a year ago+3.7% YoY
Profitable — makes more than it spends$1.56B TTM
Profit growing — earnings are higher than last year-34.4% YoY
Generates cash — cash left after running and investing$5.01B TTM
Debt under control — could handle its obligationsmore cash than debt
Established company — not a micro-cap — lower blow-up risk$23.0B market cap
Not printing shares — share count not ballooning — you keep your slice-18.3% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distresshealth score 10/100
Pays a dividend — returns cash to shareholdersyield 3.03%
Valuation not extreme — price not wildly above earningsP/E 14.7

Peer comparisonPrincipal Financial Group, Inc. vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
PFG this company	$23.0B	14.7	+3.7%	9.9%	Strained
BRK.A Berkshire Hathaway Inc.	$1.1T	11.6	+3.9%	22.3%	Mixed
BRK.B Berkshire Hathaway	$1.1T	11.6	+0.0%	18.0%	Strong
JPM JPMorgan Chase & Co.	$886.2B	13.6	+13.5%	32.6%	Strained
V VISA Inc.	$723.9B	31.9	+14.4%	50.8%	Solid
MA Mastercard Incorporated	$516.4B	31.7	+16.0%	46.3%	Mixed
BAC Bank of America Corporation	$380.4B	11.3	+15.9%	27.8%	Mixed

Head-to-head: PFG vs BRK.A · PFG vs BRK.B · PFG vs JPM

References

What covering analysts publish about the company — information only, not a recommendation.

Buy 2Hold 14Sell 6Strong sell 1

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $15.7B · net income $1.56B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

RevenueNet income

Revenue (TTM)

$15.7B

YoY 3.7%

Net income (TTM)

$1.56B

Margin 9.9%

Operating margin

12.8%

P/E ratio

14.7

Dividend yield

3.03%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	14.7	14.3	17.5	13.7	16.1	15.6
Gross profit	—	—	—	—	—	—
Operating income (EBIT)	—	2.0	6.1	0.8	1.9	1.5
Net income	1.4	1.7	4.8	0.6	1.6	1.2
EPS (diluted)	5.05	6.27	18.85	2.55	6.68	5.25

Cash flowFree cash flow $5.01B · operating cash flow $5.01B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$5.01B

Margin 31.9%

Operating cash flow (TTM)

$5.01B

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	3.7	3.2	3.2	3.8	4.6	4.5
Capital expenditure	—	—	—	—	—	—
Free cash flow	3.7	3.2	3.2	3.8	4.6	4.5
FCF margin	25.4%	22.6%	18.1%	27.8%	28.5%	29.0%

Balance sheetAssets $341B · net cash $477M (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $341B of assets is financed

97%

Liabilities $329B — borrowed moneyEquity $11.9B — owners' stake

Cash vs debt

Total debt $3.95B − cash $4.43B = net cash $477M

Cash on hand covers all debt.

Debt repayment

Not needed

Cash already covers all debt

Interest coverage

4.2x

EBIT ÷ interest expense

ROE

13.1%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	2.8	2.3	4.8	4.7	4.2	4.4
Total assets	296.6	304.7	292.2	305.0	313.7	341.4
Total liabilities	279.8	288.2	281.9	293.8	302.2	329.0
Total debt	4.4	4.4	4.1	4.0	4.1	4.0
Equity	16.6	16.1	10.0	10.9	11.1	11.9
Net debt	1.5	2.0	-0.8	-0.7	-0.1	-0.5

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of PFG on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $107.30 · market cap $23.0B.