Principal Financial Group (PFG)
Financials · $24.3B market cap · SEC CIK 0001126328
fundamentals score out of 100
Next reports on Oct 22, 2026, after the close, with analysts expecting $2.53 in earnings per share.
The case for PFG
- Earnings per share up 42.0%.
- Pays a 3.7% dividend while you wait.
- Reasonably priced at 15.6× earnings.
- A PEG of 0.37: a P/E of 15.6× is low for EPS growing 42%.
- Up 42.5% over the past year.
The case against
- Revenue growth of +3.3% is slower than 89% of Financials companies.
- Net margin of 10% is thinner than 86% of Financials companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Financials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 61 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 30 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 37 |
| Momentumhow the price has behaved lately | 77 |
| Stabilityhow violently it moves, what it owes and what it pays you | 65 |
- Its debt and cash flow are not scored, as for every company in the Financials sector: for banks, insurers and brokers, borrowing is the business.
- Each factor except momentum is half fixed thresholds, half rank among the 74 Financials companies.
Key numbers
| Price / earnings | 15.6× |
|---|---|
| Price / book | 1.92× |
| Price / sales | 1.5× |
| Revenue growth (YoY) | +3.3% |
| EPS growth (YoY) | +42.0% |
| Gross margin | — |
| Operating margin | 13% |
| Net margin | 10% |
| Return on equity | 13% |
| Debt / equity | 0.36× |
| Current ratio | n/a |
| Dividend yield | 3.69% |
| Beta | 0.89 |
| 52-week range | $77.90 – $121.18 |
| Position in that range | 82% of the way up |
| 3-month return | +6.3% |
| 1-year return | +42.5% |
Five years of financials, as filed
Pulled from Principal Financial Group's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $15.6B | $16.1B | $13.7B | $17.5B | $14.4B |
| Net income | $1.3B | $1.6B | $670M | $4.9B | $1.8B |
| Operating cash flow | $4.5B | $4.6B | $3.8B | $3.2B | $3.3B |
| Total assets | $341B | $314B | $305B | $291B | $305B |
| Total liabilities | $329B | $302B | $294B | $281B | $288B |
| Shareholder equity | $11.9B | $11.1B | $10.9B | $10.0B | $16.1B |
| Cash | $4.4B | $4.2B | $4.7B | $4.8B | $2.3B |
| Long-term debt | $3.9B | $4.0B | $3.9B | $4.0B | $4.3B |
| Net margin | 8.0% | 9.9% | 4.9% | 27.7% | 12.2% |
| Diluted shares | 226M | 235M | 245M | 255M | 273M |
Share count is down 17.3% over 4 years. Buybacks have been shrinking the pie.
What Principal Financial Group says it does
"> Item 1. Business Principal Financial Group, Inc. ("PFG") is a leader in global financial services offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and workplace benefits and protection solutions through our diverse family of financial services companies. We had $1,814.6 billion in assets under administration ("AUA"), including $781.0 billion in assets under management ("AUM") as of December 31, 2025. Our global asset management businesses serve a broad range of institutional, retirement, high net worth, and retail investors worldwide. Our focused investment teams provide diverse, long-term investment capabilities including equity, fixed income, real estate, and other alternative investments, as well as fund offerings. Our international asset management and accumulation businesses focus on the opportunities created as aging populations…
Risk factors PFG lists in its 10-K
- Risks relating to economic conditions, market conditions and investments
- Adverse capital and credit market conditions may significantly affect our ability to meet liquidity needs, as well as our access to capital and cost of capital
- Conditions in the global capital markets, including the equity, bond or real estate markets and the economy generally may materially and adversely affect our business and results of operations
- Changes in interest rates or credit spreads or a prolonged low interest rate environment may adversely affect our results of operations, financial condition and liquidity and our net income can vary from period to period
- Our investment portfolio’s risks may reduce asset values, credited returns and overall financial performance
- Risks relating to estimates, assumptions and valuations
- Any impairments of, or valuation allowances against, our deferred tax assets could adversely affect our results of operations and financial condition
- We may face losses on our insurance and annuity products if our actual experience differs significantly from our pricing and reserving assumptions
- The pattern of amortizing our DAC asset and other actuarial balances may change, impacting both the level of our DAC asset and other actuarial balances and the timing of our net income
- Risks relating to laws, regulations and taxation
- Changes in laws or regulations may reduce our profitability or impact how we do business
- Our ability to pay stockholder dividends, make share repurchases and meet our obligations may be constrained by the limitations on dividends or other distributions Iowa insurance laws impose on Principal Life
- Changes in accounting standards may adversely affect our reported results of operations and financial condition
- Litigation and regulatory investigations may affect our financial strength or reduce our profitability