Principal Financial Group, Inc.

PFG · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000
Valuation
Market cap	$19,379	$17,706	$18,756	$20,534	$19,172	$13,150	$14,579	$11,708	$18,703	$15,337	$11,923	$15,514	$14,704	$8,552	$7,737	$10,432	$7,147	$5,852	$18,270	$16,019	$13,658	$12,803	$10,777	$10,457	$8,698	$7,573
Enterprise value	$18,935	$17,647	$18,086	$19,805	$21,589	$14,723	$15,958	$12,099	$19,523	$15,861	$12,896	$16,258	$15,177	$7,106	($64,438)	($59,152)	$6,716	$3,318	$16,497	$14,656	$12,278	$11,890	$12,007	$10,116	$9,135	$8,443
P/E (TTM) at period end	16.35×	11.27×	30.10×	4.32×	12.13×	9.42×	10.46×	7.57×	8.10×	11.65×	9.86×	13.96×	16.72×	11.05×	12.78×	16.56×	12.12×	13.77×	22.08×	15.05×	14.86×	15.51×	14.44×	73.49×	24.24×	12.21×
P/S (TTM) at period end	1.24×	1.10×	1.37×	1.17×	1.33×	0.89×	0.90×	0.82×	1.33×	1.24×	1.00×	1.48×	1.58×	0.93×	0.89×	1.13×	0.81×	0.59×	1.68×	1.62×	1.52×	1.54×	1.35×	1.37×	1.12×	0.92×
P/B at period end	1.63×	1.60×	1.72×	2.06×	1.19×	0.79×	1.00×	1.03×	1.46×	1.50×	1.28×	1.52×	1.52×	0.88×	0.86×	1.07×	0.91×	2.37×	2.46×	2.04×	1.75×	1.70×	1.46×	1.57×	1.28×	1.21×
EV / EBITDA (TTM)	11.36×	8.22×	17.88×	3.15×	9.88×	7.57×	8.31×	6.08×	7.98×	8.92×	7.94×	9.77×	11.88×	6.51×	(63.61×)	(62.24×)	7.59×	5.47×	13.72×	10.23×	10.02×	9.88×	–	–	–	0.96×
EV / Sales (TTM)	1.21×	1.09×	1.32×	1.13×	1.50×	1.00×	0.98×	0.85×	1.39×	1.28×	1.08×	1.55×	1.63×	0.77×	(7.43×)	(6.43×)	0.76×	0.33×	1.51×	1.48×	1.36×	1.43×	1.50×	1.33×	1.17×	1.03×
Returns
Return on equity	10.0%	14.2%	5.7%	47.7%	9.8%	8.4%	9.5%	13.6%	18.0%	12.9%	13.0%	10.9%	9.1%	8.0%	6.7%	6.5%	7.5%	17.2%	11.1%	13.5%	11.8%	10.9%	10.1%	2.1%	5.3%	9.9%
Return on invested capital	11.0%	14.5%	6.5%	51.9%	11.2%	7.9%	9.0%	13.2%	16.5%	12.7%	12.2%	10.8%	9.2%	10.0%	8.5%	7.5%	9.4%	26.3%	11.0%	13.0%	11.8%	8.5%	(3.6%)	(7.0%)	(5.3%)	115.2%
Dividend yield	3.5%	3.7%	3.3%	3.1%	3.4%	4.7%	4.2%	5.1%	2.9%	3.0%	3.7%	2.4%	2.0%	2.7%	2.8%	1.7%	2.2%	2.0%	1.3%	1.3%	1.3%	1.3%	1.3%	0.8%	13.5%	–
Financial health
Current ratio	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	23.51×	5.67×	5.00×	25.57×	4.97×	2.17×	2.40×	4.78×	1.08×	1.08×
Debt / equity	0.33×	0.37×	0.37×	0.41×	0.27×	0.26×	0.26×	0.29×	0.25×	0.31×	0.37×	0.25×	0.28×	0.28×	0.19×	0.17×	0.21×	0.72×	0.23×	0.21×	0.18×	0.15×	0.59×	0.28×	0.28×	0.29×
Effective tax rate	11.3%	15.4%	9.3%	19.9%	14.9%	15.6%	14.7%	12.9%	(3.2%)	14.4%	12.4%	21.3%	16.7%	14.0%	22.2%	13.4%	13.4%	(1.0%)	19.4%	22.2%	20.7%	20.3%	21.6%	(20.2%)	25.0%	–
Share count
Diluted shares outstanding	226	235	245	255	273	277	281	289	293	293	298	299	298	300	318	323	299	261	268	276	290	315	327	347	362	361

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000
Revenue and gross profit
Revenue	$15,693	$15,626	$16,128	$13,666	$17,536	$14,428	$14,742	$16,222	$14,237	$14,093	$12,394	$11,964	$10,478	$9,290	$9,215	$8,671	$9,198	$8,849	$9,936	$10,906	$9,873	$9,008	$8,304	$7,992	$7,631	$7,798	$8,205
Cost of revenue	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($6,220)	($6,435)	($5,692)	($5,283)	($4,960)	($4,861)	($5,217)	($5,796)	–
Gross profit	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	$3,716	$4,471	$4,181	$3,725	$3,344	$3,131	$2,414	$2,003	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	–	–	–	–	–	–	($4,646)	($4,504)	($4,137)	($3,894)	($3,733)	($3,672)	($3,574)	($3,293)	($2,934)	($3,058)	($2,988)	–	($2,995)	–	($2,559)	–	–	–	–	–	–
Total operating expenses	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($3,255)	($3,399)	($2,849)	($2,600)	($2,463)	($3,589)	($2,940)	($2,573)	–
Total costs and expenses	($13,824)	($14,210)	($14,238)	($12,927)	($11,549)	($12,517)	($13,048)	($14,529)	($12,453)	($11,841)	($10,802)	($10,534)	($8,983)	($8,166)	($8,255)	($7,778)	($8,412)	($8,103)	($9,475)	($9,834)	($8,542)	($7,883)	($7,422)	($8,450)	($8,157)	($8,369)	–
Operating income	$1,870	$1,416	$1,890	$739	$5,987	$1,911	$1,694	$1,693	$1,784	$2,252	$1,592	$1,431	$1,495	$1,124	$960	$893	$786	$746	$461	$1,072	$1,331	$1,124	$882	($458)	($526)	($571)	$8,205
Earnings
EBITDA	$2,325	$1,667	$2,146	$1,012	$6,283	$2,186	$1,945	$1,920	$1,990	$2,448	$1,778	$1,624	$1,664	$1,278	$1,092	$1,013	$950	$884	$606	$1,203	$1,433	$1,226	$1,203	($203)	($276)	($94)	$8,755
Interest income	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	–	($2)	($3)	($2)	($1)	($1)	($1)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$1,862	$1,416	$1,890	$739	$5,987	$1,911	$1,694	$1,693	$1,784	$2,252	$1,592	$1,431	$1,495	$1,124	$960	$893	$786	$746	$461	$1,072	$1,331	$1,124	$882	$821	$372	$333	$8,205
Income tax expense	($260)	($160)	($292)	($69)	($1,190)	($284)	($265)	($249)	($231)	$72	($230)	($178)	($318)	($188)	($135)	($198)	($105)	($100)	$4	($208)	($296)	($232)	($179)	($177)	$75	($83)	–
Net income	$1,559	$1,185	$1,571	$623	$4,757	$1,580	$1,396	$1,394	$1,546	$2,310	$1,316	$1,234	$1,144	$913	$807	$638	$663	$623	$458	$860	$1,064	$919	$826	$746	$142	$359	$620
Per share
Diluted EPS (GAAP)	$7.04	$5.25	$6.68	$2.55	$18.63	$5.79	$5.05	$4.96	$5.36	$7.88	$4.50	$4.06	$3.65	$2.95	$2.58	$1.91	$1.95	$1.97	$1.63	$3.09	$3.74	$3.11	$2.62	$2.28	$0.41	$0.99	$1.72
Basic EPS (GAAP)	$7.11	$5.32	$6.77	$2.58	$18.94	$5.87	$5.08	$5.00	$5.41	$8.00	$4.55	$4.11	$3.70	$2.99	$2.60	$1.92	$1.97	$1.98	$1.64	$3.12	$3.78	$3.13	$2.64	$2.29	$0.41	$0.99	$1.72
Basic shares outstanding	219	223	232	241	251	269	275	279	286	289	289	294	295	295	298	314	320	297	259	265	273	288	313	326	347	362	361
Margins
Gross margin	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	37.4%	41.0%	42.3%	41.4%	40.3%	39.2%	31.6%	25.7%	–
Operating margin	11.9%	9.1%	11.7%	5.4%	34.1%	13.2%	11.5%	10.4%	12.5%	16.0%	12.8%	12.0%	14.3%	12.1%	10.4%	10.3%	8.5%	8.4%	4.6%	9.8%	13.5%	12.5%	10.6%	(5.7%)	(6.9%)	(7.3%)	100.0%
Net margin	9.9%	7.6%	9.7%	4.6%	27.1%	11.0%	9.5%	8.6%	10.9%	16.4%	10.6%	10.3%	10.9%	9.8%	8.8%	7.4%	7.2%	7.0%	4.6%	7.9%	10.8%	10.2%	9.9%	9.3%	1.9%	4.6%	7.6%

Analyst consensus

Hold25 analysts

Bearish · 6 · Hold · 14 · Bullish · 5

Earnings history

	EPS	Estimate
Q3 2024	$1.76	$1.99	Miss
Q4 2024	$1.94	$1.93	Beat
Q1 2025	$1.81	$1.82	Miss
Q2 2025	$2.16	$1.97	Beat
Q3 2025	$2.10	$2.20	Miss
Q4 2025	$2.19	$2.23	Miss
Q1 2026	$2.07	$2.01	Beat
Q2 2026	$2.50	$2.34	Beat

Peers

Company overview

IPO dateOct 23, 2001

CEODeanna Dawnette Strable-Soethout

Employees19,700

SectorFinancial Services

IndustryAsset Management

CountryUS

ExchangeNASDAQ

Websitewww.principal.com

Principal Financial Group, Inc. engages in the investment management offering business. It offers financial products and services to businesses, individuals, and institutional clients. It operates its business through the following segments: Retirement and Income Solutions, Principal Asset Management, and Benefits and Protection. The Retirement and Income Solutions Segment offers a comprehensive portfolio of products and services for retirement savings along with select products for retirement income. The Principal Asset Management segment provides global investment solutions to institutional, retirement, retail and high net worth investors in the U.S. and select emerging markets. The Benefits and Protection segment includes selling individual life insurance products. The company was founded by Edward A. Temple in 1879 and is headquartered in Des Moines, IA.

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