— Know what they know.
/
Not Investment Advice

PFG

NASDAQ · USD
Principal Financial Group, Inc.
Financial Services · Asset Management
CEO Deanna Dawnette Strable-Soethout Employees 19,700 R&D / revenue 0.0%
Last price
$108.81−0.14%last session
Market cap
$23.3B
P/E (TTM)
15.5x
From 52w high
−10.2%
From 52w low
+39.7%
1-year return
+40.1%
RSI 14 · vs SMA200
41.2 · +6.2%
IS score
56.9/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

PFG   SPY   XLF (sector ETF) · weekly closes
100120140Jan 26Apr 26Jul 26Oct 26PFG 140SPY 116XLF 107

Score DNA

Each bar is a 0-100 score within the scored universe
42
Profitability
60
Growth
61
Value
87
Momentum
15
Risk (safety)
71
Quality
56
Balance sheet
74
Earnings quality

Flags

Strengths
✓ Net cash✓ FCF yield 5%+✓ Congress buying
Warnings
None of the computed warning flags fires for PFG (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: None, Efficient ScalePiotroski 5 / 9Beta 0.873 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
7 open-market sales, $2.9M
Form 144 notices (12m): 21, $29.2M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
1
Last disclosed purchase 2026-03-27
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+46
113 new holders, 58 closed
954 filers hold 80.8% · 394 added, 269 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+96
996 funds adding shares
900 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
66.8%
20-day avg 67.0%, 50-day avg 68.8%
Latest 0.2 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$15.6B
Revenue growth YoY−3.1%
Gross margin45.2%
Operating income$1.4B
Operating margin9.1%
Net income$1.2B
Net margin7.6%
EPS (diluted)$5.25
Cash flow
Operating cash flow$4.5B
Capital expenditure$98.0M
Free cash flow$4.4B
FCF conversion (FCF / OCF)97.8%
Stock-based compensation$0
FCF less SBC$4.4B
Buybacks$902.7M
Dividends$684.0M
Balance sheet & returns
Cash & short-term investments$33.5B
Total debt$4.1B
Net cash$29.4B
Shareholders' equity$12.4B
Goodwill & intangibles$6.9B
Debt / equity0.36
ROE (TTM)13.0%
ROIC (TTM)-19.3%
Operating margin by fiscal year
14.6%FY202134.2%FY20225.4%FY202311.7%FY20249.1%FY2025
Revenue $14.4B (FY2021) to $15.6B (FY2025), a 2.0% CAGR.

Valuation

P/E (TTM)15.5x
EV / EBITDA8.2x
Price / sales1.48x
Price / FCF4.8x
FCF yield20.83%
Buyback yield3.87%
SBC / revenue-0.1%
Price / book1.96x
Forward P/E FY202611.5x
Forward P/E FY202710.6x
Forward P/E FY20289.8x
Forward multiples divide today's price by Street EPS estimates. Street mean target $113.60 across 5 analysts last quarter is theirs, not ours.

PFG vs industry median

908 companies in Asset Management
Gross margin 48.5% 84.6% Operating margin 12.1% 34.7% Net margin 9.9% 18.2% ROIC -19.3% 6.4%
PFG (TTM)Industry median Asset turnover 0.04 vs industry 0.11 · financial leverage 29.05

Earnings delivery

Next report 2026-10-26 · consensus EPS $2.44
50%
beat rate, 6 of 12 quarters
−0.0%
median EPS surprise
2
longest beat streak
+4+8-5-11-12+1-1+10-5-2+3+7
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-26 to 2026-07-27. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
PFG Principal Financial Group, I $23.3B15.5x13.0%9.9%−3.1% +40.1%
TROW T. Rowe Price Group, Inc. $21.5B10.1x20.6%33.1%+7.0% +3.0%
RJF Raymond James Financial, Inc $30.1B13.4x18.5%13.6%+9.1% −0.7%
NTRS Northern Trust Corporation $30.3B14.1x17.1%18.8%+3.1% +33.7%
PS Pershing Square Inc. $17.8B1,112.0x-3.1%-78.8%— +84.5%
TPG TPG Inc. $16.3B34.9x19.6%5.1%+65.6% —
BEN Franklin Resources, Inc. $15.7B20.7x7.4%7.3%+7.9% —
CRBG Corebridge Financial, Inc. $15.3B20.1x7.9%0.1%+229.2% —
12-month window: SPY +15.9%, sector ETF XLF +7.2%. Past returns describe history only.

Recent 8-K filings

2026-09-10Material Agreement; Financial Obligation; Exhibits
2026-07-27Earnings Release; Exhibits
2026-07-20Regulation FD
2026-06-01Material Agreement; Financial Obligation; Other Events; Exhibits
2026-05-20Shareholder Vote
2026-04-23Earnings Release; Exhibits

Context

Shares outstanding214,105,000
Free float99.4%
Institutional ownership80.8%
Beta0.87
Dividend yield2.99%
Last dividend$0.84 on 2026-09-03
50 / 200-day average$112.88 / $102.48
Large-cap Financial Services median P/E14.0x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (None).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where PFG sits among 110 scored companies in Asset Management (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasurePFGIndustry medianIndustry percentileSector median
P/E (TTM) 15.1x 13.3x
56th		 11.9x
PEG (P/E ÷ 3-yr EPS CAGR) 4.01 0.88
84th		 1.04
Price / sales 1.5x 3.9x
11th		 2.5x
Price / book 1.9x 1.4x
63rd		 1.3x
Price / tangible book 2.5x 1.4x
72nd		 1.6x
Price / free cash flow 4.8x 10.3x
22nd		 11.8x
Price / operating cash flow 4.6x 10.2x
22nd		 11.7x
Enterprise value $22.4B $3.4B
83rd		 $3.4B
EV / sales 1.4x 6.7x
4th		 6.0x
EV / EBITDA 11.5x 12.2x
45th		 13.0x
EV / EBIT 11.8x 14.4x
39th		 15.5x
EV / free cash flow 4.6x 11.6x
13th		 15.9x
Earnings yield 6.6% 5.7%
57th		 7.9%
FCF yield 20.8% 8.3%
83rd		 6.3%
Operating cash flow yield 21.5% 8.6%
83rd		 7.8%
Graham number (per share) $94.01 $27.85
81st		 $50.71

Profitability (TTM)

MeasurePFGIndustry medianIndustry percentileSector median
Gross margin 48.5% 71.8%
10th		 71.9%
EBITDA margin 12.4% 39.3%
18th		 37.9%
Operating margin 12.1% 30.2%
20th		 23.3%
EBIT margin 12.1% 32.7%
20th		 23.3%
Net margin 9.9% 15.3%
35th		 18.7%
NOPAT margin 10.4% 23.0%
21st		 18.7%
FCF margin 30.9% 24.3%
57th		 23.3%
Operating cash flow margin 31.9% 29.1%
53rd		 26.7%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 8.9% 9.8%
48th		 20.1%
Stock comp / revenue 0.0% 0.0%
0th		 0.7%
Effective tax rate 14.0% 19.9%
40th		 21.0%

Returns on capital

MeasurePFGIndustry medianIndustry percentileSector median
ROE (on average equity) 13.1% 11.2%
55th		 11.9%
ROA 0.5% 2.3%
25th		 1.4%
ROIC 14.6% 5.5%
76th		 7.8%
ROCE 0.6% 4.9%
18th		 5.8%
Return on tangible assets 0.6% 4.7%
18th		 2.0%
Cash ROIC (OCF / invested capital) 44.7% 10.0%
85th		 11.4%
Gross profitability (GP / assets) 2.2% 8.8%
7th		 10.3%
ROIC, 3-yr average 11.7% 5.6%
74th		 7.1%
ROIC, 5-yr average 19.4% 6.0%
83rd		 7.3%
ROE, 5-yr average 17.6% 11.2%
81st		 10.7%
Incremental ROIC 58.6% 12.9%
70th		 8.4%

Growth

MeasurePFGIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 3.7% 15.4%
27th		 7.1%
Revenue growth (QoQ) 10.7% 6.6%
60th		 2.8%
Revenue CAGR, 3 yr 3.6% 13.1%
15th		 10.8%
Revenue CAGR, 5 yr 2.6% 5.8%
28th		 11.3%
Gross profit CAGR, 3 yr 3.4% 20.6%
12th		 18.0%
Operating income CAGR, 3 yr 0.3% 12.7%
20th		 8.8%
Net income growth (TTM YoY) 35.7% 17.8%
62nd		 24.7%
Net income CAGR, 3 yr -0.2% 9.1%
35th		 9.4%
EPS growth (TTM YoY) 40.6% 14.5%
65th		 25.1%
EPS CAGR, 3 yr 3.8% 5.5%
39th		 7.3%
EPS CAGR, 5 yr 4.2% -5.9%
67th		 4.2%
FCF growth (TTM YoY) 12.8% 18.5%
44th		 15.9%
FCF CAGR, 3 yr 6.5% 8.1%
44th		 8.5%
Operating cash flow CAGR, 3 yr 6.6% 6.6%
50th		 8.4%
Book value CAGR, 3 yr 9.6% 3.6%
65th		 8.9%
Dividend CAGR, 3 yr 5.2% -1.2%
74th		 1.9%
Sustainable growth rate 7.2% 3.5%
61st		 8.3%

Margin history & stability

MeasurePFGIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 45.9% 63.7%
18th		 63.4%
Operating margin, 3-yr average 10.4% 33.3%
13th		 21.4%
Net margin, 3-yr average 8.5% 26.3%
23rd		 16.5%
FCF margin, 3-yr average 28.1% 28.9%
47th		 28.2%
Revenue stability (0-1) 0.76 0.58
65th		 0.86
Earnings stability (0-1) 0.20 0.40
33rd		 0.37
Margin stability (0-1) 0.95 0.80
90th		 0.81

Liquidity (latest quarter)

MeasurePFGIndustry medianIndustry percentileSector median
Cash & short-term investments $5.3B $142.5M
87th		 $145.5M
Net cash (− = net debt) $918.9M −$692.3M
90th		 −$676.0M
Working capital −$12.1B $90.6M
3rd		 $86.3M
Current ratio 0.30 1.16
20th		 1.19
Quick ratio 0.30 1.16
20th		 1.19
Cash ratio (cash + ST investments / current liabilities) 0.30 0.62
36th		 0.55
Defensive interval (days) 579 days 365 days
65th		 417 days

Leverage & solvency (latest quarter)

MeasurePFGIndustry medianIndustry percentileSector median
Total debt $4.3B $1.3B
74th		 $1.2B
Debt / equity 0.36 0.99
19th		 0.81
Net debt / equity −0.08 0.84
17th		 0.66
Debt / assets 1.2% 37.6%
8th		 33.5%
Debt / capital 26.3% 49.7%
19th		 44.6%
Debt / EBITDA 2.23 4.80
36th		 3.20
Net debt / EBITDA −0.47 3.41
16th		 2.19
Interest coverage (EBIT / interest) 190.3x 2.6x
97th		 2.9x
Cash interest coverage 501.2x 3.1x
97th		 3.7x
Debt payback (years of OCF) 0.9 yrs 3.5 yrs
18th		 3.7 yrs
Liabilities / assets 96.3% 55.3%
97th		 86.2%
IS credit model rating BBB+ — —
Implied credit spread (bps) 225 475
26th		 175

Efficiency

MeasurePFGIndustry medianIndustry percentileSector median
Asset turnover 0.05 0.12
8th		 0.15
Fixed asset turnover 20.15 9.51
68th		 11.68
Inventory turnover —
Receivables turnover 4.1 8.4
21st		 8.2
Days sales outstanding 88 days 37 days
81st		 43 days
Days inventory outstanding —
Days payables outstanding 0 days 49 days
0th		 39 days
Cash conversion cycle (days) 88 days −8 days
89th		 0 days
Capex / revenue 1.0% 0.0%
80th		 0.2%
Capex / depreciation 3.88 0.05
99th		 0.13
Operating expense ratio 36.3% 43.6%
37th		 38.9%

Cash flow & earnings quality

MeasurePFGIndustry medianIndustry percentileSector median
Operating cash flow / net income 3.24 1.20
84th		 1.28
FCF / net income 3.14 0.99
87th		 1.15
FCF / operating cash flow 96.8% 99.6%
25th		 98.5%
Capex / operating cash flow 3.2% 0.0%
78th		 0.6%
Accruals ratio -1.0% -1.4%
55th		 -2.0%
Sloan accruals ratio -5.8% -0.3%
21st		 -0.6%
Earnings quality score (0-1) 1.00 0.75
60th		 0.75

Dividends & buybacks

MeasurePFGIndustry medianIndustry percentileSector median
Dividend yield 3.0% 6.6%
29th		 2.3%
Dividend per share (TTM) $3.25 $1.49
80th		 $1.03
Payout ratio (dividends / net income) 44.9% 67.8%
31st		 30.0%
Dividends / FCF 14.3% 52.7%
14th		 49.0%
Dividend growth (YoY) 7.6% 6.9%
54th		 6.4%
Buyback yield 4.3% 1.0%
72nd		 1.7%
Shareholder yield (dividends + buybacks) 7.3% 10.3%
35th		 5.2%
Share count change (YoY) -3.4% 0.0%
24th		 -0.3%
Buybacks, last 5 years $4.7B $40.9M
94th		 $85.3M

Scores & forensic checks

MeasurePFGIndustry medianIndustry percentileSector median
IS score 57 45
69th		 53
IS profitability 42 60
27th		 59
IS growth 60 53
62nd		 57
IS value 61 66
42nd		 77
IS momentum 87 59
81st		 76
IS risk (safety) 15 15
6th		 65
IS quality 71 64
67th		 71
IS balance sheet 56 42
69th		 51
IS earnings quality 74 68
71st		 74
IS cash flow 90 69
98th		 71
Piotroski F-score (0-9) 5 6
30th		 6
Altman Z-score —
Beneish M-score —
Ohlson O-score −6.15 −7.13
85th		 −6.00
IS credit score 64 41
74th		 68

Per share

MeasurePFGIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $7.07 $1.19
82nd		 $3.36
Book value per share $55.52 $16.24
88th		 $28.13
Tangible book per share $45.87 $13.69
93rd		 $21.49
Revenue per share $71.76 $4.23
89th		 $17.62
FCF per share $22.19 $1.85
94th		 $1.99
Operating cash flow per share $22.92 $2.62
94th		 $2.45
Cash per share $24.05 $1.06
90th		 $1.75

Size (TTM)

MeasurePFGIndustry medianIndustry percentileSector median
Market cap $23.3B $3.1B
85th		 $2.5B
Revenue $15.7B $703.1M
88th		 $1.0B
EBITDA $1.9B $205.6M
83rd		 $269.3M
Net income $1.5B $151.7M
87th		 $168.0M
Free cash flow $4.9B $219.5M
95th		 $160.0M
Total assets $352.8B $2.9B
90th		 $8.5B
Shareholders' equity $12.1B $1.2B
85th		 $1.5B
Employees 19,700 1,700
89th		 1,392

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-25Auerbach Jonathan
Director
 Award / grant 161——23,112
2026-09-25Beams Mary E.
Director
 Award / grant 105——17,066
2026-09-25Muruzabal Claudio
Director
 Award / grant 97——13,699
2026-09-25Nordin Diane C
Director
 Award / grant 211——31,548
2026-09-25Pickerell Blair
Director
 Award / grant 273——40,100
2026-09-25Richer Clare Stack
Director
 Award / grant 138——21,550
2026-09-25Mitchell H Elizabeth
Director
 Award / grant 78——13,278
2026-09-25Carter Miller Jocelyn
Director
 Award / grant 648——91,979
2026-09-25Rivera Alfredo
Director
 Award / grant 113——16,624
2026-09-25Rivera Alfredo
Director
 Award / grant 24——3,303
2026-09-25Brown Timothy W.
EVP, General Counsel and Sec
 Award / grant 163——22,442
2026-09-25Agrawal Vivek
EVP & Chief Growth Officer
 Award / grant 226——46,762

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired73201,318$9.0M
Open-market saleDisposed728,317$2.9M
Option exerciseDisposed450,041$3.2M
Return to issuerDisposed4121,528$14.1M
Return to issuerAcquired119,767$2.2M
—Disposed10—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 21 notices · 285,710 shares · $29.2M
FiledFilerShares proposedEst. proceeds
2026-09-03Deanna Strable-Soethout55,140$6.1M
2026-08-07Amy Friedrich35,680$4.1M
2026-06-12Deanna Strable-Soethout30,708$3.4M
2026-06-11Deanna Strable-Soethout19,767$2.2M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 4 trades (2 purchases) · Senate 1 (1 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-21
2025-10-31Lisa C. McClainHouseSale (Full)$1,001 - $15,0002025-11-24
2025-10-30Lisa C. McClainHouseSale (Full)$1,001 - $15,0002025-11-24
2025-10-30Lisa C. McClainHousePurchase$1,001 - $15,0002025-11-24
2025-10-29Lisa C. McClainHousePurchase$1,001 - $15,0002025-11-24
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.20,014,673$2.2B9.35%
NIPPON LIFE INSURANCE CO18,137,000$2.0B8.47%
VANGUARD CAPITAL MANAGEMENT LLC13,479,468$1.5B6.30%
VANGUARD PORTFOLIO MANAGEMENT LLC11,266,018$1.2B5.26%
STATE STREET CORP10,264,856$1.1B4.79%
BANK OF AMERICA CORP /DE/6,884,023$742.0M3.22%
Sixth Street Partners Management Company, L.P.6,502,019$700.8M3.04%
CHARLES SCHWAB INVESTMENT MANAGEMENT INC6,502,019$700.8M3.04%
Capital World Investors6,040,005$651.0M2.82%
GEODE CAPITAL MANAGEMENT, LLC5,681,672$610.0M2.65%
DIMENSIONAL FUND ADVISORS LP3,923,279$422.9M1.83%
Invesco Ltd.3,771,641$406.5M1.76%
GOLDMAN SACHS GROUP INC2,500,019$269.5M1.17%
NORGES BANK2,014,675$217.1M0.94%
NORTHERN TRUST CORP1,818,700$196.0M0.85%

Institutional ownership by quarter

2023-092026-0680.8%
% of shares held by 13F filers
2023-092026-06954
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-3095480.8%11339426958
2026-03-3190876.8%11835425879
2025-12-3188773.3%13433325661
2025-09-3082672.9%8329027354
2025-06-3081475.7%8431327797
2025-03-3183876.6%12530326158
2024-12-3178574.6%9526927376
2024-09-3078074.8%8025429083
2024-06-3079375.5%9528425054
2024-03-3176176.2%8225326862
2023-12-3175277.2%11522428471
2023-09-3071878.3%6621528163

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-30SCHEDULE 13GVanguard Capital Management7.2%15,573,456
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.03%$761.1M
VTI0.03%$761.1M
VTSAX0.03%$761.1M
VSMPX0.03%$761.1M
SCHD0.52%$589.3M
VOO0.03%$572.9M

Share structure

Shares outstanding214,105,000
Float212,785,756
Free float99.4%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$14.4B$17.5B$13.7B$16.1B$15.6B
Cost of revenue$7.4B$6.5B$7.8B$8.8B$8.6B
Gross profit$7.1B$11.0B$5.9B$7.4B$7.1B
R&D$0$0$0$0$0
SG&A$0$0$0$0$0
Operating income$1.9B$6.0B$738.8M$1.9B$1.4B
EBITDA$2.2B$6.3B$1.0B$2.1B$1.7B
Pretax income$1.9B$6.0B$738.8M$1.9B$1.4B
Income tax$283.9M$1.2B$68.7M$291.7M$160.5M
Net income$1.6B$4.8B$623.2M$1.6B$1.2B
EPS, diluted$5.79$18.63$2.55$6.68$5.25
Diluted shares272.9M255.3M244.6M226.2M225.7M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$80.5B$67.7B$70.4B$29.9B$33.5B
Receivables$1.8B$25.4B$24.6B$23.3B$3.9B
Inventory$0−$94.6B$0$0$0
Total current assets$0$10.9B$0$0$4.4B
PP&E, net$1.0B$996.1M$938.4M$769.4M$701.4M
Goodwill & intangibles$3.2B$3.1B$3.1B$2.9B$6.9B
Total assets$304.7B$303.0B$305.0B$313.7B$341.4B
Accounts payable$0$20.4B$0$0$0
Total current liabilities$0$20.5B$0$0$1.9B
Long-term debt$4.3B$4.0B$3.9B$4.0B$3.7B
Total liabilities$288.2B$292.7B$293.8B$302.2B$329.0B
Shareholders' equity$16.5B$10.3B$11.2B$11.5B$12.4B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$1.8B$4.9B$623.2M$1.6B$1.2B
Depreciation & amortization$275.3M$295.9M$272.7M$256.2M$0
Stock-based compensation$96.1M$91.3M$99.4M$108.7M$0
Change in working capital$1.5B$2.4B$2.8B$2.7B$2.6B
Operating cash flow$3.2B$3.2B$3.8B$4.6B$4.5B
Capital expenditure−$129.9M−$116.3M−$102.0M−$68.8M−$98.0M
Free cash flow$3.1B$3.1B$3.7B$4.5B$4.4B
Investing cash flow−$5.7B$1.1B−$1.3B−$5.4B−$4.1B
Net debt issued / repaid$8.4M−$285.7M−$91.0M$119.6M−$409.1M
Buybacks−$937.2M−$1.7B−$740.4M−$1.0B−$902.7M
Dividends paid−$654.1M−$642.3M−$625.5M−$658.4M−$684.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin50.2%62.9%43.2%45.6%45.2%
Operating margin14.6%34.2%5.4%11.7%9.1%
Net margin12.0%27.2%4.6%9.7%7.6%
FCF margin21.7%17.5%27.0%28.1%28.4%
ROE10.5%36.5%6.0%14.3%10.3%
ROIC-2.9%-9.0%-1.2%-10.8%-7.2%
ROA0.6%1.6%0.2%0.5%0.4%
Debt / equity0.270.410.370.370.35
Interest coverage—————
Current ratio—0.53——2.35
Revenue growth−3.2%+22.7%−21.9%+18.0%−3.1%
EPS growth+26.6%+207.0%−86.5%+157.8%−21.6%
P/E at year end9.8x3.8x27.8x11.0x16.6x
EV / EBITDA at year endn/mn/mn/mn/mn/m
FCF yield at year end18.36%16.67%21.34%26.32%22.63%
Dividend payout38.2%13.5%100.4%41.9%57.7%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Segment Retirement and Investor Services$413.1M$364.4M$7.3B$8.0B$8.2B
Benefits and Protection———$4.8B$5.0B
Segment Principal Global Investors$3.2B$3.2B———
Principal Asset Management——$297.8M$2.8B$2.8B
Corporate$204.1M$148.1M$179.2M$285.5M$325.9M

Street estimates by fiscal year

Next report 2026-10-26 · consensus EPS $2.44 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$16.3B$16.1B – $16.4B$9.47$9.31 – $9.56711.5x
2027$17.8B$17.7B – $18.2B$10.25$10.02 – $10.41710.6x
2028$18.7B$18.2B – $19.5B$11.07$10.49 – $11.7549.8x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-27$2.34$2.50+6.8%$4.1B$4.0B−3.4%
2026-04-23$2.01$2.07+3.0%$4.1B$3.5B−14.6%
2026-02-09$2.23$2.19−1.8%$4.1B$4.5B+8.1%
2025-10-27$2.20$2.10−4.5%$4.1B$3.7B−11.2%
2025-07-28$1.97$2.16+9.6%$4.0B$3.7B−7.8%
2025-04-24$1.82$1.81−0.5%$4.0B$3.7B−7.7%
2025-02-06$1.93$1.94+0.5%$4.1B$4.8B+15.4%
2024-10-24$1.99$1.76−11.6%$3.9B$3.0B−23.1%
2024-07-25$1.84$1.63−11.4%$3.8B$4.3B+13.6%
2024-04-25$1.73$1.65−4.6%$3.7B$4.1B+10.3%
2024-02-12$1.70$1.83+7.6%$3.6B$2.7B−25.2%
2023-10-26$1.65$1.72+4.2%$3.6B$4.6B+27.6%
2023-07-27$1.65$1.53−7.3%$3.5B$3.6B+2.2%
2023-04-27$1.54$1.48−3.9%$3.4B$2.8B−16.3%
2023-01-30$1.52$1.70+11.8%$3.3B$3.1B−6.6%
2022-10-27$1.45$1.69+16.6%$3.2B$4.6B+45.6%
2022-08-08$1.39$1.65+18.7%$3.3B$6.7B+99.2%
2022-04-28$1.56$1.63+4.5%$3.6B$3.1B−12.4%
2022-02-07$1.65$1.85+12.1%$3.8B$4.1B+7.7%
2021-10-26$1.60$1.69+5.6%$4.0B$3.4B−14.9%
2021-07-27$1.51$1.70+12.6%$4.0B$3.5B−12.0%
2021-04-27$1.34$1.53+14.2%$2.8B$3.2B+16.5%
2021-01-28$1.42$1.48+4.2%$3.6B$3.8B+4.4%
2020-10-26$1.39$0.85−38.8%$5.4B$3.3B−38.9%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.106-150.306-220.106-290.207-060.307-130.307-200.407-270.208-030.108-100.108-170.108-240.308-31
Week ofNotionalSharesTrades
2026-08-31$288.1M2,490,38553,827
2026-08-24$128.2M1,146,88339,850
2026-08-17$115.2M1,024,80439,206
2026-08-10$106.2M934,16740,510
2026-08-03$209.4M1,826,33752,281
2026-07-27$357.1M3,168,26273,903

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1566.8%
DateShort shareShort volumeTotal volume
2026-10-1566.8%253,415379,437
2026-10-1470.3%281,256399,939
2026-10-1369.1%266,974386,506
2026-10-1269.8%231,173331,300
2026-10-0969.5%291,889420,021
2026-10-0866.7%265,126397,359
2026-10-0773.6%353,759480,495
2026-10-0652.1%341,472655,169
2026-10-0560.2%299,401497,339
2026-10-0269.1%250,549362,340
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-2.1Jan-2.0Feb+0.2Mar+6.9Apr+1.5May-1.2Jun+3.4Jul+1.1Aug+1.2Sep-0.0Oct+2.4Nov+4.8Dec
MonthAvg returnUp yearsYears
Jan−2.1%40%20
Feb−2.0%40%20
Mar+0.2%52%21
Apr+6.9%60%20
May+1.5%55%20
Jun−1.2%40%20
Jul+3.4%55%20
Aug+1.1%50%20
Sep+1.2%55%20
Oct−0.0%65%20
Nov+2.4%90%20
Dec+4.8%55%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1441.2
MFI33.1
ADX26.1
Stochastic %K / %D23.6 / 16.0
Williams %R-68.0
CCI-55
TSI / signal-20.5 / -12.5
Chaikin money flow-0.18
ATR$2.26
Bollinger width10.2%
Volume vs 20-day avg0.89x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$111.23 (−2.2%)
SMA 50$112.58 (−3.3%)
SMA 200$102.46 (+6.2%)
EMA 21$110.63 (−1.6%)
EMA 50$111.54 (−2.4%)
EMA 200$103.50 (+5.1%)
Bollinger upper$116.90 (−6.9%)
Bollinger lower$105.57 (+3.1%)
Parabolic SAR$112.79 (−3.5%)
Open the live chart, 110+ indicators

About Principal Financial Group, Inc.

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.

https://www.principal.com

Key executives

NameTitlePayBorn
Kamal BhatiaPresident & Chief Executive Officer of Principal Asset Management$5.1M1972
Deanna Dawnette Strable-SoethoutPresident, Chief Executive Officer & Chair of the Board$4.3M1969
Christopher James LittlefieldPresident of Retirement & Income Solutions$3.2M1967
Amy Christine FriedrichPresident of Benefits & Protection$2.3M1971
Joel Michael PitzExecutive Vice President & Chief Financial Officer$1.4M1974
Bethany A. WoodExecutive Vice President & Chief Marketing Officer—1965
Humphrey LeeVice President & Head of Investor Relations——
Kathleen KayExecutive Vice President & Chief Information Officer—1963

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Deanna D. Strable-Soethout Chair, President and Chief Executive Officer2025$990,769$8.9M$3.1M$13.8M
Daniel J. Houston Former Executive Chairman (through September 2, 2025)2025$791,154$4.4M$3.1M$11.3M
Kamal Bhatia President and CEO, Principal Asset Management2025$551,500$2.6M$4.5M$7.7M
Christopher J. Littlefield President, Retirement Income Solutions2025$680,385$2.5M$1.4M$5.9M
Amy C. Friedrich, President, Benefits and Protection2025$699,769$2.6M$1.5M$5.2M
Joel M. Pitz Chief Financial Officer2025$498,846$789,890$804,140$2.3M

Employees

16k201818k201917k202019k202119k202220k202320k202420k2025

Dividends

Ex-dateAmountPaid
2026-09-03$0.842026-09-25
2026-06-01$0.822026-06-26
2026-03-11$0.82026-03-27
2025-12-03$0.792025-12-19
2025-09-04$0.782025-09-26
2025-06-02$0.762025-06-27
2025-03-12$0.752025-03-28
2024-12-02$0.732024-12-18

Moat model

None · Efficient Scale · 2026-06-30
Cost advantage43
Intangibles36
Switching costs40
Network effect32
Efficient scale49
Our component scores (0-100) and overall 39.8; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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