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PFGPrincipal Financial Group, Inc.
$109.57$23.7B
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PFG logoPrincipal Financial Group, Inc.(PFG)Earnings, Financials & Key Ratios

PFG•NASDAQ•Insurance & Managed Care
20.9× P/E·Price updated Jun 19, 2026
SectorFinancial ServicesIndustryDiversified InsuranceSub-IndustryLife, annuity and benefits insurers
AboutPrincipal Financial Group, Inc. provides retirement, asset management, and insurance products and services to businesses, individuals, and institutional clients worldwide. The company operates through Retirement and Income Solutions, Principal Global Investors, Principal International, and U.S. Insurance Solutions segments. The Retirement and Income Solutions segment provides a portfolio of asset accumulation products and services for retirement savings and income. It offers products and services for defined contribution plans, including 401(k) and 403(b) plans, defined benefit pension plans, nonqualified executive benefit plans, employee stock ownership plans, equity compensation, and pension risk transfer services; individual retirement accounts; investment only products; and mutual funds, individual variable annuities, and bank products. The Principal Global Investors segment provides equity, fixed income, real estate, and other alternative investments, as well as asset allocation, stable value management, and other structured investment strategies. The Principal International segment offers pension accumulation products and services, mutual funds, asset management, income annuities, and life insurance accumulation products, as well as voluntary savings plans in Brazil, Chile, Mexico, China, Hong Kong Special Administrative Region, India, and Southeast Asia. The U.S. Insurance Solutions segment provides specialty benefits, such as group dental and vision insurance, group life insurance, and group and individual disability insurance, as well as administers group dental, disability, and vision benefits; and individual life insurance products comprising universal, variable universal, indexed universal, and term life insurance products in the United States. It also offers insurance solutions for small and medium-sized businesses and their owners, as well as executives. Principal Financial Group, Inc. was founded in 1879 and is based in Des Moines, Iowa.Show more
  • Revenue$15.63B-3.1%
  • Combined Ratio90.94%+3.0%
  • Net Income$1.19B-24.6%
  • Return on Equity9.93%-28.3%
  • Medical Cost Ratio54.81%+0.7%
  • Operating Margin9.06%-22.7%
  • Net Margin7.58%-22.1%
  • ROA0.36%-28.8%
  • Equity / Assets3.63%-0.7%

PFG Key Insights

Principal Financial Group, Inc. (PFG) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Profitable underwriting: 90.9% combined ratio
  • ✓17 consecutive years of dividend growth
  • ✓Low loss ratio of 54.8%
  • ✓Healthy dividend yield of 2.8%
  • ✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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PFG Price & Volume

Principal Financial Group, Inc. (PFG) stock price & volume — 10-year historical chart

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PFG Growth Metrics

Principal Financial Group, Inc. (PFG) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years2.71%
5 Years1.17%
3 Years-3.77%
TTM-3.11%

Profit CAGR

10 Years-0.4%
5 Years-3.22%
3 Years-37.08%
TTM-24.56%

EPS CAGR

10 Years2.6%
5 Years0.78%
3 Years-34.44%
TTM-21.26%

Return on Capital

10 Years0.76%
5 Years0.8%
3 Years0.43%
Last Year0.43%

PFG Recent Earnings

Principal Financial Group, Inc. (PFG) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 5/12 qtrs (42%)●Beat Revenue 6/12 qtrs (50%)
Q2 2026Latest
Apr 23, 2026
Metric
Actual
Est
EPS
$2.07+3.0%
$2.01
Rev
$3.5B-14.6%
$4.1B
Q1 2026
Feb 9, 2026
Metric
Actual
Est
EPS
$2.19-1.8%
$2.23
Rev
$4.5B+8.1%
$4.1B
Q4 2025
Oct 27, 2025
Metric
Actual
Est
EPS
$2.10-4.5%
$2.20
Rev
$3.7B-11.2%
$4.1B
Q3 2025
Jul 28, 2025
Metric
Actual
Est
EPS
$2.16+9.6%
$1.97
Rev
$3.7B-7.8%
$4.0B
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 23, 2026
$2.07vs $2.01+3.0%
$3.5Bvs $4.1B-14.6%
Q1 2026Feb 9, 2026
$2.19vs $2.23-1.8%
$4.5Bvs $4.1B+8.1%
Q4 2025Oct 27, 2025
$2.10vs $2.20-4.5%
$3.7Bvs $4.1B-11.2%
Q3 2025Jul 28, 2025
$2.16vs $1.97+9.6%
$3.7Bvs $4.0B-7.8%
Based on last 12 quarters of dataView full earnings history →

PFG Peer Comparison

Principal Financial Group, Inc. (PFG) competitors in Life, annuity and benefits insurers — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
MET logoMETMetLife, Inc.Direct Competitor55.8B85.5817.8310.22%4.7%12.72%0.70
PRU logoPRUPrudential Financial, Inc.Direct Competitor37.05B106.5310.42-14.01%5.62%10.26%0.65
LNC logoLNCLincoln National CorporationDirect Competitor7.11B37.176.361.24%9.14%16.79%0.59
UNM logoUNMUnum GroupDirect Competitor14.53B89.9821.022.07%5.87%7.07%0.35
VOYA logoVOYAVoya Financial, Inc.Direct Competitor8.37B90.2014.27-6.88%37.02%10.12%0.30
EQH logoEQHEquitable Holdings, Inc.Direct Competitor12.75B45.29-9.38-6.21%-12.55%-49.32%3.67
BEN logoBENFranklin Resources, Inc.Product Competitor17.17B33.0536.323.45%8.99%5.64%0.94
IVZ logoIVZInvesco Ltd.Product Competitor12.5B28.14-17.585.11%-3.69%-1.74%0.78

Compare PFG vs Peers

Principal Financial Group, Inc. (PFG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs MET

Most directly comparable listed peer for PFG.

Scale Benchmark

vs BLK

Larger-name benchmark to compare PFG against a more recognizable public peer.

Peer Set

Compare Top 5

vs MET, PRU, LNC, UNM

PFG Income Statement

Principal Financial Group, Inc. (PFG) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Revenue
14.09B14.24B16.22B14.74B14.43B17.54B13.67B16.13B15.63B
Revenue Growth %
13.71%1.02%13.94%-9.13%-2.13%21.54%-22.07%18.02%-3.11%
Medical Costs & Claims
7.82B8.19B9.91B8.28B7.35B6.49B7.77B8.77B8.56B
Medical Cost Ratio %
55.51%57.54%61.06%56.18%50.96%37.02%56.83%54.41%54.81%
Gross Profit
6.27B▲ 0%
6.04B▼ 3.6%
6.32B▲ 4.5%
6.46B▲ 2.3%
7.08B▲ 9.5%
11.04B▲ 56.1%
5.9B▼ 46.6%
7.35B▲ 24.6%
7.06B▼ 4.0%
Gross Margin %
44.49%42.46%38.94%43.82%49.04%62.98%43.17%45.59%45.19%
Gross Profit Growth %
14.41%-3.6%4.49%2.28%9.53%56.08%-46.58%24.63%-3.98%
Operating Expenses
4.02B4.26B4.62B4.77B5.16B5.06B5.16B5.46B5.64B
OpEx / Revenue %
28.51%29.92%28.5%32.33%35.8%28.84%37.77%33.88%36.13%
Depreciation & Amortization
195.7M205.1M226.8M251.9M275.3M295.9M272.7M256.2M251.4M
Combined Ratio %
84.02%87.47%89.56%88.51%86.76%65.86%94.59%88.28%90.94%
Operating Income
2.25B▲ 0%
1.78B▼ 20.8%
1.69B▼ 5.1%
1.69B▲ 0.0%
1.91B▲ 12.8%
5.99B▲ 213.3%
738.8M▼ 87.7%
1.89B▲ 155.8%
1.42B▼ 25.1%
Operating Margin %
15.98%12.53%10.44%11.49%13.24%34.14%5.41%11.72%9.06%
Operating Income Growth %
41.5%-20.77%-5.11%0.01%12.84%213.31%-87.66%155.77%-25.06%
EBITDA
2.45B1.99B1.92B1.95B2.19B6.28B1.01B2.15B1.67B
EBITDA Margin %
17.37%13.97%11.84%13.2%15.15%35.83%7.4%13.31%10.67%
Interest Expense
0001M1M1.2M1.9M2.6M2.2M
Non-Operating Income
00000000-2.2M
Pretax Income
2.25B▲ 0%
1.78B▼ 20.8%
1.69B▼ 5.1%
1.69B▲ 0.0%
1.91B▲ 12.8%
5.99B▲ 213.3%
738.8M▼ 87.7%
1.89B▲ 155.8%
1.42B▼ 25.1%
Pretax Margin %
15.98%12.53%10.44%11.49%13.24%34.14%5.41%11.72%9.06%
Income Tax
-72.3M230.7M249.2M265M283.9M1.19B68.7M291.7M160.5M
Effective Tax Rate %
-3.21%12.93%14.72%15.65%14.86%19.87%9.3%15.44%11.33%
Net Income
2.31B▲ 0%
1.55B▼ 33.1%
1.39B▼ 9.8%
1.4B▲ 0.1%
1.58B▲ 13.2%
4.76B▲ 201.0%
623.2M▼ 86.9%
1.57B▲ 152.1%
1.19B▼ 24.6%
Net Margin %
16.39%10.86%8.59%9.47%10.95%27.13%4.56%9.74%7.58%
Net Income Growth %
75.5%-33.06%-9.85%0.11%13.21%201.03%-86.9%152.09%-24.56%
EPS (Diluted)
7.88▲ 0%
5.35▼ 32.1%
4.96▼ 7.3%
5.05▲ 1.8%
5.79▲ 14.7%
18.63▲ 221.8%
2.55▼ 86.3%
6.68▲ 162.0%
5.25▼ 21.4%
EPS Growth %
75.11%-32.11%-7.29%1.81%14.65%221.76%-86.31%161.96%-21.41%
EPS (Basic)
8.005.415.005.085.8718.942.586.775.32
Diluted Shares Outstanding
293.2M288.8M281M276.6M272.9M255.3M244.6M226.23M225.7M

PFG Balance Sheet

Principal Financial Group, Inc. (PFG) balance sheet — assets, liabilities & shareholders' equity

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Assets
253.94B243.04B291.05B313.47B304.66B303B305.05B313.66B341.38B
Asset Growth %
11.37%-4.29%19.76%7.7%-2.81%-0.54%0.67%2.82%8.84%
Total Investment Assets
82.1B84.77B142.77B159.97B108.91B128.25B98.32B103.38B110.9B
Long-Term Investments
61.82B62.59B72.66B81.26B80.92B65.36B67.99B71.57B81.84B
Short-Term Investments
59.48B60.11B70.11B78.71B78.15B62.89B65.67B25.73B29.06B
Total Current Assets
2.57B64.5B74.36B83.28B010.92B004.43B
Cash & Equivalents
2.47B2.98B2.52B2.85B2.33B4.85B4.71B4.21B4.43B
Receivables
01.41B1.74B1.72B1.84B25.38B24.61B23.26B3.89B
Other Current Assets
007.29B0-82.33B12.45B-94.99B-53.2B-32.95B
Goodwill & Intangibles
2.38B2.42B3.48B3.43B3.23B3.13B3.08B2.94B6.94B
Goodwill
1.07B1.1B1.69B1.71B1.63B1.6B1.61B1.55B1.6B
Intangible Assets
1.31B1.32B1.79B1.72B1.6B1.53B1.47B1.39B5.34B
PP&E (Net)
759.5M767.3M967.7M1.02B1.04B996.1M938.4M769.4M701.4M
Other Assets
-61.82B-958.4M-1.8B-2.33B-85.19B-66.57B-72B-75.28B-85.91B
Total Liabilities
240.92B231.19B276.1B296.6B288.2B292.7B293.84B302.19B328.99B
Total Debt
3.22B3.3B3.83B4.36B4.36B4.08B3.99B4.11B4.2B
Net Debt
747.1M325M1.31B1.51B2.03B-770.3M-715.7M-103.9M-227.1M
Long-Term Debt
3.18B3.26B3.73B4.28B4.28B4B3.93B3.96B3.66B
Short-Term Debt
39.5M42.9M93.4M84.7M79.8M80.7M61.1M152.7M442.8M
Total Current Liabilities
56.2M42.9M93.4M84.7M020.54B001.88B
Accounts Payable
0000020.44B000
Deferred Revenue
000000000
Other Current Liabilities
-56.2M-68.2M-16.2M-22.3M-95.3M0-19.7B-18.27B1.44B
Deferred Taxes
1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Liabilities
236.65B226.9B00-6.6B257.4B-5.54B-5.66B304.17B
Total Equity
13.02B▲ 0%
11.85B▼ 9.0%
14.95B▲ 26.2%
16.87B▲ 12.9%
16.46B▼ 2.5%
10.3B▼ 37.4%
11.21B▲ 8.8%
11.47B▲ 2.3%
12.39B▲ 8.0%
Equity Growth %
25.33%-9.03%26.2%12.86%-2.46%-37.39%8.79%2.31%8.04%
Shareholders Equity
12.85B11.39B14.62B16.56B16.07B10B10.92B11.09B11.88B
Minority Interest
173.9M457.2M332.7M314M388.9M303.1M294.6M382.6M507.4M
Retained Earnings
9.48B10.29B11.07B11.84B12.88B17.04B16.68B17.58B18.07B
Common Stock
4.7M4.8M4.8M4.8M4.8M4.9M4.9M4.9M5M
Accumulated OCI
165.5M-1.57B1.04B2.38B1.61B-7.2B-5.35B-5.22B-4.19B
Return on Equity (ROE)
19.73%12.44%10.41%8.77%9.48%35.55%5.79%13.85%9.93%
Return on Assets (ROA)
0.96%0.62%0.52%0.46%0.51%1.57%0.21%0.51%0.36%
Equity / Assets
5.13%4.87%5.14%5.38%5.4%3.4%3.68%3.66%3.63%
Debt / Equity
0.25x0.28x0.26x0.26x0.26x0.40x0.36x0.36x0.34x
Book Value per Share
44.4241.0253.2161.0060.3140.3645.8350.7054.90
Tangible BV per Share
36.2932.6640.8248.5948.4828.1033.2537.7024.16

PFG Cash Flow Statement

Principal Financial Group, Inc. (PFG) cash flow — operating, investing & free cash flow history

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations
4.19B5.16B5.49B3.74B3.22B3.17B3.79B4.6B4.54B
Operating CF Growth %
8.56%23.13%6.53%-31.94%-13.9%-1.43%19.52%21.37%-1.44%
Operating CF / Revenue %
29.72%36.22%33.86%25.36%22.31%18.09%27.75%28.54%29.03%
Net Income
2.32B1.55B1.44B1.43B1.76B4.85B623.2M1.6B1.19B
Depreciation & Amortization
195.7M205.1M226.8M251.9M275.3M295.9M272.7M256.2M0
Stock-Based Compensation
82.7M77.4M82.6M87.2M96.1M91.3M99.4M108.7M0
Deferred Taxes
-357.8M276.7M312.3M99.7M149M0000
Other Non-Cash Items
-486M-434.7M-433M-210M-605.9M-4.45B7.7M-21.4M749.5M
Working Capital Changes
2.43B3.48B3.86B2.08B1.55B2.38B2.79B2.66B2.6B
Cash from Investing
-4.05B-5.7B-7.69B-5.03B-5.66B1.06B-1.35B-5.4B-4.14B
Capital Expenditures
-164.8M-92.3M-132.4M-108.8M-129.9M-116.3M-102M-68.8M0
Acquisitions
-13.3M-184.7M-1.21B-1.4M27M-9.2M000
Purchase of Investments
-13.44B-14.21B-14.63B-15.78B-16.73B-19.42B-12.34B00
Sale/Maturity of Investments
10.16B10.03B9.46B11.86B13.7B21.58B11.08B00
Other Investing
-602.4M-1.24B-1.18B-999.2M-2.52B-978.6M12.3M-5.33B-4.14B
Cash from Financing
-384M1.05B1.73B1.62B1.92B-1.72B-2.59B300.3M-181.8M
Dividends Paid
-540M-598.6M-606M-614.5M-654.1M-642.3M-625.5M-658.4M-684M
Share Repurchases
-220.4M-671.6M-281M-307M-937.2M-1.7B-740.4M-1.04B-902.7M
Stock Issued
162.5M64M37.7M42.8M86.7M181.7M57.8M67.7M43.7M
Debt Issuance (Net)
-1000K1000K1000K1000K1000K-1000K-1000K1000K-1000K
Other Financing
283.1M2.23B2.09B2.01B3.5B725.9M-1.19B1.81B1.77B
Net Change in Cash
-248.8M▲ 0%
506.7M▲ 303.7%
-461.6M▼ 191.1%
333.9M▲ 172.3%
-517.8M▼ 255.1%
2.52B▲ 585.9%
-140.3M▼ 105.6%
-495.8M▼ 253.4%
219.1M▲ 144.2%
Exchange Rate Effect
000000000
Cash at Beginning
2.72B2.47B2.98B2.52B2.85B2.33B4.85B4.71B4.21B
Cash at End
2.47B2.98B2.52B2.85B2.33B4.85B4.71B4.21B4.43B
Free Cash Flow
4.02B▲ 0%
5.06B▲ 25.9%
5.36B▲ 5.9%
3.63B▼ 32.3%
3.09B▼ 14.9%
3.06B▼ 1.0%
3.69B▲ 20.7%
4.53B▲ 22.9%
4.44B▼ 2.1%
FCF Growth %
8.65%25.87%5.86%-32.29%-14.9%-1.05%20.74%22.86%-2.1%
FCF Margin %
28.55%35.57%33.05%24.62%21.41%17.43%27%28.11%28.41%
FCF per Share
13.7217.5419.0813.1211.3211.9715.0920.0419.67

PFG Key Ratios

Principal Financial Group, Inc. (PFG) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
Combined Ratio
87.16%84.02%87.47%89.56%88.51%86.76%65.86%94.59%88.28%90.94%
Medical Cost Ratio
55.78%55.51%57.54%61.06%56.18%50.96%37.02%56.83%54.41%54.81%
Return on Equity (ROE)
13.26%19.73%12.44%10.41%8.77%9.48%35.55%5.79%13.85%9.93%
Return on Assets (ROA)
0.59%0.96%0.62%0.52%0.46%0.51%1.57%0.21%0.51%0.36%
Equity / Assets
4.56%5.13%4.87%5.14%5.38%5.4%3.4%3.68%3.66%3.63%
Book Value / Share
35.544.4241.0253.216160.3140.3645.8350.754.9
Debt / Equity
0.31x0.25x0.28x0.26x0.26x0.26x0.40x0.36x0.36x0.34x
Revenue Growth
3.59%13.71%1.02%13.94%-9.13%-2.13%21.54%-22.07%18.02%-3.11%
Related:PFG Dividend History·PFG Revenue History·PFG Price History·PFG P/E History·PFG Financial Ratios·PFG Institutional Holders

PFG SEC Filings & Documents

Principal Financial Group, Inc. (PFG) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 23, 2026·SEC

Material company update

Apr 20, 2026·SEC

Material company update

Feb 9, 2026·SEC

10-K Annual Reports

1
FY 2026

Feb 18, 2026·SEC

10-Q Quarterly Reports

3
FY 2025

Oct 29, 2025·SEC

FY 2025

Jul 30, 2025·SEC

FY 2025

Apr 30, 2025·SEC

PFG Frequently Asked Questions

Principal Financial Group, Inc. (PFG) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Principal Financial Group, Inc. (PFG) saw revenue decline by 3.1% over the past year.

Yes, Principal Financial Group, Inc. (PFG) is profitable, generating $1.19B in net income for fiscal year 2025 (7.6% net margin).

Dividend & Returns

Yes, Principal Financial Group, Inc. (PFG) pays a dividend with a yield of 2.77%. This makes it attractive for income-focused investors.

Principal Financial Group, Inc. (PFG) has a return on equity (ROE) of 9.9%. This is below average, suggesting room for improvement.

Industry Metrics

Principal Financial Group, Inc. (PFG) has a combined ratio of 90.9%. A ratio below 100% indicates underwriting profitability.

What if you invested $1,000 in PFG back in 2000?

Total return calculator · dividends reinvested · 26+ years of data

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How much would $100/month in PFG be worth today?

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