The firm maintains a conservative financial profile with a debt-to-equity ratio of 0.32, supporting a stable equity base that has remained near $11.8 billion as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Total Assets | 332.7B | 341.38B | 313.66B | 305.05B | 303B | 304.66B | 313.47B | 291.05B | 243.04B | 253.94B | 228.01B | 218.69B | 219.09B | 208.19B | 161.93B | 148.3B | 145.63B | 137.76B | 128.18B | 154.52B | 143.66B | 127.04B | 113.8B | 107.75B | 89.86B | 88.35B | 84.41B |
| Asset Growth % | 23.37% | 8.84% | 2.82% | 0.67% | -0.54% | -2.81% | 7.7% | 19.76% | -4.29% | 11.37% | 4.27% | -0.18% | 5.23% | 28.57% | 9.19% | 1.83% | 5.71% | 7.47% | -17.04% | 7.56% | 13.09% | 11.63% | 5.61% | 19.91% | 1.71% | 4.67% | - |
| Total Investment Assets | 4M | 110.9B | 103.38B | 98.32B | 128.25B | 108.91B | 159.97B | 142.77B | 84.77B | 82.1B | 75.84B | 69.82B | 68.43B | 66.76B | 68.81B | 50.46B | 50.24B | 47.69B | 59.11B | 63.5B | 47.84B | 56.47B | 44.17B | 54.04B | 47.77B | 32.52B | 40.69B |
| Long-Term Investments | 528.6B | 81.84B | 34.1B | 31.81B | 65.36B | 30.33B | 81.26B | 72.66B | 62.59B | 61.82B | 56.76B | 51.96B | 51.24B | 50.15B | 51.96B | 50.46B | 50.24B | 47.69B | 41.36B | 49.97B | 46.99B | 44.16B | 43.36B | 39.73B | 35.87B | 31.69B | 40.69B |
| Short-Term Investments | 27.61B | 29.06B | 69.27B | 66.51B | 62.89B | 78.58B | 78.71B | 70.11B | 60.11B | 59.48B | 54.95B | 50.07B | 49.79B | 48.87B | 51.08B | 0 | 0 | 0 | 1.81B | 2.12B | 1.41B | 1.11B | 1.59B | 1.46B | 1.2B | 829.8M | 0 |
| Total Current Assets | 4.05B | 57.26B | 97.58B | 96.61B | 10.92B | 83.45B | 83.28B | 74.36B | 64.5B | 2.57B | 2.82B | 2.67B | 1.99B | 2.48B | 4.31B | 2.91B | 2.05B | 2.45B | 2.85B | 1.66B | 2.26B | 2.37B | 1.22B | 3.88B | 2.7B | 86.6B | 82.81B |
| Cash & Equivalents | 4.05B | 4.43B | 4.21B | 4.71B | 4.85B | 2.33B | 2.85B | 2.52B | 2.98B | 2.47B | 2.72B | 2.56B | 1.86B | 2.37B | 4.18B | 2.83B | 1.88B | 2.24B | 2.61B | 1.34B | 1.59B | 1.64B | 452.5M | 1.69B | 1.04B | 623.8M | 927M |
| Receivables | 54.23B | 23.77B | 24.09B | 25.4B | 25.38B | 2.54B | 1.72B | 1.74B | 1.41B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 719.8M | 459.7M | 531.3M | 0 |
| Other Current Assets | -31.25B | 0 | 0 | 0 | 12.45B | 0 | 0 | 7.29B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 84.62B | 81.89B |
| Goodwill & Intangibles | 15.51B | 6.94B | 6.95B | 7.03B | 3.13B | 6.99B | 3.43B | 3.48B | 2.42B | 2.38B | 2.35B | 2.37B | 2.33B | 2.56B | 1.47B | 1.37B | 1.18B | 1.24B | 1.3B | 1.38B | 1.34B | 484.9M | 429.4M | 305.6M | 195.3M | 1.23B | 1.08B |
| Goodwill | 1.59B | 1.6B | 1.55B | 1.61B | 1.6B | 1.63B | 1.71B | 1.69B | 1.1B | 1.07B | 1.02B | 1.01B | 1.01B | 1.1B | 543.4M | 482.3M | 345.4M | 386.4M | 375.5M | 374.7M | 361.9M | 282.3M | 232.9M | 184.2M | 106.5M | 0 | 0 |
| Intangible Assets | 1.27B | 5.34B | 5.4B | 5.42B | 1.53B | 5.36B | 1.72B | 1.79B | 1.32B | 1.31B | 1.33B | 1.36B | 1.32B | 1.46B | 927.2M | 890.6M | 834.6M | 851.7M | 925.3M | 1.01B | 981M | 202.6M | 196.5M | 121.4M | 88.8M | 1.23B | 1.08B |
| PP&E (Net) | 714.9M | 701.4M | 769.4M | 938.4M | 996.1M | 1.04B | 1.02B | 967.7M | 767.3M | 759.5M | 699M | 633.8M | 590.2M | 500.7M | 464.2M | 457.2M | 458.7M | 489.3M | 518.2M | 469M | 422.5M | 419.8M | 429.4M | 447.8M | 482.5M | 518.2M | 507M |
| Other Assets | -76.52B | 194.64B | 174.27B | 168.65B | -66.57B | 182.86B | -2.33B | -1.8B | -958.4M | -61.82B | -56.76B | -51.96B | -51.24B | -50.15B | -51.96B | -50.46B | -50.24B | -47.69B | -41.36B | -49.97B | -46.99B | -44.16B | -43.36B | -40.48B | -36.54B | -31.69B | -41.18B |
| Total Liabilities | 320.31B | 328.99B | 302.19B | 293.84B | 292.7B | 288.2B | 296.6B | 276.1B | 231.19B | 240.92B | 217.62B | 209.22B | 208.8B | 198.17B | 152.09B | 138.28B | 135.75B | 129.74B | 125.71B | 147.1B | 135.8B | 119.23B | 106.25B | 100.35B | 83.2B | 81.53B | 78.15B |
| Total Debt | 3.95B | 3.95B | 4.11B | 3.99B | 4.08B | 4.69B | 4.36B | 3.83B | 3.3B | 3.22B | 3.18B | 3.47B | 2.56B | 2.75B | 2.71B | 1.67B | 1.69B | 1.69B | 1.79B | 1.69B | 1.64B | 1.38B | 1.13B | 4.39B | 1.9B | 1.89B | 1.8B |
| Net Debt | -108.1M | -477M | -103.9M | -715.7M | -770.3M | 2.36B | 1.51B | 1.31B | 325M | 747.1M | 457.5M | 907.1M | 695.3M | 380.2M | -1.47B | -1.16B | -185.8M | -554.2M | -816.6M | 345.2M | 47.1M | -266.1M | 672.7M | 2.69B | 858.7M | 1.27B | 870M |
| Long-Term Debt | 3.93B | 3.93B | 3.96B | 3.93B | 4B | 4.61B | 4.28B | 3.73B | 3.26B | 3.18B | 3.13B | 3.27B | 2.53B | 2.6B | 2.67B | 1.56B | 1.58B | 1.58B | 1.29B | 1.4B | 1.55B | 898.8M | 843.5M | 2.77B | 1.33B | 1.38B | 1.34B |
| Short-Term Debt | 18.2M | 27.7M | 152.7M | 61.1M | 80.7M | 79.8M | 84.7M | 93.4M | 42.9M | 39.5M | 51.4M | 181.1M | 28M | 150.6M | 40.8M | 105.2M | 107.9M | 101.6M | 500.9M | 290.8M | 84.1M | 476.4M | 281.7M | 1.62B | 564.8M | 511.6M | 460M |
| Total Current Liabilities | 17.52B | 17.84B | 1.86B | 1.67B | 20.54B | 2.4B | 84.7M | 93.4M | 42.9M | 56.2M | 64.3M | 199.5M | 39.5M | 155.8M | 56.1M | 108.3M | 114.1M | 104.4M | 502.8M | 332.4M | 88.3M | 476.4M | 559.6M | 1.62B | 564.8M | 80.15B | 76.81B |
| Accounts Payable | 0 | 0 | 0 | 0 | 20.44B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 46M | 0 | 1.71B | 1.61B | 0 | 2.32B | -22.3M | -16.2M | -68.2M | -56.2M | -64.3M | -199.5M | -39.5M | -155.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -90M | -564.8M | 79.64B | 76.36B |
| Deferred Taxes | 7.28B | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 |
| Other Liabilities | 297B | 305.36B | 294.67B | 286.62B | 257.4B | 278.87B | 0 | 0 | 226.9B | 236.65B | 213.52B | 205.23B | 205.23B | 194.74B | 149.37B | 136.61B | 133.64B | 127.93B | 123.81B | 144.79B | 133.24B | 116.88B | 104.85B | -4.41B | -2.51B | -895M | 0 |
| Total Equity | 12.36B | 12.39B | 11.47B | 11.21B | 10.3B | 16.46B | 16.87B | 14.95B | 11.85B | 13.02B | 10.39B | 9.46B | 10.29B | 10.02B | 9.83B | 10.01B | 9.88B | 8.02B | 2.47B | 7.42B | 7.86B | 7.81B | 7.54B | 7.4B | 6.66B | 6.82B | 6.25B |
| Equity Growth % | 24.33% | 8.04% | 2.31% | 8.79% | -37.39% | -2.46% | 12.86% | 26.2% | -9.03% | 25.33% | 9.81% | -8.04% | 2.65% | 1.94% | -1.79% | 1.29% | 23.31% | 224.18% | -66.68% | -5.59% | 0.69% | 3.48% | 1.96% | 11.15% | -2.39% | 9.07% | - |
| Shareholders Equity | 11.82B | 11.88B | 11.09B | 10.92B | 10B | 16.07B | 16.56B | 14.62B | 11.39B | 12.85B | 10.23B | 9.31B | 10.18B | 9.68B | 9.75B | 9.64B | 9.73B | 7.89B | 2.47B | 7.42B | 7.86B | 7.81B | 7.54B | 7.4B | 6.66B | 6.82B | 6.25B |
| Minority Interest | 544.1M | 507.4M | 382.6M | 294.6M | 303.1M | 388.9M | 314M | 332.7M | 457.2M | 173.9M | 164M | 151.5M | 106M | 340M | 80.4M | 376M | 157.2M | 122.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 18.32B | 18.07B | 17.58B | 16.68B | 17.04B | 12.88B | 11.84B | 11.07B | 10.29B | 9.48B | 7.72B | 6.88B | 6.11B | 5.41B | 4.94B | 5.08B | 4.61B | 4.16B | 3.72B | 3.41B | 2.82B | 2.01B | 1.29B | 630.4M | 29.4M | -29.1M | 6.31B |
| Common Stock | 5M | 5M | 4.9M | 4.9M | 4.9M | 4.8M | 4.8M | 4.8M | 4.8M | 4.7M | 4.7M | 4.7M | 4.6M | 4.6M | 4.5M | 4.5M | 4.5M | 4.5M | 3.9M | 3.9M | 3.8M | 3.8M | 3.8M | 3.8M | 3.8M | 3.8M | 0 |
| Accumulated OCI | -4.34B | -4.19B | -5.22B | -5.35B | -7.2B | 1.61B | 2.38B | 1.04B | -1.57B | 165.5M | -675.2M | -882.5M | 50.4M | 183.2M | 631.9M | 201.9M | 272.4M | -1.04B | -4.91B | 420.2M | 846.9M | 994.8M | 1.31B | 1.17B | 635.8M | 147.5M | -60M |
| Return on Equity (ROE) | 12.72% | 9.93% | 13.85% | 5.79% | 35.55% | 9.48% | 8.77% | 10.41% | 12.44% | 19.73% | 13.26% | 12.49% | 11.26% | 9.19% | 8.13% | 6.42% | 7.41% | 11.87% | 9.26% | 11.26% | 13.59% | 11.97% | 11.05% | 10.62% | 2.11% | 5.49% | 9.92% |
| Return on Assets (ROA) | 0.47% | 0.36% | 0.51% | 0.21% | 1.57% | 0.51% | 0.46% | 0.52% | 0.62% | 0.96% | 0.59% | 0.56% | 0.54% | 0.49% | 0.52% | 0.43% | 0.47% | 0.47% | 0.32% | 0.58% | 0.79% | 0.76% | 0.75% | 0.76% | 0.16% | 0.42% | 0.73% |
| Equity / Assets | 3.71% | 3.63% | 3.66% | 3.68% | 3.4% | 5.4% | 5.38% | 5.14% | 4.87% | 5.13% | 4.56% | 4.33% | 4.7% | 4.81% | 6.07% | 6.75% | 6.79% | 5.82% | 1.93% | 4.8% | 5.47% | 6.15% | 6.63% | 6.87% | 7.41% | 7.72% | 7.41% |
| Debt / Equity | 0.32x | 0.32x | 0.36x | 0.36x | 0.40x | 0.29x | 0.26x | 0.26x | 0.28x | 0.25x | 0.31x | 0.37x | 0.25x | 0.27x | 0.28x | 0.17x | 0.17x | 0.21x | 0.72x | 0.23x | 0.21x | 0.18x | 0.15x | 0.59x | 0.29x | 0.28x | 0.29x |
| Book Value per Share | 56.10 | 54.90 | 50.70 | 45.83 | 40.36 | 60.31 | 61.00 | 53.21 | 41.02 | 44.42 | 35.50 | 31.76 | 34.41 | 33.62 | 32.74 | 31.53 | 30.60 | 26.82 | 9.47 | 27.68 | 28.53 | 26.94 | 23.94 | 22.61 | 19.18 | 18.82 | 17.34 |
| Tangible BV per Share | 43.12 | 24.16 | 19.99 | 17.10 | 28.10 | 34.71 | 48.59 | 40.82 | 32.66 | 36.29 | 27.49 | 23.81 | 26.62 | 25.03 | 27.84 | 27.20 | 26.95 | 22.68 | 4.49 | 22.53 | 23.66 | 25.27 | 22.58 | 21.67 | 18.62 | 15.43 | 14.33 |
SMB market retention volatility
As reported in recent financial statements, PFG's equity base has remained remarkably stable, hovering near $11.8 billion as of 2026Q1, which suggests that the firm's strategic pivot toward a capital-light model is successfully offsetting the volatility inherent in its legacy insurance and annuity blocks.
The consistency in equity levels despite significant fluctuations in total assets indicates a disciplined approach to capital management during the transition away from capital-intensive products. Investors should monitor whether this stability persists as the company continues to shed legacy liabilities and refocuses its balance sheet on fee-based asset management.
Based on the provided quarterly data, PFG's claims and loss reserves have fluctuated significantly, reaching a peak of $2.5 billion in 2024Q2, which highlights the inherent sensitivity of the firm's insurance book to episodic claims spikes and broader actuarial adjustments within the SMB benefits segment.
The variance in reserve levels suggests that the company's underwriting performance is not yet fully insulated from the volatility of its legacy insurance products. This instability warrants further investigation into whether the current reserve methodology adequately accounts for the long-tail risks associated with the remaining disability and life insurance portfolios.
According to reported figures, PFG maintains a debt-to-equity ratio of 0.32%, a metric that appears exceptionally conservative for a financial institution and suggests significant capacity for future capital deployment or strategic M&A, provided the firm's underlying insurance liabilities are accurately reflected in these calculations.
This low leverage ratio may indicate that the company is prioritizing balance sheet strength to support its fee-based growth strategy rather than relying on debt-funded expansion. However, analysts should verify if this figure excludes non-recourse debt or specific insurance-related liabilities that could materially alter the firm's true leverage profile.
As evidenced by the sharp 90.5% EPS contraction in 2025Q1, PFG's reliance on the SMB retirement ecosystem creates a unique balance sheet risk where payroll-linked contribution declines can rapidly erode fee income, potentially undermining the defensive moat that management has historically attributed to its bundled service model.
The firm's structural integration of retirement and insurance services may be less resilient to economic downturns than consensus models suggest. Investors should monitor the correlation between SMB payroll health and the stability of PFG's fee-based revenue streams, as this relationship appears to be a primary driver of balance sheet volatility.
Quick answers to the most common questions about buying PFG stock.
As of 2025, Principal Financial Group, Inc. (PFG) had total assets of $341.38B including $57.26B in current assets.
Principal Financial Group, Inc. (PFG) carries total debt of $3.95B, offset by $33.49B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Principal Financial Group, Inc. (PFG) has total shareholders' equity (book value) of $11.88B ($54.90 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Principal Financial Group, Inc. (PFG) reported a current ratio of 3.21x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.