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Principal Financial Group

PFG Nasdaq Life & Health Insurance Financials FY2016–FY2025

Principal Financial Group's revenue fell 3.1% to $15.6 billion in fiscal 2025. Its net margin was 7.6%, down from 9.7% a year earlier. It paid out $1.6 billion in dividends and buybacks. The diluted share count fell 4.1%.

Last close · Oct 23, 2026

$108.57

1.4%
Value it Compare
Revenue Total sales reported in the income statement.
$15.6B
3.1% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$1.2B
24.6%
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$23.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
15.6x
On $6.97 EPS (TTM)

About these figures. Principal Financial's cash flow statement doesn't show its spending on property and equipment as a line of its own, so capital spending and free cash flow are left blank.

What Principal Financial Group does

No business description yet.

Legal name
PRINCIPAL FINANCIAL GROUP, INC
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001104659-26-017031
0001126328

Revenue and margins

Principal Financial Group had $15.6B of revenue in fiscal 2025, down 3.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 1.7% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Principal Financial Group returned $1.6B to shareholders in fiscal 2025. The diluted share count fell 4.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Principal Financial Group yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $434M and divides by 225.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 15.6x · peers 11.6x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Principal Financial Group can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $2.3B$4.8B$4.7B$4.2B$4.4B
Debt incl. finance leases $4.5B$4.2B$4.1B$4.2B$4.0B
Net debt / EBITDA 0.9x−0.1x−0.6x−0.0x−0.2x
Debt / equity 0.3x————
Interest coverage 12.5x35.1x5.3x12.1x9.2x
Total assets $304.7B$290.9B$305.0B$313.7B$341.4B
Total liabilities $288.2B$280.6B$293.8B$302.2B$329.0B
Shareholders' equity $16.1B$10.0B$10.9B$11.1B$11.9B
Net debt (− = net cash) $2.1B−$687M−$641M−$34.9M−$434M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

1 insider

Sold, 12 months

$5.2M

3 insiders

Of sales under plans

45%

$2.4M

DateInsiderTradeSharesPriceValueFiling
May 21, 2026 Wee Yee CheongPresident - Asia & Middle East Sold 7,534 $103.16 $0.8M Form 4
May 20, 2026 Wee Yee CheongPresident - Asia & Middle East Sold 3,211 $103.06 $0.3M Form 4
May 1, 2026 Wee Yee CheongPresident - Asia & Middle East Sold 9,183 $101.26 $0.9M Form 4
Apr 30, 2026 George DjurasovicInterim General Counsel Sold 1 $99.63 $0.0M Form 4
Apr 30, 2026 Wee Yee CheongPresident - Asia & Middle East Sold 4,737 $101.01 $0.5M Form 4
Apr 29, 2026 Wee Yee CheongPresident - Asia & Middle East Sold 1,080 $101.00 $0.1M Form 4
Apr 28, 2026 George DjurasovicInterim General Counsel Sold 2,571 $100.83 $0.3M Form 4
Feb 9, 2026 Claudio MuruzabalDirector Bought 5 $97.09 $0.0M Form 4
Jan 30, 2026 Deanna D Strable-SoethoutPresident and CEO Sold plan 7,340 $95.00 $0.7M Form 4
Jan 29, 2026 Deanna D Strable-SoethoutPresident and CEO Sold plan 9,300 $95.12 $0.9M Form 4
Jan 22, 2026 Deanna D Strable-SoethoutPresident and CEO Sold plan 8,025 $92.56 $0.7M Form 4
Jan 8, 2026 Deanna D Strable-SoethoutPresident and CEO Sold plan 300 $92.50 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose — — —
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✕ ✓ ✕
F-score — / 9— / 9— / 9
Accruals ratio −1.1%−1.0%−1.0%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Principal Financial Group PFG $23.9B −3.1% — — — 15.6x —
Aflac AFL $60.9B −9.3% — — 13.0% 13.0x — Compare →
Unum UNM $14.4B 1.5% — 4.3% 7.6% 21.0x — Compare →
Brighthouse Financial BHF $2.6B 43.2% — — — 3.6x — Compare →
Globe Life GL $12.2B 3.7% — 20.9% 16.0% 10.3x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $12.4B $14.1B $14.2B $16.2B $14.7B $14.4B $17.5B $13.7B $16.1B $15.6B
Interest expense $162M $149M $150M $158M $163M $166M $176M $171M $170M $173M
Pretax income $1.6B $2.3B $1.8B $1.7B $1.7B $1.9B $6.0B $739M $1.9B $1.4B
Income tax $230M −$72.3M $231M $249M $265M $284M $1.2B $68.7M $292M $161M
Net income $1.3B $2.3B $1.5B $1.4B $1.4B $1.6B $4.8B $623M $1.6B $1.2B
Diluted EPS $4.50 $7.88 $5.36 $4.96 $5.05 $5.79 $18.63 $2.55 $6.68 $5.25
Diluted shares 0.29B 0.29B 0.29B 0.28B 0.28B 0.27B 0.26B 0.24B 0.24B 0.23B
Cash flow
Cash from operations $3.9B $4.2B $5.2B $5.5B $3.7B $3.3B $3.2B $3.8B $4.6B $4.5B
Depreciation and amortization $134M $140M $151M $167M $187M $208M $230M $203M $256M $251M
Stock-based compensation $84.4M $82.7M $77.4M $82.6M $87.2M $96.1M $91.3M $99.4M $109M $110M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $27.1M $0.0M
Share buybacks $277M $220M $672M $281M $307M $937M $1.7B $740M $1.0B $903M
Dividends paid $465M $540M $599M $606M $615M $654M $642M $626M $658M $684M
Dividends and buybacks $742M $760M $1.3B $887M $922M $1.6B $2.3B $1.4B $1.7B $1.6B
Balance sheet
Cash and short-term investments $2.7B $2.5B $3.0B $2.5B $2.8B $2.3B $4.8B $4.7B $4.2B $4.4B
Total debt $3.2B $3.2B $3.3B $3.8B $4.4B $4.4B $4.1B $4.0B $4.1B $4.0B
Finance lease liabilities $0.0M $0.0M $0.0M $31.8M $50.1M $94.8M $83.0M $74.8M $69.0M $42.6M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $699M $760M $767M $968M $1.0B $1.0B $996M $938M $769M $701M
Total assets $228.0B $253.9B $243.0B $276.1B $296.6B $304.7B $290.9B $305.0B $313.7B $341.4B
Total liabilities $217.6B $240.9B $231.2B $261.1B $279.8B $288.2B $280.6B $293.8B $302.2B $329.0B
Shareholders' equity $10.2B $12.8B $11.4B $14.6B $16.6B $16.1B $10.0B $10.9B $11.1B $11.9B
Margins
EBITDA margin 15.2% 18.0% 14.7% 12.4% 13.9% 15.8% 36.5% 8.1% 14.4% 11.8%
Net margin 10.6% 16.4% 10.9% 8.6% 9.5% 11.0% 27.1% 4.6% 9.7% 7.6%
Returns
Return on equity — — — 10.7% 9.0% 9.7% — — — —
Return on assets 0.6% 1.0% 0.6% 0.5% 0.5% 0.5% 1.6% 0.2% 0.5% 0.4%
Growth
Revenue growth 3.6% 13.7% 1.0% 13.9% −9.1% −2.1% 21.5% −22.1% 18.0% −3.1%
Net income growth 6.7% 75.5% −33.1% −9.9% 0.1% 13.2% 201.0% −86.9% 152.1% −24.6%
EPS growth 10.8% 75.1% −32.0% −7.5% 1.8% 14.7% 221.8% −86.3% 162.0% −21.4%
Share count change −1.8% 0.1% −1.5% −2.7% −1.6% −1.3% −6.5% −4.2% −3.8% −4.1%
Financial health
Net debt / EBITDA 0.2x 0.3x 0.2x 0.7x 0.8x 0.9x −0.1x −0.6x −0.0x −0.2x
Debt / equity — 0.3x — 0.3x 0.3x 0.3x — — — —
Interest coverage 10.8x 16.2x 12.9x 11.7x 11.4x 12.5x 35.1x 5.3x 12.1x 9.2x
Capital allocation
Stock comp / revenue 0.7% 0.6% 0.5% 0.5% 0.6% 0.7% 0.5% 0.7% 0.7% 0.7%
Quality scores
Accruals ratio −1.1% −0.8% −1.5% −1.6% −0.8% −0.6% 0.5% −1.1% −1.0% −1.0%

Source: SEC EDGAR XBRL filings (CIK 0001126328). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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