PFG Nasdaq Life & Health Insurance Financials FY2016βFY2025
Principal Financial Group had $15.6B of revenue in fiscal 2025, down 3.1% on the year before. Over five years, revenue changed +1.2% a year on average.
Hi! I read Principal Financial Groupβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β3.1%
No. Sales fell 3.1% last year.
Does it make a profit?
7.6%
A little. It keeps 7.6% of every sale as profit.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How is the share priced?
15.6x
One share costs 15.6 times its yearly profit per share. Typical for its sector: 13.7x.
Rules of thumb on reported numbers. A starting point, not a recommendation.
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.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Principal Financial Group did it, and the next one. Share prices often move a lot on those days.
Next results
October 26, 2026
Monday Β· tomorrow
| Date | Results for | Time | Source |
|---|---|---|---|
| Jul 27, 2026 | Period ended Jun 30, 2026 | After the market closes | 8-K β |
| Apr 23, 2026 | Q1 '26 | After the market closes | 8-K β |
| Feb 9, 2026 | Q4 '25 | After the market closes | 8-K β |
| Oct 27, 2025 | Q3 '25 | After the market closes | 8-K β |
| Jul 28, 2025 | Q2 '25 | After the market closes | 8-K β |
| Apr 24, 2025 | Q1 '25 | After the market closes | 8-K β |
| Feb 6, 2025 | Q4 '24 | After the market closes | 8-K β |
| Oct 24, 2024 | Q3 '24 | After the market closes | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Principal Financial Group had $15.6B of revenue in fiscal 2025, down 3.1% on the year before. Over five years, revenue changed +1.2% a year on average.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
KIRA Β· Principal Financial Group made $1.2B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 1.7% a year.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
How much cash comes in, and where does it go?
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
KIRA Β· Principal Financial Group returned $1.6B to shareholders in fiscal 2025. The diluted share count fell 4.1%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
KIRA Β· In the last 12 months, insiders bought $0.0M and sold $5.2M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
1 insider
Sold, 12 months
$5.2M
3 insiders
Of sales under plans
45%
$2.4M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| 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 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Principal Financial Group has $434M more cash than debt.
Cash, debt and the ratios that show how comfortably Principal Financial Group can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| 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 | β0.1x | β0.6x | β0.0x | β0.2x |
| Debt / equity | 0.3x | β | β | β | β |
| Interest coverage | 12.5x | 35.1x | 5.3x | 12.1x | 9.2x |
| 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 (β = net cash) | $2.1B | β$687M | β$641M | β$34.9M | β$434M |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | β / 9 | β / 9 | β / 9 |
| Accruals ratio | β1.1% | β1.0% | β1.0% |
| Altman Z'' | β | β | β |
What does the share cost, and how does it compare?
KIRA Β· At $108.57 a share, the company is worth $23.9B: 15.6 times its earnings of the last four quarters.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of $434M and divides by 225.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Value per share
β
Reference multiples: today 15.6x Β· peers 11.6x Β· sector 13.7x.
KIRA Β· Principal Financial Group grew sales faster than 1 of its 4 similar companies. Its P/E is higher than 3 of 4.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Principal Financial Group PFG | $23.9B | β3.1% | β | β | β | 15.6x | β | |
| Aflac AFL | $60.9B | β9.3% | β | β | 13.0% | 13.0x | β | Compare β |
| Unum UNM | $14.4B | 1.5% | β | 4.3% | 7.6% | 21.0x | β | Compare β |
| Brighthouse Financial BHF | $2.6B | 43.2% | β | β | β | 3.6x | β | Compare β |
| Globe Life GL | $12.2B | 3.7% | β | 20.9% | 16.0% | 10.3x | β | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | β$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 | β | β | β | 10.7% | 9.0% | 9.7% | β | β | β | β |
| 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% | β9.1% | β2.1% | 21.5% | β22.1% | 18.0% | β3.1% |
| Net income growth | 6.7% | 75.5% | β33.1% | β9.9% | 0.1% | 13.2% | 201.0% | β86.9% | 152.1% | β24.6% |
| EPS growth | 10.8% | 75.1% | β32.0% | β7.5% | 1.8% | 14.7% | 221.8% | β86.3% | 162.0% | β21.4% |
| Share count change | β1.8% | 0.1% | β1.5% | β2.7% | β1.6% | β1.3% | β6.5% | β4.2% | β3.8% | β4.1% |
| Financial health | ||||||||||
| Net debt / EBITDA | 0.2x | 0.3x | 0.2x | 0.7x | 0.8x | 0.9x | β0.1x | β0.6x | β0.0x | β0.2x |
| Debt / equity | β | 0.3x | β | 0.3x | 0.3x | 0.3x | β | β | β | β |
| 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 | β1.1% | β0.8% | β1.5% | β1.6% | β0.8% | β0.6% | 0.5% | β1.1% | β1.0% | β1.0% |
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 β not investment advice. Check the original filings before relying on any figure.
