NASDAQ: PFG
Principal Financial Group
Financials · Accident & Health Insurance
52-week range
$80.00$121.18
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$23.8B
Show tableHide table
| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $16.6B |
| FY2017, ended Dec 31, 2017 | $20.4B |
| FY2018, ended Dec 31, 2018 | $12.3B |
| FY2019, ended Dec 31, 2019 | $15.1B |
| FY2020, ended Dec 31, 2020 | $13.5B |
| FY2021, ended Dec 31, 2021 | $18.9B |
| FY2022, ended Dec 31, 2022 | $20.4B |
| FY2023, ended Dec 31, 2023 | $18.6B |
| FY2024, ended Dec 31, 2024 | $17.5B |
| FY2025, ended Dec 31, 2025 | $19.1B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $23.8B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$16.6B
Show tableHide table
| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $12.4B |
| FY2017, ended Dec 31, 2017 | $14.1B |
| FY2018, ended Dec 31, 2018 | $14.2B |
| FY2019, ended Dec 31, 2019 | $16.2B |
| FY2020, ended Dec 31, 2020 | $14.7B |
| FY2021, ended Dec 31, 2021 | $14.4B |
| FY2022, ended Dec 31, 2022 | $17.5B |
| FY2023, ended Dec 31, 2023 | $13.7B |
| FY2024, ended Dec 31, 2024 | $16.1B |
| FY2025, ended Dec 31, 2025 | $15.6B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $16.6B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$1.98B
Show tableHide table
| Period | Net income |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.32B |
| FY2017, ended Dec 31, 2017 | $2.31B |
| FY2018, ended Dec 31, 2018 | $1.55B |
| FY2019, ended Dec 31, 2019 | $1.39B |
| FY2020, ended Dec 31, 2020 | $1.40B |
| FY2021, ended Dec 31, 2021 | $1.58B |
| FY2022, ended Dec 31, 2022 | $4.76B |
| FY2023, ended Dec 31, 2023 | $623M |
| FY2024, ended Dec 31, 2024 | $1.57B |
| FY2025, ended Dec 31, 2025 | $1.19B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.98B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$4.45B
Show tableHide table
| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $2.72B |
| FY2017, ended Dec 31, 2017 | $2.47B |
| FY2018, ended Dec 31, 2018 | $2.98B |
| FY2019, ended Dec 31, 2019 | $2.52B |
| FY2020, ended Dec 31, 2020 | $2.85B |
| FY2021, ended Dec 31, 2021 | $2.33B |
| FY2022, ended Dec 31, 2022 | $4.85B |
| FY2023, ended Dec 31, 2023 | $4.71B |
| FY2024, ended Dec 31, 2024 | $4.21B |
| FY2025, ended Dec 31, 2025 | $4.43B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $4.45B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$4.50B
Show tableHide table
| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.18B |
| FY2017, ended Dec 31, 2017 | $3.22B |
| FY2018, ended Dec 31, 2018 | $3.30B |
| FY2019, ended Dec 31, 2019 | $3.83B |
| FY2020, ended Dec 31, 2020 | $4.36B |
| FY2021, ended Dec 31, 2021 | $4.36B |
| FY2022, ended Dec 31, 2022 | $4.08B |
| FY2023, ended Dec 31, 2023 | $3.99B |
| FY2024, ended Dec 31, 2024 | $4.11B |
| FY2025, ended Dec 31, 2025 | $3.95B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $4.50B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 26.1% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.212M
Show tableHide table
| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 287M |
| FY2017, ended Dec 31, 2017 | 290M |
| FY2018, ended Dec 31, 2018 | 278M |
| FY2019, ended Dec 31, 2019 | 275M |
| FY2020, ended Dec 31, 2020 | 273M |
| FY2021, ended Dec 31, 2021 | 261M |
| FY2022, ended Dec 31, 2022 | 243M |
| FY2023, ended Dec 31, 2023 | 236M |
| FY2024, ended Dec 31, 2024 | 226M |
| FY2025, ended Dec 31, 2025 | 217M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 212M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $917M more bought back than issued
Show tableHide table
| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $277M | $84.4M | $37.8M |
| FY2017, ended Dec 31, 2017 | $220M | $82.7M | $163M |
| FY2018, ended Dec 31, 2018 | $672M | $77.4M | $64.0M |
| FY2019, ended Dec 31, 2019 | $281M | $82.6M | $37.7M |
| FY2020, ended Dec 31, 2020 | $307M | $87.2M | $42.8M |
| FY2021, ended Dec 31, 2021 | $937M | $96.1M | $86.7M |
| FY2022, ended Dec 31, 2022 | $1.66B | $91.3M | $182M |
| FY2023, ended Dec 31, 2023 | $740M | $99.4M | $57.8M |
| FY2024, ended Dec 31, 2024 | $1.04B | $109M | $67.7M |
| FY2025, ended Dec 31, 2025 | $903M | $110M | $43.7M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.02B | — | $102M |
Revenue (TTM)
$16.6B
+5.2% YoY
Net income (TTM)
$1.98B
+25.6% YoY
Cash
$4.45B
−13.4% YoY
Total debt
$4.50B
+14.4% YoY
Valuation
At current price- Market Cap
- $23.7B
- P/E
- 12.0×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.4×
- Price / Book
- 2.0×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $16.6B
- Revenue Growth YoY
- 5.2%
- Revenue CAGR 3Y
- −3.8%
- Revenue CAGR 5Y
- 1.2%
- EPS Growth YoY
- 31.7%
- Net Income Growth YoY
- 25.6%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- —
- Net Margin
- 11.9%
- FCF Margin
- —. Free cash flow / revenue
- Return on Equity
- 16.8%
Earnings
Trailing 12 months- Net Income
- $1.98B
- EPS (diluted)
- $8.98
- EBITDA
- —. Operating income + depreciation & amortization
- Operating Income
- —
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $4.45B
- Total Debt
- $4.50B
- Net Debt
- $53.1M
- Total Assets
- $339B
- Total Liabilities
- $326B
- Shareholders' Equity
- $11.8B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $5.53B
- Capital Expenditure
- —
- Free Cash Flow
- —. Operating cash flow − capital expenditure
Dividends and risk
Last 12 months- Dividend Yield
- 2.9%
- Dividend / Share
- $3.25
- Beta (5Y)
- 0.86
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 5.2% year over year, at $16.6B.
Note
Net margin of 11.9% over the last 12 months.
Strength
Share count is down 3.3% in a year, from buybacks.
Note
Pays a 2.9% dividend yield.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 29, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K50Some concerns
50Some concerns
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 18, 2026 · Read the filing on EDGAR
- Net income fell about 25% to $1.19 billion and revenue fell 3% to $15.6 billion, driven mainly by a reinsurance-related accounting swing and Hong Kong write-downs.
- All three main business segments still grew pre-tax operating earnings, with Retirement up about 12%, Asset Management up 8% and Benefits and Protection up 13%.
- Principal agreed in January 2026 to sell its Chile annuities business to Santander, expecting a $280 million pre-tax loss, mostly from currency effects.
- Assets under management rose to $747.8 billion on market gains and currency, even though clients withdrew a net $10.6 billion.
Business momentum
Weakening
“The most significant items that contributed to the decrease in net income attributable to Principal Financial Group, Inc. were a $654.5 million decrease due to the change in fair value of the funds withheld embedded derivative”
Outlook
Neutral
“Since account values are the base by which this business generates revenues, market performance volatility may impact our revenues in future quarters.”
Financial stress
Low
“We believe the cash flows from these sources are sufficient to satisfy the current liquidity requirements of our operations, including reasonably foreseeable contingencies.”
Tone against the previous report
About the same
Red flags
- Medium
Other
“We expect to incur an estimated $280.0 million pre-tax net realized capital loss on the disposal primarily due to recognizing into income our accumulated foreign currency translation adjustment in a loss position.”
Positives
Retirement segment earnings grew on higher net revenue
“Pre-tax operating earnings increased due to an increase in net revenue, which was slightly offset by an increase in operating expenses as described below.”
Assets under management increased, supporting fee income
“Positive market performance and foreign currency tailwinds led to an increase in AUM in our Principal Asset Management segment in 2025, which was partially offset by operations disposed.”
Specialty Benefits earnings improved on better claims
“Pre-tax operating earnings in our Specialty Benefits business increased $40.0 million from improved claims experience”
Concerns
Reported profit is swinging with reinsurance accounting
“The change in fair value of the funds withheld embedded derivative resulted in a loss in 2025 as compared to a gain in 2024 due to changes in interest rates and credit spreads.”
More commercial mortgage loans are delinquent
“We had five delinquent problem commercial mortgage loans with a carrying amount of $123.7 million for which we had a valuation allowance of $62.1 million as of December 31, 2025.”
Life insurance claims were worse than expected
“Benefits, claims and settlement expenses in our Life Insurance business increased $65.0 million due to the one-time impact of the YRT Reinsurance Transactions in 2024 and $49.7 million from unfavorable claims experience.”
New risks since the previous report
New reserving rules could make required reserves and capital less predictable
“The ultimate financial impact of these changes is uncertain, but they could result in more volatile and less predictable reserve and capital levels for these products.”
AI could reshape how financial products are sold and priced
“These changes, led by rapidly evolving AI capabilities, may lead to significant changes in the marketing, distribution, underwriting and pricing of financial services products.”
Legal and regulatory reforms in Mexico create uncertainty for investors
“For example, recent judicial and regulatory reforms in Mexico may create uncertainty for investors regarding the rule of law.”
Chile's pension reform could change competition for private pension managers
“The impact on the overall competitive environment for private pension fund managers is still to be determined.”
Growing reliance on outside vendors could cause service disruptions
“This extended dependency can lead to a rise in service disruptions and performance failures, particularly in areas critical to financial services such as technology infrastructure, data processing and customer support.”
Biggest risks named
- Stock, bond and real estate market declines reducing managed assets and fees
- Interest rate and credit spread changes hurting margins, investment values and reported income
- Bond and commercial mortgage defaults causing investment losses
- Actual claims and policyholder behavior differing from pricing and reserve assumptions
- Limits on dividends from Principal Life restricting shareholder payouts and debt payments
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −6 | |
| Outlook | 0 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −1.8 | |
| New risks | −2 | |
| Score | 50 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 29, 2026 | Pro | |||
| 10-K | Feb 18, 2026 | 50 | Weakening | 1 medium | |
| 10-K | Feb 19, 2025 | 71 | Strong improvement | 1 minor | |
| 10-K | Feb 20, 2024 | 43 | Sharp deterioration | None | |
| 10-K | Feb 16, 2023 | 52 | Mixed | 1 minor | |
| 10-K | Feb 11, 2022 | 72 | Strong improvement | None | |
| 10-K | Feb 12, 2021 | 55 | Stable | 1 minor | |
| 10-K | Feb 14, 2020 | 55 | Mixed | None | |
| 10-K | Feb 13, 2019 | 58 | Stable | None | |
| 10-K | Feb 9, 2018 | 64 | Improving | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 29, 2026. View filings on SEC EDGAR