Principal Financial Group (PFG) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Principal Financial Group

NasdaqGS•Financial Services•Asset Management

$112.66-0.15(<0.01%)After hours

Market Cap

$24.10B

P/E

12.2x

P/S

1.4x

P/B

2.0x

Principal 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 Asset Management, and Benefits and Protection segments. The Retirement and Income Solutions segment provides retirement, and related financial products and services. This segment offers products and services for defined contribution plans, including 401(k) and 403(b) plans, defined benefit 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, registered index-linked annuities, and bank products, as well as trust and custody services. The Principal Asset Management segment provides equity, fixed income, real estate, and other alternative investments, as well as fund offerings. This segment also offers pension accumulation products and services, mutual funds, asset management, income annuities, and life insurance accumulation products, as well as voluntary savings plans. The Benefits and Protection segment provides specialty benefits, such as specialty benefits group dental and vision insurance, group life and other 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. This segment serves insurance solutions for small and medium-sized businesses and their owners, as well as employees. The company was founded in 1879 and is based in Des Moines, Iowa.

How this company scores

ExcellentMetricSide Score: 86/100

Strongest: Cash & Earnings Quality (25/25); weakest: Balance Sheet & Red Flags (19/25).

Profitability23/25

Growth19/25

Balance Sheet & Red Flags19/25

Cash & Earnings Quality25/25

Strengths

Rising free cash flowHigh ROERising earningsLow leverage

No red flags in the last 8 quarters.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 12.2x5y range 3.3x – 30.0x

Currently near its 19-quarter median.

P/S · 1.4x5y range 1.0x – 1.5x

Currently near its 20-quarter median.

P/B · 2.0x5y range 1.2x – 2.1x

Currently near its 20-quarter median.

Price & Volume

Market Cap $24.10B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $16.63B
Q. Revenue: $4.62B
TTM EBITDA: $2.45B
TTM Op. Income: $2.45B
Q. Op. Income: $838.80M
TTM Net Income: $1.98B
Q. Net Income: $631.90M
EPS: $2.95
Shares Out.: $213.90M

$16.63B in TTM revenue grew 5.2% YoY, reaching $4.62B last quarter. TTM EBITDA of $2.45B and TTM operating income of $2.45B show growth is flowing through to the bottom line. TTM net income of $1.98B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 18.2%
Op. Margin: 18.2%
Net Margin: 13.7%

Op. margin of 18.2% is up 11.4% YoY — cost efficiency is improving. Net margin at 13.7% Over the past year, operating margin is up 169% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 12.2x
P/S Ratio: 1.4x
P/B Ratio: 2.0x

At 12.2x P/E, the stock trades below typical market levels. P/S of 1.4x and P/B of 2.0x provide additional context. P/E sits below typical market levels while revenue is growing. Over the past year, P/E is up 5% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $338.74B
Cash: $4.45B
Long-Term Debt: $4.33B
Book Value: $11.82B
D/E Ratio: 0.4
Debt/EBITDA: 5.2

With $338.74B in assets and $4.33B in long-term debt, D/E is 0.4and book value is $11.82B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has risen for 3 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $1.53B
TTM Free Cash Flow: $5.35B
FCF Margin: 32.2%
FCF / Net Income: 2.7

TTM FCF of $5.35B on $1.53B in operating cash flow. The FCF / Net Income ratio of 2.7x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.