# Principal Financial Group, Inc. (PFG)

> Source: Nexqual · https://nexqual.com/PFG · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Principal Financial Group, Inc. (PFG), nexqual.com/PFG" · informational, not investment advice.

**Price:** USD 110.11 (+1.54% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 108.44 · day 107.25–110.22 · 52w 78.92–121.18 · market cap $23.6B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $15.7B, net income $1.56B (9.9% margin) (SEC filings).
- Valuation: P/E 15.1x (avg 19.8x at the last 3 fiscal year-ends), net cash $919M.
- 1 of 80 tracked superinvestors hold PFG (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Hold (mean 3.00 on a 1–5 scale) (12 analysts), mean target USD 111 (range 86–128).
- Total return with dividends: 1Y +43.4% vs S&P 500 +14.9%; 5Y +89.2% vs S&P 500 +80.3%.
- Next earnings: 2026-10-26, EPS estimate USD 2.43, revenue estimate $4.27B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $14.4B | $17.5B | $13.7B | $16.1B | $15.6B | $15.7B |
| Net income | $1.58B | $4.76B | $623M | $1.57B | $1.19B | $1.56B |
| EPS (diluted) | $5.79 | $18.63 | $2.55 | $6.68 | $5.25 | — |
| Net margin | 11.0% | 27.1% | 4.6% | 9.7% | 7.6% | 9.9% |
| Revenue growth | -2.1% | +21.5% | -22.1% | +18.0% | -3.1% | — |
| Cash + short-term investments | $2.33B | $4.85B | $4.71B | $4.21B | $4.43B | — |
| Total debt | $4.36B | $4.08B | $3.99B | $4.11B | $3.95B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 15.1x · P/S 1.5x · EV/Sales 1.4x · P/B 1.9x · Earnings yield 6.61% · Dividend yield (paid, TTM) 2.95% · Buyback yield (TTM) 4.22% · Net cash $919M · EV $22.7B
P/E at fiscal year-ends: Dec 2025 16.8x, Dec 2024 11.6x, Dec 2023 30.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold PFG. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mairs & Power | Mairs & Power Funds | 0.13% | $14.6M | Reduced -17.4% |

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 12 analysts; mean target USD 111 (low 86, high 128).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Wells Fargo | Target lowered | Equal-Weight | $113 → $112 |
| 2026-10-15 | JP Morgan | Target lowered | Neutral | $107 → $106 |
| 2026-10-12 | Wells Fargo | Target lowered | Equal-Weight | $115 → $113 |
| 2026-10-09 | Keefe, Bruyette & Woods | Target lowered | Market Perform | $117 → $115 |
| 2026-10-07 | Barclays | Target lowered | Underweight | $92 → $86 |
| 2026-09-28 | Piper Sandler | Target raised | Overweight | $125 → $128 |
| 2026-09-10 | UBS | Target raised | Neutral | $98 → $120 |
| 2026-08-03 | JP Morgan | Target raised | Neutral | $106 → $107 |
| 2026-07-28 | B of A Securities | Target raised | Underperform | $94 → $104 |
| 2026-07-28 | Evercore ISI Group | Target lowered | In-Line | $114 → $112 |
| 2026-07-22 | Wells Fargo | Target lowered | Equal-Weight | $114 → $113 |
| 2026-07-21 | JP Morgan | Target raised | Neutral | $101 → $106 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +43.4% | +89.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +43.6% | +13.6% |
| Volatility (annualized) | 22.4% | 25.8% |
| Max drawdown | -12.0% (Feb 2026→Mar 2026) | -27.8% (Nov 2022→May 2023) |

## Peers (Asset Management)
TROW (T. Rowe Price Group, Inc.) USD 103.45 +0.15% · PS (Pershing Square Inc.) USD 45.04 -3.72% · RJF (Raymond James Financial, Inc.) USD 159.19 +2.25% · NTRS (Northern Trust Corporation) USD 165.82 -0.65% · TPG (TPG Inc.) USD 46.17 +4.74% · BEN (Franklin Templeton, Inc.) USD 31.52 -0.51%

## More
Full page: https://nexqual.com/PFG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Segment Principal Asset Management | $526.8M | 13.5% | +1.4% |
| Segment Retirement & Income Solutions | $181.9M | 4.7% | +22.7% |
| Segment Corporate | $62.8M | 1.6% | +13.2% |
| Segment Benefits & Protection | $15.5M | 0.4% | -41.9% |
| Total revenue | $3.91B | 100% | — |
The lines above cover 20.1% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Administrative Service | $176.3M | 4.5% | +22.8% |
| Financial Service Other | $26.1M | 0.7% | +4.0% |
| Deposit Account | $3.4M | 0.1% | +6.3% |
| Commission Income | $2.2M | 0.1% | +57.1% |
| Total revenue | $3.91B | 100% | — |
The lines above cover 5.3% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.43 | $2.48 | -2.2% | $4.27B | 12 |
| Next quarter (ends 2026-12-31) | $2.45 | $2.51 | -2.2% | $4.46B | 10 |
| Current fiscal year (ends 2026-12-31) | $9.43 | $9.42 | +0.2% | $16.25B | 12 |
| Next fiscal year (ends 2027-12-31) | $10.23 | $10.31 | -0.7% | $17.79B | 12 |