Principal Financial Group, Inc. (PFG) Key Metrics
PFG valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $23.30B
- Enterprise value
- $23.41B
- P/E (TTM)
- 15.5 10-yr median 11.1
- Forward P/E
- 9.1
- PEG ratio
- 1.06
- Price / sales
- 1.5 10-yr median 1.2
- Price / book
- 2.0 10-yr median 1.6
- EV / EBITDA
- —
- Dividend yield
- 3.09% $3.36 a year
- Beta
- 0.87
PFG key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsPFG valuation Price multiples at each fiscal year-end price.
PFG returns How much profit the business earns on the capital it uses.
PFG per-share figures Results divided by the shares outstanding at year-end.
PFG financial health Debt, liquidity and how easily interest is covered.
PFG efficiency & capital use Working capital cycle and where the cash goes.
PFG valuation history
PFG returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
PFG debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
PFG cash returned to shareholders
PFG price vs earnings per share
PFG key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $19.91B | $17.51B | $19.24B | $21.42B | $19.74B | $13.72B | $15.46B | $12.76B | $20.69B | $16.94B |
| Enterprise value | −$9.63B | −$50.84B | −$47.15B | −$21.80B | −$56.48B | −$63.47B | −$53.34B | −$47.03B | −$38.05B | −$37.55B |
| P/E ratio | 16.8 | 11.1 | 30.9 | 4.5 | 12.5 | 9.8 | 11.1 | 8.2 | 9.0 | 12.9 |
| Price / sales | 1.3 | 1.1 | 1.4 | 1.2 | 1.4 | 0.9 | 1.0 | 0.9 | 1.5 | 1.4 |
| Price / book | 1.7 | 1.6 | 1.8 | 2.1 | 1.2 | 0.8 | 1.1 | 1.1 | 1.6 | 1.7 |
| Price / free cash flow | 4.5 | 3.9 | 5.2 | 7.0 | 6.4 | 3.8 | 2.9 | 2.5 | 5.1 | 4.6 |
| Price / operating cash flow | 4.4 | 3.8 | 5.1 | 6.8 | 6.1 | 3.7 | 2.8 | 2.5 | 4.9 | 4.4 |
| EV / sales | -0.6 | -3.2 | -3.4 | -1.2 | -3.9 | -4.3 | -3.3 | -3.3 | -2.7 | -3.0 |
| Earnings yield | 6.0% | 9.0% | 3.2% | 22.2% | 8.0% | 10.2% | 9.0% | 12.1% | 11.2% | 7.8% |
| Free cash flow yield | 22.3% | 25.9% | 19.2% | 14.3% | 15.6% | 26.5% | 34.7% | 39.7% | 19.4% | 21.9% |
| Dividend yield | 3.4% | 3.8% | 3.3% | 3.0% | 3.3% | 4.5% | 3.9% | 4.7% | 2.6% | 2.7% |
| Shareholder yield (dividends + buybacks) | 8.0% | 9.7% | 7.1% | 10.9% | 8.1% | 6.7% | 5.7% | 10.0% | 3.7% | 4.4% |
| Share price at fiscal year-end | $88.21 | $77.41 | $78.67 | $83.92 | $72.33 | $49.61 | $55.00 | $44.17 | $70.56 | $57.86 |
| Per share | ||||||||||
| Revenue per share | $69.23 | $71.29 | $55.87 | $68.69 | $52.87 | $53.30 | $57.73 | $49.30 | $48.07 | $42.34 |
| Earnings per share | $5.25 | $6.94 | $2.55 | $18.63 | $5.79 | $5.05 | $4.96 | $5.35 | $7.88 | $4.50 |
| Operating cash flow per share | $20.10 | $20.35 | $15.50 | $12.43 | $11.79 | $13.52 | $19.55 | $17.85 | $14.28 | $13.18 |
| Free cash flow per share | $19.67 | $20.04 | $15.09 | $11.97 | $11.32 | $13.12 | $19.08 | $17.54 | $13.72 | $12.65 |
| Cash per share | $148.39 | $320.31 | $287.74 | $265.33 | $296.48 | $294.87 | $258.44 | $218.44 | $211.31 | $197.01 |
| Book value per share | $52.65 | $49.01 | $44.63 | $40.36 | $58.88 | $59.87 | $52.02 | $39.44 | $43.82 | $34.94 |
| Tangible book value per share | $21.91 | $36.01 | $32.04 | $28.10 | $33.29 | $47.45 | $39.64 | $31.08 | $35.70 | $26.93 |
| Dividends per share | $3.03 | $2.91 | $2.56 | $2.52 | $2.40 | $2.22 | $2.16 | $2.07 | $1.84 | $1.59 |
| Capex per share | $0.43 | $0.30 | $0.42 | $0.46 | $0.48 | $0.39 | $0.47 | $0.32 | $0.56 | $0.53 |
| Debt per share | $17.52 | $18.16 | $16.32 | $96.02 | $17.19 | $15.78 | $13.62 | $11.44 | $10.98 | $10.85 |
| Shares outstanding | 225.7M | 226.2M | 244.6M | 255.3M | 272.9M | 276.6M | 281.0M | 288.8M | 293.2M | 292.7M |
| Change in shares outstanding | −0.2% | −7.5% | −4.2% | −6.4% | −1.3% | −1.6% | −2.7% | −1.5% | +0.2% | −1.8% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 10.3% | 14.3% | 5.9% | 36.1% | 9.7% | 9.0% | 10.7% | 12.8% | 20.0% | 13.5% |
| Return on assets (ROA) | 0.4% | 0.5% | 0.2% | 1.6% | 0.5% | 0.5% | 0.5% | 0.6% | 1.0% | 0.6% |
| Return on tangible assets | 0.4% | 0.5% | 0.2% | 1.6% | 0.5% | 0.5% | 0.5% | 0.6% | 0.9% | 0.6% |
| Free cash flow margin | 28.4% | 28.1% | 27.0% | 17.4% | 21.4% | 24.6% | 33.0% | 35.6% | 28.5% | 29.9% |
| Income quality (OCF / net income) | 3.83 | 2.93 | 6.09 | 0.67 | 2.04 | 2.68 | 3.94 | 3.33 | 1.81 | 2.93 |
| Financial health | ||||||||||
| Total debt | $3.95B | $4.11B | $3.99B | $24.51B | $4.69B | $4.36B | $3.83B | $3.30B | $3.22B | $3.18B |
| Cash & short-term investments | $33.49B | $72.46B | $70.38B | $67.74B | $80.91B | $81.56B | $72.62B | $63.09B | $61.96B | $57.66B |
| Net debt | −$29.54B | −$68.35B | −$66.39B | −$43.22B | −$76.22B | −$77.20B | −$68.79B | −$59.78B | −$58.74B | −$54.49B |
| Debt / equity | 0.33 | 0.37 | 0.37 | 2.38 | 0.29 | 0.26 | 0.26 | 0.29 | 0.25 | 0.31 |
| Debt / assets | 0.01 | 0.01 | 0.01 | 0.08 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Net debt / EBITDA | −17.69 | −31.86 | −65.63 | −6.88 | −34.86 | −39.68 | −35.83 | −30.05 | −23.99 | −30.64 |
| Current ratio | 3.21 | 5.24 | 4.82 | 0.53 | 34.77 | 983.28 | 796.17 | — | 45.67 | 43.83 |
| Quick ratio | 3.21 | 5.24 | 7.75 | 5.14 | 37.50 | — | 874.25 | — | — | — |
| Interest coverage | 643.6 | 726.8 | 388.8 | — | — | — | — | — | — | — |
| Working capital | $39.42B | $77.46B | $75.29B | −$9.61B | $81.05B | $83.20B | $74.27B | $64.46B | $2.51B | $2.75B |
| Invested capital | −$17.65B | −$57.27B | −$55.47B | −$32.92B | −$60.15B | −$60.64B | −$54.18B | −$48.39B | −$45.89B | −$44.26B |
| Tangible asset value | $5.45B | $8.53B | $8.13B | $7.17B | $9.47B | $13.44B | $11.47B | $9.43B | $10.64B | $8.05B |
| Net current asset value | −$271.73B | −$206.47B | −$198.84B | −$281.78B | −$204.75B | −$213.32B | −$201.74B | −$166.69B | −$238.35B | −$214.80B |
| Graham number | $78.87 | $87.51 | $50.58 | $130.08 | $87.59 | $82.45 | $76.21 | $68.93 | $88.15 | $59.46 |
| Graham net-net per share | −$1,230.26 | −$938.38 | −$956.05 | −$989.22 | −$764.61 | −$786.71 | −$732.45 | −$592.21 | −$723.11 | −$652.92 |
| Capital allocation | ||||||||||
| Dividends paid | $684.0M | $658.4M | $625.5M | $642.3M | $654.1M | $614.5M | $606.0M | $598.6M | $540.0M | $464.9M |
| Share buybacks (net) | $902.7M | $1.04B | $740.4M | $1.70B | $937.2M | $307.0M | $281.0M | $671.6M | $220.4M | $277.3M |
| Dividend payout ratio | 57.7% | 41.9% | 100.4% | 13.5% | 41.4% | 44.0% | 43.5% | 38.7% | 23.4% | 35.3% |
| Dividends + buybacks / free cash flow | 35.7% | 37.5% | 37.0% | 76.5% | 51.5% | 25.4% | 16.5% | 25.1% | 18.9% | 20.0% |
| Capex / revenue | 0.6% | 0.4% | 0.7% | 0.7% | 0.9% | 0.7% | 0.8% | 0.6% | 1.2% | 1.2% |
| Capex / operating cash flow | 2.2% | 1.5% | 2.7% | 3.7% | 4.0% | 2.9% | 2.4% | 1.8% | 3.9% | 4.0% |
| Capex / depreciation | 0.39 | 0.27 | 0.37 | 0.39 | 0.47 | 0.43 | 0.58 | 0.45 | 0.84 | 0.83 |
| Stock-based compensation / revenue | 0.7% | 0.7% | 0.7% | 0.5% | 0.7% | 0.6% | 0.5% | 0.5% | 0.6% | 0.7% |
| SG&A / revenue | — | — | — | — | 33.4% | 31.5% | 27.8% | 29.1% | 27.6% | 30.1% |
| Efficiency | ||||||||||
| Days sales outstanding | 549.3 | 541.7 | 680.1 | 300.3 | 53.9 | 42.9 | 35.5 | 37.0 | 36.7 | 41.1 |
| Days of inventory on hand | — | — | -3,580.2 | -2,844.6 | -354.0 | -330.6 | -281.2 | -1,699.3 | -3,094.8 | -1,698.6 |
| Days payables outstanding | — | 784.8 | 941.6 | 574.9 | 0.9 | 0.8 | 0.8 | 0.9 | 0.7 | 0.8 |
| Cash conversion cycle (days) | — | -243.1 | -3,841.7 | -3,119.2 | -301.0 | -288.6 | -246.5 | -1,663.3 | -3,058.8 | -1,658.3 |
| Receivables turnover | 0.66 | 0.67 | 0.54 | 1.22 | 6.77 | 8.51 | 10.29 | 9.88 | 9.95 | 8.88 |
| Payables turnover | — | 0.47 | 0.39 | 0.63 | 389.00 | 430.21 | 477.39 | 390.12 | 528.55 | 441.74 |
| Asset turnover | 0.05 | 0.05 | 0.04 | 0.06 | 0.05 | 0.05 | 0.06 | 0.06 | 0.06 | 0.06 |
| Average receivables | $23.51B | $23.94B | $25.46B | $14.43B | $2.13B | $1.73B | $1.58B | $1.44B | $1.42B | $1.40B |
| Average payables | — | $18.87B | $20.03B | $10.23B | $18.9M | $19.2M | $20.8M | $21.0M | $14.8M | $15.7M |
| Average inventory | — | — | −$76.17B | −$50.59B | −$7.13B | −$7.50B | −$7.63B | −$38.14B | −$66.33B | −$32.17B |
| Intangibles / total assets | 2.0% | 0.9% | 1.0% | 1.0% | 2.3% | 1.1% | 1.2% | 1.0% | 0.9% | 1.0% |
Computed from PFG's annual financial statements (latest annual report filed February 18, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
PFG valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Principal traded at 16.8 times earnings, against a 10-year median of 11.1. Based on the latest twelve months, the trailing P/E is 15.5 and the forward P/E is 9.1. Principal earned a return on equity of 10.3% in fiscal 2025. It ended the year with $4.0 billion of debt and $33.5 billion in cash and short-term investments, a net cash position of $29.5 billion. It returned $1.6 billion to shareholders: $684.0 million in dividends and $902.7 million in share buybacks, 36% of free cash flow. The share count fell 22.9% from 292.7M to 225.7M over 9 years.
See the PFG income statement, the PFG chart for price history, or the PFG stock overview for the latest quote and news.
PFG key metrics FAQ
What is Principal's P/E ratio?
Principal's trailing P/E ratio is 15.5 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 9.1. At the end of fiscal 2025 it was 16.8, compared with a 10-year median of 11.1.
What is Principal's return on equity?
Principal's return on equity (ROE) was 10.3% in fiscal 2025: net income of $1.2 billion on average shareholders' equity of $11.5 billion.
How much debt does Principal have?
Principal had total debt of $4.0 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.33 and more cash than debt.
What is Principal's dividend yield?
Principal's forward dividend yield is 3.09%. Principal paid $684.0 million in dividends in fiscal 2025 ($3.03 per share), a payout ratio of 57.7%.
Does Principal buy back its shares?
Yes. Principal spent $902.7 million on net share repurchases in fiscal 2025 Shares outstanding changed −0.2% over the year, to 225.7M..
What is Principal's free cash flow yield?
Principal generated $4.4 billion of free cash flow in fiscal 2025, a free cash flow yield of 22.3% on its market value at year-end ($19.9 billion).
What is Principal's current ratio?
Principal's current ratio was 3.21 at the end of fiscal 2025: current assets were 3.21 times current liabilities.