Latest revenue
$1.15B
as of 2026-03-31
Latest net income
$424.6M
as of 2026-03-31
Net margin
37.0%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $22.43B
- Enterprise value
- $-46.53B
- P/E (trailing)
- 18.9×
- Forward P/E
- —
- P/B
- 1.90×
- Dividend yield
- 3.0%
- 52-wk high
- $104.67
- 52-wk low
- $75.00
- Beta
- —
- Shares out
- 216.0M
5-year trend
What this company does
Principal Financial Group sells retirement plans, life insurance, annuities, and asset management services to businesses and individuals, primarily in the US and Latin America. It earns money from insurance premiums, fee income on managed retirement assets, and investment income on its $111 billion portfolio of bonds, mortgages, and other holdings. First-quarter net income jumped to $425 million from $48 million a year earlier, driven by favorable swings in derivative valuations and lower benefit costs.
Key risks
- Separate account assets fell $7.8B QoQ to $185.8B amid $578.5M unrealized AFS securities losses, signaling market sensitivity in fee-based AUM
- Funds withheld embedded derivative swung +$177.4M vs -$209.7M prior year, driving earnings volatility unrelated to core insurance operations
- Operating cash flow collapsed to $187M from $977M YoY while buybacks ($235M) plus dividends ($173M) exceeded cash generation
Profitability
Net margin
7.6%
22.1%Return on equity
10.0%
29.6%Return on assets
0.3%
30.7%Leverage
Debt / equity
27.73×
1.6%Long-term debt / equity
0.33×
7.4%Debt / assets
96.5%
0.1%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $1.15B | -1.5% | $424.6M | +782.7% | 37.0% |
Q4 2025 2025-12-31 | $12.10B | -5.5% | $517.0M | -42.9% | 4.3% |
Q3 2025 2025-09-30 | $1.20B | +2.8% | $213.8M | +197.2% | 17.8% |
Q2 2025 2025-06-30 | $1.16B | +7.1% | $406.2M | +15.0% | 34.9% |
Q1 2025 2025-03-31 | $1.17B | +8.7% | $48.1M | -91.0% | 4.1% |
Q4 2024 2024-12-31 | $12.80B | — | $905.4M | — | 7.1% |
Q3 2024 2024-09-30 | $1.17B | +18.0% | $-220.0M | -117.7% | -18.8% |
Q2 2024 2024-06-30 | $1.09B | +9.9% | $353.1M | +42.0% | 32.5% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Accident & Health Insurance · SIC 6321
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Insider activity
Insider buying
$485
Insider selling
$5.4M
Net activity
−$5.4M
Distinct insiders
4
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns PFG
Institutional value
$8.21B
Total shares held
110.9M
Distinct holders
660
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 20.3M | $1.83B | — | New |
| 2 | VANGUARD CAPITAL MANAGEMENT LLC | 13.5M | $1.21B | — | New |
| 3 | VANGUARD PORTFOLIO MANAGEMENT LLC | 11.3M | $1.02B | — | New |
| 4 | Capital World Investors | 6.0M | $543.1M | — | New |
| 5 | DIMENSIONAL FUND ADVISORS LP | 3.9M | $350.2M | — | New |
| 6 | Invesco Ltd. | 3.5M | $319.2M | — | New |
| 7 | UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 2.0M | $177.7M | — | New |
| 8 | Legal & General Group Plc | 1.7M | $152.7M | — | New |
| 9 | DEUTSCHE BANK AG\ | 1.4M | $124.7M | — | New |
| 10 | Bank of New York Mellon Corp | 1.2M | $107.3M | — | New |
| 11 | UBS Group AG | 1.2M | $105.1M | — | New |
| 12 | JPMORGAN CHASE & CO | 1.2M | $105.0M | — | New |
| 13 | VANGUARD FIDUCIARY TRUST CO | 1.1M | $101.8M | — | New |
| 14 | AustralianSuper Pty Ltd | 937.5K | $84.5M | — | New |
| 15 | HSBC HOLDINGS PLC | 780.7K | $70.4M | — | New |
| 16 | LPL Financial LLC | 728.5K | $65.6M | — | New |
| 17 | Swiss National Bank | 644.8K | $58.1M | — | New |
| 18 | Nuveen, LLC | 603.9K | $54.4M | — | New |
| 19 | FEDERATED HERMES, INC. | 581.3K | $52.4M | — | New |
| 20 | WELLS FARGO & COMPANY/MN | 578.6K | $52.1M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Premiums dropped from $1.75B to $1.15B YoY—what drove the $603M decline, and is this the new run-rate?
- 2
The funds-withheld embedded derivative swung +$387M YoY, masking weaker core results—what's adjusted operating EPS excluding this volatility?
- 3
Separate account assets fell $7.8B QoQ to $185.8B—how much is market versus net outflows, and which channels are bleeding?