Principal Financial Group Inc. (PFG) intrinsic value & 10-year financials
Principal Financial Group Inc. (PFG) has a Graham intrinsic value of $54.17 per share. At $106.86 on Oct 20, 2026, the stock trades 97% above that value. Over the last 10 fiscal years revenue grew 2.6% a year to $15.6B, with an average return on invested capital of 13.8%.
- Graham intrinsic value
- $54.17
- Share price (Oct 20, 2026)
- $106.86
- Price vs Graham value
- 97% above
- Market cap
- $24.1B
- Revenue (FY2025)
- $15.6B
- Revenue growth (10-yr CAGR)
- 2.6%
- ROIC (10-yr avg)
- 13.8%
- Free cash flow (FY2025)
- —
PFG 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $15.6B | $1.2B | $5.25 | — | — | 10.6% |
| FY2024 | $16.1B | $1.6B | $6.68 | — | — | 14.8% |
| FY2023 | $13.7B | $623.2M | $2.55 | — | — | 6.4% |
| FY2022 | $17.5B | $4.8B | $18.85 | — | — | 35.2% |
| FY2021 | $14.3B | $1.7B | $6.27 | — | — | 9.5% |
| FY2020 | $14.7B | $1.4B | $5.05 | — | — | 8.2% |
| FY2019 | $16.2B | $1.4B | $4.96 | — | — | 10.1% |
| FY2018 | $14.2B | $1.5B | $5.36 | — | — | 12.2% |
| FY2017 | $14.1B | $2.3B | $7.88 | — | — | 19.0% |
| FY2016 | $12.4B | $1.3B | $4.50 | — | — | 12.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Principal Financial Group has demonstrated mature, steady growth, with revenue compounding at 2.6% annually over the past decade.
Principal Financial Group returns on capital have been average, hovering around 13.8% ROIC over the decade.
Over the decade, Principal Financial Group shows that management has aggressively returned capital to shareholders by retiring 22.9% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Principal Financial Group is modeled at 1.7% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $54.17 per share.