Stock

Principal Financial Group

PFG

Asset Management · Financial Services

Also trades as: 0KO5.L GBP 1.09 (-0.38%)

Price

$108.90

-1.21 (-1.10%)

Market Cap

$23.32B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Oct 23, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Good

15/30

Growth

Good

12/20

Cash Flow

Exceptional

10/10

Stability

Exceptional

9/10

Valuation

Strong

7/10

Ownership

Weak

2/15

Dividends

Good

3/5

58 of 100 counted points = Winston Score 58.

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Share count falling — buybacks

−17.3% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 272.9M (2021) → 225.7M (2025)

§Winston Score History

The full picture

Principal Financial Group helps people and businesses save money for retirement and protect against financial risks. The company sells retirement plans, life insurance, disability insurance, and investment products, mainly to small and medium-sized businesses and their employees. It is one of the larger U.S. providers of workplace retirement plans, particularly for smaller companies that bigger competitors often overlook.

Principal makes money by collecting fees on the assets it manages, premiums on insurance policies, and charges on retirement plan accounts. It operates primarily in the United States but also has a meaningful presence in Latin America and Asia, managing roughly $700 billion in assets under management. Its focus on smaller employers gives it a niche that larger rivals tend to ignore, but the company faces real risk from falling interest rates and stock market downturns, both of which can shrink the value of assets it manages and reduce the fees it earns.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+6.4% YoY

YoY Growth Rate

Slow revenue growth

Reported EPS Growth

+1.7% YoY

Quarterly reporting periods ended:

30 Jun 2025: $1.81

30 Jun 2026: $1.84

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

0.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$320.7B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Principal Financial Group is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

49.0%

Healthy — 49.0% gross margin

Profit after running costs

Operating Margin

12.7%

Healthy — 12.7% operating margin

Return on the money invested

ROCE

11.5%

Below par — 11.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+3.7%

Slow sales growth (+3.7% YoY)

Profit growth

EPS YoY

+38.9%

Earnings growing fast (+38.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

324%

Turns 324% of profit into real cash

Spare cash per sale

FCF Margin

30.9%

Converts sales into free cash efficiently (30.9%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.36

Conservative — low debt load (0.36)

Covers its interest

Interest Cover

190.32x

Comfortably covers interest (190.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

15.5x

Fair value — P/E 15.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+4.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (15.5 → 10.5)

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Dividends

Dividend

Dividend Yield

3.12%

Moderate income — 3.12% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+7.6%

Dividend growing modestly (7.6% YoY)

Payout Ratio

45%

no trend

Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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