---
title: Principal Financial Group (PFG) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/pfg
ticker: PFG
as_of: 2026-10-17
sector: Financial Services
industry: Asset Management
---
# Principal Financial Group (PFG)

Principal Financial Group (PFG) closed at $108.81 on Oct 16, 2026, overvalued by 71% vs its model value of $63.64 (from the justified price to book).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $108.81 (Oct 16, 2026) |
| Model value (from the justified price to book) | $63.64 |
| Price vs model | overvalued by 71% vs model |
| Range of that model | $55.69 – $74.25 |
| Market value | $23.3B |
| P/E (fiscal 2025) | 20.7 |
| Net margin (fiscal 2025) | 7.6% |
| Free cash flow (fiscal 2025) | — |
| Dividend yield (trailing twelve months) | 2.99% |
| Beta | 0.87 |
| Cost of capital (WACC) | 8.17% |
| Business classification | Dividend Payer (Low/slowing growth (~7% recent), Moderate margins (8% net margin), Pays dividends, Highly cyclical earnings) |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 2.99% |
| Dividends per share, last 12 months | $3.25 |
| Dividends / earnings (fiscal 2025) | 57.7% |
| Raised | 13 years in a row |
| Growth over 5 years | 6.6% a year |
| Latest payment | $0.84, ex-date Sep 3, 2026, paid Sep 25, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Aug 31, 2021 | $2.36 |
| To Sep 7, 2022 | $2.56 |
| To Sep 6, 2023 | $2.57 |
| To Sep 5, 2024 | $2.79 |
| To Sep 4, 2025 | $3.02 |
| Trailing twelve months (to Sep 3, 2026) | $3.25 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| P/B · justified | primary | $63.64 | $55.69 | $74.25 |
| P/E · peers | cross check | $87.05 | $80.64 | $131.20 |
| P/E · own history | cross check | $92.39 | $80.89 | $155.23 |
| PEG | sanity check | $236.67 | $236.67 | $236.67 |
| Dividend discount | cross check | $60.93 | $42.44 | $97.46 |

## Insider activity (SEC Form 4)

No open-market insider buys or sales filed in the past 90 days.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Sep 25, 2026 | Auerbach Jonathan | Director | Grant / award | 161 | $0 |
| Sep 25, 2026 | Beams Mary E. | Director | Grant / award | 105 | $0 |
| Sep 25, 2026 | Muruzabal Claudio | Director | Grant / award | 97 | $0 |
| Sep 25, 2026 | Nordin Diane C | Director | Grant / award | 211 | $0 |
| Sep 25, 2026 | Pickerell Blair | Director | Grant / award | 273 | $0 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Sep 10, 2026 | 8-K | 1.01 Entry into a Material Agreement; 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1126328/000110465926106416/tm2625118d1_8k.htm |
| Jul 29, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1126328/000110465926088071/pfg-20260630x10q.htm |
| Jul 27, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1126328/000110465926087091/tm2621379d1_8k.htm |
| Jul 20, 2026 | 8-K | 7.01 Regulation FD Disclosure | https://www.sec.gov/Archives/edgar/data/1126328/000110465926085051/tm2620875d1_8k.htm |
| Jun 1, 2026 | 8-K | 1.01 Entry into a Material Agreement; 2.03 Creation of a Direct Financial Obligation; 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1126328/000110465926068908/tm2614965d5_8k.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Mairs & Power | 2026-06-30 | 135,283 | $14.6M |
| Bridgewater | 2026-06-30 | 16,012 | $1.7M |

2 tracked managers in all.

## About

Principal Financial Group, Inc. engages in the investment management offering business. It offers financial products and services to businesses, individuals, and institutional clients. It operates its business through the following segments: Retirement and Income Solutions, Principal Asset Management, and Benefits and Protection. The Retirement and Income Solutions Segment offers a comprehensive portfolio of products and services for retirement savings along with select products for retirement income. The Principal Asset Management segment provides global investment solutions to institutional, retirement, retail and high net worth investors in the U.S. and select emerging markets. The Benefits and Protection segment includes selling individual life insurance products. The company was founded by Edward A. Temple in 1879 and is headquartered in Des Moines, IA.

---

Source: https://sweetvaluelab.com/stocks/pfg (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.