Financials Principal Financial Group, Inc.

Equities

PFG

US74251V1026

Life & Health Insurance

Market Closed - Nasdaq Other stock markets 04:00:00 2026-02-17 pm EST			5-day change	1st Jan Change
91.98 ^USD	+1.76%		-1.77%	+4.27%

Feb. 17	Jefferies Adjusts Price Target on Principal Financial Group to $83 From $82, Maintains Hold Rating	MT
Feb. 11	Principal Financial Group, Inc. Presents at Bank of America Financial Services Conference 2026, Feb-11-2026 08:50 AM

Projected Income Statement: Principal Financial Group, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	14,580	14,458	13,475	14,660	15,632	16,059	16,852	17,880
Change	-	-0.83%	-6.8%	8.8%	6.63%	2.73%	4.94%	6.1%
EBITDA	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EBIT ¹	1,824	2,459	2,309	2,211	2,286	2,445	2,217	2,334
Change	-	34.81%	-6.11%	-4.21%	3.36%	6.95%	-9.31%	5.28%
Interest Paid ¹	-160.5	-163.9	-173.2	-175.3	-170.2	-177.3	-186.6	-178.4
Earnings before Tax (EBT) ¹	-	-	-	-	-	1,416	2,479	2,627
Change	-	-	-	-	-	-	75.07%	5.97%
Net income ¹	1,396	1,711	4,812	623.2	1,571	1,185	1,556	2,005
Change	-	22.55%	181.28%	-87.05%	152.09%	-24.56%	31.29%	28.84%
Announcement Date	1/28/21	2/7/22	1/30/23	2/12/24	2/6/25	2/9/26	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	3,677	3,114	3,614	3,622	4,109	3,274	3,141	3,442	3,617	3,440	3,500	3,478	4,242	3,805	4,073	3,671	4,084	4,013	3,690	3,898	4,458	4,211	3,901	4,055	4,686	4,389	4,078	4,234
Change	-	-15.32%	16.07%	0.23%	13.44%	-20.32%	-4.05%	9.59%	5.08%	-4.92%	1.77%	-0.64%	21.97%	-10.31%	7.04%	-9.86%	11.24%	-1.73%	-8.07%	5.65%	14.37%	-5.55%	-7.35%	3.93%	15.56%	-6.33%	-7.09%	3.83%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	529.4	548	598.8	612.4	699.8	563.7	609.4	567.6	567.9	488.9	494.3	603.1	597	516.9	530.4	512	-	532	642.4	627.4	642.8	497	560	580	579	-	-	-
Change	-	3.51%	9.27%	2.27%	14.27%	-19.45%	8.11%	-6.86%	0.05%	-13.91%	1.1%	22.01%	-1.01%	-13.42%	2.61%	-3.47%	-	-	20.75%	-2.33%	2.45%	-22.68%	12.68%	3.57%	-0.17%	-	-	-
Charge d'intérêts ¹	-40.9	-40.8	-40.5	-40.7	-41.9	-41.7	-43.4	-44.1	-44	-46.2	-44.2	-42.5	-42.4	-42.7	-42.5	-42.6	-42.4	-42.7	-45.6	-45.3	-43.7	-47.35	-47.35	-47.35	-47.35	-46.85	-46.85	-46.85
Earnings before Tax (EBT) ¹	591.6	613.9	-	428.1	575.6	-	3,897	1,730	4.9	-212.5	453.6	1,605	-1,107	627.1	443.9	-293.8	-	28.9	503.1	248.4	635.6	558	634	639	649	583	666	683
Change	-	3.77%	-	-	34.45%	-	-	-55.61%	-99.72%	-4,436.73%	313.46%	253.81%	-168.99%	156.64%	-29.21%	-166.19%	-	-	1,640.83%	-50.63%	155.88%	-12.21%	13.62%	0.79%	1.56%	-10.17%	14.24%	2.55%
Net income ¹	472.6	517.1	361.8	359.9	471.8	376.2	3,059	1,386	-9.5	-140.1	388.8	1,246	-871.7	532.5	353.1	-220	905.4	48.1	406.2	213.8	517	501.7	539.1	574.4	572.7	480	557	587
Change	-	9.42%	-30.03%	-0.53%	31.09%	-20.26%	713.24%	-54.71%	-100.69%	-1,374.74%	377.52%	220.52%	-169.95%	161.09%	-33.69%	-162.31%	511.55%	-94.69%	744.49%	-47.37%	141.81%	-2.96%	7.45%	6.55%	-0.29%	-16.19%	16.04%	5.39%
Announcement Date	1/28/21	4/27/21	7/27/21	10/26/21	2/7/22	4/28/22	8/8/22	10/27/22	1/30/23	4/27/23	7/27/23	10/26/23	2/12/24	4/25/24	7/25/24	10/24/24	2/6/25	4/24/25	7/28/25	10/27/25	2/9/26	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Principal Financial Group, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Announcement Date	1/28/21	2/7/22	1/30/23	2/12/24	2/6/25	2/9/26	-	-

Estimates

Cash Flow Forecast: Principal Financial Group, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024
CAPEX ¹	132.4	108.8	129.9	116.3	102	68.8
Change	-	-17.82%	19.39%	-10.47%	-12.3%	-32.55%
Free Cash Flow (FCF) ¹	1,526	2,099	2,323	109.6	1,102	1,298
Change	-	37.51%	10.7%	-95.28%	905.4%	17.88%
Announcement Date	2/14/20	2/12/21	2/11/22	2/16/23	2/20/24	2/19/25

¹USD in Million

Estimates

Forecast Financial Ratios: Principal Financial Group, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-	-	-	-	-	-	-	-	-
EBIT Margin (%)	-	12.51%	17.01%	17.13%	15.08%	14.62%	15.22%	13.16%	13.05%
EBT Margin (%)	-	-	-	-	-	-	8.82%	14.71%	14.69%
Net margin (%)	-	9.57%	11.83%	35.71%	4.25%	10.05%	7.38%	9.23%	11.21%
FCF margin (%)	-	-	-	-	-	29%	-	-	-
FCF / Net Income (%)	-	-	-	-	-	288.61%	-	-	-
Profitability
ROA	-	-	-	-	-	-	-	-	-
ROE	-	9.8%	13.3%	13.05%	15.34%	14.28%	16.24%	15.51%	16.11%
Financial Health
Leverage (Debt/EBITDA)	0.82x	0.95x	1x	0.01x	-	0.2x	-	-	-
Debt / Free cash flow	1.03x	0.88x	1.02x	0.49x	-	0.34x	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	-	-	-	-	-	-	-	-	-
CAPEX / EBITDA (%)	-	-	-	-	-	-	-	-	-
CAPEX / FCF (%)	-	-	-	-	-	-	-	-	-
Items per share
Cash flow per share ¹	-	13.52	11.79	12.43	-	-	-	-	-
Change	-	-	-12.74%	5.37%	-	-	-	-	-
Dividend per Share ¹	-	2.24	2.44	2.56	2.6	2.85	3.08	3.267	3.433
Change	-	-	8.93%	4.92%	1.56%	9.62%	8.07%	6.06%	5.1%
Book Value Per Share ¹	-	60.59	61.4	41.07	46.18	49.01	54.66	57.38	61.68
Change	-	-	1.34%	-33.11%	12.44%	6.13%	11.53%	6.64%	7.49%
EPS ¹	-	5.05	6.27	18.85	2.55	6.68	5.25	9.542	10.12
Change	-	-	24.16%	200.64%	-86.47%	161.96%	-21.41%	84.35%	6.02%
Nbr of stocks (in thousands)	-	274,728	265,069	244,683	238,412	228,726	217,400	217,400	217,400
Announcement Date	-	1/28/21	2/7/22	1/30/23	2/12/24	2/6/25	2/9/26	-	-