Principal Financial Group Inc - Registered Shares
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+ FollowMarket Cap$23.8B
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Earnings Call Q3 2026
October 27, 2026 - AI Summary
Solid operating performance & EPS growth (good)
- Management reiterated confidence in hitting 2026 financial targets, driven by strong underlying results despite a volatile environment.
- Adjusted EPS: +12% year-to-date at the high end of the target range; +7% in Q3 vs a strong prior-year comp.
- Adjusted pre-tax operating earnings: +3% YoY on +4% net revenue growth in Q3 (drivers included higher revenue, disciplined expenses in RIS, improved life mortality, and international pension growth).
- Year-to-date adjusted pre-tax operating earnings: +10%, supported by +5% net revenue growth and +120 bps margin expansion.
Capital strength + shareholder returns (good)
- Strong capital position at quarter-end with $1.5B+ excess/available capital (including holding company and subsidiaries) and ~380% risk-based capital vs a 375% target.
- Returned ~$429M in Q3: $250M buybacks + $179M dividends; >$1.2B returned year-to-date (exceeding $1.2B mentioned).
- Full-year capital deployment outlook: still on track for $1.5B–$1.8B.
- Dividend declared: $0.85/share payable in Q4, up $0.01 (~+8% YoY) and aligned with ~40% dividend payout ratio.
- Free capital conversion: trailing 12 months 77%, within the targeted 75%–85% range (management highlighted strong generation; seasonality helps explain quarter-to-quarter movement).
Strategic growth engines delivering traction (good opportunities)
- Retirement ecosystem (RIS): Recurring deposits +8% YoY; participant deferrals +4% YoY; continued roll-in momentum ($1.8B roll-ins in quarter, $7.4B TTM, both up 9% and 15% respectively).
- DCIO sales $1.5B and PRT sales $900M in the quarter.
- Private markets / featured partner program expanding on the recordkeeping platform (including private market strategies and retirement accounts).
- Small & mid-sized businesses / Specialty Benefits:
- Specialty Benefits Employment +~2% (TTM); retirement transfer deposits +21%, recurring deposits +7%.
- Specialty Benefits sales +10% YoY in Q3 and +15% TTM, with 3 consecutive quarters of sequential premium improvement.
- Beam Benefits acquisition closed Sep 1 (adds 26k+ SMB customers + cloud-native platform), seen as an acceleration in growth and capability.
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$108.00
7.9% downsidePrincipal Financial Group- Registered Shares Target Price Details
Target Price by Analysts
7.9% downsidePrincipal Financial Group- Registered Shares Target Price Details$303.16
158.4% upside
Current Fair Value
158.4% upsideUndervalued by 158.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $23.80 Billion |
|---|---|
| Enterprise Value | $22.89 Billion |
| Annual dividend | $3.25 |
| Dividend yield | 2.91% |
| Earnings per Share | $5.32 |
| Beta | 0.87 |
| Outstanding Shares | 216,902,000 |
Return
| Return on Equity | 16.18% |
|---|---|
| Return on Assets | 0.59% |
| Return on Invested Capital | 0.32% |
Valuation & Multiples
| P/E Ratio | 12.4 |
|---|---|
| PEG | 6.34 |
| Price to Sales | 2.13 |
| Price to Book Ratio | 1.99 |
| Enterprise Value to Revenue | 1.9 |
| Enterprise Value to EBIT | 22.52 |
| Enterprise Value to Net Income | 11 |
| Total Debt to Enterprise | 0.19 |
| Debt to Equity | 0.36 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 26, 2026
EPS Estimate
$2.43
Consensus analyst estimateRevenue Estimate
$4.27 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 8, 2027
EPS Estimate
$2.39
Consensus analyst estimateRevenue Estimate
$4.47 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 93.59% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 11.62%▼ 68.79% |
|---|---|
| Total Invested | $2.85B▼ 85.09% |
| Investors Holding | 360▼ 617.00% |
About Principal Financial Group Inc
17,600 employees
CEO: Larry Zimpleman
Principal helps people and companies around the world build, protect and advance their financial well-being through retirement, insurance and asset management solutions that fit their lives. Its employees are passionate about helping cli...