PFGPRINCIPAL FINANCIAL GROUP INC

Accident & Health Insurance

Revenue: $15.6B; 3.1% YoY
Operating margin: —
EBITDA: —
Market cap: $23.8B
Employees: 3,300,000; $5K revenue each
Net debt / EBITDA: —; −$125M net debt
AI in 10-K: 0.4; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
361% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
35% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$5K · 1st pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 18th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$23.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$5M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$14.4B	$17.5B	$13.7B	$16.1B	$15.6B	3.1%
Net income	$1.8B	$4.9B	$670M	$1.6B	$1.3B	21%
Operating cash flow	$3.3B	$3.2B	$3.8B	$4.6B	$4.5B	1.4%
Stock-based comp	$96M	$91M	$99M	$109M	$110M	1.1%
Buybacks	$937M	$1.7B	$740M	$1.0B	$903M	13%
Dividends	$654M	$642M	$626M	$658M	$684M	3.9%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $485 · 1
Open-market sells, 12 mo: $5M · 12
Net: −$5M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	213	203
FY2024	—	—	171	174
FY2023	—	—	167	141
FY2022	—	—	172	129
FY2021	—	—	144	136