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Arphra AIPlain-English read on Principal Financial Group, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $14.43B | $17.54B | $13.67B | $16.13B | $15.63B | $16.3B | $17.66B | $18.59B | $20.33B |
| Cost of revenue | $7.35B | $6.49B | $7.77B | $8.77B | $8.56B | $8.92B | $9.74B | $10.09B | $11.52B |
| Gross profit | $7.08B | $11.04B | $5.9B | $7.35B | $7.06B | $7.4B | $8.05B | $8.2B | $9.29B |
| Gross margin | +49.04% | +62.98% | +43.17% | +45.59% | +45.19% | +45.39% | +45.60% | +44.08% | +45.73% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total operating expenses | $5.16B | $5.06B | $5.16B | $5.46B | $5.65B | $5.98B | $6.48B | $6.52B | $7.51B |
| Operating income | $1.91B | $5.99B | $738.8M | $1.89B | $1.42B | $1.44B | $1.52B | $1.65B | $1.77B |
| Operating margin | +13.24% | +34.14% | +5.41% | +11.72% | +9.06% | +8.83% | +8.60% | +8.85% | +8.69% |
| EBITDA | $2.19B | $6.28B | $1.01B | $2.15B | $1.67B | $1.71B | $1.84B | $1.99B | $2.17B |
| EBIT | $1.91B | $5.99B | $738.8M | $1.89B | $1.42B | $1.42B | $1.56B | $1.67B | $1.74B |
| Below the line | |||||||||
| Interest expense | $1M | $1.2M | $1.9M | $2.6M | $2.2M | $2.45M | $2.57M | $2.7M | $2.93M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | $0 | $0 | $0 | $0 | $0 | — | — | — | — |
| Pre-tax income | $1.91B | $5.99B | $738.8M | $1.89B | $1.42B | $1.39B | $1.56B | $1.59B | $1.78B |
| Income tax expense | $283.9M | $1.19B | $68.7M | $291.7M | $160.5M | $167.79M | $189.8M | $197.98M | $216.98M |
| Earnings | |||||||||
| Net income | $1.58B | $4.76B | $623.2M | $1.57B | $1.19B | $1.21B | $1.3B | $1.37B | $1.5B |
| Net income · continuing ops | $1.63B | $4.8B | $670.1M | $1.6B | $1.26B | $1.27B | $1.38B | $1.39B | $1.53B |
| Net margin | +10.95% | +27.13% | +4.56% | +9.74% | +7.58% | +7.41% | +7.36% | +7.39% | +7.38% |
| EPS · basic | $5.87 | $18.94 | $2.58 | $6.77 | $5.32 | $9.59 | $10.39 | $11.17 | $13.12 |
| EPS · diluted | $5.79 | $18.63 | $2.55 | $6.68 | $5.25 | $9.33 | $10.23 | $11.08 | $13.05 |
| EPS · low estimate | — | — | — | — | — | $9.14 | $9.82 | $10.64 | $12.63 |
| EPS · high estimate | — | — | — | — | — | $9.55 | $10.52 | $11.36 | $13.46 |
| Shares · basic | 269M | 251.1M | 236.44M | 226.23M | 225.7M | 225.03M | 224.51M | 226.67M | 224.81M |
| Shares · diluted | 272.9M | 255.3M | 244.6M | 226.23M | 225.7M | 223.53M | 226.52M | 224.66M | 226.32M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 3 | 3 | 1 | 1 |
| Analysts (EPS) | — | — | — | — | — | 8 | 8 | 4 | 2 |
Coverage notes. Historical figures come from FMP’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS from FMP consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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