BEN vs PFG: Franklin Resources and Principal Financial compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Principal Financial is the larger company, worth $23.3B, about 1.4 times Franklin Resources.
- Franklin Resources grew revenue faster over the last year (+14.3% vs -4.5%).
- Principal Financial keeps more of each dollar of revenue as operating profit (12.1% vs 9.7%).
- On earnings, Principal Financial is the cheaper stock (15.5x vs 24.3x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | BEN | PFG |
|---|---|---|
| Market cap | $16.5B | $23.3B |
| Share price | $32.00 | $107.24 |
| Revenue (last fiscal year) | $8.8B | $15.6B |
| Free cash flow (last fiscal year) | $912M | — |
| Revenue growth, last year | +14.3% | -4.5% |
| Revenue growth per year, last 5 fiscal years | +1.0% | +2.0% |
| Operating margin | 9.7% | 12.1% |
| Net margin | 8.7% | 10.1% |
| Return on equity | 6.9% | 13.2% |
| P/E (trailing) | 24.3x | 15.5x |
| Price / free cash flow | 18.1x | 5.25x |
| EV / EBITDA | 16.1x | — |
| FCF growth the price implies | 3.7% | — |
| Dividend yield | 4.0% | 2.9% |
| Debt / equity | 1.86x | 27.1x |
| Fundamental grade | C | C |
| Superinvestors holding it | 4 | 0 |
| Insider purchases, last 12 months | 2 | 3 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Franklin Resources
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $8.4B | $1.2B | 22.3% |
| 2022 | $8.3B | $1.9B | 21.4% |
| 2023 | $7.8B | $940M | 14.0% |
| 2024 | $8.5B | $794M | 4.8% |
| 2025 | $8.8B | $912M | 6.9% |
Principal Financial
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $14.4B | — | 13.2% |
| 2022 | $17.5B | — | 34.1% |
| 2023 | $13.7B | — | 5.4% |
| 2024 | $16.1B | — | 11.7% |
| 2025 | $15.6B | — | 9.1% |
Where the revenue comes from
Franklin Resources · by products, 2025
Investment management fees$7.0B80%
Sales and distribution fees$1.5B17%
Shareholder servicing fees$264M3%
Other$50M1%
Principal Financial
No segment breakdown reported.
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open BEN in InvestinglyQuestions
Which is bigger, Franklin Resources or Principal Financial?
Principal Financial (PFG), at $23.3B against $16.5B.
Is BEN or PFG cheaper?
By trailing P/E, Principal Financial (15.5x) is cheaper than Franklin Resources (24.3x). A lower multiple can also mean the market expects less growth.
Which grows faster, BEN or PFG?
Franklin Resources: revenue grew +14.3% over the last year, against -4.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.