NTRS vs PFG: Northern Trust 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.
- Northern Trust is the larger company, worth $31.5B, about 1.4 times Principal Financial.
- Northern Trust grew revenue faster over the last year (+9.6% vs -4.5%).
- On earnings, Principal Financial is the cheaper stock (15.5x vs 17.8x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | NTRS | PFG |
|---|---|---|
| Market cap | $31.5B | $23.3B |
| Share price | $168.21 | $107.24 |
| Revenue (last fiscal year) | $5.0B | $15.6B |
| Free cash flow (last fiscal year) | $4.8B | — |
| Revenue growth, last year | +9.6% | -4.5% |
| Revenue growth per year, last 5 fiscal years | +3.6% | +2.0% |
| Operating margin | — | 12.1% |
| Net margin | 42.6% | 10.1% |
| Return on equity | 16.7% | 13.2% |
| P/E (trailing) | 17.8x | 15.5x |
| Price / free cash flow | 5.77x | 5.25x |
| EV / EBITDA | 9.98x | — |
| FCF growth the price implies | -9.9% | — |
| Dividend yield | 1.9% | 2.9% |
| Debt / equity | 12.4x | 27.1x |
| Fundamental grade | C | C |
| Superinvestors holding it | 7 | 0 |
| Insider purchases, last 12 months | 6 | 3 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Northern Trust
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.4B | $841M | — |
| 2022 | $4.4B | $1.7B | — |
| 2023 | $4.4B | $1.9B | — |
| 2024 | $4.7B | -$1.2B | — |
| 2025 | $5.0B | $4.8B | — |
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
Northern Trust · by segments, 2025
ASSET SERVICING$4.8B59%
WEALTH MANAGEMENT$3.4B41%
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 NTRS in InvestinglyQuestions
Which is bigger, Northern Trust or Principal Financial?
Northern Trust (NTRS), at $31.5B against $23.3B.
Is NTRS or PFG cheaper?
By trailing P/E, Principal Financial (15.5x) is cheaper than Northern Trust (17.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, NTRS or PFG?
Northern Trust: revenue grew +9.6% 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.