PFG vs TPG: Principal Financial and TPG 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 TPG.
- TPG grew revenue faster over the last year (+23.9% vs -4.5%).
- On earnings, Principal Financial is the cheaper stock (15.5x vs 188.8x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | PFG | TPG |
|---|---|---|
| Market cap | $23.3B | $16.7B |
| Share price | $107.24 | $45.26 |
| Revenue (last fiscal year) | $15.6B | $2.4B |
| Free cash flow (last fiscal year) | — | — |
| Revenue growth, last year | -4.5% | +23.9% |
| Revenue growth per year, last 5 fiscal years | +2.0% | +25.5% |
| Operating margin | 12.1% | — |
| Net margin | 10.1% | 9.0% |
| Return on equity | 13.2% | 6.3% |
| P/E (trailing) | 15.5x | 188.8x |
| Price / free cash flow | 5.25x | 16.6x |
| EV / EBITDA | — | — |
| FCF growth the price implies | — | — |
| Dividend yield | 2.9% | 5.2% |
| Debt / equity | 27.1x | 2.75x |
| Fundamental grade | C | D |
| Superinvestors holding it | 0 | 2 |
| Insider purchases, last 12 months | 3 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
TPG
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $978M | — | — |
| 2022 | $1.2B | — | — |
| 2023 | $1.5B | — | — |
| 2024 | $2.1B | — | — |
| 2025 | $2.4B | — | — |
Where the revenue comes from
Principal Financial
No segment breakdown reported.
TPG · by products, 2025
Management fees$1.8B75%
Expense reimbursements and other$288M12%
Transaction fees$231M10%
Incentive fees$49M2%
Monitoring fees$29M1%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open PFG in InvestinglyQuestions
Which is bigger, Principal Financial or TPG?
Principal Financial (PFG), at $23.3B against $16.7B.
Is PFG or TPG cheaper?
By trailing P/E, Principal Financial (15.5x) is cheaper than TPG (188.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, PFG or TPG?
TPG: revenue grew +23.9% over the last year, against -4.5%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.