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Side-by-side financial comparison of Alexandria Real Estate Equities (ARE) and Principal Financial Group (PFG). Click either name above to swap in a different company.
Principal Financial Group is the larger business by last-quarter revenue ($750.8M vs $671.0M, roughly 1.1× Alexandria Real Estate Equities). Alexandria Real Estate Equities runs the higher net margin — 59.4% vs 0.3%, a 59.1% gap on every dollar of revenue. On growth, Principal Financial Group posted the faster year-over-year revenue change (4.0% vs -11.5%). Over the past eight quarters, Alexandria Real Estate Equities's revenue compounded faster (-6.4% CAGR vs -58.3%).
Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500® urban office real estate investment trust (REIT), is the first, longest-tenured, and pioneering owner, operator, and developer uniquely focused on collaborative life science, technology, and agtech campuses in AAA innovation cluster locations, with a total market capitalization of $31.9 billion as of December 31, 2020, and an asset base in North America of 49.7 million square feet (SF). The asset base in North America includes 31.9...
Principal Financial GroupPFGEarnings & Financial Report
Principal Financial Group, Inc. (PFG) is an American global financial investment management and insurance company headquartered in Des Moines, Iowa, United States.
ARE vs PFG — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $671.0M | $750.8M |
| Net Profit | $398.4M | $1.9M |
| Gross Margin | — | — |
| Operating Margin | — | — |
| Net Margin | 59.4% | 0.3% |
| Revenue YoY | -11.5% | 4.0% |
| Net Profit YoY | 740.6% | 783.0% |
| EPS (diluted) | $2.10 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $671.0M | $750.8M | ||
| Q4 25 | $754.4M | $4.6B | ||
| Q3 25 | $751.9M | $3.7B | ||
| Q2 25 | $762.0M | $3.7B | ||
| Q1 25 | $758.2M | $3.7B | ||
| Q4 24 | $788.9M | $4.8B | ||
| Q3 24 | $791.6M | $3.0B | ||
| Q2 24 | $766.7M | $4.3B |
| Q1 26 | $398.4M | $1.9M | ||
| Q4 25 | $-1.1B | $517.0M | ||
| Q3 25 | $-232.8M | $213.8M | ||
| Q2 25 | $-107.0M | $406.2M | ||
| Q1 25 | $-8.9M | $48.1M | ||
| Q4 24 | $-62.2M | $905.4M | ||
| Q3 24 | $167.9M | $-220.0M | ||
| Q2 24 | $46.7M | $353.1M |
| Q1 26 | 59.4% | 0.3% | ||
| Q4 25 | -143.3% | 11.3% | ||
| Q3 25 | -31.0% | 5.8% | ||
| Q2 25 | -14.0% | 11.1% | ||
| Q1 25 | -1.2% | 1.3% | ||
| Q4 24 | -7.9% | 19.1% | ||
| Q3 24 | 21.2% | -7.3% | ||
| Q2 24 | 6.1% | 8.2% |
| Q1 26 | $2.10 | — | ||
| Q4 25 | $-6.35 | $2.30 | ||
| Q3 25 | $-1.38 | $0.95 | ||
| Q2 25 | $-0.64 | $1.79 | ||
| Q1 25 | $-0.07 | $0.21 | ||
| Q4 24 | $-0.38 | $3.92 | ||
| Q3 24 | $0.96 | $-0.95 | ||
| Q2 24 | $0.25 | $1.49 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $418.7M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $19.4B | — |
| Total Assets | $34.2B | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $418.7M | — | ||
| Q4 25 | $549.1M | $4.4B | ||
| Q3 25 | $579.5M | $5.1B | ||
| Q2 25 | $520.5M | $3.7B | ||
| Q1 25 | $476.4M | $3.9B | ||
| Q4 24 | $552.1M | $4.2B | ||
| Q3 24 | $562.6M | $6.2B | ||
| Q2 24 | $561.0M | $4.8B |
| Q1 26 | — | — | ||
| Q4 25 | $12.4B | $3.9B | ||
| Q3 25 | $13.6B | $3.9B | ||
| Q2 25 | $13.3B | $3.9B | ||
| Q1 25 | $13.1B | $4.3B | ||
| Q4 24 | $12.2B | $4.0B | ||
| Q3 24 | $12.7B | $3.9B | ||
| Q2 24 | $12.4B | $3.9B |
| Q1 26 | $19.4B | — | ||
| Q4 25 | $15.5B | $11.9B | ||
| Q3 25 | $16.6B | $11.7B | ||
| Q2 25 | $17.2B | $11.4B | ||
| Q1 25 | $17.5B | $11.2B | ||
| Q4 24 | $17.9B | $11.1B | ||
| Q3 24 | $18.2B | $11.2B | ||
| Q2 24 | $18.3B | $11.0B |
| Q1 26 | $34.2B | — | ||
| Q4 25 | $34.1B | $341.4B | ||
| Q3 25 | $37.4B | $334.5B | ||
| Q2 25 | $37.6B | $323.1B | ||
| Q1 25 | $37.6B | $313.0B | ||
| Q4 24 | $37.5B | $313.7B | ||
| Q3 24 | $38.5B | $322.9B | ||
| Q2 24 | $37.8B | $308.8B |
| Q1 26 | — | — | ||
| Q4 25 | 0.80× | 0.33× | ||
| Q3 25 | 0.82× | 0.34× | ||
| Q2 25 | 0.77× | 0.34× | ||
| Q1 25 | 0.75× | 0.39× | ||
| Q4 24 | 0.68× | 0.36× | ||
| Q3 24 | 0.70× | 0.35× | ||
| Q2 24 | 0.68× | 0.36× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $475.0M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 76.0% | — |
| Cash ConversionOCF / Net Profit | 1.19× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $475.0M | — | ||
| Q4 25 | $312.4M | $1.7B | ||
| Q3 25 | $433.5M | $1.0B | ||
| Q2 25 | $460.2M | $811.9M | ||
| Q1 25 | $207.9M | $977.3M | ||
| Q4 24 | $274.2M | $1.5B | ||
| Q3 24 | $477.4M | $1.1B | ||
| Q2 24 | $411.8M | $1.4B |
| Q1 26 | 76.0% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | 1.19× | — | ||
| Q4 25 | — | 3.37× | ||
| Q3 25 | — | 4.70× | ||
| Q2 25 | — | 2.00× | ||
| Q1 25 | — | 20.32× | ||
| Q4 24 | — | 1.61× | ||
| Q3 24 | 2.84× | — | ||
| Q2 24 | 8.82× | 4.05× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARE
| Same properties | $431.4M | 64% |
| Tenant recoveries | $178.2M | 27% |
| Non-same properties | $43.3M | 6% |
| Other | $18.0M | 3% |
PFG
Segment breakdown not available.
