PFG vs PFGC: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: PFG is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. PFG and PFGC share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined PFG and PFGC exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Principal Financial Group, Inc. (Nasdaq: PFG) is a global financial services company headquartered in Des Moines, Iowa, that serves individuals and businesses across retirement, investment management, and insurance. Its business is organized around a few core engines: Retirement and Income Solutions (workplace retirement plans, annuities, and income products in the United States), Global Asset Management (the Principal Global Investors and Principal International operations that manage money for institutional and retail clients), and U.S. Insurance Solutions (specialty benefits like dental, vision, disability, and life insurance, plus individual life). The company earns money from fees on the assets it manages and administers, spread income on its insurance and annuity products, and insurance premiums, so a large share of its revenue is tied to the level of assets under management, which reached about $770 billion in early 2026.

Full PFG guide

Performance Food Group Company (NYSE: PFGC) distributes food and food-related products from more than 150 locations to over 350,000 customer locations across North America, and it reports in three segments. Foodservice, the largest at ~$36.6 billion of fiscal 2026 net sales, serves independent and chain restaurants and is where the company's Performance Brands private label sits. Convenience, built around the Core-Mark business, delivered ~$26.0 billion and supplies convenience stores with cigarettes, alternative nicotine, candy and snacks. Specialty, the old Vistar operation, added ~$5.1 billion serving vending, office coffee, theaters, campus and hospitality. Scale flatters the top line and hides how thin the economics are: cigarettes alone were ~22.1% of fiscal 2026 net sales, and gross margin across the whole company was roughly 12%, with adjusted EBITDA at ~2.8% of sales.

Full PFGC guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• PFG drivers: Retirement and asset management fee growth; International pension franchise.
• PFGC drivers: Independent case growth is the profit engine; Convenience is growing cases while its biggest category shrinks.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Because a large share of Principal's revenue comes from fees on managed assets, the stock is sensitive to equity and bond market declines, which shrink assets under management and fee income. For PFGC, product cost inflation ran ~4.5% in fiscal 2026 and helps the sales line, but sustained deflation compresses selling price per case while fixed warehouse and delivery costs stay put, and the LIFO reserve swings results (Convenience alone took a ~$96.7 million LIFO increase in fiscal 2026).

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick PFG if you believe its drivers more; PFGC if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the PFG and PFGC guides.

PFG. Principal trades at a modest earnings multiple typical of diversified financials, with a roughly 3% dividend yield and a mid-teens operating return on equity. GAAP EPS fell in 2025 on items affecting net income, but non-GAAP operating EPS grew (up about 14% year over year in Q1 2026). Valuation and results are closely tied to the level of equity markets and asset flows, so figures move with market conditions.

PFGC. A price-to-sales figure of ~0.24x says nothing useful here, because distribution revenue is mostly pass-through cost. The multiples that matter are roughly 11 times fiscal 2026 adjusted EBITDA on an enterprise value near ~$21 billion, and about 23 times adjusted diluted EPS of ~$4.55, against a GAAP P/E in the mid-40s that reflects heavy intangible amortization from acquisitions. Free cash flow of ~$1,029.6 million on ~$384.1 million of capital spending is the cleaner read on how much the business actually generates.

Headline figures (approximate, July 2026): PFG shows revenue (fy2025) ~$15.6 billion, net income (fy2025, gaap) ~$1.19 billion, diluted eps (fy2025, gaap) ~$5.32 (down from ~$6.77 in 2024), assets under management (q1 2026) ~$770 billion; PFGC shows net sales (fy2026, ended june 27, 2026) ~$67.8B, up ~7.2%, adjusted ebitda (fy2026) ~$1,929.4M, ~2.8% of sales, net income / diluted eps (fy2026) ~$359.3M, ~$2.29 (~$4.55 adjusted), latest quarter (q4 fy2026) Net sales ~$18.0B, adjusted EBITDA ~$587.5M, EPS ~$1.03.

PFG and PFGC are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined PFG and PFGC exposure against your real portfolio. It is not an investment adviser.