KabuDo

NYSE: PG · Personal Care Products

Procter & Gamble

Procter & Gamble, based in Cincinnati, is a world-leading consumer goods company selling branded daily-use products in about 180 countries and territories. Its five segments are Fabric & Home Care (Tide, Ariel, Downy, Dawn, Febreze — 35% of fiscal 2026 net sales), Baby, Feminine & Family Care (Pampers, Always, Charmin, Bounty — 24%), Beauty (Pantene, Head & Shoulders, Olay, SK-II — 19%), Health Care (Crest, Oral-B, Vicks — 14%) and Grooming (Gillette, Venus, Braun — 8%). It holds more than 60% of the global blades and razors market and over 35% of fabric care in the markets where it competes. Fiscal 2026 (year ended June 30, 2026) net sales rose 3% to $87,032 million and net earnings attributable to P&G were $16,046 million. Walmart accounted for about 16% of sales. A restructuring program plans to cut up to 7,000 non-manufacturing overhead roles by fiscal 2027. P&G has paid a dividend for over a century and raised it for decades ($4.26 per share in fiscal 2026).

Last updated

Analysis last edited: October 31, 2026 · Financial data fetched: October 31, 2026 02:21 (SEC EDGAR) · Source 10-K filed: August 4, 2026

Built on10-K FY2026 · filed 2026-08-0410-Q (quarter ended 2026-09-30) · filed 2026-10-22Proxy statement (2026)

Next update expectedAfter FY2027’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.

01

At a glanceFrom SEC data

Eight headline measures, each placed among the companies covered on this site.

Revenue growth
2.7%

Higher than 12% of 372 non-financial companies

Average yearly growth over the years shown

Operating margin
22.7%

Higher than 63% of 311 non-financial companies

Latest fiscal year (FY2026)

ROIC minus WACC
+11.1 pts

Higher than 73% of 311 non-financial companies

Return on capital above (or below) its estimated cost

Net debt ÷ EBITDA
1.1x

Higher than 37% of 304 non-financial companies

Below 0 means more cash than debt

Cash conversion
1.22x

Higher than 25% of 349 non-financial companies

Operating cash flow ÷ net income

Dividend raises
5 of 5

Years the dividend per share rose, of the last 5

P/E today
24.1x

Latest close 2026-11-04; trailing 12 months to 2026-09-30

Beta
0.43

Above 1 = moves more than the market

Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.

02

Valuation todayFrom SEC data

Price-based measures at the latest close, next to the same measures at the last fiscal year-end.

Share price$165.99close on 2026-11-04

Market cap$385.73B

P/E today
24.1x

At FY2026 year-end: 22.2x

Earnings: trailing 12 months to 2026-09-30

P/B today
7.1x

At FY2026 year-end: 6.3x

Book value at FY2026 year-end

EV/EBITDA today
17.9x

At FY2026 year-end: 15.9x

EBITDA for FY2026

FCF yield today
3.9%

At FY2026 year-end: 4.4%

Free cash flow for FY2026

Dividend yield today
2.6%

Dividends per share for FY2026

“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.

03

What changed since last earningsFrom SEC data

The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.

Quarter ended Sep 30, 2026.

  • Revenue↑ +4.0%$22.39B → $23.28B (vs. a year earlier)
  • Operating margin↓ −0.7 pts26.2% → 25.5% (vs. a year earlier)
  • Net income→ −0.4%$4.75B → $4.73B (vs. a year earlier)
  • Diluted EPS↑ +1.0%$1.95 → $1.97 (vs. a year earlier)
  • Cash↑ +54.5%$9.94B → $15.37B (vs. previous quarter-end)
  • Long-term debt↓ −25.3%$29.3B → $21.9B (vs. previous quarter-end)

Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.

From the earnings release of Oct 22, 2026.

Management outlook • Issued

Outlook equates to $6.89–$7.11 per share. Source sentence
This outlook equates to a range of $6.89 to $7.11 per share, with a mid-point estimate of $7.00, or an increase of approximately one and a half percent.

Key changes

  • Q1 net sales $23.3B. Source sentence
    Net sales in the first quarter of fiscal year 2027 were $23.3 billion, a four percent increase versus the prior year.
  • Diluted EPS $1.97. Source sentence
    Diluted net earnings per share were $1.97, an increase of one percent versus prior year as the increase in net sales was partially offset by an increase in operating costs.

Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗

04

Company profileFrom SEC dataShow

Legal name
PROCTER & GAMBLE Co
Headquarters
CINCINNATI, OH
Incorporated in
Ohio
Fiscal year end
06/30
Exchange & ticker
NYSE: PG
Industry
Personal Care Products
CIK
80424

Workforce (as of FY2026 year-end)

  • Employees

    104,000

Source: Form 10-K (FY2026) cover page and business description

05

Earnings calendarFrom SEC dataShow

When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.

Next report

Q2 FY2027

Quarter end: December 2026. In past years, Q2 results were released 22–23 days after quarter end (Jan 22, 2026; Jan 22, 2025; Jan 23, 2024). No date has been announced in the sources this site uses.

Reporting pattern

  • Fiscal year ends around June 30.
  • Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
  • Earnings releases came 18–30 days after quarter end over the last 12 quarters.
QuarterQuarter endedEarnings release (8-K)Report filed (10-Q / 10-K)
Q1 FY2027Sep 30, 2026Oct 22, 2026 (+22 days)Oct 22, 2026 10-Q (+22 days)
Q4 FY2026Jun 30, 2026Jul 29, 2026 (+29 days)Aug 4, 2026 10-K (+35 days)
Q3 FY2026Mar 31, 2026Apr 24, 2026 (+24 days)Apr 24, 2026 10-Q (+24 days)
Q2 FY2026Dec 31, 2025Jan 22, 2026 (+22 days)Jan 23, 2026 10-Q (+23 days)
Q1 FY2026Sep 30, 2025Oct 24, 2025 (+24 days)Oct 24, 2025 10-Q (+24 days)
Q4 FY2025Jun 30, 2025Jul 29, 2025 (+29 days)Aug 4, 2025 10-K (+35 days)
Q3 FY2025Mar 31, 2025Apr 24, 2025 (+24 days)Apr 24, 2025 10-Q (+24 days)
Q2 FY2025Dec 31, 2024Jan 22, 2025 (+22 days)Jan 22, 2025 10-Q (+22 days)
Q1 FY2025Sep 30, 2024Oct 18, 2024 (+18 days)Oct 18, 2024 10-Q (+18 days)
Q4 FY2024Jun 30, 2024Jul 30, 2024 (+30 days)Aug 5, 2024 10-K (+36 days)
Q3 FY2024Mar 31, 2024Apr 19, 2024 (+19 days)Apr 19, 2024 10-Q (+19 days)
Q2 FY2024Dec 31, 2023Jan 23, 2024 (+23 days)Jan 23, 2024 10-Q (+23 days)

Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.

06

Flagship products & servicesSite analysis

  • Fabric & Home Care

    Fabric and home care

    Tide, Ariel, Gain, Downy, Cascade, Dawn, Fairy, Febreze, Mr. Clean, Swiffer.

  • Baby, Feminine & Family Care

    Baby, feminine and family care

    Pampers, Luvs, Always, Tampax, Bounty, Charmin, Puffs.

  • Beauty

    Hair, skin and personal care

    Head & Shoulders, Pantene, Herbal Essences, Olay, SK-II, Native, Old Spice, Secret.

  • Health Care

    Oral and personal health care

    Crest, Oral-B, Vicks, Metamucil, Pepto-Bismol, Neurobion.

  • Grooming

    Grooming

    Gillette, Venus and Braun razors, blades and appliances.

From the Form 10-K, FY2026, year ended 2026-06-30.

U.S., worldwide and country/regional share of flagship products/services

Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.

  • Blades and razors

    Global

    U.S. share

    —

    Not disclosed

    Worldwide share

    More than 60%

    Company-disclosed

    Gillette and Venus

  • Grooming

    Global

    U.S. share

    —

    Not disclosed

    Worldwide share

    More than 50%

    Company-disclosed

    Global market leader

  • Fabric care

    Markets where P&G competes

    U.S. share

    —

    Not disclosed

    Worldwide share

    Over 35%

    Company-disclosed

    Tide, Ariel, Downy

  • Home care

    Categories where P&G competes

    U.S. share

    —

    Not disclosed

    Worldwide share

    More than 30%

    Company-disclosed

    Cascade, Dawn, Febreze, Swiffer

  • Oral care

    Global

    U.S. share

    —

    Not disclosed

    Worldwide share

    Nearly 30%

    Company-disclosed

    Crest and Oral-B

  • Retail hair care

    Global

    U.S. share

    —

    Not disclosed

    Worldwide share

    About 20%

    Company-disclosed

    Head & Shoulders and Pantene

Sources:

No percentage share is given.

07

Recent strategic focusSite analysis

Recent developments.

  1. First quarter fiscal 2027

    Net sales $23.3B (+4.0%); net earnings attributable $4,731M versus $4,750M; diluted EPS $1.97 versus $1.95.

    Source: Form 10-Q (quarter ended 2026-09-30)

  2. Restructuring

    Plan to reduce up to 7,000 non-manufacturing overhead personnel by end of fiscal 2027.

    Source: Form 10-K (FY2026, year ended 2026-06-30)

  3. Dividend

    Fiscal 2026 dividends of $4.26 per share.

    Source: Form 10-K (FY2026, year ended 2026-06-30)

Capex ÷ D&A (FY2026)

1.40x

Well above depreciation — expansion-stage investment

formulacapital expenditures ÷ depreciation & amortization

e.g.$4,409M ÷ $3,160M = 1.40x

termsCapital expenditures (capex) · Depreciation & amortization (D&A)

R&D-to-revenue ratio (FY2026)

2.4%

formularesearch & development expense ÷ revenue × 100

e.g.$2,100M ÷ $87,032M × 100 = 2.4%

termsResearch & development (R&D) · Revenue (net sales)

M&A spend (6-year total)

$2.3B

Latest year: $85M

Cash-flow-statement spending on acquisitions, net of cash acquired

Where the money goes, over time

Unit: $M. Capex went from $2.79B in FY2021 to $4.41B in FY2026

  • Capex
  • R&D
  • M&A spend

formulacapital expenditures ÷ depreciation & amortization

termsCapital expenditures (capex) · Depreciation & amortization (D&A)

Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-04

08

Key figures at a glanceFrom SEC data

FY2021–FY2026, 6 years.

Revenue (FY2026)

$87.03B

As reported in the 10-K

Revenue CAGR (5 years)

+2.7%

formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1

e.g.($87,032M ÷ $76,118M) ^ (1÷5) − 1 = 2.7%

termsCAGR · ^ (exponent) · Revenue (net sales)

Operating margin (FY2026)

22.7%

-0.9pt vs. 5 years ago

formulaoperating income ÷ revenue × 100

e.g.$19,748M ÷ $87,032M × 100 = 22.7%

termsOperating income · Revenue (net sales)

ROE (FY2026)

30.1%▲favorable

6-year average: 30.8%

As reported in the 10-K

P/B (FY2026 end)

6.27x

formulafiscal year-end closing price ÷ book value per share

e.g.$146.64 ÷ $23.37 = 6.27x

termsP/B · BVPS

Period-end (fiscal year-end) value, not today's P/B

EV/EBITDA (FY2026 end)

15.9x

formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)

e.g.($340,762M + $34,136M − $9,942M) ÷ ($19,748M + $3,160M) = 15.9x

termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)

Period-end (fiscal year-end) value, not today's multiple

  • ―

    Revenue grew +2.7% a year over 5 years (modest growth)

    From $76.12B in FY2021 to $87.03B in FY2026. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.

  • ―

    Operating margin held roughly flat: 23.6% → 22.7%

    How much operating profit is left per $100 of revenue. It moved -0.9 points over 5 years — pricing power, cost control, and product mix all show up here.

  • ―

    Equity ratio is 42.9% (a middling level)

    The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).

  • ▲

    Free cash flow was positive in 6 of 6 years

    Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.

  • ▲

    ROE averaged 30.8% over 6 years (latest: 30.1%)

    How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.

09

Business modelSite analysis

Creates, manufactures and markets a portfolio of leading daily-use brands sold through mass merchandisers, grocery, drug, e-commerce and other retailers; scale in R&D, marketing and supply chain supports premium pricing.

How money and goods flow at Procter & Gamble
  1. 01 what it draws on

    Inputs & resources

    • About 104,000 employees (June 30, 2026)
    • Brands such as Tide, Pampers, Gillette, Crest
    • Global manufacturing and R&D
  2. 02 what it does

    Activities

    • Product innovation
    • Manufacturing
    • Brand marketing
    • Distribution through retailers and e-commerce
  3. 03 who it serves

    Customers

    • Mass merchandisers (Walmart ~16%)
    • Grocery, drug, club and e-commerce retailers
    • Distributors
  4. 04 how money comes in

    How it earns

    • Product sales

How the business makes money

  • Top ten customers ~43% of fiscal 2026 net sales.
  • Products sold in about 180 countries.
  • Restructuring: up to 7,000 overhead roles cut by fiscal 2027.

Government & regulation around the business

Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.

P&G discloses environmental proceedings involving governments.

  • Environmental rules

    Environmental and packaging rules

    Discloses environmental proceedings where a government is a party.

    Constrains the businessTouches: Activities

    Source: Form 10-K (FY2026)

Revenue by segment (FY2026)

Unit: $M — bar length = revenue, (%) = share of total company revenue

  • Fabric & Home Care

    30,300 (35%)
  • Baby, Feminine & Family Care

    20,400 (24%)
  • Beauty

    16,000 (19%)
  • Health Care

    12,500 (15%)
  • Grooming

    6,900 (8%)

Source: Form 10-K (FY2026, year ended 2026-06-30) Segment net sales from MD&A (rounded to $0.1B); consolidated $87,032M incl. Corporate.

10

Where it earnsSite analysis

Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.

Largest market (FY2026)

International — 52% of revenue

Revenue by country / region (FY2026)

Unit: $M — bar length = revenue, (%) = share of total company revenue

  • United States

    41,700 (48%)
  • International

    45,300 (52%)

Source: Form 10-K (FY2026, year ended 2026-06-30) — Note 2, Segment Information In $ billions rounded; no country other than the U.S. exceeds 10% of net sales.

11

Contract structureSite analysisShow

Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.

12

Customers & suppliersSite analysis

Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.

Customers

Mass merchandisers, grocery, drug, club and e-commerce retailers.

Named by the company

Walmart and its affiliates ~16% of net sales; top ten customers ~43%.

Suppliers

Raw materials, packaging and contract manufacturers.

Named by the company

No supplier is named.

13

Competitors & peersSite analysis

Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.

The 10-K says P&G competes against well-known global competitors and retailers’ private-label brands, without naming them.

Competitors named in the 10-K

Peer group the company chose

FY2025–28 relative TSR/organic sales peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.

Consumer products companies (2026 proxy); a separate large-company group is used for pay decisions.

Source: Proxy statement (2026)

Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.

14

Six years of financialsFrom SEC data

Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.

Revenue over time

Unit: $M

Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-04

Profit over time (operating → net)

Unit: $M

  • Operating income
  • Pretax income
  • Net income

Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-04

Margins over time

Unit: %

  • Operating margin
  • Net margin

formulaoperating income ÷ revenue × 100

termsOperating income · Revenue (net sales)

formulanet income attributable to the company ÷ revenue × 100

termsNet income (attributable to the company)

Cash flow over time

Unit: $M (below zero = cash went out)

  • Operating CF
  • Investing CF
  • Free CF

formulacash flow from operations − capital expenditures

termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)

Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-04

Financial stability & capital efficiency

Unit: %

  • Equity ratio
  • ROE

formulatotal equity ÷ total assets × 100 (as reported in the 10-K)

termsStockholders’ equity · Total assets

formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)

termsNet income (attributable to the company) · Stockholders’ equity

Earnings per share (EPS) and dividend per share

Unit: $

  • EPS
  • Dividend per share

Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-04

Line itemFY2021In next year’s 10-KFY2022In next year’s 10-KFY202310-K on EDGAR ↗FY202410-K on EDGAR ↗FY202510-K on EDGAR ↗FY202610-K on EDGAR ↗
Income statement ($M)
Revenue76,11880,18782,00684,03984,28487,032
Operating income17,98617,81318,13418,54520,45119,748
Pretax income—17,99518,35318,76120,16720,377
Net income (attributable)14,30614,74214,65314,87915,97416,046
Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100—5.3%2.3%2.5%0.3%3.3%
Operating margincalcoperating income ÷ revenue × 10023.6%22.2%22.1%22.1%24.3%22.7%
Net margincalcnet income attributable to the company ÷ revenue × 10018.8%18.4%17.9%17.7%19.0%18.4%
Balance sheet ($M)
Total assets119,307117,208120,829122,370125,231126,521
Total equity46,65446,85447,06550,55952,28454,311
Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable31,89031,30034,56532,43434,48034,136
Equity ratio39.1%40.0%39.0%41.3%41.8%42.9%
ROE30.7%31.5%31.2%30.5%31.1%30.1%
Cash flow ($M)
Operating CF18,37116,72316,84819,84617,81719,556
Investing CF-2,834-4,424-3,500-3,504-3,818-4,624
Financing CF-21,531-14,876-12,146-14,855-14,036-14,460
Free cash flowcalccash flow from operations − capital expenditures15,58413,56713,78616,52414,04415,147
Cash and equivalents10,2887,2148,2469,4829,5569,942
Per share & other
EPS ($)5.505.815.906.026.516.62
BVPS ($)19.2019.5719.9321.4522.3323.37
Dividend per share ($)3.243.523.683.834.084.26
Payout ratiocalcdividend per share ÷ diluted EPS × 10058.9%60.6%62.4%63.6%62.6%64.3%
P/E (x)24.524.825.727.424.522.2
EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)16.917.918.519.217.115.9
P/B (x)calcfiscal year-end closing price ÷ book value per share7.037.357.627.697.146.27

P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.

Last 8 quarters

Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.

Quarter endedRevenueOperating incomeNet incomeDiluted EPS
2026-09-30$23.28B+4.0%$5.94B+1.4%$4.73B-0.4%$1.97
2026-06-30 †$21.2B+1.5%$3.95B-9.3%$3.05B-15.8%—
2026-03-31$21.24B+7.4%$4.58B+0.4%$3.93B+4.3%$1.63
2025-12-31$22.21B+1.5%$5.37B-6.5%$4.32B-6.7%$1.78
2025-09-30$22.39B$5.86B$4.75B$1.95
2025-06-30 †$20.89B$4.36B$3.62B—
2025-03-31$19.78B$4.56B$3.77B$1.54
2024-12-31$21.88B$5.74B$4.63B$1.88

† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.

15

Is ROIC above WACC?From SEC data

ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.

ROIC (FY2026)

17.9%

formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)

e.g.$19,748M × (1 − 20.5%) ÷ $87,606M × 100 = 17.9%

termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity

WACC (this site’s estimate)

6.83%

formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight

e.g.Equity weight: $340.76B ÷ ($340.76B + $34.14B) = 90.9%

e.g.Debt weight: $34.14B ÷ ($340.76B + $34.14B) = 9.1%

e.g.WACC: 7.3% × 90.9% + 2.6% × (1 − 20.5%) × 9.1% = 6.83%

termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization

ROIC − WACC

+11.1pt▲favorable

Earning more than the cost of capital (ROIC > WACC in 6 of 6 years)

formulaROIC − WACC (positive means the business earns more than its cost of capital)

termsROIC · WACC

How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 5.6%–8.4% and ROIC − WACC runs +9.5 to +12.3 points. The sign holds across this range. This describes the latest year and does not predict future value creation.

WACC 6.83% is this site’s estimate under the assumptions below (not a figure the company has published)

Risk-free rate
4.95% (10-year Treasury, 2026-11-03)
β
0.43 (price-derived adjusted beta, but correlation with the market is low (R² 0.02), so reliability is limited)
Equity risk premium
5.5%
Cost of equity
7.31%
Cost of debt
2.57%
Tax rate
20.5% (effective rate, FY2024–FY2026)
Capital structure (equity : debt)
91% : 9%
→ Change assumptions and recalculate

ROIC over time, vs. WACC

Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red

  • ROIC (above WACC)
  • ROIC (below WACC)
  • WACC 6.83%

formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)

termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity

formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight

termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization

Try different WACC assumptions

β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).

Initial β: 0.43 (price-derived adjusted beta. Raw β 0.15, R² 0.02, 130 weeks)

formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)

e.g.0.67 × 0.155 + 0.33 = 0.434

termsβ (beta)

Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.

Cost of equity7.31%

formularisk-free rate + β × equity risk premium

e.g.5.0% + 0.43 × 5.5% = 7.3%

termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)

Market value of equity$340.76B

formulafiscal year-end closing price × shares outstanding (= market cap)

termsMarket capitalization · Market value of equity

Interest-bearing debt$34.14B
Cost of debt2.57%

formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)

termsInterest-bearing debt · Risk-free rate

Capital structure (equity weight : debt weight)91% : 9%

16

What the price implies (DCF)From SEC data

A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.

Growth the price implies (price on 2026-11-04)

3.1%

Perpetual FCF growth: g = r − FCF ÷ EV = 6.8% − 3.7%

Past FCF growth (FY2021–FY2026)

-0.6%

Compound annual rate, 5 years

Past revenue growth (FY2021–FY2026)

+2.7%

Compound annual rate, 5 years

Inputs (FY2026): free cash flow $15.15B (operating CF − capex); enterprise value $409.92B = market cap $385.73B (latest close, 2026-11-04) + debt $34.14B − cash and short-term investments $9.94B; r = WACC of 6.8% using this page’s default assumptions (β 0.43, risk-free 5.0%, market premium 5.5%).

Three WACC scenarios

The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.

Try your own assumptions

V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.

Theoretical enterprise value

$409.38B

FCF $15.15B ÷ (6.8% − 3.1%)

Theoretical ÷ actual enterprise value

1.00x

Below 1x: these assumptions value the business below the market did

How sensitive the answer is

Theoretical ÷ actual enterprise value for each combination of r and g.

g \ r4.8%5.8%6.8%7.8%8.8%
0%0.77x0.64x0.54x0.47x0.42x
2%1.32x0.97x0.77x0.64x0.54x
4%4.62x2.05x1.32x0.97x0.77x
6%——4.62x2.05x1.32x
8%————4.62x

A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.

17

Earnings qualityFrom SEC dataShow

The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.

  • ✓

    Operating CF ÷ net income: averages 1.21x

    Profit is backed by cash coming in.

  • ✓

    Accrual ratio (latest): -2.8%

    A small share of profit rests on accounting estimates.

  • ✓

    Core-earnings share (operating income ÷ pretax income): 97%

    Most profit comes from core operations.

  • ✓

    Days sales outstanding: 23 → 26 days

    No major slowdown in collecting on sales.

Operating CF vs. net income

Unit: $M — operating CF above net income means profit is backed by cash

  • Operating CF
  • Net income

formulacash flow from operations ÷ net income attributable to the company

termsCash flow from operations (operating CF) · Net income (attributable to the company)

formula(net income − operating CF) ÷ average total assets × 100

termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets

Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-04

Profit bridge (FY2026)

Unit: $M — what moved profit from operating income to net income

  • Profit (each stage)
  • Pushed profit up
  • Pushed profit down

formulaoperating income ÷ income before income taxes × 100

termsOperating income · Income before income taxes (pretax income)

Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-04

Receivables & inventory days

Unit: days — days grow when receivables or inventory build up faster than sales

  • Days sales outstanding
  • Days inventory outstanding

formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365

termsAccounts receivable · Revenue (net sales)

formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365

termsInventory · Cost of revenue (COGS)

Worked examples (latest period)

formulacash flow from operations ÷ net income attributable to the company

e.g.$19,556M ÷ $16,046M = 1.22x

termsCash flow from operations (operating CF) · Net income (attributable to the company)

formulaoperating income ÷ income before income taxes × 100

e.g.$19,748M ÷ $20,377M × 100 = 97%

termsOperating income · Income before income taxes (pretax income)

formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365

e.g.($6,185M + $6,056M) ÷ 2 ÷ $87,032M × 365 = 26 days

termsAccounts receivable · Revenue (net sales)

formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365

e.g.($7,551M + $8,170M) ÷ 2 ÷ $43,362M × 365 = 66 days

termsInventory · Cost of revenue (COGS)

18

Who holds the sharesFrom SEC dataShow

How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.

Institutions, insiders and everyone else, 13F holdings as of 2026-06-30

“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.

Held by 13F filers
70.3%
Directors & officers (shares)
0.2%
Everyone else (est.)
29.5%

individuals and other non-13F holders

Directors & officers (voting power)
0.2%

no separate voting figure; shown as shares

Institutional-ownership rank
376 of 416

1 = most institutional; 90% of covered companies have more

Beta (adjusted)
0.43

above 1 = swings more than the market

  • 1,633.7M shares reported by 4,017 13F filers ÷ 2,324.4M shares outstanding on 2026-07-31. Option positions are excluded.
  • Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
  • A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.

Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-08-28 (beneficial ownership table) · Form 10-K cover page (shares outstanding as of 2026-07-31)

19

Strengths & weaknessesSite analysis

Strengths

  1. 1. Category leadership

    Over 60% global blades and razors share; nearly 30% oral care; about 20% hair care.

    Evidence: Form 10-K (FY2026, year ended 2026-06-30)

  2. 2. Steady earnings

    Net earnings attributable between $14.3B and $16.0B every year FY2021–FY2026.

    Evidence: Form 10-K (FY2026, year ended 2026-06-30)

  3. 3. Strong cash flow

    Operating cash flow of $19,556M in fiscal 2026.

    Evidence: Form 10-K (FY2026, year ended 2026-06-30)

Weaknesses

  1. 1. Slow growth

    Net sales grew about 2.7% a year from FY2021 to FY2026.

    Evidence: Form 10-K (FY2026, year ended 2026-06-30)

  2. 2. Customer concentration

    Walmart ~16% and top ten customers ~43% of sales.

    Evidence: Form 10-K (FY2026, year ended 2026-06-30)

  3. 3. Restructuring

    Up to 7,000 overhead roles cut; headcount down 4% in fiscal 2026.

    Evidence: Form 10-K (FY2026, year ended 2026-06-30)

20

What draws investors to itSite analysis

Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.

P/E (FY2026)

22.2x

Price at fiscal year-end ÷ diluted EPS

Dividend yield (FY2026)

2.90%

Dividends per share ÷ fiscal year-end price

Payout ratio (FY2026)

64%

Dividends per share ÷ diluted EPS

FCF yield (FY2026)

4.4%

(Operating CF − capex) ÷ market cap

  1. 1. Dividend reliability

    Dividends per share rose every year FY2021–FY2026 (to $4.26).

    What has to hold
    Leading brands generate stable cash.
    The other side
    Slow sales growth.

    Evidence: Form 10-K (FY2026, year ended 2026-06-30)

  2. 2. Defensive demand

    Daily-use products with leading shares.

    What has to hold
    Consumers keep buying in downturns.
    The other side
    Private-label competition.

    Evidence: Form 10-K (FY2026, year ended 2026-06-30)

Fiscal years end June 30.

21

ResilienceSite analysisShow

How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.

1. Financial buffer (FY2026)

Cash & short-term investments ÷ debt due within a year

0.9x

$9.94B vs. $11.3B

Interest coverage (operating income ÷ interest expense)

22.5x

$19.75B vs. $877M

Free cash flow ÷ dividends paid

1.5x

$15.15B vs. $10.23B (FCF = operating CF − capex)

2. Worst year in the record, and the recovery

FigureWorst year-over-year changeBack to the prior level?
RevenueNo decline in the record—
Operating income-3.4% in FY2026 ($20.45B → $19.75B)Not yet, as of FY2026

Covers only the 6 fiscal years on record (FY2021–FY2026), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.

3. Business resilience (from the 10-K)

  • Profitable every year

    Net earnings attributable positive every year FY2021–FY2026; low $14,306M in FY2021.

    Source: Form 10-K (FY2026, year ended 2026-06-30)

23

Risks (including geopolitical)Site analysis

Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.

Risk map

Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).

Impact
High
Med
4
123
Low
5
LowMedHigh

Likelihood →

"Company disclosure" vs. "this site’s assessment"

The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.

Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.

  1. 1Competition & technology shift

    Branded and private label

    Company disclosure (summarized from the 10-K)
    Competes with global and local brands and retailers’ private labels.
    Company’s stated mitigation
    We invest in research and development and consumer insights to invent new categories or products and innovate our existing products, ensuring they meet evolving consumer needs and preferences.
    This site’s assessment
    Impact Med / Likelihood High
  2. 2Costs & inflation

    Commodity and tariff costs

    Company disclosure (summarized from the 10-K)
    Raw material, packaging and transport costs.
    Company’s stated mitigation
    Not stated in the filings.
    This site’s assessment
    Impact Med / Likelihood High
  3. 3FX & interest rates

    Currency

    Company disclosure (summarized from the 10-K)
    About half of sales are international.
    Company’s stated mitigation
    Certain interest rate swaps denominated in foreign currencies are designated to hedge exposures to currency exchange rate movements on our investments in foreign operations.
    This site’s assessment
    Impact Med / Likelihood High
  4. 4Customer/supplier concentration

    Retailer power

    Company disclosure (summarized from the 10-K)
    Large retailers increase bargaining power.
    Company’s stated mitigation
    Not stated in the filings.
    This site’s assessment
    Impact Med / Likelihood Med
  5. 5Geopolitics & supply chain

    Enterprise markets

    Company disclosure (summarized from the 10-K)
    Restructuring in markets such as Argentina and Nigeria.
    Company’s stated mitigation
    Not stated in the filings.
    This site’s assessment
    Impact Low / Likelihood Med

24

What changed in the risk factorsFrom SEC data

Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.

New or substantially reworded (1)

  • The conflict in the Middle East could also adversely impact our financial results and operations due to, for example, volatility in global energy markets, supply chain disruptions, inflationary pressures or trade restrictions.

No longer in the text (4)

  • We must successfully manage the demand, supply and operational challenges associated with the effects of any future disease outbreak, including epidemics, pandemics or similar widespread public health concerns.

  • Our business may be negatively impacted by the fear of exposure to or actual effects of a disease outbreak, epidemic, pandemic or similar widespread public health concern. Read more

    These impacts may include, but are not limited to:

  • • Significant reductions in demand or significant volatility in demand for one or more of our products, which may be caused by, among other things: Read more

    the temporary inability of consumers to purchase our products due to illness, quarantine or other travel restrictions or financial hardship, shifts in demand away from one or more of our more discretionary or higher priced products to lower priced products or stockpiling or similar pantry-loading activity. If prolonged, such impacts can further increase the difficulty of business or operations planning and may adversely impact our results of operations and cash flows; or

  • • Significant changes in the political conditions in markets in which we manufacture, sell or distribute our products, including quarantines, import/export restrictions, tariffs, price controls, or governmental or regulatory actions, closures or other restrictions that limit or close our operating and manufacturing facilities, restrict our employees’ ability to travel or perform necessary business functions or otherwise prevent our third-party partners, suppliers or customers from sufficiently staffing operations.

1 more paragraphs differ; the filings below have the full text.

Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Aug 4, 2026 ↗ with the 10-K filed Aug 4, 2025 ↗.

25

What to watch going forwardSite analysis

  • Organic sales growth and volume.
  • Restructuring savings.
  • Commodity and tariff costs.
  • Dividend increases.

26

Source documentsShow

This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.

Last updated

Analysis last edited: October 31, 2026 · Financial data fetched: October 31, 2026 02:21 (SEC EDGAR) · Source 10-K filed: August 4, 2026

Built on10-K FY2026 · filed 2026-08-04Proxy statement (2026)

Next update expectedAfter FY2027’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.

This page is this site’s own analysis based on public information, and does not represent Procter & Gamble’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.