Current Ratio
since 2005
Calculation
Procter & Gamble Co., current ratio, long-term trends, calculation
| Current ratio | = | Current assets1 | ÷ | Current liabilities1 | |
|---|---|---|---|---|---|
| Jun 30, 2026 | 0.68 | = | 26,208) | ÷ | 38,694) |
| Jun 30, 2025 | 0.70 | = | 25,392) | ÷ | 36,058) |
| Jun 30, 2024 | 0.73 | = | 24,709) | ÷ | 33,627) |
| Jun 30, 2023 | 0.63 | = | 22,648) | ÷ | 35,756) |
| Jun 30, 2022 | 0.65 | = | 21,653) | ÷ | 33,081) |
| Jun 30, 2021 | 0.70 | = | 23,091) | ÷ | 33,132) |
| Jun 30, 2020 | 0.85 | = | 27,987) | ÷ | 32,976) |
| Jun 30, 2019 | 0.75 | = | 22,473) | ÷ | 30,011) |
| Jun 30, 2018 | 0.83 | = | 23,320) | ÷ | 28,237) |
| Jun 30, 2017 | 0.88 | = | 26,494) | ÷ | 30,210) |
| Jun 30, 2016 | 1.10 | = | 33,782) | ÷ | 30,770) |
| Jun 30, 2015 | 1.00 | = | 29,646) | ÷ | 29,790) |
| Jun 30, 2014 | 0.94 | = | 31,617) | ÷ | 33,726) |
| Jun 30, 2013 | 0.80 | = | 23,990) | ÷ | 30,037) |
| Jun 30, 2012 | 0.88 | = | 21,910) | ÷ | 24,907) |
| Jun 30, 2011 | 0.80 | = | 21,970) | ÷ | 27,293) |
| Jun 30, 2010 | 0.77 | = | 18,782) | ÷ | 24,282) |
| Jun 30, 2009 | 0.71 | = | 21,905) | ÷ | 30,901) |
| Jun 30, 2008 | 0.79 | = | 24,515) | ÷ | 30,958) |
| Jun 30, 2007 | 0.78 | = | 24,031) | ÷ | 30,717) |
| Jun 30, 2006 | 1.22 | = | 24,329) | ÷ | 19,985) |
| Jun 30, 2005 | 0.81 | = | 20,329) | ÷ | 25,039) |
Based on: 10-K (reporting date: 2026-06-30), 10-K (reporting date: 2025-06-30), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-06-30), 10-K (reporting date: 2010-06-30), 10-K (reporting date: 2009-06-30), 10-K (reporting date: 2008-06-30), 10-K (reporting date: 2007-06-30), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-06-30).
1 US$ in millions
The liquidity position from 2005 through 2026 is characterized by a persistent trend of operating with a current ratio frequently below 1.0, indicating that current liabilities often exceed current assets. While there were intermittent periods of liquidity improvement, the long-term trajectory shows a contraction in the current ratio, particularly in the most recent decade of the observed period.
- Current Ratio Fluctuations
- The current ratio experienced notable peaks in 2006 (1.22) and 2016 (1.10), representing the only periods where liquidity significantly exceeded 1.0. Following the 2016 peak, a sustained downward trend emerged, with the ratio declining to a low of 0.63 in 2022 before stabilizing between 0.68 and 0.73 from 2023 to 2026.
- Current Asset Trends
- Current assets remained relatively range-bound over the two-decade span. Values fluctuated between a low of 18.8 billion in 2010 and a peak of 33.8 billion in 2016. In the final five years of the analysis, assets have stabilized, trending gradually upward from 21.7 billion in 2022 to a projected 26.2 billion by 2026.
- Current Liability Expansion
- A significant upward trend in current liabilities is observed, which has acted as the primary driver for the declining current ratio. Liabilities grew from 25.0 billion in 2005 to a projected 38.7 billion by 2026. The most pronounced increase occurred after 2020, where liabilities consistently remained above 33 billion, outstripping the growth rate of current assets.
- Liquidity Synthesis
- The widening gap between current assets and current liabilities since 2016 suggests a strategic shift or an operational reliance on short-term financing and efficient working capital management. The consistent current ratio below 1.0 for the majority of the period indicates a structural deficit in net working capital, with the most acute pressure occurring between 2021 and 2023.
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Comparison to Industry (Consumer Staples)
Procter & Gamble Co., current ratio, long-term trends, comparison to industry (consumer staples)
| Procter & Gamble Co. | Consumer Staples | |
|---|---|---|
| Jun 30, 2026 | 0.68 | — |
| Jun 30, 2025 | 0.70 | 0.89 |
| Jun 30, 2024 | 0.73 | 0.85 |
| Jun 30, 2023 | 0.63 | 0.84 |
| Jun 30, 2022 | 0.65 | 0.87 |
| Jun 30, 2021 | 0.70 | 0.93 |
| Jun 30, 2020 | 0.85 | 0.92 |
| Jun 30, 2019 | 0.75 | 0.82 |
| Jun 30, 2018 | 0.83 | 0.87 |
| Jun 30, 2017 | 0.88 | 1.02 |
| Jun 30, 2016 | 1.10 | 1.04 |
| Jun 30, 2015 | 1.00 | 1.06 |
| Jun 30, 2014 | 0.94 | 0.97 |
| Jun 30, 2013 | 0.80 | 0.97 |
| Jun 30, 2012 | 0.88 | 0.99 |
| Jun 30, 2011 | 0.80 | 0.97 |
| Jun 30, 2010 | 0.77 | 1.01 |
| Jun 30, 2009 | 0.71 | 1.03 |
| Jun 30, 2008 | 0.79 | 0.98 |
| Jun 30, 2007 | 0.78 | 0.91 |
| Jun 30, 2006 | 1.22 | 1.04 |
| Jun 30, 2005 | 0.81 | 0.99 |
Based on: 10-K (reporting date: 2026-06-30), 10-K (reporting date: 2025-06-30), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-06-30), 10-K (reporting date: 2010-06-30), 10-K (reporting date: 2009-06-30), 10-K (reporting date: 2008-06-30), 10-K (reporting date: 2007-06-30), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-06-30).