Debt to Equity
since 2005
Calculation
Procter & Gamble Co., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Shareholders’ equity attributable to Procter & Gamble1 | |
|---|---|---|---|---|---|
| Jun 30, 2024 | 0.65 | = | 32,460) | ÷ | 50,287) |
| Jun 30, 2023 | 0.74 | = | 34,607) | ÷ | 46,777) |
| Jun 30, 2022 | 0.68 | = | 31,493) | ÷ | 46,589) |
| Jun 30, 2021 | 0.69 | = | 31,988) | ÷ | 46,378) |
| Jun 30, 2020 | 0.75 | = | 34,720) | ÷ | 46,521) |
| Jun 30, 2019 | 0.64 | = | 30,092) | ÷ | 47,194) |
| Jun 30, 2018 | 0.60 | = | 31,286) | ÷ | 52,293) |
| Jun 30, 2017 | 0.57 | = | 31,592) | ÷ | 55,184) |
| Jun 30, 2016 | 0.53 | = | 30,598) | ÷ | 57,341) |
| Jun 30, 2015 | 0.49 | = | 30,350) | ÷ | 62,419) |
| Jun 30, 2014 | 0.51 | = | 35,417) | ÷ | 69,214) |
| Jun 30, 2013 | 0.46 | = | 31,543) | ÷ | 68,064) |
| Jun 30, 2012 | 0.47 | = | 29,778) | ÷ | 63,439) |
| Jun 30, 2011 | 0.47 | = | 32,014) | ÷ | 67,640) |
| Jun 30, 2010 | 0.49 | = | 29,832) | ÷ | 61,115) |
| Jun 30, 2009 | 0.59 | = | 36,972) | ÷ | 63,099) |
| Jun 30, 2008 | 0.53 | = | 36,665) | ÷ | 69,494) |
| Jun 30, 2007 | 0.53 | = | 35,414) | ÷ | 66,760) |
| Jun 30, 2006 | 0.61 | = | 38,104) | ÷ | 62,908) |
| Jun 30, 2005 | 1.39 | = | 24,328) | ÷ | 17,477) |
Based on: 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 analysis of the financial data over the reported periods reveals distinct trends in the total debt, shareholders’ equity, and debt to equity ratio.
- Total Debt
- The total debt exhibits fluctuations across the years, starting at $24,328 million in 2005 and peaking notably at $38,104 million in 2006. Following this peak, the debt generally decreases until 2010 when it drops to $29,832 million. Thereafter, the debt shows a cyclical pattern with moderate increases and decreases, reaching a low of approximately $29,778 million in 2012 and rising again to highs around $35,417 million in 2013 and $34,720 million in 2020. The most recent figure in 2024 shows a total debt of $32,460 million, indicating relative stability compared to previous peaks.
- Shareholders’ Equity
- Shareholders’ equity shows a significant increase from 2005 to 2007, rising sharply from $17,477 million to $66,760 million. After peaking in 2008 at $69,494 million, the equity generally declines over the subsequent years, falling to a low of approximately $46,521 million in 2020. The equity remains relatively stable around this level through 2022 and 2023 before experiencing a marginal increase to $50,287 million in 2024.
- Debt to Equity Ratio
- The debt to equity ratio notably declines steeply from 1.39 in 2005 to 0.53 in 2007 and remains relatively stable around the 0.5 to 0.6 range until 2015. From 2015 onward, the ratio trends upwards gradually, reaching its highest point within this period of 0.75 in 2020. It decreases slightly in the following years, ending at 0.65 in 2024, suggesting a moderate increase in leverage compared to the earlier years but still below the initial high.
Overall, the data reflect a company that initially reduced leverage substantially after 2005, stabilizing its debt relative to equity for several years. However, recent years indicate a moderate increase in debt levels compared to equity. The decline in shareholders’ equity after the 2008 peak contributes to the higher leverage ratios observed since 2015. These patterns highlight an evolving capital structure with heightened indebtedness relative to equity in the latter years of the period under review.
Comparison to Industry (Consumer Staples)
Procter & Gamble Co., debt to equity, long-term trends, comparison to industry (consumer staples)
| Procter & Gamble Co. | Consumer Staples | |
|---|---|---|
| Jun 30, 2024 | 0.65 | 1.11 |
| Jun 30, 2023 | 0.74 | 1.15 |
| Jun 30, 2022 | 0.68 | 1.07 |
| Jun 30, 2021 | 0.69 | 1.07 |
| Jun 30, 2020 | 0.75 | 1.24 |
| Jun 30, 2019 | 0.64 | 1.18 |
| Jun 30, 2018 | 0.60 | 1.11 |
| Jun 30, 2017 | 0.57 | 1.20 |
| Jun 30, 2016 | 0.53 | 1.09 |
| Jun 30, 2015 | 0.49 | 1.00 |
| Jun 30, 2014 | 0.51 | 0.96 |
| Jun 30, 2013 | 0.46 | 0.87 |
| Jun 30, 2012 | 0.47 | 0.83 |
| Jun 30, 2011 | 0.47 | 0.80 |
| Jun 30, 2010 | 0.49 | 0.74 |
| Jun 30, 2009 | 0.59 | 0.69 |
| Jun 30, 2008 | 0.53 | 0.68 |
| Jun 30, 2007 | 0.53 | 0.55 |
| Jun 30, 2006 | 0.61 | 0.52 |
| Jun 30, 2005 | 1.39 | 0.59 |
Based on: 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).