Price to Operating Profit (P/OP)
since 2005
Calculation
Procter & Gamble Co., P/OP, long-term trends, calculation
| P/OP | = | Share price1, 2, 3 | ÷ | Operating profit per share1 | Operating profit per share1 | = | Operating income1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Aug 4, 2026 | 17.42 | = | 148.01 | ÷ | 8.50 | 8.50 | = | 19,748 | ÷ | 2,324,433,060 | |
| Aug 4, 2025 | 17.27 | = | 150.76 | ÷ | 8.73 | 8.73 | = | 20,451 | ÷ | 2,342,371,488 | |
| Aug 5, 2024 | 21.33 | = | 168.06 | ÷ | 7.88 | 7.88 | = | 18,545 | ÷ | 2,354,050,987 | |
| Aug 4, 2023 | 20.19 | = | 155.28 | ÷ | 7.69 | 7.69 | = | 18,134 | ÷ | 2,357,306,187 | |
| Aug 5, 2022 | 19.41 | = | 144.72 | ÷ | 7.45 | 7.45 | = | 17,813 | ÷ | 2,389,553,883 | |
| Aug 6, 2021 | 19.08 | = | 141.41 | ÷ | 7.41 | 7.41 | = | 17,986 | ÷ | 2,427,424,874 | |
| Aug 6, 2020 | 21.01 | = | 132.71 | ÷ | 6.32 | 6.32 | = | 15,706 | ÷ | 2,486,086,692 | |
| Aug 6, 2019 | 52.12 | = | 114.28 | ÷ | 2.19 | 2.19 | = | 5,487 | ÷ | 2,502,259,668 | |
| Aug 7, 2018 | 15.00 | = | 82.64 | ÷ | 5.51 | 5.51 | = | 13,711 | ÷ | 2,488,011,390 | |
| Aug 7, 2017 | 16.71 | = | 91.44 | ÷ | 5.47 | 5.47 | = | 13,955 | ÷ | 2,550,014,230 | |
| Aug 9, 2016 | 17.07 | = | 85.99 | ÷ | 5.04 | 5.04 | = | 13,441 | ÷ | 2,668,751,125 | |
| Aug 7, 2015 | 17.37 | = | 75.48 | ÷ | 4.35 | 4.35 | = | 11,790 | ÷ | 2,712,561,733 | |
| Aug 8, 2014 | 14.34 | = | 80.95 | ÷ | 5.65 | 5.65 | = | 15,288 | ÷ | 2,707,652,337 | |
| Aug 8, 2013 | 15.54 | = | 82.17 | ÷ | 5.29 | 5.29 | = | 14,481 | ÷ | 2,738,760,542 | |
| Aug 8, 2012 | 13.83 | = | 66.72 | ÷ | 4.83 | 4.83 | = | 13,292 | ÷ | 2,754,274,536 | |
| Aug 10, 2011 | 10.16 | = | 58.51 | ÷ | 5.76 | 5.76 | = | 15,818 | ÷ | 2,747,768,202 | |
| Aug 13, 2010 | 10.60 | = | 59.82 | ÷ | 5.64 | 5.64 | = | 16,021 | ÷ | 2,838,474,868 | |
| Aug 14, 2009 | 9.48 | = | 52.37 | ÷ | 5.52 | 5.52 | = | 16,123 | ÷ | 2,918,890,075 | |
| Aug 28, 2008 | 12.61 | = | 71.01 | ÷ | 5.63 | 5.63 | = | 17,083 | ÷ | 3,034,310,829 | |
| Aug 28, 2007 | 13.07 | = | 64.70 | ÷ | 4.95 | 4.95 | = | 15,450 | ÷ | 3,120,750,759 | |
| Aug 29, 2006 | 14.67 | = | 61.20 | ÷ | 4.17 | 4.17 | = | 13,249 | ÷ | 3,175,086,100 | |
| Aug 29, 2005 | 12.53 | = | 55.64 | ÷ | 4.44 | 4.44 | = | 10,927 | ÷ | 2,461,253,748 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Procter & Gamble Co. Annual Report.
The financial trajectory from 2005 to 2026 exhibits a distinct transition in valuation multiples and operational performance. For the first decade, the price-to-operating profit (P/OP) ratio remained relatively stable, generally oscillating between 9.48 and 17.37. This period was characterized by moderate share price appreciation and consistent operating profits per share. However, a significant volatility event occurred in 2019, followed by a structural shift in both share price and profit levels.
- Share Price Performance
- A long-term upward trend is evident, with the share price rising from 55.64 in 2005 to a peak of 168.06 in 2024. A notable acceleration in value occurred between 2018 and 2020, where the price moved from 82.64 to 132.71. Projected values for 2025 and 2026 suggest a slight correction, stabilizing in the 148.00 to 150.00 range.
- Operating Profit per Share Trends
- Operating profit per share remained largely range-bound between 4.17 and 5.76 from 2005 through 2018. A sharp contraction is observed in 2019, with profit dropping to a period low of 2.19. This was followed by a robust recovery and subsequent growth phase, with profits climbing to 7.88 by 2023 and peaking at 8.73 in 2024, indicating a significant increase in operational efficiency or pricing power in the latter part of the sequence.
- P/OP Ratio Analysis
- The P/OP ratio experienced an extreme anomaly in 2019, spiking to 52.12. This outlier was the result of the simultaneous occurrence of a share price increase and a steep decline in operating profit. Post-2019, the ratio normalized but established a new, higher baseline, trading between 19.08 and 21.33 from 2020 to 2024. This suggests a market re-rating of the company's valuation. The projections for 2025 and 2026 indicate a return toward historical norms, with the ratio moderating to approximately 17.30.
In summary, the data reflects a transition from a low-volatility valuation environment to a period of significant disruption in 2019, ultimately resulting in a higher plateau of both absolute share price and operating profit. The most recent data and projections suggest a phase of stabilization where valuations are aligning more closely with the increased operating profit levels.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?