Price to Operating Profit (P/OP)
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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 | = | ÷ | = | ÷ | |||||||
| Aug 4, 2025 | = | ÷ | = | ÷ | |||||||
| Aug 5, 2024 | = | ÷ | = | ÷ | |||||||
| Aug 4, 2023 | = | ÷ | = | ÷ | |||||||
| Aug 5, 2022 | = | ÷ | = | ÷ | |||||||
| Aug 6, 2021 | = | ÷ | = | ÷ | |||||||
| Aug 6, 2020 | = | ÷ | = | ÷ | |||||||
| Aug 6, 2019 | = | ÷ | = | ÷ | |||||||
| Aug 7, 2018 | = | ÷ | = | ÷ | |||||||
| Aug 7, 2017 | = | ÷ | = | ÷ | |||||||
| Aug 9, 2016 | = | ÷ | = | ÷ | |||||||
| Aug 7, 2015 | = | ÷ | = | ÷ | |||||||
| Aug 8, 2014 | = | ÷ | = | ÷ | |||||||
| Aug 8, 2013 | = | ÷ | = | ÷ | |||||||
| Aug 8, 2012 | = | ÷ | = | ÷ | |||||||
| Aug 10, 2011 | = | ÷ | = | ÷ | |||||||
| Aug 13, 2010 | = | ÷ | = | ÷ | |||||||
| Aug 14, 2009 | = | ÷ | = | ÷ | |||||||
| Aug 28, 2008 | = | ÷ | = | ÷ | |||||||
| Aug 28, 2007 | = | ÷ | = | ÷ | |||||||
| Aug 29, 2006 | = | ÷ | = | ÷ | |||||||
| Aug 29, 2005 | = | ÷ | = | ÷ |
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.