Stock Analysis on Net
Stock Analysis on Net

Procter & Gamble Co. (NYSE:PG)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Procter & Gamble Co., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Dec 31, 2023 30.43% = 12.24% × 2.49
Sep 30, 2023 31.94% = 12.43% × 2.57
Jun 30, 2023 31.33% = 12.13% × 2.58
Mar 31, 2023 31.73% = 11.95% × 2.66
Dec 31, 2022 32.12% = 12.13% × 2.65
Sep 30, 2022 33.06% = 12.53% × 2.64
Jun 30, 2022 31.64% = 12.58% × 2.52
Mar 31, 2022 32.09% = 12.14% × 2.64
Dec 31, 2021 32.52% = 11.95% × 2.72
Sep 30, 2021 30.67% = 11.82% × 2.60
Jun 30, 2021 30.85% = 11.99% × 2.57
Mar 31, 2021 30.47% = 12.16% × 2.51
Dec 31, 2020 28.74% = 11.53% × 2.49
Sep 30, 2020 28.46% = 11.44% × 2.49
Jun 30, 2020 28.00% = 10.79% × 2.59
Mar 31, 2020 10.95% = 4.21% × 2.60
Dec 31, 2019 10.57% = 4.31% × 2.45
Sep 30, 2019 9.21% = 3.76% × 2.45
Jun 30, 2019 8.26% = 3.39% × 2.44
Mar 31, 2019 20.03% = 9.06% × 2.21
Dec 31, 2018 19.99% = 8.73% × 2.29
Sep 30, 2018 19.33% = 8.52% × 2.27
Jun 30, 2018 18.64% = 8.24% × 2.26
Mar 31, 2018 — = — × 2.29
Dec 31, 2017 — = — × 2.34
Sep 30, 2017 — = — × 2.24

Based on: 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30).

The primary reason for the decrease in return on equity ratio (ROE) over Q2 2024 is the decrease in financial leverage ratio.

Three-Component Disaggregation of ROE

Procter & Gamble Co., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Dec 31, 2023 30.43% = 17.60% × 0.70 × 2.49
Sep 30, 2023 31.94% = 18.30% × 0.68 × 2.57
Jun 30, 2023 31.33% = 17.87% × 0.68 × 2.58
Mar 31, 2023 31.73% = 17.69% × 0.68 × 2.66
Dec 31, 2022 32.12% = 17.79% × 0.68 × 2.65
Sep 30, 2022 33.06% = 18.11% × 0.69 × 2.64
Jun 30, 2022 31.64% = 18.38% × 0.68 × 2.52
Mar 31, 2022 32.09% = 18.33% × 0.66 × 2.64
Dec 31, 2021 32.52% = 18.52% × 0.65 × 2.72
Sep 30, 2021 30.67% = 18.33% × 0.64 × 2.60
Jun 30, 2021 30.85% = 18.79% × 0.64 × 2.57
Mar 31, 2021 30.47% = 18.97% × 0.64 × 2.51
Dec 31, 2020 28.74% = 18.72% × 0.62 × 2.49
Sep 30, 2020 28.46% = 18.92% × 0.60 × 2.49
Jun 30, 2020 28.00% = 18.36% × 0.59 × 2.59
Mar 31, 2020 10.95% = 7.09% × 0.59 × 2.60
Dec 31, 2019 10.57% = 6.92% × 0.62 × 2.45
Sep 30, 2019 9.21% = 6.24% × 0.60 × 2.45
Jun 30, 2019 8.26% = 5.76% × 0.59 × 2.44
Mar 31, 2019 20.03% = 16.44% × 0.55 × 2.21
Dec 31, 2018 19.99% = 16.13% × 0.54 × 2.29
Sep 30, 2018 19.33% = 15.10% × 0.56 × 2.27
Jun 30, 2018 18.64% = 14.59% × 0.56 × 2.26
Mar 31, 2018 — = — × — × 2.29
Dec 31, 2017 — = — × — × 2.34
Sep 30, 2017 — = — × — × 2.24

Based on: 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30).

The primary reason for the decrease in return on equity ratio (ROE) over Q2 2024 is the decrease in profitability measured by net profit margin ratio.

Five-Component Disaggregation of ROE

Procter & Gamble Co., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Dec 31, 2023 30.43% = 0.79 × 0.95 × 23.42% × 0.70 × 2.49
Sep 30, 2023 31.94% = 0.80 × 0.96 × 23.92% × 0.68 × 2.57
Jun 30, 2023 31.33% = 0.80 × 0.96 × 23.20% × 0.68 × 2.58
Mar 31, 2023 31.73% = 0.81 × 0.97 × 22.62% × 0.68 × 2.66
Dec 31, 2022 32.12% = 0.82 × 0.97 × 22.42% × 0.68 × 2.65
Sep 30, 2022 33.06% = 0.81 × 0.98 × 22.80% × 0.69 × 2.64
Jun 30, 2022 31.64% = 0.82 × 0.98 × 22.93% × 0.68 × 2.52
Mar 31, 2022 32.09% = 0.82 × 0.98 × 22.99% × 0.66 × 2.64
Dec 31, 2021 32.52% = 0.82 × 0.98 × 23.15% × 0.65 × 2.72
Sep 30, 2021 30.67% = 0.82 × 0.97 × 23.07% × 0.64 × 2.60
Jun 30, 2021 30.85% = 0.81 × 0.97 × 23.74% × 0.64 × 2.57
Mar 31, 2021 30.47% = 0.81 × 0.97 × 24.07% × 0.64 × 2.51
Dec 31, 2020 28.74% = 0.81 × 0.97 × 23.76% × 0.62 × 2.49
Sep 30, 2020 28.46% = 0.82 × 0.97 × 23.73% × 0.60 × 2.49
Jun 30, 2020 28.00% = 0.83 × 0.97 × 22.87% × 0.59 × 2.59
Mar 31, 2020 10.95% = 0.69 × 0.95 × 10.85% × 0.59 × 2.60
Dec 31, 2019 10.57% = 0.69 × 0.94 × 10.71% × 0.62 × 2.45
Sep 30, 2019 9.21% = 0.67 × 0.93 × 10.00% × 0.60 × 2.45
Jun 30, 2019 8.26% = 0.65 × 0.92 × 9.62% × 0.59 × 2.44
Mar 31, 2019 20.03% = 0.83 × 0.96 × 20.71% × 0.55 × 2.21
Dec 31, 2018 19.99% = 0.81 × 0.96 × 20.73% × 0.54 × 2.29
Sep 30, 2018 19.33% = 0.75 × 0.96 × 20.83% × 0.56 × 2.27
Jun 30, 2018 18.64% = 0.74 × 0.96 × 20.53% × 0.56 × 2.26
Mar 31, 2018 — = — × — × — × — × 2.29
Dec 31, 2017 — = — × — × — × — × 2.34
Sep 30, 2017 — = — × — × — × — × 2.24

Based on: 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30).

The primary reason for the decrease in return on equity ratio (ROE) over Q2 2024 is the decrease in financial leverage ratio.

Two-Component Disaggregation of ROA

Procter & Gamble Co., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Dec 31, 2023 12.24% = 17.60% × 0.70
Sep 30, 2023 12.43% = 18.30% × 0.68
Jun 30, 2023 12.13% = 17.87% × 0.68
Mar 31, 2023 11.95% = 17.69% × 0.68
Dec 31, 2022 12.13% = 17.79% × 0.68
Sep 30, 2022 12.53% = 18.11% × 0.69
Jun 30, 2022 12.58% = 18.38% × 0.68
Mar 31, 2022 12.14% = 18.33% × 0.66
Dec 31, 2021 11.95% = 18.52% × 0.65
Sep 30, 2021 11.82% = 18.33% × 0.64
Jun 30, 2021 11.99% = 18.79% × 0.64
Mar 31, 2021 12.16% = 18.97% × 0.64
Dec 31, 2020 11.53% = 18.72% × 0.62
Sep 30, 2020 11.44% = 18.92% × 0.60
Jun 30, 2020 10.79% = 18.36% × 0.59
Mar 31, 2020 4.21% = 7.09% × 0.59
Dec 31, 2019 4.31% = 6.92% × 0.62
Sep 30, 2019 3.76% = 6.24% × 0.60
Jun 30, 2019 3.39% = 5.76% × 0.59
Mar 31, 2019 9.06% = 16.44% × 0.55
Dec 31, 2018 8.73% = 16.13% × 0.54
Sep 30, 2018 8.52% = 15.10% × 0.56
Jun 30, 2018 8.24% = 14.59% × 0.56
Mar 31, 2018 — = — × —
Dec 31, 2017 — = — × —
Sep 30, 2017 — = — × —

Based on: 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30).

The primary reason for the decrease in return on assets ratio (ROA) over Q2 2024 is the decrease in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

Procter & Gamble Co., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Dec 31, 2023 12.24% = 0.79 × 0.95 × 23.42% × 0.70
Sep 30, 2023 12.43% = 0.80 × 0.96 × 23.92% × 0.68
Jun 30, 2023 12.13% = 0.80 × 0.96 × 23.20% × 0.68
Mar 31, 2023 11.95% = 0.81 × 0.97 × 22.62% × 0.68
Dec 31, 2022 12.13% = 0.82 × 0.97 × 22.42% × 0.68
Sep 30, 2022 12.53% = 0.81 × 0.98 × 22.80% × 0.69
Jun 30, 2022 12.58% = 0.82 × 0.98 × 22.93% × 0.68
Mar 31, 2022 12.14% = 0.82 × 0.98 × 22.99% × 0.66
Dec 31, 2021 11.95% = 0.82 × 0.98 × 23.15% × 0.65
Sep 30, 2021 11.82% = 0.82 × 0.97 × 23.07% × 0.64
Jun 30, 2021 11.99% = 0.81 × 0.97 × 23.74% × 0.64
Mar 31, 2021 12.16% = 0.81 × 0.97 × 24.07% × 0.64
Dec 31, 2020 11.53% = 0.81 × 0.97 × 23.76% × 0.62
Sep 30, 2020 11.44% = 0.82 × 0.97 × 23.73% × 0.60
Jun 30, 2020 10.79% = 0.83 × 0.97 × 22.87% × 0.59
Mar 31, 2020 4.21% = 0.69 × 0.95 × 10.85% × 0.59
Dec 31, 2019 4.31% = 0.69 × 0.94 × 10.71% × 0.62
Sep 30, 2019 3.76% = 0.67 × 0.93 × 10.00% × 0.60
Jun 30, 2019 3.39% = 0.65 × 0.92 × 9.62% × 0.59
Mar 31, 2019 9.06% = 0.83 × 0.96 × 20.71% × 0.55
Dec 31, 2018 8.73% = 0.81 × 0.96 × 20.73% × 0.54
Sep 30, 2018 8.52% = 0.75 × 0.96 × 20.83% × 0.56
Jun 30, 2018 8.24% = 0.74 × 0.96 × 20.53% × 0.56
Mar 31, 2018 — = — × — × — × —
Dec 31, 2017 — = — × — × — × —
Sep 30, 2017 — = — × — × — × —

Based on: 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30).

The primary reason for the decrease in return on assets ratio (ROA) over Q2 2024 is the decrease in operating profitability measured by EBIT margin ratio.

Disaggregation of Net Profit Margin

Procter & Gamble Co., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Dec 31, 2023 17.60% = 0.79 × 0.95 × 23.42%
Sep 30, 2023 18.30% = 0.80 × 0.96 × 23.92%
Jun 30, 2023 17.87% = 0.80 × 0.96 × 23.20%
Mar 31, 2023 17.69% = 0.81 × 0.97 × 22.62%
Dec 31, 2022 17.79% = 0.82 × 0.97 × 22.42%
Sep 30, 2022 18.11% = 0.81 × 0.98 × 22.80%
Jun 30, 2022 18.38% = 0.82 × 0.98 × 22.93%
Mar 31, 2022 18.33% = 0.82 × 0.98 × 22.99%
Dec 31, 2021 18.52% = 0.82 × 0.98 × 23.15%
Sep 30, 2021 18.33% = 0.82 × 0.97 × 23.07%
Jun 30, 2021 18.79% = 0.81 × 0.97 × 23.74%
Mar 31, 2021 18.97% = 0.81 × 0.97 × 24.07%
Dec 31, 2020 18.72% = 0.81 × 0.97 × 23.76%
Sep 30, 2020 18.92% = 0.82 × 0.97 × 23.73%
Jun 30, 2020 18.36% = 0.83 × 0.97 × 22.87%
Mar 31, 2020 7.09% = 0.69 × 0.95 × 10.85%
Dec 31, 2019 6.92% = 0.69 × 0.94 × 10.71%
Sep 30, 2019 6.24% = 0.67 × 0.93 × 10.00%
Jun 30, 2019 5.76% = 0.65 × 0.92 × 9.62%
Mar 31, 2019 16.44% = 0.83 × 0.96 × 20.71%
Dec 31, 2018 16.13% = 0.81 × 0.96 × 20.73%
Sep 30, 2018 15.10% = 0.75 × 0.96 × 20.83%
Jun 30, 2018 14.59% = 0.74 × 0.96 × 20.53%
Mar 31, 2018 — = — × — × —
Dec 31, 2017 — = — × — × —
Sep 30, 2017 — = — × — × —

Based on: 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30).

The primary reason for the decrease in net profit margin ratio over Q2 2024 is the decrease in operating profitability measured by EBIT margin ratio.