Analysis of Geographic Areas
Procter & Gamble Co. operates in 2 regions: United States and International.
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- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
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Area Asset Turnover
Procter & Gamble Co., asset turnover by geographic area
| Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | Jun 30, 2020 | Jun 30, 2019 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| International |
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).
The annual geographic area asset turnover data reveals distinct trends in asset utilization efficiency across the United States and international markets over a six-year period ending June 30, 2024.
- United States
- The asset turnover ratio in the United States demonstrates a steady upward trajectory from 2.86 in 2019 to a peak of 3.41 in 2022. Subsequently, there is a slight decline and stabilization, with ratios of 3.39 in 2023 and 3.38 in 2024. This pattern indicates an improvement in the efficiency of asset usage to generate revenue up to 2022, followed by a marginal decrease but consistent performance in the most recent years.
- International
- International asset turnover ratios start higher than the U.S. market, at 3.46 in 2019, and show an overall increasing trend, rising to 4.26 by 2024. Notably, there is a significant jump between 2021 and 2022, increasing from 3.66 to 4.16, suggesting enhanced operational efficiency or higher revenue relative to assets in international markets. Although there is a slight dip in 2023 to 4.12, the ratio rebounds to its highest point in 2024.
- Comparative Analysis
- Throughout the observed period, the international asset turnover consistently exceeds that of the United States, indicating that the company’s international assets are utilized more efficiently to generate revenue. The greater increase and higher values suggest stronger performance improvement and possibly different market dynamics or operational strategies internationally compared to the domestic market. The U.S. market exhibits a plateauing trend in recent years, whereas the international sector shows continued growth with minor fluctuations.
Area Asset Turnover: United States
Procter & Gamble Co.; United States; area asset turnover calculation
| Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | Jun 30, 2020 | Jun 30, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | ||||||
| Long-lived assets | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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).
1 2024 Calculation
Area asset turnover = Net sales ÷ Long-lived assets
= ÷ =
- Net Sales
- Net sales show a consistent upward trend across the six-year period, increasing steadily from 28,600 million US dollars in 2019 to 40,500 million US dollars in 2024. This represents approximately a 41.6% growth over the period, indicating sustained revenue expansion in the United States geographic area.
- Long-lived Assets
- Long-lived assets have experienced gradual growth from 10,000 million US dollars in 2019 to 12,000 million US dollars in 2024. The increase, while steady, is more modest compared to net sales, with a total rise of about 20% over the six years.
- Area Asset Turnover
- The area asset turnover ratio, which measures the efficiency of asset use to generate sales, improved significantly from 2.86 in 2019 to a peak of 3.41 in 2022. After this peak, the ratio slightly declined but remained high at 3.38 in 2024. This pattern suggests increasing efficiency in utilizing long-lived assets to drive sales, with a slight stabilization or minor decrease in efficiency in the most recent years.
- Overall Analysis
- The data collectively indicate robust sales growth accompanied by moderate asset base expansion. The improvement in asset turnover ratio over the majority of the period highlights increasingly effective asset utilization. Although the ratio shows a minor decline after 2022, the overall higher level compared to earlier years points to sustained operational efficiency. The combination of these trends suggests successful management of asset resources to support expanding revenues in the United States market.
Area Asset Turnover: International
Procter & Gamble Co.; International; area asset turnover calculation
| Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | Jun 30, 2020 | Jun 30, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | ||||||
| Long-lived assets | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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).
1 2024 Calculation
Area asset turnover = Net sales ÷ Long-lived assets
= ÷ =
The analysis of the annual data for the "International" geographic area reveals several noteworthy trends across the evaluated periods from June 30, 2019, to June 30, 2024.
- Net sales
- Net sales demonstrate a generally increasing trend over the six-year period, rising from $39,100 million in 2019 to $43,500 million in 2024. There is a consistent upward movement with minor fluctuations; sales increased steadily from 2019 to 2022, reaching a peak of $43,700 million, followed by a slight decline to $43,300 million in 2023, and a modest recovery to $43,500 million in 2024.
- Long-lived assets
- Long-lived assets exhibit a downward trend over the same period. The balance decreases from $11,300 million in 2019 to $10,200 million in 2024. Fluctuations are observed within this decline, with assets rising slightly to $11,600 million in 2021 before declining consistently from 2022 onward.
- Area asset turnover
- The area asset turnover ratio shows an improving efficiency in the utilization of assets to generate sales. Starting at 3.46 in 2019, this ratio increases steadily to 4.26 in 2024. The improvement is particularly marked between 2021 and 2022, where the ratio jumps from 3.66 to 4.16, indicating enhanced asset productivity.
Overall, the data indicate a positive trend in sales performance despite a decrease in long-term assets. The growing asset turnover ratio suggests that the company is improving its efficiency in using its assets within the international segment to generate revenue. The decrease in asset base alongside rising sales could imply better asset management, divestitures, or shifts in asset composition. The slight dip in sales in 2023 followed by recovery in 2024 warrants monitoring but does not negate the overall positive growth trajectory and operational efficiency gains observed.
Net sales
Procter & Gamble Co., net sales by geographic area
US$ in millions
| Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | Jun 30, 2020 | Jun 30, 2019 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| International | ||||||
| Total |
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).
- United States Net Sales
- The net sales in the United States exhibit a consistent upward trend over the six-year period. Starting at 28.6 billion US dollars in 2019, the sales increased each year, reaching 40.5 billion US dollars by 2024. This represents a total growth of approximately 41.6% over the period, indicating strong and steady expansion within the domestic market.
- International Net Sales
- International net sales demonstrate moderate growth with some fluctuations. Beginning at 39.1 billion US dollars in 2019, the figures rose gradually to a peak of 43.7 billion US dollars in 2022. However, there was a slight decline in 2023 to 43.3 billion, followed by a minor recovery to 43.5 billion in 2024. Overall, the growth trend is less pronounced compared to the domestic segment, with a total increase of around 11.2% from 2019 to 2024.
- Total Net Sales
- Total net sales combine the domestic and international figures, showing a clear upward trajectory. From 67.7 billion US dollars in 2019, total sales rose steadily to 84 billion US dollars by 2024. This steady increase reflects the dominant contribution of United States sales growth, supplemented by moderate gains internationally. The total growth over the six years amounts to roughly 24%.
- Overall Observations
- The sales data suggest a robust domestic market growth while the international market shows slower advancement with periods of slight decline. The steady increase in overall sales primarily driven by the United States segment underlines a strong domestic consumer base or successful market strategies at home. The international sales volatility may indicate varying market conditions or competitive pressures abroad. Continuing to monitor these trends will be essential for strategic planning and resource allocation.
Long-lived assets
Procter & Gamble Co., long-lived assets by geographic area
US$ in millions
| Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | Jun 30, 2020 | Jun 30, 2019 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| International | ||||||
| Total |
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).
- United States Long-Lived Assets
- The value of long-lived assets in the United States exhibited a generally upward trend across the analyzed periods. Starting at $10,000 million in June 2019, the figure experienced a slight dip to $9,900 million in June 2020, likely reflecting specific short-term factors. From that point forward, the asset value steadily increased each year, reaching $12,000 million by June 2024. This reflects an overall growth of 20% over the five-year horizon, indicating sustained investment or valuation improvement in the domestic geographic segment.
- International Long-Lived Assets
- The international long-lived assets demonstrated more variability and a downward trend over the examined periods. Initially, assets were valued at $11,300 million in June 2019, declining to $10,800 million in June 2020. The following year showed some recovery to $11,600 million in June 2021. However, after this temporary increase, the values declined again to $10,500 million in June 2022 and remained flat through June 2023, followed by a further decrease to $10,200 million in June 2024. Overall, this represents a decline of approximately 9.7% from the initial value at the start of the period. The fluctuations and downward trend suggest challenges or divestitures in the international operations or valuation adjustments for long-lived assets outside the United States.
- Total Long-Lived Assets
- The aggregate long-lived assets, combining United States and international values, show moderate growth over the time frame. The total decreased from $21,300 million in June 2019 to $20,700 million in June 2020, mirroring the dip seen in the United States segment but also influenced by the decline internationally. Following this, total assets rose to $21,700 million in June 2021, then experienced a slight decline to $21,200 million in June 2022. The totals increased again to $21,900 million in June 2023 and reached $22,200 million in June 2024. This overall increase of about 4.2% over five years masks the divergent trends between domestic growth and international contraction.
- Insights
- The data reveal a divergence in geographic asset trends, with the United States exhibiting steady growth in long-lived asset values, while international assets show a generally declining pattern with intermittent recoveries. The combined effect yields modest overall growth in total long-lived assets over the analyzed periods. These contrasting trends may reflect strategic focus on domestic operations, possible asset sales, foreign market adjustments, or currency-related effects impacting the international asset base.