Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Procter & Gamble Co. (NYSE:PG)

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Analysis of Solvency Ratios

Beginner level

Solvency ratios also known as long-term debt ratios measure a company’s ability to meet long-term obligations.

Solvency Ratios (Summary)

Procter & Gamble Co., solvency ratios

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015
Debt Ratios
Debt to equity
Debt to equity (including operating lease liability)
Debt to capital
Debt to capital (including operating lease liability)
Debt to assets
Debt to assets (including operating lease liability)
Financial leverage
Coverage Ratios
Interest coverage
Fixed charge coverage

Based on: 10-K (filing date: 2020-08-06), 10-K (filing date: 2019-08-06), 10-K (filing date: 2018-08-07), 10-K (filing date: 2017-08-07), 10-K (filing date: 2016-08-09), 10-K (filing date: 2015-08-07).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Procter & Gamble Co.’s debt to equity ratio deteriorated from 2018 to 2019 and from 2019 to 2020.
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Procter & Gamble Co.’s debt to equity ratio (including operating lease liability) deteriorated from 2018 to 2019 and from 2019 to 2020.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Procter & Gamble Co.’s debt to capital ratio deteriorated from 2018 to 2019 and from 2019 to 2020.
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Procter & Gamble Co.’s debt to capital ratio (including operating lease liability) deteriorated from 2018 to 2019 and from 2019 to 2020.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Procter & Gamble Co.’s debt to assets ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Procter & Gamble Co.’s debt to assets ratio (including operating lease liability) improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Procter & Gamble Co.’s financial leverage ratio increased from 2018 to 2019 and from 2019 to 2020.
Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Procter & Gamble Co.’s interest coverage ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Procter & Gamble Co.’s fixed charge coverage ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Debt to Equity

Procter & Gamble Co., debt to equity calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015
Selected Financial Data (US$ in millions)
Debt due within one year
Long-term debt, excluding due within one year
Total debt
 
Shareholders’ equity attributable to Procter & Gamble
Solvency Ratio
Debt to equity1
Benchmarks
Debt to Equity, Industry
Consumer Goods

Based on: 10-K (filing date: 2020-08-06), 10-K (filing date: 2019-08-06), 10-K (filing date: 2018-08-07), 10-K (filing date: 2017-08-07), 10-K (filing date: 2016-08-09), 10-K (filing date: 2015-08-07).

1 2020 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity attributable to Procter & Gamble
= ÷ =

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Procter & Gamble Co.’s debt to equity ratio deteriorated from 2018 to 2019 and from 2019 to 2020.

Debt to Equity (including Operating Lease Liability)

Procter & Gamble Co., debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015
Selected Financial Data (US$ in millions)
Debt due within one year
Long-term debt, excluding due within one year
Total debt
Current operating lease liabilities (included in Accrued and other liabilities)
Long-term operating lease liabilities
Total debt (including operating lease liability)
 
Shareholders’ equity attributable to Procter & Gamble
Solvency Ratio
Debt to equity (including operating lease liability)1
Benchmarks
Debt to Equity (including Operating Lease Liability), Industry
Consumer Goods

Based on: 10-K (filing date: 2020-08-06), 10-K (filing date: 2019-08-06), 10-K (filing date: 2018-08-07), 10-K (filing date: 2017-08-07), 10-K (filing date: 2016-08-09), 10-K (filing date: 2015-08-07).

1 2020 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity attributable to Procter & Gamble
= ÷ =

Solvency ratio Description The company
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Procter & Gamble Co.’s debt to equity ratio (including operating lease liability) deteriorated from 2018 to 2019 and from 2019 to 2020.

Debt to Capital

Procter & Gamble Co., debt to capital calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015
Selected Financial Data (US$ in millions)
Debt due within one year
Long-term debt, excluding due within one year
Total debt
Shareholders’ equity attributable to Procter & Gamble
Total capital
Solvency Ratio
Debt to capital1
Benchmarks
Debt to Capital, Industry
Consumer Goods

Based on: 10-K (filing date: 2020-08-06), 10-K (filing date: 2019-08-06), 10-K (filing date: 2018-08-07), 10-K (filing date: 2017-08-07), 10-K (filing date: 2016-08-09), 10-K (filing date: 2015-08-07).

1 2020 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Procter & Gamble Co.’s debt to capital ratio deteriorated from 2018 to 2019 and from 2019 to 2020.

Debt to Capital (including Operating Lease Liability)

Procter & Gamble Co., debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015
Selected Financial Data (US$ in millions)
Debt due within one year
Long-term debt, excluding due within one year
Total debt
Current operating lease liabilities (included in Accrued and other liabilities)
Long-term operating lease liabilities
Total debt (including operating lease liability)
Shareholders’ equity attributable to Procter & Gamble
Total capital (including operating lease liability)
Solvency Ratio
Debt to capital (including operating lease liability)1
Benchmarks
Debt to Capital (including Operating Lease Liability), Industry
Consumer Goods

Based on: 10-K (filing date: 2020-08-06), 10-K (filing date: 2019-08-06), 10-K (filing date: 2018-08-07), 10-K (filing date: 2017-08-07), 10-K (filing date: 2016-08-09), 10-K (filing date: 2015-08-07).

1 2020 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= ÷ =

Solvency ratio Description The company
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Procter & Gamble Co.’s debt to capital ratio (including operating lease liability) deteriorated from 2018 to 2019 and from 2019 to 2020.

Debt to Assets

Procter & Gamble Co., debt to assets calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015
Selected Financial Data (US$ in millions)
Debt due within one year
Long-term debt, excluding due within one year
Total debt
 
Total assets
Solvency Ratio
Debt to assets1
Benchmarks
Debt to Assets, Industry
Consumer Goods

Based on: 10-K (filing date: 2020-08-06), 10-K (filing date: 2019-08-06), 10-K (filing date: 2018-08-07), 10-K (filing date: 2017-08-07), 10-K (filing date: 2016-08-09), 10-K (filing date: 2015-08-07).

1 2020 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Procter & Gamble Co.’s debt to assets ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Debt to Assets (including Operating Lease Liability)

Procter & Gamble Co., debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015
Selected Financial Data (US$ in millions)
Debt due within one year
Long-term debt, excluding due within one year
Total debt
Current operating lease liabilities (included in Accrued and other liabilities)
Long-term operating lease liabilities
Total debt (including operating lease liability)
 
Total assets
Solvency Ratio
Debt to assets (including operating lease liability)1
Benchmarks
Debt to Assets (including Operating Lease Liability), Industry
Consumer Goods

Based on: 10-K (filing date: 2020-08-06), 10-K (filing date: 2019-08-06), 10-K (filing date: 2018-08-07), 10-K (filing date: 2017-08-07), 10-K (filing date: 2016-08-09), 10-K (filing date: 2015-08-07).

1 2020 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= ÷ =

Solvency ratio Description The company
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Procter & Gamble Co.’s debt to assets ratio (including operating lease liability) improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Financial Leverage

Procter & Gamble Co., financial leverage calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015
Selected Financial Data (US$ in millions)
Total assets
Shareholders’ equity attributable to Procter & Gamble
Solvency Ratio
Financial leverage1
Benchmarks
Financial Leverage, Industry
Consumer Goods

Based on: 10-K (filing date: 2020-08-06), 10-K (filing date: 2019-08-06), 10-K (filing date: 2018-08-07), 10-K (filing date: 2017-08-07), 10-K (filing date: 2016-08-09), 10-K (filing date: 2015-08-07).

1 2020 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity attributable to Procter & Gamble
= ÷ =

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Procter & Gamble Co.’s financial leverage ratio increased from 2018 to 2019 and from 2019 to 2020.

Interest Coverage

Procter & Gamble Co., interest coverage calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015
Selected Financial Data (US$ in millions)
Net earnings attributable to Procter & Gamble
Add: Net income attributable to noncontrolling interest
Less: Net earnings (loss) from discontinued operations
Add: Income tax expense
Add: Interest expense
Earnings before interest and tax (EBIT)
Solvency Ratio
Interest coverage1
Benchmarks
Interest Coverage, Industry
Consumer Goods

Based on: 10-K (filing date: 2020-08-06), 10-K (filing date: 2019-08-06), 10-K (filing date: 2018-08-07), 10-K (filing date: 2017-08-07), 10-K (filing date: 2016-08-09), 10-K (filing date: 2015-08-07).

1 2020 Calculation
Interest coverage = EBIT ÷ Interest expense
= ÷ =

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Procter & Gamble Co.’s interest coverage ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Fixed Charge Coverage

Procter & Gamble Co., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015
U.S. federal statutory income tax rate
Selected Financial Data (US$ in millions)
Net earnings attributable to Procter & Gamble
Add: Net income attributable to noncontrolling interest
Less: Net earnings (loss) from discontinued operations
Add: Income tax expense
Add: Interest expense
Earnings before interest and tax (EBIT)
Add: Lease expense for operating leases
Earnings before fixed charges and tax
 
Interest expense
Lease expense for operating leases
Preferred dividends, net of tax
Preferred dividends, net of tax, tax adjustment1
Preferred dividends, net of tax, after tax adjustment
Fixed charges
Solvency Ratio
Fixed charge coverage2
Benchmarks
Fixed Charge Coverage, Industry
Consumer Goods

Based on: 10-K (filing date: 2020-08-06), 10-K (filing date: 2019-08-06), 10-K (filing date: 2018-08-07), 10-K (filing date: 2017-08-07), 10-K (filing date: 2016-08-09), 10-K (filing date: 2015-08-07).

1 2020 Calculation
Preferred dividends, net of tax, tax adjustment = (Preferred dividends, net of tax × U.S. federal statutory income tax rate) ÷ (1 − U.S. federal statutory income tax rate)
= ( × ) ÷ (1 − ) =

2 2020 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= ÷ =

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Procter & Gamble Co.’s fixed charge coverage ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.