Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Income Statement
- Analysis of Liquidity Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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Long-term Activity Ratios (Summary)
Procter & Gamble Co., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).
The analysis of the provided financial ratios over the observed quarterly periods reveals the following trends and insights:
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibits a generally stable and gradually increasing trend from the earliest recorded period with data (March 31, 2019) through subsequent quarters. Starting at 3.18, the ratio shows incremental rises, reaching peaks around 3.91 (December 31, 2022). Following this peak, the ratio experiences minor fluctuations but sustains relatively elevated levels above 3.70, indicating consistent efficiency in utilizing fixed assets to generate sales. The data suggests a strong capacity to optimize fixed asset use over time, with only slight declines toward the latest period of March 31, 2025.
- Total Asset Turnover
- The total asset turnover ratio starts from 0.59 in the earliest covered period and gradually increases to about 0.70 by late 2023 and early 2024, reflecting a modest but positive improvement in overall asset utilization. Notably, the ratio maintains a narrow range between 0.59 and 0.70, implying relatively stable efficiency in turning total assets into revenue. This stability is an indicator of consistent operational performance with mild improvements in asset productivity over the analyzed timeline.
- Equity Turnover
- The equity turnover ratio shows a clear upward trajectory from about 1.43 to a peak near 1.83 (June 30, 2022), suggesting enhanced effectiveness in generating sales from shareholders' equity. After reaching this peak, the ratio undergoes a gradual decline, decreasing to approximately 1.61 by the most recent period. Despite the decline, the ratio remains significantly higher than its initial value, reflecting sustained operational leverage and effective equity management before a slight easing in the latest quarters.
Overall, these ratios collectively demonstrate an organization that has improved or maintained strong efficiency in asset and equity utilization over the assessed periods. The consistent levels of net fixed asset turnover and the stable yet improving total asset turnover ratios indicate effective asset management strategies. Meanwhile, fluctuations in the equity turnover ratio point to some variability in how equity resources are deployed but generally show long-term improvement. The data does not indicate major volatility, suggesting steady operational execution.
Net Fixed Asset Turnover
Procter & Gamble Co., net fixed asset turnover calculation (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).
1 Q3 2025 Calculation
Net fixed asset turnover
= (Net salesQ3 2025
+ Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
The analysis of the quarterly financial data reveals several noteworthy trends in the company’s performance and asset management over the observed periods.
- Net Sales
- Net sales demonstrate a generally positive trajectory with some fluctuations. Beginning at $16,690 million in September 2018, there is a gradual increase, peaking at $21,953 million in December 2024, before a slight decline to $19,776 million in March 2025. The data shows intermittent dips, notably in the first quarters of 2019 and 2021, but overall the pattern indicates growth, reflecting potential expansion or increased demand over the years.
- Property, Plant and Equipment, Net
- The net value of property, plant, and equipment remains relatively stable, with minor variations. Starting at $20,590 million in September 2018, it exhibits slight increases and decreases but generally hovers around the $21,000 million mark. Notable fluctuations occur around mid-2020 and mid-2024, where values slightly decrease, possibly indicating asset disposals or revaluations. The highest recorded value is $22,728 million in December 2024, suggesting some asset acquisitions or capital expenditures towards the later periods.
- Net Fixed Asset Turnover
- This ratio, available from March 2019 onwards, reflects efficiency in using fixed assets to generate sales. It starts at 3.18 and shows a consistent upward trend, reaching a peak of 3.91 in June 2022. Post-peak, it fluctuates slightly but generally remains above 3.7, indicating a sustained efficient utilization of fixed assets. The ratio’s increase over time suggests improved asset productivity or effective management strategies in leveraging physical assets to support sales growth.
In summary, the company exhibits steady sales growth, stable asset base management with periodic investments or disposals, and enhanced efficiency in fixed asset utilization. These trends suggest a strategic focus on optimizing asset performance while supporting revenue expansion.
Total Asset Turnover
Procter & Gamble Co., total asset turnover calculation (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).
1 Q3 2025 Calculation
Total asset turnover
= (Net salesQ3 2025
+ Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024)
÷ Total assets
= ( + + + )
÷ =
The analysis of the quarterly financial data reveals several key trends in the company's operational efficiency, asset base, and revenue generation over the observed periods.
- Net Sales
- The net sales figures show a general upward trend with some fluctuations throughout the periods analyzed. Starting at approximately 16.7 billion US dollars in the third quarter of 2018, sales exhibit periods of growth and contraction. Notably, there is a discernible increase towards the end of 2020 and into 2021, peaking above 21 billion US dollars in several quarters of 2021 and 2023. However, some quarters within 2024 show modest declines compared to prior peaks, indicating potential variability in revenue inflows or market conditions. Overall, net sales maintain a strong revenue base, consistently sustaining values above 16 billion US dollars with an evident positive trajectory over the long term.
- Total Assets
- Total assets display a more stable and somewhat flat trend compared to net sales, ranging from approximately 111.7 billion US dollars to around 126.5 billion US dollars across the observed timeframe. There are minor fluctuations with intermittent increases and decreases; notably, after peaking near 123.7 billion US dollars at the end of 2018, assets decreased slightly into 2019, then stabilized through 2020 to 2021. There is a mild upward movement towards the latter part of the timeline, particularly evident in 2024 with assets nearing or above 120 billion US dollars consistently. This indicates a relatively steady capital investment and asset management approach with limited volatility in the asset base.
- Total Asset Turnover
- The total asset turnover ratio, available for the periods starting in early 2019, demonstrates a progressive improvement from 0.59 to a range between 0.66 and 0.7 by the end of the data set. This gradual increase suggests enhanced efficiency in utilizing the asset base to generate revenue. The ratio's upward trend indicates that the company is achieving more sales per unit of asset, implying improving operational efficiency and possibly better asset deployment or management practices over time.
In summary, the company exhibits consistent growth in net sales, with certain seasonal or cyclical fluctuations. The total assets have remained fairly stable with slight growth, reflecting cautious asset management. Importantly, the improving total asset turnover ratio highlights increased efficiency in leveraging assets to produce sales revenue. Together, these trends suggest a strengthening operational performance and efficient resource utilization, essential indicators of financial health and effective management strategy.
Equity Turnover
Procter & Gamble Co., equity turnover calculation (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).
1 Q3 2025 Calculation
Equity turnover
= (Net salesQ3 2025
+ Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024)
÷ Shareholders’ equity attributable to Procter & Gamble
= ( + + + )
÷ =
- Net Sales
- The net sales figures show a fluctuating but generally upward trend over the analyzed quarters. Starting from 16,690 million USD in September 2018, there is a noticeable increase reaching peaks above 21,000 million USD in several recent quarters. Notable increases occurred in late 2020 and throughout 2021, with sales peaking around 21,800 million USD before experiencing some volatility in 2024. The data indicates a positive growth trend with occasional quarter-to-quarter declines but an overall increase in sales volume.
- Shareholders’ Equity Attributable to Procter & Gamble
- The shareholders’ equity shows variability with a mild declining trend in the earlier periods from late 2018 to around 2021, dropping from about 52,236 million USD to lows near 44,000 million USD. Post-2021, there is a partial recovery and stabilization, with equity fluctuating between approximately 44,000 and 52,000 million USD. The trend indicates some pressure on equity during the middle periods, followed by stabilization and minor growth towards the end of the timeline.
- Equity Turnover Ratio
- The equity turnover ratio exhibits a generally increasing trend from the earliest available data point of 1.43 in March 2019 to a peak around 1.83 by mid-2022. After this peak, the ratio declines gradually, settling around 1.6 to 1.7 in the most recent quarters. This pattern suggests improving efficiency in generating sales from shareholder equity up until mid-2022, followed by a slight decrease in operational efficiency relative to shareholders’ equity in subsequent periods.