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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- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Income Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
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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: 2026-03-31), 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 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).
The investment activity ratios exhibit a synchronized period of improvement from late 2020 through late 2022, suggesting an increase in operational efficiency and asset utilization. While overall asset productivity reached a plateau and remained stable, the efficiency of fixed assets and equity specifically showed a peak in the third quarter of 2022 followed by a gradual regression toward baseline levels.
- Net Fixed Asset Turnover
- A steady upward trend is observed from September 2020, where the ratio stood at 3.47, reaching a peak of 3.91 by September 2022. Following this peak, the ratio entered a period of fluctuation between 3.74 and 3.85 until mid-2024. A subsequent downward trajectory is evident in the final quarters, with the ratio declining to 3.53 by March 2026, indicating a reduction in the revenue generated per unit of net fixed assets.
- Total Asset Turnover
- This metric demonstrates a consistent and gradual increase over the analysis period. Starting at 0.60 in September 2020, the ratio climbed steadily to reach a peak of 0.70 between December 2023 and March 2024. Unlike the other activity ratios, total asset turnover maintained a high level of stability in the latter half of the period, fluctuating narrowly between 0.66 and 0.69, which suggests a sustained level of overall asset efficiency.
- Equity Turnover
- Equity turnover mirrors the pattern seen in net fixed asset turnover, rising from 1.50 in September 2020 to a maximum of 1.83 in September 2022. After this peak, a gradual decline is observed, with the ratio settling at 1.59 by March 2026. This pattern suggests that the company's ability to generate sales from its equity base improved significantly during the first two years of the period before experiencing a moderate contraction.
The divergence between the stability of the total asset turnover and the decline in net fixed asset and equity turnovers in the final quarters indicates that while overall asset productivity remained constant, the specific efficiency of long-term investments and shareholder equity decreased. This may suggest a period of increased capital expenditure or equity growth that has not yet been fully matched by proportional increases in revenue.
Net Fixed Asset Turnover
Procter & Gamble Co., net fixed asset turnover calculation (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 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).
1 Q3 2026 Calculation
Net fixed asset turnover
= (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
The analysis of net fixed asset turnover reveals a cyclical pattern of operational efficiency, characterized by an initial improvement phase, a period of stabilization, and a subsequent decline in asset utilization efficiency toward the end of the observed period.
- Efficiency Growth Phase (2020–2022)
- Between September 2020 and September 2022, a consistent upward trend in the net fixed asset turnover ratio is observed, rising from 3.47 to a peak of 3.91. This indicates an increase in the company's ability to generate sales from its fixed asset base, as net sales grew more rapidly than the investment in property, plant, and equipment.
- Operational Stabilization (2022–2024)
- From October 2022 through June 2024, the ratio entered a plateau, fluctuating within a narrow range between 3.73 and 3.85. During this interval, the growth in net sales remained largely proportional to the levels of net fixed assets, suggesting a period of steady-state productivity and consistent asset utilization.
- Capital Intensity and Efficiency Decline (2024–2026)
- A notable downward trend emerged starting in the second half of 2024, with the ratio declining from 3.79 in June 2024 to a low of 3.48 by December 2025. This contraction is closely linked to a significant increase in net property, plant, and equipment, which rose from approximately 22.1 billion USD in June 2024 to 24.5 billion USD by March 2026. Because the increase in net sales did not keep pace with this capital expansion, the resulting decline in the turnover ratio suggests that recent investments have not yet translated into proportional revenue growth.
In summary, while the organization maintained higher efficiency levels for the majority of the period than it did at the start, the most recent data indicates a dilution of asset turnover. This suggests a transition toward higher capital intensity, where the expanded fixed asset base is currently underutilized relative to historical performance peaks.
Total Asset Turnover
Procter & Gamble Co., total asset turnover calculation (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 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).
1 Q3 2026 Calculation
Total asset turnover
= (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
÷ Total assets
= ( + + + )
÷ =
The total asset turnover ratio demonstrates a general upward trajectory over the analyzed period, reflecting an increase in the efficiency with which assets are utilized to generate revenue. This progression indicates a strengthening ability to extract higher sales volumes from the existing asset base.
- Efficiency Improvement Phase
- Between September 2020 and September 2022, the total asset turnover ratio climbed steadily from 0.60 to 0.69. This improvement was primarily driven by net sales growth—increasing from $19,318 million to $20,612 million—while total assets remained relatively stable, fluctuating within a narrow range between $116,282 million and $120,112 million.
- Stability and Peak Performance
- From March 2023 through December 2023, the ratio reached a plateau, oscillating between 0.68 and 0.70. This period represents the peak of asset utilization efficiency. During this timeframe, net sales experienced significant growth, peaking at $21,871 million in September 2023, while total assets began a gradual increase toward $122,531 million.
- Long-term Equilibrium
- From March 2024 through March 2026, the ratio stabilized within a consistent band of 0.66 to 0.69. While net sales reached their highest levels in late 2025 at $22,386 million, the total asset turnover did not continue its previous upward climb. This is attributed to a concurrent increase in the asset base, which expanded to $128,378 million by March 2026, suggesting that asset growth has aligned more closely with revenue expansion.
Overall, the data indicates a transition from a phase of rapid efficiency gains to a phase of mature stability. The long-term trend shows that the organization has successfully raised its baseline asset turnover from 0.60 to approximately 0.68, maintaining this level despite an expanding balance sheet.
Equity Turnover
Procter & Gamble Co., equity turnover calculation (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 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).
1 Q3 2026 Calculation
Equity turnover
= (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
÷ Shareholders’ equity attributable to Procter & Gamble
= ( + + + )
÷ =
An analysis of the financial data from September 30, 2020, to March 31, 2026, reveals a fluctuating but generally upward trajectory in net sales and a period of significant equity expansion following a temporary contraction. These movements have directly influenced the equity turnover ratio, which peaked in late 2022 before stabilizing at a lower level.
- Net Sales Performance
- Net sales exhibited a general growth trend over the analyzed period. Starting at 19,318 million US dollars in September 2020, sales reached a peak of 22,386 million US dollars in September 2025. While quarterly volatility is present—notably a dip to 18,109 million US dollars in March 2021—the long-term trend indicates a steady expansion of the top line.
- Shareholders’ Equity Dynamics
- Shareholders' equity attributable to the company experienced two distinct phases. Between September 2020 and September 2022, equity decreased from 48,182 million US dollars to a low of 44,075 million US dollars. Following this period, a consistent upward trend is observed, with equity growing to 54,505 million US dollars by March 31, 2026. This indicates a substantial strengthening of the equity base in the latter half of the period.
- Equity Turnover Analysis
- The equity turnover ratio, which measures the efficiency of generating sales from shareholders' equity, shows a bell-shaped progression. The ratio rose from 1.50 in September 2020 to a peak of 1.83 in September 2022. This peak coincided with the lowest point of shareholders' equity, suggesting that the increase in turnover during this period was driven more by a reduced equity base than by proportional sales growth. Since the peak in 2022, the ratio has gradually declined, ending at 1.59 in March 2026. This downward trend reflects the fact that the growth in shareholders' equity has outpaced the growth in net sales during the most recent quarters.