Stock Analysis on Net

Procter & Gamble Co. (NYSE:PG)

Analysis of Long-term (Investment) Activity Ratios 
Quarterly Data

Microsoft Excel

Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.


Long-term Activity Ratios (Summary)

Procter & Gamble Co., long-term (investment) activity ratios (quarterly data)

Microsoft Excel
Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019
Net fixed asset turnover 3.53 3.69 3.82 3.73 3.79 3.82 3.79 3.85 3.74 3.75 3.79 3.91 3.78 3.73 3.67 3.61 3.51 3.55 3.45 3.47 3.43
Total asset turnover 0.67 0.68 0.69 0.66 0.69 0.70 0.70 0.68 0.68 0.68 0.68 0.69 0.68 0.66 0.65 0.64 0.64 0.64 0.62 0.60 0.59
Equity turnover 1.62 1.61 1.65 1.62 1.67 1.68 1.73 1.75 1.75 1.79 1.81 1.83 1.72 1.75 1.76 1.67 1.64 1.61 1.54 1.50 1.53

Based on: 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), 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).


The analysis of the quarterly financial ratios reveals notable trends in asset efficiency and equity utilization over the observed periods.

Net Fixed Asset Turnover
The net fixed asset turnover ratio, starting from a value of 3.43 in June 2020, shows a generally upward trajectory reaching a peak of 3.91 by September 2022. Following this peak, the ratio declines slightly and stabilizes around the mid to high 3.7 range through early 2024, before experiencing a gradual decrease towards 3.53 by June 2025. This pattern suggests an initial improvement in the ability to generate sales from fixed assets, followed by a moderate regression in asset efficiency.
Total Asset Turnover
The total asset turnover ratio initiates at 0.59 in June 2020 and steadily increases to a high of 0.7 in December 2023 and June 2024. Minor fluctuations thereafter slightly reduce the ratio to 0.67 by June 2025. Overall, the total asset turnover ratio demonstrates a positive trend indicating enhanced efficiency in utilizing total assets to generate revenue over the examined periods.
Equity Turnover
The equity turnover ratio presents more variability. Starting at 1.53 in June 2020, it shows an upward movement to a high of 1.83 by September 2022. Subsequent quarters exhibit a declining trend with the ratio decreasing to 1.61 by June 2025. This decline after the peak may reflect reduced effectiveness in generating sales from shareholders' equity, suggesting possible shifts in capital structure or operational dynamics affecting equity efficiency.

In summary, the data highlights increasing efficiency in the use of fixed and total assets until late 2022 and early 2024 respectively, followed by a degree of stabilization or slight decline. The equity turnover ratio exhibits a similar initial rise but experiences a more significant reduction in the latter periods. These trends suggest a need for continued monitoring of capital utilization to maintain operational efficiency.


Net Fixed Asset Turnover

Procter & Gamble Co., net fixed asset turnover calculation (quarterly data)

Microsoft Excel
Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019
Selected Financial Data (US$ in millions)
Net sales 20,889 19,776 21,882 21,737 20,532 20,195 21,441 21,871 20,553 20,068 20,773 20,612 19,515 19,381 20,953 20,338 18,946 18,109 19,745 19,318 17,698 17,214 18,240 17,798
Property, plant and equipment, net 23,897 22,728 22,074 22,506 22,152 22,027 22,132 21,636 21,909 21,564 21,167 20,593 21,195 21,323 21,357 21,392 21,686 21,103 21,416 20,876 20,692 20,459 21,250 20,901
Long-term Activity Ratio
Net fixed asset turnover1 3.53 3.69 3.82 3.73 3.79 3.82 3.79 3.85 3.74 3.75 3.79 3.91 3.78 3.73 3.67 3.61 3.51 3.55 3.45 3.47 3.43

Based on: 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), 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).

1 Q4 2025 Calculation
Net fixed asset turnover = (Net salesQ4 2025 + Net salesQ3 2025 + Net salesQ2 2025 + Net salesQ1 2025) ÷ Property, plant and equipment, net
= (20,889 + 19,776 + 21,882 + 21,737) ÷ 23,897 = 3.53


The quarterly financial data indicates several observable trends and patterns across net sales, property, plant and equipment (PP&E), and net fixed asset turnover ratios over the reported periods.

Net Sales
Net sales show a general upward trajectory from September 2019 through December 2021, increasing from approximately $17.8 billion to around $20.9 billion. However, this growth experiences fluctuations post-2021 with intermittent decreases visible in certain quarters such as March 2022 and March 2023. By mid-2025, sales slightly reduce to approximately $19.8 billion, indicating some volatility and possible market or operational challenges impacting sustained growth.
Property, Plant, and Equipment, Net
PP&E demonstrates modest but consistent expansion from about $20.9 billion in late 2019 to nearly $23.9 billion by mid-2025. There are slight fluctuations, including minor declines toward late 2022 and early 2023, followed by recoveries. Overall, the net investment in fixed assets has been stable, suggesting ongoing capital expenditures and asset maintenance investments to support operational capabilities.
Net Fixed Asset Turnover Ratio
This ratio, available from the first quarter of 2020 onward, reflects the efficiency with which the company generates sales from its fixed assets. The ratio begins around 3.43, demonstrating improving efficiency as it rises steadily to a peak near 3.91 by late 2022. Post-peak, a moderate decline is observed with the ratio decreasing to approximately 3.53 by mid-2025. This downward trend may signal diminishing returns on fixed asset investment or shifts in sales relative to asset base growth.

In synthesis, the company shows growth in sales and asset base initially, with net fixed asset turnover efficiency improving accordingly. However, from late 2022 onwards, both sales growth and operational efficiency, as indicated by the turnover ratio, exhibit signs of softening. The steady increase in PP&E amidst fluctuating sales and declining turnover ratio suggests that asset utilization efficiency has somewhat weakened recently. These patterns may warrant closer monitoring of asset management and sales strategies to sustain performance.


Total Asset Turnover

Procter & Gamble Co., total asset turnover calculation (quarterly data)

Microsoft Excel
Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019
Selected Financial Data (US$ in millions)
Net sales 20,889 19,776 21,882 21,737 20,532 20,195 21,441 21,871 20,553 20,068 20,773 20,612 19,515 19,381 20,953 20,338 18,946 18,109 19,745 19,318 17,698 17,214 18,240 17,798
Total assets 125,231 122,984 122,639 126,482 122,370 119,598 120,709 122,531 120,829 119,851 117,715 116,282 117,208 120,217 121,416 119,669 119,307 116,778 120,112 119,899 120,700 118,560 111,723 114,058
Long-term Activity Ratio
Total asset turnover1 0.67 0.68 0.69 0.66 0.69 0.70 0.70 0.68 0.68 0.68 0.68 0.69 0.68 0.66 0.65 0.64 0.64 0.64 0.62 0.60 0.59

Based on: 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), 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).

1 Q4 2025 Calculation
Total asset turnover = (Net salesQ4 2025 + Net salesQ3 2025 + Net salesQ2 2025 + Net salesQ1 2025) ÷ Total assets
= (20,889 + 19,776 + 21,882 + 21,737) ÷ 125,231 = 0.67


Analysis of the quarterly financial data reveals several notable trends across net sales, total assets, and total asset turnover for the period under review.

Net Sales
Net sales exhibit a general upward trend with fluctuations throughout the time frame. Starting from approximately 17,798 million US dollars in late September 2019, sales experienced minor declines in early 2020 but rebounded strongly by the third quarter of 2020, reaching 19,318 million US dollars. Subsequent quarters show continued growth with some volatility; peaks in Q4 2021 (20,953 million) and Q3 2021 (20,338 million) stand out. Although there are intermittent declines, most recent quarters maintain sales above 20,000 million US dollars, indicating sustained demand and market presence.
Total Assets
Total assets fluctuate slightly but remain relatively stable over the period, ranging from approximately 111,723 million US dollars at the end of 2019 to a peak near 126,482 million in late 2024. Noteworthy is a moderate increase observed starting in mid-2023, leading to a general rise through 2024. Such growth in total assets suggests ongoing investment or asset accumulation. Periodic dips, such as those observed in mid-2022 and late 2023, are relatively minor and do not denote significant asset reduction.
Total Asset Turnover
The total asset turnover ratio demonstrates consistent improvement starting from the first available figure in March 2020. The ratio increases from 0.59 to peak around 0.70 in the middle of 2024, indicating improved efficiency in the utilization of assets to generate sales. Minor oscillations are present but the overall trajectory reflects positive operational performance and asset management.

In summary, the data indicates steady growth in net sales accompanied by relatively stable total assets and improving asset turnover efficiency. This suggests the company has successfully leveraged its asset base to drive higher sales volumes over time, enhancing operational productivity. However, occasional dips in sales and assets highlight some variability, though without substantial long-term impact.


Equity Turnover

Procter & Gamble Co., equity turnover calculation (quarterly data)

Microsoft Excel
Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019
Selected Financial Data (US$ in millions)
Net sales 20,889 19,776 21,882 21,737 20,532 20,195 21,441 21,871 20,553 20,068 20,773 20,612 19,515 19,381 20,953 20,338 18,946 18,109 19,745 19,318 17,698 17,214 18,240 17,798
Shareholders’ equity attributable to Procter & Gamble 52,012 52,272 51,168 51,840 50,287 50,058 48,535 47,693 46,777 45,140 44,455 44,075 46,589 45,478 44,618 46,111 46,378 46,596 48,181 48,182 46,521 45,540 45,538 46,578
Long-term Activity Ratio
Equity turnover1 1.62 1.61 1.65 1.62 1.67 1.68 1.73 1.75 1.75 1.79 1.81 1.83 1.72 1.75 1.76 1.67 1.64 1.61 1.54 1.50 1.53

Based on: 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), 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).

1 Q4 2025 Calculation
Equity turnover = (Net salesQ4 2025 + Net salesQ3 2025 + Net salesQ2 2025 + Net salesQ1 2025) ÷ Shareholders’ equity attributable to Procter & Gamble
= (20,889 + 19,776 + 21,882 + 21,737) ÷ 52,012 = 1.62


The analysis of the quarterly financial data reveals several observable trends across net sales, shareholders’ equity, and equity turnover ratios over the examined periods.

Net Sales

Net sales exhibit a generally increasing trend over the time frame, starting at 17,798 million USD in September 2019 and reaching peaks above 21,800 million USD in mid-2023 and late 2024. While there are some fluctuations, notably a decline during the first quarter of 2020 and again in early 2025, the overall trajectory signifies growth. Periods such as September 2020 to December 2021 show strong recovery and consistent sales increases, potentially indicating effective market strategies or favorable market conditions.

Shareholders’ Equity Attributable to Procter & Gamble

Shareholders’ equity demonstrates relative stability with moderate variations within a range of approximately 44,000 million USD to over 52,000 million USD. Initial values are around 46,578 million USD in late 2019, with some dips observed near the end of 2021 and 2022. From early 2023 onwards, equity values appear to recover and trend upwards, peaking near 52,840 million USD by March 2025 before a slight decrease at mid-2025. This pattern suggests consistent capitalization with periodic adjustments potentially influenced by earnings retention, dividend payments, or other equity-related activities.

Equity Turnover Ratio

The equity turnover ratio is only available from the first quarter of 2020 onward and fluctuates within a narrow range of approximately 1.50 to 1.83. The ratio peaks around mid-2022 at 1.83, indicating an efficient use of equity to generate sales during that period. Subsequently, there is a gradual decline, settling around 1.61 to 1.62 by mid-2025. This downward movement might suggest a slight decrease in sales generation relative to equity or an increase in equity base without a proportional rise in sales.

In summary, net sales have grown over multiple quarters despite intermittent setbacks, showing strong revenue performance. Shareholders’ equity remains comparatively stable with modest growth and occasional declines, reflecting steady financial management. The equity turnover ratio indicates effective, though slightly weakening, efficiency in utilizing equity to drive sales in recent quarters. These patterns collectively point towards sustained business growth with some cautionary signals in operational efficiency metrics.