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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- Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Long-term Activity Ratios (Summary)
Procter & Gamble Co., long-term (investment) activity ratios (quarterly data)
Based on: 10-K (reporting date: 2026-06-30), 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).
The investment activity ratios demonstrate a period of initial efficiency gains followed by a gradual contraction in asset and equity utilization. While overall asset turnover remains remarkably stable, there is a noticeable decline in the efficiency of fixed assets and equity in the latter half of the analyzed period.
- Net Fixed Asset Turnover
- An initial upward trend is observed from September 2021, with the ratio climbing from 3.61 to a peak of 3.91 in September 2022. Following this peak, the ratio remained relatively stable between 3.74 and 3.85 until December 2023. However, a consistent downward trajectory began in March 2024, with the ratio declining to 3.43 by June 2026, indicating a reduction in the revenue generated per unit of net fixed assets.
- Total Asset Turnover
- This metric exhibits the highest level of stability among the analyzed ratios. A slight increase is noted from 0.64 in September 2021 to a peak of 0.70 in December 2023 and March 2024. The ratio subsequently stabilized, fluctuating within a narrow range of 0.66 to 0.69 through June 2026, suggesting a consistent level of overall asset productivity.
- Equity Turnover
- Equity utilization peaked in September 2022 at 1.83, following an initial rise from 1.67. Since this peak, a general downward trend is evident, with the ratio descending through the 1.70s and 1.60s. By the final quarters of the period, the ratio stabilized between 1.59 and 1.61, reflecting a moderate decrease in the efficiency of generating sales from shareholders' equity.
Net Fixed Asset Turnover
Procter & Gamble Co., net fixed asset turnover calculation (quarterly data)
Based on: 10-K (reporting date: 2026-06-30), 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).
1 Q4 2026 Calculation
Net fixed asset turnover
= (Net salesQ4 2026
+ Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
The net fixed asset turnover ratio exhibits three distinct phases over the observed period, transitioning from an initial phase of efficiency gains to a period of stability, and concluding with a sustained decline in asset utilization efficiency.
- Initial Growth and Peak Efficiency
- Between September 30, 2021, and September 30, 2022, the net fixed asset turnover ratio increased steadily from 3.61 to a peak of 3.91. This trend was supported by net sales growth occurring alongside a slight contraction in net property, plant, and equipment, indicating an optimization of existing capacity to generate revenue.
- Period of Operational Stability
- From December 31, 2022, through December 31, 2023, the ratio remained relatively stable, fluctuating within a narrow range between 3.74 and 3.85. During this interval, increments in net sales were largely offset by proportional increases in net fixed assets, maintaining a consistent level of asset productivity.
- Downward Trend in Asset Utilization
- A sustained downward trajectory is observed starting in early 2024, with the ratio declining from 3.82 in March 2024 to a period low of 3.43 by June 30, 2026. This decline is primarily attributed to an acceleration in capital expenditure, as net property, plant, and equipment rose from approximately 22 billion USD to over 25 billion USD. Because this investment growth outpaced the growth in net sales, the efficiency of fixed assets in generating revenue diminished toward the end of the period.
Total Asset Turnover
Procter & Gamble Co., total asset turnover calculation (quarterly data)
Based on: 10-K (reporting date: 2026-06-30), 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).
1 Q4 2026 Calculation
Total asset turnover
= (Net salesQ4 2026
+ Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026)
÷ Total assets
= ( + + + )
÷ =
The total asset turnover ratio demonstrates an initial phase of efficiency gains followed by a period of sustained stability. Between September 2021 and September 2022, the ratio improved from 0.64 to 0.69, indicating a higher volume of sales generated per unit of asset. From late 2022 through June 2026, the ratio remained remarkably consistent, oscillating within a narrow band between 0.66 and 0.70.
- Net Sales Trends
- Revenue patterns exhibit moderate volatility with a gradual upward trend over the long term. Quarterly sales fluctuated between a low of 19,381 million USD in March 2022 and a peak of 22,386 million USD in September 2025. This growth in top-line revenue provided the primary driver for maintaining asset efficiency levels.
- Total Asset Base Evolution
- The asset base remained relatively stable for the first half of the observed period, hovering around 120,000 million USD. A gradual expansion began in 2023, with total assets reaching a peak of 128,378 million USD by March 2026. The growth in assets suggests continued investment in the company's operational capacity.
- Asset Utilization Efficiency
- The stabilization of the total asset turnover ratio at approximately 0.67 to 0.69 suggests that the increase in the asset base has been effectively balanced by corresponding growth in net sales. The peak efficiency of 0.70 reached in December 2023 and March 2024 indicates a period where sales growth outpaced asset accumulation, whereas the slight dip to 0.66 in September 2024 reflects a temporary misalignment between asset investment and revenue generation.
Equity Turnover
Procter & Gamble Co., equity turnover calculation (quarterly data)
Based on: 10-K (reporting date: 2026-06-30), 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).
1 Q4 2026 Calculation
Equity turnover
= (Net salesQ4 2026
+ Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026)
÷ Shareholders’ equity attributable to Procter & Gamble
= ( + + + )
÷ =
The analysis of the equity turnover ratio over the period from September 30, 2021, to June 30, 2026, reveals a general decline in asset utilization efficiency relative to shareholders' equity. While net sales remained relatively stable with periodic fluctuations, the consistent growth in shareholders' equity has exerted downward pressure on the turnover ratio.
- Net Sales Performance
- Revenue patterns exhibit a range of stability with a slight upward trend over the long term. Net sales fluctuated between a low of 19,381 million USD in March 2022 and a peak of 22,386 million USD in September 2025. Despite these quarterly oscillations, the revenue base remained largely consistent, failing to show an aggressive growth trajectory that could offset the increase in the equity base.
- Shareholders' Equity Growth
- A steady and sustained increase in shareholders' equity is observed. Starting at 46,111 million USD in September 2021, the equity grew to 54,081 million USD by June 2026. This represents a consistent accumulation of equity over the five-year period, indicating a strengthening of the company's capital position.
- Equity Turnover Trend
- The equity turnover ratio experienced an initial increase, peaking at 1.83 in September 2022. Following this peak, a persistent downward trend is evident, with the ratio declining to 1.61 by June 2026. This decline is a direct mathematical result of the equity base growing at a faster rate than the net sales. The compression of the ratio suggests that each dollar of equity is generating progressively fewer dollars in sales over time.
- Efficiency Insights
- The divergence between the rising equity and the relatively stagnant sales growth indicates a reduction in capital efficiency. The transition from a peak ratio of 1.83 to a stabilized level around 1.60 suggests that the company is operating with a more conservative capital structure or that the incremental investment in equity is not yielding proportional increases in top-line revenue.