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
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Return on Assets (ROA) since 2005
- Analysis of Revenues
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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: 2025-09-30), 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).
- Net Fixed Asset Turnover
-
The net fixed asset turnover ratio exhibits a generally positive trend from September 2020 through September 2022, increasing steadily from 3.47 to a peak of 3.91. This indicates improving efficiency in generating sales from fixed assets during this period. Following this peak, the ratio experiences slight fluctuations but remains relatively stable, mostly hovering between 3.7 and 3.85 through mid-2024. From late 2024 onwards, a gradual decline is observed, with the ratio decreasing to about 3.52 by September 2025. This downward movement may suggest some weakening in fixed asset utilization efficiency in the more recent quarters.
- Total Asset Turnover
-
The total asset turnover ratio shows a consistent upward trajectory from 0.60 in September 2020 to 0.69 by September 2022, reflecting enhanced effectiveness in using total assets to generate revenues. After reaching approximately 0.70 around late 2023 and mid-2024, the ratio undergoes minor fluctuations but maintains values close to this level. Towards the final periods ending in 2025, there is a slight dip to about 0.67, which may indicate a modest decrease in overall asset usage efficiency.
- Equity Turnover
-
The equity turnover ratio increased steadily from 1.50 in September 2020 to a high of approximately 1.83 by September 2022, signaling improved efficiency in using shareholder equity to generate sales. Post-peak, the ratio exhibits a gradual downward trend with fluctuations, declining to around 1.59 by September 2025. This decline implies a decreasing rate of revenue generation relative to equity capital in the most recent quarters.
Net Fixed Asset Turnover
Procter & Gamble Co., net fixed asset turnover calculation (quarterly data)
Based on: 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 Q1 2026 Calculation
Net fixed asset turnover
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
- Net Sales Trends
- Net sales demonstrate a pattern of moderate fluctuations over the observed periods. Starting at approximately 19.3 billion USD in late 2020, sales dipped to around 18.1 billion USD by early 2021, followed by a recovery and increase reaching a peak of about 21.9 billion USD in late 2023. Subsequently, sales experienced some volatility with values generally oscillating between roughly 20.0 and 22.4 billion USD through mid-2025. The trend indicates resilience with periods of decline offset by stronger growth intervals, suggesting an overall upward drift in quarterly revenue over time.
- Property, Plant and Equipment (PP&E), Net
- The net value of property, plant, and equipment showed relative stability with a gradual upward trend. Starting at 20.9 billion USD in September 2020, the asset base exhibited minor fluctuations but predominantly increased, reaching around 24.1 billion USD by the third quarter of 2025. This growth is indicative of ongoing capital investments or asset revaluation in the company’s fixed asset base. Despite small interim declines, the net PP&E remained a stable and growing element of the balance sheet throughout the timeline.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover, calculated as the ratio of net sales to net fixed assets, showed a general upward trend from 3.47 in September 2020 to a high near 3.91 in late 2022, reflecting improved efficiency in generating sales from fixed assets. After peaking, the ratio exhibited a mild declining trend, falling to approximately 3.52 by mid-2025. This initial increase suggests enhanced asset utilization or sales productivity relative to the asset base, while the latter decline may indicate a slowing sales growth pace relative to the fixed asset expansion or potential diminishing returns on asset investments.
- Summary Insights
- Overall, the data reveals a company managing steady sales growth alongside an increasing asset base. The improvement in fixed asset turnover up to late 2022 indicates enhanced operational efficiency, though recent declines suggest a need to monitor sales-to-asset growth alignment. Net sales volatility reflects typical business cycle impacts but with a tendency toward gradual expansion. Continuous investment in fixed assets supports capacity or modernization efforts, which could underpin future growth if asset productivity stabilizes or improves.
Total Asset Turnover
Procter & Gamble Co., total asset turnover calculation (quarterly data)
Based on: 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 Q1 2026 Calculation
Total asset turnover
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ Total assets
= ( + + + )
÷ =
The analysis of the quarterly financial data reveals several notable trends in sales, assets, and efficiency over the examined periods.
- Net Sales
- Net sales demonstrated a generally upward trajectory from late 2020 through mid-2025, with fluctuations consistent with seasonal or market variations. Starting at approximately $19.3 billion in September 2020, sales peaked multiple times, notably reaching highs above $22 billion in Q3 2025. There were intermittent declines, such as in early 2021 and early 2024, but overall the sales figures reflect growth and resilience over the nearly five-year span.
- Total Assets
- Total assets remained relatively stable with modest fluctuations throughout the period, starting just below $120 billion in September 2020 and gradually increasing to about $127.6 billion by Q3 2025. Asset levels saw small decreases in mid-2022 and late 2023 but rebounded subsequently, indicating a steady investment base with incremental growth over time.
- Total Asset Turnover
- The total asset turnover ratio exhibited a gradual improvement from 0.60 in late 2020 to a peak of approximately 0.70 by late 2023 and early 2024, suggesting enhanced efficiency in utilizing assets to generate sales. This improvement indicates more effective asset management or higher sales productivity relative to the asset base. Slight declines occurred after peak values, but turnover ratios remained consistently higher than the levels at the start of the period.
In summary, the data illustrates a pattern of sustained sales growth combined with a moderately increasing asset base and improved asset utilization efficiency. These trends point to strengthening operational performance and effective asset management over the analyzed timeframe.
Equity Turnover
Procter & Gamble Co., equity turnover calculation (quarterly data)
Based on: 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 Q1 2026 Calculation
Equity turnover
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ Shareholders’ equity attributable to Procter & Gamble
= ( + + + )
÷ =
- Net Sales
- The net sales figures demonstrate a pattern of moderate fluctuations over the periods analyzed. Starting at approximately 19.3 billion USD in September 2020, sales experienced an increase towards the end of 2020, peaking above 20.9 billion USD in December 2021. Thereafter, sales showed a cyclical pattern with peaks commonly occurring in the September quarters, notably reaching about 21.9 billion USD in September 2023 and September 2025. Despite periodic declines, net sales generally maintained a level between 19 billion and 22 billion USD throughout most quarters. This suggests a relatively stable revenue base with seasonal variations affecting performance.
- Shareholders' Equity Attributable to Procter & Gamble
- Shareholders’ equity values initially declined from roughly 48.1 billion USD in late 2020 to a low near 44.1 billion USD in September 2022. After this trough, equity levels exhibited a recovery trend, progressively increasing to reach approximately 53.3 billion USD by September 2025. This upward trend in the latter periods signals strengthened equity capital or retained earnings accumulation. The observed volatility in equity during the first half of the timeline likely reflects changes in company reserves, dividend distributions, or other capital adjustments.
- Equity Turnover Ratio
- The equity turnover ratio indicates how efficiently the company utilizes its equity to generate sales. The ratio demonstrated an increasing trend in the first part of the period, rising from 1.5 to a peak of 1.83 around September 2022, suggesting improved operational efficiency or sales growth relative to equity. Following this peak, the ratio gradually declined to about 1.59 by September 2025. This decline, while moderate, may point to a relative slowdown in sales growth compared to the growth in equity. Overall, the ratio fluctuated within a range close to 1.5 to 1.8, indicating fairly consistent utilization of equity.
- Overall Insights
- The data reflects a company experiencing moderate sales growth with evident seasonal sales peaks. The initial decline and subsequent recovery in equity suggest active financial management or shifts in retained earnings. The equity turnover ratio’s cyclical movement aligns with these trends, highlighting phases of improved and then steadied efficiency in equity usage. The stability in sales and equity levels over time denotes a mature financial structure with controlled variations rather than volatility. These patterns provide a comprehensive view of operational consistency combined with prudent capital management.