Stock Analysis on Net
Stock Analysis on Net

Procter & Gamble Co. (NYSE:PG)

Analysis of Profitability Ratios
Quarterly Data

Microsoft Excel

Profitability ratios measure the company ability to generate profitable sales from its resources (assets).

Profitability Ratios (Summary)

Procter & Gamble Co., profitability ratios (quarterly data)

Microsoft Excel
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 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017
Return on Sales
Gross profit margin 51.09% 50.36% 49.06% 47.86% 46.96% 46.60% 47.01% 47.43% 48.32% 49.27% 50.31% 51.25% 51.57% 51.26% 50.78% 50.32% 49.90% 49.77% 49.11% 48.63% 48.04% 48.03% 48.37% 48.73% — — —
Operating profit margin 22.39% 22.17% 22.77% 22.11% 21.70% 21.61% 22.03% 22.21% 22.30% 22.36% 22.98% 23.63% 23.94% 23.79% 23.04% 22.14% 10.00% 9.78% 9.05% 8.11% 19.91% 20.06% 20.23% 20.52% — — —
Net profit margin 18.00% 17.60% 18.30% 17.87% 17.69% 17.79% 18.11% 18.38% 18.33% 18.52% 18.33% 18.79% 18.97% 18.72% 18.92% 18.36% 7.09% 6.92% 6.24% 5.76% 16.44% 16.13% 15.10% 14.59% — — —
Return on Investment
Return on equity (ROE) 30.22% 30.43% 31.94% 31.33% 31.73% 32.12% 33.06% 31.64% 32.09% 32.52% 30.67% 30.85% 30.47% 28.74% 28.46% 28.00% 10.95% 10.57% 9.21% 8.26% 20.03% 19.99% 19.33% 18.64% — — —
Return on assets (ROA) 12.65% 12.24% 12.43% 12.13% 11.95% 12.13% 12.53% 12.58% 12.14% 11.95% 11.82% 11.99% 12.16% 11.53% 11.44% 10.79% 4.21% 4.31% 3.76% 3.39% 9.06% 8.73% 8.52% 8.24% — — —

Based on: 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), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30).

Profitability ratio Description The company
Gross profit margin Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. Procter & Gamble Co. gross profit margin ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.
Operating profit margin A profitability ratio calculated as operating income divided by revenue. Procter & Gamble Co. operating profit margin ratio deteriorated from Q1 2024 to Q2 2024 but then slightly improved from Q2 2024 to Q3 2024.
Net profit margin An indicator of profitability, calculated as net income divided by revenue. Procter & Gamble Co. net profit margin ratio deteriorated from Q1 2024 to Q2 2024 but then improved from Q2 2024 to Q3 2024 not reaching Q1 2024 level.
Profitability ratio Description The company
ROE A profitability ratio calculated as net income divided by shareholders’ equity. Procter & Gamble Co. ROE deteriorated from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.
ROA A profitability ratio calculated as net income divided by total assets. Procter & Gamble Co. ROA deteriorated from Q1 2024 to Q2 2024 but then improved from Q2 2024 to Q3 2024 exceeding Q1 2024 level.

Gross Profit Margin

Procter & Gamble Co., gross profit margin calculation (quarterly data)

Microsoft Excel
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 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017
Selected Financial Data (US$ in millions)
Gross profit 10,340 11,297 11,371 9,940 9,664 9,876 9,766 8,713 9,055 10,289 9,973 9,155 9,187 10,492 10,176 8,756 8,498 9,371 9,075 8,156 8,035 8,519 8,206 7,474 7,938 8,728 8,424
Net sales 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 17,094 16,462 17,438 16,690 16,503 16,281 17,395 16,653
Profitability Ratio
Gross profit margin1 51.09% 50.36% 49.06% 47.86% 46.96% 46.60% 47.01% 47.43% 48.32% 49.27% 50.31% 51.25% 51.57% 51.26% 50.78% 50.32% 49.90% 49.77% 49.11% 48.63% 48.04% 48.03% 48.37% 48.73% — — —

Based on: 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), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30).

1 Q3 2024 Calculation
Gross profit margin = 100 × (Gross profitQ3 2024 + Gross profitQ2 2024 + Gross profitQ1 2024 + Gross profitQ4 2023) ÷ (Net salesQ3 2024 + Net salesQ2 2024 + Net salesQ1 2024 + Net salesQ4 2023)
= 100 × (10,340 + 11,297 + 11,371 + 9,940) ÷ (20,195 + 21,441 + 21,871 + 20,553) = 51.09%

Profitability ratio Description The company
Gross profit margin Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. Procter & Gamble Co. gross profit margin ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Operating Profit Margin

Procter & Gamble Co., operating profit margin calculation (quarterly data)

Microsoft Excel
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 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017
Selected Financial Data (US$ in millions)
Operating income 4,460 4,434 5,767 4,162 4,248 4,785 4,939 3,598 4,024 5,168 5,023 3,540 3,785 5,380 5,281 3,481 3,453 4,482 4,290 (5,192) 3,229 3,896 3,554 2,677 3,296 4,003 3,735
Net sales 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 17,094 16,462 17,438 16,690 16,503 16,281 17,395 16,653
Profitability Ratio
Operating profit margin1 22.39% 22.17% 22.77% 22.11% 21.70% 21.61% 22.03% 22.21% 22.30% 22.36% 22.98% 23.63% 23.94% 23.79% 23.04% 22.14% 10.00% 9.78% 9.05% 8.11% 19.91% 20.06% 20.23% 20.52% — — —

Based on: 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), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30).

1 Q3 2024 Calculation
Operating profit margin = 100 × (Operating incomeQ3 2024 + Operating incomeQ2 2024 + Operating incomeQ1 2024 + Operating incomeQ4 2023) ÷ (Net salesQ3 2024 + Net salesQ2 2024 + Net salesQ1 2024 + Net salesQ4 2023)
= 100 × (4,460 + 4,434 + 5,767 + 4,162) ÷ (20,195 + 21,441 + 21,871 + 20,553) = 22.39%

Profitability ratio Description The company
Operating profit margin A profitability ratio calculated as operating income divided by revenue. Procter & Gamble Co. operating profit margin ratio deteriorated from Q1 2024 to Q2 2024 but then slightly improved from Q2 2024 to Q3 2024.

Net Profit Margin

Procter & Gamble Co., net profit margin calculation (quarterly data)

Microsoft Excel
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 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017
Selected Financial Data (US$ in millions)
Net earnings attributable to Procter & Gamble (P&G) 3,754 3,468 4,521 3,384 3,397 3,933 3,939 3,052 3,355 4,223 4,112 2,906 3,269 3,854 4,277 2,800 2,917 3,717 3,593 (5,241) 2,745 3,194 3,199 1,891 2,511 2,495 2,853
Net sales 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 17,094 16,462 17,438 16,690 16,503 16,281 17,395 16,653
Profitability Ratio
Net profit margin1 18.00% 17.60% 18.30% 17.87% 17.69% 17.79% 18.11% 18.38% 18.33% 18.52% 18.33% 18.79% 18.97% 18.72% 18.92% 18.36% 7.09% 6.92% 6.24% 5.76% 16.44% 16.13% 15.10% 14.59% — — —

Based on: 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), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30).

1 Q3 2024 Calculation
Net profit margin = 100 × (Net earnings attributable to Procter & Gamble (P&G)Q3 2024 + Net earnings attributable to Procter & Gamble (P&G)Q2 2024 + Net earnings attributable to Procter & Gamble (P&G)Q1 2024 + Net earnings attributable to Procter & Gamble (P&G)Q4 2023) ÷ (Net salesQ3 2024 + Net salesQ2 2024 + Net salesQ1 2024 + Net salesQ4 2023)
= 100 × (3,754 + 3,468 + 4,521 + 3,384) ÷ (20,195 + 21,441 + 21,871 + 20,553) = 18.00%

Profitability ratio Description The company
Net profit margin An indicator of profitability, calculated as net income divided by revenue. Procter & Gamble Co. net profit margin ratio deteriorated from Q1 2024 to Q2 2024 but then improved from Q2 2024 to Q3 2024 not reaching Q1 2024 level.

Return on Equity (ROE)

Procter & Gamble Co., ROE calculation (quarterly data)

Microsoft Excel
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 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017
Selected Financial Data (US$ in millions)
Net earnings attributable to Procter & Gamble (P&G) 3,754 3,468 4,521 3,384 3,397 3,933 3,939 3,052 3,355 4,223 4,112 2,906 3,269 3,854 4,277 2,800 2,917 3,717 3,593 (5,241) 2,745 3,194 3,199 1,891 2,511 2,495 2,853
Shareholders’ equity attributable to Procter & Gamble 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 47,194 55,072 53,990 52,236 52,293 54,315 54,112 54,818
Profitability Ratio
ROE1 30.22% 30.43% 31.94% 31.33% 31.73% 32.12% 33.06% 31.64% 32.09% 32.52% 30.67% 30.85% 30.47% 28.74% 28.46% 28.00% 10.95% 10.57% 9.21% 8.26% 20.03% 19.99% 19.33% 18.64% — — —

Based on: 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), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30).

1 Q3 2024 Calculation
ROE = 100 × (Net earnings attributable to Procter & Gamble (P&G)Q3 2024 + Net earnings attributable to Procter & Gamble (P&G)Q2 2024 + Net earnings attributable to Procter & Gamble (P&G)Q1 2024 + Net earnings attributable to Procter & Gamble (P&G)Q4 2023) ÷ Shareholders’ equity attributable to Procter & Gamble
= 100 × (3,754 + 3,468 + 4,521 + 3,384) ÷ 50,058 = 30.22%

Profitability ratio Description The company
ROE A profitability ratio calculated as net income divided by shareholders’ equity. Procter & Gamble Co. ROE deteriorated from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Return on Assets (ROA)

Procter & Gamble Co., ROA calculation (quarterly data)

Microsoft Excel
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 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017
Selected Financial Data (US$ in millions)
Net earnings attributable to Procter & Gamble (P&G) 3,754 3,468 4,521 3,384 3,397 3,933 3,939 3,052 3,355 4,223 4,112 2,906 3,269 3,854 4,277 2,800 2,917 3,717 3,593 (5,241) 2,745 3,194 3,199 1,891 2,511 2,495 2,853
Total assets 119,598 120,709 122,531 120,829 119,851 117,715 116,282 117,208 120,217 121,416 119,669 119,307 116,778 120,112 119,899 120,700 118,560 111,723 114,058 115,095 121,673 123,687 118,440 118,310 124,369 126,644 122,851
Profitability Ratio
ROA1 12.65% 12.24% 12.43% 12.13% 11.95% 12.13% 12.53% 12.58% 12.14% 11.95% 11.82% 11.99% 12.16% 11.53% 11.44% 10.79% 4.21% 4.31% 3.76% 3.39% 9.06% 8.73% 8.52% 8.24% — — —

Based on: 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), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30).

1 Q3 2024 Calculation
ROA = 100 × (Net earnings attributable to Procter & Gamble (P&G)Q3 2024 + Net earnings attributable to Procter & Gamble (P&G)Q2 2024 + Net earnings attributable to Procter & Gamble (P&G)Q1 2024 + Net earnings attributable to Procter & Gamble (P&G)Q4 2023) ÷ Total assets
= 100 × (3,754 + 3,468 + 4,521 + 3,384) ÷ 119,598 = 12.65%

Profitability ratio Description The company
ROA A profitability ratio calculated as net income divided by total assets. Procter & Gamble Co. ROA deteriorated from Q1 2024 to Q2 2024 but then improved from Q2 2024 to Q3 2024 exceeding Q1 2024 level.