Procter & Gamble Co. (NYSE:PG)

Gross Profit Margin

The gross profit margin shows an increasing trend from 48.63% in September 2018 to a peak around 51.57% in June 2021, indicating an improvement in the core profitability from sales. Following this peak, there is a gradual decline reaching a low of 46.6% in September 2022. However, from that point onward, the margin recovers steadily, climbing back to the range of approximately 51.3% by the early part of 2025. Overall, the margin exhibits moderate volatility with a general upward trajectory in the longer term.

Operating Profit Margin

This margin demonstrates a steady and consistent increase from 8.11% in September 2018 to above 23% by December 2020. Such a substantial rise implies improved operational efficiency or cost management during this period. After hitting this high, it fluctuates slightly but remains relatively stable in the low 20% range through to early 2025, ending near 23.8%. The consistency at an elevated level indicates sustained operational strength.

Net Profit Margin

Net profit margin follows a similar pattern to the operating margin, rising from 5.76% in September 2018 to levels around 18-19% by the end of 2020. This leap suggests significant enhancements in overall profitability after accounting for all expenses. Post-2020, the net margin exhibits minor fluctuations while maintaining a stable range predominantly between 17% and 18.5%, illustrating a stable bottom-line profitability with limited volatility.

Return on Equity (ROE)

ROE experienced notable growth from 8.26% in September 2018 to a peak exceeding 33% in June 2022, signaling enhanced returns generated on shareholders' equity. Nevertheless, after this high point, the ratio declines gradually to near 27.6% by December 2024, with a slight rebound observed into 2025 near 29.6%. This suggests that while the company achieved strong equity returns, there was some reduction in efficiency or increased equity base in recent periods.

Return on Assets (ROA)

ROA increases steadily from 3.39% in September 2018 to levels around 11-12% by the end of 2020, reflecting better asset utilization and overall profitability. From 2021 onwards, the ratio remains relatively stable, fluctuating modestly in the range between 11% and 12.6%, indicative of consistent asset management and sustained earning power of company assets through recent years.

The gross profit and net sales figures over the observed periods reveal several notable trends. Both metrics exhibit fluctuations but generally maintain an upward trajectory over the long term. Gross profit values experience periods of growth and contraction, peaking notably around the end of 2020 and early 2021, followed by some declines and recoveries in subsequent quarters. Net sales demonstrate a broadly similar pattern with increasing values peaking at the end of 2021 and again in late 2023 before slight decreases occur in some recent periods.

Gross profit margin percentages, calculated from available data starting mid-2019, show a clear upward trend. Starting at approximately 48.63%, the margin steadily increases to exceed 51% in multiple quarters from late 2020 onward, suggesting improved pricing power or cost management over time. The margin peaks slightly above 51%, with minor short-term declines but maintains a strong level throughout the latest periods.

Gross Profit Trend

The gross profit exhibits initial fluctuations followed by a rise peaking in late 2020. There is a slight decline starting in 2021 through mid-2022, but the figure recovers above preceding levels by the end of 2024. The pattern reflects both market volatility and successful cost control initiatives during certain periods.

Net Sales Trend

Net sales increase overall from 16.7 billion USD in late 2018 to approximately 21.9 billion USD in the late 2023 periods, with peaks and valleys evidencing seasonality or market conditions. After a peak in net sales toward the end of 2021, the metric shows stabilization with fluctuations rather than sharp declines, indicating sustained demand.

Gross Profit Margin Trend

Gross profit margin improves from the mid-40% range to consistently above 50% from late 2020 onward. This improvement suggests enhanced operational efficiency or favorable product mix changes. The margin achieves its highest points near 51-51.4%, with downward deviations being temporary and mild.

Overall, the financial data indicates that the company has managed to increase its sales base while also enhancing profitability at the gross profit level. The sustained higher gross profit margins point to effective cost management, pricing strategies, or both. Despite periodic fluctuations, the ability to maintain these margins above 50% reflects strength in the underlying business model and market position.

The financial data reveals several notable trends in operating income, net sales, and operating profit margin over the analyzed periods. Operating income displays a generally positive trajectory with fluctuations indicating volatility at certain intervals. Net sales show a consistent pattern of growth punctuated by some periods of decline, while operating profit margin remains relatively stable with moderate variations signaling operational efficiency changes.

Operating Income

Operating income experienced a significant drop in June 2019, turning sharply negative, which could suggest an extraordinary event or increased costs during that quarter. Following this anomaly, operating income rebounded strongly and generally trended upwards until late 2020. Thereafter, it showed fluctuations but maintained positive values, with peaks observed around September and December quarters in most years. The latest periods indicate a resurgence with values exceeding previous levels, suggesting improved profitability or cost management.

Net Sales

Net sales consistently increased over the examined periods, demonstrating sustained revenue growth. While there were slight dips at certain times, overall the trend is upward, with quarterly sales rising from around 16,690 million USD to over 21,800 million USD. This consistent increase indicates effective sales strategies and strong market demand. Seasonal patterns may be present, as higher sales typically occur in later quarters of respective years.

Operating Profit Margin

The operating profit margin was not available for the earliest periods but from June 2019 onwards it stabilized in a range between approximately 21% and 24%. The margin saw a sharp increase starting mid-2019, peaking at over 23% by the end of 2020. Since then, it remained relatively steady with minor fluctuations within this high range, signaling sustained operational efficiency and profitability. The consistency in margin, despite some volatility in operating income, suggests effective cost control and favorable pricing strategies.

Net earnings attributable to Procter & Gamble (P&G)

The net earnings exhibit notable fluctuations over the observed periods. Initially, earnings remain relatively stable around the 3,000 million USD mark through 2018 and early 2019. A significant anomaly occurs in June 2019, where earnings sharply drop to a substantial loss of -5,241 million USD. Following this loss, earnings recover and trend upwards, peaking above 4,000 million USD in multiple quarters of 2020 and 2021. From 2022 onwards, earnings demonstrate moderate volatility, generally maintaining values between approximately 3,100 million USD and 4,600 million USD, with occasional downward deviations but recovering subsequently. The later quarters up to March 2025 show continued positive earnings with values consistently above 3,100 million USD.

Net sales

Net sales display an overall upward trajectory across the full period, starting around 16,690 million USD in late 2018 and reaching peaks exceeding 21,800 million USD by 2024. Despite minor quarter-to-quarter variations and occasional slight declines, the trend is predominantly positive. Seasonal or cyclical patterns might be inferred from periodic fluctuations, but the general direction suggests steady growth in revenue. The data points for 2022 to 2024 suggest a plateau or moderate growth, with sales often fluctuating between approximately 20,000 to 21,800 million USD.

Net profit margin

Profit margin data begins from the March 2019 period, indicating profitability percentages generally in the mid-to-high teens, around 17% to 19%. Initial margins show a rise from 5.76% to 7.09% in early 2019, likely reflecting recovery after the earnings loss in June 2019. Thereafter, the margin stabilizes predominantly in the range of 17% to 18.5%, with occasional small variations. This steadiness in profit margin despite fluctuations in net earnings and net sales suggests effective cost management and pricing strategies, maintaining profitability proportions consistent with the firm’s historical performance.

Summary

The financial metrics collectively point to a resilient operational performance amidst episodic challenges. The sharp loss recorded in mid-2019 is an outlier against otherwise steady earnings and ascending sales figures. Net sales growth supports the general expansion of business activities, while stable net profit margins imply consistent profitability control. Post-2019, the earnings recovery and margin maintenance indicate the firm’s effective adaptation to market conditions and internal cost structures. Overall, the data portray a financially robust company with trends of growth and stable profitability over the analyzed quarters.

The analysis of quarterly financial data over the specified periods reveals notable fluctuations and trends in net earnings, shareholders' equity, and return on equity (ROE).

Net Earnings attributable to Procter & Gamble (P&G)

The net earnings demonstrate considerable variability across the quarters. An initial stable range around 3,000 million US dollars is observed from late 2018 through early 2019, followed by a significant negative spike in June 2019 (-5,241 million US dollars), indicating an extraordinary event or loss during that period. Post this anomaly, net earnings recovered to levels mostly between 2,800 and 4,200 million US dollars, with peaks notably in September 2020 (4,277 million US dollars), September 2021 (4,112 million US dollars), and December 2024 (4,630 million US dollars). The general trend appears to be cyclical with intermittent peaks and troughs but no consistently sustained growth or decline is evident over the timeframe.

Shareholders’ Equity attributable to Procter & Gamble

Shareholders’ equity showed an initial increase from September 2018 (52,236 million US dollars) to March 2019 (55,072 million US dollars), before a pronounced decline by June 2019 (47,194 million US dollars), mirroring the net earnings downturn. Thereafter, the equity fluctuated, with values hovering mostly in the 44,000 to 48,000 million US dollars range until mid-2023. From late 2023 onwards, a gradual upward trajectory is observed, reaching above 52,000 million US dollars by March 2025. This suggests recovery and eventual growth in equity capital after the mid-2019 dip, reflective in part of retained earnings and possibly other measures to bolster equity.

Return on Equity (ROE)

ROE figures start from the mid-2019 period, showing a progressive increase from roughly 8% to nearly 10.95% by June 2020. From late 2020 onward, ROE values dramatically increase, stabilizing around 28% to 33%, indicating a notably higher return environment. The peak ROE is recorded in June 2022 at 33.06%, followed by a marginal decline toward the end of the observed period, settling between approximately 27% and 30% in 2024 and early 2025. The elevated ROE levels in the later years imply improved profitability relative to shareholders' equity.

In summary, the data indicates a disruptive event in mid-2019 affecting earnings and equity, followed by a recovery phase. Net earnings are volatile but recover to pre-disturbance levels, while shareholders’ equity demonstrates resilience and gradual growth in later periods. The marked increase in ROE from mid-2020 onward suggests enhanced efficiency in generating profits from equity, supporting a positive outlook on operational return despite earnings variability.

The analysis of the quarterly financial data reveals several notable trends in profitability, asset levels, and return on assets (ROA) over the periods presented.

Net Earnings Attributable to Procter & Gamble (P&G)

The net earnings fluctuate considerably across the quarters. There is a marked negative spike in June 2019 (-5241 million USD), which represents a significant irregularity compared to other periods. Excluding this outlier, net earnings generally range between approximately 2700 and 4600 million USD with a visible pattern of periodic increases and decreases, yet maintaining a positive trend overall. Notably, higher earnings occur frequently during the September and December quarters, suggesting a seasonally stronger performance during these periods. The most recent quarters show a rebound in net earnings, with several quarters nearing or exceeding 4000 million USD, indicating sustained profitability.

Total Assets

Total assets display moderate variability but remain relatively stable over the entire period analyzed. The values fluctuate within a band roughly between 111,700 million USD and 126,500 million USD. There is a slight downward trend from late 2018 to 2022, followed by stabilization and a modest increase towards the most recent quarters. This stability in asset base suggests consistent asset management without large-scale acquisitions or disposals.

Return on Assets (ROA)

The ROA values, available from March 2019 onwards, show a clear upward trend with a few minor fluctuations. Initial values around 3.4% to 4.3% transition sharply upwards in mid to late 2020, reaching levels consistently above 10% and staying near or above 12% in the majority of subsequent quarters. This improvement suggests enhanced efficiency in asset usage to generate earnings, possibly influenced by operational improvements or better cost management. The ROA remains stable around the 12% mark through to March 2025, indicating sustained performance in asset profitability.

In summary, the company demonstrates strong profitability with some seasonal patterns, a consistent asset base, and improving efficiency as reflected by the rising ROA. The isolated negative earnings event in mid-2019 stands out as an anomaly, but subsequent quarters indicate recovery and stable growth in earnings and returns.