Price to FCFE (P/FCFE)
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- Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
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Free Cash Flow to Equity (FCFE)
Procter & Gamble Co., FCFE calculation
US$ in millions
Based on: 10-K (reporting date: 2025-06-30), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30).
- Operating Activities Cash Flow
- The cash flow from operating activities shows some variability over the reported periods. It increased from 17,403 million USD in 2020 to a peak of 19,846 million USD by mid-2024. However, there was a noticeable dip in 2022 to 16,723 million USD, fluctuating slightly afterwards but remaining below the 2024 peak in 2025 at 17,817 million USD. This pattern suggests some operational volatility, although the overall trend from 2020 to 2024 was upward before a decline in the final year.
- Free Cash Flow to Equity (FCFE)
- The FCFE exhibited more pronounced fluctuations. Starting at 19,179 million USD in 2020, it declined significantly to 11,681 million USD in 2021. A recovery phase followed, with values rising to 16,459 and 16,723 million USD in 2022 and 2023 respectively. The FCFE then decreased again to 14,082 million USD in 2024 before a slight increase to 14,674 million USD in 2025. This volatility in FCFE reflects changes in operational efficiency, investment activities, or financing structures impacting the equity cash flow to shareholders.
- Comparative Insights
- While both metrics show fluctuations, operating activities cash flow generally trends upward until 2024 with a slight dip afterward, indicating sustained operational cash generation capacity over the majority of the period. In contrast, FCFE shows greater variability and a downward tendency after 2023, implying that factors beyond core operations—such as capital expenditures, debt servicing, or dividends—have generated more uncertainty in the cash available to equity holders.
Price to FCFE Ratio, Current
Procter & Gamble Co., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Industry | |
| Consumer Staples | |
Based on: 10-K (reporting date: 2025-06-30).
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Procter & Gamble Co., historical P/FCFE calculation, comparison to benchmarks
Based on: 10-K (reporting date: 2025-06-30), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30).
1 Data adjusted for splits and stock dividends.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Procter & Gamble Co. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
The financial data over the six-year period demonstrates several discernible trends and fluctuations in key metrics related to shareholder value and free cash flow equity (FCFE).
- Share Price
- The share price exhibits an overall upward trajectory from 132.71 US dollars in mid-2020 to a peak of 168.06 US dollars in mid-2024, followed by a decline to 150.76 US dollars in mid-2025. This pattern suggests bullish investor sentiment and price appreciation for the majority of the period, with a notable correction or pullback occurring in the final year observed.
- FCFE per Share
- The FCFE per share displays some volatility. It begins at 7.71 US dollars in 2020, dips substantially to 4.81 US dollars in 2021, then recovers over the next two years, reaching 7.09 US dollars in 2023. Subsequently, it declines to 5.98 US dollars in 2024 before slightly improving to 6.26 US dollars in 2025. This indicates fluctuations in the company’s free cash flow available to equity holders, reflecting changing operational cash generation or capital expenditure patterns that affect available equity cash flow.
- P/FCFE Ratio
- The price-to-FCFE ratio reveals considerable variability, moving from a relatively low 17.2 in 2020 to a peak of 29.39 in 2021, indicating increasing investor willingness to pay a premium per unit of free cash flow. The ratio decreases afterwards, stabilizing near 21.9 in 2022 and 2023, before rising again to 28.09 in 2024, corresponding closely with the share price peak. It adjusts downward to 24.07 in 2025, reflecting the combined effects of a share price decline and FCFE changes. These fluctuations suggest alternating periods of market optimism and cautious valuation relative to free cash flows.
In summary, the data indicates a general growth trend in market valuation with intermittent volatility in underlying free cash flows and valuation multiples. The notable divergence between peak valuation ratios and FCFE per share trends in 2021 and 2024 may merit further investigation into market conditions or company-specific events influencing investor perceptions during those years.