Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Historical Valuation Ratios (Summary)
Procter & Gamble Co., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 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 valuation metrics for the period between September 2021 and September 2026 exhibit a pattern of cyclical fluctuation characterized by an initial peak, a period of volatility, a secondary peak in 2024, and a subsequent correction followed by a recent recovery.
- Price to Earnings (P/E) Ratio
- The P/E ratio displays significant volatility, starting at 24.55 and reaching a peak of 28.75 in September 2024. Following this peak, a sustained contraction is observed, with the ratio descending to a low of 21.14 by March 2026. This downward trend reversed in the final two quarters, concluding at 24.39 in September 2026, returning the valuation to levels seen at the start of the analyzed period.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio follows a trajectory closely aligned with the P/E ratio, peaking early at 22.17 in December 2021. A general downward trend is evident through much of the period, reaching a minimum of 17.12 in March 2026. A modest recovery occurred toward the end of the period, with the ratio rising to 19.36 by September 2026.
- Price to Sales (P/S) Ratio
- The P/S ratio remained relatively stable, fluctuating within a range of 3.82 to 4.96. Peaks were observed in December 2021 (4.96) and September 2024 (4.81). A period of compression occurred between December 2024 and June 2026, where the ratio dipped to 3.95, before increasing to 4.37 in the final quarter of the data set.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio shows a more pronounced long-term decline than the other metrics. After hitting a high of 8.70 in December 2021, the ratio entered a general downward trend, reaching a low of 6.33 in March 2026. This indicates a reduction in the market premium applied to the company's book value over time, although a rebound to 6.97 was noted in September 2026.
Overall, a strong correlation exists across all four valuation ratios, suggesting that market sentiment shifted uniformly. The data reveals a distinct valuation contraction phase from late 2024 through early 2026, followed by a synchronized upward correction in the final two quarters of the sequence.
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Price to Earnings (P/E)
Procter & Gamble Co., historical P/E calculation (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 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 Data adjusted for splits and stock dividends.
2 Q1 2027 Calculation
EPS
= (Net earnings attributable to P&G available to common shareholdersQ1 2027
+ Net earnings attributable to P&G available to common shareholdersQ4 2026
+ Net earnings attributable to P&G available to common shareholdersQ3 2026
+ Net earnings attributable to P&G available to common shareholdersQ2 2026)
÷ No. shares of common stock outstanding
= (4,658,000,000 + 2,970,000,000 + 3,860,000,000 + 4,247,000,000)
÷ 2,317,783,143 = 6.79
3 Closing price as at the filing date of Procter & Gamble Co. Quarterly or Annual Report.
4 Q1 2027 Calculation
P/E ratio = Share price ÷ EPS
= 165.59 ÷ 6.79 = 24.39
The valuation of common stock from September 2021 through September 2026 is characterized by a steady increase in fundamental earnings coupled with cyclical fluctuations in market valuation multiples. While the underlying profitability per share grew consistently, the market's willingness to pay a premium for those earnings varied, leading to several periods of P/E expansion and contraction.
- Share Price Trends
- The share price experienced an overall upward trajectory from September 2021, starting at 140.66 and reaching a peak of 171.28 by June 2024. Following this peak, the price entered a period of consolidation and slight decline, fluctuating between 148.01 and 164.74 throughout 2025 and early 2026, before recovering to 165.59 by the end of the analyzed period.
- Earnings per Share (EPS) Performance
- Earnings per share demonstrated a sustained growth pattern, rising from 5.73 in September 2021 to a peak of 7.05 in September 2025. Despite a slight moderation in the final quarters to 6.79, the long-term trend indicates a consistent improvement in the company's bottom-line profitability on a per-share basis.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio exhibited significant volatility, oscillating between a minimum of 21.14 in March 2026 and a maximum of 28.75 in September 2023. A period of valuation expansion was observed between December 2022 and September 2023, where the ratio climbed from 24.00 to its peak. Conversely, a notable compression phase occurred between June 2024 and March 2026, during which the P/E ratio fell from 27.11 to 21.14. This decline indicates that during this window, the growth in EPS outpaced the growth in share price, resulting in a more conservative valuation multiple before a final uptick to 24.39 in September 2026.
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Price to Operating Profit (P/OP)
Procter & Gamble Co., historical P/OP calculation (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 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 Data adjusted for splits and stock dividends.
2 Q1 2027 Calculation
Operating profit per share
= (Operating incomeQ1 2027
+ Operating incomeQ4 2026
+ Operating incomeQ3 2026
+ Operating incomeQ2 2026)
÷ No. shares of common stock outstanding
= (5,937,000,000 + 3,950,000,000 + 4,576,000,000 + 5,366,000,000)
÷ 2,317,783,143 = 8.56
3 Closing price as at the filing date of Procter & Gamble Co. Quarterly or Annual Report.
4 Q1 2027 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 165.59 ÷ 8.56 = 19.36
The valuation of common stock based on operating profit exhibits a pattern of volatility characterized by periodic peaks and a general stabilization toward the end of the observed period. While operating profits grew steadily, the valuation multiple was primarily driven by fluctuations in the market share price.
- Share Price Trends
- The share price demonstrated significant volatility, with an initial climb to a peak of 163.65 in March 2022, followed by a sharp decline to 129.56 by September 2022. A subsequent recovery phase led to a secondary peak of 171.28 in September 2024. The final year of the period shows a correction followed by a recovery to 165.59 by September 2026.
- Operating Profit Performance
- Operating profit per share maintained a consistent upward trajectory for the majority of the period. Starting at 7.33 in September 2021, the figure remained relatively stable through 2022 before accelerating to a peak of 8.78 in September 2025. Although a slight decline occurred toward the end of the period, finishing at 8.56 in September 2026, the overall trend reflects a fundamental improvement in operational efficiency per share.
- Price to Operating Profit (P/OP) Ratio Analysis
- The P/OP ratio fluctuated between a high of 22.17 in December 2021 and a low of 17.12 in March 2026. The ratio peaked twice: first in late 2021 and again in mid-2024, correlating closely with surges in share price. Between these peaks, the ratio frequently reverted to a baseline range of 17.00 to 19.00. The contraction of the multiple from 2024 to 2026, despite share prices remaining relatively high, is attributed to the growth in operating profit per share, which effectively lowered the valuation multiple.
Overall, the analysis indicates that while the market periodically attributed a higher premium to the stock, the underlying growth in operating profits has served to moderate the P/OP ratio over the long term, suggesting a more grounded valuation by the end of the period.
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Price to Sales (P/S)
Procter & Gamble Co., historical P/S calculation (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 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 Data adjusted for splits and stock dividends.
2 Q1 2027 Calculation
Sales per share
= (Net salesQ1 2027
+ Net salesQ4 2026
+ Net salesQ3 2026
+ Net salesQ2 2026)
÷ No. shares of common stock outstanding
= (23,276,000,000 + 21,203,000,000 + 21,235,000,000 + 22,208,000,000)
÷ 2,317,783,143 = 37.93
3 Closing price as at the filing date of Procter & Gamble Co. Quarterly or Annual Report.
4 Q1 2027 Calculation
P/S ratio = Share price ÷ Sales per share
= 165.59 ÷ 37.93 = 4.37
The analysis of the valuation metrics reveals a consistent divergence between the steady growth of fundamental sales performance and the more volatile fluctuations of the market share price, which directly dictates the movement of the price-to-sales (P/S) ratio.
- Sales per Share Performance
- A sustained and linear upward trend in sales per share is observed over the analyzed period. Starting at 31.88 US$ in September 2021, the figure grew consistently to reach 37.93 US$ by September 2026. This represents a steady increase in the revenue generated per single share of common stock, indicating stable top-line growth independent of market valuation shifts.
- Share Price Volatility
- The share price exhibited significant cyclicality. A peak was noted in December 2021 at 162.00 US$, followed by a notable decline to a period low of 129.56 US$ in September 2022. A subsequent recovery phase pushed the price to its highest point of 171.28 US$ in September 2024. The latter part of the period showed a moderate correction, with prices stabilizing between 148.01 US$ and 165.59 US$ throughout 2026.
- Price to Sales (P/S) Ratio Interpretation
- The P/S ratio fluctuated between a minimum of 3.82 and a maximum of 4.96. Because sales per share grew at a constant rate, the movements in the P/S ratio correlate almost exclusively with changes in the share price. Valuation multiples peaked in December 2021 (4.96) and September 2024 (4.81), reflecting periods of higher market premium. Conversely, the ratio contracted to 3.82 in September 2022 and reached a secondary low of 3.95 in June 2026, indicating periods where the market valuation was more closely aligned with underlying revenue.
In summary, the growth in sales per share has acted as a stabilizing fundamental floor, while the P/S ratio has served as a reflection of fluctuating investor sentiment and market pricing. The final observation in September 2026 shows a ratio of 4.37, returning toward the historical median after a period of compression.
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Price to Book Value (P/BV)
Procter & Gamble Co., historical P/BV calculation (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 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 Data adjusted for splits and stock dividends.
2 Q1 2027 Calculation
BVPS = Shareholders’ equity attributable to Procter & Gamble ÷ No. shares of common stock outstanding
= 55,098,000,000 ÷ 2,317,783,143 = 23.77
3 Closing price as at the filing date of Procter & Gamble Co. Quarterly or Annual Report.
4 Q1 2027 Calculation
P/BV ratio = Share price ÷ BVPS
= 165.59 ÷ 23.77 = 6.97
An analysis of the valuation metrics reveals a general compression in the Price to Book Value (P/BV) ratio over the period from September 2021 to September 2026, occurring alongside a consistent growth in the underlying book value per share.
- Book Value Per Share (BVPS) Performance
- A steady and positive trajectory is observed in the book value per share, which increased from 19.05 USD in September 2021 to 23.77 USD by September 2026. This represents a consistent accumulation of net assets on a per-share basis, reflecting stable growth in the intrinsic accounting value of the equity.
- Share Price Volatility
- The market price of the shares exhibited notable fluctuations throughout the period. After reaching an initial high in late 2021 and early 2022, the price peaked at 171.28 USD in September 2024. A subsequent decline occurred through 2025, reaching a low of 148.01 USD in June 2026, before recovering to 165.59 USD by September 2026.
- Price to Book Value (P/BV) Ratio Trends
- The P/BV ratio reached a period high of 8.70 in December 2021. Following this peak, the ratio experienced a period of volatility, stabilizing between 7.41 and 7.87 from September 2023 through September 2024. A significant downward trend was observed starting in December 2024, with the ratio contracting to a low of 6.33 by March 2026. The period concluded with a moderate rebound to 6.97 in September 2026.
- Valuation Insight
- The divergence between the steadily increasing BVPS and the overall declining P/BV ratio indicates that the growth in the company's book value has outpaced the growth in its market price over the long term. This contraction suggests a reduction in the market premium assigned to the company's net assets, moving from a peak multiple of 8.70 to a more conservative range between 6.33 and 6.97 in the final year of the observed period.
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