Stock Analysis on Net
Stock Analysis on Net

Procter & Gamble Co. (NYSE:PG)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Microsoft Excel

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)

Microsoft Excel
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
Price to earnings (P/E) 25.01 23.65 25.47 26.20 24.00 21.49 23.91 27.43 27.29 24.55 24.46 24.20 23.92 26.27 25.85 63.19 67.79 75.63 78.69 24.03 22.55 22.13 21.68 — — —
Price to operating profit (P/OP) 19.47 18.65 20.19 20.94 19.37 17.32 19.41 22.11 22.17 19.20 19.08 18.81 18.46 21.16 21.01 42.45 45.33 48.96 52.12 19.37 17.67 16.08 15.00 — — —
Price to sales (P/S) 4.32 4.25 4.46 4.54 4.19 3.82 4.31 4.93 4.96 4.41 4.51 4.50 4.39 4.88 4.65 4.24 4.44 4.43 4.22 3.86 3.55 3.25 3.08 — — —
Price to book value (P/BV) 7.47 7.41 7.83 8.15 7.56 6.97 7.42 8.63 8.70 7.38 7.40 7.24 6.74 7.33 7.09 6.56 6.78 6.54 6.06 4.70 4.39 4.16 3.93 3.47 4.15 4.08

Based on: 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).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Procter & Gamble Co. P/E ratio decreased from Q4 2023 to Q1 2024 but then increased from Q1 2024 to Q2 2024 not reaching Q4 2023 level.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Procter & Gamble Co. P/OP ratio decreased from Q4 2023 to Q1 2024 but then increased from Q1 2024 to Q2 2024 not reaching Q4 2023 level.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Procter & Gamble Co. P/S ratio decreased from Q4 2023 to Q1 2024 but then slightly increased from Q1 2024 to Q2 2024.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Procter & Gamble Co. P/BV ratio decreased from Q4 2023 to Q1 2024 but then slightly increased from Q1 2024 to Q2 2024.

Price to Earnings (P/E)

Procter & Gamble Co., historical P/E calculation (quarterly data)

Microsoft Excel
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
No. shares of common stock outstanding1 2,353,021,054 2,356,886,211 2,357,306,187 2,356,969,322 2,359,144,096 2,369,696,862 2,389,553,883 2,399,296,841 2,397,065,706 2,419,947,819 2,427,424,874 2,448,232,786 2,462,476,044 2,479,605,893 2,486,086,692 2,475,642,613 2,469,452,884 2,493,812,048 2,502,259,668 2,508,329,764 2,501,579,709 2,491,408,329 2,488,011,390 2,514,599,476 2,521,003,706 2,536,958,080
Selected Financial Data (US$)
Net earnings attributable to P&G available to common shareholders (in millions) 3,398 4,450 3,312 3,328 3,863 3,868 2,979 3,287 4,153 4,042 2,832 3,204 3,788 4,211 2,730 2,853 3,653 3,528 (5,309) 2,681 3,129 3,133 1,824 2,437 2,433 2,791
Earnings per share (EPS)2 6.16 6.34 6.10 5.96 5.93 6.03 6.05 5.97 5.94 5.73 5.78 5.69 5.52 5.42 5.13 1.91 1.84 1.62 1.45 4.29 4.21 3.94 3.81 0.00 0.00 0.00
Share price1, 3 153.98 150.03 155.28 156.07 142.42 129.56 144.72 163.65 162.00 140.66 141.41 137.75 131.93 142.48 132.71 120.60 124.99 122.18 114.28 103.16 94.84 87.30 82.64 74.95 89.05 88.25
Valuation Ratio
P/E ratio4 25.01 23.65 25.47 26.20 24.00 21.49 23.91 27.43 27.29 24.55 24.46 24.20 23.92 26.27 25.85 63.19 67.79 75.63 78.69 24.03 22.55 22.13 21.68 — — —

Based on: 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 Data adjusted for splits and stock dividends.

2 Q2 2024 Calculation
EPS = (Net earnings attributable to P&G available to common shareholdersQ2 2024 + Net earnings attributable to P&G available to common shareholdersQ1 2024 + Net earnings attributable to P&G available to common shareholdersQ4 2023 + Net earnings attributable to P&G available to common shareholdersQ3 2023) ÷ No. shares of common stock outstanding
= (3,398,000,000 + 4,450,000,000 + 3,312,000,000 + 3,328,000,000) ÷ 2,353,021,054 = 6.16

3 Closing price as at the filing date of Procter & Gamble Co. Quarterly or Annual Report.

4 Q2 2024 Calculation
P/E ratio = Share price ÷ EPS
= 153.98 ÷ 6.16 = 25.01

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Procter & Gamble Co. P/E ratio decreased from Q4 2023 to Q1 2024 but then increased from Q1 2024 to Q2 2024 not reaching Q4 2023 level.

Price to Operating Profit (P/OP)

Procter & Gamble Co., historical P/OP calculation (quarterly data)

Microsoft Excel
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
No. shares of common stock outstanding1 2,353,021,054 2,356,886,211 2,357,306,187 2,356,969,322 2,359,144,096 2,369,696,862 2,389,553,883 2,399,296,841 2,397,065,706 2,419,947,819 2,427,424,874 2,448,232,786 2,462,476,044 2,479,605,893 2,486,086,692 2,475,642,613 2,469,452,884 2,493,812,048 2,502,259,668 2,508,329,764 2,501,579,709 2,491,408,329 2,488,011,390 2,514,599,476 2,521,003,706 2,536,958,080
Selected Financial Data (US$)
Operating income (in millions) 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
Operating profit per share2 7.91 8.05 7.69 7.45 7.35 7.48 7.45 7.40 7.31 7.33 7.41 7.32 7.15 6.73 6.32 2.84 2.76 2.50 2.19 5.32 5.37 5.43 5.51 0.00 0.00 0.00
Share price1, 3 153.98 150.03 155.28 156.07 142.42 129.56 144.72 163.65 162.00 140.66 141.41 137.75 131.93 142.48 132.71 120.60 124.99 122.18 114.28 103.16 94.84 87.30 82.64 74.95 89.05 88.25
Valuation Ratio
P/OP ratio4 19.47 18.65 20.19 20.94 19.37 17.32 19.41 22.11 22.17 19.20 19.08 18.81 18.46 21.16 21.01 42.45 45.33 48.96 52.12 19.37 17.67 16.08 15.00 — — —

Based on: 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 Data adjusted for splits and stock dividends.

2 Q2 2024 Calculation
Operating profit per share = (Operating incomeQ2 2024 + Operating incomeQ1 2024 + Operating incomeQ4 2023 + Operating incomeQ3 2023) ÷ No. shares of common stock outstanding
= (4,434,000,000 + 5,767,000,000 + 4,162,000,000 + 4,248,000,000) ÷ 2,353,021,054 = 7.91

3 Closing price as at the filing date of Procter & Gamble Co. Quarterly or Annual Report.

4 Q2 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 153.98 ÷ 7.91 = 19.47

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Procter & Gamble Co. P/OP ratio decreased from Q4 2023 to Q1 2024 but then increased from Q1 2024 to Q2 2024 not reaching Q4 2023 level.

Price to Sales (P/S)

Procter & Gamble Co., historical P/S calculation (quarterly data)

Microsoft Excel
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
No. shares of common stock outstanding1 2,353,021,054 2,356,886,211 2,357,306,187 2,356,969,322 2,359,144,096 2,369,696,862 2,389,553,883 2,399,296,841 2,397,065,706 2,419,947,819 2,427,424,874 2,448,232,786 2,462,476,044 2,479,605,893 2,486,086,692 2,475,642,613 2,469,452,884 2,493,812,048 2,502,259,668 2,508,329,764 2,501,579,709 2,491,408,329 2,488,011,390 2,514,599,476 2,521,003,706 2,536,958,080
Selected Financial Data (US$)
Net sales (in millions) 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
Sales per share2 35.67 35.33 34.79 34.35 34.03 33.95 33.56 33.18 32.68 31.88 31.36 30.58 30.04 29.23 28.54 28.42 28.18 27.59 27.05 26.75 26.75 26.84 26.86 0.00 0.00 0.00
Share price1, 3 153.98 150.03 155.28 156.07 142.42 129.56 144.72 163.65 162.00 140.66 141.41 137.75 131.93 142.48 132.71 120.60 124.99 122.18 114.28 103.16 94.84 87.30 82.64 74.95 89.05 88.25
Valuation Ratio
P/S ratio4 4.32 4.25 4.46 4.54 4.19 3.82 4.31 4.93 4.96 4.41 4.51 4.50 4.39 4.88 4.65 4.24 4.44 4.43 4.22 3.86 3.55 3.25 3.08 — — —

Based on: 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 Data adjusted for splits and stock dividends.

2 Q2 2024 Calculation
Sales per share = (Net salesQ2 2024 + Net salesQ1 2024 + Net salesQ4 2023 + Net salesQ3 2023) ÷ No. shares of common stock outstanding
= (21,441,000,000 + 21,871,000,000 + 20,553,000,000 + 20,068,000,000) ÷ 2,353,021,054 = 35.67

3 Closing price as at the filing date of Procter & Gamble Co. Quarterly or Annual Report.

4 Q2 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= 153.98 ÷ 35.67 = 4.32

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Procter & Gamble Co. P/S ratio decreased from Q4 2023 to Q1 2024 but then slightly increased from Q1 2024 to Q2 2024.

Price to Book Value (P/BV)

Procter & Gamble Co., historical P/BV calculation (quarterly data)

Microsoft Excel
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
No. shares of common stock outstanding1 2,353,021,054 2,356,886,211 2,357,306,187 2,356,969,322 2,359,144,096 2,369,696,862 2,389,553,883 2,399,296,841 2,397,065,706 2,419,947,819 2,427,424,874 2,448,232,786 2,462,476,044 2,479,605,893 2,486,086,692 2,475,642,613 2,469,452,884 2,493,812,048 2,502,259,668 2,508,329,764 2,501,579,709 2,491,408,329 2,488,011,390 2,514,599,476 2,521,003,706 2,536,958,080
Selected Financial Data (US$)
Shareholders’ equity attributable to Procter & Gamble (in millions) 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
Book value per share (BVPS)2 20.63 20.24 19.84 19.15 18.84 18.60 19.50 18.95 18.61 19.05 19.11 19.03 19.57 19.43 18.71 18.40 18.44 18.68 18.86 21.96 21.58 20.97 21.02 21.60 21.46 21.61
Share price1, 3 153.98 150.03 155.28 156.07 142.42 129.56 144.72 163.65 162.00 140.66 141.41 137.75 131.93 142.48 132.71 120.60 124.99 122.18 114.28 103.16 94.84 87.30 82.64 74.95 89.05 88.25
Valuation Ratio
P/BV ratio4 7.47 7.41 7.83 8.15 7.56 6.97 7.42 8.63 8.70 7.38 7.40 7.24 6.74 7.33 7.09 6.56 6.78 6.54 6.06 4.70 4.39 4.16 3.93 3.47 4.15 4.08

Based on: 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 Data adjusted for splits and stock dividends.

2 Q2 2024 Calculation
BVPS = Shareholders’ equity attributable to Procter & Gamble ÷ No. shares of common stock outstanding
= 48,535,000,000 ÷ 2,353,021,054 = 20.63

3 Closing price as at the filing date of Procter & Gamble Co. Quarterly or Annual Report.

4 Q2 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= 153.98 ÷ 20.63 = 7.47

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Procter & Gamble Co. P/BV ratio decreased from Q4 2023 to Q1 2024 but then slightly increased from Q1 2024 to Q2 2024.