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).
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Historical Valuation Ratios (Summary)
Procter & Gamble Co., historical price multiples (quarterly data)
Based on: 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 common stock valuation ratios exhibit a cyclical pattern characterized by two distinct peaks and a subsequent terminal contraction phase over the analyzed period from September 2021 to June 2026.
- Price to Earnings (P/E) Ratio
- The P/E ratio fluctuated between a low of 21.14 and a high of 28.75. An initial increase was observed through March 2022, followed by a contraction that reached a local minimum of 21.49 in September 2022. Valuation expanded again to reach a peak of 28.75 by September 2024, before entering a steady decline to close at 21.84 in June 2026.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio closely mirrored the trajectory of the P/E ratio, reaching peaks of 22.17 in December 2021 and 21.72 in September 2024. A period of valuation compression is evident from March 2025 through March 2026, during which the ratio reached a low of 17.12 before a marginal recovery to 17.42.
- Price to Sales (P/S) Ratio
- Price to sales valuation followed the general cyclical trend, peaking at 4.96 in December 2021 and hitting a trough of 3.82 in September 2022. Following a secondary peak of 4.81 in September 2024, the ratio trended downward to end the period at 3.95.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio demonstrated a more pronounced long-term contraction compared to other metrics. After reaching an initial peak of 8.70 in December 2021, the ratio experienced a general decline, despite a moderate recovery to 7.87 in June 2024. From September 2024 onward, a consistent downward trajectory is observed, with the ratio concluding at 6.36 in June 2026.
Collectively, the metrics indicate a broader trend of valuation decompression. While a significant expansion occurred peaking in late 2024, the subsequent trend through 2025 and 2026 reflects a return to, or a dip below, the valuation levels observed in September 2021 across all measured categories.
Price to Earnings (P/E)
Procter & Gamble Co., historical P/E calculation (quarterly data)
Based on: 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 Q4 2026 Calculation
EPS
= (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
+ Net earnings attributable to P&G available to common shareholdersQ1 2026)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Procter & Gamble Co. Quarterly or Annual Report.
4 Q4 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
The valuation of the common stock is characterized by a general divergence between earnings growth and market valuation multiples over the analyzed period. While earnings per share have demonstrated a consistent upward trajectory, the price-to-earnings ratio has experienced significant volatility, culminating in a valuation compression phase during the latter part of the period.
- Earnings Per Share (EPS) Performance
- A steady long-term growth trend is observed in earnings per share, increasing from 5.73 USD in September 2021 to 6.78 USD by June 2026. Despite minor quarterly fluctuations, the fundamental earning power of the stock has improved consistently, reflecting an increase in the underlying profitability allocated to each share.
- Share Price Dynamics
- The share price exhibited a period of expansion, rising from 140.66 USD in September 2021 to a peak of 171.28 USD in June 2024. Following this peak, a corrective trend emerged, with the price gradually declining to 148.01 USD by June 2026. This indicates that the market's willingness to pay a premium for the stock diminished after mid-2024.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio fluctuated between a low of 21.14 and a high of 28.75. A notable valuation expansion occurred between March 2024 and September 2024, where the ratio climbed from 25.14 to its peak of 28.75. Subsequently, a clear downward trend in the multiple is evident, with the ratio compressing to 21.84 by June 2026. This compression suggests that the share price declined more rapidly than the earnings grew, or that the market recalibrated its growth expectations for the equity.
In summary, the financial data indicates a period of fundamental strength characterized by rising EPS, which was initially met with increasing market optimism as evidenced by the rising P/E ratio. However, the most recent quarters show a trend of valuation contraction, where the market multiple has returned to levels similar to those seen in late 2022.
Price to Operating Profit (P/OP)
Procter & Gamble Co., historical P/OP calculation (quarterly data)
Based on: 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 Q4 2026 Calculation
Operating profit per share
= (Operating incomeQ4 2026
+ Operating incomeQ3 2026
+ Operating incomeQ2 2026
+ Operating incomeQ1 2026)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Procter & Gamble Co. Quarterly or Annual Report.
4 Q4 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
The valuation of the company, as measured by the Price to Operating Profit (P/OP) ratio, exhibited cyclical fluctuations followed by a period of compression and stabilization. While the share price experienced notable volatility, the operating profit per share showed a consistent upward trajectory over the long term, reflecting improved operational efficiency.
- Operating Profit Performance
- Operating profit per share increased steadily from $7.33 in September 2021 to a peak of $8.78 in September 2025. This growth indicates a sustained improvement in the core earnings power of the company, independent of market valuation shifts.
- Share Price Volatility
- The share price displayed significant variance, reaching a peak of $171.28 in September 2024. However, a subsequent decline is noted, with the price stabilizing around $148.01 by June 2026.
- P/OP Ratio Analysis
- The P/OP ratio peaked early in the sequence at 22.17 in December 2021. Following a period of volatility where the ratio fluctuated between 17.32 and 21.72, a trend of stabilization emerged. In the final quarters observed, the ratio converged toward a range of 17.12 to 17.42, suggesting a normalization of the multiple investors are willing to pay relative to operating profits.
- Valuation Divergence
- A divergence is observable between profit growth and valuation multiples. Despite the rise in operating profit per share, the P/OP ratio generally trended lower from its 2021 highs. This suggests that the increase in share price during the middle of the period was not sufficient to maintain the initial premium valuation as the underlying operating profit expanded.
Price to Sales (P/S)
Procter & Gamble Co., historical P/S calculation (quarterly data)
Based on: 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 Q4 2026 Calculation
Sales per share
= (Net salesQ4 2026
+ Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Procter & Gamble Co. Quarterly or Annual Report.
4 Q4 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
An analysis of the valuation metrics from September 2021 through June 2026 reveals a divergence between steady operational revenue growth and fluctuating market valuation.
- Sales per Share Trend
- A consistent upward trajectory is observed in sales per share, which increased from 31.88 US$ in September 2021 to 37.44 US$ by June 2026. This progression indicates a stable and linear expansion of revenue generation on a per-share basis throughout the entire period.
- Price to Sales (P/S) Ratio Dynamics
- The P/S ratio exhibited notable volatility, fluctuating between a minimum of 3.82 in September 2022 and a maximum of 4.96 in December 2021. The ratio experienced a period of expansion between December 2022 and September 2024, peaking at 4.81. This was followed by a gradual contraction from December 2024 through June 2026, ending at 3.95.
- Valuation Drivers
- The movements in the P/S ratio are primarily correlated with share price volatility rather than changes in sales performance. While sales per share grew steadily, the P/S ratio shifted in response to market price adjustments. For example, the valuation peak in September 2024 was driven by the share price reaching 171.28 US$, whereas the subsequent decline in the P/S ratio toward 2026 reflects a cooling of the share price despite continued revenue growth.
Price to Book Value (P/BV)
Procter & Gamble Co., historical P/BV calculation (quarterly data)
Based on: 10-K (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30).
1 Data adjusted for splits and stock dividends.
2 Q4 2026 Calculation
BVPS = Shareholders’ equity attributable to Procter & Gamble ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Procter & Gamble Co. Quarterly or Annual Report.
4 Q4 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
The financial data indicates a divergence between the growth of the company's intrinsic book value and its market valuation multiple over the period from September 2021 to June 2026.
- Book Value Per Share (BVPS) Trends
- A consistent upward trajectory is observed in the book value per share, which increased from 19.05 US$ in September 2021 to 23.27 US$ by June 2026. This steady growth reflects a continuous accumulation of net assets and a strengthening of the equity base over the analyzed timeframe.
- Share Price Volatility
- The share price exhibited significant fluctuations, characterized by two primary peaks: an initial rise to 163.65 US$ in March 2022 and a subsequent higher peak of 171.28 US$ in September 2024. Following the 2024 peak, the share price entered a period of decline, settling at 148.01 US$ by June 2026.
- Price to Book Value (P/BV) Analysis
- The P/BV ratio highlights a compression in market valuation relative to book value. After reaching a peak of 8.70 in December 2021, the ratio fluctuated before entering a sustained downward trend starting in mid-2024. The ratio declined from 7.87 in June 2024 to a low of 6.33 in March 2026, ultimately closing at 6.36 in June 2026.
The comprehensive analysis shows that while the company's underlying asset value per share grew steadily, the market's valuation premium over that book value contracted. This resulted in a lower P/BV ratio by the end of the period, driven by the combination of declining share prices and increasing book value.