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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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Total Asset Turnover since 2005
- Analysis of Debt
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Historical Valuation Ratios (Summary)
Procter & Gamble Co., historical price multiples (quarterly data)
Based on: 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), 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).
- Price to Earnings (P/E) Ratio
- The price to earnings ratio exhibits moderate fluctuations over the observed periods. Starting at approximately 25.85 in late 2019, it generally remained in the mid-20s range, peaking slightly beyond 27 in early 2022. Subsequently, there was a decline towards 21.49 by September 2022, followed by a recovery reaching around 28.75 in early 2025. Towards the end of the dataset, the ratio moderated slightly, settling near 21.63 by the most recent date. This pattern suggests periodic variations in market valuation relative to earnings, with no sustained long-term upward or downward trend.
- Price to Operating Profit (P/OP) Ratio
- The price to operating profit ratio shows a broadly similar behavior to the P/E ratio but with slightly wider fluctuations. It started around 21.01 in late 2019, then decreased to approximately 17.32 by late 2021, indicating a relatively lower valuation against operating profits during that time. Following this trough, the ratio generally rose, peaking at about 22.17 in early 2022, reflective of increased market optimism or earnings quality. In the later periods, it declined once again to values near 17.27 to 17.37 by the end of the data frame, implying a reduced price relative to operating profits toward the latest quarters.
- Price to Sales (P/S) Ratio
- The price to sales ratio reveals a modest declining trend overall. From an initial ratio close to 4.65 in late 2019, it experienced mild increases up to about 4.96 in early 2022. Subsequently, the ratio steadily decreased to approximately 4.19 by the last observed period. This gradual contraction may indicate either a normalization of sales valuations after a period of relative premium or potential market challenges affecting sales-based valuation metrics.
- Price to Book Value (P/BV) Ratio
- The price to book value ratio presents a more volatile profile. It began near 6.54, increased steadily to peak values above 8.7 during late 2021, reflecting a period of elevated market valuation relative to book assets. After this peak, the ratio declined notably to around 6.69 by the most recent quarter, representing a substantial reduction in valuation relative to book value. This decline may be attributable to market reassessments of asset values or shifts in investor sentiment toward the underlying equity.
Price to Earnings (P/E)
Procter & Gamble Co., historical P/E calculation (quarterly data)
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
EPS
= (Net earnings attributable to P&G available to common shareholdersQ1 2026
+ Net earnings attributable to P&G available to common shareholdersQ4 2025
+ Net earnings attributable to P&G available to common shareholdersQ3 2025
+ Net earnings attributable to P&G available to common shareholdersQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Procter & Gamble Co. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
The analysis of the quarterly financial performance reveals several noteworthy trends in share price, earnings per share (EPS), and the price-to-earnings (P/E) ratio over the observed period.
- Share Price
- The share price exhibited a general upward trajectory with fluctuations during the timeframe. Starting at approximately $122.18 at the end of September 2019, it increased steadily, peaking near $163.65 by March 2022. Following this peak, the price experienced a period of volatility with a decline to around $129.56 by September 2022. Subsequently, the share price resumed its upward trend, reaching highs above $171.28 by September 2024. Toward the end of the period, there was a minor pullback, with the price settling near $152.49 by September 2025.
- Earnings Per Share (EPS)
- EPS data commences from June 2020 and shows a consistent improvement over time. Beginning at $5.13, EPS increased to approximately $7.05 by June 2025, reflecting steady earnings growth. Interim fluctuations occurred within several quarters, evidencing slight dips, but the overall trend indicated improved profitability per share.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio demonstrated oscillations within a range from approximately 21.49 to 28.75. Initially near 25.85, it varied in correspondence with share price movements and EPS changes. Notable peaks occurred around December 2021 and mid-2024, indicating periods where the share price outpaced earnings growth or vice versa. Later data indicate a gradual decline in the P/E ratio towards the end of the period, reaching below 22 by September 2025, suggesting a potential revaluation of the stock relative to its earnings.
Overall, the company showed sustained growth in earnings accompanied by a rising share price with intermittent corrections. The P/E ratio's variability indicates market reassessments of value relative to earnings performance, reflecting investor sentiment and external market factors. The combination of increasing EPS and robust share price growth points to an overall positive financial outlook during the analyzed quarters.
Price to Operating Profit (P/OP)
Procter & Gamble Co., historical P/OP calculation (quarterly data)
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Operating profit per share
= (Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Procter & Gamble Co. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
The analysis of the financial data reveals several key trends in both the share price and operating profit per share over the observed quarterly periods.
- Share Price
- The share price experienced fluctuations throughout the period, starting from $122.18 and showing a general upward trend with some volatility. Notably, there was a significant increase from about $140 in September 2020 to a peak of $163.65 in March 2022. After this peak, the share price declined to approximately $129.56 by September 2022, followed by a recovery and continuous growth reaching $171.28 in September 2024. Towards the end of the series, the share price showed a slight downward correction, ending around $152.49 by September 2025.
- Operating Profit Per Share
- Operating profit per share data begins from June 2020 at $6.32 and gradually increases over time. The profit per share rose steadily, reaching $7.48 by September 2022, reflecting a continuous improvement in operational profitability. From that point forward, it continues to increase, culminating at $8.78 by September 2025. This upward trend suggests enhanced operational efficiency or increased profitability on a per-share basis.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio shows variation aligned with share price and operating profit movements. Early values around mid-2020 are near 21, indicating the share price was about 21 times the operating profit per share. This ratio decreased to lower levels around 18.46 to 19.20 during early to mid-2021, suggesting a relatively lower valuation or improved profitability. However, from late 2021 through early 2023, the ratio escalated again to over 22, indicating an increased market valuation relative to operating profit. Thereafter, the ratio trends lower, declining to between 17 and 19 by late 2025, reflecting either a moderation in share price growth relative to profit or improved earnings performance.
Overall, the data indicate steady growth in operating profitability per share coupled with cyclical fluctuations in share price valuation, as reflected in the P/OP ratio. The operating profit per share demonstrates consistent improvement, which may support the longer-term upward trend in share price despite short-term volatility and valuation shifts. The price to operating profit ratio's oscillation suggests changing market sentiments about the company’s earnings relative to its share price, possibly influenced by broader market conditions or company-specific developments.
Price to Sales (P/S)
Procter & Gamble Co., historical P/S calculation (quarterly data)
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Sales per share
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Procter & Gamble Co. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
The share price exhibits a general upward trajectory over the analyzed periods, although intermittent fluctuations are present. Starting from around $122 in late 2019, the share price experienced steady growth, peaking at $162 by the end of 2021. Subsequent periods show some volatility, with prices dipping and rising between $129 and $156 through 2022 and mid-2023. From late 2023 onwards, the share price consistently increased, reaching approximately $171 by the third quarter of 2024 before experiencing a slight decline towards the end of 2025, stabilizing around $152.
Sales per share demonstrate a consistent and gradual increase throughout the available data. Beginning at $28.54 in the third quarter of 2020, sales per share steadily climbed to $36.35 by the third quarter of 2025. This growth suggests a continuous improvement in revenue generated on a per-share basis, indicating strengthening business performance or increased operational efficiency.
The price-to-sales (P/S) ratio shows a fluctuating but moderately stable pattern in relation to share price and sales per share movements. Early observations place the P/S ratio at 4.65 in the third quarter of 2020, with small variations around this level through 2021 and 2022. Notably, a dip to 3.82 occurred in the third quarter of 2022, potentially reflecting a lower valuation relative to sales during that period. Post-2022, the P/S ratio fluctuated between approximately 4.2 and 4.8, indicating market valuations remained generally consistent with underlying sales performance. Towards the end of the data timeline, the ratio slightly declined but remained above 4.0.
- Share Price Trends
- Overall upward movement with periodic fluctuations; peak near $171 in 2024 with some decline in late 2025.
- Sales per Share Trends
- Steady and continuous growth from about $28.54 to $36.35 over five years.
- P/S Ratio Analysis
- Mostly stable with mild volatility; a low point around 3.82 in late 2022, followed by recovery and moderate fluctuations around mid-4s.
In summary, the financial data indicate strong growth in sales per share being supported by a generally rising share price, although market valuation multiples, as represented by the P/S ratio, show some sensitivity to changing market or company-specific factors. This suggests that while underlying sales performance improved consistently, market perception and valuation experienced more variability.
Price to Book Value (P/BV)
Procter & Gamble Co., historical P/BV calculation (quarterly data)
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 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 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
- Share Price Trend
- The share price exhibits a generally upward trend over the periods analyzed, with fluctuations typical of market behavior. Starting from approximately $122 in late 2019, it rises to a peak near $171 by late 2024. There are periods of notable increase, such as from mid-2020 to early 2021, and again from late 2022 through mid-2024. Some declines are observed particularly around mid-2022 and early 2025, reflecting volatility but no sustained downward trend.
- Book Value Per Share (BVPS) Trend
- BVPS shows a slow but steady increase over the same timeframe, moving from around $18.6 in late 2019 to approximately $22.8 by late 2025. This steady growth in book value per share suggests consistent accumulation of shareholder equity or retained earnings, indicating financial strengthening at the company level.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio fluctuates notably between roughly 6.5 and 8.7 but generally remains above 7 after the initial periods. The highest values occur around late 2021, coinciding with a peak in share price. Following that, the ratio declines somewhat but stays elevated compared to earlier years. This pattern implies that the market often values the company's shares at a premium relative to its book value, reflecting investor confidence despite temporary volatility.
- Insight Summary
- The data portrays a company exhibiting stable growth in intrinsic value as measured by book value per share, with share prices rising at a faster pace and greater volatility. The elevated P/BV ratio suggests that market participants assign value above the company’s accounting book value, consistent with expectations of future growth or earnings potential. Periodic fluctuations in share price and valuation multiples appear correlated with broader market conditions or company-specific events, yet the long-term trend remains positive.