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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- Income Statement
- Balance Sheet: Assets
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
Procter & Gamble Co., historical price multiples (quarterly data)
Based on: 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), 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).
The valuation ratios for the period between September 2020 and March 2026 exhibit a pattern of cyclical fluctuation followed by a consistent contraction in the final six quarters. While multiple metrics peaked between late 2021 and early 2022, and again in late 2024, a synchronized downward trend is evident across all valuation multiples starting from September 2024 through the end of the observed period.
- Price to earnings (P/E)
- The P/E ratio fluctuated between a high of 28.75 in September 2024 and a low of 21.14 in March 2026. An initial period of volatility was observed through 2022, followed by a recovery that culminated in a peak in late 2024. Subsequently, the ratio entered a steady decline, decreasing from 28.75 to 21.14, suggesting a reduction in the premium investors were willing to pay per unit of earnings.
- Price to operating profit (P/OP)
- The P/OP ratio mirrors the trajectory of the P/E ratio, peaking at 22.17 in December 2021 and reaching a secondary peak of 21.72 in September 2024. The metric reached its lowest point of 17.12 in March 2026. This consistent decline in the latter part of the period indicates a contraction in valuation relative to operating performance.
- Price to sales (P/S)
- The P/S ratio remained relatively stable between 3.82 and 4.96 for much of the period. A peak of 4.81 was recorded in September 2024, which was followed by a gradual decrease to 3.98 by March 2026. This movement indicates that the market valuation relative to revenue has softened over the final year and a half of the analysis.
- Price to book value (P/BV)
- The P/BV ratio experienced a significant peak of 8.70 in December 2021, followed by a general long-term decelerating trend. Although a temporary rise occurred in mid-2024, the ratio declined steadily thereafter, reaching a period low of 6.33 in March 2026. This represents the most pronounced long-term decline among the four analyzed metrics, reflecting a diminishing premium over the company's book value.
Collectively, the data indicates a broad valuation compression. The convergence of declining P/E, P/OP, P/S, and P/BV ratios since September 2024 suggests a systemic downward adjustment in the stock's valuation multiples across multiple fundamental benchmarks.
Price to Earnings (P/E)
Procter & Gamble Co., historical P/E calculation (quarterly data)
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
EPS
= (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
+ Net earnings attributable to P&G available to common shareholdersQ4 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Procter & Gamble Co. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
An analysis of the financial metrics from September 2020 through March 2026 reveals a consistent growth in earnings per share contrasted with significant volatility in share price and a subsequent contraction in the price-to-earnings (P/E) multiple.
- Earnings Per Share (EPS) Trajectory
- A steady upward trend in earnings is observed, with EPS increasing from 5.42 USD in September 2020 to 7.01 USD by March 2026. This growth remained largely consistent over the period, indicating a sustained improvement in profitability despite fluctuations in the equity market valuation.
- Share Price Volatility
- The share price exhibited considerable variance, characterized by several cyclical peaks and troughs. Prices reached a notable low of 129.56 USD in September 2022 before climbing to a peak of 171.28 USD in September 2024. Following this peak, a gradual decline is observed, with the price settling at 148.18 USD by March 2026.
- Price-to-Earnings (P/E) Ratio Dynamics
- The P/E ratio fluctuated between a low of 21.14 and a high of 28.75. A period of valuation expansion occurred between December 2023 and September 2024, during which the ratio climbed from 25.01 to its peak of 28.75. However, the subsequent period from September 2024 to March 2026 shows a consistent contraction in the multiple, falling to 21.14. This indicates that while earnings continued to grow, the market's willingness to pay a premium for those earnings diminished toward the end of the observed period.
The convergence of rising EPS and a falling P/E ratio in the final quarters suggests a valuation correction. The compression of the multiple indicates that share price depreciation occurred even as the underlying fundamental earnings strength improved.
Price to Operating Profit (P/OP)
Procter & Gamble Co., historical P/OP calculation (quarterly data)
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
Operating profit per share
= (Operating incomeQ3 2026
+ Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Procter & Gamble Co. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
The analysis of valuation metrics reveals a period of steady operational growth contrasted by fluctuating market valuations. While operating efficiency improved consistently, the price to operating profit (P/OP) ratio experienced several cycles of expansion and contraction, indicating a shift in market sentiment relative to fundamental earnings growth.
- Operating Profit per Share Performance
- A consistent upward trend is observed in operating profit per share, which increased from 6.73 US$ in September 2020 to 8.65 US$ by March 2026. The growth remained stable through 2022, followed by a more pronounced acceleration beginning in September 2023, where values climbed above 8.00 US$ and remained elevated through the conclusion of the analyzed period.
- Share Price Volatility
- The share price exhibited significant variability, starting at 142.48 US$ and reaching a peak of 171.28 US$ in September 2024. Following this peak, a gradual decline is observed, with the price retreating to 148.18 US$ by March 2026. The movement of the share price appears less linear than the growth of operating profits, driving the volatility seen in the valuation ratios.
- Price to Operating Profit (P/OP) Ratio Dynamics
- The P/OP ratio fluctuated between a maximum of 22.17 in December 2021 and a minimum of 17.12 in March 2026. Two distinct peaks in the valuation multiple occurred: first between December 2021 and March 2022, and second between March 2024 and June 2024. Since the peak of 21.72 in June 2024, a sustained downward trend has emerged. This compression of the ratio suggests that the market has progressively lowered the multiple it is willing to pay for each dollar of operating profit, even as the absolute operating profit per share continued to rise or remain stable.
Price to Sales (P/S)
Procter & Gamble Co., historical P/S calculation (quarterly data)
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
Sales per share
= (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Procter & Gamble Co. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
The Price-to-Sales (P/S) ratio exhibits a pattern of fluctuation between 2020 and 2026, reflecting the interplay between a volatile share price and a consistently growing sales per share metric. While the company has demonstrated steady growth in revenue efficiency on a per-share basis, the market valuation relative to those sales has experienced several cyclical peaks and troughs.
- Sales per Share Trend
- A consistent upward trajectory is observed in sales per share, rising from 29.23 US$ in September 2020 to 37.24 US$ by March 2026. This steady increase indicates a sustained growth in top-line performance per share throughout the entire period analyzed, providing a stable base for valuation.
- Share Price Volatility
- The share price has displayed significant variance, with a notable low of 129.56 US$ in September 2022 and a peak of 171.28 US$ in September 2024. The price movements do not strictly correlate with the linear growth of sales per share, suggesting that external market sentiment and other valuation drivers have influenced the stock price.
- Price-to-Sales Ratio Analysis
- The P/S ratio reached its highest levels between December 2021 and March 2022, peaking at 4.96. A significant contraction occurred in September 2022, where the ratio dropped to a period low of 3.82. Following a recovery phase that peaked at 4.81 in September 2024, a gradual downward trend is evident through March 2026, with the ratio concluding at 3.98.
- Valuation Insights
- The divergence between the steadily increasing sales per share and the declining P/S ratio in the final quarters suggests a compression in valuation multiples. Despite the company's ability to grow sales per share to 37.24 US$, the market's willingness to pay a premium for those sales has diminished, leading to a lower valuation multiple compared to the peaks of 2021 and 2024.
Price to Book Value (P/BV)
Procter & Gamble Co., historical P/BV calculation (quarterly data)
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 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 Q3 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
The Price to Book Value (P/BV) ratio exhibits a period of significant volatility followed by a consistent contraction. The ratio fluctuated between a peak of 8.70 in December 2021 and a period low of 6.33 by March 2026, reflecting changing market valuations relative to the company's net asset value.
- Share Price Trends
- The share price experienced a general upward trajectory from late 2020 through late 2024, climbing from 131.93 in December 2020 to a peak of 171.28 in September 2024. Following this peak, a steady decline is observed, with the price falling to 148.18 by the end of the analyzed period in March 2026.
- Book Value per Share (BVPS) Growth
- The BVPS remained relatively stagnant between September 2020 and December 2022, hovering between 18.60 and 19.57. A pivot toward consistent growth occurred in early 2023, with the BVPS increasing every quarter from March 2023 (19.15) through March 2026, where it reached 23.41. This represents a steady accumulation of equity value per share.
- P/BV Ratio Interpretation
- The P/BV ratio reached its maximum in December 2021 (8.70) due to share price appreciation occurring while the book value remained flat. From March 2023 to June 2024, the ratio remained relatively stable, oscillating between 7.41 and 7.87. However, a clear downward trend is evident from June 2024 (7.87) through March 2026 (6.33). This contraction in the valuation multiple is the result of a dual effect: the simultaneous decline in the market share price and the consistent increase in the underlying book value per share.