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: 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).
The analysis of the financial ratios over the observed periods reveals several notable trends and fluctuations.
- Price to Earnings (P/E) Ratio
- The P/E ratio initially presented values around the mid-20s, with a low point near 21.49 observed in late 2022. Following this, the ratio experienced a moderate recovery and stabilization, fluctuating generally between 23 and 27. The highest observed P/E was 28.75 towards the end of 2024. Overall, this indicates relative stability with occasional variances, suggesting consistent investor expectations regarding future earnings over the medium term.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio showed a pattern of gradual decrease from values above 21 in late 2019 to a trough near 17.27 by mid-2025. Intermittent rebounds were observed, notably in mid-2022 and early 2023, but the overall trajectory was downward. This decline signals an improvement in operating profit relative to price or a decrease in valuation multiples, implying potential enhancements in operational efficiency or changing market perceptions of profitability.
- Price to Sales (P/S) Ratio
- The P/S ratio demonstrated more volatility, beginning near 4.65 and peaking around 4.96 in early 2022. Subsequently, it declined to approximately 3.82 later that year before largely recovering to a range between 4.25 and 4.81 in subsequent periods. The fluctuations indicate variable market sentiment regarding sales performance relative to stock price, possibly influenced by external economic factors or company sales trends.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio remained elevated, ranging roughly between 6.5 and 8.7. A peak was observed towards the end of 2021, followed by a gradual decline to near 6.79 by mid-2025. The high multiples signify a consistent premium over book value, reflecting investor confidence in assets beyond their accounting values. The downward movement in later periods may point to a reassessment of the asset valuation or tempering growth prospects.
In summary, the financial ratios indicate a company experiencing moderate stability in earnings expectations, enhancements in operating profit valuation, and fluctuating investor sentiment toward sales value. The consistent premium over book value underlines confidence in intangible assets or future growth, although recent slight declines suggest cautious reassessment by the market. These trends provide insight into market dynamics and company performance over the stated timeframe.
Price to Earnings (P/E)
Procter & Gamble Co., historical P/E calculation (quarterly data)
Based on: 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 Q4 2025 Calculation
EPS
= (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
+ Net earnings attributable to P&G available to common shareholdersQ1 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Procter & Gamble Co. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
- Share Price
- The share price exhibited notable fluctuations over the observed periods. Starting from approximately $122 at the end of September 2019, it experienced a general upward trend, peaking at around $163.65 by March 2022. Thereafter, a decline ensued, dropping to a low near $129.56 in September 2022, followed by a recovery period that culminated in a higher peak of approximately $171.28 in December 2024. The final periods show a slight downward adjustment, ending around $150.76 by June 2025. These movements suggest cycles of growth and correction over the timeframe.
- Earnings Per Share (EPS)
- EPS data, available from June 2020 onward, displays a relatively consistent upward trend. Beginning at $5.13, EPS grew gradually to a peak of $6.69 by June 2025. This steady increase signals improving profitability per share, with minor fluctuations around the $6.0 to $6.3 range before moving upward again towards the end of the observed period, indicating stable and gradual earnings growth.
- Price to Earnings (P/E) Ratio
- The P/E ratio fluctuated within a moderate range across the timeframe starting in June 2020. Initially around 25.85, it trended downward to approximately 21.49 by September 2022, suggesting either an improvement in earnings relative to share price or a market valuing the shares more conservatively. Subsequently, the ratio experienced variability, rising again past 27 in December 2024 before modestly declining to about 22.52 by June 2025. This pattern reflects intermittent changes in market sentiment or earnings projections relative to stock price.
- Overall Insights
- The data reveals overall growth in earnings and market valuation over the extended period, despite intermittent volatility in share price and P/E ratio. The increasing EPS underlines improving operational performance, while share price cycles may reflect broader market dynamics or company-specific events. The P/E ratio's fluctuations indicate evolving investor valuation trends, balancing between growth optimism and price adjustments.
Price to Operating Profit (P/OP)
Procter & Gamble Co., historical P/OP calculation (quarterly data)
Based on: 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 Q4 2025 Calculation
Operating profit per share
= (Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025
+ Operating incomeQ1 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Procter & Gamble Co. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
- Share Price Trend
- The share price exhibited a general upward trajectory from September 2019 through December 2021, rising from $122.18 to a peak of $163.65. Beginning in early 2022, a downward correction took place, with the price declining to $129.56 by September 2022. Subsequently, the price recovered again, reaching $171.28 in September 2024 before falling gradually to $150.76 by June 2025. Overall, the price demonstrated volatility with notable peaks around late 2021 and mid-2024.
- Operating Profit Per Share (OPPS)
- Operating profit per share data became available starting March 2020, where it was $6.32. From this point forward, the OPPS consistently increased, indicating improving profitability. This metric rose steadily, reaching $8.73 by June 2025. The upward trend suggests enhanced operational efficiency or revenue growth over the period analyzed, reflecting positively on underlying business performance.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio, which measures the share price relative to operating profit per share, varied over time with no clear long-term trend, fluctuating between approximately 17 and 22. Initially, it fell from 21.01 in June 2020 to a low near 17.32 in June 2022, indicating the share price became more aligned or undervalued relative to profit growth. Thereafter, the ratio increased again to above 21 in late 2023 and early 2024 before declining below 18 by June 2025. This oscillation suggests periods of varying market valuation sentiment, alternating between premium and discount relative to operational earnings.
- Summary
- In summary, while the share price experienced periods of both growth and retracement, operating profit per share showed a consistent upward trend signifying improved profitability. The P/OP ratio’s fluctuation reveals changes in market perception of the valuation relative to earnings, highlighting periods of both investor optimism and cautiousness. Collectively, these dynamics illustrate a business undergoing steady operational improvement amidst a volatile market valuation environment.
Price to Sales (P/S)
Procter & Gamble Co., historical P/S calculation (quarterly data)
Based on: 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 Q4 2025 Calculation
Sales per share
= (Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025
+ Net salesQ1 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Procter & Gamble Co. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
The company's share price demonstrated noticeable fluctuations over the reported periods from September 2019 to June 2025. Starting at $122.18 in September 2019, the share price generally trended upward with intermittent declines. A peak was observed in December 2021 at $163.65, followed by a decrease to $129.56 by September 2022. Subsequently, the share price recovered, reaching another high of $171.28 in September 2024 before experiencing a moderate decline to $150.76 by June 2025. This pattern indicates periods of volatility with a long-term upward trajectory.
Sales per share data become available beginning June 2020 with a value of $28.54, showing a steady and consistent increase throughout the subsequent quarters. By June 2025, sales per share reached $35.98, representing a gradual growth pattern that suggests improving revenue generation per share over time.
The Price-to-Sales (P/S) ratio exhibits fluctuating trends over the periods with initial values around 4.65 in June 2020. The ratio peaked at 4.96 in March 2022 before declining to a low of 3.82 in September 2022. Afterward, the P/S ratio gradually increased again, reaching values around 4.81 in September 2024, then tapering off towards 4.19 by June 2025. These movements imply changing market valuation relative to sales, with periods where the stock was priced higher relative to sales followed by times when valuations became more conservative.
In summary, the financial data reveal a company experiencing growing sales per share and variable but generally increasing share prices over nearly six years. The P/S ratio oscillations point to shifts in market sentiment or underlying business developments affecting valuation levels. The continuous rise in sales per share is a positive indicator, while the share price and P/S variations highlight periods of market adjustment and investor repricing.
Price to Book Value (P/BV)
Procter & Gamble Co., historical P/BV calculation (quarterly data)
Based on: 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 Q4 2025 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 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
The analysis of the quarterly financial data reveals several notable trends and patterns across the periods examined.
- Share Price
- The share price exhibits fluctuations with a general upward trajectory over the timeframe. Starting at 122.18 USD in late September 2019, the price increases intermittently, reaching peaks such as 162 USD at the end of December 2021 and 171.28 USD by late September 2024. Some periods experience corrections, notably a decline after December 2021 until mid-2022, followed by a recovery and further growth into 2024. The volatility suggests responsiveness to market conditions and company developments.
- Book Value Per Share (BVPS)
- The book value per share shows a relatively stable and steady growth trend. Beginning at 18.68 USD in September 2019, BVPS remains within a narrow range initially but gradually increases to 22.3 USD by March 2025, indicating incremental gains in the company's net asset value per share. This stability reflects consistent accumulation of equity and retained earnings over the period.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio fluctuates notably over the quarters, reflecting changes in market valuation relative to book value. Initially, the ratio hovers around 6.5 to 7.3, escalating to a peak of 8.7 at the end of December 2021. Following this peak, the ratio demonstrates a downward correction to around 6.79 by June 2025. The ratio’s variation suggests shifts in investor sentiment and market confidence, with occasional premium valuations that moderate over time.
Overall, the financial market's valuation of the company shows growth in share price accompanied by a more gradual increase in intrinsic book value per share. The P/BV ratio’s fluctuations indicate periods of market optimism and revaluation. The data implies a stable fundamental value with positive market perception trends that experience short-term adjustments.