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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Debt to Equity since 2005
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Historical Valuation Ratios (Summary)
Procter & Gamble Co., historical price multiples (quarterly data)
Based on: 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), 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).
The financial ratios over the examined periods reveal a variety of trends in valuation metrics for the company.
- Price to Earnings (P/E) Ratio
-
Values commence being available from September 2018 with a notably high ratio around the high 60s to late 70s during late 2018 and early 2019, indicating perhaps elevated market expectations or lower earnings during this period. The P/E ratio sees a marked decline starting mid-2019, dropping sharply to the mid-20s by September 2020. Thereafter, it fluctuates moderately between approximately 21 and 28 through to March 2025, suggesting a stabilization of earnings relative to share prices, though still representing a valuation higher than earlier years.
- Price to Operating Profit (P/OP) Ratio
-
The P/OP ratio echoes a similar downward trajectory as the P/E ratio initially, starting from above 50 in late 2018 and falling to around 21 by late 2020. It remains within a range of roughly 17 to 22 from 2021 onward, indicating a more consistent relationship between price and operating profits over the later periods. This decline and stabilization parallel to the P/E trend may reflect improved profitability or a reassessment of company valuation by the market.
- Price to Sales (P/S) Ratio
-
The P/S ratio shows less volatility compared to earnings and operating profit ratios, consistently fluctuating in a narrower bandwidth between roughly 4.2 and 5.0 throughout the full period. It displays mild seasonal or cyclical variations but no substantial long-term trend up or down, suggesting relatively stable market pricing relative to sales.
- Price to Book Value (P/BV) Ratio
-
The P/BV ratio presents an upward trend from the earliest data point at 4.16 in September 2018, rising continuously to peak near or above 8.7 by December 2021. After this peak, there is a noticeable decrease with values settling around 7 to 7.5 in the most recent periods (2023-2025). This pattern could indicate strengthening market confidence in the company’s net asset value up to 2021, followed by a slight moderation, potentially related to broader market adjustments or internal asset revaluations.
Overall, the valuation ratios suggest that the company experienced high market valuations relative to earnings and operating profits in the earlier periods, which corrected significantly by 2020, then stabilized. Valuation relative to sales remained stable throughout, while valuation to book value showed a steady increase until late 2021, before slightly declining. These observations could indicate changes in profitability, market sentiment, or asset valuation processes over the time span analyzed.
Price to Earnings (P/E)
Procter & Gamble Co., historical P/E calculation (quarterly data)
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
EPS
= (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
+ Net earnings attributable to P&G available to common shareholdersQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Procter & Gamble Co. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
- Share Price Trend
- The share price exhibited a general upward trajectory from September 2018 through to March 2025, starting at $87.30 and reaching a peak of $171.28 in March 2025. Notable increases occurred between 2018 and late 2021, with the price escalating from approximately $87 to over $160. Subsequently, fluctuations were observed, with some declines around mid-2022, dropping to approximately $129.56, followed by recovery and renewed growth leading to the 2025 peak.
- Earnings Per Share (EPS) Trend
- EPS data, available from March 2019 onwards, reveals a steady growth pattern from 1.45 in March 2019 to around 6.48 by March 2025. The increase was particularly sharp between mid-2019 and late 2020, coinciding with a jump from approximately 1.91 to over 5.13. Post-2020, EPS growth continued at a more gradual but consistent pace, with minor fluctuations but remaining within a rising trajectory through to 2025.
- Price-to-Earnings (P/E) Ratio Analysis
- P/E ratios reflected a downward trend in the initial periods after EPS data began, dropping from a high of about 78.69 in March 2019 to around 25 by late 2020. This decline indicates that earnings growth outpaced share price growth, leading to a more moderate valuation relative to earnings. From 2021 onwards, the P/E ratio stabilized mostly within a range of 23 to 28, suggesting investor valuation settled into a consistent band despite ongoing EPS and share price increases. Slight volatility in the ratio around 2023-2024 shows some shifts in market sentiment or earnings expectations.
- Relationship Between Metrics
- The data suggests a strong correlation between the increase in earnings per share and share price appreciation over the analyzed period. As EPS rose significantly, the P/E ratio declined initially, indicating that earnings growth was a primary driver of value. Later, stabilization of the P/E ratio despite ongoing EPS growth points to an alignment of market expectations and company performance. The fluctuations in share price in mid-2022 might reflect external market conditions or company-specific events, although EPS continued growing steadily.
Price to Operating Profit (P/OP)
Procter & Gamble Co., historical P/OP calculation (quarterly data)
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Operating profit per share
= (Operating incomeQ3 2025
+ Operating incomeQ2 2025
+ Operating incomeQ1 2025
+ Operating incomeQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Procter & Gamble Co. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
The share price exhibited an overall upward trend from September 30, 2018, to March 31, 2025, despite some fluctuations. Initially, the price increased steadily from $87.30 to a peak of $162.00 in December 2021. Following this peak, a downward correction occurred, with the price decreasing to around $129.56 by September 30, 2022. After this decline, the share price demonstrated recovery and regained momentum, reaching $171.28 in March 31, 2024, before experiencing a modest decrease towards the end of the period, closing at $159.53 in March 31, 2025.
Operating profit per share, available from March 31, 2019, showed a significant jump between June 30, 2019, and June 30, 2020, rising from $2.84 to $6.32, more than doubling in one year, suggesting strong profitability improvement. Since then, operating profit per share showed consistent but moderate growth, maintaining values in the range of approximately $7.15 to $8.52 throughout the subsequent periods. This stability indicates steady operational performance and potential effective cost management during this timeline.
The price-to-operating profit ratio (P/OP) mirrored movements in both share price and operating profit per share. The ratio declined sharply from 52.12 in March 2019 to about 21 in June 2020, influenced by the sharp rise in operating profit per share, reflecting improved valuation attractiveness. Post-June 2020, the P/OP ratio fluctuated modestly between approximately 17 and 22, indicating relatively stable market perceptions of the company’s earnings. The slight increases in the ratio during late 2021 suggest periods where share price growth outpaced increases in operating profit per share, and the subsequent moderation points towards a balance resumed between price appreciation and earnings growth.
Overall, the data portrays a company with improving profitability from 2019 onwards, along with a strong share price performance marked by some volatility and corrections. The P/OP ratio suggests that the market adjusted its valuation of earnings improvement in the earlier years, later settling into a consistent valuation range. The prolonged stability in operating profit per share combined with a rising share price towards the end of the period indicates sustained investor confidence supported by steady financial performance.
- Share Price Trend
- Steady increase from $87.30 to over $160 with periods of correction and recovery.
- Operating Profit Per Share
- Exceeded doubling in one year around 2020, followed by steady growth and stability between $7.15 and $8.52.
- Price-to-Operating Profit Ratio (P/OP)
- Sharp decline from over 50 to low 20s reflecting improved earnings, settling into a stable 17–22 range thereafter.
- Interpretation
- Improved profitability and market valuation alignment suggest operational strength and sustained investor confidence despite periodic volatility in share price.
Price to Sales (P/S)
Procter & Gamble Co., historical P/S calculation (quarterly data)
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Sales per share
= (Net salesQ3 2025
+ Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Procter & Gamble Co. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
The financial data reveals several observable trends over the specified periods for the company. The share price exhibits a generally upward trajectory with fluctuations noted at various intervals.
- Share price
- The share price started at $87.30 on September 30, 2018, and rose steadily to $124.99 by December 31, 2019. During 2020, there was a further increase reaching a peak of $142.48 on September 30, followed by some volatility, including a decline to $131.93 by December 31, 2020. From 2021 to early 2022, the price continued increasing, reaching a high of $163.65 in March 2022. However, in the latter half of 2022, a drop occurred, with the price decreasing to $129.56 by September 30, 2022. Recovery followed, reaching around $158.14 by December 31, 2023, and fluctuating slightly thereafter, closing at $159.53 on September 30, 2024.
- Sales per share
- Starting from March 31, 2019, sales per share steadily increased from $27.05 to a plateau near $35.8 by the end of the observed period in September 2024. This indicates consistent growth in sales attributed to each share, though the rate of increase appears to slow from around 2023 onward, suggesting a maturation phase in sales growth.
- Price-to-Sales Ratio (P/S)
- The P/S ratio exhibits variability corresponding to the share price and sales per share movements. Initially, the ratio rose from 4.22 in September 2019 to a peak of 4.96 in December 2021, reflecting a period where the share price was increasing at a faster rate than sales. Following this peak, the ratio declined to 3.82 in September 2022, indicating share price adjustments or accelerated sales growth. Subsequently, the P/S ratio recovered to values around 4.7-4.8 toward the end of 2023 and into 2024, suggesting renewed market valuation strength relative to sales.
Overall, the data portrays a company with a strengthening sales base per share over time and a share price that is generally increasing, albeit with cyclical corrections. The variation in the P/S ratio highlights periods of market revaluation and adjustments balancing sales progress with share price movements. The stabilization of sales growth coupled with share price fluctuations suggests market sensitivity to external factors or internal company developments influencing investor sentiment.
Price to Book Value (P/BV)
Procter & Gamble Co., historical P/BV calculation (quarterly data)
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 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 Q3 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
- Share Price
- The share price demonstrated a general upward trajectory from September 2018 to March 2025, beginning at $87.30 and increasing to a peak near $171.28 in December 2024. Notable fluctuations occurred throughout the timeline, including a dip in late 2020 to early 2021, followed by a recovery and further increases into 2023. The price showed some volatility around mid-2022, with declines and recoveries, but overall maintained a higher level compared to the initial periods.
- Book Value Per Share (BVPS)
- BVPS remained relatively stable over the observed period, fluctuating mildly between approximately $18.40 and $22.30. The value experienced minor decreases around 2019 and 2021, but demonstrated gradual growth starting from 2022 onwards. This steadiness in book value contrasts with the more pronounced movements seen in the share price.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio revealed a significant increasing trend over the period analyzed. Starting at 4.16 in late 2018, it ascended continuously, reaching a peak of 8.70 by December 2021. After this peak, the ratio experienced some moderate declines and fluctuations, but remained elevated above 7.00 for most subsequent quarters. This indicates that the market valuation relative to the book value per share increased substantially, suggesting higher investor confidence or growth expectations compared to the steady book value metrics.
- Overall Interpretation
- While the book value per share exhibited limited variation, the share price appreciated significantly, driving the P/BV ratio to nearly double over the analyzed period. These patterns imply that market perceptions of value and growth prospects for the company strengthened considerably from 2018 through early 2025. The occasional volatility in share price and P/BV ratio reflects market dynamics and potential external factors influencing investor sentiment during certain quarters.