NYSE · Consumer Defensive

The Procter & Gamble Company

PG · Household & Personal Products

$143.42

▼ -3.84 (-2.61%)

Data cached · refreshes every 10 min

Mr. Market is currently offering The Procter & Gamble Company at $143.42.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 51.2%

Operating Margin 24.3%

Net Income Margin 19.0%

Fin. Health D

Years to Pay Off Debt 2.2 yrs

Working Capital vs Long-Term Debt -$35.7B

Working Capital -$10.7B

Valuation F

Margin of Safety 0.0%

Price-to-Book 6.52x

Cash Flow B

Free Cash Flow $14.0B

CapEx % of Net Income 23.6%

Owner Earnings $22.6B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $334.0B

Enterprise Value $368.6B

P/E (TTM) 21.00

Dividend Yield 2.87%

Exchange NYSE

Key Margins

Gross Profit 51.2%

Operating Margin 24.3%

Net Margin 19.0%

Company Info

Sector Consumer Defensive

Industry Household & Personal Products

Employees 109000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering The Procter & Gamble Company at $143.42.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $143.42, the stock trades at a 153% premium to its Graham Number of $56.77. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About The Procter & Gamble Company

The Procter & Gamble Company provides branded consumer packaged goods worldwide. It operates through Beauty; Grooming; Health Care; Fabric & Home Care; and Baby, Feminine & Family Care segments. The company offers conditioners, shampoos, styling aids, and treatments under the Head & Shoulders, Herbal Essences, Pantene, and Rejoice brands; antiperspirants, deodorants, and personal cleansing products under the Native, Old Spice, Safeguard, and Secret brands; and facial moisturizers, cleaners, and treatments under the Olay and SK-II brands. It also provides blades, razors, shave products, appliances, and other grooming products under the Braun, Gillette, and Venus brands. In addition, the company offers toothbrushes, toothpastes, and other oral care products under the Crest and Oral-B brands; and gastrointestinal, pain relief, rapid diagnostics, respiratory, vitamins/minerals/supplements, and other personal health care products under the Metamucil, Neurobion, Pepto-Bismol, and Vicks brands. Further, it provides fabric enhancers, and laundry additives and detergents under the Ariel, Downy, Gain, and Tide brands; and air and dish care, P&G professional, and surface care under the Cascade, Dawn, Fairy, Febreze, Mr. Clean, and Swiffer brands. Additionally, the company offers baby wipes, and taped diapers and pants under the Luvs and Pampers brands; adult incontinence and menstrual care products under the Always, Always Discreet, and Tampax brands; and paper towels, tissues, and toilet papers under the Bounty, Charmin, and Puffs brands. It sells its products through mass merchandisers, social and e-commerce channels, grocery and specialty beauty stores, membership club stores, drug and department stores, distributors, wholesalers, airport duty-free and high-frequency stores, pharmacies, electronics stores, and professional channels, as well as directly to consumers. The Procter & Gamble Company was founded in 1837 and is headquartered in Cincinnati, Ohio.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	51.2% ▼	51.4%	47.9%	47.4%
Operating Margin %	24.3% ▲	23.7%	22.1%	22.2%
Net Income %	19.0% ▲	17.7%	17.9%	18.4%
Diluted EPS	6.51 ▲	6.02	5.90	5.81

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$125.2B	$122.4B	$120.8B	$117.2B	N/A
Total Debt	$35.5B ↑	$33.4B	$35.4B	$32.3B	N/A
Working Capital	-$10.7B ▼	-$8.9B	-$13.1B	-$11.4B	N/A
Years to Pay Debt	2.22	2.24	2.42	2.19	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$14.0B ▼	$16.5B	$13.8B	$13.6B	N/A
Owner Earnings	$22.6B	$21.1B	$20.4B	$20.7B	N/A
CapEx % of Net Income	23.6%	22.3%	20.9%	21.4%	N/A

Income Statement

	2025	2024	2023	2022
Tax Effect Of Unusual Items	0	-270,882	0	0
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	23,921,000	23,923,000	21,823,000	21,241,000
Total Unusual Items	0	-1,341,000	0	0
Total Unusual Items Excluding Goodwill	0	-1,341,000	0	0
Net Income From Continuing Operation Net Minority Interest	15,974,000	14,879,000	14,653,000	14,742,000
Reconciled Depreciation	2,847,000	2,896,000	2,714,000	2,807,000
Reconciled Cost Of Revenue	41,164,000	40,848,000	42,760,000	42,157,000
EBITDA	23,921,000	22,582,000	21,823,000	21,241,000
EBIT	21,074,000	19,686,000	19,109,000	18,434,000
Net Interest Income	-438,000	-452,000	-449,000	-388,000
Interest Expense	907,000	925,000	756,000	439,000
Interest Income	469,000	473,000	307,000	51,000
Normalized Income	15,974,000	15,949,118	14,653,000	14,742,000
Net Income From Continuing And Discontinued Operation	15,974,000	14,879,000	14,653,000	14,742,000
Total Expenses	63,833,000	64,153,000	63,872,000	62,374,000
Total Operating Income As Reported	20,451,000	18,545,000	18,134,000	17,813,000
Diluted Average Shares	2,454,400	2,471,900	2,483,900	2,539,100
Basic Average Shares	2,394,903	2,407,605	2,414,003	2,457,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	15,974,000	14,879,000	14,653,000	14,742,000
Average Dilution Earnings	291,000	284,000	282,000	281,000
Net Income Common Stockholders	15,682,000	14,595,000	14,371,000	14,461,000
Preferred Stock Dividends	291,000	284,000	282,000	281,000
Net Income	15,974,000	14,879,000	14,653,000	14,742,000
Minority Interests	-91,000	-95,000	-85,000	-51,000
Net Income Including Noncontrolling Interests	16,065,000	14,974,000	14,738,000	14,793,000
Net Income Continuous Operations	16,065,000	14,974,000	14,738,000	14,793,000
Tax Provision	4,102,000	3,787,000	3,615,000	3,202,000
Pretax Income	20,167,000	18,761,000	18,353,000	17,995,000
Other Income Expense	154,000	-673,000	668,000	570,000
Other Non Operating Income Expenses	154,000	668,000	668,000	570,000
Special Income Charges	0	-1,341,000	0	0
Impairment Of Capital Assets	0	1,341,000	0	0
Net Non Operating Interest Income Expense	-438,000	-452,000	-449,000	-388,000
Interest Expense Non Operating	907,000	925,000	756,000	439,000
Interest Income Non Operating	469,000	473,000	307,000	51,000
Operating Income	20,451,000	19,886,000	18,134,000	17,813,000
Operating Expense	22,669,000	23,305,000	21,112,000	20,217,000
Selling General And Administration	22,669,000	23,305,000	21,112,000	20,217,000
Gross Profit	43,120,000	43,191,000	39,246,000	38,030,000
Cost Of Revenue	41,164,000	40,848,000	42,760,000	42,157,000
Total Revenue	84,284,000	84,039,000	82,006,000	80,187,000
Operating Revenue	84,284,000	84,039,000	82,006,000	80,187,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	1,667,300	1,652,200	1,647,100	1,615,400
Ordinary Shares Number	2,341,944	2,357,051	2,362,100	2,393,800
Share Issued	4,009,244	4,009,251	4,009,200	4,009,200
Net Debt	24,951,000	22,978,000	26,361,000	24,279,000
Total Debt	35,463,000	33,369,000	35,424,000	32,293,000
Tangible Book Value	-12,325,000	-12,862,000	-18,484,000	-17,633,000
Invested Capital	85,742,000	81,948,000	80,565,000	77,239,000
Working Capital	-10,666,000	-8,918,000	-13,108,000	-11,428,000
Net Tangible Assets	-11,548,000	-12,064,000	-17,665,000	-16,790,000
Capital Lease Obligations	956,000	909,000	817,000	800,000
Common Stock Equity	51,235,000	49,488,000	45,958,000	45,746,000
Preferred Stock Equity	777,000	798,000	819,000	843,000
Total Capitalization	77,007,000	75,555,000	71,155,000	69,437,000
Total Equity Gross Minority Interest	52,284,000	50,558,000	47,065,000	46,854,000
Minority Interest	272,000	272,000	288,000	265,000
Stockholders Equity	52,012,000	50,286,000	46,777,000	46,589,000
Other Equity Interest	-672,000	-737,000	-821,000	-916,000
Gains Losses Not Affecting Retained Earnings	-12,143,000	-11,900,000	-12,220,000	-12,189,000
Other Equity Adjustments	-12,143,000	-11,900,000	-12,220,000	-12,189,000
Minimum Pension Liabilities			-821,000	-916,000	-1,006,000
Treasury Stock	138,702,000	133,379,000	129,736,000	123,382,000
Retained Earnings	129,973,000	123,811,000	118,170,000	112,429,000
Additional Paid In Capital	68,770,000	67,684,000	66,556,000	65,795,000
Capital Stock	4,786,000	4,807,000	4,828,000	4,852,000
Common Stock	4,009,000	4,009,000	4,009,000	4,009,000
Preferred Stock	777,000	798,000	819,000	843,000
Total Liabilities Net Minority Interest	72,947,000	71,812,000	73,764,000	70,354,000
Total Non Current Liabilities Net Minority Interest	36,889,000	38,185,000	38,008,000	37,273,000
Other Non Current Liabilities	566,000	557,000	530,000	490,000
Derivative Product Liabilities	435,000	325,000	445,000	307,000
Employee Benefits	3,717,000	3,537,000	3,806,000	3,811,000
Non Current Pension And Other Postretirement Benefit Plans	3,717,000	3,537,000	3,806,000	3,811,000
Tradeand Other Payables Non Current	701,000	1,315,000	1,776,000	2,413,000
Non Current Deferred Liabilities	5,774,000	6,516,000	6,478,000	6,809,000
Non Current Deferred Taxes Liabilities	5,774,000	6,516,000	6,478,000	6,809,000
Long Term Debt And Capital Lease Obligation	25,696,000	25,935,000	24,973,000	23,443,000
Long Term Capital Lease Obligation	701,000	666,000	595,000	595,000
Long Term Debt	24,995,000	25,269,000	24,378,000	22,848,000
Current Liabilities	36,058,000	33,627,000	35,756,000	33,081,000
Other Current Liabilities	3,547,000	3,006,000	3,546,000	2,940,000
Current Debt And Capital Lease Obligation	9,767,000	7,434,000	10,451,000	8,850,000
Current Capital Lease Obligation	255,000	243,000	222,000	205,000
Current Debt	9,512,000	7,191,000	10,229,000	8,645,000
Other Current Borrowings	5,404,000	3,864,000	3,993,000	3,840,000
Commercial Paper	4,108,000	3,327,000	6,236,000	4,805,000
Pensionand Other Post Retirement Benefit Plans Current	2,007,000	2,161,000	2,030,000	1,797,000
Current Provisions	189,000	166,000	174,000	147,000
Payables And Accrued Expenses	20,548,000	20,860,000	19,555,000	19,347,000
Current Accrued Expenses	4,144,000	4,454,000	4,129,000	3,878,000
Interest Payable	293,000	282,000	235,000
Payables	16,404,000	16,406,000	15,426,000	15,469,000
Total Tax Payable	1,177,000	1,042,000	828,000	587,000
Accounts Payable	15,227,000	15,364,000	14,598,000	14,882,000
Total Assets	125,231,000	122,370,000	120,829,000	117,208,000
Total Non Current Assets	99,838,000	97,660,000	98,181,000	95,555,000
Other Non Current Assets	12,381,000	13,158,000	11,830,000	10,981,000
Goodwill And Other Intangible Assets	63,560,000	62,350,000	64,442,000	63,379,000
Other Intangible Assets	21,910,000	22,047,000	23,783,000	23,679,000
Goodwill	41,650,000	40,303,000	40,659,000	39,700,000
Net PPE	23,897,000	22,152,000	21,909,000	21,195,000
Accumulated Depreciation	-30,284,000	-27,911,000	-26,736,000	-25,502,000
Gross PPE	54,181,000	50,063,000	48,645,000	46,697,000
Construction In Progress	3,935,000	3,126,000	2,980,000	2,756,000
Other Properties		1,000
Machinery Furniture Equipment	40,077,000	37,507,000	36,521,000	35,098,000
Buildings And Improvements	9,190,000	8,534,000	8,277,000	8,087,000
Land And Improvements	979,000	895,000	867,000	756,000
Current Assets	25,392,000	24,709,000	22,648,000	21,653,000
Other Current Assets	2,100,000	2,093,000	1,858,000	2,372,000
Prepaid Assets				2,372,000	2,095,000
Inventory	7,551,000	7,016,000	7,073,000	6,924,000
Other Inventories	1,000
Finished Goods	4,516,000	4,470,000	4,254,000	3,900,000
Work In Process	1,012,000	929,000	956,000	856,000
Raw Materials	2,022,000	1,617,000	1,863,000	2,168,000
Receivables	6,185,000	6,118,000	5,471,000	5,143,000
Accounts Receivable	6,185,000	6,118,000	5,471,000	5,143,000
Cash Cash Equivalents And Short Term Investments	9,556,000	9,482,000	8,246,000	7,214,000
Cash And Cash Equivalents	9,556,000	9,482,000	8,246,000	7,214,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	14,044,000	16,524,000	13,786,000	13,567,000
Repurchase Of Capital Stock	-6,500,000	-5,006,000	-7,353,000	-10,003,000
Repayment Of Debt	-9,627,000	-10,024,000	-18,228,000	-13,821,000
Issuance Of Debt	10,257,000	7,582,000	21,165,000	15,713,000
Capital Expenditure	-3,773,000	-3,322,000	-3,062,000	-3,156,000
Interest Paid Supplemental Data	896,000	878,000	721,000	451,000
Income Tax Paid Supplemental Data	4,554,000	4,363,000	4,278,000	3,818,000
End Cash Position	9,556,000	9,482,000	8,246,000	7,214,000
Beginning Cash Position	9,482,000	8,246,000	7,214,000	10,288,000
Effect Of Exchange Rate Changes	112,000	-251,000	-170,000	-497,000
Changes In Cash	-38,000	1,487,000	1,202,000	-2,577,000
Financing Cash Flow	-14,036,000	-14,855,000	-12,146,000	-14,876,000
Cash Flow From Continuing Financing Activities	-14,035,000	-14,855,000	-12,146,000	-14,876,000
Net Other Financing Charges	-1,000
Proceeds From Stock Option Exercised	1,707,000	1,905,000	1,269,000	2,005,000
Cash Dividends Paid	-9,872,000	-9,312,000	-8,999,000	-8,770,000
Net Common Stock Issuance	-6,500,000	-5,006,000	-7,353,000	-10,003,000
Common Stock Payments	-6,500,000	-5,006,000	-7,353,000	-10,003,000
Net Issuance Payments Of Debt	630,000	-2,442,000	2,937,000	1,892,000
Net Short Term Debt Issuance	370,000	-3,304,000	818,000	-150,000
Short Term Debt Payments	-7,650,000	-7,689,000	-16,350,000	-11,478,000
Short Term Debt Issuance	8,020,000	4,385,000	17,168,000	11,328,000
Net Long Term Debt Issuance	260,000	862,000	2,119,000	2,042,000
Long Term Debt Payments	-1,977,000	-2,335,000	-1,878,000	-2,343,000
Long Term Debt Issuance	2,237,000	3,197,000	3,997,000	4,385,000
Investing Cash Flow	-3,818,000	-3,504,000	-3,500,000	-4,424,000
Cash Flow From Continuing Investing Activities	-3,818,000	-3,504,000	-3,500,000	-4,424,000
Net Other Investing Changes	-34,000	-161,000	327,000	113,000
Net Investment Purchase And Sale				3,000	-55,000
Sale Of Investment				3,000	0
Purchase Of Investment				0	-55,000
Net Business Purchase And Sale	-11,000	-21,000	-765,000	-1,381,000
Purchase Of Business	-11,000	-21,000	-765,000	-1,381,000
Capital Expenditure Reported	-3,773,000	-3,322,000	-3,062,000	-3,156,000
Operating Cash Flow	17,817,000	19,846,000	16,848,000	16,723,000
Cash Flow From Continuing Operating Activities	17,818,000	19,847,000	16,848,000	16,723,000
Change In Working Capital	-821,000	42,000	-873,000	-1,147,000
Change In Other Working Capital		-1,414,000	-1,107,000	-635,000	-369,000
Change In Payables And Accrued Expense	-542,000	878,000	-447,000	1,429,000
Change In Payable	-542,000	878,000	-447,000	1,429,000
Change In Account Payable	-542,000	878,000	-447,000	1,429,000
Change In Inventory	-324,000	-70,000	-119,000	-1,247,000
Change In Receivables	45,000	-766,000	-307,000	-694,000
Changes In Account Receivables	45,000	-766,000	-307,000	-694,000
Other Non Cash Items	-1,654,000	490,000	217,000	229,000
Stock Based Compensation	476,000	562,000	545,000	528,000
Asset Impairment Charge	0	1,341,000	0	0
Deferred Tax	149,000	-244,000	-453,000	-402,000
Deferred Income Tax	149,000	-244,000	-453,000	-402,000
Depreciation Amortization Depletion	2,847,000	2,896,000	2,714,000	2,807,000
Depreciation And Amortization	2,847,000	2,896,000	2,714,000	2,807,000
Operating Gains Losses	755,000	-215,000	-40,000	-85,000
Net Income From Continuing Operations	16,065,000	14,974,000	14,738,000	14,793,000

These metrics estimate what The Procter & Gamble Company is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$56.77

Margin of Safety

Market Cap ÷ Company Value

1.47

P/B Ratio

6.52

Warren's Owner Earnings

$22.6B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$84.3B

vs > $1.5B revenue

❌ Strong Financial Condition

0.70x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

2.87%

vs Uninterrupted dividends

❌ Earnings Growth

+12.0% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

21.0x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

6.52x P/B (P/E×P/B: 136.9)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-20.42

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$97.58

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	23.6%	22.3%	20.9%	21.4%	N/A
Repurchase of Capital Stock	-$6.5B	-$5.0B	-$7.4B	-$10.0B	N/A
Free Cash Flow	$14.0B ▼	$16.5B ▲	$13.8B ▲	$13.6B •	N/A •
Warren's Owner Earnings	$22.6B	$21.1B	$20.4B	$20.7B	N/A

Peers & Industry

No auto-detected peers for Household & Personal Products. You can manually compare PG against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.07%

Low — management has little skin in the game

Return on Equity (ROE)

31.2%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

12.8%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$6.5B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+6.3% YoY

Debt is roughly stable

Leadership Team

Jon Moeller

Executive Chairman

Age 61

Pay: $3,827,656

0.024% of net income

Shailesh Jejurikar

CEO, President & Director

Age 57

Pay: $2,118,211

0.013% of net income

Andre Schulten

Chief Financial Officer

Age 54

Pay: $1,824,131

0.011% of net income

Jennifer Davis

Chief Executive Officer of Health Care

Age 53

Pay: $1,734,433

0.011% of net income

Sundar Raman

Chief Executive Officer of Fabric and Home Care and P&G Ventures

Age 50

Pay: $2,731,833

0.017% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	10.20%	237,459,756
Blackrock Inc.	7.90%	184,006,680
State Street Corporation	4.36%	101,618,926
Geode Capital Management, LLC	2.69%	62,647,882
Morgan Stanley	2.10%	48,823,274
NORGES BANK	1.40%	32,550,300
Price (T.Rowe) Associates Inc	1.27%	29,612,826
Bank of America Corporation	1.24%	28,784,316

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.40

Low volatility — more stable than the market

Short Interest

1.2% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.68x

Conservative balance sheet — low financial risk

Current Ratio

0.73x

Weak liquidity — current liabilities exceed current assets

52-Week Price Range

Low: $137.62 Current: $143.42 High: $170.99

Currently at 17% of 52-week range

360investing