# The Procter & Gamble Company (PG)

> Source: Nexqual · https://nexqual.com/PG · data as of 2026-10-22 20:02 UTC · cite as "Nexqual, The Procter & Gamble Company (PG), nexqual.com/PG" · informational, not investment advice.

**Price:** USD 165.59 (+5.58% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 156.84 · day 161.78–166.85 · 52w 137.62–167.25 · market cap $385B · NYQ

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $87.9B, net income $16.0B (18.2% margin), free cash flow $15.3B (SEC filings).
- Valuation: P/E 24.0x (avg 24.7x at the last 3 fiscal year-ends), EV/EBITDA 17.7x, net debt $23.6B.
- 9 of 80 tracked superinvestors hold PG (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 0 new, 3 added, 4 reduced, 2 unchanged.
- Analysts: Buy (mean 2.28 on a 1–5 scale) (25 analysts), mean target USD 168.87 (range 143–190).
- Total return with dividends: 1Y +12.0% vs S&P 500 +14.9%; 5Y +32.9% vs S&P 500 +80.3%.
- Next earnings: 2027-01-21, EPS estimate USD 1.84, revenue estimate $22.9B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $80.2B | $82.0B | $84.0B | $84.3B | $87.0B | $87.9B |
| Gross profit | $38.0B | $39.2B | $43.2B | $43.1B | $43.7B | — |
| Operating income | $17.8B | $18.1B | $18.5B | $20.5B | $19.7B | $19.8B |
| Net income | $14.7B | $14.7B | $14.9B | $16.0B | $16.0B | $16.0B |
| EPS (diluted) | $5.81 | $5.90 | $6.02 | $6.51 | $6.62 | — |
| Free cash flow | $13.6B | $13.8B | $16.5B | $14.0B | $15.1B | $15.3B |
| Gross margin | 47.4% | 47.9% | 51.4% | 51.2% | 50.2% | — |
| Operating margin | 22.2% | 22.1% | 22.1% | 24.3% | 22.7% | 22.6% |
| Net margin | 18.4% | 17.9% | 17.7% | 19.0% | 18.4% | 18.2% |
| Revenue growth | +5.3% | +2.3% | +2.5% | +0.3% | +3.3% | — |
| Cash + short-term investments | $7.21B | $8.25B | $9.48B | $9.56B | $9.94B | — |
| Total debt | $26.5B | $28.3B | $29.1B | $30.4B | $29.3B | — |
Fiscal years end Jun. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 24.0x · P/S 4.4x · EV/EBITDA 17.7x · EV/Sales 4.6x · P/FCF 25.1x · P/B 7.0x · FCF yield 3.99% · Earnings yield 4.17% · Dividend yield (paid, TTM) 2.67% · Buyback yield (TTM) 1.31% · Net debt $23.6B · EV $408B
P/E at fiscal year-ends: Jun 2026 22.1x, Jun 2025 24.5x, Jun 2024 27.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
9 of 80 tracked investors hold PG (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Terry Smith | Fundsmith | 4.38% | $598M | Reduced -2.9% | Q2 2026 |
| Yacktman Asset Management |  | 3.56% | $288M | Added +1.7% | Q2 2026 |
| Jensen Investment Management |  | 3.06% | $126M | Reduced -13.7% | Q2 2026 |
| David Katz | Matrix Asset Advisors | 1.79% | $21.8M | Added +2.3% | Q3 2026 |
| Mairs & Power | Mairs & Power Funds | 0.33% | $36.0M | Added +0.8% | Q2 2026 |
| Kahn Brothers | Kahn Brothers Group | 0.05% | $268K | Unchanged | Q2 2026 |
| Dodge & Cox Funds | Dodge & Cox | 0.01% | $13.3M | Reduced -0.1% | Q2 2026 |
| Thomas Russo | Gardner Russo & Quinn | 0.01% | $961K | Reduced -29.0% | Q2 2026 |
| Bill Nygren | Oakmark Funds | <0.01% | $219K | Unchanged | Q2 2026 |

## Analysts
Consensus Buy (mean 2.28 on a 1–5 scale), 25 analysts; mean target USD 168.87 (low 143, high 190).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | RBC Capital | Reiterated | Outperform | $166 |
| 2026-10-14 | Citigroup | Target raised | Buy | $170 → $180 |
| 2026-10-06 | Evercore ISI Group | Upgrade | In-Line → Outperform | $161 → $166 |
| 2026-10-06 | RBC Capital | Target lowered | Outperform | $167 → $166 |
| 2026-09-30 | TD Cowen | Reiterated | Hold | $150 |
| 2026-08-07 | Argus Research | Downgrade | Buy → Hold |  |
| 2026-07-30 | HSBC | Downgrade | Buy → Hold | $182 → $149 |
| 2026-07-30 | Citigroup | Target lowered | Buy | $181 → $170 |
| 2026-07-21 | Barclays | Target raised | Equal-Weight | $146 → $152 |
| 2026-07-16 | JP Morgan | Target lowered | Overweight | $164 → $162 |
| 2026-07-10 | B of A Securities | Target lowered | Buy | $170 → $166 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +12.0% | +32.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +12.0% | +5.8% |
| Volatility (annualized) | 20.8% | 17.6% |
| Max drawdown | -15.5% (Feb 2026→Jun 2026) | -22.7% (Dec 2021→Oct 2022) |

## Peers (Household & Personal Products)
UL (Unilever PLC) USD 67 +4.04% · CL (Colgate-Palmolive Company) USD 97.39 +4.27% · EL (Estee Lauder Companies, Inc. (T) USD 107.72 +3.92% · KVUE (Kenvue Inc.) USD 19.88 +4.41% · KMB (Kimberly-Clark Corporation) USD 112.32 +5.32% · CHD (Church & Dwight Company, Inc.) USD 108.86 +3.68%

## More
Full page: https://nexqual.com/PG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in PG's own 10-K filed 2026-08-04 (https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/pg-20260630.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Walmart (WMT) | "Sales to Walmart Inc. and its affiliates represent approximately 16% of our total sales in 2026, 2025 and 2024." |

Other companies that name PG in their own reports (relationship from PG's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | CLOROX CO /DE/ (CLX) | 10-K 2026-08-07 | "The Company's venture agreement with The Procter & Gamble Company (P&G) for the Company's Glad bags and wraps business (the Venture Agreement) expired on January 31, 2026." |
| competitor | Prestige Consumer Healthcare Inc. (PBH) | 10-K 2026-05-14 | "Our branded competitors include, among others, AbbVie Inc., Alcon, Bausch + Lomb, Bayer AG, Combe, Compass Diversified, Haleon plc, Kenvue, Mondelez International, Reckitt Benckiser Group plc, Opella,…" |
| partner | Cibus, Inc. (CBUS) | 10-K 2026-03-17 | "For example, in early 2023, Cibus and Procter & Gamble (P&G), a leading multi-national consumer products company, entered into a collaboration to develop sustainable low carbon ingredients or material…" |
| supplier | GRAPHIC PACKAGING HOLDING CO (GPK) | 10-K 2026-03-02 | "Health/beauty customers include GlaxoSmithKline, Bayer, Johnson & Johnson, Abbott, Novartis, L'Oréal S.A., Procter & Gamble and Colgate-Palmolive." |
| supplier | SILGAN HOLDINGS INC (SLGN) | 10-K 2026-02-26 | "Our largest customers of our dispensing and specialty closures business include Beiersdorf AG, British American Tobacco AB, Campbell, The Coca-Cola Company, Colgate-Palmolive Company, Coty, Inc., Dair…" |
| competitor | PERRIGO Co plc (PRGO) | 10-K 2026-02-26 | "Our primary competitors include manufacturers, such as Dr. Reddy's Labs, LNK International, Inc., PL Developments, Aurobindo and Sun Pharmaceuticals, and brand-name pharmaceutical and consumer product…" |
| partner | TKO Group Holdings, Inc. (TKO) | 10-K 2026-02-25 | "We have partnerships and marketing agreements with a wide variety of leading brands including Meta, Ram Trucks, Anheuser-Busch, IBM, Procter & Gamble, Monster Energy, Cuervo, Total Wireless, Wingstop,…" |
| competitor | Honest Company, Inc. (HNST) | 10-K 2026-02-25 | "Select competitors of our diapers include Kimberly-Clark Corporation (maker of Huggies diapers and Cottonelle wipes) and Procter & Gamble Company (maker of Pampers, Pampers Pure, Luvs and Charmin)." |
| competitor | Kenvue Inc. (KVUE) | 10-K 2026-02-20 | "Haleon, Procter & Gamble, Reckitt Benckiser Group, and private-label brands" |
| competitor | CHURCH & DWIGHT CO INC /DE/ (CHD) | 10-K 2026-02-12 | "Our competitors in the Consumer Domestic and Consumer International segments include, among others, Procter & Gamble Company ("P&G"), The Clorox Company, Colgate-Palmolive Company, S.C." |
| competitor | Mondelez International, Inc. (MDLZ) | 10-K 2026-02-04 | "The Mondelēz International performance peer group consists of the following companies considered our market competitors or that have been selected on the basis of industry, global focus or industry le…" |
| competitor | SCOTTS MIRACLE-GRO CO (SMG) | 10-K 2025-11-25 | "Primary competitors include Spectrum Brands Holdings, Inc., Central Garden & Pet Company, Kellogg Garden Products, Oldcastle Retail, Inc., Lebanon Seaboard Corporation, Reckitt Benckiser Group plc, Fo…" |
| competitor | EDGEWELL PERSONAL CARE Co (EPC) | 10-K 2025-11-18 | "Our principal competitors in the global wet shave business are: The Procter & Gamble Company, which owns the Gillette brand and is the leading company in the global wet shave segment;" |
| competitor | Spectrum Brands Holdings, Inc. (SPB) | 10-K 2025-11-18 | "Primary competitors for the personal care product category within our HPC segment include Koninklijke Philips Electronics N.V. (Norelco), The Procter & Gamble Company (Braun), Conair Corporation, Wahl…" |

## Revenue by business segment (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Fabric & Home Care | $8.20B | 35.2% | +4.2% |
| Baby, Feminine & Family Care | $5.32B | 22.9% | +2.9% |
| Beauty | $4.41B | 18.9% | +6.4% |
| Health Care | $3.32B | 14.3% | +3.0% |
| Grooming | $1.89B | 8.1% | +4.0% |
| Total revenue | $23.28B | 100% | — |

## Revenue by region (fiscal year ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Non Us | $45.30B | 52.0% | +6.1% |
| United States | $41.70B | 47.9% | +0.2% |
| Total revenue | $87.03B | 100% | — |

## Customer concentration

Period ended 2026-06-30: 16% of revenue from unnamed direct customers (10-K, filed 2026-08-04).

## Company outlook (8-K filed 2026-10-22)

- "P&G updated its guidance range for fiscal 2027 all-in sales growth to be in the range of two to four percent versus the prior year, reflecting the acquisition of Thorne as of October 1, 2026."
- "Included in the organic sales growth guidance is a headwind of 30 to 50 basis points from brand, product form and go-to-market discontinuations."
- "This outlook equates to a range of $6.89 to $7.11 per share, with a mid-point estimate of $7.00, or an increase of approximately one and a half percent."
- "P&G now expects a commodity cost headwind of approximately $1.4 billion after tax driven by higher raw materials, energy and transportation costs, $300 million after-tax from higher net interest expense, $150 million after-tax from lower non-operating income and $50 million after-tax from unfavorable foreign exchange rates."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $1.84 | $1.88 | -2.4% | $22.92B | 18 |
| Next quarter (ends 2027-03-31) | $1.63 | $1.64 | -0.6% | $21.80B | 18 |
| Current fiscal year (ends 2027-06-30) | $6.99 | $7.04 | -0.7% | $89.71B | 24 |
| Next fiscal year (ends 2028-06-30) | $7.40 | $7.42 | -0.2% | $92.56B | 22 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-02-19 (includes earnings 2027-01-21): ±9.1%; earnings reaction alone ±2.8%; last 8 reports averaged ±2.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 23.1% | ±3.0% |
| 2026-11-06 | 14 | 21.8% | ±3.7% |
| 2026-11-13 | 21 | 21.0% | ±4.3% |
| 2026-11-20 | 28 | 20.6% | ±4.8% |
| 2026-11-27 | 35 | 20.4% | ±5.3% |
| 2026-12-04 | 42 | 21.1% | ±6.0% |
| 2026-12-18 | 56 | 19.0% | ±6.1% |
| 2027-01-15 | 84 | 18.8% | ±7.4% |