PG

PROCTER & GAMBLE Co

Materials • CIK: 0000080424

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Market Cap
$360.55B
P/E (TTM)
21.9x
Rev Growth (TTM)
+1.2%
Net Margin (TTM)
19.4%
FCF Yield (TTM)
4.1%
FCF Margin (TTM)
17.6%

What Changed

View Full Insights
10-Q Q2 FY2026 (filed 2026-01-23) vs 10-Q Q1 FY2026 (filed 2025-10-24)
Reported Operating Margin (Q2 YoY)26.2% (Q2 FY2025, implied by stated 200bp decline)→24.2% (Q2 FY2026)
Hidden Liability Risk Levellow (Q1 FY2026: $132M accrued uncertain tax positions;...→moderate (Q2 FY2026: $124M uncertain tax positions with...
Baby, Feminine & Family Care Organic Salespositive (Q1 FY2026: not flagged as declining; overall...→negative (H1 FY2026 six-month period; only segment with...
Beauty Segment Margin21.21% (Q1 FY2026)→24.59% (Q2 FY2026)
Diluted EPS (Q2 YoY)$1.88 (Q2 FY2025, implied by stated -5.3% decline)→$1.78 (Q2 FY2026; decrease primarily due to incremental...

Baby, Feminine & Family Care organic sales: watch Q3 FY2026 for return to...·Restructuring charges: track total program cost and completion timeline — EPS...·Tax audit resolution: $124M uncertain tax positions across multiple...

Filing Intelligence

5.0/10
10-Q filed Jan 23, 2026 • FYNone

Executive Summary

Revenue growth was modest (2% overall) driven by pricing and foreign exchange, with flat volume and mix.. Margins declined due to unfavorable mix, tariffs, and investments, partially offset by...

Key Concerns

  • ●Margins declined due to unfavorable mix, tariffs, and investments, partially offset by productivity savings.
  • ●The company has significant ongoing tax audits across many jurisdictions, with potential liabilities of $124 million for uncertain tax...
  • ●Geopolitical and Macroeconomic Instability (high)
View Full Quarterly Insights →

LATEST EARNINGS

•
Q2 FY2026
•
2 months ago
•View source
Revenue
$22.21B
+1.0%
Net Income
$4.33B
-7.0%
EPS
$1.78
-5.3%
Gross
51.2%↓ -1.2%
Operating
24.2%↓ -2.0%
Net
19.5%↓ -1.8%
  • •Net sales increased 1% to $22.2 billion.
  • •Maintained fiscal year guidance for organic sales growth (in-line to up 4%), core EPS growth (in-line to up 4%), and adjusted free cash flow productivity (85% to 90%).
  • •Adjusted free cash flow productivity was strong at 88%.
  • •Returned $4.8 billion to shareholders via dividends ($2.5B) and share repurchases ($2.3B).
View Full Earnings →

Cash Flow Health

Free Cash Flow8/8 positive
TTM$14.9B
Q1 '26
$4.2B+5%
Q4 '25
$4.0B+40%
FCF Margin
TTM17.6%
Q1 '2618.8%-2%
Sector: 0.4%Top 10%
OCF Margin22.3%
OCF/NI1.15x
CapEx Coverage4.8x
FCF Yield4.1%
FCF Growth (2Y)+4%
Cash Conversion Cycle
-39 days
DSO: 27+DIO: 65−DPO: 131
View Insights from Latest Filing →View Full Cash Flow Statement →

Capital Allocation & Returns

Shareholder Friendly
Total Shareholder YieldTTM
TTM4.3%
Div Yield2.7%
+
Buyback (TTM)1.6%

Strong capital returns to shareholders

Dividend & Payout Metrics
Dividend Yield (TTM)2.7%
FCF Payout Ratio64.8%
Free Cash Flow (TTM)$14.9B
Stock Repurchases (TTM)$5.8B
Capital Return / FCF105.6%
Est. Dividends Paid (TTM)$9.7B
Shows how management rewards shareholders

Operational Efficiency & Returns

Return on Invested CapitalTTM
66.1%
Stable
+0.1% YoY+5.1%
P25MedianP75
75th pctl (med: 0.0%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
19.2%
8Q: 18.4%
Asset Turnover
0.68x
8Q: 0.69x
Leverage (1+D/E)
–
Asset & CapEx Efficiency
Fixed Asset Turn
3.69x
8Q:3.72x
-18.9%
Invested Cap Turn
3.44x
8Q:3.38x
+30.1%
CapEx Intensity
16.1%
8Q:14.6%
CapEx/Depreciation
1.38x
Asset-based ROIC formula
Full Analysis

QUARTERLY TRENDS

Last 8 quarters + TTM

MetricTTMQ1 2026Q4 2025Q3 2025Q2 2025Q2 2025Q4 2024Q3 2024Q2 2024
Revenue
$84.9B
$22.4B↑7.2%
$20.9B↑5.6%
$19.8B↓9.6%
$21.9B↑0.7%
$21.7B↑5.9%
$20.5B↑1.7%
$20.2B↓5.8%
$21.4B
Operating Income
$20.5B
$5.9B↑34.5%
$4.4B↓4.5%
$4.6B↓20.6%
$5.7B↓1.0%
$5.8B↑49.2%
$3.9B↓12.9%
$4.5B↑0.6%
$4.4B
Net Income
$16.5B
$4.7B↑32.2%
$3.5B↓4.3%
$3.7B↓18.9%
$4.6B↑17.3%
$3.9B↑26.9%
$3.1B↓16.9%
$3.7B↑8.4%
$3.4B
Operating Cash Flow
$18.9B
$5.4B↑8.5%
$5.0B↑34.5%
$3.7B↓23.2%
$4.8B↑12.2%
$4.3B↓25.2%
$5.8B↑40.8%
$4.1B↓19.8%
$5.1B
Free Cash Flow
$14.9B
$4.2B↑5.5%
$4.0B↑40.2%
$2.8B↓27.0%
$3.9B↑17.9%
$3.3B↓33.4%
$5.0B↑51.0%
$3.3B↓23.2%
$4.3B
Total Equity
N/A
Income StatementCash Flow StatementBalance Sheet

Valuation Analysis

Fair Value
Price-to-EarningsTTM
21.9x
Valuation Lenses
Earnings
21.9x
vs – sector
Cash Flow
46.0x
EV/FCF vs –
Growth-Adj
1.2xPEG
Fair for growth
Quality-Adj
0.3P/E per %ROIC
ROIC: 66.1%
Shareholder Returns
Dividend
2.7%
Buyback
1.6%
Total Yield
4.3%
Market Cap$360.55B
EV–
Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score
96/100
Exceptional

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)
–
8Q:–
Return on Invested Capital (ROIC)Top 25%
66.1%
8Q:–
+5.1%
vs Sector:0.0%

DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)

NOPAT Margin: 19.2%
Asset Turnover: 0.68x

Earnings Quality

Cash Conversion

1.15x

OCF / Net Income ✓

FCF Consistency

–

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin51.0%

Capital Efficiency

Invested Capital Turnover3.44x

Working Capital

Cash Conversion Cycle-39 days

Growth Quality & Momentum

Moderate Growth
Growth Quality Score
53/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%

Growth Rates

Revenue Growth YoY
1.2%
OpInc Growth YoY
1.0%
EPS Growth YoY
18.1%
FCF 3Y CAGR
4.2%

Margin Quality & Sustainability

High Quality
Profitability Cascade
Gross
51.0%
Operating
24.1%
Top 25% in sector
Net
19.4%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-1.8 pts
FCF: 17.6% | Net: 19.4%

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Net Debt / EBITDA
–Net Debt: $24.77B
Interest Coverage
–
Balance sheet risk & solvency analysis

Research

All research