Stock Analysis on Net

Procter & Gamble Co. (NYSE:PG)

Analysis of Solvency Ratios 
Quarterly Data

Microsoft Excel

Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.


Solvency Ratios (Summary)

Procter & Gamble Co., solvency ratios (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018
Debt Ratios
Debt to equity 0.70 0.65 0.64 0.69 0.75 0.74 0.81 0.78 0.75 0.68 0.74 0.80 0.71 0.69 0.64 0.65 0.66 0.75 0.79 0.62 0.63 0.64 0.55 0.62 0.60
Debt to capital 0.41 0.39 0.39 0.41 0.43 0.43 0.45 0.44 0.43 0.40 0.43 0.44 0.41 0.41 0.39 0.39 0.40 0.43 0.44 0.38 0.39 0.39 0.35 0.38 0.37
Debt to assets 0.29 0.27 0.27 0.28 0.29 0.29 0.31 0.30 0.28 0.27 0.28 0.29 0.27 0.27 0.26 0.26 0.26 0.29 0.30 0.25 0.26 0.26 0.25 0.27 0.26
Financial leverage 2.44 2.43 2.39 2.49 2.57 2.58 2.66 2.65 2.64 2.52 2.64 2.72 2.60 2.57 2.51 2.49 2.49 2.59 2.60 2.45 2.45 2.44 2.21 2.29 2.27
Coverage Ratios
Interest coverage 20.30 21.28 21.21 21.13 23.33 25.28 29.16 34.89 40.64 41.99 41.61 41.45 37.53 36.09 33.31 32.96 35.05 35.05 18.44 16.75 14.26 12.92

Based on: 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).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Procter & Gamble Co. debt to equity ratio deteriorated from Q3 2024 to Q4 2024 and from Q4 2024 to Q1 2025.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Procter & Gamble Co. debt to capital ratio deteriorated from Q3 2024 to Q4 2024 and from Q4 2024 to Q1 2025.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Procter & Gamble Co. debt to assets ratio improved from Q3 2024 to Q4 2024 but then deteriorated significantly from Q4 2024 to Q1 2025.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Procter & Gamble Co. financial leverage ratio increased from Q3 2024 to Q4 2024 and from Q4 2024 to Q1 2025.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Procter & Gamble Co. interest coverage ratio improved from Q3 2024 to Q4 2024 but then deteriorated significantly from Q4 2024 to Q1 2025.

Debt to Equity

Procter & Gamble Co., debt to equity calculation (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018
Selected Financial Data (US$ in millions)
Debt due within one year 10,409 7,191 7,729 10,616 11,811 10,229 13,717 14,300 11,717 8,645 9,902 13,331 11,989 8,889 8,773 8,586 7,707 11,183 12,701 9,153 9,352 9,697 8,911 12,113 10,508
Long-term debt, excluding due within one year 25,744 25,269 24,253 23,096 24,069 24,378 22,874 20,582 21,286 22,848 23,767 22,322 20,558 23,099 21,053 22,514 23,948 23,537 23,310 18,985 20,161 20,395 21,359 21,514 20,779
Total debt 36,153 32,460 31,982 33,712 35,880 34,607 36,591 34,882 33,003 31,493 33,669 35,653 32,547 31,988 29,826 31,100 31,655 34,720 36,011 28,138 29,513 30,092 30,270 33,627 31,287
 
Shareholders’ equity attributable to Procter & Gamble 51,840 50,287 50,058 48,535 47,693 46,777 45,140 44,455 44,075 46,589 45,478 44,618 46,111 46,378 46,596 48,181 48,182 46,521 45,540 45,538 46,578 47,194 55,072 53,990 52,236
Solvency Ratio
Debt to equity1 0.70 0.65 0.64 0.69 0.75 0.74 0.81 0.78 0.75 0.68 0.74 0.80 0.71 0.69 0.64 0.65 0.66 0.75 0.79 0.62 0.63 0.64 0.55 0.62 0.60

Based on: 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 Q1 2025 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity attributable to Procter & Gamble
= 36,153 ÷ 51,840 = 0.70

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Procter & Gamble Co. debt to equity ratio deteriorated from Q3 2024 to Q4 2024 and from Q4 2024 to Q1 2025.

Debt to Capital

Procter & Gamble Co., debt to capital calculation (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018
Selected Financial Data (US$ in millions)
Debt due within one year 10,409 7,191 7,729 10,616 11,811 10,229 13,717 14,300 11,717 8,645 9,902 13,331 11,989 8,889 8,773 8,586 7,707 11,183 12,701 9,153 9,352 9,697 8,911 12,113 10,508
Long-term debt, excluding due within one year 25,744 25,269 24,253 23,096 24,069 24,378 22,874 20,582 21,286 22,848 23,767 22,322 20,558 23,099 21,053 22,514 23,948 23,537 23,310 18,985 20,161 20,395 21,359 21,514 20,779
Total debt 36,153 32,460 31,982 33,712 35,880 34,607 36,591 34,882 33,003 31,493 33,669 35,653 32,547 31,988 29,826 31,100 31,655 34,720 36,011 28,138 29,513 30,092 30,270 33,627 31,287
Shareholders’ equity attributable to Procter & Gamble 51,840 50,287 50,058 48,535 47,693 46,777 45,140 44,455 44,075 46,589 45,478 44,618 46,111 46,378 46,596 48,181 48,182 46,521 45,540 45,538 46,578 47,194 55,072 53,990 52,236
Total capital 87,993 82,747 82,040 82,247 83,573 81,384 81,731 79,337 77,078 78,082 79,147 80,271 78,658 78,366 76,422 79,281 79,837 81,241 81,551 73,676 76,091 77,286 85,342 87,617 83,523
Solvency Ratio
Debt to capital1 0.41 0.39 0.39 0.41 0.43 0.43 0.45 0.44 0.43 0.40 0.43 0.44 0.41 0.41 0.39 0.39 0.40 0.43 0.44 0.38 0.39 0.39 0.35 0.38 0.37

Based on: 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 Q1 2025 Calculation
Debt to capital = Total debt ÷ Total capital
= 36,153 ÷ 87,993 = 0.41

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Procter & Gamble Co. debt to capital ratio deteriorated from Q3 2024 to Q4 2024 and from Q4 2024 to Q1 2025.

Debt to Assets

Procter & Gamble Co., debt to assets calculation (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018
Selected Financial Data (US$ in millions)
Debt due within one year 10,409 7,191 7,729 10,616 11,811 10,229 13,717 14,300 11,717 8,645 9,902 13,331 11,989 8,889 8,773 8,586 7,707 11,183 12,701 9,153 9,352 9,697 8,911 12,113 10,508
Long-term debt, excluding due within one year 25,744 25,269 24,253 23,096 24,069 24,378 22,874 20,582 21,286 22,848 23,767 22,322 20,558 23,099 21,053 22,514 23,948 23,537 23,310 18,985 20,161 20,395 21,359 21,514 20,779
Total debt 36,153 32,460 31,982 33,712 35,880 34,607 36,591 34,882 33,003 31,493 33,669 35,653 32,547 31,988 29,826 31,100 31,655 34,720 36,011 28,138 29,513 30,092 30,270 33,627 31,287
 
Total assets 126,482 122,370 119,598 120,709 122,531 120,829 119,851 117,715 116,282 117,208 120,217 121,416 119,669 119,307 116,778 120,112 119,899 120,700 118,560 111,723 114,058 115,095 121,673 123,687 118,440
Solvency Ratio
Debt to assets1 0.29 0.27 0.27 0.28 0.29 0.29 0.31 0.30 0.28 0.27 0.28 0.29 0.27 0.27 0.26 0.26 0.26 0.29 0.30 0.25 0.26 0.26 0.25 0.27 0.26

Based on: 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 Q1 2025 Calculation
Debt to assets = Total debt ÷ Total assets
= 36,153 ÷ 126,482 = 0.29

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Procter & Gamble Co. debt to assets ratio improved from Q3 2024 to Q4 2024 but then deteriorated significantly from Q4 2024 to Q1 2025.

Financial Leverage

Procter & Gamble Co., financial leverage calculation (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018
Selected Financial Data (US$ in millions)
Total assets 126,482 122,370 119,598 120,709 122,531 120,829 119,851 117,715 116,282 117,208 120,217 121,416 119,669 119,307 116,778 120,112 119,899 120,700 118,560 111,723 114,058 115,095 121,673 123,687 118,440
Shareholders’ equity attributable to Procter & Gamble 51,840 50,287 50,058 48,535 47,693 46,777 45,140 44,455 44,075 46,589 45,478 44,618 46,111 46,378 46,596 48,181 48,182 46,521 45,540 45,538 46,578 47,194 55,072 53,990 52,236
Solvency Ratio
Financial leverage1 2.44 2.43 2.39 2.49 2.57 2.58 2.66 2.65 2.64 2.52 2.64 2.72 2.60 2.57 2.51 2.49 2.49 2.59 2.60 2.45 2.45 2.44 2.21 2.29 2.27

Based on: 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 Q1 2025 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity attributable to Procter & Gamble
= 126,482 ÷ 51,840 = 2.44

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Procter & Gamble Co. financial leverage ratio increased from Q3 2024 to Q4 2024 and from Q4 2024 to Q1 2025.

Interest Coverage

Procter & Gamble Co., interest coverage calculation (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018
Selected Financial Data (US$ in millions)
Net earnings attributable to Procter & Gamble (P&G) 3,959 3,136 3,754 3,468 4,521 3,384 3,397 3,933 3,939 3,052 3,355 4,223 4,112 2,906 3,269 3,854 4,277 2,800 2,917 3,717 3,593 (5,241) 2,745 3,194 3,199
Add: Net income attributable to noncontrolling interest 28 8 27 25 35 8 27 26 24 6 12 19 14 2 (20) 33 31 (14) 40 26 24 4 31 22 12
Add: Income tax expense 1,153 727 811 1,003 1,246 841 864 876 1,034 592 704 997 909 656 628 990 989 675 541 789 726 172 502 700 729
Add: Interest expense 238 219 233 248 225 240 222 171 123 115 109 106 109 117 106 143 136 157 100 100 108 111 131 138 129
Earnings before interest and tax (EBIT) 5,378 4,090 4,825 4,744 6,027 4,473 4,510 5,006 5,120 3,765 4,180 5,345 5,144 3,681 3,983 5,020 5,433 3,618 3,598 4,632 4,451 (4,954) 3,409 4,054 4,069
Solvency Ratio
Interest coverage1 20.30 21.28 21.21 21.13 23.33 25.28 29.16 34.89 40.64 41.99 41.61 41.45 37.53 36.09 33.31 32.96 35.05 35.05 18.44 16.75 14.26 12.92

Based on: 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 Q1 2025 Calculation
Interest coverage = (EBITQ1 2025 + EBITQ4 2024 + EBITQ3 2024 + EBITQ2 2024) ÷ (Interest expenseQ1 2025 + Interest expenseQ4 2024 + Interest expenseQ3 2024 + Interest expenseQ2 2024)
= (5,378 + 4,090 + 4,825 + 4,744) ÷ (238 + 219 + 233 + 248) = 20.30

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Procter & Gamble Co. interest coverage ratio improved from Q3 2024 to Q4 2024 but then deteriorated significantly from Q4 2024 to Q1 2025.