Profitability ratios measure the company ability to generate profitable sales from its resources (assets).

Profitability Ratios (Summary)
Gross Profit Margin
Operating Profit Margin
Net Profit Margin
Return on Equity (ROE)
Return on Assets (ROA)

Procter & Gamble Co., profitability ratios

	Jun 30, 2024	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019
Return on Sales
Gross profit margin	51.39%	47.86%	47.43%	51.25%	50.32%	48.63%
Operating profit margin	22.07%	22.11%	22.21%	23.63%	22.14%	8.11%
Net profit margin	17.70%	17.87%	18.38%	18.79%	18.36%	5.76%
Return on Investment
Return on equity (ROE)	29.59%	31.33%	31.64%	30.85%	28.00%	8.26%
Return on assets (ROA)	12.16%	12.13%	12.58%	11.99%	10.79%	3.39%

Based on: 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30).

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Profitability ratio	Description	The company
Gross profit margin	Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures.	Procter & Gamble Co. gross profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.
Operating profit margin	A profitability ratio calculated as operating income divided by revenue.	Procter & Gamble Co. operating profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Net profit margin	An indicator of profitability, calculated as net income divided by revenue.	Procter & Gamble Co. net profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

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Profitability ratio	Description	The company
ROE	A profitability ratio calculated as net income divided by shareholders’ equity.	Procter & Gamble Co. ROE deteriorated from 2022 to 2023 and from 2023 to 2024.
ROA	A profitability ratio calculated as net income divided by total assets.	Procter & Gamble Co. ROA deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Procter & Gamble Co., gross profit margin calculation

	Jun 30, 2024	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019
Selected Financial Data (US$ in millions)
Gross profit	43,191)	39,246)	38,030)	39,010)	35,700)	32,916)
Net sales	84,039)	82,006)	80,187)	76,118)	70,950)	67,684)
Profitability Ratio
Gross profit margin¹	51.39%	47.86%	47.43%	51.25%	50.32%	48.63%

Based on: 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30).

¹ 2024 Calculation
Gross profit margin = 100 × Gross profit ÷ Net sales
= 100 × 43,191 ÷ 84,039 = 51.39%

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Profitability ratio	Description	The company
Gross profit margin	Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures.	Procter & Gamble Co. gross profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.

Procter & Gamble Co., operating profit margin calculation, comparison to benchmarks

	Jun 30, 2024	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019
Selected Financial Data (US$ in millions)
Operating income	18,545)	18,134)	17,813)	17,986)	15,706)	5,487)
Net sales	84,039)	82,006)	80,187)	76,118)	70,950)	67,684)
Profitability Ratio
Operating profit margin¹	22.07%	22.11%	22.21%	23.63%	22.14%	8.11%
Benchmarks
Operating Profit Margin, Industry
Consumer Staples	—	7.91%	9.22%	9.19%	8.88%	8.07%

Based on: 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30).

¹ 2024 Calculation
Operating profit margin = 100 × Operating income ÷ Net sales
= 100 × 18,545 ÷ 84,039 = 22.07%

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Profitability ratio	Description	The company
Operating profit margin	A profitability ratio calculated as operating income divided by revenue.	Procter & Gamble Co. operating profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Procter & Gamble Co., net profit margin calculation, comparison to benchmarks

	Jun 30, 2024	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019
Selected Financial Data (US$ in millions)
Net earnings attributable to Procter & Gamble (P&G)	14,879)	14,653)	14,742)	14,306)	13,027)	3,897)
Net sales	84,039)	82,006)	80,187)	76,118)	70,950)	67,684)
Profitability Ratio
Net profit margin¹	17.70%	17.87%	18.38%	18.79%	18.36%	5.76%
Benchmarks
Net Profit Margin, Industry
Consumer Staples	—	5.80%	6.43%	6.12%	6.32%	4.14%

Based on: 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30).

¹ 2024 Calculation
Net profit margin = 100 × Net earnings attributable to Procter & Gamble (P&G) ÷ Net sales
= 100 × 14,879 ÷ 84,039 = 17.70%

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Profitability ratio	Description	The company
Net profit margin	An indicator of profitability, calculated as net income divided by revenue.	Procter & Gamble Co. net profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Procter & Gamble Co., ROE calculation, comparison to benchmarks

	Jun 30, 2024	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019
Selected Financial Data (US$ in millions)
Net earnings attributable to Procter & Gamble (P&G)	14,879)	14,653)	14,742)	14,306)	13,027)	3,897)
Shareholders’ equity attributable to Procter & Gamble	50,287)	46,777)	46,589)	46,378)	46,521)	47,194)
Profitability Ratio
ROE¹	29.59%	31.33%	31.64%	30.85%	28.00%	8.26%
Benchmarks
ROE, Industry
Consumer Staples	—	37.72%	38.84%	35.60%	35.51%	22.58%

Based on: 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30).

¹ 2024 Calculation
ROE = 100 × Net earnings attributable to Procter & Gamble (P&G) ÷ Shareholders’ equity attributable to Procter & Gamble
= 100 × 14,879 ÷ 50,287 = 29.59%

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Profitability ratio	Description	The company
ROE	A profitability ratio calculated as net income divided by shareholders’ equity.	Procter & Gamble Co. ROE deteriorated from 2022 to 2023 and from 2023 to 2024.

Procter & Gamble Co., ROA calculation, comparison to benchmarks

	Jun 30, 2024	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019
Selected Financial Data (US$ in millions)
Net earnings attributable to Procter & Gamble (P&G)	14,879)	14,653)	14,742)	14,306)	13,027)	3,897)
Total assets	122,370)	120,829)	117,208)	119,307)	120,700)	115,095)
Profitability Ratio
ROA¹	12.16%	12.13%	12.58%	11.99%	10.79%	3.39%
Benchmarks
ROA, Industry
Consumer Staples	—	9.00%	9.73%	8.87%	8.56%	5.91%

Based on: 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30).

¹ 2024 Calculation
ROA = 100 × Net earnings attributable to Procter & Gamble (P&G) ÷ Total assets
= 100 × 14,879 ÷ 122,370 = 12.16%

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Profitability ratio	Description	The company
ROA	A profitability ratio calculated as net income divided by total assets.	Procter & Gamble Co. ROA deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Procter & Gamble Co. (NYSE:PG)

Analysis of Profitability Ratios

Profitability Ratios (Summary)

Gross Profit Margin

Operating Profit Margin

Net Profit Margin

Return on Equity (ROE)

Return on Assets (ROA)