Procter & Gamble Co., FCFE calculation

US$ in millions

12 months ended:	Jun 30, 2024	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019
Net earnings attributable to Procter & Gamble (P&G)	14,879)	14,653)	14,742)	14,306)	13,027)	3,897)
Net earnings attributable to noncontrolling interests	95)	85)	51)	46)	76)	69)
Net noncash charges	5,308)	3,330)	3,077)	3,648)	3,090)	10,908)
Change in operating assets and liabilities	(436)	(1,220)	(1,147)	371)	1,210)	368)
Operating activities	19,846)	16,848)	16,723)	18,371)	17,403)	15,242)
Capital expenditures	(3,322)	(3,062)	(3,156)	(2,787)	(3,073)	(3,347)
Additions to short-term debt with original maturities of more than three months	3,528)	17,168)	10,411)	7,675)	14,371)	—)
Reductions in short-term debt with original maturities of more than three months	(7,689)	(13,031)	(11,478)	(7,577)	(12,984)	—)
Net additions (reductions) in other short-term debt	857)	(3,319)	917)	(3,431)	958)	—)
Increases (reductions) in short-term debt (legacy)	—)	—)	—)	—)	—)	(2,215)
Additions to long-term debt	3,197)	3,997)	4,385)	4,417)	4,951)	2,367)
Reductions of long-term debt	(2,335)	(1,878)	(2,343)	(4,987)	(2,447)	(969)
Free cash flow to equity (FCFE)	14,082)	16,723)	15,459)	11,681)	19,179)	11,078)

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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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Procter & Gamble Co. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Procter & Gamble Co. FCFE increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

Procter & Gamble Co., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	2,344,851,814
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	14,082)
FCFE per share	6.01
Current share price (P)	167.21
Valuation Ratio
P/FCFE	27.84
Benchmarks
P/FCFE, Industry
Consumer Staples	33.85

Based on: 10-K (reporting date: 2024-06-30).

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Procter & Gamble Co., historical P/FCFE calculation, comparison to benchmarks

	Jun 30, 2024	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019
No. shares of common stock outstanding¹	2,354,050,987	2,357,306,187	2,389,553,883	2,427,424,874	2,486,086,692	2,502,259,668
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	14,082)	16,723)	15,459)	11,681)	19,179)	11,078)
FCFE per share³	5.98	7.09	6.47	4.81	7.71	4.43
Share price^1, 4	168.06	155.28	144.72	141.41	132.71	114.28
Valuation Ratio
P/FCFE⁵	28.09	21.89	22.37	29.39	17.20	25.81
Benchmarks
P/FCFE, Industry
Consumer Staples	—	24.26	25.33	24.84	18.28	—

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 Data adjusted for splits and stock dividends.

² See details »

³ 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 14,082,000,000 ÷ 2,354,050,987 = 5.98

⁴ Closing price as at the filing date of Procter & Gamble Co. Annual Report.

⁵ 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 168.06 ÷ 5.98 = 28.09

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Procter & Gamble Co. P/FCFE ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Procter & Gamble Co. (NYSE:PG)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical