Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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Historical Valuation Ratios (Summary)
Procter & Gamble Co., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 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).
The valuation ratios exhibit varied trends over the observed period, spanning from September 2020 to December 2025. Generally, the ratios demonstrate fluctuations without a consistently strong upward or downward trajectory, suggesting a period of relative stability with periodic adjustments in market perception of the company’s value.
- Price to Earnings (P/E)
- The Price to Earnings ratio began at 26.27 in September 2020 and experienced a decrease to 23.92 by December 2020. It then showed a slight increase through June 2021, peaking at 24.55. A subsequent rise to 27.29 in December 2021 was followed by a decline to 23.91 in June 2022. The ratio then fluctuated, reaching a low of 21.49 in September 2022 before increasing again to 25.01 by December 2023. The most recent values indicate a slight decrease to 21.59 in December 2025. Overall, the P/E ratio demonstrates cyclical behavior, suggesting responsiveness to earnings performance and investor sentiment.
- Price to Operating Profit (P/OP)
- The Price to Operating Profit ratio followed a similar pattern to the P/E ratio. Starting at 21.16 in September 2020, it decreased to 18.46 by December 2020. An upward trend continued through December 2021, reaching 22.17. A subsequent decline to 19.41 in June 2022 was observed, followed by fluctuations. The ratio ended the period at 17.33 in December 2025, representing a notable decrease from its peak. This suggests potential changes in the market’s assessment of the company’s operational profitability relative to its price.
- Price to Sales (P/S)
- The Price to Sales ratio exhibited a relatively stable trend compared to the other ratios. It began at 4.88 in September 2020 and decreased to 4.39 by December 2020. The ratio remained relatively consistent through June 2022, fluctuating between 4.31 and 4.96. A gradual decline was observed from September 2022, reaching 4.09 in March 2025, and concluding at 4.09 in December 2025. This suggests a consistent, though slightly decreasing, valuation relative to revenue.
- Price to Book Value (P/BV)
- The Price to Book Value ratio showed an initial increase from 7.33 in September 2020 to 8.70 in December 2021. Subsequently, the ratio decreased to 7.42 in March 2022, then fluctuated between approximately 6.58 and 8.15 over the remainder of the period. The ratio concluded at 6.58 in December 2025, indicating a decrease in the market’s valuation of the company’s net asset value. This could reflect changes in investor confidence regarding the company’s asset base.
In summary, the observed valuation ratios suggest a dynamic valuation influenced by earnings, operating performance, sales, and book value. The fluctuations indicate a responsive market, while the overall trends suggest a period of relative stability with some downward pressure on valuation metrics towards the end of the observed timeframe.
Price to Earnings (P/E)
Procter & Gamble Co., historical P/E calculation (quarterly data)
Based on: 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
EPS
= (Net earnings attributable to P&G available to common shareholdersQ2 2026
+ Net earnings attributable to P&G available to common shareholdersQ1 2026
+ Net earnings attributable to P&G available to common shareholdersQ4 2025
+ Net earnings attributable to P&G available to common shareholdersQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Procter & Gamble Co. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
The price-to-earnings (P/E) ratio exhibited fluctuations over the observed period, spanning from September 2020 to December 2025. Initially, the ratio demonstrated a decreasing trend from 26.27 to 23.92, followed by a period of relative stability and slight increases through June 2021, peaking at 24.55. A subsequent rise was observed, reaching 27.29 by December 2021, before declining again to 23.91 in June 2022. The ratio then experienced a more pronounced decrease to 21.49 in September 2022, followed by a recovery to 24.00 by December 2022. Further fluctuations continued, with a low of 21.59 in December 2025.
- Overall Trend
- The P/E ratio generally fluctuated between approximately 21 and 28 over the analyzed timeframe. While there were periods of increase and decrease, no consistently strong upward or downward trend was apparent. The ratio appears to have experienced greater volatility in the earlier part of the period (2020-2022) compared to the later years (2023-2025).
- Peak and Trough Values
- The highest P/E ratio recorded was 28.75 in September 2024, while the lowest was 21.49 in September 2022. These represent the upper and lower bounds of the observed range.
- Recent Performance (2024-2025)
- From September 2024 through December 2025, the P/E ratio demonstrated a decreasing trend, moving from 28.75 to 21.59. This suggests a potential shift in investor sentiment or a relative decline in the company’s stock price compared to its earnings during this period. The ratio stabilized somewhat in the final two quarters, at 21.63 and 21.59.
- Relationship to Earnings Per Share
- The P/E ratio’s fluctuations are influenced by both changes in share price and earnings per share. While earnings per share generally increased over the period, the P/E ratio did not consistently follow suit, indicating that share price movements played a significant role in determining the ratio’s value. Periods of increasing share price without a corresponding increase in EPS resulted in higher P/E ratios, and vice versa.
In conclusion, the P/E ratio for the analyzed period exhibited considerable variability, influenced by both stock price and earnings performance. The recent trend suggests a potential softening in valuation, but further observation is needed to confirm a sustained shift.
Price to Operating Profit (P/OP)
Procter & Gamble Co., historical P/OP calculation (quarterly data)
Based on: 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Operating profit per share
= (Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Procter & Gamble Co. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
The Price to Operating Profit (P/OP) ratio exhibited fluctuations over the observed period, spanning from September 2020 to December 2025. Initially, the ratio decreased from 21.16 to 18.46 between September 2020 and December 2020, followed by a period of relative stability and slight increases through June 2021, reaching 19.08. A notable peak was observed in December 2021 at 22.17, before declining to 19.41 in June 2022. The ratio then trended downwards through September 2022, reaching a low of 17.32, before experiencing a modest recovery towards the end of 2022. A subsequent increase occurred through June 2023, peaking at 20.19, followed by a period of fluctuation. The ratio generally increased from September 2024 through December 2025, ending at 17.33.
- Overall Trend
- The P/OP ratio demonstrated a cyclical pattern over the analyzed timeframe. While there were periods of increase and decrease, the ratio generally remained within a range of 17 to 22. The most significant increase occurred in late 2021, while the lowest point was observed in September 2022.
- Short-Term Fluctuations
- Several short-term fluctuations were apparent. For example, the ratio increased from 19.20 in September 2021 to 22.17 in December 2021, potentially indicating increased investor optimism or a shift in market conditions. Conversely, the decline from 22.11 in March 2022 to 17.32 in September 2022 suggests a possible correction or change in investor sentiment.
- Relationship to Operating Profit per Share
- The P/OP ratio’s movements are inversely related to changes in operating profit per share. As operating profit per share increased from 7.69 in June 2023 to 8.05 in September 2023, the P/OP ratio decreased from 20.19 to 18.65. This inverse relationship is expected, as a higher operating profit per share generally indicates a more attractive investment.
- Recent Performance
- In the most recent periods analyzed (September 2024 – December 2025), the P/OP ratio exhibited a slight upward trend, moving from 19.43 to 17.33. This suggests a potential re-evaluation of the company’s valuation by the market, or a change in investor expectations regarding future operating performance.
Price to Sales (P/S)
Procter & Gamble Co., historical P/S calculation (quarterly data)
Based on: 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Sales per share
= (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Procter & Gamble Co. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
The price-to-sales (P/S) ratio exhibited fluctuations over the observed period, spanning from September 2020 to December 2025. Initially, the ratio decreased from 4.88 to 4.39 between September 2020 and December 2020, followed by a period of relative stability, hovering around the 4.4 to 4.5 range through June 2021. A subsequent increase was noted, peaking at 4.96 in December 2021, before declining to 4.31 by June 2022.
A more pronounced downward trend emerged in the latter half of 2022, with the P/S ratio falling to a low of 3.82 in September 2022. This was followed by a partial recovery to 4.19 in December 2022. The ratio generally increased through June 2024, reaching 4.71, before experiencing a decline to 4.58 in September 2024. The final period observed shows a continued decrease, ending at 4.09 in December 2025.
- Overall Trend
- The P/S ratio demonstrated cyclical behavior throughout the period. While there were periods of increase, the overall trend suggests a gradual decline from the initial value in September 2020 to the final value in December 2025. The most significant decline occurred between June 2022 and September 2022.
- Volatility
- The ratio exhibited moderate volatility, with fluctuations generally remaining within a range of approximately one unit. The largest single-quarter change occurred between September 2021 and December 2021, with an increase of 0.55. The largest decrease occurred between June 2022 and September 2022, with a decrease of 0.49.
- Relationship to Share Price and Sales per Share
- The P/S ratio’s movements correlate with both share price and sales per share. Increases in the ratio generally coincide with increases in share price, while decreases in sales per share can contribute to a higher P/S ratio, and vice versa. For example, the peak in December 2021 corresponds with a high share price and sales per share. The decline in September 2022 coincides with a decrease in share price.
In conclusion, the P/S ratio experienced a dynamic period, characterized by both short-term fluctuations and a longer-term downward trend. These movements appear to be influenced by changes in both share price and sales per share.
Price to Book Value (P/BV)
Procter & Gamble Co., historical P/BV calculation (quarterly data)
Based on: 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
BVPS = Shareholders’ equity attributable to Procter & Gamble ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Procter & Gamble Co. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
The price-to-book value (P/BV) ratio for the period examined exhibits fluctuations, generally trending downwards over the observed timeframe, though with notable interim increases. Initial values indicate a P/BV around 7.33, followed by a decrease to 6.74, before stabilizing around the 7.24 to 7.40 range through June 2021. A significant increase to 8.70 is then observed by December 2021, followed by a slight decline to 8.63 in March 2022. The ratio then decreases to 7.42 in June 2022, continuing a downward trend to 6.97 in September 2022, and 6.58 by December 2025.
- Overall Trend
- The P/BV ratio demonstrates an overall decreasing trend from approximately 7.33 in September 2020 to 6.58 in December 2025. This suggests a diminishing premium investors are willing to pay for each dollar of net asset value over time. The most pronounced decline occurs in the latter half of the period.
- Volatility & Peaks
- The ratio experiences periods of volatility, most notably the increase from 7.38 in September 2021 to 8.70 in December 2021. This peak may be attributable to positive market sentiment or specific company performance announcements during that period. Subsequent declines suggest this sentiment was not sustained.
- Relationship to Book Value & Share Price
- While the share price fluctuates throughout the period, the book value per share generally increases. The decreasing P/BV ratio, despite the rising book value, indicates that the share price is not increasing at the same rate as the underlying net asset value. This could suggest investor concerns regarding future growth prospects or a reassessment of the company’s intrinsic value.
- Recent Performance (2024-2025)
- The most recent observations (2024-2025) show a continued downward trend in the P/BV ratio, falling from 7.87 in June 2024 to 6.58 in December 2025. This recent decline is consistent with the broader trend and may warrant further investigation into the factors driving this valuation shift.
In summary, the P/BV ratio indicates a decreasing valuation relative to book value over the analyzed period. While short-term fluctuations occur, the overall trend suggests a potential shift in investor perception regarding the company’s value proposition.