VOL. XCIV, NO. 247
WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES
The Procter & Gamble Company PG
NYSEHousehold and personal productsFinancials to Jun 30, 2026 · Updated Oct 8, 2026
Moat ranks
Balance sheet
| $B | Jun '25 | Jun '26 |
|---|---|---|
| Cash | 9.6 | 9.9 |
| Securities | 0.0 | 0.0 |
| Debt | 34.5 | 34.1 |
| Net cash | -25.0 | -24.2 |
| Equity | 52.0 | 54.1 |
- Debt / EBITDA
- 1.49×
- Debt / equity
- 0.63×
- Leases (6/30/26)
- $887M
- Diluted shares
- 2,423M
- Book value / share
- $22.32
- Price / book
- 6.5×
- Net cash / share
- −$9.99
- Market cap
- $353.2B
- Enterprise value
- $377.4B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 1.5% | -0.2 pts | |
| Operating margin | 18.6% | -2.2 pts | |
| FCF margin | 19.4% | +0.3 pts | |
| Capex / revenue | 4.8% | +0.1 pts | |
| Beauty organic sales growth | +5% | +4 pts | |
| Beauty organic unit volume growth | +4% | +3 pts | |
| Beauty pricing contribution to sales | 1.0% | -1.0 pts | |
| Beauty market share change | -0.3% | 0.0 pts | |
| Grooming organic sales growth | +1% | -1 pts |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About PG
Procter & Gamble is a global consumer packaged-goods company with five reportable segments. The defensible mechanism consistently supported across the portfolio is consumer brand trust, reinforced in Grooming by the compatible handle-and-refill system.
- Brand Trust
Head & Shoulders and Pantene hold about 20% of global retail hair care.
- Installed Base Consumables
Cartridge razor systems create recurring demand for compatible blade refills; once consumers have a handle platform, replenishment purchases tend to follow and support repeat economics.
- Brand Trust
Gillette and Venus lead blades and razors with more than 60% of the category under P&G’s definition.
- Brand Trust
Crest and Oral-B hold nearly 30% of global oral care.
- Aug 4, 2026
P&G agreed to buy Thorne for $3.8 billion, adding premium supplements to its consumer-health portfolio if the transaction closes as expected in FY2027 Q2.
- Aug 1, 2026
Shailesh Jejurikar also became board chair as Jon Moeller left the board, combining leadership of management and the board.
- Mar 31, 2026 · Gain +$343M
Clorox bought P&G’s Glad minority stake for $476 million when the venture expired. The gain raised earnings without improving sales of P&G’s consumer brands.
- Mar 31, 2026 · Tax charge −$81M
Tax on the Glad stake sale offsets part of the $343 million pretax gain.
- Feb 20, 2026
The U.S. Supreme Court invalidated IEEPA tariffs. P&G said about $200 million previously paid could be recovered and recognized half in its June quarter, reducing that quarter’s costs.
Ownership
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On this page
Financial record
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Trend | Change 2017–26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share ($) | ||||||||||||
| Revenue | 23.74 | 25.16 | 26.65 | 27.02 | 29.26 | 31.58 | 33.02 | 34.00 | 34.34 | 35.93 | +4.7%/yr | |
| Cash flow | 4.65 | 5.60 | 6.00 | 6.63 | 7.06 | 6.59 | 6.78 | 8.03 | 7.26 | 8.07 | +6.3%/yr | |
| Earnings | 3.69 | 3.67 | 1.53 | 4.96 | 5.50 | 5.81 | 5.90 | 6.02 | 6.51 | 6.62 | +6.7%/yr | |
| Free cash flow | 3.42 | 4.20 | 4.68 | 5.46 | 5.99 | 5.34 | 5.55 | 6.68 | 5.72 | 6.25 | +6.9%/yr | |
| Capex | 1.23 | 1.40 | 1.32 | 1.17 | 1.07 | 1.24 | 1.23 | 1.34 | 1.54 | 1.82 | +4.4%/yr | |
| Dividends | 2.64 | 2.75 | 2.95 | 2.97 | 3.18 | 3.45 | 3.62 | 3.77 | 4.02 | 4.22 | +5.4%/yr | |
| Book value | 20.14 | 19.68 | 18.58 | 17.72 | 17.83 | 18.35 | 18.83 | 20.34 | 21.19 | 22.32 | +1.2%/yr | |
| Diluted shares (M) | 2,740 | 2,657 | 2,540 | 2,626 | 2,601 | 2,539 | 2,484 | 2,472 | 2,454 | 2,423 | -1.4%/yr | |
| Totals ($B) | ||||||||||||
| Revenue | 65.1 | 66.8 | 67.7 | 71.0 | 76.1 | 80.2 | 82.0 | 84.0 | 84.3 | 87.0 | +3.3%/yr | |
| Operating income | 13.8 | 13.4 | 5.5 | 15.7 | 18.0 | 17.8 | 18.1 | 18.5 | 20.5 | 19.7 | +4.1%/yr | |
| Net income | 10.1 | 9.8 | 3.9 | 13.0 | 14.3 | 14.7 | 14.7 | 14.9 | 16.0 | 16.0 | +5.3%/yr | |
| Free cash flow | 9.4 | 11.2 | 11.9 | 14.3 | 15.6 | 13.6 | 13.8 | 16.5 | 14.0 | 15.1 | +5.5%/yr | |
| Buybacks | 5.2 | 7.0 | 5.0 | 7.4 | 11.0 | 10.0 | 7.4 | 5.0 | 6.5 | 5.0 | -0.4%/yr | |
| Dividends | 7.2 | 7.3 | 7.5 | 7.8 | 8.3 | 8.8 | 9.0 | 9.3 | 9.9 | 10.2 | +3.9%/yr | |
| Net cash | -26.0 | -28.7 | -25.9 | -18.5 | -21.7 | -24.3 | -26.4 | -23.0 | -25.0 | -24.2 | +$1.8B | |
| Margins & returns (%) | ||||||||||||
| Gross margin | 49.8 | 48.5 | 48.6 | 50.3 | 51.2 | 47.4 | 47.9 | 51.4 | 51.2 | 50.2 | +0.3 pts | |
| Operating margin | 21.2 | 20.0 | 8.1 | 22.1 | 23.6 | 22.2 | 22.1 | 22.1 | 24.3 | 22.7 | +1.5 pts | |
| Net margin | 15.5 | 14.6 | 5.8 | 18.4 | 18.8 | 18.4 | 17.9 | 17.7 | 19.0 | 18.4 | +2.9 pts | |
| FCF margin | 14.4 | 16.7 | 17.6 | 20.2 | 20.5 | 16.9 | 16.8 | 19.7 | 16.7 | 17.4 | +3.0 pts | |
| ROIC | 13.6 | 13.2 | 6.0 | 19.3 | 21.1 | 20.1 | 19.8 | 20.3 | 21.3 | 20.2 | +6.6 pts | |
| Return on equity | 18.3 | 18.6 | 8.3 | 28.0 | 30.8 | 31.6 | 31.3 | 29.6 | 30.7 | 29.7 | +11.4 pts | |
| R&D % of revenue | 2.9 | 2.8 | 2.8 | 2.5 | 2.5 | 2.5 | 2.4 | 2.4 | 2.5 | 2.4 | -0.5 pts | |
| Stock pay % of revenue | 0.5 | 0.6 | 0.8 | 0.8 | 0.7 | 0.7 | 0.7 | 0.7 | 0.6 | 0.6 | +0.1 pts | |
| Capex % of revenue | 5.2 | 5.6 | 4.9 | 4.3 | 3.7 | 3.9 | 3.7 | 4.0 | 4.5 | 5.1 | -0.1 pts | |
Change uses 2017 and 2026 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2017 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- durable
- Trajectory
- narrowing
- Pricing power
- moderate
- Beauty18.6%1 claim
- Grooming8.0%2 claims
- Health Care14.5%1 claim
- Fabric & Home Care35.2%1 claim
- Baby, Feminine & Family Care23.7%1 claim
Moat claims
- Applies to
- Beauty
- Confidence
- Durability
- durable
- Trajectory
- narrowingas of Oct 8, 2026
Head & Shoulders and Pantene hold about 20% of global retail hair care. Familiar performance and safety support repeat purchases, but shoppers can switch easily and share losses show that recognition alone is not enough.
Hair care lost 0.9 share points in FY2025 and 0.5 in FY2026; skin care also lost share. Four percent volume growth in FY2026 shows recovery, but faster sales have not yet restored category leadership.
- Beauty organic sales growth+5%
- Beauty organic unit volume growth+4%
- Beauty pricing contribution to sales1.0%-1.0 pts
- Beauty market share change-0.3%0.0 pts
- Hair care market share change-0.5%+0.4 pts
- Retail hair care market share~20.0%
- Brand damage from safety and quality incidents or recalls
- Fast-changing beauty trends (indie and niche brands, social-driven discovery)
- Premiumization and private label improving perceived quality
- FilingThe Procter & Gamble Company Form 10-K (FY ended 2026-06-30) - Brand dependenceAug 4, 2026
- FilingThe Procter & Gamble Company Form 10-K (FY ended 2026-06-30) - Brand reputation riskAug 4, 2026
- FilingP&G Form 10-K - Beauty market leadershipAug 4, 2026
- FilingP&G Form 10-K (FY ended 2026-06-30) - Beauty segment resultsAug 4, 2026
- Applies to
- Grooming
- Confidence
- Durability
- medium
- Trajectory
- narrowingas of Oct 8, 2026
Cartridge razor systems create recurring demand for compatible blade refills; once consumers have a handle platform, replenishment purchases tend to follow and support repeat economics.
Grooming share fell 0.1 points in FY2025 and 0.4 in FY2026, with unit volume down 1% in FY2026. Compatible refills support repeat purchases, but do not stop shoppers from buying another handle.
- Grooming organic sales growth+1%
- Grooming organic unit volume growth-1%
- Grooming pricing contribution to sales2.0%0.0 pts
- Grooming market share change-0.4%-0.3 pts
- Blades and razors market share≥60.0%
- Shift toward electric grooming and longer replacement cycles for blades
- Low-cost disposable razors and private label alternatives
- DTC subscription and online price transparency compressing premium
- SourceGillette (official) - Razor refills and replacement bladesOct 8, 2026
- FilingP&G Form 10-K - Grooming market leadershipAug 4, 2026
- FilingP&G Form 10-K (FY ended 2026-06-30) - Grooming segment resultsAug 4, 2026
- Applies to
- Grooming
- Confidence
- Durability
- durable
- Trajectory
- narrowingas of Oct 8, 2026
Gillette and Venus lead blades and razors with more than 60% of the category under P&G’s definition. Trusted shaving performance supports premium refills, although lower-cost systems and electric shavers give shoppers credible alternatives.
Grooming share fell 0.1 points in FY2025 and 0.4 in FY2026, with unit volume down 1% in FY2026. Compatible refills support repeat purchases, but do not stop shoppers from buying another handle.
- Grooming organic sales growth+1%
- Grooming organic unit volume growth-1%
- Grooming pricing contribution to sales2.0%0.0 pts
- Grooming market share change-0.4%-0.3 pts
- Blades and razors market share≥60.0%
- Brand relevance erosion (perceived innovation slowdown)
- Reputation shocks amplified by social media
- FilingThe Procter & Gamble Company Form 10-K (FY ended 2026-06-30) - Brand dependenceAug 4, 2026
- FilingP&G Form 10-K - Grooming market leadershipAug 4, 2026
- Applies to
- Health Care
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 8, 2026
Crest and Oral-B hold nearly 30% of global oral care. Trust in health benefits supports repeat purchases and premium brushes, but Colgate and Haleon also have strong clinical brands and shelf access.
Health Care gained 0.4 share points in FY2026, but oral care share was flat and segment volume fell 2%. Personal health gains offset oral-care pressure without proving stronger consumer loyalty.
- Health Care organic sales growth+1%
- Health Care organic unit volume growth-2%
- Health Care pricing contribution to sales2.0%+1.0 pts
- Health Care market share change0.4%+0.2 pts
- Oral care market share change0.0%-0.1 pts
- Oral care market share≤30.0%
- Efficacy parity claims and commoditization in oral care
- Regulatory and ingredient scrutiny impacting product perception
- Private label and value brand expansion in mass retail
- FilingThe Procter & Gamble Company Form 10-K (FY ended 2026-06-30) - Brand dependenceAug 4, 2026
- FilingP&G Form 10-K - Oral Care market shareAug 4, 2026
- FilingP&G Form 10-K (FY ended 2026-06-30) - Health Care segment resultsAug 4, 2026
- Applies to
- Fabric & Home Care
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 8, 2026
Tide, Ariel, Downy and Dawn sell familiar cleaning performance that consumers buy repeatedly. P&G leads fabric care with over 35% share in its served markets and holds over 30% of its home-care categories; this supports brand demand, while promotions and private labels limit price increases.
Combined segment share was flat in FY2026. Home care gained 0.3 share points while fabric care lost 0.4; flat volume and 1% pricing support a durable franchise with uneven competitive results.
- Fabric & Home Care organic sales growth+1%
- Fabric & Home Care organic unit volume growth0%
- Fabric & Home Care pricing contribution to sales1.0%+1.0 pts
- Fabric & Home Care market share change0.0%-0.1 pts
- Fabric care market share change-0.4%-0.3 pts
- Home care market share change0.3%-0.1 pts
- Fabric care market share≥35.0%
- Private label quality improvements in laundry and home care
- Environmental concerns (plastics and ingredients) affecting brand perception
- Promotional wars reducing perceived differentiation
- FilingThe Procter & Gamble Company Form 10-K (FY ended 2026-06-30) - Brand dependenceAug 4, 2026
- FilingP&G Form 10-K - Fabric Care market leadershipAug 4, 2026
- FilingP&G Form 10-K (FY ended 2026-06-30) - Fabric & Home Care segment resultsAug 4, 2026
- Applies to
- Baby, Feminine & Family Care
- Confidence
- Durability
- durable
- Trajectory
- narrowingas of Oct 8, 2026
Pampers, Always and Tampax rely on trusted fit, comfort and protection for repeat purchases. P&G holds more than 30% of baby care and nearly 30% of feminine care, but shoppers can test alternatives cheaply and family-paper demand is more price sensitive.
Combined segment share fell 0.2 points in each of FY2024, FY2025 and FY2026. Baby care improved in FY2026, but family care lost 0.7 points in North America and needs more promotions.
- Baby, Feminine & Family Care organic sales growth-1%
- Baby, Feminine & Family Care organic unit volume growth-1%
- Baby, Feminine & Family Care pricing contribution to sales0.0%0.0 pts
- Baby, Feminine & Family Care market share change-0.2%0.0 pts
- Baby care market share change0.3%+0.4 pts
- Baby care market share≥30.0%
- Value trade-down to private label in diapers and tissue
- Ingredient and material concerns and reputational events
- Demographic headwinds (lower birth rates in some regions)
- FilingThe Procter & Gamble Company Form 10-K (FY ended 2026-06-30) - Brand dependenceAug 4, 2026
- FilingP&G Form 10-K - Baby Care market leadershipAug 4, 2026
- FilingP&G Form 10-K (FY ended 2026-06-30) - Baby, Feminine & Family Care segment resultsAug 4, 2026
Profile change log
- Oct 8, 2026 · analyst revision
Updated consumer-health peers after the GSK/Haleon and Johnson & Johnson/Kenvue separations; removed Pfizer, which is not a consumer-health operating company. Removed SCA from hygiene peers because its hygiene business is now Essity. Corrected the BIC peer ticker from BICP.PA to BB.PA using BIC’s 2025 registration document. Sources: GSK completion notice, July 18, 2022; J&J separation notice, August 23, 2023; SCA split announcement, February 23, 2017.
- Oct 8, 2026 · analyst revision
Corrected feminine-care share wording from more than 30% to nearly 30%. Replaced the Gillette refill paraphrase previously presented as a quotation with a description verified on its current product page. Grooming market structure changed from quasi-monopoly to oligopoly because Gillette competes with established global razor suppliers. Removed segment operating-profit shares because their source was pretax segment earnings; removed unsupported hair and oral-care share ranges while retaining the filing’s approximate category figures.
- Oct 8, 2026 · analyst revision
Moat trajectories now reflect FY2024-FY2026 share and volume history: Beauty, Grooming and Baby, Feminine & Family Care are narrowing; Health Care and Fabric & Home Care are stable. Claim strengths and evidence status are unchanged.
- Oct 8, 2026 · business change
P&G agreed to buy Thorne for $3.8 billion, adding premium supplements to its consumer-health portfolio if the transaction closes as expected in FY2027 Q2.
- Oct 8, 2026 · business change
Shailesh Jejurikar also became board chair as Jon Moeller left the board, combining leadership of management and the board.
- Oct 8, 2026 · business change
The U.S. Supreme Court invalidated IEEPA tariffs. P&G said about $200 million previously paid could be recovered and recognized half in its June quarter, reducing that quarter’s costs.
- Oct 8, 2026 · business change
Clorox purchased P&G’s Glad minority interest for $476 million after the venture agreement expired. P&G recognized a $343 million pretax gain and lost the future venture contribution.
- Oct 8, 2026 · business change
Shailesh Jejurikar became P&G chief executive, taking responsibility for growth and the ongoing productivity programme.
- Oct 8, 2026 · business change
P&G announced a two-year portfolio and productivity plan, including up to 7,000 overhead-role reductions and brand and market exits, to fund innovation and reduce costs.
- Oct 8, 2026 · business change
P&G substantially liquidated its Argentina operations, ending the limited-market restructuring and recognizing $801 million of after-tax charges, mainly accumulated currency losses.
- Oct 8, 2026 · business change
P&G wrote down the Gillette brand by $1.341 billion before tax as higher discount rates, weaker currencies and category expectations reduced its value.
- Oct 8, 2026 · business change
P&G wrote down Gillette goodwill and intangible assets by $8.345 billion before tax, reflecting weaker expected cash flows and a smaller shaving market.
- Oct 8, 2026 · business change
P&G transferred its beauty brands to Coty, simplifying its portfolio. The $5.217 billion FY2017 discontinued earnings do not describe profit of its continuing consumer businesses.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Global household cleaning products
Laundry, dishwashing, surface, toilet and air-care formulations sold globally for households and light-commercial users. Includes branded and private-label products; excludes cleaning equipment and contract cleaning services.
- Procter & Gamble
- Unilever
- S.C. Johnson
- Henkel
- Clorox
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| PG | 85 | 50.2% | 22.7% | |
| Industry median | 11 | 69 | 60.4% | 14.9% |
| Sector median | 85 | 74 | 55.5% | 16.9% |
| All stocks median | 398 | 76 | 52.9% | 19.6% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Daily washing and hygiene needs make volumes fairly resilient; recession mainly moves shoppers toward promotions and cheaper packs.
- Urbanisation and washing-machine ownership expand use in emerging markets, while concentrated formats and convenience support higher-value mixes.
- Cleaning performance, fragrance and ease of use support brand preferences, but repeated innovation is needed to retain shelf space.
- Input costs have high influence: surfactants, resins, energy, packaging and freight can move faster than retail prices.
- Private labels and established rivals can match performance and force promotions; demand does not give suppliers control of retailer prices.
- Retailer concentration and online price comparison can reduce the price premium that a familiar brand retains.
- Currency and tariffs have high influence on multinational costs and reported sales; interest rates have lower direct demand effects but affect debt costs.
- Ingredient and packaging rules can require reformulation and spending; misleading environmental or safety claims can damage trust.
Bulls & bears
Can P&G turn higher innovation and marketing spending into volume and market-share gains without losing the savings to higher input costs and promotions?
Arguments
What to watch
- 1Segment organic volume and organic sales
- 2Hair, fabric, grooming and family-care market share
- 3Price contribution versus volume and promotions
- 4Reported operating income and advertising spending
- 5Thorne closing and integration spending
Next check: Read FY2027 Q1 results, anticipated October 22, 2026; test volume and category share before attributing earnings recovery to stronger brands.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 7, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 85/100 by <a href="https://www.findmymoat.com/stocks/XNYS:PG">Find My Moat</a> (as of September 2026)Request update
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