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Procter & Gamble (PG)

Market Price (5/8/2026): $146.1 | Market Cap: $340.2 Bil
Sector: Consumer Staples | Industry: Personal Care Products

Procter & Gamble (PG)

Market Price (5/8/2026): $146.1
Market Cap: $340.2 Bil
Sector: Consumer Staples
Industry: Personal Care Products

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 23%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%, CFO LTM is 19 Bil, FCF LTM is 15 Bil

Stock buyback support
Stock Buyback 3Y Total is 16 Bil

Low stock price volatility
Vol 12M is 18%

Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, Sustainable Consumption, Health & Wellness Trends, Show more.

Weak multi-year price returns
2Y Excs Rtn is -51%, 3Y Excs Rtn is -77%

Expensive valuation multiples
P/SPrice/Sales ratio is 3.9x

Key risks
PG key risks include [1] the vulnerability of its uniquely vast global supply chain, Show more.

0 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 23%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%, CFO LTM is 19 Bil, FCF LTM is 15 Bil
2 Stock buyback support
Stock Buyback 3Y Total is 16 Bil
3 Low stock price volatility
Vol 12M is 18%
4 Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, Sustainable Consumption, Health & Wellness Trends, Show more.
5 Weak multi-year price returns
2Y Excs Rtn is -51%, 3Y Excs Rtn is -77%
6 Expensive valuation multiples
P/SPrice/Sales ratio is 3.9x
7 Key risks
PG key risks include [1] the vulnerability of its uniquely vast global supply chain, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Procter & Gamble (PG) stock has lost about 5% since 1/31/2026 because of the following key factors:

1. Mixed Fiscal Q3 2026 Earnings Report and Cautious Outlook.

Procter & Gamble reported fiscal Q3 2026 net sales of $21.2 billion on April 24, 2026, marking a 7% increase versus the prior year, with organic sales rising 3%. Diluted earnings per share (EPS) grew 6% to $1.63, surpassing the consensus estimate of $1.56 by $0.03. However, the reported revenue of $21.24 billion fell slightly below analyst estimates of $21.52 billion. While P&G maintained its fiscal year 2026 guidance for sales and EPS growth, it adjusted expectations for EPS to be at the lower end of the projected range, citing approximately $0.25 per-share headwinds from commodities, tariffs, interest, and taxes. This combination of some positive results, a revenue miss, and a cautious outlook for the full year contributed to the stock remaining largely at the same level.

2. Persistent Macroeconomic Headwinds and Cost Pressures.

The consumer staples sector, including Procter & Gamble, faced ongoing macroeconomic challenges during the period, specifically a global economic slowdown, new global tariffs, and persistent inflationary pressures. The "Iran oil shock" was identified as a factor driving up costs across consumer supply chains, with potential gross margin erosion of 200 to 500 basis points if oil prices remained above $100 per barrel. P&G specifically anticipated estimated after-tax headwinds of approximately $400 million from higher tariffs and about $150 million from commodity costs for fiscal year 2026, in addition to $250 million from modestly higher net interest expense and an increased core effective tax rate. These significant external cost pressures weighed on the stock's potential for substantial upward movement.

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Stock Movement Drivers

Fundamental Drivers

The -3.0% change in PG stock from 1/31/2026 to 5/7/2026 was primarily driven by a -4.3% change in the company's P/E Multiple.
(LTM values as of)13120265072026Change
Stock Price ($)150.64146.06-3.0%
Change Contribution By: 
Total Revenues ($ Mil)85,25986,7181.7%
Net Income Margin (%)19.3%19.2%-0.7%
P/E Multiple21.420.5-4.3%
Shares Outstanding (Mil)2,3352,3280.3%
Cumulative Contribution-3.0%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/7/2026
ReturnCorrelation
PG-3.0% 
Market (SPY)3.6%21.5%
Sector (XLP)1.1%71.4%

Fundamental Drivers

The -1.4% change in PG stock from 10/31/2025 to 5/7/2026 was primarily driven by a -2.9% change in the company's Net Income Margin (%).
(LTM values as of)103120255072026Change
Stock Price ($)148.19146.06-1.4%
Change Contribution By: 
Total Revenues ($ Mil)84,93386,7182.1%
Net Income Margin (%)19.7%19.2%-2.9%
P/E Multiple20.720.5-1.1%
Shares Outstanding (Mil)2,3422,3280.6%
Cumulative Contribution-1.4%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/7/2026
ReturnCorrelation
PG-1.4% 
Market (SPY)5.5%2.9%
Sector (XLP)11.6%70.0%

Fundamental Drivers

The -7.6% change in PG stock from 4/30/2025 to 5/7/2026 was primarily driven by a -14.5% change in the company's P/E Multiple.
(LTM values as of)43020255072026Change
Stock Price ($)158.03146.06-7.6%
Change Contribution By: 
Total Revenues ($ Mil)83,92786,7183.3%
Net Income Margin (%)18.5%19.2%3.8%
P/E Multiple23.920.5-14.5%
Shares Outstanding (Mil)2,3472,3280.8%
Cumulative Contribution-7.6%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/7/2026
ReturnCorrelation
PG-7.6% 
Market (SPY)30.4%7.2%
Sector (XLP)5.5%71.5%

Fundamental Drivers

The 1.0% change in PG stock from 4/30/2023 to 5/7/2026 was primarily driven by a 8.3% change in the company's Net Income Margin (%).
(LTM values as of)43020235072026Change
Stock Price ($)144.68146.061.0%
Change Contribution By: 
Total Revenues ($ Mil)80,96886,7187.1%
Net Income Margin (%)17.7%19.2%8.3%
P/E Multiple23.820.5-14.1%
Shares Outstanding (Mil)2,3592,3281.3%
Cumulative Contribution1.0%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/7/2026
ReturnCorrelation
PG1.0% 
Market (SPY)78.7%12.8%
Sector (XLP)17.7%73.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
PG Return21%-5%-1%17%-12%5%22%
Peers Return20%-16%-8%0%-3%4%-6%
S&P 500 Return27%-19%24%23%16%8%96%

Monthly Win Rates [3]
PG Win Rate67%33%50%75%25%80% 
Peers Win Rate58%40%48%60%37%72% 
S&P 500 Win Rate75%42%67%75%67%60% 

Max Drawdowns [4]
PG Max Drawdown-12%-23%-9%0%-15%-4% 
Peers Max Drawdown-11%-30%-22%-15%-23%-9% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: CL, CHD, PG, KVUE, EL. See PG Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/7/2026 (YTD)

How Low Can It Go

EventPGS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-22.7%-24.5%
  % Gain to Breakeven29.3%32.4%
  Time to Breakeven291 days427 days
2020 COVID-19 Crash
  % Loss-22.1%-33.7%
  % Gain to Breakeven28.4%50.9%
  Time to Breakeven113 days140 days
2014-2016 Oil Price Collapse
  % Loss-15.5%-6.8%
  % Gain to Breakeven18.4%7.3%
  Time to Breakeven93 days15 days
2008-2009 Global Financial Crisis
  % Loss-38.5%-53.4%
  % Gain to Breakeven62.6%114.4%
  Time to Breakeven799 days1085 days

Compare to CL, CHD, PG, KVUE, EL

In The Past

Procter & Gamble's stock fell -4.9% during the 2025 US Tariff Shock. Such a loss loss requires a 5.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventPGS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-22.7%-24.5%
  % Gain to Breakeven29.3%32.4%
  Time to Breakeven291 days427 days
2020 COVID-19 Crash
  % Loss-22.1%-33.7%
  % Gain to Breakeven28.4%50.9%
  Time to Breakeven113 days140 days
2008-2009 Global Financial Crisis
  % Loss-38.5%-53.4%
  % Gain to Breakeven62.6%114.4%
  Time to Breakeven799 days1085 days

Compare to CL, CHD, PG, KVUE, EL

In The Past

Procter & Gamble's stock fell -4.9% during the 2025 US Tariff Shock. Such a loss loss requires a 5.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Procter & Gamble (PG)

The Procter & Gamble Company provides branded consumer packaged goods to consumers in North and Latin America, Europe, the Asia Pacific, Greater China, India, the Middle East, and Africa. It operates in five segments: Beauty; Grooming; Health Care; Fabric & Home Care; and Baby, Feminine & Family Care. The Beauty segment offers conditioners, shampoos, styling aids, and treatments; and antiperspirants and deodorants, personal cleansing, and skin care products under the Head & Shoulders, Herbal Essences, Pantene, Rejoice, Olay, Old Spice, Safeguard, Secret, and SK-II brands. The Procter & Gamble Company was founded in 1837 and is headquartered in Cincinnati, Ohio.

AI Analysis | Feedback

Here are 1-3 brief analogies for Procter & Gamble:

  • It's like **General Mills**, but for personal care and cleaning products instead of food.

  • Think of it as the **Coca-Cola** of shampoos, soaps, and detergents.

  • It's the **Disney** of everyday household and personal care brands.

AI Analysis | Feedback

  • Hair Care Products: This category includes conditioners, shampoos, styling aids, and treatments.
  • Skin & Personal Care Products: These products encompass antiperspirants, deodorants, personal cleansing items, and skin care solutions.

AI Analysis | Feedback

The Procter & Gamble Company (PG) primarily sells its branded consumer packaged goods to individual consumers worldwide through various retail channels.

Its major customers can be broadly categorized as:

  • Individuals seeking personal hygiene and beauty solutions: This category includes consumers purchasing products for hair care (e.g., shampoos, conditioners, styling aids), skincare, body cleansing, antiperspirants, deodorants, and grooming. Examples include users of Head & Shoulders, Pantene, Olay, Old Spice, Secret, and SK-II brands.
  • Households and families requiring home and family care products: This segment comprises consumers buying products for laundry, home cleaning, baby care (e.g., diapers), and feminine hygiene. These products address the daily needs of maintaining a household and caring for family members.
  • Consumers focused on health and general wellness: This category includes individuals purchasing oral care products (e.g., toothpaste, toothbrushes, mouthwash) and other personal health items.

AI Analysis | Feedback

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AI Analysis | Feedback

The Procter & Gamble Company (symbol: PG) has a distinguished management team.

Shailesh Jejurikar - President and Chief Executive Officer

Shailesh Jejurikar will officially assume the role of President and Chief Executive Officer of Procter & Gamble on January 1, 2026, succeeding Jon Moeller. He began his career at P&G in 1989 as an assistant brand manager in India. Throughout his tenure, he has held various leadership positions across key global markets, including serving as Chief Executive Officer of P&G's Fabric & Home Care, the company's largest division. Prior to his CEO appointment, he served as Chief Operating Officer since 2021, overseeing critical markets and leading core company functions such as IT, global business services, sales, market operations, purchasing, manufacturing, and distribution. Mr. Jejurikar is also a board member of Otis Elevator Co. He is recognized for his ability to drive growth and innovation and played a significant role in advancing P&G's sustainability agenda.

Andre Schulten - Chief Financial Officer

Andre Schulten serves as the Chief Financial Officer of Procter & Gamble, a role he has held since March 2021. A native of Germany, Mr. Schulten joined P&G Germany as a Cost Analyst and Manager of Finance & Accounting in 1996. His extensive experience at P&G spans Europe, North America, and Asia, where he has led organization, supply chain, and total business restructuring and growth strategy for P&G's Feminine Care and Baby Care businesses globally. Notably, he led the systems and IT integration following P&G's acquisition of Gillette. In 2018, he expanded his experience to lead and manage the North America Baby Care business, holding full profit and loss responsibility. Mr. Schulten joined Eaton's Board in October 2024.

Jon R. Moeller - Executive Chairman of the Board

Jon R. Moeller, who previously served as President and Chief Executive Officer from November 2021 to January 2026, will transition to the role of Executive Chairman of the Board effective January 1, 2026. He joined Procter & Gamble in 1988 as a cost analyst. Throughout his career at P&G, he has held various senior leadership roles including Vice President, Treasurer, and Chief Financial Officer for more than 12 years. During his time as CFO, he oversaw finance, accounting, tax, treasury, corporate strategy, business development, and investor relations functions. Mr. Moeller also managed P&G's global Duracell, Salon Professional, Retail Hair Color, and Prestige Fragrances businesses for a multi-year period as these businesses were transitioned for sale. He led major merger and acquisition operations, including the Merck KGaA acquisition and the divestitures of P&G's coffee, snacks, pharmaceuticals, battery, and prestige beauty businesses. He served on the board of directors for Monsanto for eight years and was Chairman of that Board's Audit Committee.

Gary Coombe - Chief Executive Officer – Grooming

Gary Coombe is the Chief Executive Officer for P&G's Grooming segment. He is a member of the diverse leadership team that is shaping P&G's future with extensive knowledge, experience, and expertise.

Marc S. Pritchard - Chief Brand Officer

Marc S. Pritchard serves as P&G's Chief Brand Officer. He plays a pivotal role in shaping the company's strategic direction and ensuring operational excellence across its diverse product portfolio, contributing to driving innovation and maintaining brand integrity.

AI Analysis | Feedback

The key risks to Procter & Gamble's business are:

  1. Macroeconomic Headwinds: Procter & Gamble faces significant risks from global economic volatility, including inflation, rising commodity costs for raw materials, energy, and transportation, which can pressure profit margins. The company is also exposed to foreign currency fluctuations due to its extensive international operations, which can adversely affect financial results. Geopolitical instability, trade tensions, tariffs, and potential decreases in consumer spending further present considerable challenges, impacting sales and earnings growth.
  2. Intense Competition: The consumer products industry is highly competitive, with Procter & Gamble vying for market share against formidable global and local rivals such as Unilever, Johnson & Johnson, Nestlé, Colgate-Palmolive, and Kimberly-Clark. This intense competition necessitates continuous innovation, strategic pricing, and effective marketing and distribution to maintain its market position and attract consumer attention.
  3. Supply Chain Disruptions: Procter & Gamble relies on a global network of suppliers for its ingredients and has a complex manufacturing and distribution infrastructure, making it susceptible to various supply chain risks. These risks include natural catastrophes, continuity issues with critical suppliers, major IT failures, and transportation disruptions, which can lead to increased costs, production delays, or product unavailability in the market, potentially causing customers to switch to competitors.

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There are two clear emerging threats for Procter & Gamble:

  • The proliferation and growing market share of Direct-to-Consumer (DTC) brands: These agile, digitally native brands leverage e-commerce, social media, and subscription models to reach consumers directly, bypassing traditional retail channels that P&G has historically dominated. Often focused on niche markets, sustainability, or specific ingredient profiles, they challenge P&G's established brands by offering alternative value propositions, innovative branding, and direct customer relationships. This trend fragments the consumer packaged goods market and intensifies competition for consumer loyalty.
  • The increasing strength and sophistication of private label and retailer-owned brands: Major retailers are significantly investing in and promoting their own store brands across various product categories where P&G operates. These private label products often offer comparable quality to national brands at lower price points, directly competing for shelf space and consumer purchases. As retailers gain more control over their ecosystems (e.g., in-store promotion, online recommendations), their ability to push their own higher-margin brands presents a substantial threat to P&G's market share and pricing power.

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The addressable markets for Procter & Gamble's main products and services are as follows:

  • Beauty:
    • Global Beauty and Personal Care Products Market: Valued at USD 601.39 billion in 2024 and is expected to reach USD 1,232.57 billion by 2034. Other estimates include USD 557.88 billion in 2024, projected to reach USD 818.42 billion by 2033, and USD 561.4 billion in 2024, projected to reach USD 826.96 billion by 2033.
    • U.S. Beauty and Personal Care Products Market: Valued at USD 136.03 billion in 2024 and is expected to expand to USD 195.83 billion by 2033. The market was estimated at USD 109.56 billion in 2025 and is expected to reach USD 196.33 billion by 2033.
    • U.S. Cosmetics Market: Estimated at USD 62.97 billion in 2023 and is expected to reach USD 95.05 billion by 2030.
  • Grooming:
    • Global Grooming Products Market: Estimated to be valued at USD 58.4 billion in 2025 and is expected to reach USD 89.7 billion by 2032.
    • Global Men's Grooming Products Market: Valued at USD 64.63 billion in 2025 and is projected to reach USD 90.63 billion by 2034. Another source estimates the market at USD 61.6 billion in 2025, expected to reach USD 108 billion in 2035.
    • U.S. Male Grooming Products Market: Valued at USD 19,172 million (USD 19.17 billion) in 2025 and is projected to reach USD 28,781.48 million (USD 28.78 billion) by 2034. The market size is also expected to reach USD 97.39 billion by 2032.
  • Health Care (Consumer Healthcare):
    • Global Consumer Healthcare Market: Valued at USD 302.36 billion in 2024 and is poised to grow to USD 584.57 billion by 2033. Other estimates include approximately USD 322.58 billion in 2024, expected to reach around USD 650.15 billion by 2034, and USD 349.88 billion in 2025, projected to reach USD 668.89 billion by 2034.
    • U.S. Consumer Healthcare Market: Achieved sales of more than USD 100 billion in 2024. The market size was valued at USD 136.22 billion in 2025.
  • Fabric & Home Care: null
  • Baby, Feminine & Family Care:
    • Global Baby Care Products Market: Valued at USD 104.82 billion in 2024 and is projected to reach USD 171.17 billion by 2033. Another source states USD 98.8 billion in 2025, expected to climb to USD 214.6 billion by 2036.
    • U.S. Baby Care Products Market: Valued at USD 19.24 billion in 2024 and is projected to reach USD 33.67 billion by 2033. The U.S. Baby Personal Care Products Market is projected to grow from USD 32.9 billion in 2024 to USD 63.52 billion by 2034.
    • Global Feminine Hygiene Products Market: Valued at USD 46.85 billion in 2024 and is poised to grow to USD 79.15 billion by 2033. Other estimates include USD 48.96 billion in 2025, predicted to increase to USD 101.80 billion by 2035.
    • U.S. Feminine Hygiene Products Market: Projected at USD 14,509.38 million (USD 14.51 billion) in 2025. The market size is projected to reach a valuation of USD 34.34 billion by 2033 from USD 15.56 billion in 2024.
    • Family Care Products: null

AI Analysis | Feedback

The Procter & Gamble Company (PG) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives:
  1. Sustained Organic Sales Growth through Pricing and Mix: P&G consistently aims for organic sales growth, which includes strategic price increases and a favorable product mix, meaning consumers are shifting towards higher-value products. For example, in fiscal year 2025, organic sales grew by 2%. The company's guidance for fiscal 2026 projects organic sales growth in the range of flat to plus 4%. This growth is often supported by flat or slightly positive volume and positive pricing and mix contributions.
  2. Product Innovation and Superiority: A core driver for P&G is its commitment to "superiority across product, package, brand communication, retail execution and value". The company continually invests in innovation, launching new products and improving existing ones to drive category expansion and market share gains. Notable examples include the successful launch of the Swiffer PowerMop, which became the largest product launch in Swiffer's history, and the premium Olay line, which has driven significant growth in offline and online channels. The Oral-B iO Power Brush is another innovation cited for driving growth in the power brush segment.
  3. E-commerce Channel Expansion: The digital storefront continues to be a significant growth area for P&G. E-commerce sales increased by 12% in fiscal year 2025, now constituting 19% of the company's total sales, indicating a robust and expanding channel for future revenue.
  4. Growth in Strategic Markets and Categories: P&G focuses on expanding in key geographic markets and prioritizing high-growth product categories. For instance, Latin America achieved 4% organic sales growth in fiscal year 2025, and Greater China's organic sales advanced by 5% in the first quarter of fiscal year 2026. Categories like Family Care and Personal Health Care demonstrated mid-single-digit growth in fiscal year 2025, with Skin and Personal Care organic sales rising by high single digits in Q1 FY2026.
  5. Strategic Portfolio Optimization and Productivity Improvements: While impacting margins, P&G's continuous productivity improvements fuel investments in innovation and demand creation, thereby indirectly supporting revenue growth. Additionally, a new restructuring program initiated in fiscal year 2026, with benefits expected to materialize from fiscal year 2027, involves product and market exits to streamline the portfolio towards higher-growth and higher-return categories and regions.

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Share Repurchases

  • Procter & Gamble returned $6.5 billion to shareholders through share repurchases in fiscal year 2025.
  • In fiscal year 2024, the company's annual share repurchases amounted to $5.006 billion.
  • P&G expects to repurchase approximately $5 billion of common shares in fiscal year 2026.

Share Issuance

  • Information on significant share issuances (e.g., primary public offerings) by Procter & Gamble over the last 3-5 years is not available; changes in outstanding shares have primarily reflected repurchases. The number of outstanding shares declined by 0.71% in 2025 to 2.454 billion and by 0.48% in 2024 to 2.472 billion, indicating the impact of repurchases.

Outbound Investments

  • Procter & Gamble acquired Wonderbelly, a "free-from" digestive wellness brand, in January 2026.
  • In March 2024, P&G acquired Rolaids, an antacid manufacturer.
  • P&G also acquired Mielle Organics, LLC, a haircare products manufacturer and retailer, in January 2023, and Tula Life, Inc., a probiotic skin care company, in January 2022.

Capital Expenditures

  • Capital expenditures for Procter & Gamble were $3.773 billion in fiscal year 2025, an increase of 13.6% from the prior year.
  • P&G estimates its capital spending for fiscal year 2026 to be in the range of 4% to 5% of net sales.
  • The company continuously invests in research and development for product innovation, sustainability initiatives, and capacity expansion to support its portfolio of daily-use, essential offerings.

Interactive Breakdown

Procter & Gamble Interactive Breakdown Analysis

Better Bets vs. Procter & Gamble (PG)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Procter & Gamble Stock Plummets 5.9% With 6-Day Losing Streak03/25/2026
2Procter & Gamble Stock 5-Day Losing Spree: Stock Falls 5.3%03/24/2026
3Procter & Gamble Stock Leaps 16% In One Month, Should You Buy The Stock?02/07/2026
4Procter & Gamble Earnings Notes12/29/2026
5How Low Can Procter & Gamble Stock Really Go?10/17/2025
6Procter & Gamble vs Alphabet: Which Is A Better Investment?08/18/2025
7Procter & Gamble vs Cal-Maine Foods: Which Is A Better Investment?08/18/2025
8Better Bet Than PG Stock: Pay Less Than Procter & Gamble To Get More From UNH, DIS 08/12/2025
9ARTICLES 
10Procter & Gamble Earnings: Volume Growth Impresses, But Margins Erode04/29/2026
11Why PG Could Outperform Estee Lauder Companies Stock04/07/2026
12Procter & Gamble Stock Capital Return Hits $99 Bil03/26/2026
13Procter & Gamble Stock Slides -5.9% With A 6-Day Losing Spree03/25/2026
14Pay Less, Gain More: PG Tops Estee Lauder Companies Stock03/24/2026
Title
0DASHBOARDS
1Procter & Gamble Stock Plummets 5.9% With 6-Day Losing Streak
2Procter & Gamble Stock 5-Day Losing Spree: Stock Falls 5.3%
3Procter & Gamble Stock Leaps 16% In One Month, Should You Buy The Stock?
4Procter & Gamble Earnings Notes
5How Low Can Procter & Gamble Stock Really Go?
6Procter & Gamble vs Alphabet: Which Is A Better Investment?
7Procter & Gamble vs Cal-Maine Foods: Which Is A Better Investment?
8Better Bet Than PG Stock: Pay Less Than Procter & Gamble To Get More From UNH, DIS 
9ARTICLES
10Procter & Gamble Earnings: Volume Growth Impresses, But Margins Erode
11Why PG Could Outperform Estee Lauder Companies Stock
12Procter & Gamble Stock Capital Return Hits $99 Bil
13Procter & Gamble Stock Slides -5.9% With A 6-Day Losing Spree
14Pay Less, Gain More: PG Tops Estee Lauder Companies Stock

Trade Ideas

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Buying quality stocks with strong momentum but still having room to run		5.5%5.5%-5.2%
MZTI_3272026_Dip_Buyer_FCFYield03272026MZTIMarzettiDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
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TAP_3272026_Dip_Buyer_FCFYield03272026TAPMolson Coors BeverageDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-1.5%-1.5%-2.3%

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Financials

PGCLCHDKVUEELMedian
NameProcter .Colgate-.Church &.Kenvue Estee La. 
Mkt Price146.0687.3693.8817.7285.2987.36
Mkt Cap340.170.122.234.030.934.0
Rev LTM86,71820,7956,20515,29214,83315,292
Op Inc LTM20,1534,1221,0732,9351,5642,935
FCF LTM15,0283,7671,0671,8231,2851,823
FCF 3Y Avg15,4053,4199241,7863621,786
CFO LTM19,4104,3451,2042,2581,7982,258
CFO 3Y Avg19,1434,0211,1012,2741,8482,274

Growth & Margins

PGCLCHDKVUEELMedian
NameProcter .Colgate-.Church &.Kenvue Estee La. 
Rev Chg LTM3.3%4.3%2.2%-0.1%0.3%2.2%
Rev Chg 3Y Avg2.3%4.3%4.1%0.2%-2.2%2.3%
Rev Chg Q7.4%8.4%0.1%4.5%4.6%4.6%
QoQ Delta Rev Chg LTM1.7%2.0%0.0%1.1%1.1%1.1%
Op Inc Chg LTM0.9%-5.4%-7.0%13.4%17.2%0.9%
Op Inc Chg 3Y Avg4.9%4.3%1.9%3.1%-3.9%3.1%
Op Mgn LTM23.2%19.8%17.3%19.2%10.5%19.2%
Op Mgn 3Y Avg23.7%21.0%18.1%17.5%9.2%18.1%
QoQ Delta Op Mgn LTM-0.4%-1.0%-0.1%1.2%0.9%-0.1%
CFO/Rev LTM22.4%20.9%19.4%14.8%12.1%19.4%
CFO/Rev 3Y Avg22.5%19.9%18.1%14.8%12.3%18.1%
FCF/Rev LTM17.3%18.1%17.2%11.9%8.7%17.2%
FCF/Rev 3Y Avg18.2%16.9%15.2%11.6%2.5%15.2%

Valuation

PGCLCHDKVUEELMedian
NameProcter .Colgate-.Church &.Kenvue Estee La. 
Mkt Cap340.170.122.234.030.934.0
P/S3.93.43.62.22.13.4
P/Op Inc16.917.020.711.619.817.0
P/EBIT15.621.521.312.960.521.3
P/E20.533.630.321.0-124.721.0
P/CFO17.516.118.415.117.217.2
Total Yield4.9%5.6%4.6%9.4%-0.4%4.9%
Dividend Yield0.0%2.6%1.3%4.7%0.4%1.3%
FCF Yield 3Y Avg4.1%4.7%3.8%4.6%2.3%4.1%
D/E0.10.10.10.30.30.1
Net D/E0.10.10.10.20.20.1

Returns

PGCLCHDKVUEELMedian
NameProcter .Colgate-.Church &.Kenvue Estee La. 
1M Rtn4.1%5.7%1.4%5.9%23.3%5.7%
3M Rtn-7.2%-7.4%-6.4%-0.8%-11.5%-7.2%
6M Rtn1.4%14.5%9.6%10.3%-2.2%9.6%
12M Rtn-5.7%-1.4%3.4%-20.0%46.2%-1.4%
3Y Rtn1.7%16.1%0.7%-26.2%-56.2%0.7%
1M Excs Rtn-6.6%-5.4%-8.5%-6.0%11.2%-6.0%
3M Excs Rtn-15.1%-15.3%-14.3%-8.7%-19.4%-15.1%
6M Excs Rtn-7.6%7.2%0.8%5.3%-15.9%0.8%
12M Excs Rtn-36.5%-32.4%-27.6%-52.4%17.2%-32.4%
3Y Excs Rtn-77.2%-62.1%-77.9%-105.3%-141.3%-77.9%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Fabric & Home Care29,49528,37127,55626,01423,735
Baby, Feminine & Family Care20,27720,21719,73618,85018,364
Beauty15,22015,00814,74014,41713,359
Health Care11,79311,22610,8249,9569,028
Grooming6,6546,4196,5876,4406,069
Corporate601765744441395
Total84,04082,00680,18776,11870,950


Net Income by Segment
$ Mil20252024202320222021
Fabric & Home Care5,6874,8284,3864,6224,154
Baby, Feminine & Family Care4,0203,5453,2663,6293,465
Beauty2,9633,1783,1603,2102,737
Health Care2,2582,1252,0061,8511,652
Grooming1,4771,4611,4901,4271,329
Corporate-1,430-399485-387-234
Total14,97514,73814,79314,35213,103


Price Behavior

Price Behavior
Market Price$146.06 
Market Cap ($ Bil)340.1 
First Trading Date01/02/1970 
Distance from 52W High-12.0% 
   50 Days200 Days
DMA Price$147.20$148.39
DMA Trendindeterminatedown
Distance from DMA-0.8%-1.6%
 3M1YR
Volatility21.9%18.0%
Downside Capture0.26-0.01
Upside Capture4.39-7.99
Correlation (SPY)22.8%7.1%
PG Betas & Captures as of 4/30/2026

 1M2M3M6M1Y3Y
Beta0.630.640.290.040.100.14
Up Beta0.580.760.740.400.450.23
Down Beta-0.550.370.490.060.100.08
Up Capture39%22%7%-7%-5%2%
Bmk +ve Days15223166141428
Stock +ve Days10173361122394
Down Capture169%111%3%-16%-4%27%
Bmk -ve Days4183056108321
Stock -ve Days12263163129357

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with PG
PG-5.7%18.0%-0.47-
Sector ETF (XLP)6.1%12.6%0.2071.5%
Equity (SPY)29.6%12.5%1.867.3%
Gold (GLD)37.0%27.1%1.1413.3%
Commodities (DBC)48.7%18.0%2.12-22.2%
Real Estate (VNQ)12.9%13.5%0.6539.9%
Bitcoin (BTCUSD)-16.3%42.1%-0.31-10.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with PG
PG4.5%17.6%0.14-
Sector ETF (XLP)6.6%13.2%0.2878.6%
Equity (SPY)12.8%17.1%0.5929.5%
Gold (GLD)21.1%17.9%0.9610.2%
Commodities (DBC)14.1%19.1%0.60-5.2%
Real Estate (VNQ)3.3%18.8%0.0839.4%
Bitcoin (BTCUSD)7.0%56.0%0.344.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with PG
PG9.2%18.9%0.41-
Sector ETF (XLP)7.7%14.7%0.3981.9%
Equity (SPY)15.0%17.9%0.7246.1%
Gold (GLD)13.5%16.0%0.708.3%
Commodities (DBC)9.4%17.8%0.446.9%
Real Estate (VNQ)5.7%20.7%0.2448.3%
Bitcoin (BTCUSD)68.2%66.9%1.075.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date4152026
Short Interest: Shares Quantity27.5 Mil
Short Interest: % Change Since 33120262.3%
Average Daily Volume7.7 Mil
Days-to-Cover Short Interest3.6 days
Basic Shares Quantity2,328.5 Mil
Short % of Basic Shares1.2%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/24/20262.5%1.7% 
1/22/20262.6%1.6%10.9%
10/24/20250.9%-1.0%-0.2%
7/29/2025-0.3%-4.0%-0.7%
4/24/2025-3.7%-1.9%-0.4%
1/22/20251.9%3.4%4.0%
10/18/20240.0%-1.0%-1.0%
7/30/2024-4.8%-1.1%-0.4%
...
SUMMARY STATS   
# Positive171514
# Negative799
Median Positive2.4%2.7%4.0%
Median Negative-2.1%-1.9%-1.0%
Max Positive4.1%5.6%11.2%
Max Negative-6.2%-4.0%-8.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202604/24/202610-Q
12/31/202501/23/202610-Q
09/30/202510/24/202510-Q
06/30/202508/04/202510-K
03/31/202504/24/202510-Q
12/31/202401/22/202510-Q
09/30/202410/18/202410-Q
06/30/202408/05/202410-K
03/31/202404/19/202410-Q
12/31/202301/23/202410-Q
09/30/202310/18/202310-Q
06/30/202308/04/202310-K
03/31/202304/21/202310-Q
12/31/202201/19/202310-Q
09/30/202210/19/202210-Q
06/30/202208/05/202210-K

Recent Forward Guidance [BETA]

Latest: Q3 2026 Earnings Reported 4/24/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 All-in Sales Growth1.0%3.0%5.0%0 AffirmedGuidance: 3.0% for 2026
2026 Organic Sales Growth0.0%2.0%4.0%0 AffirmedGuidance: 2.0% for 2026
2026 Diluted EPS Growth1.0%3.5%6.0%0 AffirmedGuidance: 3.5% for 2026
2026 Core EPS Growth0.0%2.0%4.0%0 AffirmedGuidance: 2.0% for 2026
2026 Core EPS6.836.967.090 AffirmedGuidance: 6.96 for 2026
2026 Core Effective Tax Rate20.0%20.5%21.0%0 AffirmedGuidance: 20.5% for 2026
2026 Capital Spending0.040.040.050 AffirmedGuidance: 0.04 for 2026
2026 Adjusted Free Cash Flow Productivity0.850.880.90 AffirmedGuidance: 0.88 for 2026
2026 Dividends 10.00 Bil 0 AffirmedGuidance: 10.00 Bil for 2026
2026 Share Repurchases 5.00 Bil 0 AffirmedGuidance: 5.00 Bil for 2026

Prior: Q2 2026 Earnings Reported 1/22/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 All-in Sales Growth1.0%3.0%5.0%0.0%0.0%AffirmedGuidance: 3.0% for 2026
2026 Organic Sales Growth0.0%2.0%4.0%0.0%0.0%AffirmedGuidance: 2.0% for 2026
2026 Diluted EPS Growth1.0%3.5%6.0%-41.7%-2.5%LoweredGuidance: 6.0% for 2026
2026 Core EPS Growth0.0%2.0%4.0%0.0%0.0%AffirmedGuidance: 2.0% for 2026
2026 Core EPS6.836.967.090.0% AffirmedGuidance: 6.96 for 2026
2026 Core Effective Tax Rate20.0%20.5%21.0%0.0%0.0%AffirmedGuidance: 20.5% for 2026
2026 Capital Spending0.040.040.050.0%0.0%AffirmedGuidance: 0.04 for 2026
2026 Adjusted Free Cash Flow Productivity0.850.880.90.0%0.0%AffirmedGuidance: 0.88 for 2026
2026 Dividends 10.00 Bil 0.0% AffirmedGuidance: 10.00 Bil for 2026
2026 Share Repurchases 5.00 Bil 0.0% AffirmedGuidance: 5.00 Bil for 2026

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Francisco, Ma. FatimaCEO - Baby, Fem & Family CareDirectSell3022026165.295,549917,199170,041Form
2Whaley, Susan StreetChief Legal Officer & SecyDirectSell2232026159.461,809288,4544,817,941Form
3Aguilar, Moses Victor JavierChf Rsch, Dev & Innov OfficerDirectSell2172026162.2815,1692,461,6097,259,625Form
4Moeller, Jon RExec. Chairman of the BoardDirectSell2132026162.45162,23226,354,36151,883,644Form
5Coombe, Gary ACEO - GroomingDirectSell2132026162.3336,0935,859,0025,680,566Form

PG Trade Sentinel

Stock Conviction

AVOID (Score 1-2)

CONVICTION RATIONALE

The investment thesis presents a highly unfavorable risk/reward skew. The probability-adjusted upside is significantly outweighed by the downside potential. The core business is facing a structural competitive threat from private labels, which is manifesting in eroding volumes and market share. With the moat assessed as 'Eroding', the 70% probability assigned to the downside scenario makes the stock unattractive at its current valuation.

STOCK ARCHETYPE
Mature Cash Cow

Procter & Gamble is a classic 'Mature Cash Cow' due to its position in a slow-growth market (~4% CPG CAGR), decelerating organic sales growth (0% in the latest quarter), and a focus on shareholder returns and operational efficiency to drive EPS growth.

Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.
INVESTMENT THESIS
Margin Expansion via Premium Mix-Shift and Productivity Savings

The primary long thesis for Procter & Gamble rests on its ability to drive earnings growth independent of stagnating top-line revenue. This is achieved through a strategic shift towards higher-margin products in its Beauty and Health Care segments and aggressive, management-led productivity and restructuring programs.

Mechanism: EPS growth is unlocked by increasing the contribution of high-margin Beauty (+4% organic growth) and Health Care (+3% organic growth) segments to the overall revenue mix. Simultaneously, announced restructuring of non-manufacturing overhead and ongoing productivity savings (230 basis points in FY25) directly expand operating margins, allowing earnings to grow faster than the flat sales.
Supporting Evidence:
  • The Beauty segment's organic sales growth accelerated to +4% in Q2 2026.
  • Management has a demonstrated track record of operational excellence, delivering consistent small EPS beats.
  • A significant restructuring plan was announced in June 2025 to streamline the business and reduce overhead by up to 7,000 employees.
  • Core EPS grew 4% in fiscal year 2025 on flat net sales, demonstrating successful operating leverage.
PRIMARY RISK
Core Volume Erosion and Market Share Loss to Private Label

The most significant risk to the thesis is the accelerating erosion of sales volume in core segments, driven by a structural shift in consumer behavior towards private-label brands. P&G's reliance on price increases to offset volume declines is proving unsustainable, signaling a deterioration in its brand moat and pricing power.

Mechanism: As the perceived value gap between P&G's brands and private-label alternatives narrows, price-sensitive consumers ('The Value-Driven Household') trade down. This leads to declining organic volumes (-1% in Q2'26), particularly in key markets like North America (-3% volume decline), forcing P&G into a losing battle for market share and jeopardizing its premium pricing structure.
Supporting Evidence:
  • Total organic sales volume turned negative at -1% in the most recent quarter (Q2 FY26).
  • P&G's global aggregate value share declined by 20 basis points in the same quarter.
  • North American organic sales were down 2%, with a significant 3-point volume decrease.
  • Brand loyalty is eroding, with the share of consumers believing name brands offer better quality dropping from 44% to 38% in the last year.
Key KPI Watchlist
KPI Threshold Rationale
Organic Volume GrowthMust be > 0%This is the most critical leading indicator. The entire bull thesis depends on stabilizing consumer demand. Another negative print confirms the anti-alpha thesis that P&G's pricing power is breaking.
North American Organic Sales GrowthMust be > 0%This core, high-margin market showed a -2% decline in the last quarter. A failure to rebound here indicates the competitive pressure from private labels is intensifying in P&G's most important region.
Core Gross MarginMust show YoY expansionThe bull case relies on mix shift and productivity driving margin expansion. The recent 50 basis point contraction indicates this is not a given. A failure to expand margins negates the primary alpha driver.
Core Investment Debate

The Volume vs. Margin Standoff

BULL VIEW

Strategic price increases, a richer product mix (Beauty/Health), and aggressive productivity savings will drive EPS growth even if top-line growth is flat.

CORE TENSION

Can margin expansion from premium products and cost-cutting offset volume erosion from consumers trading down to cheaper private label brands?

PREVAILING SENTIMENT
BEARISH

The most recent quarter showed organic sales volume turned negative (-1%) and global market share declined by 20 basis points, confirming the bear thesis is actively playing out.

BEAR VIEW

Brand loyalty is breaking. Price hikes are unsustainable, accelerating volume declines in core markets and signaling a permanent loss of market share.

Next 6 months: Risks and Catalysts
Timeline Event & Metric To Watch
Late April 2026
Q3 FY2026 Earnings Release
Watch: Organic Sales Volume Growth must be > 0%. A second consecutive negative print confirms the bear thesis.
Feb 17-19, 2026
Disappointing Guidance at CAGNY 2026 Conference
Watch: Management commentary on consumer health and pricing power. Any lowering of the maintained FY26 organic sales guidance.
Next 1-2 Quarters
Gross Margin Pressure from Input Costs
Watch: Core Gross Margin percentage. Watch for commentary on rising raw material costs (e.g., pulp, polymers).
Key Events in Last 6 Months
Date Event Stock Impact
9/24/2025
Product Launch: New Tide Formula
Details: P&G announced a major upgrade to its Tide liquid detergent formula, its biggest in 20 years, aiming to defend its core franchise against competitors and private labels.
Muted (-0.1%)
$150.37 -> $150.29
10/24/2025
Q1 FY26 Earnings
Details: P&G reported a 2% increase in organic sales with organic volume flat year-over-year. The results met expectations, leading to a muted stock reaction.
Flat (0.9%)
$150.08 -> $151.41
12/2/2025
Morgan Stanley Global Consumer & Retail Conference
Details: P&G presented to investors at the Morgan Stanley conference. The stock saw a minor pullback during a period of market weakness and ahead of year-end.
Slight -1.1% pullback
$146.40 -> $144.83
1/22/2026
Q2 FY26 Earnings & Guidance Cut
Details: Despite an EPS beat, stock rose on what was fundamentally weak results. P&G reported a revenue miss, 0% organic sales growth, and a -1% decline in organic volume. GAAP EPS guidance was also cut.
Rose significantly by 2.7%
$145.03 -> $148.87
1/27/2026
Acquisition of Wonderbelly
Details: P&G acquired digestive wellness brand Wonderbelly to expand its personal healthcare portfolio and address consumer demand for 'clean' ingredients.
Muted (-0.8%)
$149.49 -> $148.34
2/4/2026
Product Launch: Old Spice Alchemist Collection
Details: P&G announced a new premium, cologne-infused product line for Old Spice, aiming to capture higher-margin sales in the men's grooming segment.
Modest 1.0% gain
$155.32 -> $156.87
Risk Management
Position Sizing

1% - 3%

CONSERVATIVE

Volatility is moderate, not explosive. However, the Bearish sentiment, Eroding Moat, and medium-term visibility create low conviction. This mandates a Conservative 'watchlist' position until volume trends stabilize.

Diversification Alternatives
MRK
OTHER

Unlike PG's slowing growth, MRK offers a clearer path to offsetting its primary risk (Keytruda patent cliff) through aggressive M&A and pipeline development in high-growth areas.

Core Thesis: A defensive pharmaceutical leader with strong cash flow, actively managing its 2028 patent cliff by building a diversified pipeline in oncology, immunology, and cardiometabolic health.
CALM
SECTOR

Offers direct exposure to a basic food commodity, providing a different risk profile. Less susceptible to brand erosion and private label competition that plagues P&G.

Core Thesis: A pure-play on shell egg production, the largest in the US. The investment thesis is a play on protein demand and is highly correlated to egg pricing cycles, not brand loyalty.
How Is The Market Pricing PG?

Procter & Gamble is a mature consumer staples giant navigating flat-to-low single-digit volume growth by focusing on productivity, premiumization, and pricing power in its core billion-dollar brands.

Filter all news through the lens of organic volume growth versus pricing. The key debate is whether P&G can drive real unit growth or if it is relying solely on price increases which may not be sustainable long-term.

What will confirm the thesis

Broad-based organic volume growth >+1% across multiple segments; market share gains in key categories like Fabric Care or Baby Care cited by third-party data (Nielsen, IRI); successful launch of new premium-tier innovations that drive positive mix shift.

What will damage the thesis

Sustained volume declines (-1% or worse) even with stable pricing; loss of market share to private label or branded competitors (Unilever, Colgate-Palmolive); significant commodity cost inflation that cannot be passed on through pricing, leading to gross margin compression.

Noise: Real but irrelevant to thesis

Short-term foreign exchange fluctuations; minor portfolio adjustments (small divestitures/acquisitions); quarterly changes in SG&A spending unless it signals a major strategic shift in advertising investment.

Repricing Catalyst

The primary catalyst is the successful execution of its productivity program to offset inflation and fuel reinvestment in innovation. Management is targeting significant cost savings to expand margins and fund R&D and marketing, aiming to drive modest organic sales growth (0-4% guidance for FY2026) and core EPS growth (0-4% for FY2026) despite a challenging consumer environment.

What PG Makes & Who Pays
TTM figures based on Q2 FY2026 Earnings Press Release, Jan 22, 2026
Fabric & Home Care
$29.0B TTM (34% of Total) · % Margin
What It Is

Laundry detergents (Tide, Ariel, Gain), fabric enhancers (Downy), and home care products (Febreze, Swiffer, Dawn).

Who Pays & How

Global retailers like Walmart (representing ~16% of total company sales) pay P&G because the strength of its brands, like Tide, drives significant and consistent consumer foot traffic to their stores.

Per-unit sales to retailers.
Competition
Unilever (Persil, Omo, Cif)
Unilever has a strong presence in emerging markets and often competes aggressively on price while investing heavily in sustainability messaging.
P&G's moat is Tide's dominant brand equity, a massive advertising budget ($9.2B company-wide in FY2025), and superior scale in R&D and distribution.
Baby, Feminine & Family Care
$20.0B TTM (24% of Total) · % Margin
What It Is

Diapers and wipes (Pampers, Luvs), adult incontinence products (Always Discreet), feminine care (Always, Tampax), and paper products (Bounty, Charmin).

Who Pays & How

Mass retailers stock these essential category-defining brands (Pampers, Always, Charmin) due to intense, non-discretionary consumer demand.

Per-unit sales to retailers.
Competition
Kimberly-Clark (Huggies, Kotex)
Kimberly-Clark is a focused competitor in diapers and wipes, often engaging in intense promotional activity.
Pampers' global brand recognition as a premium, innovative product, and the immense scale of P&G's supply chain and marketing.
Beauty
$15.6B TTM (18% of Total) · % Margin
What It Is

Skin care (Olay, SK-II), and hair care (Pantene, Head & Shoulders).

Who Pays & How

Retailers and consumers pay for well-known, mass-market brands that offer perceived value and performance against more expensive department store brands.

Per-unit sales to retailers.
Competition
L'Oréal & Unilever (Dove)
L'Oréal has a massive portfolio spanning from mass-market to luxury, while Unilever's Dove has a powerful brand message centered on 'Real Beauty'.
Iconic 'mega-brands' like Olay and Pantene with decades of brand equity, supported by over $2B in annual company-wide R&D and ~$9B in advertising spend.
Health Care
$11.6B TTM (14% of Total) · % Margin
What It Is

Oral care products (Crest, Oral-B), and personal health care items (Metamucil, Pepto-Bismol, Vicks).

Who Pays & How

Consumers and retailers pay for trusted, science-backed brands that are often recommended by dental and medical professionals.

Per-unit sales to retailers and pharmacies.
Competition
Colgate-Palmolive (Colgate)
Colgate has a singular focus on the oral care market and has immense global market share, particularly in toothpaste.
P&G's dual-brand approach with Crest (therapeutic) and Oral-B (dentist-recommended tools) creates a comprehensive oral care platform with strong professional endorsements.
Grooming
$6.6B TTM (8% of Total) · % Margin
What It Is

Blades and razors (Gillette, Venus), and shave electronics (Braun).

Who Pays & How

Consumers pay a premium for Gillette's high-performance shaving systems due to decades of brand trust and product innovation, creating a recurring revenue stream from blade refills.

Per-unit sales of systems and high-margin consumable refills.
Competition
Edgewell Personal Care (Schick) & Harry's/Dollar Shave Club
Direct-to-consumer (DTC) brands like Harry's offer a simplified purchasing model and lower prices, which has eroded Gillette's market share from its historical highs.
Gillette's massive installed base of users, extensive patent portfolio, and brand association with a high-quality shave create significant switching costs and brand loyalty.
PG Evolution: Price Return by Era
1980–2005 · The Brand Acquisition Spree
Building a Global House of Brands
This era was defined by aggressive expansion through major acquisitions to build a dominant portfolio. Key purchases included Richardson-Vicks (1985), Noxell (1988), and culminated in the mega-merger with Gillette for $57 billion in 2005, which brought in Gillette, Duracell, Braun, and Oral-B.
2006–2017 · The Great Simplification
Focusing the Portfolio ~+50% (Jan 2006 - Dec 2017)
Following the Gillette merger, P&G found its portfolio too complex and slow-growing. Under CEO A.G. Lafley (in his second stint), the company underwent a massive strategic diet, divesting over 100 non-core brands, including Duracell, Folgers, and a large part of its beauty business to Coty. The goal was to focus on the 65 most profitable and highest-growth brands.
2018–Present · The Productivity & Premiumization Push
Navigating a Volatile World ~+58% (Jan 2018 - Apr 2026)
With a more focused portfolio, the new era centers on driving efficiency through aggressive productivity and cost-cutting programs. This strategy is designed to fund investments in product superiority and marketing to justify premium pricing, which has become the primary tool for growth in a low-volume growth, high-inflation environment.
Market Is In Wait-and-See Mode
Price structure is in a downtrend. Multiple SMA levels broken and declining. Thesis requires reclaiming 200D before any bull case is credible. Relative to SPY: Performance in line with the broader market with no relative edge or drag in current window. Volume and momentum are mixed. There is no clear institutional footprint in either direction. Earnings history is neutral. The market reaction and subsequent drift do not give a clear directional signal.
① Structure
-4
Structural pillar score (-4 to +4). Driven by trend regime, SMA cross events, proximity to 52W high, and relative strength vs SPY.
② Volume / Momentum
0
Volume/Momentum pillar score (-4 to +4). Driven by institutional footprint score, OBV divergence, and momentum character.
③ Catalyst
0
Catalyst pillar score (-4 to +4). Driven by earnings day reaction, 20D post-earnings drift, and post-earnings volume character.
Combined Score
-4 / 12
1 Price Structure & Trend Downtrend · Death Cross ▾
2 Momentum Mixed ▾
3 Relative Strength vs. SPY Neutral Relative Strength ▾
4 Institutional Footprint & Volume Neutral / Mixed ▾
5 Volatility Normal ▾
6 Key Price Levels Range · Vol Falling ▾
7 Earnings Reaction History Diminishing Reward ▾
8 How the Verdict Is Derived Three Pillars ▾
Price Intelligence is derived from price-volume pattern analysis only. All moving averages are simple (SMA). Relative strength benchmarked against SPY.

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