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Procter & Gamble Co PG

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Morningstar’s Analysis

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Economic Moat




P&G Continues to Clean Up, but Valuation Is Far From a Bargain

Erin Lash, CFA Sector Director

Analyst Note

| Erin Lash, CFA |

It wasn’t that long ago when wide-moat Procter & Gamble was dogged quarter-after-quarter for boasting lackluster revenue growth; however, with the company posting its eighth consecutive quarter and second consecutive year of mid-single-digit organic revenue growth, we don’t think these concerns are top of mind for investors at this juncture (with shares up more than 2% on the print). We attribute this staunch performance to its radical decision six years ago to materially prune its brand mix (cutting more than 100, leaving it with just 65) and focus its resources on its highest return opportunities as a means to more nimbly respond to evolving consumer trends.

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Company Profile

Business Description

Since its founding in 1837, Procter & Gamble has become one of the world's largest consumer product manufacturers, generating more than $70 billion in annual sales. It operates with a lineup of leading brands, including 21 that generate more than $1 billion in annual global sales such as Tide laundry detergent, Charmin toilet paper, Pantene shampoo, and Pampers diapers. P&G sold its last remaining food brand, Pringles, to Kellogg in calendar 2012. Sales outside its home turf represent around 55% of the firm's consolidated total, with around one third coming from emerging markets.

One Procter and Gamble Plaza
Cincinnati, OH, 45202
T +1 513 983-1100
Sector Consumer Defensive
Industry Household & Personal Products
Most Recent Earnings Jun 30, 2020
Fiscal Year End Jun 30, 2021
Stock Type High Yield
Employees 99,000