Procter & Gamble Co. (PG) intrinsic value & 10-year financials
Procter & Gamble Co. (PG) has a Graham intrinsic value of $70.25 per share. At $159.35 on Oct 17, 2026, the stock trades 127% above that value. Over the last 10 fiscal years revenue grew 3.3% a year to $87.0B, with an average return on invested capital of 18.7%.
- Graham intrinsic value
- $70.25
- Share price (Oct 17, 2026)
- $159.35
- Price vs Graham value
- 127% above
- Market cap
- $386.0B
- Revenue (FY2026)
- $87.0B
- Revenue growth (10-yr CAGR)
- 3.3%
- ROIC (10-yr avg)
- 18.7%
- Free cash flow (FY2026)
- $15.1B
PG 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $87.0B | $16.0B | $6.62 | $15.1B | 22.7% | 20.8% |
| FY2025 | $84.3B | $16.0B | $6.51 | $14.0B | 24.3% | 22.1% |
| FY2024 | $84.0B | $14.9B | $6.02 | $16.5B | 22.1% | 20.9% |
| FY2023 | $82.0B | $14.7B | $5.90 | $13.8B | 22.1% | 21.2% |
| FY2022 | $80.2B | $14.7B | $5.81 | $13.6B | 22.2% | 22.0% |
| FY2021 | $76.1B | $14.3B | $5.50 | $15.6B | 23.6% | 23.6% |
| FY2020 | $71.0B | $13.0B | $4.96 | $14.3B | 22.1% | 20.6% |
| FY2019 | $67.7B | $3.9B | $1.43 | $11.9B | 8.1% | 5.1% |
| FY2018 | $66.8B | $9.8B | $3.67 | $11.2B | 20.5% | 14.2% |
| FY2017 | $65.1B | $15.3B | $5.59 | $9.4B | 21.5% | 16.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Procter & Gamble has demonstrated mature, steady growth, with revenue compounding at 3.3% annually over the past decade.
Procter & Gamble has earned high returns on invested capital, averaging 18.7% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Procter & Gamble shows that management has aggressively returned capital to shareholders by retiring 11.6% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Procter & Gamble is modeled at 1.9% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $70.25 per share.