Initation of Coverage Report Equity Research plus excel financial forecast

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PG-US Income Satatement

Procter & Gamble Company (PG)
$159.25
Procter & Gamble Company
PG 742718109 2704407 NYSE Common stock
Source: FactSet Fundamentals
	JUN '14	JUN '15	JUN '16	JUN '17	JUN '18	JUN '19	JUN '20	JUN '21	JUN '22	JUN '23	DEC '23
											LTM
Sales	83,062	76,279	65,299	65,058	66,832	67,684	70,950	76,118	80,187	82,006	83,933
Cost of Goods Sold (COGS) incl. D&A	42,061	38,248	32,191	31,942	33,449	34,247	34,636	36,974	41,975	42,600	41,662
COGS excluding D&A	38,920	35,114	29,219	29,146	30,615	31,423	31,623	34,239	39,168	39,886	38,841
Depreciation & Amortization Expense	3,141	3,134	2,972	2,796	2,834	2,824	3,013	2,735	2,807	2,714	2,821
Depreciation	2,627	2,677	2,584	2,471	2,532	2,475	2,653	2,417	2,495	2,387	2,482
Amortization of Intangibles	514	457	388	325	302	349	360	318	312	327	339
Amortization of Deferred Charges	0	0	0	0	0	0	0		0	0	0
Gross Income	41,001	38,031	33,108	33,116	33,383	33,437	36,314	39,144	38,212	39,406	42,271
SG&A Expense	25,102	22,323	18,521	18,559	18,601	18,925	19,922	20,552	20,299	21,049	22,436
Research & Development	2,023	2,047	1,879	1,874	1,908	1,861	1,800	1,900	2,000	2,000
Other SG&A	23,079	20,276	16,642	16,685	16,693	17,064	18,122	18,652	18,299	19,049	22,436
Other Operating Expense	0	0	0	0	0	0	0	0	0	0	0
EBIT (Operating Income)	15,899	15,708	14,587	14,557	14,782	14,512	16,392	18,592	17,913	18,357	19,835
Nonoperating Income - Net	350	840	404	-164	121	1,111	606	663	625	984	1,141
Nonoperating Interest Income	100	151	182	171	247	220	155	45	51	307	460
Equity in Earnings of Affiliates	0	0	0	0	0	0	0	0	0	0	0
Reserves Increase (Decrease)	0	0	0	0	0	0	0	0	0	0	0
Other Income (Expense)	250	689	222	-335	-126	891	451	618	574	677	681
Interest Expense	714	631	580	471	506	509	465	502	439	615	1,102
Gross Interest Expense	714	631	580	471	506	509	465	502	439	615	1,102
Interest Capitalized	0	0	0	0	0	0	0	0	0	0	0
Unusual Expense - Net	650	4,071	1,042	665	1,071	9,045	699	1,138	104	373	1,056
Impairments	0	0				8,345	0	0
Goodwill	0	0	0	0	0	0	0	0	0	0	0
Other Intangibles	0	0	0	0	0	8,345	0	0	0	0	1,341
Property,Plant & Equipment
Financial Fixed Assets
Exceptional Provisions	0	0	0		0	0
Restructuring Expense	772	3,083	920	730	1,070	754	782	330	253	329	89
Legal Claim Expense
Unrealized Valuation Gain/Loss	122	-988	-122	65	-1	54	83	-296	149	-44	374
Investments
Investment Property
Biological Assets
Hedges/Derivatives	122	-988	-122	65	-1	54	83	-296	149	-44	372
Other Intangibles
Excpl Chrgs - Others								512	0	0
Restructuring of Debt								512	0	0
Early termination of Contracts costs (Income)
Acquired In-Process R&D
Calamitous Events
Accelerated Depreciation
Other Unusual Expense
Pretax Income	14,885	11,846	13,369	13,257	13,326	6,069	15,834	17,615	17,995	18,353	18,819
Income Taxes	3,178	2,916	3,342	3,063	3,465	2,103	2,731	3,263	3,202	3,615	3,954
Income Taxes - Current Domestic	1,843	2,524	1,897	1,772	4,178	1,255	1,558	1,987	2,271	2,656
Income Taxes - Current Foreign	1,379	1,195	1,483	1,243	1,131	1,259	1,769	1,534	1,333	1,412
Income Taxes - Deferred Domestic	135	-611	33	28	-1,989	-296	39	-65	-320	-224
Income Taxes - Deferred Foreign	-179	-192	-71	20	145	-115	-635	-193	-82	-229
Income Tax Credits	0	0	0	0	0	0	0	0	0	0
Equity in Earnings of Affiliates	0	0	0	0	0	0	0	0	0	0	0
Other After Tax Adjustments	0	0	0	0	0	0	0	0	0	0	0
Consolidated Net Income	11,707	8,930	10,027	10,194	9,861	3,966	13,103	14,352	14,793	14,738	14,865
Minority Interest	142	100	96	85	111	69	76	46	51	85	95
Net Income	11,565	8,830	9,931	10,109	9,750	3,897	13,027	14,306	14,742	14,653	14,770
Discontinued Operations	78	-1,847	155	-118	0	0	0	0	0	0	0
Preferred Dividends	253	259	255	247	265	263	263	271	281	282	281
Net Income available to Common	11,390	6,724	9,831	9,744	9,485	3,634	12,764	14,035	14,461	14,371	14,488
Per Share
EPS (recurring)	4.16	3.41	3.80	3.82	3.95	3.92	5.15	5.81	5.83	6.00	6.28
EPS (basic)
Basic Shares Outstanding	2,719.80	2,711.70	2,698.90	2,598.10	2,529.30	2,503.60	2,487.10	2,465.80	2,410.30	2,368.20	2,358.00
Total Shares Outstanding	2,710.81	2,714.57	2,668.07	2,553.30	2,498.09	2,502.26	2,479.70	2,429.70	2,393.80	2,362.10	2,353.02
EPS (diluted)	4.01	2.42	3.55	3.65	3.67	1.43	4.96	5.50	5.81	5.90	5.97
Diluted Shares Outstanding	2,904.70	2,883.60	2,844.40	2,740.40	2,656.70	2,539.50	2,625.80	2,601.00	2,539.10	2,483.90	2,468.40
Total Shares Outstanding	2,710.81	2,714.57	2,668.07	2,553.30	2,498.09	2,502.26	2,479.70	2,429.70	2,393.80	2,362.10	2,353.02
Earnings Persistence	94.71	85.06	89.10	89.08	94.59	84.89	87.41	91.28	90.44	92.14
Dividends per Share	2.45	2.59	2.66	2.70	2.79	2.90	3.03	3.24	3.52	3.68	3.74
Payout Ratio	61.05	107.11	74.97	74.01	75.91	202.62	61.04	58.94	60.67	62.39	62.56
EBITDA
EBITDA	19,040	18,842	17,559	17,353	17,616	17,336	19,405	21,327	20,720	21,071	22,656
EBIT	15,899	15,708	14,587	14,557	14,782	14,512	16,392	18,592	17,913	18,357	19,835
Depreciation & Amortization Expense	3,141	3,134	2,972	2,796	2,834	2,824	3,013	2,735	2,807	2,714	2,821
All figures in millions of U.S. Dollar except per share items.

PG-US BS

Procter & Gamble Company (PG)
$159.27
Procter & Gamble Company
PG 742718109 2704407 NYSE Common stock
Source: FactSet Fundamentals
	JUN '14	JUN '15	JUN '16	JUN '17	JUN '18	JUN '19	JUN '20	JUN '21	JUN '22	JUN '23
Assets
Cash & Short-Term Investments	7.41	8.97	10.50	12.57	10.02	8.94	13.41	8.62	6.15	6.82
Cash Only	5.93	5.29	5.59	4.63	2.17	3.68	13.41	8.62	6.15	6.82
Total Short Term Investments	1.48	3.68	4.91	7.95	7.84	5.25	0.00	0.00	0.00	0.00
Short-Term Receivables	4.43	3.75	3.44	3.82	3.96	4.30	3.46	3.96	4.39	4.53
Accounts Receivables, Net	4.43	3.75	3.44	3.82	3.96	4.30	3.46	3.96	4.39	4.53
Accounts Receivables, Gross	4.43	3.75	3.44	3.82	3.96	4.30	3.46	3.96	4.39	4.53
Bad Debt/Doubtful Accounts
Other Receivables	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventories	4.69	4.21	3.71	3.84	4.00	4.36	4.56	5.01	5.91	5.85
Finished Goods	3.00	2.71	2.33	2.31	2.38	2.71	2.83	3.03	3.33	3.52
Work in Progress	0.47	0.42	0.44	0.44	0.50	0.53	0.56	0.60	0.73	0.79
Raw Materials	1.21	1.07	0.93	1.09	1.13	1.12	1.17	1.38	1.85	1.54
Progress Payments & Other	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Current Assets	5.40	5.96	8.92	1.78	1.73	1.93	1.76	1.76	2.02	1.54
Prepaid Expenses
Miscellaneous Current Assets	5.40	5.96	8.92	1.78	1.73	1.93	1.76	1.76	2.02	1.54
Total Current Assets	21.92	22.89	26.57	22.00	19.71	19.53	23.19	19.35	18.47	18.74
Net Property, Plant & Equipment	15.46	15.65	15.25	16.52	17.41	18.48	17.85	18.85	18.73	18.78
Property, Plant & Equipment - Gross	30.80	31.93	31.36	33.34	35.37	37.70	36.97	39.82	40.49	40.91
Buildings	5.56	5.57	5.42	5.77	6.08	6.73	6.38	6.84	6.90	6.85
Land & Improvements	0.62	0.61	0.60	0.64	0.71	0.70	0.64	0.68	0.65	0.72
Machinery & Equipment	22.46	23.43	23.21	24.50	25.86	28.03	27.56	29.64	29.95	30.23
Construction in Progress	2.16	2.31	2.13	2.44	2.72	2.24	1.69	1.98	2.35	2.47
Leases
Computer Software and Equipment
Leased Property
Transportation Equipment
Other Property, Plant & Equipment
Operating Lease Right-of-Use Assets							0.70	0.68	0.65	0.65
Accumulated Depreciation	15.33	16.28	16.11	16.82	17.96	19.22	19.12	20.96	21.76	22.13
Buildings
Land & Improvements
Machinery & Equipment
Construction in Progress
Leases
Computer Software and Equipment
Leased Property
Transportation Equipment
Other Property, Plant & Equipment
Total Long-Term Investments	0.02	0.02	0.02	0.11	0.12	0.15	0.06	0.16	0.12	0.00
LT Investment - Affiliate Companies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Long-Term Investments	0.02	0.02	0.02	0.11	0.12	0.15	0.06	0.16	0.12	0.00
Long-Term Note Receivable
Intangible Assets	58.60	57.26	54.18	57.21	58.39	56.03	52.77	54.12	54.07	53.33
Goodwill	37.23	36.54	34.88	37.12	38.18	34.99	33.06	34.30	33.87	33.65
Other Intangible Assets	21.38	20.72	19.29	20.09	20.20	21.04	19.71	19.82	20.20	19.68
Deferred Tax Assets
Other Assets	4.00	4.17	3.98	4.15	4.37	5.82	6.14	7.51	8.60	9.14
Deferred Charges
Tangible Other Assets	4.00	4.17	3.98	4.15	4.37	5.82	6.14	7.51	8.60	9.14
Total Assets	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
Liabilities & Shareholders' Equity
Current
ST Debt & Curr. Portion LT Debt	10.82	9.28	9.17	11.26	8.81	8.43	9.46	7.63	7.55	8.65
Accounts Payable	5.86	6.38	7.33	8.00	8.74	9.78	10.00	11.50	12.70	12.08
Income Tax Payable	0.49	0.65	0.31	0.37	0.23	0.30	0.57	0.53	0.50	0.69
Other Current Liabilities	6.20	6.69	7.39	5.46	6.09	7.57	7.28	8.10	7.48	8.18
Dividends Payable	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accrued Payroll	1.14	1.12	1.15	1.12	1.10	1.41	1.59	1.80	1.53	1.68
Miscellaneous Current Liabilities	5.06	5.57	6.24	4.34	4.99	6.16	5.69	6.30	5.94	6.50
Total Current Liabilities	23.38	23.00	24.20	25.09	23.87	26.07	27.32	27.77	28.22	29.59
Long-Term
Long-Term Debt	13.73	14.15	14.90	14.98	17.63	17.72	20.04	19.89	20.00	20.67
Long-Term Debt excl Lease Obligations	13.69	14.13	14.88	14.95	17.56	17.69	19.50	19.36	19.49	20.18
Capital and Operating Lease Obligations	0.04	0.02	0.02	0.03	0.07	0.03	0.54	0.53	0.51	0.49
Provision for Risks & Charges	6.75	6.19	7.49	6.13	8.03	8.28	7.71	6.93	4.67	4.10
Deferred Tax Liabilities	7.08	7.36	7.17	6.75	5.21	5.99	5.62	5.82	6.45	5.88
Other Liabilities	0.56	0.60	0.63	0.72	0.56	0.59	0.47	0.49	0.68	0.81
Deferred Tax Liability-Untaxed Reserves								0.00	0.00	0.00
Other Liabilities (excl. Deferred Income)	0.56	0.60	0.63	0.72	0.56	0.59	0.47	0.49	0.68	0.81
Deferred Income
Total Liabilities	51.50	51.31	54.39	53.68	55.30	58.66	61.16	60.90	60.02	61.05
Non-Equity Reserves	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Equity
Preferred Stock (Carrying Value)	0.77	0.83	0.82	0.84	0.82	0.81	0.74	0.73	0.72	0.68
Redeemable Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Non-Redeemable Preferred Stock	0.77	0.83	0.82	0.84	0.82	0.81	0.74	0.73	0.72	0.68
Preferred Stock issues for ESOP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ESOP Guarantees - Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Common Equity	47.21	47.37	44.29	45.00	43.38	40.20	37.80	38.14	39.03	38.04
Common Stock Par/Carry Value	2.78	3.10	3.15	3.33	3.39	3.48	3.32	3.36	3.42	3.32
Additional Paid-In Capital/Capital Surplus	44.30	49.31	50.11	52.86	53.97	55.46	53.18	54.35	56.14	55.08
Retained Earnings	58.91	65.49	69.18	79.83	83.38	82.47	83.05	89.16	95.92	97.80
ESOP Debt Guarantee	-0.93	-1.02	-1.01	-1.04	-1.02	-1.00	-0.89	-0.84	-0.78	-0.68
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	0.97	-4.50	-5.90	-6.03	-6.15	-9.34	-9.79	-9.05	-10.44	-10.18
Unrealized Gain/Loss Marketable Securities	-0.01	0.00	0.03	-0.02	-0.15	0.01	-0.00	0.01	0.02	0.01
Revaluation Reserves	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Appropriated Reserves	-6.27	-5.38	-6.64	-6.10	-6.17	-3.65	-3.60	-2.48	0.02	0.06
Unappropriated Reserves
Treasury Stock	-52.55	-59.64	-64.64	-77.83	-83.86	-87.24	-87.47	-96.37	-105.27	-107.37
Repurchased Stock Value
Total Shareholders' Equity	47.98	48.20	45.10	45.83	44.20	41.00	38.54	38.87	39.75	38.71
Accumulated Minority Interest	0.53	0.49	0.50	0.49	0.50	0.33	0.30	0.23	0.23	0.24
Total Equity	48.50	48.69	45.61	46.32	44.70	41.34	38.84	39.10	39.98	38.95
Total Liabilities & Shareholders' Equity	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
Per Share
Book Value per Share	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02
Tangible Book Value per Share	-0.00	-0.00	-0.00	-0.00	-0.01	-0.01	-0.01	-0.01	-0.01	-0.01
Working Capital	-1.46	-0.11	2.37	-3.09	-4.16	-6.55	-4.13	-8.42	-9.75	-10.85
Total Capital	72.53	71.64	69.17	72.07	70.64	67.15	68.05	66.40	67.30	68.03
Total Debt	24.55	23.44	24.07	26.24	26.44	26.15	29.50	27.52	27.55	29.32
Net Debt	17.14	14.47	13.57	13.67	16.43	17.21	16.10	18.90	21.40	22.49
Efficiency
Days of Inventory on Hand	0.04	0.05	0.05	0.04	0.04	0.05	0.05	0.05	0.05	0.05
Days of Sales Outstanding	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02
Days of Payables Outstanding	0.05	0.06	0.08	0.09	0.09	0.10	0.10	0.11	0.10	0.10
Comprehensive Income
Comprehensive Income - Pension Liability	-3.58	-3.34	-4.56	-3.65	-3.43	-3.65	-3.60	-2.48	0.02	0.06
Comprehensive Income - Hedging Gain/Loss	-2.69	-2.04	-2.08	-2.45	-2.74
Comprehensive Income - Unearned Compensation
Stock Option Comp
Stock Option Comp Exp (Net of Tax)	0.16	0.18	0.20	0.21	0.26	0.36	0.38	0.37	0.38	0.37
Stock Option Comp Exp - Adj to Net Income
Non-Qualified Option/Warrant Awards
# Non-Qualified Option/Warrant Awards Outstanding at Beginning of Period	0.21	0.23	0.20	0.19	0.17	0.18	0.14	0.13	0.12	0.10
# Non-Qualified Option/Warrant Awards Outstanding at End of Period	0.20	0.20	0.18	0.17	0.17	0.14	0.12	0.12	0.11	0.10
# Non-Qualified Option/Warrant Awards Exercisable	0.00	1.40	1.09	0.00	0.42	0.00	1.21	1.17	1.59	0.81
# Non-Qualified Option/Warrant Awards Vested
Operating Lease Commitments	1.35	1.25	1.23	1.24	1.13	1.06	0.85	0.80	0.76	0.75
Year 1	0.20	0.19	0.19	0.22	0.23	0.22	0.20	0.18	0.18	0.18
In 2-5 Years
Year 2	0.19	0.17	0.19	0.23	0.20	0.19	0.16	0.16	0.15	0.15
Year 3	0.16	0.16	0.18	0.20	0.17	0.14	0.13	0.13	0.12	0.11
Year 4	0.15	0.15	0.16	0.16	0.15	0.14	0.11	0.09	0.08	0.08
Year 5	0.13	0.14	0.12	0.13	0.13	0.12	0.07	0.06	0.05	0.06
Over 5 Years	0.52	0.43	0.39	0.31	0.25	0.25	0.18	0.18	0.18	0.16
Long Term Debt Maturities	2.99	2.14	2.17	1.39	1.50	2.94	2.08	3.03	3.11	3.27

PG-US Cash flow

Procter & Gamble Company (PG)
$159.18
Procter & Gamble Company
PG 742718109 2704407 NYSE Common stock
Source: FactSet Fundamentals
	JUN '14	JUN '15	JUN '16	JUN '17	JUN '18	JUN '19	JUN '20	JUN '21	JUN '22	JUN '23	DEC '23
											LTM
Operating Activities
Net Income / Starting Line	11,785	7,144	10,604	15,411	9,861	3,966	13,103	14,352	14,793	14,738	14,865
Depreciation, Depletion & Amortization	3,141	3,134	2,972	2,796	2,834	2,824	3,013	2,735	2,807	2,714	2,821
Depreciation and Depletion	2,627	2,677	2,584	2,471	2,532	2,475	2,653	2,417	2,495	2,387	2,482
Amortization of Intangible Assets	514	457	388	325	302	349	360	318	312	327	339
Deferred Taxes & Investment Tax Credit	-44	-803	-815	-601	-1,844	-411	-596	-258	-402	-453	-209
Deferred Taxes	-44	-803	-815	-601	-1,844	-411	-596	-258	-402	-453	-209
Investment Tax Credit
Interest paid on Lease Liabilities - Operating
Other Funds	206	3,773	850	-4,572	565	8,182	565	1,036	443	505	626
Funds from Operations	15,088	13,248	13,611	13,034	11,416	14,561	16,085	17,865	17,641	17,504	18,103
Extraordinaries	0	0	0	0	0	0	0	0	0	0	0
Changes in Working Capital	-1,130	1,360	1,824	-281	3,451	681	1,318	506	-918	-656	-140
Receivables	87	349	35	-322	-177	-276	634	-342	-694	-307	-492
Inventories	8	313	116	71	-188	-239	-637	-309	-1,247	-119	504
Accounts Payable	1	928	1,285	-149	1,385	1,856	1,923	1,391	1,429	313	438
Income Taxes Payable
Other Accruals
Other Assets/Liabilities	-1,226	-230	388	119	2,431	-660	-602	-234	-406	-543	-590
Net Operating Cash Flow	13,958	14,608	15,435	12,753	14,867	15,242	17,403	18,371	16,723	16,848	17,963
Investing Activities
Capital Expenditures	-3,848	-3,736	-3,314	-3,384	-3,717	-3,347	-3,073	-2,787	-3,156	-3,062	-3,206
Capital Expenditures (Fixed Assets)	-3,848	-3,736	-3,314	-3,384	-3,717	-3,347	-3,073	-2,787	-3,156	-3,062	-3,206
Capital Expenditures (Other Assets)	0	0	0	0	0	0	0	0	0	0	0
Net Assets from Acquisitions	-24	-1,045	-329	-16	-109	-3,945	-58	-34	-1,381	-765	-689
Sale of Fixed Assets & Businesses	570	4,497	432	571	269	394	30	42	110	46	46
Purchase/Sale of Investments	-805	-2,607	-1,368	-3,381	46	3,408	6,146	-55	3	0	0
Purchase of Investments	829	3,810	2,815	4,869	3,909	220	5	55	0	0	0
Sale/Maturity of Investments	24	1,203	1,447	1,488	3,955	3,628	6,151	0	3	0	0
Other Funds	0	0	0	-475	0	0	0	0	0	281	-552
Other Uses	0	0	0	-475	0	0	0	0	0	0	-489
Other Sources	0	0	0	0	0	0	0	0	0	281	-63
Net Investing Cash Flow	-4,107	-2,891	-4,579	-6,685	-3,511	-3,490	3,045	-2,834	-4,424	-3,500	-3,157
Financing Activities
Cash Dividends Paid	-6,911	-7,287	-7,436	-7,236	-7,310	-7,498	-7,789	-8,263	-8,770	-8,999	-9,091
Common Dividends	-6,658	-7,028	-7,181	-6,989	-7,057	-7,498	-7,789	-8,263	-8,770	-8,999	-9,091
Preferred Dividends	-253	-259	-255	-247	-253
Change in Capital Stock	-3,911	-1,778	-3,062	-2,731	-5,827	-1,679	-5,427	-9,365	-7,998	-6,084	-2,625
Repurchase of Common & Preferred Stk.	-6,005	-4,604	-5,734	-5,204	-7,004	-5,003	-7,405	-11,009	-10,003	-7,353	-3,854
Sale of Common & Preferred Stock	2,094	2,826	2,672	2,473	1,177	3,324	1,978	1,644	2,005	1,269	1,229
Proceeds from Sale of Stock	0	0	0	0	0	0	0	0	0	0	0
Proceeds from Stock Options	2,094	2,826	2,672	2,473	1,177	3,324	1,978	1,644	2,005	1,269	1,229
Issuance/Reduction of Debt, Net	3,543	-3,954	1,285	1,399	-1,238	-817	4,849	-3,903	1,892	2,937	-2,019
Change in Current Debt	3,304	-2,580	-418	2,727	-3,437	-2,215	2,345	-3,333	-150	818	-3,934
Change in Long-Term Debt	239	-1,374	1,703	-1,328	2,199	1,398	2,504	-570	2,042	2,119	1,915
Issuance of Long-Term Debt	4,334	2,138	3,916	3,603	5,072	2,367	4,951	4,417	4,385	3,997	4,251
Reduction in Long-Term Debt	-4,095	-3,512	-2,213	-4,931	-2,873	-969	-2,447	-4,987	-2,343	-1,878	-2,336
Change in Other Debt
Repayments of Operating Lease Liabilities
Interest paid on Lease Liabilities - Financing
Other Funds	0	0	0	0	0	0	0	0	0	0	0
Other Uses	0	0	0	0	0	0	0	0	0	0	0
Other Sources	0	0	0	0	0	0	0	0	0	0	0
Net Financing Cash Flow	-7,279	-13,019	-9,213	-8,568	-14,375	-9,994	-8,367	-21,531	-14,876	-12,146	-13,733
All Activities
Exchange Rate Effect	39	-411	-381	-29	19	-88	-139	101	-497	-170	-37
Miscellaneous Funds	0	0	0	0	0	0	0	0	0	0	0
Net Change in Cash	2,611	-1,713	1,262	-2,529	-3,000	1,670	11,942	-5,893	-3,074	1,032	1,036
Free Cash Flow	10,110	10,872	12,121	9,369	11,150	11,895	14,330	15,584	13,567	13,786	14,757
Free Cash Flow per Share	3	4	4	3	4	5	5	6	5	6	6
Free Cash Flow Yield (%)	4.43	4.82	5.03	3.92	5.38	4.27	4.56	4.44	3.72	3.66	4.08
All figures in millions of U.S. Dollar except per share items.

PG-US Ratios

Procter & Gamble Company (PG)
$159.07
Procter & Gamble Company
PG 742718109 2704407 NYSE Common stock
Source: FactSet Fundamentals
	JUN '14	JUN '15	JUN '16	JUN '17	JUN '18	JUN '19	JUN '20	JUN '21	JUN '22	JUN '23
Profitability
Gross Margin	49.36	49.86	50.70	50.90	49.95	49.40	51.18	51.43	47.65	48.05
SG&A to Sales	30.22	29.26	28.36	28.53	27.83	27.96	28.08	27.00	25.31	25.67
Operating Margin	19.14	20.59	22.34	22.38	22.12	21.44	23.10	24.43	22.34	22.38
Pretax Margin	17.92	15.53	20.47	20.38	19.94	8.97	22.32	23.14	22.44	22.38
Net Margin	13.92	11.58	15.21	15.54	14.59	5.76	18.36	18.79	18.38	17.87
Free Cash Flow Margin	12.17	14.25	18.56	14.40	16.68	17.57	20.20	20.47	16.92	16.81
Capex To Sales	4.63	4.90	5.08	5.20	5.56	4.95	4.33	3.66	3.94	3.73
Return on Assets	8.16	6.45	7.74	8.17	8.17	3.34	11.05	11.92	12.47	12.31
Return on Equity	16.85	13.42	16.58	17.97	18.14	7.83	27.80	30.80	31.71	31.39
Return on Common Equity	16.75	13.24	16.45	17.85	17.98	7.45	27.78	30.80	31.69	31.34
Return on Total Capital	15.46	15.80	16.03	16.55	17.23	17.93	20.47	22.96	22.58	22.71
Return on Invested Capital	13.13	10.40	12.65	13.52	13.32	5.54	18.84	20.32	21.04	20.67
Cash Flow Return on Invested Capital	15.84	17.21	19.66	17.06	20.31	21.66	25.17	26.09	23.87	23.77
Valuation
Price/Sales	2.75	2.96	3.69	3.67	3.10	4.11	4.43	4.61	4.55	4.60
Price/Earnings	19.60	32.31	23.88	23.90	21.27	76.68	24.10	24.53	24.77	25.72
Price/Book Value	3.13	3.46	4.01	4.11	3.80	5.93	6.50	7.20	7.52	7.80
Price/Tangible Book Value	-12.96	-16.59	-17.97	-15.13	-10.99	-15.06	-16.41	-17.20	-19.52	-19.39
Price/Cash Flow	16.35	15.44	15.60	18.73	13.95	18.27	18.04	19.10	21.83	22.37
Price/Free Cash Flow	22.58	20.75	19.87	25.49	18.60	23.41	21.91	22.52	26.91	27.34
Dividend Yield (%)	3.12	3.32	3.14	3.10	3.57	2.64	2.53	2.40	2.45	2.43
Enterprise Value/EBIT	15.07	14.82	16.78	16.53	14.61	20.36	19.35	18.91	20.68	21.07
Enterprise Value/EBITDA	12.59	12.36	13.94	13.86	12.26	17.04	16.35	16.48	17.88	18.35
Enterprise Value/Sales	2.89	3.05	3.75	3.70	3.23	4.37	4.47	4.62	4.62	4.72
Total Debt/Enterprise Value	0.15	0.13	0.12	0.13	0.14	0.10	0.11	0.09	0.09	0.09
Per Share
Sales per Share	28.60	26.45	22.96	23.74	25.16	26.65	27.02	29.26	31.58	33.02
EBIT (Operating Income) per Share	5.47	5.45	5.13	5.31	5.56	5.71	6.24	7.15	7.05	7.39
EPS (recurring)	4.16	3.41	3.80	3.82	3.95	3.92	5.15	5.81	5.83	6.00
EPS (basic)
EPS (diluted)	4.01	2.42	3.55	3.65	3.67	1.43	4.96	5.50	5.81	5.90
Headline EPS
Headline EPS (diluted)
Dividends per Share	2.45	2.59	2.66	2.70	2.79	2.90	3.03	3.24	3.52	3.68
Dividend Payout Ratio (%)	61.05	107.11	74.97	74.01	75.91	202.62	61.04	58.94	60.67	62.39
Book Value per Share	25.12	22.60	21.10	21.22	20.55	18.49	18.40	18.73	19.11	19.46
Tangible Book Value per Share	-6.07	-4.72	-4.71	-5.76	-7.11	-7.28	-7.29	-7.84	-7.37	-7.83
Cash Flow per Share	4.81	5.07	5.43	4.65	5.60	6.00	6.63	7.06	6.59	6.78
Free Cash Flow per Share	3.48	3.77	4.26	3.42	4.20	4.68	5.46	5.99	5.34	5.55
Diluted Shares Outstanding (M)	2,904.70	2,883.60	2,844.40	2,740.40	2,656.70	2,539.50	2,625.80	2,601.00	2,539.10	2,483.90
Basic Shares Outstanding (M)	2,719.80	2,711.70	2,698.90	2,598.10	2,529.30	2,503.60	2,487.10	2,465.80	2,410.30	2,368.20
Total Shares Outstanding (M)	2,710.81	2,714.57	2,668.07	2,553.30	2,498.09	2,502.26	2,479.70	2,429.70	2,393.80	2,362.10
Asset Turnover Analysis
Cash & ST Investments	9.99	6.84	5.23	4.57	4.95	6.12	5.36	5.75	9.16	10.61
Receivables	12.88	13.56	14.14	14.51	14.40	14.05	15.54	17.10	16.25	15.45
Inventories	6.15	6.26	6.33	6.84	7.15	7.02	6.59	6.44	6.50	6.09
Current Assets	2.99	2.49	2.06	2.16	2.68	2.96	2.81	2.98	3.58	3.70
Fixed Assets	3.78	3.58	3.29	3.31	3.30	3.23	3.31	3.46	3.61	3.67
Total Assets	0.59	0.56	0.51	0.53	0.56	0.58	0.60	0.63	0.68	0.69
DuPont Analysis
Asset Turnover (x)	0.59	0.56	0.51	0.53	0.56	0.58	0.60	0.63	0.68	0.69
x Pretax Margin (%)	17.92	15.53	20.47	20.38	19.94	8.97	22.32	23.14	22.44	22.38
= Pretax Return on Assets (%)	10.50	8.65	10.42	10.71	11.16	5.20	13.43	14.68	15.22	15.42
x Tax Rate Complement (1-Tax Rate) (%)	78.65	75.38	75.00	76.90	74.00	65.35	82.75	81.48	82.21	80.30
= Return on Assets (%)	8.16	6.45	7.74	8.17	8.17	3.34	11.05	11.92	12.47	12.31
x Equity Multiplier (Assets/Equity)	2.07	2.08	2.14	2.20	2.22	2.35	2.52	2.58	2.54	2.55
= Return on Equity (%)	16.85	13.42	16.58	17.97	18.14	7.83	27.80	30.80	31.71	31.39
x Earnings Retention (1-Payout) (%)	38.95	-7.11	25.03	25.99	24.09	-102.62	38.96	41.06	39.33	37.61
= Reinvestment Rate (%)	6.78	2.34	4.17	5.11	4.52	-7.77	10.62	12.43	12.24	11.51
Note: EBIT Return on Assets (%)	11.22	11.48	11.37	11.76	12.38	12.44	13.90	15.49	15.15	15.42
Note: Interest as % Assets	0.49	0.49	0.46	0.39	0.43	0.44	0.39	0.42	0.37	0.51
Operating Efficiency
Revenue/Employee (actual)	703,915	693,445	621,895	684,821	726,435	697,773	716,667	753,644	756,481	766,411
Net Income/Employee (actual)	98,008	80,273	94,581	106,411	105,978	40,175	131,586	141,644	139,075	136,944
Assets/Employee (actual)	1,222,593	1,177,227	1,210,819	1,267,432	1,285,978	1,186,546	1,219,192	1,181,257	1,105,736	1,129,243
Receivables Turnover	12.88	13.56	14.14	14.51	14.40	14.05	15.54	17.10	16.25	15.45
Inventory Turnover	6.15	6.26	6.33	6.84	7.15	7.02	6.59	6.44	6.50	6.09
Payables Turnover	4.86	4.42	3.58	3.36	3.36	3.20	3.01	2.90	3.00	2.90
Asset Turnover	0.59	0.56	0.51	0.53	0.56	0.58	0.60	0.63	0.68	0.69
Working Capital Turnover			21.68
Operating Cycle - Days
Days of Inventory on Hand	59.30	58.27	57.66	53.36	51.08	51.98	55.40	56.67	56.12	59.96
+ Days of Sales Outstanding	28.33	26.91	25.81	25.15	25.34	25.98	23.48	21.35	22.46	23.62
= Operating Cycle	87.63	85.18	83.46	78.52	76.42	77.97	78.89	78.01	78.58	83.58
- Days of Payables Outstanding	75.06	82.59	102.02	108.62	108.62	114.19	121.25	125.65	121.63	125.85
= Net Operating Cycle	12.57	2.59	-18.55	-30.11	-32.20	-36.23	-42.36	-47.64	-43.05	-42.27
Liquidity
Current Ratio (x)	0.94	1.00	1.10	0.88	0.83	0.75	0.85	0.70	0.65	0.63
Quick Ratio (x)	0.74	0.81	0.94	0.72	0.66	0.58	0.68	0.52	0.45	0.44
Cash Ratio	0.32	0.39	0.43	0.50	0.42	0.34	0.49	0.31	0.22	0.23
Cash & ST Inv/Current Assets	33.80	39.17	39.51	57.13	50.81	45.77	57.82	44.55	33.32	36.41
CFO/Current Liabilities	41.39	49.04	50.16	42.21	52.65	50.79	52.77	55.45	50.55	47.12
Coverage
Net Debt/EBITDA	1.30	0.99	0.98	0.95	1.10	1.14	0.96	1.02	1.17	1.25
Net Debt/(EBITDA-Capex)	1.63	1.24	1.21	1.18	1.40	1.42	1.19	1.22	1.43	1.51
Total Debt/EBITDA	1.86	1.61	1.74	1.82	1.78	1.74	1.79	1.50	1.52	1.64
EBIT/Interest Expense (Int. Coverage)	22.27	24.89	25.15	30.91	29.21	28.51	35.25	37.04	40.80	29.85
EBITDA/Interest Expense	26.67	29.86	30.27	36.84	34.81	34.06	41.73	42.48	47.20	34.26
Fixed-charge Coverage Ratio	15.35	16.12	15.86	18.38	17.11	15.92	20.94	22.28	22.94	19.00
CFO/Interest Expense	19.55	23.15	26.61	27.08	29.38	29.94	37.43	36.60	38.09	27.40
Cash Dividend Coverage Ratio	2.27	1.89	1.90	1.86	1.62	1.94	2.07	2.16	2.01	1.95
LT Debt/EBITDA	1.04	0.97	1.08	1.04	1.18	1.18	1.25	1.11	1.13	1.19
Net Debt/FFO	1.64	1.41	1.27	1.26	1.70	1.36	1.21	1.26	1.42	1.55
LT Debt/FFO	1.31	1.38	1.39	1.38	1.83	1.40	1.50	1.33	1.33	1.43
FCF/Total Debt	0.29	0.36	0.40	0.30	0.36	0.40	0.40	0.47	0.42	0.39
CFO/Total Debt	0.39	0.48	0.50	0.40	0.48	0.51	0.49	0.56	0.52	0.48
Total Debt/EBIT	2.23	1.93	2.10	2.17	2.12	2.07	2.12	1.72	1.76	1.89
Net Debt/EBIT	1.56	1.19	1.18	1.13	1.31	1.36	1.13	1.17	1.36	1.44
EBITDA-Capex/Interest Expense	21.28	23.94	24.56	29.66	27.47	27.48	35.12	36.93	40.01	29.28
Leverage
LT Debt/Total Equity	28.62	29.36	33.04	32.69	39.90	43.22	52.00	51.17	50.32	53.39
LT Debt/Total Capital	18.93	19.76	21.54	20.79	24.96	26.39	29.45	29.96	29.72	30.38
LT Debt/Total Assets	13.73	14.15	14.90	14.98	17.63	17.72	20.04	19.89	20.00	20.67
Total Debt/Total Assets (%)	24.55	23.44	24.07	26.24	26.44	26.15	29.50	27.52	27.55	29.32
Net Debt/Total Equity (%)	35.73	30.02	30.08	29.82	37.17	41.97	41.77	48.62	53.83	58.10
Total Debt/Equity (%)	51.17	48.62	53.36	57.25	59.83	63.76	76.55	70.81	69.31	75.73
Net Debt/Total Capital	23.64	20.20	19.62	18.96	23.25	25.63	23.66	28.47	31.79	33.06
Total Debt/Total Capital	33.85	32.72	34.79	36.41	37.43	38.94	43.36	41.45	40.94	43.09
All figures in millions of U.S. Dollar except per share and labeled items.