PGPROCTER & GAMBLE Co

Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics

Revenue: $87.0B; 3.3% YoY
Operating margin: 22.7%; 6.5% YoY
EBITDA: $22.9B; 1.7% YoY
Market cap: $374.5B
Employees: 104,000; $837K revenue each
Net debt / EBITDA: 0.6×; $13.8B net debt
AI in 10-K: 2.3; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
122% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
78% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
31% of assets
Over 40% of assets
Shareholder dissentNo
92% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$837K · 68th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.3 per 10K words · 60th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$374.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$70M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$80.2B	$82.0B	$84.0B	$84.3B	$87.0B	3.3%
Operating income	$17.8B	$18.1B	$18.5B	$20.5B	$19.7B	3.4%
Net income	$14.7B	$14.7B	$14.9B	$16.0B	$16.0B	0.5%
Operating cash flow	$16.7B	$16.8B	$19.8B	$17.8B	$19.6B	9.8%
Capex	$3.2B	$3.1B	$3.3B	$3.8B	$4.4B	17%
Stock-based comp	$528M	$545M	$562M	$476M	$524M	10%
Buybacks	$10.0B	$7.4B	$5.0B	$6.5B	$5.0B	23%
Dividends	$8.8B	$9.0B	$9.3B	$9.9B	$10.2B	3.6%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $70M · 33
Net: −$70M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	123	146
FY2025	—	—	151	170
FY2024	—	—	152	152
FY2023	—	—	137	140
FY2022	—	—	126	131