US EQUITY RESEARCH

Procter & Gamblet

Steady Execution, Modest Growth 5 December 2025

Company Overview
Andy Sim
Analyst
The Procter & Gamble Company operates through five sub-segments: Fabric & groupresearch@[Link]
Home Care (35% of total 2025 net sales); Baby, Feminine & Family
Care (24%), Beauty (18%); Health Care (14%); and Grooming (8%). Geographically,
the company's 2024 net sales source breakdown is as follows: 52% North America, Key Financial Data
22% Europe, 7% Greater China, 7% Asia Pacific, 7% Latin America, and 5% India,
Middle East & Africa. It offers plentiful brand products, such as Head & Shoulders, Bloomberg Ticker PG US
Herbal Essences, Pantene, Rejoice, Olay, Safeguard, Secret, SK-II, Braun, Gillette, Consumer Staples
Venus, Crest, Oral-B, Neurobion, Downy, Gain, Tide, Dawn, Fairy, Febreze, Swiffer, Sector
Luvs, Pampers, Always Discreet, Tampax, Bounty, Charmin and Puffs.
Share Price (USD) 145.36
Investment Overview DBS Rating HOLD

Diversified Home and Personal Care leader. A global leader in consumer 12-mth Target Price (USD) 164.0
staples, with a diversified portfolio spanning, P&G delivered flat net sales Market Cap (USDb) 339.7
growth and 4% Core EPS growth in FY 2025, with 1% price increase offset by
unfavourable FX across key categories. This performance was underpinned by Volume (m shares) 10.5
targeted marketing investments, product launches, pricing/mix optimization,
Free float (%) 99.9
and expanded use of data analytics and automation in its supply chain.
Dividend yield (%) 2.9
Cost efficiency sustains modest top-line growth momentum. P&G began
Net Debt to Equity (%) 49.6
FY2026 on a steady footing, with 1Q26 organic sales up 2%—matching the
prior quarter’s pace—and Core EPS of USD 1.99 beating consensus by 3% (vs Fwd. P/E (x) 20.7
USD 1.93). Net sales grew 3% y/y to USD 22.4 bn, aided by balanced 1 ppt
P/Book (x) 6.5
contributions from pricing and mix while volumes remained flat. Segment
performance was led by Beauty (+6%) and Grooming (+3%), while Fabric & ROE (%) 31.8
Home Care and Baby, Feminine & Family Care were flat. Free cash flow Closing Price as of 4 December 2025
generation remained robust at USD 4.9 bn, translating into 102% cash Source: Bloomberg, DBS
conversion, as prudent working capital management and contained capital
expenditure (USD 1.2 bn, c. 5% of sales) underpinned USD 3.8 bn of Indexed Share price vs Composite Index Performance
shareholder returns through dividends and buybacks. Source: Bloomberg

Macro, cost and tariff pressures temper near-term growth

visibility. Management reaffirmed FY2026 guidance for 0–4% organic sales (normalised)
S&P 500
growth and 0–4% Core EPS growth (midpoint USD 6.96), broadly in line with
160 Procter & Gamble Co
consensus (USD 6.97). It reiterated its capital priorities of USD 10 bn in
dividends and USD 5 bn in share repurchases. While tariff volatility, slower
market growth, and adverse category mix remain key risks, continued 140
reinvestment in innovation and premiumisation, coupled with an agile cost
structure, positions P&G to navigate near-term macro headwinds while
sustaining long-term earnings consistency. 120

Maintain HOLD call with a TP of USD164. The current volatile and challenging 100
environment presents some headwinds to growth with instances of
consumers trading down in value. We maintain HOLD and TP is adjusted
marginally to US$164 is based 23.5x FY26F June PE, which represents is its 80
five-year historical mean 12M forward PE. Near-term outlook of low single digit Jan-24 Jun-24 Nov-24 Apr-25 Sep-25
growth could cap significant re-rating for the counter.
The full report and disclaimers are accessible here:

Risks

Volatility in input costs, fluctuations in foreign exchange, weak macro and

consumption environment (including consumer trade down), and/or
increased competition or private-label penetration leading to market share
losses.

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Financial Summary

FY Sep (USDmn) FY2023(A) FY2024(A) FY2025(A) FY2026(F) FY2027(F)

Sales 82,006 84,039 84,284 87,026 89,644
% y/y 2.3 2.5 0.3 3.3 3.0
Gross Profit 39,246 43,261 43,100 44,465 46,113
% y/y 3.2 10.2 (0.4) 3.1 3.7
EBITDA 20,848 22,884 23,303 24,184 25,435
% y/y 1.1 9.8 1.8 3.7 5.2
Net Profit 14,653 16,280 16,775 17,034 17,904
% y/y (0.6) 11.1 3.0 1.5 5.1
FCF 13,786 16,524 14,044 15,598 17,425
% y/y 1.6 19.9 (15.0) 11.1 12.0
CAPEX 3,062 3,322 3,773 4,110 4,030
% y/y (3.0) 8.5 13.6 8.9 (1.9)
EBITDA Margin (%) 25.4 27.2 27.6 27.8 28.4
Net Margin (%) 17.5 19.0 19.6 19.5 19.9
ROA (%) 12.1 13.2 13.3 13.4 13.7
ROE (%) 30.6 32.8 32.1 31.6 31.4
Tax Rate (%) 19.7 19.9 19.5 20.5 20.5
Source: Visible Alpha

Valuation Metrics

FY Sep FY2023(A) FY2024(A) FY2025(A) FY2026(F) FY2027(F)

P/E (x) 25.7 25.5 23.3 20.9 19.8
P/B (x) 8.2 8.2 7.6 6.5 6.1
Dividend Yield (%) 2.4 2.3 2.6 2.9 3.0
EV/EBITDA (x) 18.6 18.2 17.1 15.2 14.4
FCF Yield (%) 3.7 4.1 3.6 4.4 5.0
Source: Visible Alpha

Credit & Cashflow Metrics

FY Sep FY2023(A) FY2024(A) FY2025(A) FY2026(F) FY2027(F)

Debt / Equity (%) 73.5 64.2 66.0 64.2 61.3
Net Debt / Equity (x) 0.6 0.5 0.5 0.4 0.4
Debt / Assets (%) 28.6 26.5 27.6 27.5 26.9
Net Debt / Assets (x) 0.2 0.2 0.2 0.2 0.2
EBITDA / Int Exp (%) 27.6 24.7 25.7 33.9 34.8
ST Debt / Total Debt (x) 0.3 0.2 0.3 0.3 0.3
Debt / EBITDA (x) 1.7 1.4 1.5 1.5 1.4
[Cash + CFO] / ST Debt (%) 2.5 4.1 2.9 2.8 3.1
Receivables Days 24.4 26.6 26.8 27.9 27.7
Days Payable 65.0 66.7 65.9 64.6 63.6
Inventory Days 31.5 30.5 32.7 33.2 32.5
Source: Visible Alpha

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US EQUITY RESEARCH

Target Price & Ratings History

Source: DBS
Analyst: Andy Sim

DBS Group Research recommendations are based on an Absolute Total Return* Rating system, defined as follows:
STRONG BUY (>20% total return over the next 3 months, with identifiable share price catalysts within this time frame)
BUY (>15% total return over the next 12 months for small caps, >10% for large caps)
HOLD (-10% to +15% total return over the next 12 months for small caps, -10% to +10% for large caps)
FULLY VALUED (negative total return, i.e., > -10% over the next 12 months)
SELL (negative total return of > -20% over the next 3 months, with identifiable share price catalysts within this time frame)
*Share price appreciation + dividends

Sources for all charts and tables are DBS unless otherwise specified.

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