{"schemaVersion":1,"research":true,"symbol":"pg","name":"PROCTER & GAMBLE Co","topic":"moat","path":"/stock/pg/moat","status":"published","version":4,"updatedAt":"2026-10-18T12:31:49.020Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"P&G has a narrow moat from brands and protected product features, supported by realized pricing and innovation-associated demand. Pricing power is positive but uneven: Beauty grew volume alongside higher prices, while Grooming volume declined and Oral Care required pricing concessions. Repeated share losses and the historical Gillette impairment demonstrate erosion. Productivity savings support reinvestment, but comparative cost leadership, strong customer dependence and exceptional durability are not established.","advantages":[{"mechanism":"intangible_assets","claim":"Brands, trademarks and patented formulations and manufacturing processes support product differentiation. Actual higher pricing alongside Beauty volume growth and Personal Care share gains provides operating support beyond management's superiority claims.","durability":"A current, renewable advantage requiring continued innovation, marketing and retail execution. Pricing across successive reporting periods supports some persistence, but the passages do not establish patent remaining lives or exceptional long-term brand durability.","risks":"Competition has produced repeated Beauty and Hair Care share losses, competitive volume declines and Oral Care price concessions. Private-label alternatives, easier entry in some categories and retailer bargaining power constrain the advantage. The fiscal 2024 Gillette impairment is realized adverse evidence, although an impairment alone does not establish loss of the entire brand advantage.","invalidation":"The thesis would fail if successive annual results showed broad competitive volume and share losses across both currently growing and declining categories, with pricing concessions replacing positive realized pricing despite continued innovation and marketing investment. Continued Personal Care and Health Care share gains would weigh against that invalidation.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7","e32"],"counterEvidenceIds":["e8","e9","e10","e11","e12","e13","e14","e15","e16","e17","e18"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business / patents covering product features, formulations and manufacturing processes","excerpt":"Our patents cover a range of product features, including significant product formulation and processes used to manufacture our products."},{"id":"e2","sourceId":"filing-1","location":"Business / trademarks and branding","excerpt":"The trademarks are important to the overall marketing and branding of our products."},{"id":"e3","sourceId":"filing-1","location":"MD&A / fiscal 2026 Beauty sales, volume and realized pricing","excerpt":"2025 Volume N/A N/A 4% Net sales $16,023 $14,964 7% Net earnings $2,672 $2,715 (2)% % of net sales 16.7% 18.1% (140) bps Beauty net sales increased 7% to $16.0 billion, driven by a unit volume increase of 4%, favorable foreign exchange of 2% and positive impact of higher pricing of 1%."},{"id":"e4","sourceId":"filing-1","location":"MD&A / fiscal 2026 Hair Care innovation-based pricing","excerpt":"•Hair Care net sales increased high single digits driven by positive impacts of a unit volume increase, favorable foreign exchange and innovation-based pricing (primarily in North America and Latin America), partially offset by unfavorable geographic mix."},{"id":"e5","sourceId":"filing-1","location":"MD&A / fiscal 2026 Personal Care volume growth attributed to innovation","excerpt":"The volume increase was across all regions, led by growth in Greater China, North America and Europe (all due to innovation)."},{"id":"e6","sourceId":"filing-1","location":"MD&A / fiscal 2026 Personal Care market-share gain","excerpt":"Global market share of the personal care category increased 0.2 points."},{"id":"e7","sourceId":"filing-1","location":"MD&A / fiscal 2026 Health Care market-share gain","excerpt":"Global market share of the Health Care segment increased 0.4 points."},{"id":"e8","sourceId":"filing-1","location":"MD&A / fiscal 2026 Beauty market-share loss","excerpt":"Global market share of the Beauty segment decreased 0.3 points."},{"id":"e9","sourceId":"filing-1","location":"MD&A / Hair Care innovation growth and competitive decline in North America","excerpt":"The increase in unit volume was driven by growth in Latin America, Europe and Asia Pacific (all due to innovation), partially offset by a decline in North America (due to competitive activity)."},{"id":"e10","sourceId":"filing-1","location":"MD&A / fiscal 2026 Hair Care market-share loss","excerpt":"Global market share of the hair care category decreased 0.5 points."},{"id":"e11","sourceId":"filing-4","location":"MD&A / fiscal 2025 Hair Care market-share loss","excerpt":"Global market share of the hair care category decreased 0.9 points."},{"id":"e12","sourceId":"filing-1","location":"MD&A / fiscal 2026 Grooming pricing, volume and earnings margin","excerpt":"2025 Volume N/A N/A (1)% Net sales $6,918 $6,662 4% Net earnings $1,529 $1,577 (3)% % of net sales 22.1% 23.7% (160) bps Grooming net sales increased 4% to $6.9 billion driven by the positive impacts of favorable foreign exchange of 3% and higher pricing (primarily in North America and Europe) of 2%, partially offset by a 1% decrease in unit volume."},{"id":"e13","sourceId":"filing-6","location":"MD&A / six months ended December 31, 2025, Oral Care lower pricing and volume","excerpt":"•Oral Care net sales increased low single digits due to the positive impacts of favorable product mix (due to growth of premium paste and power brushes, which have higher than category-average selling prices) and favorable foreign exchange, partially offset by a unit volume decrease and lower pricing (due to investments in North America and Europe)."},{"id":"e14","sourceId":"filing-1","location":"Business / competition from branded and private-label products","excerpt":"In many of the markets and industry segments, we compete against other branded products as well as retailers' private-label brands."},{"id":"e15","sourceId":"filing-1","location":"Risk factors / channel changes and ease of entry into certain categories","excerpt":"In addition, evolving sales channels and business models may continue to affect customer and consumer preferences as well as market dynamics, which, for example, may be seen in the growing consumer preference for shopping online, growth in digital tools, fragmentation of media, ease of competitive entry into certain categories and growth in hard discounter channels."},{"id":"e16","sourceId":"filing-1","location":"Risk factors / mutually acceptable retail trade terms and pricing targets","excerpt":"Our success depends on our ability to successfully manage relationships with our retail customers, which includes our ability to offer trade terms that are mutually acceptable and are aligned with our pricing and profitability targets in an environment of changing customer practices driven by digital tools and investment in media platforms."},{"id":"e17","sourceId":"filing-1","location":"Risk factors / potential pressure from retailer concentration and buying alliances","excerpt":"In addition, continued concentration among our retail customers, an increase in buying alliances or other changes in the negotiation strategies of our customers could create significant cost and margin pressure on our business or business disruptions."},{"id":"e18","sourceId":"filing-3","location":"Exhibit A / realized fiscal 2024 Gillette intangible-asset impairment","excerpt":"• Intangible asset impairment: In the fiscal year ended June 30, 2024, the Company recognized a non-cash, after-tax impairment charge of $1.0 billion ($1.3 billion before tax) to adjust the carrying value of the Gillette intangible asset acquired as part of the Company’s 2005 acquisition of The Gillette Company."},{"id":"e19","sourceId":"filing-2","location":"MD&A / nine months ended March 31, 2026, segment and company sales drivers","excerpt":"2025 (Nine Months Ended March 31) (1) Volume with Acquisitions & Divestitures Volume Excluding Acquisitions & Divestitures Foreign Exchange Price Mix Other (2) Net Sales Growth Beauty 4 % 4 % 2 % 2 % (1) % — % 7 % Grooming (1) % (1) % 4 % 3 % (1) % — % 5 % Health Care (1) % (1) % 3 % 1 % 2 % — % 5 % Fabric & Home Care — % — % 2 % 1 % — % — % 3 % Baby, Feminine & Family Care (1) % (1) % 2 % — % — % — % 1 % Total Company — % — % 2 % 1 % — % 1 % 4 % (1)Net sales percentage changes are approximations based on quantitative formulas that are consistently applied."},{"id":"e20","sourceId":"filing-2","location":"MD&A / nine-month gross-margin decline","excerpt":"Operating Costs Gross margin decreased 110 basis points to 50.7% of net sales for the period."},{"id":"e21","sourceId":"filing-2","location":"MD&A / mix, investment, tariff and restructuring effects on nine-month gross margin","excerpt":"The decrease in gross margin was due to: •120 basis points of decline from unfavorable product mix, The Procter & Gamble Company 21 •70 basis points of product and packaging investments, •60 basis points of higher tariff costs, •50 basis points of higher restructuring costs, •20 basis points of other items and rounding, •10 basis points of unfavorable foreign exchange impacts and •10 basis points of higher commodity costs."},{"id":"e22","sourceId":"filing-2","location":"MD&A / realized manufacturing productivity and pricing contributions to nine-month gross margin","excerpt":"These impacts were partially offset by: •180 basis points of manufacturing productivity savings and •50 basis points of increase due to higher pricing."},{"id":"e23","sourceId":"filing-3","location":"Exhibit A / three years of operating cash flow, capital spending and adjusted free cash flow","excerpt":"Adjusted Free Cash Flow (Amounts in millions, unless otherwise noted) Operating Cash Flow Capital Spending Adjustments to Operating Cash Flow* Adjusted Free Cash Flow FY 2025-26 $ 19,556 $ (4,409) $ 688 $ 15,835 FY 2024-25 17,817 (3,773) 562 14,606 FY 2023-24 19,846 (3,322) 422 16,946 Three-Year Total $ 57,219 $ (11,504) $ 1,672 $ 47,387 * Adjustments to Operating Cash Flow include transitional tax payments resulting from the 2017 U.S."},{"id":"e24","sourceId":"filing-1","location":"Issuer purchases / completed repurchases financed with operating cash flow and debt","excerpt":"The share repurchases were authorized pursuant to a resolution issued by the Company's Board of Directors and were financed through a combination of operating cash flows and issuance of debt."},{"id":"e25","sourceId":"filing-1","location":"Issuer purchases / actual fiscal 2026 repurchase expenditure","excerpt":"The total value of the shares purchased under the share repurchase plan was $5 billion."},{"id":"e26","sourceId":"filing-1","location":"Note 7 / actual executive PSU program and three-year performance period","excerpt":"Senior-level executives participate in an additional long-term incentive program that awards PSUs, which are paid in shares after the end of a three-year performance period subject to pre-established performance goals."},{"id":"e27","sourceId":"filing-1","location":"Note 7 / relative shareholder-return modifier","excerpt":"The program includes a Relative Total Shareholder Return (R-TSR) modifier under which the number of shares ultimately granted is also impacted by the Company's actual shareholder return relative to our consumer products competitive peer set."},{"id":"e28","sourceId":"filing-3","location":"Compensation Discussion & Analysis / actual below-target annual incentive payout","excerpt":"These outcomes led to a below target payout in our annual incentive program."},{"id":"e29","sourceId":"filing-3","location":"Pay Versus Performance / five-year organic growth, earnings and relative shareholder returns","excerpt":"Pay Versus Performance (PVP) Table Value of Initial Fixed $100 Investment Based on Year Summary Compensation Table (SCT) Total for CEO (Jejurikar)1 ($) Compensation Actually Paid to CEO (Jejurikar)2 ($) SCT Total for CEO (Moeller)1 ($) Compensation Actually Paid to CEO (Moeller)2 ($) SCT Total for CEO (Taylor)1 ($) Compensation Actually Paid to CEO (Taylor)2 ($) Average SCT Total for non-CEO NEOs3 ($) Average Compensation Actually Paid to non-CEO NEOs2,3 ($) P&G TSR ($) Peer Group TSR (S&P 500 Consumer Staples)4 ($) Net Income ($B) Organic Sales Growth5 (a) (b) (c) (d) (e) (f) (g) (h) (i) 2025-26 18,976,742 10,804,041 19,073,909 2,707,148 6,959,950 2,024,214 123.37 145.50 16.1 1.4% 2024-25 21,909,816 15,425,410 7,832,698 5,563,035 150.71 170.04 16.1 1.8% 2023-24 22,963,881 37,998,329 8,191,635 12,964,390 152.28 151.60 15.0 3.9% 2022-23 21,715,625 26,736,735 7,174,555 8,811,521 136.63 140.17 14.7 6.9% 2021-22 17,716,015 30,332,659 18,595,382 34,333,232 6,783,743 11,363,522 126.14 131.49 14.8 6.7% (1) Mr."},{"id":"e30","sourceId":"filing-3","location":"Audit Committee Report / independent committee directors","excerpt":"This report is provided by the following independent Directors, who constitute the Committee: Christine M."},{"id":"e31","sourceId":"filing-3","location":"Audit Committee Report / actual pre-approval of auditor fees","excerpt":"The fees paid to Deloitte shown in the table above were all pre-approved in accordance with these procedures and include:"},{"id":"e32","sourceId":"filing-4","location":"MD&A / fiscal 2025 Personal Care volume growth and higher pricing","excerpt":"•Personal Care net sales increased high single digits due to a unit volume increase and the positive impacts of higher pricing (driven by North America), partially offset by negative impacts of unfavorable foreign exchange."},{"id":"e33","sourceId":"filing-3","location":"Chairman and CEO letter / combined leadership roles as disclosed August 28, 2026","excerpt":"I am pleased to serve as your Chairman and CEO and to share my perspective on our strategy and plans for the future."},{"id":"e34","sourceId":"filing-3","location":"Compensation Discussion & Analysis / officers excluded from recommendations of their own annual awards","excerpt":"None of the officers on the STAR Committee participates in discussions of or recommends their own STAR awards to the C&LD Committee."}],"changes":["Retain the previous narrow verdict: the supplied results support differentiated brands and modest pricing power, without establishing comparative cost leadership or strong customer dependency.","Make erosion more explicit using repeated fiscal 2025–2026 Hair Care share losses, six-month Oral Care price concessions and the realized fiscal 2024 Gillette impairment.","Add assessments of actual incentive arrangements, below-target payouts, capital spending and cash generation using the supplied proxy disclosures; these do not justify a wider moat."],"limitations":["The sources are issuer filings. Reported operating outcomes support numerical assessments, but management's explanations linking innovation to demand and claims of superiority are not independent comparative proof.","Competition passages identify generic categories rather than named product-market rivals, so competitors is empty. Clorox appears as a joint-venture counterparty; compensation peers and directors' former employers do not establish product-market competitor coverage.","Patent scope, expiry schedules, brand-specific repeat-purchase rates, customer switching costs and comparative unit costs are absent. No network effect, efficient-scale barrier or structural cost advantage is established.","Retention is inferred from volume and share outcomes rather than measured customer cohorts. Sales growth can reflect new buyers, market growth or distribution changes.","Retail trade-term negotiations establish constrained pricing discretion, but detailed sales contracts, price-reset provisions and the geographic extent of pricing controls are missing.","The proxy supplies actual compensation and governance arrangements, but the passages do not establish individual beneficial ownership stakes or comprehensive board effectiveness. No outcome of the October 2026 shareholder votes is supplied.","Source dates retain dateKind filed: the 2026 annual filing is dated August 4, 2026, and the proxy filing August 28, 2026. Historical impairment and operating results are attributed to their disclosed fiscal periods, not those filing dates."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Protected features and brands have operating support in simultaneous pricing and volume growth and selected share gains. Repeated competitive share losses limit the strength and breadth of the advantage; comparative cost leadership is unproven.","evidenceIds":["e1","e2","e3","e6","e8","e10"]},{"criterion":"durability","grade":2,"rationale":"Personal Care pricing and demand persisted across fiscal 2025 and 2026, but repeated Hair Care share losses and the historical Gillette impairment show that brand value can erode. Remaining patent lives and longer-term competitive persistence are not established.","evidenceIds":["e32","e3","e5","e10","e11","e18"]},{"criterion":"customer_dependency","grade":1,"rationale":"Volume growth demonstrates demand, not dependence. Branded and private-label substitutes, competitive volume declines and negotiated retailer terms indicate weak demonstrated switching friction.","evidenceIds":["e3","e9","e14","e16"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Personal Care and Health Care share gains and realized productivity savings offset some evidence of erosion. Beauty and Hair Care losses and Oral Care pricing concessions prevent a strong resilience assessment; generic entry risks are treated as possibilities.","evidenceIds":["e6","e7","e8","e10","e13","e15","e22"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Fiscal 2026 Beauty pricing contributed 1% with 4% volume growth, and Grooming pricing contributed 2% with a 1% volume decline. Company pricing was positive over the nine-month period, while Oral Care disclosed concessions. These are mixed realized outcomes; Grooming's volume decline is not assumed to be caused solely by pricing.","evidenceIds":["e3","e12","e13","e19"]},{"criterion":"retention","grade":2,"rationale":"Indirect demand evidence is mixed: Beauty volume grew and Personal Care gained share, while Grooming volume declined and Hair Care lost share. No customer retention rate or cohort evidence is supplied.","evidenceIds":["e3","e6","e10","e12"]},{"criterion":"margin_resilience","grade":2,"rationale":"Nine-month manufacturing productivity contributed 180 basis points and pricing 50 basis points, but gross margin still fell 110 basis points. Mix, investments, tariffs and restructuring contributed to the decline, so it cannot be attributed entirely to weak pricing.","evidenceIds":["e20","e21","e22"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Actual price changes demonstrate some discretion, while the disclosed need for mutually acceptable retail trade terms shows negotiated constraints. Retailer concentration is a potential further constraint, not evidence that a disruption occurred. Detailed contractual repricing rights are absent.","evidenceIds":["e3","e12","e13","e16","e17"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Three-year operating cash flow of $57.2 billion against $11.5 billion of capital spending demonstrates substantial cash generation after investment. Actual $5 billion repurchases used both cash flow and debt, and the historical Gillette impairment tempers evidence of allocation quality. Repurchase valuation and incremental investment returns are not established.","evidenceIds":["e23","e24","e25","e18"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual three-year performance shares, a relative shareholder-return modifier and a disclosed below-target annual payout demonstrate implemented performance alignment. Officers do not recommend their own annual awards. Individual ownership stakes and complete payout calculations are missing, preventing an exceptional grade.","evidenceIds":["e26","e27","e28","e34"]},{"criterion":"execution","grade":2,"rationale":"Reported productivity savings, cash generation and Personal Care gains demonstrate operating execution. Assessment relies partly on indirect operating evidence rather than attribution to individual executives. Repeated share losses and slowing organic growth in the five-year proxy table make overall execution mixed.","evidenceIds":["e6","e10","e11","e22","e23","e29"]},{"criterion":"governance","grade":2,"rationale":"An independent audit committee, actual auditor-fee pre-approval and restrictions on executives recommending their own awards establish functioning oversight processes. The chairman and CEO roles are combined, and the passages do not demonstrate comprehensive board independence or oversight effectiveness. Evidence supports established safeguards with material coverage limits.","evidenceIds":["e30","e31","e33","e34"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"005b9fe3550236e5e46d89bf1541d87775356f5bdc0d945c30d995f4352cfb55","updatedAt":"2026-10-18T12:31:49.020Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/pg-20260630.htm","publishedAt":"2026-08-04","sha256":"317aa6710d040f155ac87871fdbd8c164d5b9ab3972cd44513c8d957b1bffe07","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/80424/000008042426000060/pg-20260331.htm","publishedAt":"2026-04-24","sha256":"ba9bff9f44b2093507c57433879f92f43e89ca553dadc734790377d8419b391e","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/80424/000119312526372211/pg-20260826.htm","publishedAt":"2026-08-28","sha256":"ebc8abf6e184a1b5cf05595b823cea9b45cdde15a3517ef27d1ca45635dcfbc5","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/pg-20250630.htm","publishedAt":"2025-08-04","sha256":"5c1906c10c961ccf72501cd7e7f5bb692c2ffa37ae10460ed8ab36904e3a0056","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/pg-20240630.htm","publishedAt":"2024-08-05","sha256":"9d6087c6f9328d620a26106f62e2fe8a586f1f627fd2601806d0157cf54946ea","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/80424/000008042426000011/pg-20251231.htm","publishedAt":"2026-01-23","sha256":"5a0afcad0e005e3631e9a2fd2d32c5250e88e15a90238754e2f88044f1bf2026","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:d56ebbe6079cec85565b6bdf380c821ca46543acf8945fa9e2065944f8f70c9b","usage":{"input_tokens":80610,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":3953,"reasoning_output_tokens":142},"basisSupplement":{"previousHash":"e7c03ac4fb379c2d7112b75e328141f7a0401d23c8dd3ca88575c341e218edf5","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; 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