Procter & Gamble

Balance sheet strength is high with AA−/Aa3 long-term ratings and abundant liquidity. As of June 30, 2025, total debt was about 34.9 billion dollars and cash was 9.6 billion; by September 30, 2025, cash rose to 11.2 billion and total debt (current plus long-term) approximated 36.0 billion.

Against TTM adjusted FCF of about 15.6 billion dollars, net debt sits near 1.6 times FCF, conservative for a stable consumer franchise. Commercial paper backstops are ample and undrawn. Strong FCF comfortably funds the dividend and buybacks while preserving flexibility for reinvestment.