Procter & Gamble

The portfolio is heavily weighted to non-discretionary daily-use categories with recurring purchase behavior, producing stable revenue, earnings, and cash flows across cycles.

FY25 delivered core EPS growth and higher operating margins despite FX and category mix, while FY26 Q1 showed continued organic growth and 102 percent adjusted FCF productivity. Geographic and customer diversification are robust, though Walmart accounts for about 16 percent of sales and the top 10 customers are 43 percent.

Currency and emerging-market volatility are ongoing variables, but risk is moderated by global footprint and disciplined category focus. Management continues to frame a mid-single-digit organic growth and strong FCF productivity algorithm, which has proven reliable over many years.