CompetitorsNarrow moat

Procter & Gamble (PG) — moat facet

P&G is worth more than seven listed rivals combined, yet it blamed competitors for lost volume in eight categories in fiscal 2026.

P&G's annual report does not name a single competitor. It says the company competes against "well-known global competitors" and against "retailers' private-label brands", across price tiers from super-premium to value1. The competition shows up instead in the explanations of lost volume: in fiscal 2026 the 10-K cited competitive activity in eight categories, from North American hair care to Greater China skin care2.

Four kinds of competitorListed peers (7)$335.7bn combined vs P&G $339.6bnStore brandssold by customers who are 43% of salesClorox, former partnerpaid $476M for the Glad stakeUnnamed rivals in Chinaskin care share -0.6 ptCategories citing rivals8 in FY2026P&G Form 10-K FY2026; stockanalysis market data
Four relationships, none of them decisive alone.

The rivals fall into four different kinds of relationship. The listed consumer-goods peers are head-on competitors, and P&G's market value of $339.64 billion3 exceeds the combined value of seven of them, $335.69 billion45. The retailer's own label is a competitor that is also P&G's customer. Clorox was a partner in the Glad joint venture until January 2026, when it bought P&G's stake6. And in Greater China P&G loses share to rivals it does not identify at all7.

What these relationships have in common is that none of them threatens P&G's position all at once. The pressure is a half point here and a promotion there. It is expensive to answer: marketing rose 80 basis points as a share of sales in fiscal 20268, and in the June 2026 quarter P&G reinvested 410 basis points, primarily in marketing9.

P&G sets itself a competitive target in shareholder terms. Its stated aim is total shareholder return "in the top one-third of our peer group"10. Over the five years to June 2026 its shares returned $123 for every $100, against $145 for the S&P 500 Consumer Staples index11, so on the broader sector measure the competitive position has not translated into returns.

The verdict on competition is a leader that is being contested widely but shallowly. The number that would change it is the count of categories where P&G blames competitive activity for lost volume; eight in fiscal 202612, and a longer list next year with aggregate share falling again would mean the contest has become broad enough to cost margin every year.

Moat trajectory: Holding steady

Share held or grew in 26 of top 50 combinations; competitive activity cited in 8 categories.

The number that tests this moat
Reported
Categories citing competitive activity for volume losses, FY2026
8

The breadth of competitive pressure; a longer list next year would mean the contest is widening.

Source: P&G Form 10-K, FY2026 ↗
Dig deeper
DIG DEEPER 01
Unilever, Colgate and Kimberly-Clark: Peers a Fraction of the Size
P&G is worth more than Unilever, Colgate, Kimberly-Clark and four other peers combined, and still loses a half point of share to rivals it will not…
DIG DEEPER 02
Store Brands: The Customer as Competitor
P&G's fastest-growing customers also sell their own brands beside Tide and Pampers, and P&G spends 70 basis points of margin a year staying visibly…
DIG DEEPER 03
Clorox: Partner, Then Buyer
Clorox bought P&G out of their Glad joint venture for $476 million and remains a rival in home care, where P&G gained share in fiscal 2026.
DIG DEEPER 04
The Rivals With No Name in Greater China
In Greater China P&G's baby care sales rose about 20% while SK-II and oral care lost to competitors the company never names.
References
  1. ReportedIt says the company competes against "well-known global competitors" and against "retailers' private-label brands", across price tiers from super-premium to value.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 1 business and Item 2 properties: employees, manufacturing sites, customers, channels, competition and strategy. — FY2026 · publ. 4 August 2026 · source ↗
  2. ReportedThe competition shows up instead in the explanations of lost volume: in fiscal 2026 the 10-K cited competitive activity in eight categories, from North American hair care to Greater China skin care.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 7 MD&A: market shares and competitive activity by category. — FY2026 · publ. 4 August 2026 · source ↗
  3. ReportedThe listed consumer-goods peers are head-on competitors, and P&G's market value of $339.64 billion exceeds the combined value of seven of them, $335.69 billion.
    Procter & Gamble (PG) market data - $146.23 at the close on 25 September 2026, market cap $339.64B, 52-week range 137.62-167.25, analyst target $160.61. — September 2026 · publ. 25 September 2026 · source ↗
  4. ReportedThe listed consumer-goods peers are head-on competitors, and P&G's market value of $339.64 billion exceeds the combined value of seven of them, $335.69 billion.
    Procter & Gamble market capitalisation history and peer market values (year-end 2015-2025; Unilever, Colgate-Palmolive, Kenvue, Estee Lauder, Kimberly-Clark, Church & Dwight, Clorox on 25 September 2026). — 2015-2026 · publ. September 2026 · source ↗
  5. Moat Explorer calcThe listed consumer-goods peers are head-on competitors, and P&G's market value of $339.64 billion exceeds the combined value of seven of them, $335.69 billion.
    Moat Explorer calculation from Procter & Gamble's reported figures ($ millions unless stated; fiscal years end 30 June). Net debt: FY2026 11,296 + 22,842 - 9,942 = 24,196; 24,196 / 54,311 = 0.45 times equity; 24,196 / 19,556 = 1.24 years of operating cash flow; debt due within one year 11,296 / (11,296 + 22,842) = 33% of debt; FY2025 9,513 + 24,995 - 9,556 = 24,952; FY2024 7,191 + 25,269 - 9,482 = 22,978. Capital spending 4,409 / 87,032 = 5.1% of net sales. Adjusted free cash flow over dividends 15,835 / 10,232 = 1.55 times. Dividends paid over net earnings attributable: 10,232 / 16,046 = 63.8% (FY2026); 9,872 / 15,974 = 61.8% (FY2025); 9,312 / 14,879 = 62.6% (FY2024). Buybacks 5,028 / 11,009 = 45.7% of the FY2021 peak. Peer market values on 25 September 2026 ($bn): 132.99 + 68.60 + 34.19 + 34.18 + 32.74 + 22.86 + 10.13 = 335.69, against P&G 339.64; P&G / Clorox 339.64 / 10.13 = 33.5 times. P/E: 339.64 / 16.046 = 21.2 (now); 394.82 / 14.879 = 26.5 (December 2024 over FY2024). Free cash flow yield 15,835 / 339,640 = 4.7%. Goodwill plus Gillette brand 41,276 + 12,800 = 54,076; 54,076 / 126,521 = 42.7% of total assets. Segments (five reportable, excluding Corporate): FY2026 sales 16,023 + 6,918 + 12,456 + 30,314 + 20,401 = 86,112; net earnings 2,672 + 1,529 + 2,404 + 5,632 + 3,930 = 16,167; FY2025 net earnings 2,715 + 1,577 + 2,440 + 5,848 + 4,013 = 16,593; 16,167 / 16,593 - 1 = -2.6%. Segment net earnings changes FY2026: Beauty 2,672 / 2,715 - 1 = -1.6%; Grooming 1,529 / 1,577 - 1 = -3.0%; Health Care 2,404 / 2,440 - 1 = -1.5%; Fabric & Home Care 5,632 / 5,848 - 1 = -3.7%; Baby, Feminine & Family Care 3,930 / 4,013 - 1 = -2.1%. Fabric & Home Care share of segment net earnings 5,632 / 16,167 = 34.8%. Pre-tax margins FY2026: Beauty 3,473 / 16,023 = 21.7%; Grooming 1,966 / 6,918 = 28.4%; Health Care 3,163 / 12,456 = 25.4%; Fabric & Home Care 7,290 / 30,314 = 24.0%; Baby, Feminine & Family Care 5,145 / 20,401 = 25.2%. Net margins FY2023: Beauty 3,178 / 15,008 = 21.2%; Health Care 2,125 / 11,226 = 18.9%; Fabric & Home Care 4,828 / 28,371 = 17.0%; Baby, Feminine & Family Care 3,545 / 20,217 = 17.5%. Three-year growth FY2023-FY2026: Health Care sales 12,456 / 11,226 - 1 = 11.0%; Health Care net earnings 2,404 / 2,125 - 1 = 13.1%; Grooming sales 6,918 / 6,419 - 1 = 7.8%; Baby, Feminine & Family Care sales 20,401 / 20,217 - 1 = 0.9%. Segment capital spending over sales FY2026: Grooming 540 / 6,918 = 7.8%; Baby, Feminine & Family Care 1,520 / 20,401 = 7.5%; Health Care 592 / 12,456 = 4.8%; Fabric & Home Care 1,250 / 30,314 = 4.1%; Beauty 415 / 16,023 = 2.6%. Geography FY2026 ($bn): international 45.3 / 87.0 = 52.1%; United States 41.7 / 87.0 = 47.9%. Walmart about 16% x 87,032 = 13,925, about $13.9 billion. Top ten customers less Walmart (rounded percentages): FY2017 35 - 16 = 19; FY2020 38 - 15 = 23; FY2023 40 - 15 = 25; FY2026 43 - 16 = 27. Dividend per share 4.2589 / 4.0763 - 1 = 4.5% (FY2026); 4.0763 / 3.8286 - 1 = 6.5% (FY2025). Market exit charges after tax 1,200 + 131 = 1,331. P&G / Unilever market value 339.64 / 132.99 = 2.6 times. Restructuring charges FY2024-FY2026 659 + 1,114 + 1,230 = 3,003. Gillette write-downs 8.3 + 1.3 = 9.6 billion. Operating margin 19,748 / 87,032 = 22.7% (FY2026); 20,451 / 84,284 = 24.3% (FY2025) - balance sheet, cash returns and valuation. — FY2015-FY2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Procter & Gamble's Forms 10-K, results releases, earnings slides and market data; operands shown in the source line.
  6. ReportedClorox was a partner in the Glad joint venture until January 2026, when it bought P&G's stake.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - notes: restructuring, goodwill and intangibles, acquisitions and divestitures, subsequent events and commitments. — FY2026 · publ. 4 August 2026 · source ↗
  7. ReportedAnd in Greater China P&G loses share to rivals it does not identify at all.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Note 2 segment information: net sales, earnings before tax, net earnings, margins, capital spending and depreciation by segment. — FY2026 · publ. 4 August 2026 · source ↗
  8. ReportedIt is expensive to answer: marketing rose 80 basis points as a share of sales in fiscal 2026, and in the June 2026 quarter P&G reinvested 410 basis points, primarily in marketing.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 7 MD&A: net sales drivers, organic sales and gross margin bridge. — FY2026 · publ. 4 August 2026 · source ↗
  9. ReportedIt is expensive to answer: marketing rose 80 basis points as a share of sales in fiscal 2026, and in the June 2026 quarter P&G reinvested 410 basis points, primarily in marketing.
    Procter & Gamble fourth-quarter and fiscal 2026 results release, Form 8-K exhibit 99.1, with fiscal 2027 guidance - quarterly and fiscal-year headline results and cash flow. — Q4 FY2026 · publ. 29 July 2026 · source ↗
  10. ReportedIts stated aim is total shareholder return "in the top one-third of our peer group".
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 1 business and Item 2 properties: employees, manufacturing sites, customers, channels, competition and strategy. — FY2026 · publ. 4 August 2026 · source ↗
  11. ReportedOver the five years to June 2026 its shares returned $123 for every $100, against $145 for the S&P 500 Consumer Staples index, so on the broader sector measure the competitive position has not translated into returns.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 1A risk factors, Item 5 market information and performance graph, and critical accounting estimates (Gillette brand). — FY2026 · publ. 4 August 2026 · source ↗
  12. ReportedThe number that would change it is the count of categories where P&G blames competitive activity for lost volume; eight in fiscal 2026, and a longer list next year with aggregate share falling again would mean the contest has become broad enough to cost margin every year.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 7 MD&A: market shares and competitive activity by category. — FY2026 · publ. 4 August 2026 · source ↗
Sources
Generated September 26, 2026