Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have watched Procter & Gamble for the better part of seventy years, and the essential facts have not changed: this is a collection of daily-use consumer franchises — Tide, Pampers, Gillette, Dawn, Crest, Head & Shoulders — that people buy on habit, week after week, through recessions and booms alike. The company just closed fiscal 2026 with $87.0 billion in sales, $16.1 billion in net earnings, a 50.2% gross margin, and a return on equity above 30%. It raised its dividend for the 70th consecutive year — a streak that began when Eisenhower was in his first term — and has paid one without interruption since 1890. That is the good news, and it is very good. The caution is twofold.
Recent filings analysed: 10-K (2026-08-04), 8-K (2026-07-29), 8-K (2026-07-29), 8-K (2026-07-29).
Stock screener · Superinvestor 13F holdings · Analyst sentiment · Market valuation