The Procter & Gamble Company（PG）公允價值與 PE 分析
Household & Personal Products · NYSE
目前價格
$147.57
PE Ratio (TTM)
21.1x
內在價值
$134.9
安全邊際 -9.4%
The Procter & Gamble Company 的公允價值是多少？
截至 2026-06-29，對 The Procter & Gamble Company（PG）每股收益 $6.9 套用 21.0x 的盈利倍數，得出每股公允價值估算約 $134.9，目前股價為 $147.57。
基於盈利倍數的公允價值對所選倍數很敏感。在敏感度網格上，估算區間為 $109.71 至 $163.91。這是錨定盈利的相對估算，並非事實定論。如需基於現金流的視角，請參閱 DCF 頁面的內在價值估算。
我們的 PE 模型如何運作 · 用 PE 模式重新計算 · PG 內在價值（DCF 視角）
The Procter & Gamble Company（PG）被高估了嗎？
在 $147.57 的價格下，PG 的交易價比其基於 PE 的公允價值估算高約 9.4%，相對所用盈利倍數屬小幅溢價，需留意盈利成長能否支撐這一價格。
競爭護城河
↑品牌忠誠度
P&G 擁有眾多家喻戶曉的品牌，如 Pampers、Tide 和 Gillette，這些品牌在消費者心中建立了深厚的信任和忠誠度。這種品牌資產使其能夠維持定價能力並抵禦競爭。
↑規模經濟
作為全球最大的消費品公司之一，P&G 受益於龐大的生產、分銷和研發規模。這降低了單位成本，並使其能夠更有效地將新產品推向市場。
↑分銷網絡
P&G 擁有廣泛且深入的全球分銷網絡，能夠將產品高效地送達世界各地的零售商和消費者手中。這種網絡壁壘難以被新進入者複製。
投資風險
↓競爭加劇
儘管 P&G 擁有強大品牌，但面臨來自本土品牌和新興市場競爭對手的激烈競爭。這些競爭者可能以更低的價格或更創新的產品吸引消費者。
↓消費者偏好轉變
消費者對健康、環保和個人化產品的需求不斷變化。P&G 需要持續投入研發以適應這些趨勢，否則可能面臨產品滯銷的風險。
↓供應鏈中斷
全球供應鏈的波動，包括原材料價格上漲或運輸延誤，可能影響 P&G 的生產成本和產品供應，進而影響盈利能力。
基準情形
PG 基準情形 PE 估值
內在價值
$134.9
安全邊際
-9.4%
預期年化報酬
-1.8%
基準情形假設:盈餘年增長率 3.4%、目標 P/E 倍數 21x、折現率 10%、預測 5 年。資料截至 2026-06-29。
本基準情形採用預設假設,不構成投資建議。當目標 PE 或盈餘增長率變化時,公允價值會顯著改變。開啟計算器可設定你自己的假設,並查看完整的敏感度區間。
公司簡介
The Procter & Gamble Company, commonly referred to as P&G, is a global enterprise that supplies a broad spectrum of branded consumer products to markets worldwide. The company's operations are divided into five main business divisions: Beauty; Grooming; Health Care; Fabric & Home Care; and Baby, Feminine & Family Care. The Beauty segment offers an assortment of hair care products, including conditioners, shampoos, styling aids, and treatments, under popular names like Head & Shoulders, Herbal Essences, Pantene, and Rejoice. It also features antiperspirants, deodorants, personal cleansing solutions, and skin care items from brands such as Olay, Old Spice, Safeguard, Secret, and SK-II. Within the Grooming division, P&G provides a range of shave care products and grooming appliances, prominently featuring brands like Braun, Gillette, and Venus. The Health Care unit encompasses oral hygiene essentials, including toothbrushes, toothpastes, and other dental care products sold under the Crest and Oral-B brand names. This segment further extends to gastrointestinal remedies, rapid diagnostics, respiratory care, vitamins/minerals/supplements, pain relief, and various other personal health care items from brands such as Metamucil, Neurobion, Pepto-Bismol, and Vicks. In the Fabric & Home Care category, consumers find fabric enhancers, laundry additives, and laundry detergents through labels like Ariel, Downy, Gain, and Tide. Additionally, this division offers air care products, dishwashing solutions, professional cleaning supplies (P&G Professional), and surface cleaners, exemplified by brands such as Cascade, Dawn, Fairy, Febreze, Mr. Clean, and Swiffer. Finally, the Baby, Feminine & Family Care segment provides infant care products, including baby wipes, taped diapers, and pants, under the Luvs and Pampers brands. It also supplies adult incontinence and feminine hygiene products from Always, Always Discreet, and Tampax, along with paper towels, tissues, and toilet paper marketed as Bounty, Charmin, and Puffs. P&G distributes its extensive product portfolio through a vast commercial network, including large retail chains, e-commerce platforms, grocery stores, membership clubs, pharmacies, department stores, various distributors, wholesalers, specialty beauty retailers, high-frequency stores, electronics outlets, and professional channels, as well as direct-to-consumer sales. The Procter & Gamble Company was established in 1837 and its corporate headquarters are located in Cincinnati, Ohio.
財務指標 — PG PE 估值資料
PE Ratio (TTM)
21.1x
PEG Ratio
2.63
Earnings Yield
4.67%
ROE (TTM)
31.3%
Revenue/Share (TTM)
$35.89
Dividend Yield
2.89%
Debt/Equity
0.68x
常見問題
PG 的市盈率是多少？
PG 的過去 12 個月市盈率反映投資者為 The Procter & Gamble Company 每一美元收益所支付的價格。該指標在與Household & Personal Products同類公司和公司自身歷史區間對比時最有意義。
基於市盈率，PG 被高估了嗎？
PG 的市盈率 21.1x 結合 PEG 比率 2.63 提供了增長調整後的視角。PEG 高於 2.0 表明即使考慮增長因素，PG 估值也偏高。注意 PE 估值最適合盈利穩定的成熟公司——對於高增長或週期性Household & Personal Products，DCF 分析可能更合適。
如何使用市盈率對 PG 進行估值？
對 The Procter & Gamble Company 使用 PE 估值的步驟：(1) 將目前市盈率 (21.1x)與Household & Personal Products中位數對比評估相對定價，(2) 查看 PEG 比率 (2.63)以調整增長預期，(3) 參考 5 年 PE 歷史區間判斷目前位置，(4) 用目標 PE 乘以前瞻 EPS 估算公允價值。這種相對估值方法與 DCF 的絕對估值互為補充。
PG 的 PEG 比率是多少？
PG 的 PEG 比率為 2.63，由市盈率（21.1x）除以預期盈利增速計算。PEG 高於 2.0 通常意味著股價相對於增長軌跡定價激進。注意 PEG 的準確性取決於增長預期的可靠性。
對 PG 應該使用 PE 還是 DCF 估值？
PE 市盈率給出快速的相對定價——PG 相對於Household & Personal Products同類的估值水平。DCF 基於預期自由現金流提供絕對價值。對於 PG，ROE 達到 31.3%，兩種方法都值得使用——PE 做市場對比，DCF 驗證基本面是否支撐目前價格。兩種方法各有盲區：PE 忽略了資本結構和現金流質量，DCF 則對增長率和折現率假設非常敏感。
了解更多
- 查看 PG DCF 估值 → — 透過折現現金流分析計算內在價值
- PE 方法論 — PE 市盈率估值分步指南
- DCF 方法論 — 折現現金流分析指南
- PE 市盈率 — 理解市盈率
- 內在價值 — 如何評估股票公允價值
相關 PE 估值
查看全部 Consumer Defensive 估值本益比與 DCF 使用不同的方法和假設為 PG 估值，因此兩者的結論可能不同。可對比 DCF 內在價值。
價格截至 2026-06-29。 財務數據來自 Financial Modeling Prep（過去 12 個月）· 估值方法論由 Charlie Wang 提供。
這是估計值，不構成投資建議。