The Procter & Gamble Company（PG）公允價值與 PE 分析
Household & Personal Products · NYSE
目前價格
$147.82
PE Ratio (TTM)
21.9x
內在價值
$132.87
安全邊際 -11.3%
The Procter & Gamble Company 的公允價值是多少？
截至 2026-10-07，對 The Procter & Gamble Company（PG）每股盈餘 $6.6 套用 22.4x 的獲利倍數，得出每股公允價值估算約 $132.87，目前股價為 $147.82。
基於獲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 $108.67 至 $160.7。這是錨定獲利的相對估算，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。
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 $147.82 的價格下，PG 的交易價比其基於 PE 的公允價值估算高約 11.3%，相對所用獲利倍數屬小幅溢價，需留意獲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，形成難以撼動的市場地位。
↑規模經濟效益
龐大的生產和分銷網絡使 P&G 能夠實現顯著的規模經濟，降低單位生產成本，並在價格上具備競爭優勢。
↑持續股息增長
七十年的持續股息增長記錄顯示了 P&G 穩健的盈利能力和對股東回報的承諾，吸引並留住長期投資者。
投資風險
↓宏觀經濟逆風
全球通膨和經濟不確定性可能影響消費者可支配所得，進而降低對 P&G 產品的需求，尤其是在非必需品類別。
↓供應鏈中斷
地緣政治緊張或自然災害可能導致原材料短缺或運輸延誤，影響 P&G 的生產和分銷效率，增加營運成本。
↓匯率波動
作為一家跨國公司，P&G 的財務業績易受不同貨幣匯率波動影響，可能侵蝕其海外獲利。
基準情形
PG 基準情形 PE 估值
內在價值
$132.87
安全邊際
-11.3%
預期年化報酬
-2.1%
基準情形假設：盈餘年成長率 2.9%、目標 P/E 倍數 22.4x、折現率 10%、預測 5 年。資料截至 2026-10-07。
本基準情形採用預設假設，不構成投資建議。當目標 PE 或盈餘成長率變化時，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)
21.9x
PEG Ratio
20.90
獲利收益率
4.46%
ROE (TTM)
29.8%
Revenue/Share (TTM)
$35.93
股息收益率
2.92%
Debt/Equity
0.64x
常見問題
PG 的本益比是多少？
PG 的過去 12 個月本益比反映投資者為 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。
基於本益比，PG 被高估了嗎？
PG 的本益比 21.9x 結合 PEG 比率 20.90 提供了成長調整後的視角。PEG 高於 2.0 表明 本益比相對於獲利成長率偏高。注意 PE 估值最適合獲利穩定的成熟公司——對於高成長或週期性Household & Personal Products，DCF 分析可能更合適。
如何使用本益比對 PG 進行估值？
對 The Procter & Gamble Company 使用 PE 估值的步驟：(1) 將目前本益比 (21.9x)與Household & Personal Products中位數對比評估相對定價，(2) 查看 PEG 比率 (20.90)以調整成長預期，(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 20.90，由本益比（21.9x）除以預期獲利成長率計算。PEG 高於 2.0 意味著本益比相對於預期獲利成長率偏高。注意 PEG 的準確性取決於成長預期的可靠性。
對 PG 應該使用 PE 還是 DCF 估值？
PE 本益比給出快速的相對定價——PG 相對於Household & Personal Products同類的估值水準。DCF 基於預期自由現金流提供絕對價值。對於 PG，ROE 達到 29.8%，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品質，DCF 則對成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 本益比估值分步指南
- DCF 方法論 — 折現現金流分析指南
- PE 本益比 — 理解本益比
- 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 2026-10-07。 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。