The Procter & Gamble Company（PG）公允价值与 PE 分析
Household & Personal Products · NYSE
当前价格
$149.61
PE Ratio (TTM)
21.7x
内在价值
$139.96
安全边际 -6.9%
The Procter & Gamble Company 的公允价值是多少？
截至 2026-06-12，对 The Procter & Gamble Company（PG）每股收益 $6.9 套用 22.0x 的盈利倍数，得出每股公允价值估算约 $139.96，当前股价为 $149.61。
基于盈利倍数的公允价值对所选倍数很敏感。在敏感性网格上，估算区间为 $114.29 至 $169.47。这是锚定盈利的相对估算，并非事实定论。如需基于现金流的视角，请参阅 DCF 页面的内在价值估算。
我们的 PE 模型如何运作 · 用 PE 模式重新计算 · PG 内在价值（DCF 视角）
The Procter & Gamble Company（PG）被高估了吗？
在 $149.61 的价格下，PG 的交易价比其基于 PE 的公允价值估算高约 6.9%，相对所用盈利倍数属小幅溢价，需留意盈利增长能否支撑这一价格。
竞争护城河
↑品牌忠诚度极高
P&G拥有宝洁、汰渍、吉列等众多家喻户晓的品牌，消费者对其产品有极高的信任度和品牌忠诚度，形成强大的客户粘性。
↑规模经济效应
作为全球最大的消费品公司之一，P&G的庞大规模带来了显著的采购、生产和分销成本优势，使其在价格竞争中处于有利地位。
↑强大的分销网络
P&G在全球建立了广泛而深入的分销渠道，能够高效地将产品送达各类零售商和消费者手中，这是新进入者难以复制的壁垒。
投资风险
↓原材料成本波动
公司依赖多种原材料，其价格波动可能直接影响生产成本和利润率，尤其是在全球供应链不稳定的时期。
↓新兴市场竞争加剧
在快速增长的新兴市场，本土品牌和区域性竞争对手的崛起，可能对P&G的市场份额和定价能力构成挑战。
↓消费者偏好变化
消费者对健康、环保、天然等理念的日益关注，可能导致对传统产品的需求下降，迫使公司进行产品创新和转型。
基准情形
PG 基准情形 PE 估值
内在价值
$139.96
安全边际
-6.9%
预期年化收益
-1.3%
基准情形假设：盈利年增长率 3.4%、目标 P/E 倍数 22x、折现率 10%、预测 5 年。数据截至 2026-06-12。
本基准情形采用默认假设，不构成投资建议。当目标 PE 或盈利增长率变化时，公允价值会显著改变。打开计算器可设置你自己的假设，并查看完整的敏感性区间。
公司简介
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.
财务指标 — PG PE 估值数据
PE Ratio (TTM)
21.7x
PEG Ratio
2.70
Earnings Yield
4.61%
ROE (TTM)
31.3%
Revenue/Share (TTM)
$35.89
Dividend Yield
2.85%
Debt/Equity
0.68x
常见问题
PG 的市盈率是多少？
PG 的过去 12 个月市盈率反映投资者为 The Procter & Gamble Company 每一美元收益所支付的价格。该指标在与Household & Personal Products同类公司和公司自身历史区间对比时最有意义。
基于市盈率，PG 被高估了吗？
PG 的市盈率 21.7x 结合 PEG 比率 2.70 提供了增长调整后的视角。PEG 高于 2.0 表明即使考虑增长因素，PG 估值也偏高。注意 PE 估值最适合盈利稳定的成熟公司——对于高增长或周期性Household & Personal Products，DCF 分析可能更合适。
如何使用市盈率对 PG 进行估值？
对 The Procter & Gamble Company 使用 PE 估值的步骤：(1) 将当前市盈率 (21.7x)与Household & Personal Products中位数对比评估相对定价，(2) 查看 PEG 比率 (2.70)以调整增长预期，(3) 参考 5 年 PE 历史区间判断当前位置，(4) 用目标 PE 乘以前瞻 EPS 估算公允价值。这种相对估值方法与 DCF 的绝对估值互为补充。
PG 的 PEG 比率是多少？
PG 的 PEG 比率为 2.70，由市盈率（21.7x）除以预期盈利增速计算。PEG 高于 2.0 通常意味着股价相对于增长轨迹定价激进。注意 PEG 的准确性取决于增长预期的可靠性。
对 PG 应该使用 PE 还是 DCF 估值？
PE 市盈率给出快速的相对定价——PG 相对于Household & Personal Products同类的估值水平。DCF 基于预期自由现金流提供绝对价值。对于 PG，ROE 达到 31.3%，两种方法都值得使用——PE 做市场对比，DCF 验证基本面是否支撑当前价格。两种方法各有盲区：PE 忽略了资本结构和现金流质量，DCF 则对增长率和折现率假设非常敏感。
了解更多
- 查看 PG DCF 估值 → — 通过折现现金流分析计算内在价值
- PE 方法论 — PE 市盈率估值分步指南
- DCF 方法论 — 折现现金流分析指南
- PE 市盈率 — 理解市盈率
- 内在价值 — 如何评估股票公允价值
相关 PE 估值
查看全部 Consumer Defensive 估值PE 与 DCF 使用不同的方法和假设为 PG 估值，因此两者的结论可能不同。可对比 DCF 内在价值。
价格截至 2026-06-12。 财务数据来自 Financial Modeling Prep（过去 12 个月）· 估值方法论由 Charlie Wang 提供。
这是估计值，不构成投资建议。