P&G stock forecast
P&G's weighted scenario reaches $156.46 in October 2029. It hinges on P&G earning the forecast only if price gives way to unit growth and share gains.
Where could P&G's shares be by 2029?
The weighted price is $147.52 in October 2027, a total return of 0% including dividends. It reaches $149.96 in October 2028, equal to a 5% total return. By October 2029, it reaches $156.46, equal to a 12% total return. The bear-to-bull range then spans $103.66 to $214.27. Today's price is $151.23.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 25 % | 125.00 (-14 %) | 110.40 (-21 %) | 103.66 (-23 %) |
| Base | 60 % | 152.01 (+3 %) | 156.16 (+9 %) | 164.00 (+17 %) |
| Bull | 15 % | 167.12 (+13 %) | 191.07 (+32 %) | 214.27 (+51 %) |
| Weighted | 100 % | 147.52 (+0 %) | 149.96 (+5 %) | 156.46 (+12 %) |
What has to go right, and what could go wrong for P&G?
The base uses management's $7.00 FY2027 core-EPS midpoint and organic-sales guidance of 1%–3%. Management also expects a weak first quarter followed by improvement in the second half. Flat FY2026 organic volume and mixed category share support the bear case, while Beauty's volume growth and upgraded Tide sales support the bull case.
How much cash does P&G really make?
P&G’s adjusted free cash flow adds back payments under the 2017 U.S. Tax Act. That improves comparability because the payments relate to an earlier obligation, but the cash still left the company. Stock compensation deserves a similar check: it costs no immediate cash when shares are issued, but it transfers value to employees and can dilute owners. Deducting FY2026’s $524 million from free cash flow gives a stricter analytical view.
| Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | |
|---|---|---|---|---|---|
| Cash from operations | 19,556 | 17,817 | 19,846 | 16,848 | 16,723 |
| − Capital spending | 4,409 | 3,773 | 3,322 | 3,062 | 3,156 |
| = Free cash flow | 15,147 | 14,044 | 16,524 | 13,786 | 13,567 |
| − Stock pay | 524 | 476 | 562 | 545 | 528 |
| = Real free cash flow | 14,623 | 13,568 | 15,962 | 13,241 | 13,039 |
What does an investor pay for P&G today?
At $151.23, P&G trades at 22.8x trailing earnings. P&G’s own free-cash-flow yield is 4.2%, and its dividend yield is 2.9%. Operating margin is the key turn: it fell to 22.7% in FY2026 from 24.3% in FY2025.
| Today (Oct 11, 2026) | |
|---|---|
| Share price | 151.23 |
| P/E, last 12 months (calculated) | 22.8x |
| P/E, next 12 months (calculated) | 20.5x |
| Free cash flow yield (calculated) | 4.2% |
| Dividend yield (calculated) | 2.9% |