The Gillette Company LLC (G) Valuation Ratios - Annual

Trailing Valuation

Trailing Valuation	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Stock Price	46	43	34.7	46.3	53.1	41.4	42.2	27	31.7	24.3	25
Total Shares Outstanding	172.4	174.7	179.5	182.9	185.3	189	190.1	189.3	192.8	198.8	211.5
Market Cap	7,932.8	7,501.7	6,230.2	8,473.1	9,837.7	7,818.9	8,017.3	5,110.5	6,120.3	4,838.6	5,282.6
Total Enterprise Value (TEV)	7,932.8	8,257.8	7,131.9	9,497	10,903.4	9,075.2	9,353.3	6,046.2	6,836.5	5,317.9	5,629.6
Dividend Yield	—	1.4%	1.6%	1.1%	0.8%	0.9%	0.8%	1.1%	0.8%	—	—
Buyback Yield	—	3.4%	3.3%	2.7%	3%	1.9%	0.2%	3.1%	3.5%	6.8%	4.1%
Debt Paydown Yield	—	0.7%	2.8%	2.9%	-0.5%	-1.7%	-1.7%	-1.7%	-5.2%	-2%	0%
Shareholder Yield	—	4.2%	6.2%	5.6%	2.5%	0.2%	-1.5%	1.4%	-1.7%	4.8%	4.1%
P/S	—	1.6	1.4	1.9	2.4	2.1	2.3	1.7	2.2	1.9	2.1
P/Gross Profit	—	4.4	4	5.5	6.9	6.1	6.5	4.7	5.8	4.8	5.5
P/E	14.8	15.1	10.2	24.6	27.8	26.3	27	18.6	23.7	19	22.9
Earnings Yield	6.7%	6.6%	9.8%	4.1%	3.6%	3.8%	3.7%	5.4%	4.2%	5.3%	4.4%
P/OCF	—	12.2	12.7	19.1	14.2	13.4	18.7	15.1	17	14	16.1
P/FCF	—	14.1	14.3	21.6	15.3	15.2	22.7	20.1	20.3	18.3	19.9
FCF Yield	—	7.1%	7%	4.6%	6.5%	6.6%	4.4%	5%	4.9%	5.5%	5%
P/B	—	3.1	2.8	4.6	5.2	4.3	4.7	3.6	4.3	3.8	4
EV/Sales	—	1.7	1.6	2.2	2.7	2.4	2.7	2	2.5	2.1	2.3
EV/Gross Profit	—	4.9	4.5	6.2	7.6	7	7.6	5.6	6.5	5.2	5.8
EV/EBITDA	—	10.3	9.7	15	16.1	15.2	16.8	13.4	16	12.6	13.5
EV/EBIT	—	11.8	11.3	18.9	21.4	20.7	21.8	17.4	20.6	15.6	16.8
EV/OCF	—	13.4	14.5	21.4	15.7	15.5	21.9	17.8	19	15.4	17.2
EV/FCF	—	15.5	16.4	24.2	17	17.7	26.5	23.8	22.6	20.2	21.2

Dividends

Dividends	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17
Dividend Yield	—	1.4%	1.6%	1.1%	0.8%	0.9%	0.8%	1.1%	0.8%
DPS	—	0.6	0.5	0.5	0.4	0.4	0.3	0.3	0.2
Payout Ratio	—	21.1%	15.8%	26%	21.8%	24.1%	21.2%	20.2%	17.7%

Margins

Margins	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Gross Profit Margin	—	35.5%	35.1%	35.1%	35.6%	34.8%	34.8%	36%	38.6%	39.5%	39.3%
Operating Margin	—	14.7%	14.1%	11.5%	12.7%	11.8%	12.2%	11.6%	12.1%	13.3%	13.6%
EBITDA Margin	—	16.7%	16.4%	14.5%	16.8%	16.1%	15.9%	15.1%	15.6%	16.5%	16.9%
Net Profit Margin	—	10.8%	14.1%	8.1%	9.2%	8.3%	8.7%	9.4%	9.5%	10.4%	9.7%
Effective Tax Rate	—	24.1%	-4.8%	24%	23.5%	23%	23.7%	22.3%	18.6%	18.8%	20.5%
Pre-Tax Profit Margin	—	14.2%	13.5%	10.6%	12%	10.8%	11.3%	12.1%	11.7%	12.8%	12.3%
Free Cash Flow Margin	—	11.2%	9.7%	9%	15.9%	13.9%	10%	8.5%	11%	10.3%	10.8%
OCF / Sales	—	12.9%	11%	10.1%	17.3%	15.8%	12.2%	11.3%	13.1%	13.5%	13.3%
OCF / Net Income	—	119.8%	77.8%	125.5%	187.9%	189.5%	140.3%	120.7%	137.7%	129.2%	136.5%
FCF / OCF	—	86.6%	88.7%	88.6%	92.3%	88%	82.5%	75%	84.1%	76.3%	81%
FCF / Net Income	—	103.7%	69%	111.2%	173.5%	166.8%	115.8%	90.5%	115.7%	98.6%	110.6%
FCF / EBITDA	—	66.7%	59.2%	62.2%	94.7%	85.9%	63.2%	56.3%	70.8%	62.4%	63.6%

Capital Efficiency

Capital Efficiency	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Return on Invested Capital	—	15.4%	20.2%	11.5%	11%	10%	11.2%	11.1%	12.5%	14.6%	14.6%
Return on Assets	—	10.9%	14.1%	8%	7.9%	7.2%	8.2%	7.8%	8.5%	9.8%	9.6%
Return on Equity	—	22.2%	31%	19%	19.8%	17.5%	19.7%	19.9%	19.2%	20.6%	18.5%
Return on Total Capital	—	36.5%	41.9%	21%	19.9%	18%	21.1%	21.4%	25.4%	32.5%	33.4%
Return on Capital Employed	—	18.7%	18.1%	14%	13.9%	12.2%	14.1%	13.5%	13.9%	15.7%	15.5%
Return on Tangible Assets	—	16.2%	21.5%	12%	12.3%	11%	13.2%	14.3%	14%	15.8%	14.9%
Receivables Turnover	—	4.1	4.2	4.6	4.5	4.1	4.2	4.1	4.2	4.3	4.4
Days Sales Outstanding	—	88.6	86.1	78.6	80.3	88.3	87.5	89.2	87.2	85.6	82.7
Payables Turnover	—	95.8	91.5	93.3	133.2	134.7	71.1	66.7	135.5	156.6	116.5
Days Payables Outstanding	—	3.8	4	3.9	2.7	2.7	5.1	5.5	2.7	2.3	3.1
Cash Conversion Cycle	—	84.8	82.1	74.7	77.5	85.6	82.4	83.8	84.5	83.2	79.6
Asset Turnover	—	1	1	0.9	0.8	0.8	0.9	0.9	0.9	0.9	0.9
Fixed Asset Turnover	—	12.4	11.9	10.1	7.9	6.6	8.8	14.3	13.7	13.9	14
Operating Cycle	—	88.6	86.1	78.6	80.3	88.3	87.5	89.2	87.2	85.6	82.7
CapEx to OCF	—	0.1	0.1	0.1	0.1	0.1	0.2	0.3	0.2	0.2	0.2
CapEx to Revenue	—	0	0	0	0	0	0	0	0	0	0
CapEx to Depreciation	—	0.9	0.5	0.4	0.3	0.4	0.6	0.8	0.6	1	0.8

Financial Health

Financial Health	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Total Debt	—	1,427.7	1,485.3	1,670.8	1,965.2	1,936.8	1,803.1	1,304.1	1,215.9	897.3	798
Net Debt	—	756.1	901.6	1,024	1,065.7	1,256.3	1,336	935.7	711.4	474.7	347.1
Current Ratio	—	2.2	1.4	1.6	1.5	1.5	1.7	1.4	1.7	1.7	2
Quick Ratio	—	1.9	1.3	1.5	1.4	1.3	1.5	1.2	1.4	1.4	1.8
Cash Ratio	—	0.7	0.4	0.6	0.7	0.6	0.5	0.4	0.6	0.6	0.8
Debt Ratio	—	0.3	0.3	0.4	0.4	0.4	0.4	0.4	0.4	0.3	0.3
Assets to Equity	—	2.1	2.1	2.5	2.6	2.7	2.6	2.5	2.4	2.2	2.1
Cash Flow to Debt Ratio	—	0.4	0.3	0.3	0.4	0.3	0.2	0.3	0.3	0.4	0.4
Long-term Debt to Assets	—	0.3	0.2	0.3	0.3	0.3	0.4	0.3	0.3	0.2	0.3
Intangibles to Total Assets	—	0.3	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
Net Current Asset Value	—	-517.4	-665.8	-983.2	-1,156.5	-1,290.4	-1,213.3	-770.2	-591.7	-372.2	-294.1
Goodwill / Assets	—	0.3	0.4	0.4	0.3	0.3	0.4	0.4	0.4	0.4	0.4
Debt / Equity	—	0.6	0.7	0.9	1	1.1	1.1	0.9	0.9	0.7	0.6
Total Debt / Capitalization	—	1	1	1	1	1	1	1	1	1	1
Long Term Debt / Capitalization	—	0.9	0.7	0.9	0.8	0.8	0.9	0.7	0.8	0.8	0.9
Long-Term Debt / Equity	—	0.6	0.4	0.8	0.8	0.9	1	0.7	0.7	0.5	0.6
Net Debt / EBITDA	—	0.9	1.2	1.6	1.6	2.1	2.4	2.1	1.7	1.1	0.8
EBIT / Interest Expense	—	14.9	13.2	9.6	9.9	9	9.9	9.4	10.4	21.1	10.7
EBITDA / Interest Expense	—	16.9	15.3	12.1	13.2	12.2	12.8	12.2	13.4	26.1	13.3
(EBITDA - Capex) / Interest Expense	—	15.2	14.2	11.1	12.1	10.8	11.1	9.9	11.6	21.1	11.3

Per Share	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Revenue per Share	—	26.4	24.2	23.2	20.8	18.9	18	15.5	13.9	12.2	11.2
Basic EPS	3.1	2.9	3.5	1.9	2	1.6	1.6	1.5	1.4	1.3	1.1
Diluted EPS	3.1	2.9	3.4	1.9	1.9	1.6	1.6	1.5	1.3	1.3	1.1
Book Value per Share	—	13.2	12.1	9.7	9.8	9.4	8.7	7.2	7.2	6.1	6
Tangible Book Value per Share	—	3.8	2.8	0.3	-0	-0.5	-0.6	-0.9	-0.2	0.7	0.8
Cash per Share	—	3.7	3.2	3.4	4.7	3.5	2.4	1.9	2.6	2	2.1
Operating Cash Flow per Share	—	3.4	2.7	2.4	3.6	3	2.2	1.8	1.8	1.6	1.5
Free Cash Flow per Share	—	3	2.4	2.1	3.3	2.6	1.8	1.3	1.5	1.3	1.2
CapEx per Share	—	0.5	0.3	0.3	0.3	0.4	0.4	0.4	0.3	0.4	0.3
Weighted Avg. Shares Outstanding	174.9	178.4	182.3	184.2	187.8	190.4	190.1	190.7	193.9	206.9	216.6
Weighted Avg. Shares Outstanding Diluted	177.7	180.4	185.1	188.1	193	195.8	195.2	194	197	210.1	219.1

Common Size

Common Size	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15	Dec '14	Dec '13	Dec '12
SG&A to Revenue	—	20.3%	20.4%	21.5%	21.5%	21.3%	22.6%	23.1%	25.2%	25.4%	24.7%
Stock-based Comp to Revenue	—	1.4%	2%	1.8%	2%	2%	2.4%	1.6%	1.3%	1%	1%