Procter & Gamble Co (PG) is overvalued and Unilever plc ADR (UL) is overvalued.
Both trade above our estimate of their intrinsic value. UL is the closer of the two: -34%, against -42% for PG.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.6% (average of 3 methods) values the shares at $104.12; the price of $148.22 is 42% above that value, and 81% of that value comes from beyond year five.
Leak Score 60/100 on 10 of 12 signals
Discounting its cash flows at 7.3% (average of 3 methods) values the shares at $47.06; the price of $62.93 is 34% above that value, and 81% of that value comes from beyond year five.
Leak Score 59/100 on 3 of 12 signals
| Metric | PG | UL |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $148.22 | $62.93 |
| Intrinsic value | $104.12 | $47.06 |
| Margin of safety | -42% | -34% |
| Leak Score | 60/100 (10/12) | 59/100 (3/12) |
| Market cap | $344.3B | $135.6B |
| Revenue growth, 5 years | 2.7% | -0.3% |
| Operating margin | 23.9% | 20.3% |
| Net margin | 18.1% | 12.2% |
| Return on equity | 30.3% | 30.8% |
| Debt to equity | 0.65 | 1.98 |
| P/E | 22.4x | 21.0x |
| Forward P/E | 20.1x | 16.0x |
| P/B | 6.5x | 7.3x |
| Dividend yield | 3.0% | 3.5% |