PG Research

02Risk & quality

• Consistency 20.0/20 — PG has paid an uninterrupted dividend for 65 straight years, putting it in the Dividend King tier — the small US-listed club of 50+ year streaks. This dimension caps at 10 years, so anything past that sits well above the ceiling.
• Payout safety 20.0/20 — PG pays out 61.8% of GAAP earnings as dividends — still inside the safe band, with some headroom before reaching 80%, the level commonly flagged as strained. Manageable as long as earnings hold up.
• Moat 19.4/20 — Scores how protected PG's earnings stream is from competition. Operating in Consumer Defensive, PG benefits from the kind of brand pricing power, regulatory position, or scale that lets margins hold up through economic cycles. Cyclical or commodity-driven sectors typically score in the single digits here.
• Growth rate 5.7/20 — PG's dividend grew about 8.6% per year over 5 years — solid by absolute standards, but a notch below the 15-20% pace seen at growth-oriented dividend payers (think SCHD constituents). Familiar pattern for established staples already paying out most of what they earn — the runway for further hikes naturally narrows once payout ratios climb.
• Balance sheet 15.5/20 — A composite of return-on-equity and inverse leverage. PG runs 31.1% ROE and 68% debt-to-equity — the combination of strong profitability and a manageable debt load gives it room to keep raising the dividend or fund buybacks without strain. Doesn't directly affect dividend safety today, but signals financial flexibility.

03Price reference

Below are statistical price references from the last 5 years of trading, anchored to historical drawdown events. They describe where the price has been — not where it should be.