{"slug":"procter-gamble","name":"Procter & Gamble","name_en":"Procter & Gamble","ticker":"PG","updated_at":"2026-07-12T04:19:32.885+00:00","canonical":"https://valuechain.wiki/procter-gamble","same_as":["https://finance.yahoo.com/quote/PG","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=80424"],"citable":"밸류체인 그래프 기준 Procter & Gamble의 직접 연결 기업은 3곳(관계 기준 공급 1·매출 2)이고, 사슬을 2차까지 넓히면 36곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Procter & Gamble is directly linked to 3 companies (1 supply, 2 revenue relationships) and reaches 36 companies within two hops; the links are backed by 7 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"세계 최대 생활용품 기업, AI 무관 순수 방어 대조군·배당킹","kicker_en":"World's largest consumer-staples company, an AI-uncorrelated pure defensive control and Dividend King","lead":"P&G는 뷰티·그루밍·헬스케어·패브릭홈케어·베이비 등 생활필수 브랜드를 파는 세계 최대 생활용품 기업으로, 이 지도에서 AI 사슬과 접점이 없는 순수 방어 대조군이다. FY2025 매출은 843억 달러로, 실적은 AI 사이클이 아니라 소비 경기와 펄프·계면활성제 같은 원자재·환율 시계로 돈다. 69년 연속 배당을 올린 배당킹으로, 밸류체인 리레이팅보다 방어력과 배당의 안정성으로 평가된다.","lead_en":"P&G is the world's largest consumer-staples company, selling everyday brands across Beauty, Grooming, Health Care, Fabric & Home Care and Baby, Feminine & Family Care; on this map it is a pure defensive control with no touchpoint to the AI chain. FY2025 net sales were $84.3 billion, and its results run on the consumer economy and a commodity and FX clock (pulp, surfactants) rather than the AI cycle. As a Dividend King with 69 consecutive years of dividend increases, it is judged on defensiveness and dividend stability rather than value-chain re-ratings.","segments":{"fy":2025,"parts":[{"desc":"타이드·에리얼·페브리즈 등 최대 부문","name":"패브릭·홈케어 (Fabric & Home Care)"},{"desc":"팸퍼스·올웨이즈·차민","name":"베이비·피미닌·패밀리케어 (Baby, Feminine & Family Care)"},{"desc":"SK-II·팬틴·올레이 등 헤어·스킨","name":"뷰티 (Beauty)"},{"desc":"오랄비·크레스트·구강·개인건강","name":"헬스케어 (Health Care)"},{"desc":"질레트 면도","name":"그루밍 (Grooming)"}],"total":"FY2025 순매출 $84.3B(전년비 +0.3%, 유기 매출 +2%). 5개 보고부문 구조","source":"https://www.sec.gov/Archives/edgar/data/0000080424/000008042425000076/pg-20250630.htm","concentration":"최대 유통 고객 월마트가 순매출의 약 15%. 배당킹(69년 연속 인상, FY2026 배당 약 $100억). 원자재·환율 변동이 실적 변수"},"segments_en":{"fy":2025,"parts":[{"desc":"Tide, Ariel, Febreze; the largest segment","name":"Fabric & Home Care"},{"desc":"Pampers, Always, Charmin","name":"Baby, Feminine & Family Care"},{"desc":"SK-II, Pantene, Olay hair and skin care","name":"Beauty"},{"desc":"Oral-B, Crest, oral and personal health","name":"Health Care"},{"desc":"Gillette shaving","name":"Grooming"}],"total":"FY2025 net sales of $84.3B (+0.3% YoY, +2% organic), across five reportable segments","source":"https://www.sec.gov/Archives/edgar/data/0000080424/000008042425000076/pg-20250630.htm","concentration":"Largest customer Walmart is about 15% of net sales. Dividend King (69 consecutive years of increases, about $10bn dividends in FY2026). 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FY2025 순매출 843억 달러(+0.3%, 유기 +2%)의 완만한 성장은 5개 부문(패브릭홈케어·베이비·뷰티·헬스케어·그루밍)의 생활필수 브랜드에서 나오는 경기 방어적 매출이다. 최대 원가는 유가·상품가에 연동된 원자재라, 원자재·환율이 마진의 핵심 변수다. 최대 유통 고객 월마트가 순매출의 약 15%로 채널 협상력이 리스크이나, 69년 연속 배당 인상(배당킹, FY2026 약 $100억)이 밸류에이션을 리레이팅이 아니라 방어력·배당 안정성으로 정박시킨다. 재평가 트리거는 유기 성장률·판가, 원자재·환율, 그리고 배당·자사주 지속이다.","analysis_en":"P&G's thesis is that it is the one pure defensive control on this map — with no touchpoint to the AI chain, its results run on the consumer economy and a commodity/FX clock (pulp, surfactants) rather than the AI cycle. The modest growth of FY2025 net sales at $84.3B (+0.3%, +2% organic) comes from everyday brands across five segments (Fabric & Home Care, Baby, Beauty, Health Care, Grooming) — defensive across the cycle. Its largest cost is raw materials tied to oil and commodity prices, so those and FX are the key margin variables. Its largest retail customer, Walmart, is ~15% of net sales, a channel-power risk, but 69 consecutive years of dividend increases (a Dividend King, ~$10bn in FY2026) anchor its valuation on defensiveness and dividend stability rather than re-ratings. Re-rating triggers are organic growth and pricing, raw materials and FX, and the durability of dividends and buybacks.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"소비자 (생활필수 5개 부문 브랜드)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD10억","as_of":"2025-06-30","basis":"순매출","value":84.3,"period":"FY2025","basis_en":"net sales"},"note":"최종 수요는 뷰티·그루밍·헬스케어·패브릭홈케어·베이비 5개 부문의 생활필수 브랜드를 쓰는 전 세계 소비자다. FY2025 순매출 843억 달러로 경기 방어적이다.","note_en":"End demand is consumers worldwide buying everyday brands across the five segments (Beauty, Grooming, Health Care, Fabric & Home Care, Baby/Feminine & Family Care). FY2025 net sales of $84.3bn are defensive across the cycle.","sources":[{"stance":"confirms","publisher":"트레이딩뷰","publisher_en":"TradingView","kind":"news","lang":"en","published_at":"2025-08-04","url":"https://www.tradingview.com/news/tradingview:e3b6e8aaa9837:0-procter-gamble-co-sec-10-k-report/","title":"Procter & Gamble Co SEC 10-K Report","title_en":"Procter & Gamble Co SEC 10-K Report","excerpt":"FY2025 순매출은 842.84억 달러로 전년 대비 2.45억 달러 늘었고, 보고부문은 뷰티·그루밍·헬스케어·패브릭홈케어·베이비 5개다.","excerpt_en":"FY2025 net sales were $84,284 million, up $245 million, across five reportable segments: Beauty, Grooming, Health Care, Fabric & Home Care, and Baby, Feminine & Family Care."},{"stance":"confirms","publisher":"P&G","publisher_en":"Procter & Gamble","kind":"filing","lang":"en","published_at":"2025-08-04","url":"https://www.sec.gov/Archives/edgar/data/0000080424/000008042425000076/pg-20250630.htm","title":"Procter & Gamble Form 10-K (FY2025)","title_en":"Procter & Gamble Form 10-K (FY2025)","excerpt":"FY2025 순매출은 842.84억 달러이며, 뷰티·그루밍·헬스케어·패브릭홈케어·베이비 5개 보고부문으로 소비자에게 판매된다.","excerpt_en":"FY2025 net sales were $84,284 million, sold to consumers across five reportable segments: Beauty, Grooming, Health Care, Fabric & Home Care, and Baby, Feminine & Family Care."}]},{"direction":"revenue","counterparty":"Walmart Inc","counterparty_slug":"walmart","confidence":"high","metric":{"type":"revenue_share","unit":"%","as_of":"2025-08-04","value":16,"period":"FY2025"},"note":"매출은 대형 유통·소매를 통해 소비자에게 닿고, 그중 월마트가 순매출의 약 15%로 공시상 유일한 10% 초과 고객이다. 생활필수 공급사와 최대 소매 유통의 접점을 보여주는 링크다.","note_en":"Revenue reaches consumers through large retail, and within that Walmart is about 15% of net sales, the only customer above 10% per disclosure. This edge links a consumer-staples supplier to its largest retail distributor.","sources":[{"stance":"confirms","publisher":"P&G","publisher_en":"Procter & Gamble","kind":"filing","lang":"en","published_at":"2025-08-04","url":"https://www.sec.gov/Archives/edgar/data/0000080424/000008042425000076/pg-20250630.htm","title":"Procter & Gamble Form 10-K (FY2025)","title_en":"Procter & Gamble Form 10-K (FY2025)","excerpt":"월마트향 매출이 순매출의 약 15%로 단일 최대 고객이다(공시 고객 집중도 기준).","excerpt_en":"Sales to Walmart are about 15% of net sales, the single largest customer per the customer-concentration disclosure."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"U.S. SEC (EDGAR)","kind":"filing","lang":"en","published_at":"2025-08-04","url":"https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/pg-20250630.htm","title":"P&G FY2025 연차보고서(10-K)","title_en":"P&G Form 10-K FY2025","excerpt":"Sales to Walmart Inc. and its affiliates represent approximately 16% of our total sales in 2025 and 2024 and 15% in 2023. Our top ten customers accounted for 43%.","excerpt_en":"Sales to Walmart Inc. and its affiliates represent approximately 16% of total sales in 2025 and 2024; top ten customers 43% of FY2025 net sales."}]},{"direction":"cost","counterparty":"원자재 (펄프·계면활성제·수지, 유가 연동, 비공개)","counterparty_slug":null,"confidence":"high","metric":null,"note":"최대 원가는 원자재다. 티슈·기저귀용 펄프, 세제용 계면활성제, 포장용 수지 등 유가·상품가에 연동된 소재를 조달하며, 원자재·환율 변동이 실적의 핵심 변수다. 개별 공급사·금액은 비공개.","note_en":"The largest cost is raw materials: pulp for tissue and diapers, surfactants for detergents, and resins for packaging, tied to oil and commodity prices, with raw material and FX swings the key earnings variable. Individual suppliers and amounts are not disclosed.","sources":[{"stance":"confirms","publisher":"심플리월스트리트","publisher_en":"Simply Wall St","kind":"news","lang":"ko","published_at":"2025-10-16","url":"https://simplywall.st/stocks/us/household/nyse-pg/procter-gamble/news/is-procter-gambles-pg-ongoing-dividend-growth-a-signal-of-en","title":"Is Procter & Gamble's ongoing dividend growth a signal of confidence or a defensive stance?","title_en":"Is Procter & Gamble's ongoing dividend growth a signal of confidence or a defensive stance?","excerpt":"P&G는 안정적 현금흐름과 브랜드 리더십의 방어주이지만, 환율 변동과 원자재 비용 급등(commodity cost spikes)이 변동성을 키울 수 있다고 지적된다.","excerpt_en":"P&G is a defensive staple with steady cash flow and brand leadership, but currency fluctuations and commodity cost spikes can raise volatility."}]},{"direction":"cost","counterparty":"메타 (디지털 광고)","counterparty_slug":"meta","confidence":"mid","metric":{"type":"ad_spend_total","unit":"USD B","as_of":"2025-08-04","value":9.2,"period":"FY2025","qualifier":"platform_split_undisclosed"},"note":"FY2025 광고비 92억달러의 최대 집행처 중 하나. 메타·구글 디지털 광고 대부분을 사내 셀프서비스로 직접 구매.","note_en":"One of the largest outlets of P&G's $9.2bn FY2025 ad spend; most Meta/Google digital buying executed in-house via self-service tools.","sources":[{"stance":"mentions","publisher":"SEC EDGAR","publisher_en":"U.S. SEC (EDGAR)","kind":"filing","lang":"en","published_at":"2025-08-04","url":"https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/pg-20250630.htm","title":"P&G FY2025 연차보고서(10-K)","title_en":"P&G Form 10-K FY2025","excerpt":"Advertising costs were $9.2 billion in 2025, $9.6 billion in 2024 and $8.0 billion in 2023.","excerpt_en":"Advertising costs were $9.2 billion in 2025, $9.6 billion in 2024 and $8.0 billion in 2023."},{"stance":"confirms","publisher":"매드타임스","publisher_en":"MADTimes","kind":"news","lang":"ko","published_at":"2023-02-19","url":"https://www.madtimes.co.kr/news/articleView.html?idxno=16659","title":"P&G는 도달 범위를 확장하고 비용을 절감하며 더 많은 것을 자동화하길 원한다","title_en":"P&G wants to expand reach, cut costs, automate more","excerpt":"메타 및 구글 등 디지털 구매의 대부분은 P&G 마케터가 셀프 서비스 도구를 사용하여 수행된다.","excerpt_en":"Most digital buying on Meta and Google is executed by P&G marketers using self-service tools."}]},{"direction":"cost","counterparty":"광고·마케팅·물류 (비공개)","counterparty_slug":null,"confidence":"mid","metric":null,"note":"브랜드 유지를 위한 대규모 광고·마케팅비와 유통·물류비가 주요 판관비다. AI 노출은 사실상 없고, 있더라도 마케팅·공급망 효율화 도구 수준이다. 세부 내역은 공시 재무제표 기준.","note_en":"Large advertising and marketing spend to sustain brands, plus distribution and logistics, are the main operating costs. AI exposure is effectively nil and, where present, is a marketing and supply-chain efficiency tool. Details are per disclosed financials.","sources":[{"stance":"mentions","publisher":"P&G","publisher_en":"Procter & Gamble","kind":"filing","lang":"en","published_at":"2025-08-04","url":"https://www.sec.gov/Archives/edgar/data/0000080424/000008042425000076/pg-20250630.htm","title":"Procter & Gamble Form 10-K (FY2025)","title_en":"Procter & Gamble Form 10-K (FY2025)","excerpt":"P&G는 브랜드 구축을 위한 광고·마케팅과 원자재·물류를 주요 비용으로 하며, 원가 변동을 관리한다.","excerpt_en":"P&G's principal costs include advertising and marketing to build brands, along with raw materials and logistics, with cost fluctuations managed."}]},{"direction":"revenue","counterparty":"아마존 (1P 벤더·Vendor Flex)","counterparty_slug":"amazon","confidence":"mid","metric":{"type":"partnership","unit":null,"as_of":"2014-02-26","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"아마존 Vendor Flex로 P&G 물류창고 안에 아마존 풀필먼트가 입주해 팸퍼스·차민 등을 현장 포장·직배송하는 1P 벤더 관계.","note_en":"Amazon's Vendor Flex places fulfillment staff inside P&G warehouses to pack and ship P&G staples on site, anchoring a 1P vendor relationship.","sources":[{"stance":"confirms","publisher":"로티스","publisher_en":"LoTIS (Korea)","kind":"news","lang":"ko","published_at":"2014-11-25","url":"https://www.lotis.or.kr/news/2541","title":"아마존은 왜 P&G 창고에 들어갔을까?","title_en":"Why did Amazon move into P&G's warehouses?","excerpt":"'벤더 플렉스' 프로그램으로 아마존이 P&G 창고에서 포장·배송 물류작업을 현장 수행한다.","excerpt_en":"Under Vendor Flex, Amazon performs packing/shipping on site inside P&G warehouses."},{"stance":"confirms","publisher":"리테일다이브","publisher_en":"Retail Dive","kind":"news","lang":"en","published_at":"2014-02-26","url":"https://www.retaildive.com/news/amazon-deal-with-pg-has-competitors-steaming/232317/","title":"아마존-P&G 창고 공유 계약","title_en":"Amazon deal with P&G has competitors steaming","excerpt":"Amazon established fulfillment centers within Procter & Gamble's warehouses through its Vendor Flex program.","excerpt_en":"Amazon established fulfillment centers within P&G's warehouses through its Vendor Flex program."}]}]}