CL
Colgate-Palmolive · Consumer Staples · Household Products
$92.55
52w 74.55 – 99.33
20y monthly, adjusted
Mkt cap
$73.8B
P/E
34.1
P/FCF
20.0
FCF yield
5.0%
ROE
3948.1%
Shldr yield
1.7%
div 0.0% + bb 1.7%
What today's price assumes
At $73.8B, the market is pricing in 7.7% annual free-cash-flow growth for the next decade (10% discount rate, 2.5% terminal growth). Over the last ten years, FCF actually grew 4.9% per year — the price asks for acceleration beyond the historical record.
Simple DCF per-share range: $69 · $74 · $92 (4% / base / optimistic growth). An estimate, not a target.
Historical multiple lens
At its own median P/OCF of 15.6× across 18 years, CL would trade near $82/share (25th–75th percentile: $64–$91); it trades at 17.6× today.
Assumes the historical multiple regime persists — re-ratings can be permanent.
Growth record
Compound annual growth rates from as-filed 10-K data, split-adjusted
Rev 3y
+4.3%
Rev 5y
+4.4%
Rev 10y
+2.4%
EPS 5y
−3.5%
EPS 10y
+5.6%
FCF 5y
+1.9%
FCF 10y
+4.9%
Fundamentals
Fiscal 2007–2025, from SEC filings
Revenue
Net income
Free cash flow
Diluted shares (lower is better)
Margins
Capital returned (dividends + buybacks)
Cash vs long-term debt
Quarterly
Discrete quarters from 10-Q filings; Q4 derived as fiscal year minus Q1–Q3. OCF is unwound from the year-to-date figures 10-Qs report. Compare to the same quarter a year ago — most businesses are seasonal.
Revenue by quarter
Net income by quarter
| Quarter | Revenue | YoY | Net income | YoY | EPS | OCF |
|---|---|---|---|---|---|---|
| Q2'26 | $5.4B | +4.9% | $693.0M | −6.7% | 0.86 | $995.0M |
| Q1'26 | $5.3B | +8.4% | $646.0M | −6.4% | 0.80 | $747.0M |
| Q4'25 * | $5.2B | +5.8% | −$36.0M | −104.9% | -0.04 | $1.5B |
| Q3'25 | $5.1B | +1.9% | $735.0M | −0.3% | 0.91 | $1.3B |
| Q2'25 | $5.1B | +1.0% | $743.0M | +1.6% | 0.91 | $884.0M |
| Q1'25 | $4.9B | −3.0% | $690.0M | +1.0% | 0.85 | $600.0M |
| Q4'24 * | $4.9B | −0.1% | $738.0M | +2.8% | 0.89 | $1.3B |
| Q3'24 | $5.0B | +2.4% | $737.0M | +4.1% | 0.90 | $1.2B |
| Q2'24 | $5.1B | +4.9% | $731.0M | +45.6% | 0.89 | $990.0M |
| Q1'24 | $5.1B | +6.2% | $683.0M | +83.6% | 0.83 | $681.0M |
| Q4'23 * | $5.0B | +6.9% | $718.0M | +14260.0% | 0.86 | $1.1B |
| Q3'23 | $4.9B | +10.3% | $708.0M | +14.6% | 0.86 | $1.2B |
| Q2'23 | $4.8B | +7.5% | $502.0M | −16.7% | 0.60 | $722.0M |
Track record
Compound annual growth by period. For debt and share count, negative is the good direction.
| Series | 3y | 5y | 10y | 15y |
|---|---|---|---|---|
| Revenue | +4.3% | +4.4% | +2.4% | +1.8% |
| Operating cash flow | +18.0% | +2.5% | +3.6% | +1.8% |
| Free cash flow | +25.0% | +1.9% | +4.9% | +2.1% |
| EPS (diluted) | +7.3% | −3.5% | +5.6% | +1.1% |
| Equity | −48.7% | −40.8% | −24.2% | −22.9% |
| LT debt | −7.7% | −1.3% | +1.0% | +6.1% |
| Diluted shares | −1.1% | −1.1% | −1.1% | −1.3% |
| Stock price | +10.6% | +6.0% | +4.7% | +7.4% |
$100, 3 years ago
$135vs $176 in SPY
10.6% vs 20.7%/yr
$100, 5 years ago
$134vs $181 in SPY
6.0% vs 12.6%/yr
$100, 10 years ago
$158vs $412 in SPY
4.7% vs 15.2%/yr
$100, 15 years ago
$292vs $813 in SPY
7.4% vs 15.0%/yr
The $1 test — market value created per $1 of earnings retained (Buffett's hurdle: at least $1)
Last 5 years
$1.20
$13.5B created / $11.3B retained
Last 10 years
$1.05
$24.4B created / $23.2B retained
Quality & capital discipline
Cash-based returns and how management deploys capital
Cash ROIC
60.6%
OCF ÷ (equity + debt)
OCF / EV yield
5.4%
MC vs 10× OCF
1.73
≤1 = priced under 10× OCF
Debt / FCF
1.9y
SBC / FCF
4.3%
Owner earnings
$3.5B
OCF − capex − SBC
OE yield
4.8%
Share count 5y
−1.4%
per year; negative = buybacks
Capital intensity
22.9%
net PP&E ÷ revenue
Sales efficiency
$0.24
new PP&E per $1 new revenue, 5y
Checklist
17 of 27 checks pass · 63%. Checks with structurally missing inputs are excluded.
Growth & Consistency
3/7
- fail
Revenue growth
4.4% · 5y CAGR ≥ 5%
- fail
EPS growth
-3.5% · 5y CAGR ≥ 5%
- fail
FCF growth
1.9% · 5y CAGR ≥ 5%
- pass
Revenue rises consistently
9 of 9 · up in ≥ 7 of last 10 years
- pass
FCF consistently positive
10 of 10 · positive in ≥ 8 of last 10 years
- pass
Profitable every year
10 of 10 · net income > 0 in ≥ 8 of last 10
- fail
Cash flow keeps up with sales
2.5% vs 4.4% · OCF CAGR ≥ 0.9× revenue CAGR
Profitability
7/7
- pass
Net margin
10.5% · ≥ 8%
- pass
Operating margin
16.2% · ≥ 10%
- pass
Gross margin stable or rising
60.1% vs 57.0% · no drop > 2 pts over 3y
- pass
Return on equity
3948.1% · ≥ 12%
- pass
Cash ROIC
60.6% · ≥ 12%
- pass
FCF margin
17.8% · ≥ 5%
- pass
Earnings back their cash
OCF $4.2B vs NI $2.1B · OCF ≥ net income (latest FY)
Balance Sheet
2/5
- pass
Debt payable from cash flow
1.9y · LT debt ≤ 3× FCF
- fail
Cash cushion
19% · cash ≥ 50% of LT debt
- fail
Leverage
127.24 · LT debt ≤ 1.5× equity
- fail
Equity positive and compounding
$54.0M · equity > 0 and grew over ~5y
- pass
Interest burden
8% · interest ≤ 15% of operating income
Capital Allocation
4/4
- pass
Share count flat or shrinking
-1.4% · ≤ +0.5%/yr over ~5y
- pass
Stock comp restrained
4% · SBC ≤ 15% of FCF
- pass
Distributions funded by FCF
33% · dividends + buybacks ≤ 100% of FCF
- pass
Repurchases are a habit
10 of 10 · buybacks in ≥ 5 of last 10 years
Valuation Discipline
1/4
- pass
FCF yield
5.0% · ≥ 3%
- fail
Earnings multiple
34.1 · P/E ≤ 25
- fail
Price asks less than history delivered
7.7% vs 4.9% · implied FCF growth ≤ historical FCF CAGR
- fail
Shareholder yield
1.7% · dividends + buybacks ≥ 2% of market cap
Financial data
As filed in 10-Ks; per-share figures split-adjusted. $ in millions.
| FY | Revenue | Gross profit | Op income | Net income | EPS | OCF | CapEx | FCF | Dividends | Buybacks | SBC | Cash | LT debt | Equity | Shares |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 20,382 | 12,251 | 3,306 | 2,132 | 2.63 | 4,198 | 564 | 3,634 | — | 1,210 | 155 | 1,288 | 6,871 | 54 | 811 |
| 2024 | 20,101 | 12,161 | 4,268 | 2,889 | 3.51 | 4,107 | 561 | 3,546 | — | 1,739 | 135 | 1,096 | 7,289 | 212 | 823 |
| 2023 | 19,457 | 11,326 | 3,984 | 2,300 | 2.77 | 3,745 | 705 | 3,040 | — | 1,128 | 122 | 966 | 8,219 | 609 | 829 |
| 2022 | 17,967 | 10,248 | 2,893 | 1,785 | 2.13 | 2,556 | 696 | 1,860 | — | 1,308 | 125 | 775 | 8,741 | 401 | 839 |
| 2021 | 17,421 | 10,375 | 3,332 | 2,166 | 2.55 | 3,325 | 567 | 2,758 | — | 1,320 | 135 | 832 | 7,194 | 609 | 848 |
| 2020 | 16,471 | 10,017 | 3,885 | 2,695 | 3.14 | 3,719 | 409 | 3,310 | — | 1,476 | 107 | 888 | 7,334 | 743 | 859 |
| 2019 | 15,693 | 9,325 | 3,554 | 2,367 | 2.75 | 3,133 | 335 | 2,798 | — | 1,202 | 100 | 883 | 7,333 | 117 | 861 |
| 2018 | 15,544 | 9,231 | 3,694 | 2,400 | 2.75 | 3,056 | 436 | 2,620 | — | 1,238 | 109 | 726 | 6,354 | -102 | 873 |
| 2017 | 15,454 | 9,280 | 3,707 | 2,024 | 2.28 | 3,054 | 553 | 2,501 | — | 1,399 | 127 | 1,535 | 6,566 | -60 | 888 |
| 2016 | 15,195 | 9,123 | 3,955 | 2,441 | 2.72 | 3,141 | 593 | 2,548 | — | 1,335 | 123 | 1,315 | 6,520 | -243 | 898 |
| 2015 | 16,034 | 9,399 | 2,789 | 1,384 | 1.52 | 2,949 | 691 | 2,258 | — | 1,551 | 125 | 970 | 6,246 | -299 | 910 |
| 2014 | 17,277 | 10,109 | 3,557 | 2,180 | 2.36 | 3,298 | 757 | 2,541 | — | 1,530 | 131 | 1,089 | 5,644 | 1,145 | 924 |
| 2013 | 17,420 | 10,201 | 3,556 | 2,241 | 2.38 | 3,204 | 670 | 2,534 | — | 1,521 | 128 | 962 | 4,749 | 2,305 | 940 |
| 2012 | 17,085 | 9,932 | 3,889 | 2,472 | 2.57 | 3,196 | 565 | 2,631 | — | 1,943 | 120 | 884 | 4,926 | 2,189 | 960 |
| 2011 | 16,734 | 9,590 | 3,841 | 2,431 | 2.47 | 2,896 | 537 | 2,359 | — | 1,806 | 122 | 878 | 4,430 | 2,375 | 984 |
| 2010 | 15,564 | 9,204 | 3,489 | 2,203 | 2.24 | 3,211 | 550 | 2,661 | — | 2,020 | 121 | 490 | 2,815 | 2,675 | 984 |
| 2009 | 15,327 | 9,008 | 3,615 | 2,291 | 2.27 | 3,277 | 575 | 2,702 | — | 1,063 | 117 | 600 | 3,147 | 3,116 | 1,010 |
| 2008 | 15,330 | 8,626 | 3,101 | 1,957 | 1.90 | 2,302 | 684 | 1,618 | — | 1,073 | 100 | 555 | 3,585 | 1,923 | 1,031 |
| 2007 | 13,790 | 7,747 | 2,720 | 1,737 | 1.66 | 2,252 | 583 | 1,669 | — | 1,269 | — | 429 | — | — | — |
Some concepts are structurally absent for certain industries (banks report no gross profit or capex). Missing ≠ zero.