Crest and Oral-B: Nearly 30% of Oral CareNarrow moat

Procter & Gamble (PG) — moat facet

Crest and Oral-B hold nearly 30% of the world's oral care, but sales in Greater China fell by mid-teens in a year.

Oral care is the larger half of Health Care, 8% of P&G sales against 6% for personal health care1. Crest and Oral-B together give the company nearly 30% of the world oral care market2, and oral care was 8% of net sales in each of the last three years3. It sits inside the Health Care segment, with Metamucil, Neurobion, Pepto-Bismol and Vicks4.

Health Care share change, June 2026 quarter (points)Personal health care+0.6Oral care-0.3P&G Q4 FY2026 earnings slides
One franchise gaining, one slipping.

The two brands defend each other. Crest sells the paste; Oral-B sells manual and electric brushes, and an electric brush brings the customer back for replacement heads for years. That is the same pattern as the razor and blade, applied to the bathroom sink, and it is why oral care has held its weight in the company while other categories drifted.

Fiscal 2026 was flat. Oral care organic sales were unchanged, with a mid-teens decrease in Greater China5, and in the June 2026 quarter oral care share fell 0.3 points6. The 10-K attributes Health Care volume losses partly to competitive activity in North America and Greater China7. Health Care as a whole grew sales 4%, with volume down 2% and price up 2%8.

The contrast inside the segment is useful. Personal health care share rose 0.6 points in the June quarter9 while oral care's fell, so the segment's stable total hides one franchise gaining and one slipping.

The segment around oral care is still healthy. Health Care earned $2,404 million of net earnings in fiscal 2026 at a 19.3% margin, down 100 basis points10, and its segment share rose 0.4 points for the year11. That gain came from personal health care; oral care is the half that needs repair.

On balance, this is a leader under pressure in its second-largest market. It would change if the Greater China decline spread: a second year of mid-teens declines there, or a North American share loss above half a point, would mean the brands are losing to rivals rather than to a weak market. Oral care share change, minus 0.3 points in the latest quarter12, is the figure.

Moat trajectory: Narrowing

Oral care organic flat in FY2026; Greater China down mid-teens; share -0.3pt in Q4.

The number that tests this moat
Reported
Oral care share change, latest quarter
-0.3 points (Q4 FY2026)

The franchise's competitive position; repeated losses outside China would mean the problem is the brand, not the market.

Source: P&G Q4 FY2026 earnings slides ↗
⚠ Threats to the moat
⚠ THREAT 01
Greater China Oral Care Down by Mid-Teens
P&G's oral care sales fell by mid-teens in Greater China in fiscal 2026 while its baby care sales there rose about 20%.
References
  1. ReportedOral care is the larger half of Health Care, 8% of P&G sales against 6% for personal health care.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Note 2 segment information: net sales, earnings before tax, net earnings, margins, capital spending and depreciation by segment. — FY2026 · publ. 4 August 2026 · source ↗
  2. ReportedCrest and Oral-B together give the company nearly 30% of the world oral care market, and oral care was 8% of net sales in each of the last three years.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 7 MD&A: market shares and competitive activity by category. — FY2026 · publ. 4 August 2026 · source ↗
  3. ReportedCrest and Oral-B together give the company nearly 30% of the world oral care market, and oral care was 8% of net sales in each of the last three years.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 7 MD&A: market shares and competitive activity by category. — FY2026 · publ. 4 August 2026 · source ↗
  4. ReportedIt sits inside the Health Care segment, with Metamucil, Neurobion, Pepto-Bismol and Vicks.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 7 MD&A and segment note: segment contents, operating segments and shares of net sales and net earnings. — FY2026 · publ. 4 August 2026 · source ↗
  5. ReportedOral care organic sales were unchanged, with a mid-teens decrease in Greater China, and in the June 2026 quarter oral care share fell 0.3 points.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 7 MD&A: market shares and competitive activity by category. — FY2026 · publ. 4 August 2026 · source ↗
  6. ReportedOral care organic sales were unchanged, with a mid-teens decrease in Greater China, and in the June 2026 quarter oral care share fell 0.3 points.
    Procter & Gamble fourth-quarter fiscal 2026 earnings slides, Form 8-K exhibit 99.1 - organic sales and core EPS history, share results and fiscal 2027 guidance assumptions. — Q4 FY2026 · publ. 29 July 2026 · source ↗
  7. ReportedThe 10-K attributes Health Care volume losses partly to competitive activity in North America and Greater China.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 7 MD&A: market shares and competitive activity by category. — FY2026 · publ. 4 August 2026 · source ↗
  8. ReportedHealth Care as a whole grew sales 4%, with volume down 2% and price up 2%.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 7 MD&A and segment note: segment contents, operating segments and shares of net sales and net earnings. — FY2026 · publ. 4 August 2026 · source ↗
  9. ReportedPersonal health care share rose 0.6 points in the June quarter while oral care's fell, so the segment's stable total hides one franchise gaining and one slipping.
    Procter & Gamble fourth-quarter fiscal 2026 earnings slides, Form 8-K exhibit 99.1 - organic sales and core EPS history, share results and fiscal 2027 guidance assumptions. — Q4 FY2026 · publ. 29 July 2026 · source ↗
  10. ReportedHealth Care earned $2,404 million of net earnings in fiscal 2026 at a 19.3% margin, down 100 basis points, and its segment share rose 0.4 points for the year.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 7 MD&A: market shares and competitive activity by category. — FY2026 · publ. 4 August 2026 · source ↗
  11. ReportedHealth Care earned $2,404 million of net earnings in fiscal 2026 at a 19.3% margin, down 100 basis points, and its segment share rose 0.4 points for the year.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 7 MD&A: market shares and competitive activity by category. — FY2026 · publ. 4 August 2026 · source ↗
  12. ReportedOral care share change, minus 0.3 points in the latest quarter, is the figure.
    Procter & Gamble fourth-quarter fiscal 2026 earnings slides, Form 8-K exhibit 99.1 - organic sales and core EPS history, share results and fiscal 2027 guidance assumptions. — Q4 FY2026 · publ. 29 July 2026 · source ↗
Sources
Generated September 26, 2026