Procter & Gamble (PG -0.96%) is on a roll. Despite tough selling conditions in fiscal 2023 that included soaring costs and increasingly price-sensitive consumers, the company delivered on all of its core financial goals. Its late-July fiscal 2023 fourth-quarter earnings report did show a few dings from these demand pressures, but overall P&G demonstrated why it remains a top-tier choice for income investors.

Let's take a closer look at three factors that make Procter & Gamble's stock so attractive today.

1. Procter & Gamble continues to see growth

P&G's sales results in its most recent quarter were excellent across almost every measure. Sure, shipment volumes declined, and investors would prefer to see a more balanced contribution between rising volumes and increased prices. But P&G still managed to boost non-GAAP organic sales by 8% year over year thanks to higher prices and a slight tilt toward more expensive products. The rate of volume declines slowed as well, down to 1% from 3% in the prior quarter. And the increase outpaced rival Kimberly-Clark (KMB -1.85%) and its most recent 5% year-over-year sales uptick.

P&G's sales increase beat management's forecast and allowed full-year non-GAAP growth to hit 7%, exceeding the upgraded guidance that executives issued in mid-April. "The April to June quarter provided a very strong finish to fiscal year 2023," CEO Jon Moeller said in a press release.

2. Procter & Gamble's finances are excellent

Bears will point out that P&G had a lackluster year when it comes to earnings. Non-GAAP profits rose just 2% in fiscal 2023, trailing the 7% organic sales jump. The combination of price increases and cost cuts wasn't quite enough to offset the negative impact of slowing consumer demand in many categories of consumer staples.

It's still impressive that P&G could boost its profits in such a tough selling environment, though. And cash flow rates were fantastic. P&G produced $17 billion of operating cash flow this year, roughly even with last year's strong result.

These wins allowed the company to invest heavily in its growth initiatives while directing plenty of cash returns toward shareholders. In fact, $9 billion went to P&G's owners through dividends and $7 billion arrived via stock buybacks, for a total of $16 billion of direct returns.

3. P&G's stock price is right for buying

The stock is priced attractively despite all of those positive factors. You can purchase P&G for roughly 4.7 times annual sales today, which is a bit less than the valuation that investors saw in early 2023. The price-to-earnings ratio is similarly modest at 26.

Investors who aren't totally convinced about this growth thesis might want to watch the stock for signs of a return to shipping volume growth, which might come over the next few quarters. Increases here will ease Wall Street's concerns about the potential for weaker organic sales ahead.

Yet the broader short-term outlook is bright. P&G management is calling for another year of solid organic sales gains in 2024. Earnings should expand a bit faster thanks to the cumulative effect of price increases. Cash returns should again land at roughly $16 billion. These factors should all support positive returns for shareholders willing to simply hold this successful business over the long term.