Everyone's fixated on [Trump's defense budget](https://www.cnbc.com/2026/06/30/trump-trillion-dollar-defense-budget-missile-contracts.html) starving consumer staples of discretionary wallet share. True story, but it's missing the real margin killer: these companies borrowed like mad when rates were near zero, and now refinancing costs are eating into already-thin operating leverage. PG carries $8.5B in debt against $147.8B in revenue — that's manageable on the surface.

Research these companies