PEPSICO INC
$145.44
+3.18 (+2.24%) · delayed · Nov 13, 2026
Five-year price
52w $123.47 to $171.48
- Market cap
- $198.2B
- Enterprise value
- $238.2B
- P/E
- 24.2×
- 22.4× on 3y avg EPS
- EV / EBIT
- 20.7×
- FCF yield
- 3.9%
- ROIC
- 15.4%
- Debt / equity
- 2.41
- Piotroski F
- 5/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
100
- ●ROIC > 12% (5y avg)5y avg ROIC 17.8%
- ●ROE > 15% (5y avg)5y avg ROE 48.4%
- ●Stable operating marginsMargin volatility 0.7% (σ, 5y)
- ●Earnings convert to cashFCF / net income 82% (5y avg)
- ●Growing revenueRevenue CAGR 5y 5.9%
- ●Shrinking share countDiluted shares -1.4% over 5y
Value
0
- ○P/E below 15P/E 24.2
- ○EV/EBIT below 12EV/EBIT 20.7
- ○FCF yield above 6%FCF yield 3.9%
- ○Price below Graham NumberGraham Number $44.96
- ○P/B below 3P/B 9.7
Safety
20
- ○Debt / equity below 0.5D/E 2.41
- ○Debt payable in < 4 yrs of earningsNet debt $40.0B
- ●Interest coverage > 8xCoverage 10.3x
- ○Current ratio > 1.5Current ratio 0.85
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
43
- ●Adequate size (revenue > $2B)Revenue $93.9B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.85
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 18%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 22.4
- ○P/E × P/B ≤ 22.5Product 217.2
Valuation lab
What do you have to believe?
At $145.44, the market is pricing in about 11.5% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $40.0B · 1363M shares · 5y revenue CAGR 5.9%
Intrinsic value
$86.23
Price
$145.44
Premium paid
69%
What the price implies
The market is paying for 11.5% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
58% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 62,799 | 63,525 | 64,661 | 67,161 | 70,372 | 79,474 | 86,392 | 91,471 | 91,854 | 93,925 |
| Gross profit | 34,577 | 34,729 | 35,280 | 37,029 | 38,575 | 42,399 | 45,816 | 49,590 | 50,110 | 50,859 |
| Operating income | 9,804 | 10,276 | 10,110 | 10,291 | 10,080 | 11,162 | 11,512 | 11,986 | 12,887 | 11,498 |
| Operating margin | 15.6% | 16.2% | 15.6% | 15.3% | 14.3% | 14.0% | 13.3% | 13.1% | 14.0% | 12.2% |
| Pre-tax income | 8,553 | 9,602 | 9,189 | 9,312 | 9,069 | 9,821 | 10,705 | 11,417 | 11,946 | 10,244 |
| Income tax | 2,174 | 4,694 | (3,370) | 1,959 | 1,894 | 2,142 | 1,727 | 2,262 | 2,320 | 1,949 |
| Net income | 6,329 | 4,857 | 12,515 | 7,314 | 7,120 | 7,618 | 8,910 | 9,074 | 9,578 | 8,240 |
| EPS (diluted) | 4.36 | 3.38 | 8.78 | 5.20 | 5.12 | 5.49 | 6.42 | 6.56 | 6.95 | 6.00 |
| Diluted shares | 1,452 | 1,438 | 1,425 | 1,407 | 1,392 | 1,389 | 1,387 | 1,383 | 1,378 | 1,373 |
Who owns it