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PepsiCo, Inc. (PEP)

NASDAQ / Consumer Defensive / Beverages - Non-Alcoholic

Share price

128.38 USD Market dataClose of Oct 15, 2026

Market capitalisation

174.90B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Feb 3, 2026
Ratios computed
Oct 15, 2026
Filed years
10, FY2016 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

14.5% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

21.33x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

4.3% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 62.80B USDFY2016 Net income: 6.33B USDFY2017 Revenue: 63.52B USDFY2017 Net income: 4.86B USDFY2018 Revenue: 64.66B USDFY2018 Net income: 12.52B USDFY2019 Revenue: 67.16B USDFY2019 Net income: 7.31B USDFY2020 Revenue: 70.37B USDFY2020 Net income: 7.12B USDFY2021 Revenue: 79.47B USDFY2021 Net income: 7.62B USDFY2022 Revenue: 86.39B USDFY2022 Net income: 8.91B USDFY2023 Revenue: 91.47B USDFY2023 Net income: 9.07B USDFY2024 Revenue: 91.85B USDFY2024 Net income: 9.58B USDFY2025 Revenue: 93.92B USDFY2025 Net income: 8.24B USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
3 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 21.33x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 15.00x and 25.00x.

Today, against the Consumer Defensive sector (135 companies), 21.33x sits at the 52nd percentile; the middle half of that group runs from 13.84x to 33.63x.

Is it good

Return on invested capital was 14.5% in FY2025, in the band labelled "Above the cost of capital" (12.0% to 20.0%), on lines anchored on Damodaran's cost-of-capital data.

Today, against the Consumer Defensive sector (102 companies), 14.5% sits at the 77th percentile; the middle half of that group runs from 2.7% to 14.1%.

Is it safe

Interest coverage was 10.26x in FY2025, in the band labelled "Comfortable" (6.00x and above), on lines anchored on Damodaran's interest-coverage table, suggesting an interest bill operating profit covers many times over.

Year by year against peers
Whether PepsiCo, Inc.'s return on invested capital stayed above the median of the Consumer Defensive sector, year by year. (FY2019 to FY2025, 7 fiscal years of PepsiCo, Inc. with a comparable figure)
The direction
Which way PepsiCo, Inc.'s return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of PepsiCo, Inc.)
What could explain it
What in PepsiCo, Inc.'s filed statements could explain the movements. (8 readings drawn from the statement lines PepsiCo, Inc. filed)
What to check next
What to check next on PepsiCo, Inc., and where in its filings. (6 questions for PepsiCo, Inc.)
In one paragraph
One paragraph on PepsiCo, Inc.'s returns, cash, balance sheet and price. (16 of sixteen figures read for PepsiCo, Inc.)

These are PEP’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research PEPPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 3, 2026, accession 0000077476-26-000007.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

PepsiCo, Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax14.5% ComputedFY2025 10-K, filed Feb 3, 2026, 0000077476-26-000007
Return on equity40.4% ComputedFY2025 10-K, filed Feb 3, 2026, 0000077476-26-000007
Return on capital employed, pre-tax15.4% ComputedFY2025 10-K, filed Feb 3, 2026, 0000077476-26-000007
Return on assets7.7% ComputedFY2025 10-K, filed Feb 3, 2026, 0000077476-26-000007
Gross margin54.1% ComputedFY2025 10-K, filed Feb 3, 2026, 0000077476-26-000007
Operating margin12.2% ComputedFY2025 10-K, filed Feb 3, 2026, 0000077476-26-000007
Net margin8.8% ComputedFY2025 10-K, filed Feb 3, 2026, 0000077476-26-000007
PEP 8.8%
CCEP 9.3%KDP 12.5%KOF 8.5%MNST 23.0%COKE 7.9%
7.9%23.0%
Net margin: PEP against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

PepsiCo, Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity2.60 ComputedFY2025 10-K, filed Feb 3, 2026, 0000077476-26-000007
Current ratio0.85 ComputedFY2025 10-K, filed Feb 3, 2026, 0000077476-26-000007
Quick ratio0.67 ComputedFY2025 10-K, filed Feb 3, 2026, 0000077476-26-000007
Interest coverage10.26x ComputedFY2025 10-K, filed Feb 3, 2026, 0000077476-26-000007
Altman Z-score3.34 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 3, 2026, 0000077476-26-000007
Net debt43.50B ComputedFY2025 10-K, filed Feb 3, 2026, 0000077476-26-000007
Total assets 107.40BTotal liabilities 86.85BShareholders' equity 20.41BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What PepsiCo, Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 3, 2026, 0000077476-26-000007).

PepsiCo, Inc: balance sheet position
Total assets107.40B FiledFY2025 10-K, filed Feb 3, 2026
Total liabilities86.85B FiledFY2025 10-K, filed Feb 3, 2026
Shareholders' equity20.41B FiledFY2025 10-K, filed Feb 3, 2026
Cash9.53B FiledFY2025 10-K, filed Feb 3, 2026
Total debt53.03B FiledFY2025 10-K, filed Feb 3, 2026
Net debt43.50B
Current ratio0.85
Debt to equity2.60

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

PepsiCo, Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings21.33x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 3, 2026, 0000077476-26-000007
P/E on trailing twelve months16.13x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book8.64x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 3, 2026, 0000077476-26-000007
Price to sales1.88x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 3, 2026, 0000077476-26-000007
Enterprise value to EBIT19.15x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 3, 2026, 0000077476-26-000007
Enterprise value to EBITDA14.73x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 3, 2026, 0000077476-26-000007
Price to earnings over growth6.64 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 3, 2026, 0000077476-26-000007
Diluted earnings per share6.00 USD FiledFY2025 10-K, filed Feb 3, 2026, 0000077476-26-000007
Graham number44.87 USD ComputedFY2025 10-K, filed Feb 3, 2026, 0000077476-26-000007

We publish no fair value or price target of our own. Value PEP on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for PepsiCo, Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

PepsiCo, Inc: valuation
Share price128.38 USD
Market capitalisation174.90B USD
Enterprise value to EBITDA14.73x
Graham number44.87 USD
Diluted earnings per share, FY20256.00 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Jul 11, 2017: low 13.12x, median 26.08x, high 41.20x, latest 16.13x. 2,330 trading days with a meaningful ratio. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like PepsiCo, Inc

  1. Coca-Cola Europacific Partners PLC (CCEP)Market cap 48.65B USD
  2. Keurig Dr Pepper Inc. (KDP)Market cap 46.51B USD
  3. Coca-Cola FEMSA, S.A.B. de C.V. (KOF)Market cap 24.30B USD
  4. Monster Beverage Corporation (MNST)Market cap 88.82B USD
  5. Coca-Cola Consolidated, Inc. (COKE)Market cap 16.07B USD

Same industry (Beverages - Non-Alcoholic) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

PepsiCo, Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield4.3% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 3, 2026, 0000077476-26-000007
Free cash flow7.67B USD ComputedFY2025 10-K, filed Feb 3, 2026, 0000077476-26-000007
Free cash flow margin8.2% ComputedFY2025 10-K, filed Feb 3, 2026, 0000077476-26-000007
Dividend yield4.5% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 3, 2026, 0000077476-26-000007
Payout ratio92.7% ComputedFY2025 10-K, filed Feb 3, 2026, 0000077476-26-000007
FY2016 Free cash flow: 7.62B USDFY2016 Net income: 6.33B USDFY2017 Free cash flow: 7.06B USDFY2017 Net income: 4.86B USDFY2018 Free cash flow: 6.13B USDFY2018 Net income: 12.52B USDFY2019 Free cash flow: 5.42B USDFY2019 Net income: 7.31B USDFY2020 Free cash flow: 6.37B USDFY2020 Net income: 7.12B USDFY2021 Free cash flow: 6.99B USDFY2021 Net income: 7.62B USDFY2022 Free cash flow: 5.60B USDFY2022 Net income: 8.91B USDFY2023 Free cash flow: 7.92B USDFY2023 Net income: 9.07B USDFY2024 Free cash flow: 7.19B USDFY2024 Net income: 9.58B USDFY2025 Free cash flow: 7.67B USDFY2025 Net income: 8.24B USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

PepsiCo, Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
21.33xFY2025Oct 15, 2026
8.64xFY2025Oct 15, 2026
19.15xFY2025Oct 15, 2026
4.3%FY2025Oct 15, 2026
14.5%FY2025Feb 3, 2026
4.5%FY2025Oct 15, 2026
2.60FY2025Feb 3, 2026
0.85FY2025Feb 3, 2026
1.88xFY2025Oct 15, 2026
6.64FY2025Oct 15, 2026
3.34FY2025Oct 15, 2026
-2.51FY2025Feb 3, 2026
5/9FY2025Feb 3, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 10 filed fiscal years on record, FY2016 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports PepsiCo, Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

PepsiCo, Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202593.92B11.50B8.24B6.007.67B12.2%40.4%10-K, Feb 3, 20260000077476-26-000007
FY202491.85B12.89B9.58B6.957.19B14.0%53.1%10-K, Feb 4, 20250000077476-25-000007
FY202391.47B11.99B9.07B6.567.92B13.1%49.0%10-K, Feb 9, 20240000077476-24-000008
FY202286.39B11.51B8.91B6.425.60B13.3%52.0%10-K, Feb 9, 20230000077476-23-000007
FY202179.47B11.16B7.62B5.496.99B14.0%47.5%10-K, Feb 10, 20220000077476-22-000010
FY202070.37B10.08B7.12B5.126.37B14.3%52.9%10-K, Feb 11, 20210000077476-21-000007
FY201967.16B10.29B7.31B5.205.42B15.3%49.5%10-K, Feb 13, 20200000077476-20-000015
FY201864.66B10.11B12.52B8.786.13B15.6%86.2%10-K, Feb 15, 20190000077476-19-000017
FY201763.52B10.28B4.86B3.387.06B16.2%44.0%10-K, Feb 13, 20180000077476-18-000012
FY201662.80B9.80B6.33B4.367.62B15.6%56.3%10-K, Feb 15, 20170000077476-17-000010
  • Revenue, compound annual growth FY2016 to FY2025: 4.6%
  • Earnings, compound annual growth FY2016 to FY2025: 3.0%
  • Earnings per share, compound annual growth FY2016 to FY2025: 3.6%
  • Free cash flow, compound annual growth FY2016 to FY2025: 0.1%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

PepsiCo, Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.51 ComputedFY2025 10-K, filed Feb 3, 2026, 0000077476-26-000007
Piotroski F-score5/9 ComputedFY2025 10-K, filed Feb 3, 2026, 0000077476-26-000007
Named tests met3 of 30 Computed
Beta0.17 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 3 met, 27 not met, 0 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Gross margin, turnover (Robert Novy-Marx); ROIC at or above WACC; Cash-covered dividend
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.