Explain this page
Arphra AIPlain-English read on PepsiCo, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +53.35% | +53.03% | +54.21% | +54.55% | +54.15% | +53.67% | +52.98% | +53.82% | +54.69% |
| Operating margin | +14.04% | +13.33% | +13.10% | +14.03% | +14.36% | +13.94% | +13.50% | +13.45% | +13.65% |
| EBITDA margin | +18.75% | +17.27% | +17.22% | +18.16% | +16.55% | +16.93% | +17.11% | +16.96% | +17.05% |
| EBIT margin | +14.70% | +13.48% | +13.38% | +14.01% | +12.10% | +13.36% | +13.14% | +13.29% | +13.07% |
| Pre-tax margin | +12.36% | +12.39% | +12.48% | +13.01% | +10.91% | +12.08% | +12.29% | +12.36% | +11.87% |
| Net margin | +9.59% | +10.31% | +9.92% | +10.43% | +8.77% | +9.54% | +9.47% | +9.57% | +9.83% |
| Cost structure | |||||||||
| Cost of revenue / sales | +46.65% | +46.97% | +45.79% | +45.45% | +45.85% | +44.68% | +45.09% | +45.37% | +45.12% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +39.30% | +39.89% | +40.10% | +40.49% | +39.78% | +40.80% | +39.72% | +40.99% | +40.53% |
| Effective tax rate | +21.81% | +16.13% | +19.81% | +19.42% | +19.03% | +19.31% | +19.39% | +18.65% | +19.47% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +47.17% | +51.58% | +48.69% | +52.71% | +40.10% | +47.50% | +46.83% | +45.71% | +47.78% |
| Return on assets (ROA) | +8.25% | +9.67% | +9.03% | +9.63% | +7.67% | +8.65% | +8.65% | +8.58% | +9.11% |
| Return on capital (ROC) | +19.61% | +20.26% | +18.94% | +20.42% | +19.15% | +19.92% | +19.21% | +19.24% | +19.53% |
| Return on invested capital (ROIC) | +13.38% | +15.68% | +14.34% | +15.17% | +11.70% | +13.63% | +13.48% | +13.68% | +14.06% |
| Asset turnover | +86.03% | +93.71% | +91.02% | +92.35% | +87.45% | +90.63% | +91.29% | +89.65% | +92.70% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +9.59% | +10.31% | +9.92% | +10.43% | +8.77% | +9.54% | +9.47% | +9.57% | +9.83% |
| Asset turnover (× revenue / assets) | +86.03% | +93.71% | +91.02% | +92.35% | +87.45% | +90.63% | +91.29% | +89.65% | +92.70% |
| Equity multiplier (× assets / equity) | +571.96% | +533.71% | +539.22% | +547.39% | +522.70% | +549.45% | +541.36% | +533.01% | +524.31% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.86 | 0.94 | 0.91 | 0.92 | 0.87 | 0.91 | 0.91 | 0.90 | 0.93 |
| Fixed-asset turnover | 3.25 | 3.24 | 3.05 | 2.93 | 2.79 | — | — | — | — |
| Inventory turnover | 8.53 | 7.77 | 7.85 | 7.87 | 7.37 | — | — | — | — |
| Receivables turnover | 9.16 | 8.50 | 8.46 | 8.89 | 8.16 | — | — | — | — |
| Payables turnover | 3.77 | 3.78 | 3.60 | 3.80 | 3.68 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 39.86 | 42.94 | 43.16 | 41.06 | 44.71 | — | — | — | — |
| Days inventory outstanding (DIO) | 42.80 | 46.97 | 46.49 | 46.39 | 49.54 | — | — | — | — |
| Days payables outstanding (DPO) | 96.81 | 96.54 | 101.40 | 96.16 | 99.20 | — | — | — | — |
| Cash conversion cycle | -14.15 | -6.63 | -11.76 | -8.70 | -4.94 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.52 | 1.21 | 1.48 | 1.31 | 1.47 | 1.40 | 1.42 | 1.46 | 1.37 |
| FCF / Net income | 0.92 | 0.63 | 0.87 | 0.75 | 0.93 | 0.84 | 0.89 | 0.84 | 0.82 |
| FCF margin | +8.80% | +6.49% | +8.66% | +7.83% | +8.17% | +7.98% | +8.44% | +8.01% | +8.05% |
| OCF margin | +14.62% | +12.51% | +14.70% | +13.62% | +12.87% | +13.36% | +13.49% | +13.94% | +13.45% |
| CapEx / Revenue | +5.82% | +6.03% | +6.03% | +5.79% | +4.70% | +5.57% | +5.37% | +5.46% | +5.52% |
| CapEx / D&A | 1.44 | 1.59 | 1.57 | 1.39 | 1.06 | — | — | — | — |
| Stock-based comp / Revenue | +0.38% | +0.40% | +0.42% | +0.39% | +0.31% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 5.48 | 6.42 | 6.56 | 6.95 | 6.00 | 8.65 | 9.13 | 9.75 | 9.93 |
| EPS · basic | 5.51 | 6.46 | 6.59 | 6.98 | 6.03 | 8.80 | 9.21 | 9.88 | 10.05 |
| Book value / share | 11.63 | 12.45 | 13.48 | 13.19 | 14.97 | 14.46 | 15.06 | 16.19 | 16.10 |
| Tangible BV / share | -15.04 | -11.91 | -10.14 | -10.28 | -9.79 | 14.46 | 15.06 | 16.19 | 16.10 |
| Sales / share | 57.22 | 62.29 | 66.14 | 66.66 | 68.41 | 72.00 | 74.42 | 77.36 | 78.26 |
| Operating CF / share | 8.36 | 7.79 | 9.72 | 9.08 | 8.80 | 9.62 | 10.04 | 10.78 | 10.53 |
| Free cash flow / share | 5.03 | 4.04 | 5.73 | 5.22 | 5.59 | 5.75 | 6.28 | 6.20 | 6.30 |
| Dividends / share | 4.19 | 4.45 | 4.83 | 5.25 | 5.56 | 5.64 | 5.93 | 6.12 | 5.96 |
| Payout ratio | +76.33% | +69.27% | +73.64% | +75.48% | +92.69% | +82.12% | +84.09% | +82.67% | +77.48% |
| Retention ratio | +23.67% | +30.73% | +26.36% | +24.52% | +7.31% | +17.88% | +15.91% | +17.33% | +22.52% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +8.70% | +5.88% | +0.42% | +2.25% | +5.55% | +3.14% | +3.48% | +1.91% | +3.89% |
| Gross profit · YoY | — | +8.06% | +8.24% | +1.05% | +1.49% | +4.62% | +1.80% | +5.12% | +3.56% | +4.21% |
| Profit | ||||||||||
| Operating income · YoY | — | +3.14% | +4.12% | +7.52% | +4.69% | +2.45% | -0.10% | +3.10% | +3.39% | +3.52% |
| EBITDA · YoY | — | +0.17% | +5.56% | +5.88% | -6.82% | +7.97% | +4.27% | +2.57% | +2.41% | +2.66% |
| Net income · YoY | — | +16.96% | +1.84% | +5.55% | -13.97% | +14.76% | +2.45% | +4.48% | +4.73% | +4.22% |
| Operating | ||||||||||
| EBIT · YoY | — | -0.34% | +5.08% | +5.14% | -11.66% | +16.54% | +1.40% | +4.71% | +0.26% | +2.38% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +17.15% | +2.18% | +5.95% | -13.67% | +44.24% | +5.54% | +6.71% | +1.90% | +7.72% |
| EPS · basic · YoY | — | +17.24% | +2.01% | +5.92% | -13.61% | +45.96% | +4.68% | +7.23% | +1.73% | +7.80% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $40.78B | $39.55B | $44.66B | $44.95B | $49.9B | $49.47B | $51.2B | $51.84B | $53.2B |
| Net debt | $35.18B | $34.6B | $34.95B | $36.44B | $40.74B | $39.51B | $41.05B | $41.21B | $42.73B |
| Net debt / EBITDA | 2.36 | 2.32 | 2.22 | 2.18 | 2.62 | 2.35 | 2.35 | 2.30 | 2.32 |
| Debt / equity | 2.52 | 2.29 | 2.40 | 2.47 | 2.43 | 2.48 | 2.47 | 2.34 | 2.40 |
| Debt / assets | +44.15% | +42.91% | +44.44% | +45.19% | +46.46% | +45.23% | +45.72% | +43.92% | +45.73% |
| Equity / assets | +17.48% | +18.74% | +18.55% | +18.27% | +19.13% | +18.20% | +18.47% | +18.76% | +19.07% |
| Coverage | |||||||||
| EBITDA / interest expense | 8.00 | 15.89 | 19.24 | 18.15 | 13.87 | 16.29 | 17.02 | 16.09 | 16.09 |
| Operating income / interest | 5.99 | 12.26 | 14.63 | 14.02 | 12.03 | 13.42 | 13.43 | 12.76 | 12.88 |
| Interest expense | $1.86B | $939M | $819M | $919M | $1.12B | $1.03B | $1.03B | $1.12B | $1.14B |
| Liquidity | |||||||||
| Current ratio | 0.83 | 0.80 | 0.85 | 0.82 | 0.85 | — | — | — | — |
| Quick ratio | 0.56 | 0.58 | 0.66 | 0.62 | 0.64 | — | — | — | — |
| Cash ratio | 0.21 | 0.18 | 0.31 | 0.27 | 0.28 | — | — | — | — |
| Working capital | -$4.44B | -$5.25B | -$4.7B | -$5.71B | -$4.82B | — | — | — | — |
| Working capital / revenue | -5.58% | -6.07% | -5.13% | -6.22% | -5.13% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).