Company Valuation: PepsiCo, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 239,843 255,191 235,666 212,201 196,596 194,074 - -
Change - 6.4% -7.65% -9.96% -7.35% -1.28% - -
Enterprise Value (EV) 1 274,189 288,914 269,768 247,241 236,248 232,399 231,657 230,438
Change - 5.37% -6.63% -8.35% -4.45% -1.63% -0.32% -0.53%
P/E 31.2x 28.5x 25.8x 22x 24x 17.5x 16.6x 15.7x
PBR 14.8x 14.7x 12.6x 11.6x 9.63x 8.13x 7.28x 6.65x
PEG - 1.7x 11.83x 3.7x -1.8x 0.5x 3.01x 2.79x
Capitalization / Revenue 3.02x 2.95x 2.58x 2.31x 2.09x 1.96x 1.91x 1.84x
EV / Revenue 3.45x 3.34x 2.95x 2.69x 2.52x 2.35x 2.27x 2.19x
EV / EBITDA 19.4x 19.1x 16x 13.8x 12.9x 12x 11.5x 10.9x
EV / EBIT 24x 23.4x 19.4x 16.8x 15.8x 14.6x 14x 13.3x
EV / FCF 39.2x 51.6x 34x 34.4x 30.8x 22x 19.8x 18x
FCF Yield 2.55% 1.94% 2.94% 2.91% 3.25% 4.54% 5.06% 5.56%
Dividend per Share 2 4.248 4.525 4.945 - 5.622 5.842 6.141 6.516
Rate of return 2.48% 2.47% 2.92% - 3.91% 4.11% 4.32% 4.58%
EPS 2 5.49 6.42 6.56 6.95 6 8.111 8.559 9.04
Distribution rate 77.4% 70.5% 75.4% - 93.7% 72% 71.8% 72.1%
Net sales 1 79,474 86,392 91,471 91,854 93,925 98,954 101,862 105,450
EBITDA 1 14,124 15,088 16,823 17,858 18,363 19,391 20,124 21,218
EBIT 1 11,414 12,325 13,875 14,698 14,912 15,896 16,519 17,333
Net income 1 7,618 8,910 9,074 9,578 8,240 10,813 11,432 12,113
Net Debt 1 34,346 33,723 34,102 35,040 39,652 38,325 37,583 36,365
Reference price 2 171.47 183.07 169.40 152.89 143.78 142.19 142.19 142.19
Nbr of stocks (in thousands) 1,398,745 1,393,956 1,391,178 1,387,929 1,367,340 1,364,892 - -
Announcement Date 2/10/22 A 2/9/23 A 2/9/24 A 2/4/25 A 2/3/26 A - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
17.53x2.35x11.99x4.11% 194B
21.51x2.39x13.21x2.34% 48.55B
16.7x1.53x7.6x3.78% 24.12B
27x0.77x9.77x1.84% 3.99B
14.49x1.97x8.55x4.74% 1.65B
12.99x1.4x7.78x3.36% 914M
Average 18.37x 1.73x 9.81x 3.36% 45.55B
Weighted average by Cap. 18.27x 2.26x 11.75x 3.73%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  4. Valuation PepsiCo, Inc.