Stock Analysis on Net
Stock Analysis on Net

PepsiCo Inc. (NASDAQ:PEP)

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Common-Size Balance Sheet: Assets

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PepsiCo Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 28, 2024 Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020
Cash and cash equivalents
Short-term investments
Accounts and notes receivable, net
Inventories
Prepaid expenses and other current assets
Assets held for sale
Current assets
Property, plant and equipment, net
Amortizable intangible assets, net
Goodwill
Other indefinite-lived intangible assets
Intangible assets
Investments in noncontrolled affiliates
Deferred income taxes
Noncurrent notes and accounts receivable
Deferred marketplace spending
Pension plans
Operating lease right-of-use assets
Other investments
Other
Other assets
Noncurrent assets
Total assets

Based on: 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26).

Cash and Cash Equivalents
The proportion of cash and cash equivalents relative to total assets declined from 8.81% in 2020 to a low of 5.37% in 2022, followed by a recovery to 9.66% in 2023 and a slight decrease to 8.55% in 2024. This fluctuation suggests periods of varying liquidity management and cash reserves over the five-year span.
Short-term Investments
Short-term investments consistently represented a small fraction of total assets, generally below 1%. There was a noticeable dip from 1.47% in 2020 to around 0.29-0.43% in the subsequent years, with a slight increase to 0.77% in 2024, indicating a conservative approach towards more liquid investment holdings.
Accounts and Notes Receivable, Net
The percentage of accounts and notes receivable increased from 9.04% in 2020 to a peak of 11.02% in 2022, followed by minor decreases to 10.39% in 2024. This trend may reflect changes in credit sales or collection policies during the period.
Inventories
Inventories as a share of total assets demonstrated a general rise from 4.49% in 2020 to 5.66% in 2022, with a slight decrease and stabilization around 5.31-5.33% during 2023 and 2024. This suggests inventory levels were maintained near a slightly higher level compared to the start of the period.
Prepaid Expenses and Other Current Assets
The proportion fluctuated modestly between 0.79% and 1.06% across the years, indicating relatively stable prepaid and current asset management without significant variation.
Assets Held for Sale
This category appeared only in 2021 (1.94%) and was absent in other years, implying a one-time event or disposal activity during that year.
Current Assets
Current assets fluctuated slightly, dipping from 24.75% in 2020 to 23.36% in 2022, then increasing sharply to 26.82% in 2023 before settling down at 25.96% in 2024. This indicates variability in short-term asset composition or liquidity over the timeframe.
Property, Plant and Equipment, Net
There was a steady increase in the share of property, plant, and equipment assets from 23% in 2020 to 28.16% in 2024, suggesting ongoing investment or capital expenditure in fixed assets.
Amortizable Intangible Assets, Net
The relative value of amortizable intangible assets declined gradually from 1.83% in 2020 to 1.11% in 2024, reflecting possible amortization or divestiture over time.
Goodwill
Goodwill as a percentage of total assets showed a gradual decrease from 20.19% in 2020 to 17.63% in 2024, indicating either impairment charges, disposals, or slower acquisition activity relative to total assets.
Other Indefinite-Lived Intangible Assets
This category experienced a marked decline from 18.95% in 2020 to approximately 13.7% by 2024, contributing significantly to the overall reduction in total intangible assets.
Intangible Assets
The total intangible assets share (combining goodwill and other intangibles) declined substantially from 40.97% in 2020 to around 32.5% in 2023-2024. This downward trend suggests a shifting asset composition with reduced weight on intangibles within the company’s asset base.
Investments in Noncontrolled Affiliates
The portion of investments in noncontrolled affiliates fluctuated moderately, peaking at 3.33% in 2022 before settling back to 2% in 2024, indicating some variability in strategic investments outside direct control.
Deferred Income Taxes
The deferred income tax asset proportion showed a gradual decrease from 4.71% in 2020 to 4.39% in 2024, suggesting slight changes in tax timing differences or tax strategies over time.
Noncurrent Notes and Accounts Receivable
This asset class remained minimal throughout the period, ranging narrowly from 0.11% to 0.22%, pointing to a stable and minor role in the asset structure.
Deferred Marketplace Spending
The ratio was relatively stable at about 0.10-0.14%, indicating consistent deferred marketplace-related expenditures within the long-term asset pool.
Pension Plans
The percentage allocated to pension plans varied moderately, with an increase from 0.98% in 2020 to 1.20% in 2024, possibly reflecting changes in pension fund valuations or funding levels.
Operating Lease Right-of-Use Assets
Tangible growth was observed in operating lease right-of-use assets, rising from 1.80% in 2020 to 3.40% in 2024, pointing to increased capitalized lease obligations consistent with lease accounting standards.
Other Investments
Other investments showed growth from 0.30% in 2021 to a peak of 1.61% in 2023 before decreasing slightly in 2024 to 1.35%, reflecting an expanding and then slightly contracted investment portfolio in this category.
Other Assets
There was a marked increase in other assets from 3.56% in 2020 to 6.99% in 2024, suggesting the addition of miscellaneous long-term assets or reclassifications contributing significantly to asset composition.
Noncurrent Assets
Noncurrent assets remained the dominant portion of total assets, fluctuating slightly between 73.18% and 76.64%, with a mild downward trend starting in 2023. This indicates a consistently asset-heavy structure weighted towards long-term assets.
Total Assets
The total assets represent 100% in each year by definition, serving as the base for all ratios and illustrating relative shifts among asset categories over time.