Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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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).
- Short-term debt obligations
- The proportion of short-term debt obligations relative to total liabilities and equity exhibited fluctuations over the period. It started at 4.07% in 2020, increased gradually until 2021, then declined notably in 2022, only to rise sharply to 7.12% by 2024. This represents a net increase, suggesting a growing reliance on short-term financing in recent years.
- Accounts payable
- Accounts payable as a percentage of total liabilities and equity showed a consistent upward trend from 9.53% in 2020 to a peak of 11.64% in 2022, followed by slight decreases but remaining elevated above 11% in subsequent years. This indicates an increasing proportion of liabilities tied to operational payables.
- Accrued marketplace spending
- The accrued marketplace spending increased steadily from 3.16% in 2020 to a peak of 3.95% in 2022, then decreased modestly and stabilized around 3.48% in 2024. This suggests a moderate rise in accrued expenses related to marketplace activities prior to stabilization.
- Accrued compensation and benefits
- This item increased gradually from 2.22% in 2020 to 2.73% in 2022 before declining slightly, reaching 2.27% in 2024. The trend indicates a small rise followed by a reduction in accrued employee-related liabilities.
- Dividends payable
- There is a consistent upward trajectory in dividends payable over the five-year period, from 1.54% in 2020 to 1.9% in 2024, demonstrating an increased liability for shareholder distributions.
- Current operating lease liabilities
- The ratio of current operating lease liabilities showed a gradual, modest increase from 0.5% in 2020 to 0.65% in 2024, indicating slightly higher lease-related short-term liabilities.
- Other current liabilities
- Other current liabilities increased steadily from 4.15% in 2020 to 5.24% in 2024, reflecting growth in miscellaneous short-term obligations.
- Accounts payable and other current liabilities
- Combined accounts payable and other current liabilities rose from 21.09% in 2020 to a peak of 25.35% in 2022 before declining slightly to 24.59% in 2024. Overall, this represents an increase in total current liabilities related to payables and expenses.
- Liabilities held for sale
- Data for liabilities held for sale is available only in 2021 at 0.82%, indicating a one-time or short-term classification of such liabilities during that year only.
- Current liabilities
- Current liabilities as a percentage of total liabilities and equity trended upwards from 25.15% in 2020 to 31.7% in 2024, highlighting an expanding share of near-term obligations in the company's liability structure.
- Long-term debt obligations, excluding current maturities
- Long-term debt obligations decreased consistently from 43.45% of total liabilities and equity in 2020 to 37.42% in 2024. This indicates a reduction in extended debt financing relative to the company’s overall capital structure.
- Deferred income taxes
- The deferred income taxes liability peaked at 5.22% in 2021 but declined thereafter to 3.5% by 2024, suggesting decreasing deferred tax liabilities over time.
- Other liabilities
- Other liabilities decreased from 12.2% in 2020 to 8.68% in 2023, followed by a slight increase to 9.1% in 2024. The overall trend indicates a reduction, albeit with some recent stabilization.
- Noncurrent liabilities
- Noncurrent liabilities showed a consistent decline from 60.26% in 2020 to around 50.03% in 2024, indicating a shrinking proportion of long-term obligations within the company’s capital structure.
- Total liabilities
- Total liabilities declined steadily from 85.42% of total liabilities and equity in 2020 to a low of 81.26% in 2022, then remained relatively stable around 81.7% through 2024. This suggests a modest decrease and subsequent stabilization in total liabilities relative to total capital.
- Common stock, par value
- The proportion of common stock par value remained constant at 0.02% throughout the entire period, indicating no significant changes in this nominal capital structure component.
- Capital in excess of par value
- This item showed modest variation, fluctuating between 4.21% and 4.48% before settling near 4.41% in 2024, reflecting relative stability in capital paid exceeding par value.
- Retained earnings
- Retained earnings increased from 68.28% in 2020 to a peak of 73.55% in 2022, then declined to 69.69% in 2023 before recovering to 72.65% in 2024. This reflects an overall growth in accumulated profits retained in the company, with some short-term volatility.
- Accumulated other comprehensive loss
- The accumulated other comprehensive loss ranged between -16.66% and -17.71%, showing moderate fluctuation but no clear trend towards improvement or deterioration, reflecting ongoing unrealized losses.
- Repurchased common stock, in excess of par value
- This liability component remained substantial and relatively stable, fluctuating around -41% throughout the period, signifying continued share repurchase programs affecting equity deductions.
- Total PepsiCo common shareholders' equity
- Common shareholders’ equity increased from 14.48% in 2020 to a peak of 18.6% in 2022, then slightly declined to 18.14% by 2024. This trend indicates strengthening equity capitalization with mild recent contraction.
- Noncontrolling interests
- Noncontrolling interests remained marginal and stable around 0.11% to 0.13%, signifying minimal minority shareholder influence within the equity structure.
- Total equity
- Total equity followed a similar pattern to common shareholders’ equity, increasing from 14.58% in 2020 to 18.74% in 2022, subsequently easing to 18.27% in 2024. The overall trend suggests growth with stabilization near the later years.
- Total liabilities and equity
- The total of liabilities and equity consistently summed to 100% across all periods, ensuring the integrity of the proportionate analysis.