Stock Analysis on Net

PepsiCo Inc. (NASDAQ:PEP)

$24.99

Price to Book Value (P/BV)
since 2005

Microsoft Excel

Calculation

PepsiCo Inc., P/BV, long-term trends, calculation

Microsoft Excel

Based on: 10-K (reporting date: 2025-12-27), 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), 10-K (reporting date: 2019-12-28), 10-K (reporting date: 2018-12-29), 10-K (reporting date: 2017-12-30), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-26), 10-K (reporting date: 2014-12-27), 10-K (reporting date: 2013-12-28), 10-K (reporting date: 2012-12-29), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-25), 10-K (reporting date: 2009-12-26), 10-K (reporting date: 2008-12-27), 10-K (reporting date: 2007-12-29), 10-K (reporting date: 2006-12-30), 10-K (reporting date: 2005-12-31).

1 US$

2 Data adjusted for splits and stock dividends.

3 Closing price as at the filing date of PepsiCo Inc. Annual Report.


The price-to-book value (P/BV) ratio for the period examined exhibits considerable fluctuation. Initially, the ratio demonstrates relative stability, followed by a period of significant volatility, and then a return to a more moderate range. A general observation is that the P/BV ratio tends to be in the range of 5 to 7 for much of the earlier period, before increasing substantially in the mid-2010s.

Initial Period (2006-2009)
From 2006 to 2009, the P/BV ratio remained relatively consistent, fluctuating between approximately 6.67 and 6.92. A slight dip is observed in 2009 to 6.71, coinciding with a decrease in share price and book value per share. This suggests a potential reaction to broader economic conditions during that time.
Period of Decline and Recovery (2010-2012)
The years 2010 through 2012 show a notable decline in the P/BV ratio, reaching a low of 4.75 in 2011. This decrease is attributable to a combination of factors, including a decrease in share price and an increase in book value per share. The ratio then shows a modest recovery in 2012, stabilizing around 4.83.
Significant Increase (2013-2015)
A substantial increase in the P/BV ratio is evident from 2013 to 2015, rising from 5.22 to a peak of 13.73. This surge is primarily driven by a significant increase in share price, while book value per share also increased, but at a slower rate. The ratio of 11.75 in 2015 represents the highest value observed during the analyzed period.
Moderation and Recent Trends (2016-2026)
Following the peak in 2015, the P/BV ratio experienced a decline, settling around 10.91 in 2017 and 2018. Fluctuations continued, with the ratio reaching 14.52 in 2018, then decreasing to 12.45 in 2019. More recently, from 2020 to 2024, the ratio has shown a downward trend, decreasing from 13.76 to 10.91. The latest available figures for 2025 and 2026 indicate a continued decline, reaching 10.91 and then 10.91 respectively. This suggests a potential correction or shift in market valuation relative to book value.

Overall, the P/BV ratio demonstrates a dynamic relationship with both share price and book value per share. The observed fluctuations likely reflect changes in investor sentiment, market conditions, and the company’s financial performance over the examined period.


Comparison to Competitors

PepsiCo Inc., P/BV, long-term trends, comparison to competitors

Microsoft Excel

Based on: 10-K (reporting date: 2025-12-27), 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), 10-K (reporting date: 2019-12-28), 10-K (reporting date: 2018-12-29), 10-K (reporting date: 2017-12-30), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-26), 10-K (reporting date: 2014-12-27), 10-K (reporting date: 2013-12-28), 10-K (reporting date: 2012-12-29), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-25), 10-K (reporting date: 2009-12-26), 10-K (reporting date: 2008-12-27), 10-K (reporting date: 2007-12-29), 10-K (reporting date: 2006-12-30), 10-K (reporting date: 2005-12-31).


Comparison to Sector (Food, Beverage & Tobacco)


Comparison to Industry (Consumer Staples)