Price to Book Value (P/BV)
since 2005
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PepsiCo Inc. pages available for free this week:
- 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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Calculation
PepsiCo Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total PepsiCo shareholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 4, 2025 | = | ÷ | = | ÷ | |||||||
| Feb 9, 2024 | = | ÷ | = | ÷ | |||||||
| Feb 9, 2023 | = | ÷ | = | ÷ | |||||||
| Feb 10, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 11, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 13, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 15, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 13, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 15, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 11, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 12, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 14, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 21, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 18, 2011 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 19, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 15, 2008 | = | ÷ | = | ÷ | |||||||
| Feb 20, 2007 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2006 | = | ÷ | = | ÷ |
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), 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.
- Share Price Trend
- The share price exhibited fluctuations over the analyzed period. Starting at $59.51 in early 2006, it demonstrated gradual growth with some volatility, reaching around $71.73 by 2008. A decline followed in 2009, consistent with broader market conditions, lowering the price to $52.20. Subsequent years saw a recovery and steady increase, peaking notably at $146.47 in early 2020. Post-2020, the share price showed some decline but remained elevated, registering $143.49 in early 2025.
- Book Value Per Share (BVPS) Trend
- Book value per share showed variability with a general upward trend over the time frame. Beginning at $8.60 in 2006, BVPS increased to peaks near $13.34 in 2011, followed by declines and recoveries, fluctuating notably around the years 2014 to 2017 with values as low as $7.67. From 2017 onward, there was a steady increase again, ending at $13.15 in early 2025. The movements suggest changes in the company’s equity base or asset valuation impacting the book value.
- Price-to-Book Value (P/BV) Ratio Analysis
- The P/BV ratio exhibited substantial variation, reflecting the relationship between market valuation and underlying book value. Initially high ratios around 6.92 in 2006 decreased to the mid-4 range by 2011, indicating relatively lower market premiums over book value. From 2012, the ratio escalated sharply, peaking above 14 in some years, notably in 2017-2018. This increase suggests heightened investor expectations or market optimism despite relatively stable or lower BVPS. The declining trend after 2018, settling near 10.91 by 2025, indicates a partial normalization or market adjustment.
- Overall Financial Valuation Insight
- The interplay of increasing share prices, a generally upward book value trend with dips, and a volatile P/BV ratio suggests dynamic investor sentiment and market conditions. The elevated P/BV ratios during peak years imply that the market valued the company at significant premiums over its book value, possibly due to growth expectations or intangible asset considerations. The fluctuations in BVPS highlight episodic changes in balance sheet strength or accounting adjustments. Overall, financial valuation metrics point to strong market confidence, tempered by periods of reassessment.
Comparison to Competitors
PepsiCo Inc., P/BV, long-term trends, comparison to competitors
| PepsiCo Inc. | Coca-Cola Co. | Mondelēz International Inc. | Philip Morris International Inc. | |
|---|---|---|---|---|
| Feb 4, 2025 | ||||
| Feb 9, 2024 | ||||
| Feb 9, 2023 | ||||
| Feb 10, 2022 | ||||
| Feb 11, 2021 | ||||
| Feb 13, 2020 | ||||
| Feb 15, 2019 | ||||
| Feb 13, 2018 | ||||
| Feb 15, 2017 | ||||
| Feb 11, 2016 | ||||
| Feb 12, 2015 | ||||
| Feb 14, 2014 | ||||
| Feb 21, 2013 | ||||
| Feb 27, 2012 | ||||
| Feb 18, 2011 | ||||
| Feb 22, 2010 | ||||
| Feb 19, 2009 | ||||
| Feb 15, 2008 | ||||
| Feb 20, 2007 | ||||
| Feb 27, 2006 |
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), 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)
PepsiCo Inc., P/BV, long-term trends, comparison to sector (food, beverage & tobacco)
| PepsiCo Inc. | Food, Beverage & Tobacco | |
|---|---|---|
| Feb 4, 2025 | ||
| Feb 9, 2024 | ||
| Feb 9, 2023 | ||
| Feb 10, 2022 | ||
| Feb 11, 2021 | ||
| Feb 13, 2020 | ||
| Feb 15, 2019 | ||
| Feb 13, 2018 | ||
| Feb 15, 2017 | ||
| Feb 11, 2016 | ||
| Feb 12, 2015 | ||
| Feb 14, 2014 | ||
| Feb 21, 2013 | ||
| Feb 27, 2012 | ||
| Feb 18, 2011 | ||
| Feb 22, 2010 | ||
| Feb 19, 2009 | ||
| Feb 15, 2008 | ||
| Feb 20, 2007 | ||
| Feb 27, 2006 |
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), 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 Industry (Consumer Staples)
PepsiCo Inc., P/BV, long-term trends, comparison to industry (consumer staples)
| PepsiCo Inc. | Consumer Staples | |
|---|---|---|
| Feb 4, 2025 | ||
| Feb 9, 2024 | ||
| Feb 9, 2023 | ||
| Feb 10, 2022 | ||
| Feb 11, 2021 | ||
| Feb 13, 2020 | ||
| Feb 15, 2019 | ||
| Feb 13, 2018 | ||
| Feb 15, 2017 | ||
| Feb 11, 2016 | ||
| Feb 12, 2015 | ||
| Feb 14, 2014 | ||
| Feb 21, 2013 | ||
| Feb 27, 2012 | ||
| Feb 18, 2011 | ||
| Feb 22, 2010 | ||
| Feb 19, 2009 | ||
| Feb 15, 2008 | ||
| Feb 20, 2007 | ||
| Feb 27, 2006 |
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), 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).