Price to Earnings (P/E)
since 2005
Calculation
PepsiCo Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income available for PepsiCo common shareholders1 (in millions) | ÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 3, 2026 | 27.01 | = | 162.85 | ÷ | 6.03 | 6.03 | = | 8,240 | ÷ | 1,366,649,053 | |
| Feb 4, 2025 | 20.55 | = | 143.49 | ÷ | 6.98 | 6.98 | = | 9,578 | ÷ | 1,371,499,838 | |
| Feb 9, 2024 | 25.40 | = | 167.67 | ÷ | 6.60 | 6.60 | = | 9,074 | ÷ | 1,374,429,271 | |
| Feb 9, 2023 | 26.71 | = | 172.78 | ÷ | 6.47 | 6.47 | = | 8,910 | ÷ | 1,377,251,316 | |
| Feb 10, 2022 | 30.58 | = | 168.37 | ÷ | 5.51 | 5.51 | = | 7,618 | ÷ | 1,383,451,400 | |
| Feb 11, 2021 | 26.15 | = | 134.97 | ÷ | 5.16 | 5.16 | = | 7,120 | ÷ | 1,379,608,641 | |
| Feb 13, 2020 | 27.83 | = | 146.47 | ÷ | 5.26 | 5.26 | = | 7,314 | ÷ | 1,389,544,618 | |
| Feb 15, 2019 | 13.01 | = | 115.91 | ÷ | 8.91 | 8.91 | = | 12,513 | ÷ | 1,404,686,108 | |
| Feb 13, 2018 | 32.81 | = | 112.14 | ÷ | 3.42 | 3.42 | = | 4,853 | ÷ | 1,419,908,267 | |
| Feb 15, 2017 | 24.09 | = | 106.73 | ÷ | 4.43 | 4.43 | = | 6,323 | ÷ | 1,427,214,232 | |
| Feb 11, 2016 | 25.72 | = | 96.90 | ÷ | 3.77 | 3.77 | = | 5,446 | ÷ | 1,445,412,743 | |
| Feb 12, 2015 | 22.86 | = | 100.27 | ÷ | 4.39 | 4.39 | = | 6,503 | ÷ | 1,482,368,514 | |
| Feb 14, 2014 | 17.66 | = | 78.09 | ÷ | 4.42 | 4.42 | = | 6,732 | ÷ | 1,522,465,786 | |
| Feb 21, 2013 | 18.84 | = | 75.36 | ÷ | 4.00 | 4.00 | = | 6,171 | ÷ | 1,542,782,724 | |
| Feb 27, 2012 | 15.45 | = | 63.32 | ÷ | 4.10 | 4.10 | = | 6,436 | ÷ | 1,570,641,730 | |
| Feb 18, 2011 | 15.93 | = | 63.41 | ÷ | 3.98 | 3.98 | = | 6,314 | ÷ | 1,586,503,366 | |
| Feb 22, 2010 | 16.49 | = | 62.41 | ÷ | 3.78 | 3.78 | = | 5,940 | ÷ | 1,569,900,714 | |
| Feb 19, 2009 | 15.82 | = | 52.20 | ÷ | 3.30 | 3.30 | = | 5,134 | ÷ | 1,556,291,773 | |
| Feb 15, 2008 | 20.35 | = | 71.73 | ÷ | 3.52 | 3.52 | = | 5,646 | ÷ | 1,601,789,456 | |
| Feb 20, 2007 | 18.79 | = | 64.61 | ÷ | 3.44 | 3.44 | = | 5,631 | ÷ | 1,637,764,939 | |
| Feb 27, 2006 | 24.28 | = | 59.51 | ÷ | 2.45 | 2.45 | = | 4,060 | ÷ | 1,656,763,169 |
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-earnings (P/E) ratio exhibited considerable fluctuation over the observed period. Initially, the ratio decreased from 24.28 in 2006 to a low of 15.82 in 2009, coinciding with a period of economic uncertainty. Following this decline, the ratio experienced a period of relative stability, fluctuating between approximately 15.45 and 18.84 from 2010 through 2013.
A notable increase in the P/E ratio occurred between 2013 and 2015, rising from 17.66 to a peak of 25.72. This increase suggests growing investor confidence or potentially overvaluation. Subsequently, the ratio decreased slightly in 2016 before experiencing a significant surge to 32.81 in 2018. This peak was followed by a dramatic decline to 13.01 in 2019, likely driven by a substantial increase in earnings per share.
From 2019 to 2022, the P/E ratio demonstrated an upward trend, increasing from 13.01 to 30.58. However, this trend reversed in 2023 and 2024, with the ratio decreasing to 25.40 and 20.55 respectively. The most recent observation in 2025 shows a slight increase to 27.01. Overall, the P/E ratio has demonstrated significant volatility, reflecting changes in both share price and earnings per share.
- Initial Decline (2006-2009)
- The P/E ratio experienced a consistent decline during this period, potentially indicating a response to broader economic conditions or company-specific concerns. The decrease suggests investors were willing to pay less for each dollar of earnings.
- Period of Stability (2010-2013)
- The P/E ratio remained relatively stable, suggesting a period of consistent performance and investor expectations. Fluctuations within this range were moderate.
- Volatility and Peak (2014-2018)
- This period was characterized by significant volatility, with the P/E ratio reaching a peak in 2018. This suggests a period of heightened investor enthusiasm or potentially speculative trading.
- Dramatic Shift (2019)
- The substantial decrease in the P/E ratio in 2019 was likely a direct result of a significant increase in earnings per share, indicating a potentially undervalued stock relative to its earnings.
- Recent Trends (2020-2025)
- The P/E ratio has shown a more recent pattern of increases followed by declines, indicating a dynamic relationship between share price and earnings. The latest data suggests a possible stabilization, but continued monitoring is warranted.
Comparison to Competitors
PepsiCo Inc., P/E, long-term trends, comparison to competitors
| PepsiCo Inc. | Coca-Cola Co. | Mondelēz International Inc. | Philip Morris International Inc. | |
|---|---|---|---|---|
| Feb 3, 2026 | 27.01 | — | — | — |
| Feb 4, 2025 | 20.55 | 28.34 | 16.11 | 32.02 |
| Feb 9, 2024 | 25.40 | 24.43 | 20.87 | 17.69 |
| Feb 9, 2023 | 26.71 | 27.12 | 33.07 | 17.54 |
| Feb 10, 2022 | 30.58 | 27.63 | 21.64 | 18.37 |
| Feb 11, 2021 | 26.15 | 27.91 | 22.33 | 16.55 |
| Feb 13, 2020 | 27.83 | 28.21 | 21.72 | 18.94 |
| Feb 15, 2019 | 13.01 | 30.47 | 20.03 | 15.08 |
| Feb 13, 2018 | 32.81 | 150.54 | 21.45 | 26.52 |
| Feb 15, 2017 | 24.09 | 27.48 | 41.76 | 22.84 |
| Feb 11, 2016 | 25.72 | 26.01 | 8.59 | 20.57 |
| Feb 12, 2015 | 22.86 | 25.87 | 27.92 | 17.14 |
| Feb 14, 2014 | 17.66 | 19.54 | 14.69 | 14.60 |
| Feb 21, 2013 | 18.84 | 19.00 | 15.56 | 17.49 |
| Feb 27, 2012 | 15.45 | 18.27 | 19.01 | 16.64 |
| Feb 18, 2011 | 15.93 | 12.42 | 13.54 | 15.41 |
| Feb 22, 2010 | 16.49 | 17.81 | 14.11 | 14.53 |
| Feb 19, 2009 | 15.82 | 16.37 | 11.54 | 9.95 |
| Feb 15, 2008 | 20.35 | 23.10 | 18.67 | — |
| Feb 20, 2007 | 18.79 | 21.69 | 17.35 | — |
| Feb 27, 2006 | 24.28 | 20.40 | 19.38 | — |
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)
PepsiCo Inc., P/E, long-term trends, comparison to sector (food, beverage & tobacco)
| PepsiCo Inc. | Food, Beverage & Tobacco | |
|---|---|---|
| Feb 3, 2026 | 27.01 | — |
| Feb 4, 2025 | 20.55 | 25.04 |
| Feb 9, 2024 | 25.40 | 22.54 |
| Feb 9, 2023 | 26.71 | 24.66 |
| Feb 10, 2022 | 30.58 | 24.78 |
| Feb 11, 2021 | 26.15 | 23.23 |
| Feb 13, 2020 | 27.83 | 24.75 |
| Feb 15, 2019 | 13.01 | 18.05 |
| Feb 13, 2018 | 32.81 | 37.84 |
| Feb 15, 2017 | 24.09 | 26.08 |
| Feb 11, 2016 | 25.72 | 19.86 |
| Feb 12, 2015 | 22.86 | 22.41 |
| Feb 14, 2014 | 17.66 | 16.88 |
| Feb 21, 2013 | 18.84 | 18.09 |
| Feb 27, 2012 | 15.45 | 17.18 |
| Feb 18, 2011 | 15.93 | 14.06 |
| Feb 22, 2010 | 16.49 | 16.01 |
| Feb 19, 2009 | 15.82 | 13.43 |
| Feb 15, 2008 | 20.35 | 21.20 |
| Feb 20, 2007 | 18.79 | 19.54 |
| Feb 27, 2006 | 24.28 | 21.53 |
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 Industry (Consumer Staples)
PepsiCo Inc., P/E, long-term trends, comparison to industry (consumer staples)
| PepsiCo Inc. | Consumer Staples | |
|---|---|---|
| Feb 3, 2026 | 27.01 | — |
| Feb 4, 2025 | 20.55 | 29.43 |
| Feb 9, 2024 | 25.40 | 26.62 |
| Feb 9, 2023 | 26.71 | 25.35 |
| Feb 10, 2022 | 30.58 | 26.07 |
| Feb 11, 2021 | 26.15 | 24.12 |
| Feb 13, 2020 | 27.83 | 31.92 |
| Feb 15, 2019 | 13.01 | 20.62 |
| Feb 13, 2018 | 32.81 | 22.78 |
| Feb 15, 2017 | 24.09 | 21.50 |
| Feb 11, 2016 | 25.72 | 21.97 |
| Feb 12, 2015 | 22.86 | 19.71 |
| Feb 14, 2014 | 17.66 | 17.00 |
| Feb 21, 2013 | 18.84 | 16.60 |
| Feb 27, 2012 | 15.45 | 14.81 |
| Feb 18, 2011 | 15.93 | 14.32 |
| Feb 22, 2010 | 16.49 | 14.63 |
| Feb 19, 2009 | 15.82 | 15.52 |
| Feb 15, 2008 | 20.35 | 19.68 |
| Feb 20, 2007 | 18.79 | 19.79 |
| Feb 27, 2006 | 24.28 | 20.04 |
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).