Stock Analysis on Net

PepsiCo Inc. (NASDAQ:PEP)

Market Value Added (MVA)

Microsoft Excel

Market value added (MVA) is the difference between a firm fair value and its invested capital. MVA is a measure of the value a company has created in excess of the resources already committed to the enterprise.


MVA

PepsiCo Inc., MVA calculation

US$ in millions

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Dec 28, 2019
Fair value of debt obligations1 41,000 35,000 43,000 50,000 34,000
Operating lease liability 2,956 2,416 2,044 1,693 1,560
Market value of common equity 230,451 237,961 232,932 186,206 203,527
Noncontrolling interests 134 124 108 98 82
Less: Short-term investments 292 394 392 1,366 229
Market (fair) value of PepsiCo 274,249 275,107 277,692 236,631 238,940
Less: Invested capital2 75,038 69,452 69,829 70,066 59,384
MVA 199,211 205,655 207,863 166,565 179,556

Based on: 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).

1 Fair value of debt. See details »

2 Invested capital. See details »

Item Description The company
MVA PepsiCo Inc. market (fair) value less invested capital. PepsiCo Inc. MVA decreased from 2021 to 2022 and from 2022 to 2023.

MVA Spread Ratio

PepsiCo Inc., MVA spread ratio calculation, comparison to benchmarks

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Dec 28, 2019
Selected Financial Data (US$ in millions)
Market value added (MVA)1 199,211 205,655 207,863 166,565 179,556
Invested capital2 75,038 69,452 69,829 70,066 59,384
Performance Ratio
MVA spread ratio3 265.48% 296.11% 297.67% 237.73% 302.36%
Benchmarks
MVA Spread Ratio, Competitors4
Altria Group Inc. 237.03% 268.30% 269.92% 179.16% 157.62%
Coca-Cola Co. 258.44% 267.55% 289.24% 244.21% 297.74%
Philip Morris International Inc. 264.66% 327.03% 582.70% 437.24% 450.40%

Based on: 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).

1 MVA. See details »

2 Invested capital. See details »

3 2023 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 199,211 ÷ 75,038 = 265.48%

4 Click competitor name to see calculations.

Performance ratio Description The company
MVA spread ratio The ratio of MVA to invested capital. It measures the efficiency with which investors’ capital investment has translated into a franchise value and into an aggregate net present value premium. PepsiCo Inc. MVA spread ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

MVA Margin

PepsiCo Inc., MVA margin calculation, comparison to benchmarks

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Dec 28, 2019
Selected Financial Data (US$ in millions)
Market value added (MVA)1 199,211 205,655 207,863 166,565 179,556
Net revenue 91,471 86,392 79,474 70,372 67,161
Performance Ratio
MVA margin2 217.79% 238.05% 261.55% 236.69% 267.35%
Benchmarks
MVA Margin, Competitors3
Altria Group Inc. 277.34% 307.92% 347.85% 284.28% 267.55%
Coca-Cola Co. 471.88% 497.46% 600.94% 559.78% 589.26%
Philip Morris International Inc. 387.06% 488.72% 543.05% 486.98% 472.75%

Based on: 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).

1 MVA. See details »

2 2023 Calculation
MVA margin = 100 × MVA ÷ Net revenue
= 100 × 199,211 ÷ 91,471 = 217.79%

3 Click competitor name to see calculations.

Performance ratio Description The company
MVA margin The ratio of MVA to sales. It measures how efficiently and prodigiously sales translate into franchise value. PepsiCo Inc. MVA margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.