Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
PepsiCo Inc., solvency ratios (quarterly data)
Based on: 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-09), 10-Q (reporting date: 2023-06-17), 10-Q (reporting date: 2023-03-25), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-03), 10-Q (reporting date: 2022-06-11), 10-Q (reporting date: 2022-03-19), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-04), 10-Q (reporting date: 2021-06-12), 10-Q (reporting date: 2021-03-20), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-05), 10-Q (reporting date: 2020-06-13), 10-Q (reporting date: 2020-03-21), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-07), 10-Q (reporting date: 2019-06-15), 10-Q (reporting date: 2019-03-23).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | PepsiCo Inc. debt to equity ratio improved from Q2 2023 to Q3 2023 but then slightly deteriorated from Q3 2023 to Q4 2023. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | PepsiCo Inc. debt to capital ratio improved from Q2 2023 to Q3 2023 but then slightly deteriorated from Q3 2023 to Q4 2023. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | PepsiCo Inc. debt to assets ratio improved from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | PepsiCo Inc. financial leverage ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level. |
Debt to Equity
PepsiCo Inc., debt to equity calculation (quarterly data)
| Dec 30, 2023 | Sep 9, 2023 | Jun 17, 2023 | Mar 25, 2023 | Dec 31, 2022 | Sep 3, 2022 | Jun 11, 2022 | Mar 19, 2022 | Dec 25, 2021 | Sep 4, 2021 | Jun 12, 2021 | Mar 20, 2021 | Dec 26, 2020 | Sep 5, 2020 | Jun 13, 2020 | Mar 21, 2020 | Dec 28, 2019 | Sep 7, 2019 | Jun 15, 2019 | Mar 23, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Short-term debt obligations | 6,510) | 8,937) | 7,613) | 4,281) | 3,414) | 3,109) | 6,032) | 5,459) | 4,308) | 4,234) | 4,264) | 4,674) | 3,780) | 6,692) | 6,607) | 5,882) | 2,920) | 2,924) | 3,473) | 3,291) | ||||||
| Long-term debt obligations, excluding current maturities | 37,595) | 35,837) | 36,008) | 37,486) | 35,657) | 36,136) | 33,247) | 34,590) | 36,026) | 37,023) | 38,034) | 38,991) | 40,370) | 37,879) | 38,371) | 35,361) | 29,148) | 29,630) | 27,712) | 28,458) | ||||||
| Total debt | 44,105) | 44,774) | 43,621) | 41,767) | 39,071) | 39,245) | 39,279) | 40,049) | 40,334) | 41,257) | 42,298) | 43,665) | 44,150) | 44,571) | 44,978) | 41,243) | 32,068) | 32,554) | 31,185) | 31,749) | ||||||
| Total PepsiCo common shareholders’ equity | 18,503) | 18,806) | 17,685) | 17,042) | 17,149) | 18,977) | 18,553) | 18,202) | 16,043) | 15,872) | 15,299) | 13,947) | 13,454) | 13,483) | 12,491) | 13,465) | 14,786) | 14,129) | 13,952) | 14,202) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to equity1 | 2.38 | 2.38 | 2.47 | 2.45 | 2.28 | 2.07 | 2.12 | 2.20 | 2.51 | 2.60 | 2.76 | 3.13 | 3.28 | 3.31 | 3.60 | 3.06 | 2.17 | 2.30 | 2.24 | 2.24 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||||
| Altria Group Inc. | — | — | — | — | — | — | — | — | — | — | 8.67 | 10.19 | 10.38 | 9.32 | 5.11 | 4.58 | 4.51 | 2.65 | 2.02 | 2.07 | ||||||
| Coca-Cola Co. | 1.62 | 1.53 | 1.60 | 1.68 | 1.62 | 1.74 | 1.82 | 1.68 | 1.86 | 1.88 | 1.89 | 2.21 | 2.22 | 2.84 | 2.99 | 2.78 | 2.25 | 2.27 | 2.48 | 2.50 | ||||||
| Mondelēz International Inc. | 0.69 | 0.70 | 0.74 | 0.79 | 0.85 | 0.81 | 0.70 | 0.70 | 0.69 | 0.72 | 0.69 | 0.72 | 0.73 | 0.75 | 0.76 | 0.77 | 0.68 | 0.73 | 0.74 | 0.75 | ||||||
Based on: 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-09), 10-Q (reporting date: 2023-06-17), 10-Q (reporting date: 2023-03-25), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-03), 10-Q (reporting date: 2022-06-11), 10-Q (reporting date: 2022-03-19), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-04), 10-Q (reporting date: 2021-06-12), 10-Q (reporting date: 2021-03-20), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-05), 10-Q (reporting date: 2020-06-13), 10-Q (reporting date: 2020-03-21), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-07), 10-Q (reporting date: 2019-06-15), 10-Q (reporting date: 2019-03-23).
1 Q4 2023 Calculation
Debt to equity = Total debt ÷ Total PepsiCo common shareholders’ equity
= 44,105 ÷ 18,503 = 2.38
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | PepsiCo Inc. debt to equity ratio improved from Q2 2023 to Q3 2023 but then slightly deteriorated from Q3 2023 to Q4 2023. |
Debt to Capital
PepsiCo Inc., debt to capital calculation (quarterly data)
| Dec 30, 2023 | Sep 9, 2023 | Jun 17, 2023 | Mar 25, 2023 | Dec 31, 2022 | Sep 3, 2022 | Jun 11, 2022 | Mar 19, 2022 | Dec 25, 2021 | Sep 4, 2021 | Jun 12, 2021 | Mar 20, 2021 | Dec 26, 2020 | Sep 5, 2020 | Jun 13, 2020 | Mar 21, 2020 | Dec 28, 2019 | Sep 7, 2019 | Jun 15, 2019 | Mar 23, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Short-term debt obligations | 6,510) | 8,937) | 7,613) | 4,281) | 3,414) | 3,109) | 6,032) | 5,459) | 4,308) | 4,234) | 4,264) | 4,674) | 3,780) | 6,692) | 6,607) | 5,882) | 2,920) | 2,924) | 3,473) | 3,291) | ||||||
| Long-term debt obligations, excluding current maturities | 37,595) | 35,837) | 36,008) | 37,486) | 35,657) | 36,136) | 33,247) | 34,590) | 36,026) | 37,023) | 38,034) | 38,991) | 40,370) | 37,879) | 38,371) | 35,361) | 29,148) | 29,630) | 27,712) | 28,458) | ||||||
| Total debt | 44,105) | 44,774) | 43,621) | 41,767) | 39,071) | 39,245) | 39,279) | 40,049) | 40,334) | 41,257) | 42,298) | 43,665) | 44,150) | 44,571) | 44,978) | 41,243) | 32,068) | 32,554) | 31,185) | 31,749) | ||||||
| Total PepsiCo common shareholders’ equity | 18,503) | 18,806) | 17,685) | 17,042) | 17,149) | 18,977) | 18,553) | 18,202) | 16,043) | 15,872) | 15,299) | 13,947) | 13,454) | 13,483) | 12,491) | 13,465) | 14,786) | 14,129) | 13,952) | 14,202) | ||||||
| Total capital | 62,608) | 63,580) | 61,306) | 58,809) | 56,220) | 58,222) | 57,832) | 58,251) | 56,377) | 57,129) | 57,597) | 57,612) | 57,604) | 58,054) | 57,469) | 54,708) | 46,854) | 46,683) | 45,137) | 45,951) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to capital1 | 0.70 | 0.70 | 0.71 | 0.71 | 0.69 | 0.67 | 0.68 | 0.69 | 0.72 | 0.72 | 0.73 | 0.76 | 0.77 | 0.77 | 0.78 | 0.75 | 0.68 | 0.70 | 0.69 | 0.69 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||||
| Altria Group Inc. | 1.16 | 1.16 | 1.16 | 1.18 | 1.17 | 1.19 | 1.10 | 1.07 | 1.06 | 1.05 | 0.90 | 0.91 | 0.91 | 0.90 | 0.84 | 0.82 | 0.82 | 0.73 | 0.67 | 0.67 | ||||||
| Coca-Cola Co. | 0.62 | 0.60 | 0.62 | 0.63 | 0.62 | 0.63 | 0.65 | 0.63 | 0.65 | 0.65 | 0.65 | 0.69 | 0.69 | 0.74 | 0.75 | 0.74 | 0.69 | 0.69 | 0.71 | 0.71 | ||||||
| Mondelēz International Inc. | 0.41 | 0.41 | 0.43 | 0.44 | 0.46 | 0.45 | 0.41 | 0.41 | 0.41 | 0.42 | 0.41 | 0.42 | 0.42 | 0.43 | 0.43 | 0.44 | 0.40 | 0.42 | 0.42 | 0.43 | ||||||
Based on: 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-09), 10-Q (reporting date: 2023-06-17), 10-Q (reporting date: 2023-03-25), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-03), 10-Q (reporting date: 2022-06-11), 10-Q (reporting date: 2022-03-19), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-04), 10-Q (reporting date: 2021-06-12), 10-Q (reporting date: 2021-03-20), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-05), 10-Q (reporting date: 2020-06-13), 10-Q (reporting date: 2020-03-21), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-07), 10-Q (reporting date: 2019-06-15), 10-Q (reporting date: 2019-03-23).
1 Q4 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 44,105 ÷ 62,608 = 0.70
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | PepsiCo Inc. debt to capital ratio improved from Q2 2023 to Q3 2023 but then slightly deteriorated from Q3 2023 to Q4 2023. |
Debt to Assets
PepsiCo Inc., debt to assets calculation (quarterly data)
| Dec 30, 2023 | Sep 9, 2023 | Jun 17, 2023 | Mar 25, 2023 | Dec 31, 2022 | Sep 3, 2022 | Jun 11, 2022 | Mar 19, 2022 | Dec 25, 2021 | Sep 4, 2021 | Jun 12, 2021 | Mar 20, 2021 | Dec 26, 2020 | Sep 5, 2020 | Jun 13, 2020 | Mar 21, 2020 | Dec 28, 2019 | Sep 7, 2019 | Jun 15, 2019 | Mar 23, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Short-term debt obligations | 6,510) | 8,937) | 7,613) | 4,281) | 3,414) | 3,109) | 6,032) | 5,459) | 4,308) | 4,234) | 4,264) | 4,674) | 3,780) | 6,692) | 6,607) | 5,882) | 2,920) | 2,924) | 3,473) | 3,291) | ||||||
| Long-term debt obligations, excluding current maturities | 37,595) | 35,837) | 36,008) | 37,486) | 35,657) | 36,136) | 33,247) | 34,590) | 36,026) | 37,023) | 38,034) | 38,991) | 40,370) | 37,879) | 38,371) | 35,361) | 29,148) | 29,630) | 27,712) | 28,458) | ||||||
| Total debt | 44,105) | 44,774) | 43,621) | 41,767) | 39,071) | 39,245) | 39,279) | 40,049) | 40,334) | 41,257) | 42,298) | 43,665) | 44,150) | 44,571) | 44,978) | 41,243) | 32,068) | 32,554) | 31,185) | 31,749) | ||||||
| Total assets | 100,495) | 99,953) | 95,906) | 93,042) | 92,187) | 94,461) | 93,103) | 92,962) | 92,377) | 93,254) | 92,385) | 91,224) | 92,918) | 92,041) | 89,525) | 85,062) | 78,547) | 77,444) | 75,084) | 75,466) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to assets1 | 0.44 | 0.45 | 0.45 | 0.45 | 0.42 | 0.42 | 0.42 | 0.43 | 0.44 | 0.44 | 0.46 | 0.48 | 0.48 | 0.48 | 0.50 | 0.48 | 0.41 | 0.42 | 0.42 | 0.42 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||||
| Altria Group Inc. | 0.68 | 0.69 | 0.73 | 0.69 | 0.72 | 0.77 | 0.75 | 0.69 | 0.71 | 0.71 | 0.64 | 0.61 | 0.62 | 0.63 | 0.58 | 0.57 | 0.57 | 0.53 | 0.51 | 0.49 | ||||||
| Coca-Cola Co. | 0.43 | 0.41 | 0.42 | 0.44 | 0.42 | 0.43 | 0.45 | 0.44 | 0.45 | 0.46 | 0.47 | 0.50 | 0.49 | 0.54 | 0.55 | 0.54 | 0.50 | 0.49 | 0.50 | 0.50 | ||||||
| Mondelēz International Inc. | 0.27 | 0.28 | 0.29 | 0.31 | 0.32 | 0.32 | 0.29 | 0.29 | 0.29 | 0.30 | 0.29 | 0.29 | 0.30 | 0.30 | 0.31 | 0.31 | 0.29 | 0.31 | 0.30 | 0.30 | ||||||
Based on: 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-09), 10-Q (reporting date: 2023-06-17), 10-Q (reporting date: 2023-03-25), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-03), 10-Q (reporting date: 2022-06-11), 10-Q (reporting date: 2022-03-19), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-04), 10-Q (reporting date: 2021-06-12), 10-Q (reporting date: 2021-03-20), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-05), 10-Q (reporting date: 2020-06-13), 10-Q (reporting date: 2020-03-21), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-07), 10-Q (reporting date: 2019-06-15), 10-Q (reporting date: 2019-03-23).
1 Q4 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= 44,105 ÷ 100,495 = 0.44
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | PepsiCo Inc. debt to assets ratio improved from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
Financial Leverage
PepsiCo Inc., financial leverage calculation (quarterly data)
| Dec 30, 2023 | Sep 9, 2023 | Jun 17, 2023 | Mar 25, 2023 | Dec 31, 2022 | Sep 3, 2022 | Jun 11, 2022 | Mar 19, 2022 | Dec 25, 2021 | Sep 4, 2021 | Jun 12, 2021 | Mar 20, 2021 | Dec 26, 2020 | Sep 5, 2020 | Jun 13, 2020 | Mar 21, 2020 | Dec 28, 2019 | Sep 7, 2019 | Jun 15, 2019 | Mar 23, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Total assets | 100,495) | 99,953) | 95,906) | 93,042) | 92,187) | 94,461) | 93,103) | 92,962) | 92,377) | 93,254) | 92,385) | 91,224) | 92,918) | 92,041) | 89,525) | 85,062) | 78,547) | 77,444) | 75,084) | 75,466) | ||||||
| Total PepsiCo common shareholders’ equity | 18,503) | 18,806) | 17,685) | 17,042) | 17,149) | 18,977) | 18,553) | 18,202) | 16,043) | 15,872) | 15,299) | 13,947) | 13,454) | 13,483) | 12,491) | 13,465) | 14,786) | 14,129) | 13,952) | 14,202) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Financial leverage1 | 5.43 | 5.31 | 5.42 | 5.46 | 5.38 | 4.98 | 5.02 | 5.11 | 5.76 | 5.88 | 6.04 | 6.54 | 6.91 | 6.83 | 7.17 | 6.32 | 5.31 | 5.48 | 5.38 | 5.31 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||||
| Altria Group Inc. | — | — | — | — | — | — | — | — | — | — | 13.63 | 16.74 | 16.70 | 14.86 | 8.83 | 8.04 | 7.92 | 5.02 | 3.98 | 4.21 | ||||||
| Coca-Cola Co. | 3.77 | 3.71 | 3.78 | 3.86 | 3.85 | 4.05 | 4.05 | 3.79 | 4.10 | 4.09 | 4.05 | 4.42 | 4.52 | 5.22 | 5.42 | 5.18 | 4.55 | 4.67 | 4.95 | 4.98 | ||||||
| Mondelēz International Inc. | 2.52 | 2.48 | 2.51 | 2.58 | 2.65 | 2.55 | 2.40 | 2.41 | 2.37 | 2.43 | 2.41 | 2.45 | 2.46 | 2.46 | 2.47 | 2.48 | 2.37 | 2.38 | 2.44 | 2.48 | ||||||
Based on: 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-09), 10-Q (reporting date: 2023-06-17), 10-Q (reporting date: 2023-03-25), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-03), 10-Q (reporting date: 2022-06-11), 10-Q (reporting date: 2022-03-19), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-04), 10-Q (reporting date: 2021-06-12), 10-Q (reporting date: 2021-03-20), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-05), 10-Q (reporting date: 2020-06-13), 10-Q (reporting date: 2020-03-21), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-07), 10-Q (reporting date: 2019-06-15), 10-Q (reporting date: 2019-03-23).
1 Q4 2023 Calculation
Financial leverage = Total assets ÷ Total PepsiCo common shareholders’ equity
= 100,495 ÷ 18,503 = 5.43
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | PepsiCo Inc. financial leverage ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level. |