PepsiCo Inc., FCFF calculation

US$ in millions

12 months ended:	Dec 28, 2024	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020
Net income attributable to PepsiCo	9,578)	9,074)	8,910)	7,618)	7,120)
Net income attributable to noncontrolling interests	48)	81)	68)	61)	55)
Net noncash charges	4,577)	4,624)	2,721)	3,219)	3,741)
Change in assets and liabilities	(1,696)	(337)	(888)	718)	(303)
Net cash provided by operating activities	12,507)	13,442)	10,811)	11,616)	10,613)
Interest paid, net of tax¹	1,278)	1,124)	875)	926)	914)
Capital spending	(5,318)	(5,518)	(5,207)	(4,625)	(4,240)
Sales of property, plant and equipment	342)	198)	251)	166)	55)
Free cash flow to the firm (FCFF)	8,809)	9,246)	6,730)	8,083)	7,342)

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).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the PepsiCo Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	PepsiCo Inc. FCFF increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

PepsiCo Inc., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 28, 2024	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020
Effective Income Tax Rate (EITR)
EITR¹	19.40%	19.80%	16.10%	21.80%	20.90%
Interest Paid, Net of Tax
Interest paid, before tax	1,585)	1,401)	1,043)	1,184)	1,156)
Less: Interest paid, tax²	307)	277)	168)	258)	242)
Interest paid, net of tax	1,278)	1,124)	875)	926)	914)

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).

¹ See details »

² 2024 Calculation
Interest paid, tax = Interest paid × EITR
= 1,585 × 19.40% = 307

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PepsiCo Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	219,320)
Free cash flow to the firm (FCFF)	8,809)
Valuation Ratio
EV/FCFF	24.90
Benchmarks
EV/FCFF, Competitors¹
Coca-Cola Co.	55.81
Mondelēz International Inc.	26.53
Philip Morris International Inc.	25.81
EV/FCFF, Sector
Food, Beverage & Tobacco	31.70
EV/FCFF, Industry
Consumer Staples	35.35

Based on: 10-K (reporting date: 2024-12-28).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

PepsiCo Inc., historical EV/FCFF calculation, comparison to benchmarks

	Dec 28, 2024	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	231,967)	264,687)	271,808)	267,386)	220,903)
Free cash flow to the firm (FCFF)²	8,809)	9,246)	6,730)	8,083)	7,342)
Valuation Ratio
EV/FCFF³	26.33	28.63	40.39	33.08	30.09
Benchmarks
EV/FCFF, Competitors⁴
Coca-Cola Co.	54.19	26.54	27.95	25.28	26.04
Mondelēz International Inc.	23.73	31.39	34.05	31.98	30.11
Philip Morris International Inc.	22.54	20.71	19.53	16.35	16.31
EV/FCFF, Sector
Food, Beverage & Tobacco	30.16	26.10	28.47	24.71	24.26
EV/FCFF, Industry
Consumer Staples	31.17	30.26	30.41	20.99	23.37

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).

¹ See details »

² See details »

³ 2024 Calculation
EV/FCFF = EV ÷ FCFF
= 231,967 ÷ 8,809 = 26.33

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	PepsiCo Inc. EV/FCFF ratio decreased from 2022 to 2023 and from 2023 to 2024.

PepsiCo Inc. (NASDAQ:PEP)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical