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PepsiCo Inc. (PEP)


Enterprise Value (EV)

Intermediate level


Current Enterprise Value (EV)

PepsiCo Inc., current enterprise value calculation

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Current share price (P) $137.36
No. shares of common stock outstanding 1,394,435,338
US$ in millions
Common equity (market value)1 191,540 
Add: Preferred stock, no par value (per books) — 
Add: Noncontrolling interests (per books) 84 
Total equity 191,624 
Add: Short-term debt obligations (per books) 4,026 
Add: Long-term debt obligations (per books) 28,295 
Total equity and debt 223,945 
Less: Cash and cash equivalents 8,721 
Less: Short-term investments 272 
Less: Restricted cash 1,997 
Enterprise value (EV) 212,955 

Based on: 10-K (filing date: 2019-02-15).

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 137.36 × 1,394,435,338


Historical Enterprise Value (EV)

PepsiCo Inc., EV calculation

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Dec 29, 2018 Dec 30, 2017 Dec 31, 2016 Dec 26, 2015 Dec 27, 2014
Share price1, 2 $115.91 $112.14 $106.73 $96.90 $100.27
No. shares of common stock outstanding1 1,404,686,108 1,419,908,267 1,427,214,232 1,445,412,743 1,482,368,514
US$ in millions
Common equity (market value)3 162,817  159,229  152,327  140,060  148,637 
Add: Preferred stock, no par value (book value) —  41  41  41  41 
Add: Noncontrolling interests (book value) 84  92  104  107  110 
Total equity 162,901  159,362  152,472  140,208  148,788 
Add: Short-term debt obligations (book value) 4,026  5,485  6,892  4,071  5,076 
Add: Long-term debt obligations (book value) 28,295  33,796  30,053  29,213  23,821 
Total equity and debt 195,222  198,643  189,417  173,492  177,685 
Less: Cash and cash equivalents 8,721  10,610  9,158  9,096  6,134 
Less: Short-term investments 272  8,900  6,967  2,913  2,592 
Less: Restricted cash 1,997  —  —  —  — 
Enterprise value (EV) 184,232  179,133  173,292  161,483  168,959 

Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-15), 10-K (filing date: 2016-02-11), 10-K (filing date: 2015-02-12).

1 Data adjusted for splits and stock dividends.

2 Closing price as at the filing date of PepsiCo Inc.’s Annual Report.

3 2018 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 115.91 × 1,404,686,108

1 Data adjusted for splits and stock dividends.
2

Item Description The company
EV Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments. PepsiCo Inc.’s EV increased from 2016 to 2017 and from 2017 to 2018.