Stock Analysis on Net

PepsiCo Inc. (NASDAQ:PEP)

Enterprise Value (EV) 

Microsoft Excel

Current Enterprise Value (EV)

PepsiCo Inc., current enterprise value calculation

Microsoft Excel
Current share price (P) $135.26
No. shares of common stock outstanding 1,371,079,540
US$ in millions
Common equity (market value)1 185,452
Add: Noncontrolling interests (per books) 130
Total equity 185,582
Add: Short-term debt obligations (per books) 7,082
Add: Long-term debt obligations, excluding current maturities (per books) 37,224
Total equity and debt 229,888
Less: Cash and cash equivalents 8,505
Less: Short-term investments 761
Enterprise value (EV) 220,622

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

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 135.26 × 1,371,079,540


Historical Enterprise Value (EV)

PepsiCo Inc., EV calculation

Microsoft Excel
Dec 28, 2024 Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020
Share price1, 2 $143.49 $167.67 $172.78 $168.37 $134.97
No. shares of common stock outstanding1 1,371,499,838 1,374,429,271 1,377,251,316 1,383,451,400 1,379,608,641
US$ in millions
Common equity (market value)3 196,797 230,451 237,961 232,932 186,206
Add: Noncontrolling interests (book value) 130 134 124 108 98
Total equity 196,927 230,585 238,085 233,040 186,304
Add: Short-term debt obligations (book value) 7,082 6,510 3,414 4,308 3,780
Add: Long-term debt obligations, excluding current maturities (book value) 37,224 37,595 35,657 36,026 40,370
Total equity and debt 241,233 274,690 277,156 273,374 230,454
Less: Cash and cash equivalents 8,505 9,711 4,954 5,596 8,185
Less: Short-term investments 761 292 394 392 1,366
Enterprise value (EV) 231,967 264,687 271,808 267,386 220,903

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 Data adjusted for splits and stock dividends.

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

3 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 143.49 × 1,371,499,838


The analysis of the financial data over the five-year period reveals several notable trends in the equity and overall valuation metrics.

Common Equity (Market Value)
The market value of common equity increased steadily from 186,206 million USD in 2020 to a peak of 237,961 million USD in 2022. However, following this peak, there was a decline to 230,451 million USD in 2023, and a more pronounced decrease to 196,797 million USD in 2024. This suggests that after a period of consistent growth, market valuation experienced a downturn in the last two years of the period analyzed.
Total Equity
The total equity followed a very similar trajectory to common equity, starting at 186,304 million USD in 2020 and rising to 238,085 million USD in 2022. Subsequently, it decreased to 230,585 million USD in 2023 and further dropped to 196,927 million USD in 2024. This parallel movement indicates that changes in common equity market value are closely aligned with total equity variations, reflecting internal equity accounting consistent with market perceptions.
Total Equity and Debt
This figure rose from 230,454 million USD in 2020 to a high of 277,156 million USD in 2022, indicating an expansion in combined capital through both equity and debt financing. Despite a slight dip to 274,690 million USD in 2023, the value fell more substantially to 241,233 million USD in 2024. This pattern suggests that after expanding capital resources, there was a reduction potentially due to debt repayment, equity decreases, or both in the latter years.
Enterprise Value (EV)
Enterprise value increased from 220,903 million USD in 2020 to 271,808 million USD in 2022, reflecting growth in market capitalization plus net debt. There was a subsequent reduction to 264,687 million USD in 2023 and a further decline to 231,967 million USD in 2024. The decline in EV mirrors the downward trend seen in market value and total capital, possibly signaling a market reassessment of the company's value or changes in capital structure.

Overall, the data indicate a growth phase in equity and enterprise value reaching its peak around the end of 2022, followed by a contraction phase through 2023 and 2024. This could reflect broader market conditions affecting valuation, strategic financial decisions impacting capital mix, or operational factors reducing investor confidence or asset base during the most recent years.