Stock Analysis on Net

PepsiCo Inc. (NASDAQ:PEP)

Enterprise Value (EV) 

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Current Enterprise Value (EV)

PepsiCo Inc., current enterprise value calculation

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Current share price (P) $164.01
No. shares of common stock outstanding 1,382,683,559
US$ in millions
Common equity (market value)1 226,774 
Add: Preferred stock, no par value (per books) — 
Add: Noncontrolling interests (per books) 108 
Total equity 226,882 
Add: Short-term debt obligations (per books) 4,308 
Add: Long-term debt obligations, excluding current maturities (per books) 36,026 
Total equity and debt 267,216 
Less: Cash and cash equivalents 5,596 
Less: Short-term investments 392 
Less: Restricted cash — 
Enterprise value (EV) 261,228 

Based on: 10-K (reporting date: 2021-12-25).

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 164.01 × 1,382,683,559


Historical Enterprise Value (EV)

PepsiCo Inc., EV calculation

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Dec 25, 2021 Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Dec 30, 2017
Share price1, 2 $168.37 $134.97 $146.47 $115.91 $112.14
No. shares of common stock outstanding1 1,383,451,400 1,379,608,641 1,389,544,618 1,404,686,108 1,419,908,267
US$ in millions
Common equity (market value)3 232,932  186,206  203,527  162,817  159,229 
Add: Preferred stock, no par value (book value) —  —  —  —  41 
Add: Noncontrolling interests (book value) 108  98  82  84  92 
Total equity 233,040  186,304  203,609  162,901  159,362 
Add: Short-term debt obligations (book value) 4,308  3,780  2,920  4,026  5,485 
Add: Long-term debt obligations, excluding current maturities (book value) 36,026  40,370  29,148  28,295  33,796 
Total equity and debt 273,374  230,454  235,677  195,222  198,643 
Less: Cash and cash equivalents 5,596  8,185  5,509  8,721  10,610 
Less: Short-term investments 392  1,366  229  272  8,900 
Less: Restricted cash —  —  —  1,997  — 
Enterprise value (EV) 267,386  220,903  229,939  184,232  179,133 

Based on: 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28), 10-K (reporting date: 2018-12-29), 10-K (reporting date: 2017-12-30).

1 Data adjusted for splits and stock dividends.

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

3 2021 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 168.37 × 1,383,451,400

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. EV decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.