Enterprise Value (EV)
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PepsiCo Inc. pages available for free this week:
- Statement of Comprehensive Income
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
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Current Enterprise Value (EV)
PepsiCo Inc., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Add: Noncontrolling interests (per books) | |
| Total equity | |
| Add: Short-term debt obligations (per books) | |
| Add: Long-term debt obligations, excluding current maturities (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Less: Short-term investments | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2024-12-28).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
PepsiCo Inc., EV calculation
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
= ×
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.