Stock Analysis on Net

PepsiCo Inc. (NASDAQ:PEP)

Price to FCFE (P/FCFE) 

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Free Cash Flow to Equity (FCFE)

PepsiCo Inc., FCFE calculation

US$ in millions

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12 months ended: Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Dec 28, 2019
Net income attributable to PepsiCo 9,074 8,910 7,618 7,120 7,314
Net income attributable to noncontrolling interests 81 68 61 55 39
Net noncash charges 4,624 2,721 3,219 3,741 2,775
Change in assets and liabilities (337) (888) 718 (303) (479)
Net cash provided by operating activities 13,442 10,811 11,616 10,613 9,649
Capital spending (5,518) (5,207) (4,625) (4,240) (4,232)
Sales of property, plant and equipment 198 251 166 55 170
Proceeds from issuances of long-term debt 5,482 3,377 4,122 13,809 4,621
Payments of long-term debt (3,005) (2,458) (3,455) (1,830) (3,970)
Debt redemptions/cash tender offers (1,716) (4,844) (1,100) (1,007)
Short-term borrowings, original maturity more than three months, proceeds 5,428 1,969 8 4,077 6
Short-term borrowings, original maturity more than three months, payments (3,106) (1,951) (397) (3,554) (2)
Short-term borrowings, original maturity three months or less, net (29) (31) 434 (109) (3)
Free cash flow to equity (FCFE) 12,892 5,045 3,025 17,721 5,232

Based on: 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), 10-K (reporting date: 2019-12-28).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to PepsiCo Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. PepsiCo Inc. FCFE increased from 2021 to 2022 and from 2022 to 2023.

Price to FCFE Ratio, Current

PepsiCo Inc., current P/FCFE calculation, comparison to benchmarks

Microsoft Excel
No. shares of common stock outstanding 1,374,785,980
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 12,892
FCFE per share 9.38
Current share price (P) 163.33
Valuation Ratio
P/FCFE 17.42
Benchmarks
P/FCFE, Competitors1
Altria Group Inc. 9.22
Coca-Cola Co. 23.24
Mondelēz International Inc.
Philip Morris International Inc. 13.68
P/FCFE, Sector
Food, Beverage & Tobacco 18.57
P/FCFE, Industry
Consumer Staples 26.49

Based on: 10-K (reporting date: 2023-12-30).

1 Click competitor name to see calculations.

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


Price to FCFE Ratio, Historical

PepsiCo Inc., historical P/FCFE calculation, comparison to benchmarks

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Dec 28, 2019
No. shares of common stock outstanding1 1,374,429,271 1,377,251,316 1,383,451,400 1,379,608,641 1,389,544,618
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 12,892 5,045 3,025 17,721 5,232
FCFE per share3 9.38 3.66 2.19 12.84 3.77
Share price1, 4 167.67 172.78 168.37 134.97 146.47
Valuation Ratio
P/FCFE5 17.88 47.17 77.00 10.51 38.90
Benchmarks
P/FCFE, Competitors6
Altria Group Inc. 8.46 11.96 13.06 8.86 7.97
Coca-Cola Co. 22.42 29.91 23.29 30.91 33.31
Mondelēz International Inc. 14.10 30.57 20.76 28.38
Philip Morris International Inc. 11.93 6.64 20.46 15.06 15.65
P/FCFE, Sector
Food, Beverage & Tobacco 18.21 16.27 25.96 14.96 21.95
P/FCFE, Industry
Consumer Staples 22.63 24.14 23.76 17.32 18.34

Based on: 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), 10-K (reporting date: 2019-12-28).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 12,892,000,000 ÷ 1,374,429,271 = 9.38

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

5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 167.67 ÷ 9.38 = 17.88

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. PepsiCo Inc. P/FCFE ratio decreased from 2021 to 2022 and from 2022 to 2023.