Price to FCFE (P/FCFE)
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PepsiCo Inc. pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
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Free Cash Flow to Equity (FCFE)
PepsiCo Inc., FCFE calculation
US$ in millions
Based on: 10-K (reporting date: 2025-12-27), 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).
The financial information reveals significant fluctuations in free cash flow to equity (FCFE) over the five-year period. Net cash provided by operating activities demonstrates a generally stable pattern, while FCFE exhibits more pronounced variability.
- Net Cash from Operations
- Net cash provided by operating activities decreased from US$11,616 million in 2021 to US$10,811 million in 2022, representing a decline of approximately 6.9%. A substantial increase was then observed in 2023, reaching US$13,442 million. This was followed by a decrease to US$12,507 million in 2024 and a further decrease to US$12,087 million in 2025. Overall, operating cash flow remains at a high level, despite the fluctuations.
- Free Cash Flow to Equity (FCFE)
- FCFE experienced a considerable increase from US$3,025 million in 2021 to US$5,045 million in 2022, indicating a growth rate of approximately 66.7%. The most substantial increase occurred in 2023, with FCFE reaching US$12,892 million, more than doubling the previous year’s value. A significant decrease was then recorded in 2024, with FCFE falling to US$8,226 million. The final year presented in the information, 2025, shows a recovery to US$11,948 million, though still below the 2023 peak. This suggests that FCFE is sensitive to factors beyond consistent operational performance.
The divergence between the relatively stable operating cash flow and the fluctuating FCFE suggests that factors such as debt repayment, equity issuance, or significant capital expenditures are influencing the amount of cash available to equity holders. The large increase in FCFE in 2023, followed by a substantial decrease in 2024, warrants further investigation to determine the underlying drivers of these changes.
The trend in FCFE indicates a potential for volatility in returns to equity investors. While the 2025 value represents a strong recovery, the prior year’s decline highlights the importance of understanding the factors contributing to these fluctuations for accurate financial forecasting and valuation.
Price to FCFE Ratio, Current
PepsiCo Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Coca-Cola Co. | |
| Mondelēz International Inc. | |
| Philip Morris International Inc. | |
| P/FCFE, Sector | |
| Food, Beverage & Tobacco | |
| P/FCFE, Industry | |
| Consumer Staples | |
Based on: 10-K (reporting date: 2025-12-27).
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
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Coca-Cola Co. | ||||||
| Mondelēz International Inc. | ||||||
| Philip Morris International Inc. | ||||||
| P/FCFE, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| P/FCFE, Industry | ||||||
| Consumer Staples | ||||||
Based on: 10-K (reporting date: 2025-12-27), 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).
1 Data adjusted for splits and stock dividends.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of PepsiCo Inc. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibits considerable fluctuation over the observed period. Initial values indicate a relatively high valuation based on free cash flow generation, followed by a significant decrease and subsequent stabilization with some volatility.
- Share Price
- The share price demonstrated an initial increase from US$168.37 in 2021 to US$172.78 in 2022. A subsequent decline was observed in 2023 to US$167.67, followed by a more substantial decrease to US$143.49 in 2024. The share price recovered somewhat in 2025, reaching US$162.85.
- FCFE per Share
- Free Cash Flow to Equity per share increased notably from US$2.19 in 2021 to US$3.66 in 2022. A significant surge occurred in 2023, reaching US$9.38. This was followed by a decrease to US$6.00 in 2024, and a further increase to US$8.74 in 2025.
- P/FCFE Ratio
- The P/FCFE ratio began at 77.00 in 2021, indicating a high valuation relative to the free cash flow generated for equity holders. A substantial decrease was observed in 2022, falling to 47.17. This downward trend continued in 2023, with the ratio reaching 17.88. A slight increase to 23.92 occurred in 2024, followed by a decrease to 18.63 in 2025. The ratio’s volatility suggests changing investor sentiment regarding the company’s future cash flow generation and growth prospects relative to its share price.
The observed fluctuations in the P/FCFE ratio are likely influenced by the interplay between changes in the share price and FCFE per share. The significant increase in FCFE per share in 2023 contributed to a substantial reduction in the P/FCFE ratio, even as the share price experienced a moderate decline. The subsequent decrease in FCFE per share in 2024, coupled with a larger share price decline, resulted in a modest increase in the P/FCFE ratio. The 2025 figures suggest a partial recovery in both share price and FCFE, leading to a further decrease in the P/FCFE ratio.