Stock Analysis on Net

PepsiCo Inc. (NASDAQ:PEP)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Microsoft Excel

Historical Valuation Ratios (Summary)

PepsiCo Inc., historical price multiples (quarterly data)

Microsoft Excel
Mar 23, 2024 Dec 30, 2023 Sep 9, 2023 Jun 17, 2023 Mar 25, 2023 Dec 31, 2022 Sep 3, 2022 Jun 11, 2022 Mar 19, 2022 Dec 25, 2021 Sep 4, 2021 Jun 12, 2021 Mar 20, 2021 Dec 26, 2020 Sep 5, 2020 Jun 13, 2020 Mar 21, 2020 Dec 28, 2019 Sep 7, 2019 Jun 15, 2019 Mar 23, 2019
Price to earnings (P/E) 25.63 25.40 27.27 32.68 39.71 26.71 24.02 25.33 23.57 30.58 25.66 25.76 26.23 26.15 27.64 27.27 26.13 27.83
Price to operating profit (P/OP) 19.50 19.23 20.33 24.69 29.45 20.67 17.60 17.90 16.97 20.87 18.28 18.75 18.78 18.47 19.55 19.07 18.53 19.78
Price to sales (P/S) 2.56 2.52 2.47 2.86 2.97 2.75 2.79 2.86 2.96 2.93 2.72 2.83 2.76 2.65 2.84 2.76 2.78 3.03
Price to book value (P/BV) 12.36 12.45 12.02 14.60 15.34 13.88 12.30 12.61 13.16 14.52 13.16 13.82 14.10 13.84 14.43 14.95 14.05 13.76 13.61 13.20 12.54

Based on: 10-Q (reporting date: 2024-03-23), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-09), 10-Q (reporting date: 2023-06-17), 10-Q (reporting date: 2023-03-25), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-03), 10-Q (reporting date: 2022-06-11), 10-Q (reporting date: 2022-03-19), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-04), 10-Q (reporting date: 2021-06-12), 10-Q (reporting date: 2021-03-20), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-05), 10-Q (reporting date: 2020-06-13), 10-Q (reporting date: 2020-03-21), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-07), 10-Q (reporting date: 2019-06-15), 10-Q (reporting date: 2019-03-23).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. PepsiCo Inc. P/E ratio decreased from Q3 2023 to Q4 2023 but then slightly increased from Q4 2023 to Q1 2024.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. PepsiCo Inc. P/OP ratio decreased from Q3 2023 to Q4 2023 but then slightly increased from Q4 2023 to Q1 2024.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. PepsiCo Inc. P/S ratio increased from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. PepsiCo Inc. P/BV ratio increased from Q3 2023 to Q4 2023 but then slightly decreased from Q4 2023 to Q1 2024.

Price to Earnings (P/E)

PepsiCo Inc., historical P/E calculation (quarterly data)

Microsoft Excel
Mar 23, 2024 Dec 30, 2023 Sep 9, 2023 Jun 17, 2023 Mar 25, 2023 Dec 31, 2022 Sep 3, 2022 Jun 11, 2022 Mar 19, 2022 Dec 25, 2021 Sep 4, 2021 Jun 12, 2021 Mar 20, 2021 Dec 26, 2020 Sep 5, 2020 Jun 13, 2020 Mar 21, 2020 Dec 28, 2019 Sep 7, 2019 Jun 15, 2019 Mar 23, 2019
No. shares of common stock outstanding1 1,374,785,980 1,374,429,271 1,374,863,961 1,376,580,611 1,377,693,115 1,377,251,316 1,377,709,209 1,380,084,844 1,382,683,559 1,383,451,400 1,382,652,943 1,382,114,956 1,381,631,264 1,379,608,641 1,381,956,485 1,384,632,842 1,387,500,433 1,389,544,618 1,394,435,338 1,398,169,503 1,401,821,663
Selected Financial Data (US$)
Net income attributable to PepsiCo (in millions) 2,042 1,302 3,092 2,748 1,932 518 2,702 1,429 4,261 1,322 2,224 2,358 1,714 1,845 2,291 1,646 1,338 1,766 2,100 2,035 1,413
Earnings per share (EPS)2 6.68 6.60 6.03 5.74 4.78 6.47 7.05 6.69 7.35 5.51 5.89 5.94 5.43 5.16 5.09 4.95 5.22 5.26 0.00 0.00 0.00
Share price1, 3 171.22 167.67 164.40 187.53 189.71 172.78 169.39 169.50 173.30 168.37 151.09 152.96 142.31 134.97 140.80 134.91 136.32 146.47 137.93 131.74 127.01
Valuation Ratio
P/E ratio4 25.63 25.40 27.27 32.68 39.71 26.71 24.02 25.33 23.57 30.58 25.66 25.76 26.23 26.15 27.64 27.27 26.13 27.83
Benchmarks
P/E Ratio, Competitors5
Altria Group Inc. 8.87 7.93 11.76 15.06 14.42 17.33 45.23 33.20 37.80 29.51 19.72 19.88 18.14 91.35
Coca-Cola Co. 24.43 22.33 25.69 27.85 27.12 25.88 28.47 27.84 27.63 27.47 30.49 32.01 27.91 26.14 22.66 19.48 28.21
Mondelēz International Inc. 20.87 19.80 23.78 25.50 33.07 26.93 22.33 21.13 21.64 19.22 21.14 22.62 22.33 24.91 23.66 19.74 21.72

Based on: 10-Q (reporting date: 2024-03-23), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-09), 10-Q (reporting date: 2023-06-17), 10-Q (reporting date: 2023-03-25), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-03), 10-Q (reporting date: 2022-06-11), 10-Q (reporting date: 2022-03-19), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-04), 10-Q (reporting date: 2021-06-12), 10-Q (reporting date: 2021-03-20), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-05), 10-Q (reporting date: 2020-06-13), 10-Q (reporting date: 2020-03-21), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-07), 10-Q (reporting date: 2019-06-15), 10-Q (reporting date: 2019-03-23).

1 Data adjusted for splits and stock dividends.

2 Q1 2024 Calculation
EPS = (Net income attributable to PepsiCoQ1 2024 + Net income attributable to PepsiCoQ4 2023 + Net income attributable to PepsiCoQ3 2023 + Net income attributable to PepsiCoQ2 2023) ÷ No. shares of common stock outstanding
= (2,042,000,000 + 1,302,000,000 + 3,092,000,000 + 2,748,000,000) ÷ 1,374,785,980 = 6.68

3 Closing price as at the filing date of PepsiCo Inc. Quarterly or Annual Report.

4 Q1 2024 Calculation
P/E ratio = Share price ÷ EPS
= 171.22 ÷ 6.68 = 25.63

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. PepsiCo Inc. P/E ratio decreased from Q3 2023 to Q4 2023 but then slightly increased from Q4 2023 to Q1 2024.

Price to Operating Profit (P/OP)

PepsiCo Inc., historical P/OP calculation (quarterly data)

Microsoft Excel
Mar 23, 2024 Dec 30, 2023 Sep 9, 2023 Jun 17, 2023 Mar 25, 2023 Dec 31, 2022 Sep 3, 2022 Jun 11, 2022 Mar 19, 2022 Dec 25, 2021 Sep 4, 2021 Jun 12, 2021 Mar 20, 2021 Dec 26, 2020 Sep 5, 2020 Jun 13, 2020 Mar 21, 2020 Dec 28, 2019 Sep 7, 2019 Jun 15, 2019 Mar 23, 2019
No. shares of common stock outstanding1 1,374,785,980 1,374,429,271 1,374,863,961 1,376,580,611 1,377,693,115 1,377,251,316 1,377,709,209 1,380,084,844 1,382,683,559 1,383,451,400 1,382,652,943 1,382,114,956 1,381,631,264 1,379,608,641 1,381,956,485 1,384,632,842 1,387,500,433 1,389,544,618 1,394,435,338 1,398,169,503 1,401,821,663
Selected Financial Data (US$)
Operating profit (in millions) 2,717 1,683 4,015 3,659 2,629 815 3,353 2,077 5,267 2,562 3,159 3,129 2,312 2,826 3,011 2,319 1,924 2,699 2,855 2,729 2,008
Operating profit per share2 8.78 8.72 8.09 7.60 6.44 8.36 9.62 9.47 10.21 8.07 8.26 8.16 7.58 7.31 7.20 7.08 7.36 7.41 0.00 0.00 0.00
Share price1, 3 171.22 167.67 164.40 187.53 189.71 172.78 169.39 169.50 173.30 168.37 151.09 152.96 142.31 134.97 140.80 134.91 136.32 146.47 137.93 131.74 127.01
Valuation Ratio
P/OP ratio4 19.50 19.23 20.33 24.69 29.45 20.67 17.60 17.90 16.97 20.87 18.28 18.75 18.78 18.47 19.55 19.07 18.53 19.78
Benchmarks
P/OP Ratio, Competitors5
Altria Group Inc. 6.25 6.00 6.92 7.14 6.97 6.88 6.79 8.50 8.09 7.18 7.71 7.68 7.45 6.26 7.36 7.00 7.65
Coca-Cola Co. 23.14 21.65 24.70 25.28 23.72 24.45 26.41 26.11 26.19 22.06 23.74 24.74 24.03 24.68 23.08 19.45 24.95
Mondelēz International Inc. 18.81 17.68 22.16 25.48 25.43 21.64 19.09 19.85 20.00 18.62 20.54 19.98 20.60 21.56 24.21 19.89 21.87

Based on: 10-Q (reporting date: 2024-03-23), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-09), 10-Q (reporting date: 2023-06-17), 10-Q (reporting date: 2023-03-25), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-03), 10-Q (reporting date: 2022-06-11), 10-Q (reporting date: 2022-03-19), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-04), 10-Q (reporting date: 2021-06-12), 10-Q (reporting date: 2021-03-20), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-05), 10-Q (reporting date: 2020-06-13), 10-Q (reporting date: 2020-03-21), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-07), 10-Q (reporting date: 2019-06-15), 10-Q (reporting date: 2019-03-23).

1 Data adjusted for splits and stock dividends.

2 Q1 2024 Calculation
Operating profit per share = (Operating profitQ1 2024 + Operating profitQ4 2023 + Operating profitQ3 2023 + Operating profitQ2 2023) ÷ No. shares of common stock outstanding
= (2,717,000,000 + 1,683,000,000 + 4,015,000,000 + 3,659,000,000) ÷ 1,374,785,980 = 8.78

3 Closing price as at the filing date of PepsiCo Inc. Quarterly or Annual Report.

4 Q1 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 171.22 ÷ 8.78 = 19.50

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. PepsiCo Inc. P/OP ratio decreased from Q3 2023 to Q4 2023 but then slightly increased from Q4 2023 to Q1 2024.

Price to Sales (P/S)

PepsiCo Inc., historical P/S calculation (quarterly data)

Microsoft Excel
Mar 23, 2024 Dec 30, 2023 Sep 9, 2023 Jun 17, 2023 Mar 25, 2023 Dec 31, 2022 Sep 3, 2022 Jun 11, 2022 Mar 19, 2022 Dec 25, 2021 Sep 4, 2021 Jun 12, 2021 Mar 20, 2021 Dec 26, 2020 Sep 5, 2020 Jun 13, 2020 Mar 21, 2020 Dec 28, 2019 Sep 7, 2019 Jun 15, 2019 Mar 23, 2019
No. shares of common stock outstanding1 1,374,785,980 1,374,429,271 1,374,863,961 1,376,580,611 1,377,693,115 1,377,251,316 1,377,709,209 1,380,084,844 1,382,683,559 1,383,451,400 1,382,652,943 1,382,114,956 1,381,631,264 1,379,608,641 1,381,956,485 1,384,632,842 1,387,500,433 1,389,544,618 1,394,435,338 1,398,169,503 1,401,821,663
Selected Financial Data (US$)
Net revenue (in millions) 18,250 27,850 23,453 22,322 17,846 27,996 21,971 20,225 16,200 25,248 20,189 19,217 14,820 22,455 18,091 15,945 13,881 20,640 17,188 16,449 12,884
Sales per share2 66.83 66.55 66.64 65.48 63.90 62.73 60.71 59.32 58.48 57.45 55.46 53.96 51.61 51.01 49.61 48.86 49.12 48.33 0.00 0.00 0.00
Share price1, 3 171.22 167.67 164.40 187.53 189.71 172.78 169.39 169.50 173.30 168.37 151.09 152.96 142.31 134.97 140.80 134.91 136.32 146.47 137.93 131.74 127.01
Valuation Ratio
P/S ratio4 2.56 2.52 2.47 2.86 2.97 2.75 2.79 2.86 2.96 2.93 2.72 2.83 2.76 2.65 2.84 2.76 2.78 3.03
Benchmarks
P/S Ratio, Competitors5
Altria Group Inc. 2.95 2.82 3.22 3.38 3.31 3.23 3.11 3.86 3.60 3.14 3.39 3.34 3.10 2.59 3.02 2.82 3.14
Coca-Cola Co. 5.72 5.34 6.12 6.32 6.02 6.07 6.59 7.15 6.99 6.40 6.76 6.91 6.55 6.51 6.07 5.25 6.75
Mondelēz International Inc. 2.87 2.57 2.88 3.06 2.85 2.77 2.89 3.03 3.24 3.02 3.27 3.15 2.99 2.97 3.13 2.80 3.25

Based on: 10-Q (reporting date: 2024-03-23), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-09), 10-Q (reporting date: 2023-06-17), 10-Q (reporting date: 2023-03-25), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-03), 10-Q (reporting date: 2022-06-11), 10-Q (reporting date: 2022-03-19), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-04), 10-Q (reporting date: 2021-06-12), 10-Q (reporting date: 2021-03-20), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-05), 10-Q (reporting date: 2020-06-13), 10-Q (reporting date: 2020-03-21), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-07), 10-Q (reporting date: 2019-06-15), 10-Q (reporting date: 2019-03-23).

1 Data adjusted for splits and stock dividends.

2 Q1 2024 Calculation
Sales per share = (Net revenueQ1 2024 + Net revenueQ4 2023 + Net revenueQ3 2023 + Net revenueQ2 2023) ÷ No. shares of common stock outstanding
= (18,250,000,000 + 27,850,000,000 + 23,453,000,000 + 22,322,000,000) ÷ 1,374,785,980 = 66.83

3 Closing price as at the filing date of PepsiCo Inc. Quarterly or Annual Report.

4 Q1 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= 171.22 ÷ 66.83 = 2.56

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. PepsiCo Inc. P/S ratio increased from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024.

Price to Book Value (P/BV)

PepsiCo Inc., historical P/BV calculation (quarterly data)

Microsoft Excel
Mar 23, 2024 Dec 30, 2023 Sep 9, 2023 Jun 17, 2023 Mar 25, 2023 Dec 31, 2022 Sep 3, 2022 Jun 11, 2022 Mar 19, 2022 Dec 25, 2021 Sep 4, 2021 Jun 12, 2021 Mar 20, 2021 Dec 26, 2020 Sep 5, 2020 Jun 13, 2020 Mar 21, 2020 Dec 28, 2019 Sep 7, 2019 Jun 15, 2019 Mar 23, 2019
No. shares of common stock outstanding1 1,374,785,980 1,374,429,271 1,374,863,961 1,376,580,611 1,377,693,115 1,377,251,316 1,377,709,209 1,380,084,844 1,382,683,559 1,383,451,400 1,382,652,943 1,382,114,956 1,381,631,264 1,379,608,641 1,381,956,485 1,384,632,842 1,387,500,433 1,389,544,618 1,394,435,338 1,398,169,503 1,401,821,663
Selected Financial Data (US$)
Total PepsiCo common shareholders’ equity (in millions) 19,047 18,503 18,806 17,685 17,042 17,149 18,977 18,553 18,202 16,043 15,872 15,299 13,947 13,454 13,483 12,491 13,465 14,786 14,129 13,952 14,202
Book value per share (BVPS)2 13.85 13.46 13.68 12.85 12.37 12.45 13.77 13.44 13.16 11.60 11.48 11.07 10.09 9.75 9.76 9.02 9.70 10.64 10.13 9.98 10.13
Share price1, 3 171.22 167.67 164.40 187.53 189.71 172.78 169.39 169.50 173.30 168.37 151.09 152.96 142.31 134.97 140.80 134.91 136.32 146.47 137.93 131.74 127.01
Valuation Ratio
P/BV ratio4 12.36 12.45 12.02 14.60 15.34 13.88 12.30 12.61 13.16 14.52 13.16 13.82 14.10 13.84 14.43 14.95 14.05 13.76 13.61 13.20 12.54
Benchmarks
P/BV Ratio, Competitors5
Altria Group Inc. 27.52 29.61 28.54 21.36 13.59 11.15 12.69 7.93 6.26 6.83
Coca-Cola Co. 10.09 9.14 10.38 10.90 10.73 11.26 11.85 11.55 11.74 10.91 11.07 11.35 11.20 11.70 11.91 10.75 13.26 12.50 12.48 11.51
Mondelēz International Inc. 3.65 3.19 3.44 3.56 3.34 3.17 3.14 3.15 3.29 3.09 3.31 3.16 2.88 2.89 3.12 2.84 3.08 2.79 2.96 2.88

Based on: 10-Q (reporting date: 2024-03-23), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-09), 10-Q (reporting date: 2023-06-17), 10-Q (reporting date: 2023-03-25), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-03), 10-Q (reporting date: 2022-06-11), 10-Q (reporting date: 2022-03-19), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-04), 10-Q (reporting date: 2021-06-12), 10-Q (reporting date: 2021-03-20), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-05), 10-Q (reporting date: 2020-06-13), 10-Q (reporting date: 2020-03-21), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-07), 10-Q (reporting date: 2019-06-15), 10-Q (reporting date: 2019-03-23).

1 Data adjusted for splits and stock dividends.

2 Q1 2024 Calculation
BVPS = Total PepsiCo common shareholders’ equity ÷ No. shares of common stock outstanding
= 19,047,000,000 ÷ 1,374,785,980 = 13.85

3 Closing price as at the filing date of PepsiCo Inc. Quarterly or Annual Report.

4 Q1 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= 171.22 ÷ 13.85 = 12.36

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. PepsiCo Inc. P/BV ratio increased from Q3 2023 to Q4 2023 but then slightly decreased from Q4 2023 to Q1 2024.