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When used in this report, the terms we, us, our, PepsiCo and the Company mean PepsiCo, Inc. and its consolidated subsidiaries, collectively. Company Overview We were incorporated in Delaware in 1919 and reincorporated in North Carolina in 1986.
$142.00
+$0.48 (+0.34%)
Last close via Marketstack
12.24% operating margin is respectable but not wide. ROIC at 13.72%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue growth slowed to 2.3%, essentially flat. Margins also contracted 1.8pp. This is a business that needs a catalyst.
ROIC dropped from 16.09% to 13.72%, capital efficiency is deteriorating. Net debt of $43.50B represents 5.7x FCF, leverage limits flexibility.
22.3x earnings, 22.0x FCF. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$95.45B
▲ +2.3% YoY
Net Income (TTM)
$8.73B
▼ -14.0% YoY
Op. Margin
12.71%
▼ -1.8pp YoY
ROIC
13.63%
▼ -2.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$8.84B
▲ +6.7% YoY
Op. Cash Flow (TTM)
$13.10B
▼ -3.4% YoY
Net Debt
$43.50B
Cash & Equiv.
$10.83B
5Y CAGR: +5.9%
5Y CAGR: +3.8%
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