Is PepsiCo, Inc. overvalued?

In our latest published analysis dated 2026-09-21, PEP trades close to fair value. The price recorded at analysis is 130 USD versus our fair value of 129 USD; the high endpoint is presented separately as potential value of 169 USD. That implies roughly 0.7% downside to fair value at that date.

What is PEP's fair value?

Our latest published report, analyzed 2026-09-21, gives PEP a fair value of 129 USD and a potential value of 169 USD. The conclusion is triangulated across multiple valuation models and weighted by reliability for PepsiCo, Inc.'s archetype; it is a dated research output, not a live price.

Should I buy PEP now?

Our latest published rating for PEP, analyzed 2026-09-21, is Hold. PepsiCo, Inc. trades close to fair value at the analysis-date price of 130 USD versus fair value of 129 USD; potential value is 169 USD. This is research for educational purposes, not personalized investment advice.

What are the biggest risks for PEP?

The dedicated bear-case section in our report analyzed 2026-09-21 documents PepsiCo, Inc.'s material risks, evidence, thresholds, and thesis-invalidation conditions. Scenario-specific explanations remain in that section so the report does not repeat or decontextualize them elsewhere.

What is PEP's rating?

Our latest published rating for PEP, analyzed 2026-09-21, is Hold, with a published moat assessment of 9/10 (Wide). It reflects our fair value of 129 USD, the potential value of 169 USD, and the price recorded at analysis (130 USD).

What archetype is PEP?

In the latest published report analyzed 2026-09-21, PepsiCo, Inc. is classified as a mature-dividend stock. Archetype determines how every downstream parameter — discount rate, terminal growth, deceleration curve, terminal multiple, scenario probability weights, scorecard weights, and which valuation models are prioritized — is calibrated for PEP.

PEP stock analysis | StockMarketAgent.AI

StockMarketAgent researchAnalysiert 2026-09-21

PepsiCo, Inc.

PEP

Halten

Fair bewertet · 0,7 % vom fairen Wert entfernt

Report-date price

129,62 $

Recorded 2026-09-21

Fair Value

128,71 $

Potenzieller Wert

168,61 $

Oberer Bewertungsendpunkt

Wirtschaftlicher Burggraben

Wide9 / 10

Englische QuelleDE

Englische Quelle wird angezeigt, während wir übersetzen

Dieser Bericht wurde noch nicht übersetzt. Aktualisieren Sie in ein paar Minuten, sobald die Übersetzungswarteschlange aufgeholt hat.

§1 ZusammenfassungEN

30-Sekunden-AntwortHold

Preis im Verhältnis zum Wert

Kurs: $129.62
Fairer Wert: $128.71
Potenzialwert: $168.61
Stand: 2026-09-21

Warum es funktionieren kann

Accelerated away-from-home execution recovery combined with mixing center logistics automation restores North American beverage operating margins toward 5.0%, while international volume growth compounds above 7% to unlock Potential value of $168.61 per share.

Was unsere Einschätzung ändern würde

Severe promotional discounting and persistent wage and freight inflation compress consolidated operating margin below 11.5%.

We maintain a Hold rating on PepsiCo Inc. as the shares trade at $129.62 as of September 21, 2026, essentially in line with our Fair value of $128.71 per share.⁴

We rate PepsiCo as a Hold. For an everyday investor, this means existing shareholders should keep their shares, but new investors should wait for a wider margin of safety before putting fresh money to work.

On September 21, 2026, the report was prepared with PepsiCo shares priced at $129.62. That price sits right at our Fair value estimate of $128.71 per share, representing -0.7% upside. If operational improvements accelerate, Potential value reaches $168.61 per share, offering 30.1% upside.

§2 BärenszenarioEN

In a severe compounding downturn, private label savory snack substitution in North America reduces organic volumes, while ongoing price-pack investments fail to restore unit growth. Operating margins compress toward 11.5% as commercial partner arrangements drag beverage profitability. Concurrently, higher refinancing rates on $53,213,999,104 of total debt expand WACC past 7.45%, driving fair value toward the downside boundary of $101.11.

Bear scenario

Bear

Probability

20%

Return

-22.0%

Path target

$101.11

Domestic consumers persistently substitute branded snacks with private label alternatives
Supply chain and commercial partner friction permanently compress beverage operating margins
Higher borrowing costs increase interest expense and cost of capital

The Bear scenario models a downside outcome resulting from prolonged consumer trade-down in domestic snacks, persistent wage and freight inflation, and higher corporate refinancing costs. Under this conditional path, operating margins contract below historical norms as promotional price-pack adjustments fail to generate volume elasticity, while beverage partner arrangements continue to compress gross margins. Disconfirmation would occur if North American snacks regain volume share without additional discounting.

Wie diese These scheitern kann

Severe promotional discounting and persistent wage and freight inflation across North American supply chains compress consolidated operating margin below 11.5%

FY2025 consolidated operating margin was 12.24%. Continued affordability investments and commercial partner margin drag risk driving operating margin down by 300 bps below historical norms.^5,7

FV impact

-7.3%

Operating margin 3 points lower throughout

Trigger

Within 12 months

Frühwarnsignale zur Überwachung

Die fünf Entwicklungen, die unsere Anlagethese schwächen würden.

operating_margin

Operating margin declining below 11.50% indicates persistent promotional discounting and structural cost inflation exceeding price realization.

Aktuell:12.24% in FY2025

Alarm, wenn< 11.50%

revenue_growth

§3 WettbewerbsgrabenEN

Wide

PepsiCo possesses a Wide economic moat underpinned by durable structural intangible assets and cost advantages stemming from its global Direct-Store-Delivery (DSD) network and commanding retail shelf presence. The company generated $50,859M in gross profit at a 54.15% gross margin on $93,925M in revenue in FY2025, led by PepsiCo Foods North America delivering $6,173M in operating income at a 22.42% margin. This structural pricing power and category leadership across savory snacks defend high returns on capital against branded peers.

The company's scale advantage is reinforced by an integrated DSD distribution logistics network that provides unmatched route density across grocery, mass merchandise, and convenience retail channels. By deploying combined mixing centers that co-locate food and beverage inventories, PepsiCo optimizes customer delivery fulfillment while reducing supply chain overhead. This logistical barrier to entry cannot be easily replicated by standalone competitors, preserving operating cash flow resilience across macroeconomic cycles.

Ökonomischer Gewinn

ROIC of 16.56% substantially exceeds the company's cost of capital (WACC of 6.45%), generating sustainable economic value supported by $12,087M in operating cash flow in FY2025.^2,7

9/ 10

Wide

Sources of advantage

Brand Equity and Retail Shelf DominancePepsiCo defended a 54.15% gross margin with $50,859M gross profit on $93,925M net revenue in FY2025, driven by PepsiCo Foods North America generating $6,173M in operating profit at a 22.42% operating margin.Wide
Direct-Store-Delivery Route Density and Supply Chain Scale

Bekannte Bedrohungen für den Wettbewerbsvorteil
Bedrohung	Schweregrad	Zeitrahmen	Minderung
Private label displacement in savory snacks	medium	12-24 months	Accelerated brand-building R&D, package size differentiation, and targeted price-pack architecture.⁵
Geopolitical disruption and emerging market currency

§5 Sensitivität

Abzinsungssatz

Terminalwachstum

	1.5%	2.0%	2.5%	3.0%	3.5%
4.5%	$159.72	$178.02	$204.48	$246.34	$323.57
5.5%	$132.18	$142.18	$155.26	$173.13	$199.04
6.5%	$114.75	$120.99	$128.71	$138.50	$151.34
7.4%	$102.40	$106.60	$111.61	$117.68	$125.19
8.4%	$93.28	$96.28	$99.77	$103.86	$108.75

Zeilen: Abzinsungssatz (Ke für Ertragsmodelle; WACC für Cashflow). Spalten: Terminalwachstum.

Änderung der Dauer (Jahre)

None of the valuation methods used to calculate Fair value relies on a separate assumption about how long the competitive advantage lasts.

Sensitivity reference

The highlighted cell is Fair value when every assumption sits at its base level ($128.71). Each row and column shows what Fair value becomes when one assumption moves.

FCF-Klippe

Free cash flow to the firm stays positive in the first projected year at $8.5B after modeled reinvestment of $1.5B, with terminal value at 83.1% of enterprise value. A sudden drop in free cash flow is not projected unless capital spending relative to revenue, reinvestment, or gross margin resets materially.

§7 Entscheidungsbaum für ErgebnisseEN

Übertroffen

Upgrade to Buy; Re-examine margin expansion sustainability across North American beverages, verify positive volume share gains in savory snacks, and consider expanding portfolio allocation toward the upper band of positioning guidelines.

Auslöser: Consolidated organic revenue growth accelerating above historical trend alongside North American beverage operating margin recovery toward peer levels.

An earnings beat driven by volume growth rather than promotional discounting indicates pricing elasticity has stabilized and that investments in away-from-home channels and mixing centers are delivering operating leverage toward $168.61.

Im Plan

Maintain Hold; Maintain position weighting while monitoring consumer price elasticity in domestic channels and tracking quarterly free cash flow generation against dividend coverage commitments.

Auslöser: Organic revenue growth and operating margins meeting consensus expectations, with international momentum offsetting moderate North American snack price sensitivity.

Performance tracking guidance confirms the earnings power of the core franchise, keeping intrinsic valuation aligned with $128.71 at $129.62.

Verfehlt

Downgrade to Reduce; Reassess the competitive moat in North American snacks, evaluate whether supply chain bottlenecks have become permanent, and trim exposure if volume declines persist across consecutive quarters.

Auslöser: Accelerating private label trade-down in North American savory snacks, failure of beverage margins to improve, or rising debt service costs pressuring net earnings.

A material earnings miss resulting from persistent promotional discounting and ongoing commercial partner margin drag would indicate structural moat erosion and necessitate a downward revision in Fair value.

Ergebnisqualität

PepsiCo maintains high earnings quality characterized by steady operating cash conversion, disciplined working capital management, and consistent accrual accounting practices. Cash flow from operations reliably mirrors reported net income, with capital spending disciplined against depreciation schedules.

Wichtige Kennzahlen vor dem Bericht

Kennzahl:
North American Beverage Operating Margin Recovery
AktuellOperating profitability reflects recent commercial contract friction and price-pack investments across retail distribution channels.
Warum es wichtig ist
Operating margin recovery in North American beverages demonstrates whether commercial arrangement friction is transitory or structurally dilutive to segment profitability.
Kennzahl:
Frito-Lay North America Volume and Market Share
Aktuell

§8 Finanzielle Historie

Gewinn- und Verlustrechnung — letzte sechs Perioden
Period	2021-12-25	2022-12-31	2023-12-30	2024-12-28	2025-12-27	Trend
Revenue	$79.47B	$86.39B	$91.47B	$91.85B	$93.93B	+4.3%
Gross profit	$42.40B	$45.82B	$49.59B	$50.11B	$50.86B	+4.7%
Operating income	$11.16B	$11.51B	$11.99B	$12.89B	$11.50B	+0.7%
Net income	$7.62B	$8.91B	$9.07B	$9.58B	$8.24B	+2.0%
EPS (diluted)	$5.49	$6.42	$6.56	$6.95	$6.00	+2.2%
EBITDA	$14.90B	$14.92B	$15.75B	$16.68B	$15.54B	+1.1%
R&D	$752.0M	$771.0M	$804.0M	$813.0M	$839.0M	+2.8%
SG&A	$31.24B	$34.46B	$36.68B	$37.19B	$37.37B	+4.6%

Akzeptierte Jahresprognose
Kennzahl	2026	2027	2028	2029	2030
Revenue	$98.95B

Cashflow

PepsiCo demonstrates strong cash conversion, generating $12,087M in operating cash flow and $7,672M in free cash flow in FY2025 after funding $4,415M in capital expenditures. Operating cash flow comfortably funds maintenance and growth investments, with steady working capital management maintaining cash flow durability across quarterly cycles.^6,7

Kapitalallokation

Capital allocation prioritizes organic reinvestment and shareholder distributions. In FY2025, capital expenditures of $4,415M represented 4.70% of , focused on mixing center automation and fleet modernizations. of $8,240M supports a dividend of $5.92 per share with an established 75.3% , while share repurchases gently reduced from 1,383M in FY2023 to 1,373M in FY2025.

ROIC

The company generates substantial economic profits across market cycles, anchored by high-return snack manufacturing in North America and asset-light international franchise bottling operations.

ROIC of 16.56% exceeds the verified WACC of 6.45% by 1,011 bps.

North American snack profitability underpins corporate cash generation

PepsiCo Foods North America delivered $6,173M in operating profit at a 22.42% margin on $27,528M in revenue in FY2025, accounting for 53.7% of total segment operating income.

The savory snack franchise provides defensive pricing power and cash flow resilience that subsidizes North American beverage margin recovery.

International franchise model delivers superior capital efficiency

The International Beverage Franchise segment generated $1,769M in on $4,997M in FY2025, achieving an industry-leading 35.40% .

Jüngster Umsatz93,9 Mrd. $Umsatz-CAGR +4,6 %

Betriebsmarge12,2 %10 Geschäftsjahresperioden

Jüngster freier Cashflow7,7 Mrd. $FY2025

Nettoverschuldung36,8 Mrd. $FY2025

Aufschlüsselung der Gewinn- und VerlustrechnungWie sich die Unternehmensgröße in ausgewiesenen Gewinn übersetzt.30. Juni 2026

StockMarketAgent.AI

Finanzhistorische Daten
Umsatz	24.181.000.000 $
Umsatzkosten	11.070.000.000 $
Bruttogewinn	13.111.000.000 $
Betriebliche Aufwendungen	9.088.000.000 $
Betriebsergebnis	4.023.000.000 $
Nicht operative Posten und Steuern	-1.019.000.000 $
Nettogewinn	3.004.000.000 $

BilanzübersichtWie die ausgewiesenen Vermögenswerte im gewählten Zeitraum gehalten und finanziert werden.

StockMarketAgent.AI

Daten zur Bilanzaufgliederung
Gesamtvermögen	107.399.000.000 $
Liquide Mittel	9.159.000.000 $
Umlaufvermögen	27.949.000.000 $
Gesamtverbindlichkeiten	86.852.000.000 $
Kurzfristige Verbindlichkeiten	32.764.000.000 $
Eigenkapital	20.547.000.000 $

Cashflow-ÜberleitungWie der operative Cashflow in FY2025 zum freien Cashflow wurde.

StockMarketAgent.AI

Überleitung des operativen Cashflows

Nettogewinn8,2 Mrd. $Abschreibungen+3,5 Mrd. $Aktienbasierte Vergütung+288 Mio. $Sonstige operative Anpassungen+108 Mio. $Operativer Cashflow12,1 Mrd. $

Überleitung vom Anfangs- zum Endbestand

Anfangsbestand Zahlungsmittel8,6 Mrd. $Operativer Cashflow+12,1 Mrd. $Cashflow aus Investitionstätigkeit−6,9 Mrd. $Cashflow aus Finanzierungstätigkeit−5 Mrd. $Wechselkurseffekt+422 Mio. $Endbestand Zahlungsmittel9,2 Mrd. $

12,1 Mrd. $ − 4,4 Mrd. $Freier Cashflow 7,7 Mrd. $

Daten der Cashflow-Überleitung
Nettogewinn	8.240.000.000 $
Operativer Mittelzufluss	12.087.000.000 $
Abschreibungen	3.451.000.000 $
Aktienbasierte Vergütung	288.000.000 $
Sonstige operative Anpassungen	108.000.000 $
Operativer Cashflow	12.087.000.000 $
Verfügbare Zahlungsmittel	21.062.000.000 $
Anfangsbestand Zahlungsmittel	8.553.000.000 $
Wechselkurseffekt	422.000.000 $
Mittelabfluss aus Investitionen	6.879.000.000 $
Investitionsausgaben	4.415.000.000 $
Sonstige Investitionstätigkeiten	2.464.000.000 $
Mittelabfluss aus Finanzierung	4.979.000.000 $
Netto-Schuldenaufnahme	3.748.000.000 $
Aktienrückkäufe	1.000.000.000 $
Gezahlte Dividenden	7.638.000.000 $
Sonstige Finanzierungstätigkeiten	89.000.000 $
Endbestand Zahlungsmittel	9.204.000.000 $
Cashflow aus Investitionstätigkeit	-6.879.000.000 $
Cashflow aus Finanzierungstätigkeit	-4.979.000.000 $

Umsatz nach GeschäftssegmentAnteil am Gesamtumsatz für 2025-12-27.

Umsatz nach GeschäftssegmentAnteil

Pepsi Co Beverages North America28,2 Mrd. $30 %+1,5 % ggü. Vj.

Pepsi Co Foods North America27,5 Mrd. $29,3 %+0,4 % ggü. Vj.

Europe Middle East Africa18 Mrd. $19,2 %+8,2 % ggü. Vj.

Latin America Foods10,5 Mrd. $11,2 %−0,2 % ggü. Vj.

International Beverage Franchise5 Mrd. $5,3 %+2,4 % ggü. Vj.

Asia Pacific Foods4,6 Mrd. $4,9 %+1,8 % ggü. Vj.

Quelle: SEC EDGAR · Eingereicht 2026-02-03 · SEC EDGAR

Daten zur Umsatzstruktur: Umsatz nach Geschäftssegment
Umsatz nach Geschäftssegment	Umsatz	Anteil	ggü. Vj.
Pepsi Co Beverages North America	28,2 Mrd. $	30 %	1,5 %
Pepsi Co Foods North America	27,5 Mrd. $	29,3 %	0,4 %
Europe Middle East Africa	18 Mrd. $	19,2 %	8,2 %
Latin America Foods	10,5 Mrd. $	11,2 %	-0,2 %
International Beverage Franchise	5 Mrd. $	5,3 %	2,4 %
Asia Pacific Foods	4,6 Mrd. $	4,9 %	1,8 %

Umsatz nach RegionAnteil am Gesamtumsatz für 2025-12-27.

Umsatz nach RegionAnteil

United States52,2 Mrd. $55,6 %+1,1 % ggü. Vj.

All Other17,9 Mrd. $19,1 %+5,4 % ggü. Vj.

Mexico6,9 Mrd. $7,4 %−2,5 % ggü. Vj.

Russia4,8 Mrd. $5,1 %+22,9 % ggü. Vj.

Canada3,7 Mrd. $4 %−0,9 % ggü. Vj.

China2,6 Mrd. $2,8 %−3,2 % ggü. Vj.

Sonstige5,7 Mrd. $6,1 %+0,1 % ggü. Vj.

Quelle: SEC EDGAR · Eingereicht 2026-02-03 · SEC EDGAR

Daten zur Umsatzstruktur: Umsatz nach Region
Umsatz nach Region	Umsatz	Anteil	ggü. Vj.
United States	52,2 Mrd. $	55,6 %	1,1 %
All Other	17,9 Mrd. $	19,1 %	5,4 %
Mexico	6,9 Mrd. $	7,4 %	-2,5 %
Russia	4,8 Mrd. $	5,1 %	22,9 %
Canada	3,7 Mrd. $	4 %	-0,9 %
China	2,6 Mrd. $	2,8 %	-3,2 %
United Kingdom	2,1 Mrd. $	2,3 %	3,8 %
Brazil	1,8 Mrd. $	1,9 %	1 %
South Africa	1,8 Mrd. $	1,9 %	-4,9 %

Umsatz und ErgebnisWie sich die Unternehmensgröße in ausgewiesenen Gewinn übersetzt.

Liquidität und SchuldenVerfügbare Liquidität im Verhältnis zur Gesamtverschuldung.

Cashflow-EntwicklungOperativer Cashflow im Vergleich zum freien Cashflow.

ProfitabilitätEntwicklung von Brutto-, Betriebs- und Nettomarge.

Punktbezogene Finanzdaten der Analyse vom 2026-09-21.

Finanzhistorische Daten
Periode	Umsatz	EBITDA	Nettogewinn	Operativer Cashflow	Freier Cashflow	Investitionsausgaben	Abschreibungen	Aktienbasierte Vergütung	Aktienrückkäufe	Gezahlte Dividenden	Netto-Schuldenaufnahme	Cashflow aus Investitionstätigkeit	Cashflow aus Finanzierungstätigkeit	Anfangsbestand Zahlungsmittel	Endbestand Zahlungsmittel	Liquidität und Anlagen	Gesamtverschuldung	Operative Marge	ROIC	WACC	ROIC−WACC-Spanne
2016-12-31	62,8 Mrd. $	12,3 Mrd. $	6,3 Mrd. $	10,7 Mrd. $	7,6 Mrd. $	3 Mrd. $	2,4 Mrd. $	284 Mio. $	3 Mrd. $	4,2 Mrd. $	—	-7,2 Mrd. $	-3,2 Mrd. $	—	9,2 Mrd. $	16,1 Mrd. $	34,5 Mrd. $	15,6 %	—	4,4 %	—
2017-12-30	63,5 Mrd. $	13,1 Mrd. $	4,9 Mrd. $	10 Mrd. $	7,1 Mrd. $	3 Mrd. $	2,4 Mrd. $	292 Mio. $	2 Mrd. $	4,5 Mrd. $	—	-4,4 Mrd. $	-4,2 Mrd. $	9,2 Mrd. $	10,7 Mrd. $	19,5 Mrd. $	37,8 Mrd. $	16,2 %	—	4,3 %	—
2018-12-29	64,7 Mrd. $	12,8 Mrd. $	12,5 Mrd. $	9,4 Mrd. $	6,1 Mrd. $	3,3 Mrd. $	2,4 Mrd. $	256 Mio. $	2 Mrd. $	4,9 Mrd. $	—	4,6 Mrd. $	-13,8 Mrd. $	10,7 Mrd. $	10,8 Mrd. $	9 Mrd. $	32,2 Mrd. $	15,6 %	—	4,9 %	—
2019-12-28	67,2 Mrd. $	13,1 Mrd. $	7,3 Mrd. $	9,6 Mrd. $	5,4 Mrd. $	4,2 Mrd. $	2,4 Mrd. $	237 Mio. $	3 Mrd. $	5,3 Mrd. $	—	-6,4 Mrd. $	-8,5 Mrd. $	10,8 Mrd. $	5,6 Mrd. $	5,7 Mrd. $	32 Mrd. $	15,3 %	—	4,0 %	—
2020-12-26	70,4 Mrd. $	13,2 Mrd. $	7,1 Mrd. $	10,6 Mrd. $	6,4 Mrd. $	4,2 Mrd. $	2,5 Mrd. $	264 Mio. $	2 Mrd. $	5,5 Mrd. $	—	-11,6 Mrd. $	3,8 Mrd. $	5,6 Mrd. $	8,3 Mrd. $	9,6 Mrd. $	43,7 Mrd. $	14,3 %	—	2,7 %	—
2021-12-25	79,5 Mrd. $	14,9 Mrd. $	7,6 Mrd. $	11,6 Mrd. $	7 Mrd. $	4,6 Mrd. $	2,7 Mrd. $	301 Mio. $	106 Mio. $	5,8 Mrd. $	—	-3,3 Mrd. $	-10,8 Mrd. $	8,3 Mrd. $	5,7 Mrd. $	6 Mrd. $	39,9 Mrd. $	14,0 %	—	3,5 %	—
2022-12-31	86,4 Mrd. $	14,9 Mrd. $	8,9 Mrd. $	10,8 Mrd. $	5,6 Mrd. $	5,2 Mrd. $	2,8 Mrd. $	343 Mio. $	1,5 Mrd. $	6,2 Mrd. $	-810 Mio. $	-2,4 Mrd. $	-8,5 Mrd. $	5,7 Mrd. $	5,1 Mrd. $	5,3 Mrd. $	38,8 Mrd. $	13,3 %	—	5,8 %	—
2023-12-30	91,5 Mrd. $	15,8 Mrd. $	9,1 Mrd. $	13,4 Mrd. $	7,9 Mrd. $	5,5 Mrd. $	2,9 Mrd. $	380 Mio. $	1 Mrd. $	6,7 Mrd. $	4,8 Mrd. $	-5,5 Mrd. $	-3 Mrd. $	5,1 Mrd. $	9,8 Mrd. $	10 Mrd. $	41,5 Mrd. $	13,1 %	—	5,6 %	—
2024-12-28	91,9 Mrd. $	16,7 Mrd. $	9,6 Mrd. $	12,5 Mrd. $	7,2 Mrd. $	5,3 Mrd. $	3,2 Mrd. $	362 Mio. $	1 Mrd. $	7,2 Mrd. $	695 Mio. $	-5,5 Mrd. $	-7,6 Mrd. $	9,8 Mrd. $	8,6 Mrd. $	9,3 Mrd. $	41,2 Mrd. $	14,0 %	—	6,2 %	—
2025-12-27	93,9 Mrd. $	15,5 Mrd. $	8,2 Mrd. $	12,1 Mrd. $	7,7 Mrd. $	4,4 Mrd. $	3,5 Mrd. $	288 Mio. $	1 Mrd. $	7,6 Mrd. $	3,7 Mrd. $	-6,9 Mrd. $	-5 Mrd. $	8,6 Mrd. $	9,2 Mrd. $	9,5 Mrd. $	46,4 Mrd. $	12,2 %	—	5,3 %	—

§9 Bewertungsvergleich mit Vergleichsunternehmen

PepsiCo, Inc.PEP

Kurs / fairer Wert

Fairer Wert128,71 $Report-date price129,62 $

Bewertungsdatum21. Sept. 2026

Wirtschaftlicher BurggrabenWide

Investment-Scorecard63 / 100

The Coca-Cola CompanyKO

Kurs / fairer Wert

Fairer Wert57,11 $Report-date price88,07 $

Bewertungsdatum08. Sept. 2026

Wirtschaftlicher BurggrabenNone

Investment-Scorecard53 / 100

The Procter & Gamble CompanyPG

Kurs / fairer Wert

Fairer Wert126,47 $Report-date price145,58 $

Bewertungsdatum09. Sept. 2026

Wirtschaftlicher BurggrabenNarrow

Investment-Scorecard56 / 100

PepsiCo, Inc.PEP

Kurs / fairer Wert

Fairer Wert128,71 $Report-date price129,62 $

Bewertungsdatum21. Sept. 2026

Wirtschaftlicher BurggrabenWide

Investment-Scorecard63 / 100

Vergleichsmultiplikatoren und Rentabilität
Ticker	Name	Marktkap.	P/E	P/S	EV/EBITDA	ROE

PepsiCo Inc. (PEP) trades at 14.4x forward earnings against a peer median of 23.0x. Its EV/EBITDA of 11.6x compares with a peer median of 19.7x. The comparison uses 4 peers: The Coca-Cola Company, The Procter & Gamble Company, Colgate-Palmolive Company and Monster Beverage Corporation, as of 2026-09-21.

§10 Branche & ZyklusEN

Zyklusphase

Expansion

Industry capex-to-revenue stands at 4.7% with capex-to-depreciation at 1.59, while PepsiCo invested $4,415M in capital expenditures (4.70% of revenue) in FY2025 against $3,451M in depreciation.⁷

Bullenzyklus

In an expansionary upswing, consumer demand for convenience snacks and zero-sugar beverages outpaces inflation, allowing brand leaders to push selective price increases while away-from-home channels drive high-margin fountain and impulse volumes.

Bärenzyklus

In a downturn or stagflationary environment, household budget tightening accelerates consumer trade-down to private label snacks, convenience and impulse foot traffic slows, and commodity inflation across packaging, sugar, and freight compresses margins.

Säkulare Trends
Trend	Auswirkung	Hinweis
Health and Wellness Shift toward Zero-Sugar and Functional Formulations	positive	Consumers are steadily migrating to low-sugar beverages and better-for-you snack options, where PepsiCo's R&D scale and brand reformulations capture premium pricing.
Private Label Savory Snack Penetration	negative	Rising grocery prices have incentivized retail grocers to expand private label salty snacks, pressuring premium branded snack volumes and demanding increased price-pack promotional spending.
Emerging Market Middle Class Consumption	positive

Positionierung

PepsiCo holds an advantaged position as one of the few global food and beverage giants with integrated snack and beverage operations, enabling unmatched DSD route density and dual-category retail negotiations relative to beverage-only peers like Coca-Cola.⁵

§11 PositionsmanagementEN

Positionsgröße

3-5%

A neutral portfolio weighting of 3-5% aligns with the Hold rating, reflecting a fair risk-reward trade-off where the shares trade within 1% of the $128.71 Fair value midpoint.⁴

Risiko

Maintain disciplined position limits within defensive equity allocations, hedge foreign exchange exposure where practicable, and monitor quarterly volume share trends across domestic snack aisles to detect structural trade-down.

Einstiegstranchen
Niveau	Aktion	Warum
$110.00 - $115.00	Consider initiating or adding to position	A 10-15% discount to Fair value ($128.71) provides an attractive margin of safety and raises the dividend yield above historical averages.
	Opportunistic accumulation	Corresponds to the conservative valuation lower boundary, offering significant downside protection against stress-test scenarios.

Ausstiegstranchen
Niveau	Aktion
$150.00 - $155.00	Trim position to harvest gains as valuation approaches consensus target levels.
$168.61	Harvest full gains as shares reach Potential value upper boundary.

Vierteljährliche Checkpoints
Kennzahl	Schwellenwert	Aktion
PBNA Operating Margin	< 3.50%	Review commercial partner agreements and downgrade beverage earnings recovery expectations.⁸
Consolidated Gross Margin

PEP	PepsiCo Inc.	$177.2B	14.4x	1.8x	11.6x	51.5%	—
KO	The Coca-Cola Company	$377.9B	24.9x	7.5x	24.1x	42.1%	34.9%
PG	The Procter & Gamble Company	$341.0B	19.8x	3.9x	14.8x	30.3%	22.1%
CL	Colgate-Palmolive Company	$69.1B	21.1x	3.3x	15.3x	267.4%	21.0%
MNST	Monster Beverage Corporation	$86.6B	33.8x	9.4x	28.7x	25.7%	29.2%

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Unternehmensüberblick

operating_margin

revenue_growth

Wide

Sources of advantage

Lenses that set Fair value

Forward Earnings

North American Beverage Operating Margin Recovery

Frito-Lay North America Volume and Market Share

Sources

wacc

gross_margin

fcf

Cash flow DCF

Owner Earnings

Sum of the Parts

Dividend Discount Model

Checks and reference points

Reverse DCF

International Organic Revenue and Volume Growth

Away-From-Home and Foodservice Channel Acceleration

Free Cash Flow Conversion and Dividend Coverage