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 USD 130 versus our fair value of USD 129; the high endpoint is presented separately as potential value of USD 169. 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 USD 129 and a potential value of USD 169. 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 USD 130 versus fair value of USD 129; potential value is USD 169. 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 USD 129, the potential value of USD 169, and the price recorded at analysis (USD 130).

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 research分析日 2026-09-21

PepsiCo, Inc.

PEP

ホールド

適正水準 · 適正価値との差は0.7%

Report-date price

$129.62

Recorded 2026-09-21

公正価値

$128.71

潜在価値

$168.61

評価レンジの上限

経済的モート

Wide9 / 10

英語版にフォールバックJA

翻訳中のため英語版を表示しています

このレポートはまだ翻訳されていません。翻訳キューが追いついたら数分後に更新してください。

§1 エグゼクティブサマリーEN

30秒でわかる要点Hold

株価と価値の比較

Price: $129.62
Fair value: $128.71
Potential value: $168.61
As of: 2026-09-21

投資仮説が成立する理由

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.

見方を変える要因

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 ベアケースEN

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.

このテーゼが崩れる経路

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

監視すべき早期警戒シグナル

投資判断を弱める5つの変化です。

operating_margin

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

現在:12.24% in FY2025

警戒条件< 11.50%

revenue_growth

§3 競争優位性EN

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.

経済的利益

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

モートに対する既知の脅威
脅威	深刻度	時間軸	緩和策
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 volatility

§5 感応度

割引率

ターミナル成長率

	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

行：割引率（利益モデルはKe、キャッシュフローはWACC）。列：ターミナル成長率。

期間の変化（年）

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クリフ

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 決算デシジョンツリーEN

ビート

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.

トリガー: 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.

インライン

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

トリガー: 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.

ミス

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.

トリガー: 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.

利益の質

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.

決算前に注目すべき指標

指標:
North American Beverage Operating Margin Recovery
現在Operating profitability reflects recent commercial contract friction and price-pack investments across retail distribution channels.
重要な理由
Operating margin recovery in North American beverages demonstrates whether commercial arrangement friction is transitory or structurally dilutive to segment profitability.
指標:
Frito-Lay North America Volume and Market Share
現在Management has initiated targeted affordability packaging adjustments to reverse negative category volume trends.

§8 財務履歴

損益計算書 — 直近6期
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%

採用した年次予測
指標	2026	2027	2028	2029	2030
Revenue	$98.95B	$101.92B

キャッシュフロー

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

資本配分

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% .

最新の売上高$939.3億売上高CAGR +4.6%

営業利益率12.2%10会計期間

最新のフリーキャッシュフロー$76.7億FY2025

純負債$368.2億FY2025

損益計算書の内訳事業規模が報告利益にどう結び付いているか。2026年6月30日

StockMarketAgent.AI

財務履歴データ
売上高	$24,181,000,000
売上原価	$11,070,000,000
売上総利益	$13,111,000,000
営業費用	$9,088,000,000
営業利益	$4,023,000,000
営業外項目および税金	-$1,019,000,000
純利益	$3,004,000,000

貸借対照表の概要選択した期間における報告資産の保有構成と資金調達方法。

StockMarketAgent.AI

貸借対照表の内訳データ
総資産	$107,399,000,000
現金	$9,159,000,000
流動資産	$27,949,000,000
負債合計	$86,852,000,000
流動負債	$32,764,000,000
株主資本	$20,547,000,000

キャッシュフロー・ブリッジFY2025に営業キャッシュフローがフリーキャッシュフローへ転換した過程。

StockMarketAgent.AI

営業キャッシュフローの照合

純利益$82.4億減価償却費+$34.5億株式報酬+$2.9億その他の営業調整+$1.1億営業キャッシュフロー$120.9億

期首から期末までの現金照合

期首現金$85.5億営業キャッシュフロー+$120.9億投資キャッシュフロー−$68.8億財務キャッシュフロー−$49.8億為替レートの影響+$4.2億期末現金$92億

$120.9億 − $44.2億フリーキャッシュフロー $76.7億

キャッシュフロー・ブリッジのデータ
純利益	$8,240,000,000
営業キャッシュ流入	$12,087,000,000
減価償却費	$3,451,000,000
株式報酬	$288,000,000
その他の営業調整	$108,000,000
営業キャッシュフロー	$12,087,000,000
利用可能現金	$21,062,000,000
期首現金	$8,553,000,000
為替レートの影響	$422,000,000
投資キャッシュ流出	$6,879,000,000
設備投資	$4,415,000,000
その他の投資活動	$2,464,000,000
財務キャッシュ流出	$4,979,000,000
純有利子負債調達	$3,748,000,000
自社株買い	$1,000,000,000
支払配当金	$7,638,000,000
その他の財務活動	$89,000,000
期末現金	$9,204,000,000
投資キャッシュフロー	-$6,879,000,000
財務キャッシュフロー	-$4,979,000,000

事業セグメント別売上高2025-12-27の総売上高に占める割合。

事業セグメント別売上高構成比

Pepsi Co Beverages North America$282億30%+1.5% 前年比

Pepsi Co Foods North America$275.3億29.3%+0.4% 前年比

Europe Middle East Africa$180.3億19.2%+8.2% 前年比

Latin America Foods$105.5億11.2%−0.2% 前年比

International Beverage Franchise$50億5.3%+2.4% 前年比

Asia Pacific Foods$46.3億4.9%+1.8% 前年比

出典: SEC EDGAR · 提出日 2026-02-03 · SEC EDGAR

売上構成データ: 事業セグメント別売上高
事業セグメント別売上高	売上高	構成比	前年比
Pepsi Co Beverages North America	$282億	30%	1.5%
Pepsi Co Foods North America	$275.3億	29.3%	0.4%
Europe Middle East Africa	$180.3億	19.2%	8.2%
Latin America Foods	$105.5億	11.2%	-0.2%
International Beverage Franchise	$50億	5.3%	2.4%
Asia Pacific Foods	$46.3億	4.9%	1.8%

地域別売上高2025-12-27の総売上高に占める割合。

地域別売上高構成比

United States$522.3億55.6%+1.1% 前年比

All Other$179.4億19.1%+5.4% 前年比

Mexico$69.5億7.4%−2.5% 前年比

Russia$47.7億5.1%+22.9% 前年比

Canada$37.3億4%−0.9% 前年比

China$26.2億2.8%−3.2% 前年比

その他$56.9億6.1%+0.1% 前年比

出典: SEC EDGAR · 提出日 2026-02-03 · SEC EDGAR

売上構成データ: 地域別売上高
地域別売上高	売上高	構成比	前年比
United States	$522.3億	55.6%	1.1%
All Other	$179.4億	19.1%	5.4%
Mexico	$69.5億	7.4%	-2.5%
Russia	$47.7億	5.1%	22.9%
Canada	$37.3億	4%	-0.9%
China	$26.2億	2.8%	-3.2%
United Kingdom	$21.4億	2.3%	3.8%
Brazil	$17.8億	1.9%	1%
South Africa	$17.7億	1.9%	-4.9%

売上高と利益事業規模が報告利益にどう結び付いているか。

現金と負債総借入額に対する利用可能な流動性。

キャッシュ創出力営業キャッシュフローとフリーキャッシュフローの比較。

収益性粗利益率、営業利益率、純利益率の推移。

2026-09-21の分析で使用した時点財務データ。

財務履歴データ
期間	売上高	EBITDA	純利益	営業キャッシュフロー	フリーキャッシュフロー	設備投資	減価償却費	株式報酬	自社株買い	支払配当金	純有利子負債調達	投資キャッシュフロー	財務キャッシュフロー	期首現金	期末現金	現金および投資	総負債	営業利益率	ROIC	WACC	ROIC−WACCスプレッド
2016-12-31	$628億	$122.6億	$63.3億	$106.6億	$76.2億	$30.4億	$23.7億	$2.8億	$30億	$42.3億	—	-$71.5億	-$32.1億	—	$91.7億	$161.3億	$344.5億	15.6%	—	4.4%	—
2017-12-30	$635.3億	$131.2億	$48.6億	$100.3億	$70.6億	$29.7億	$23.7億	$2.9億	$20億	$44.7億	—	-$44億	-$41.9億	$91.7億	$106.6億	$195.1億	$378.2億	16.2%	—	4.3%	—
2018-12-29	$646.6億	$128.1億	$125.2億	$94.2億	$61.3億	$32.8億	$24億	$2.6億	$20億	$49.3億	—	$45.6億	-$137.7億	$106.6億	$107.7億	$89.9億	$322.5億	15.6%	—	4.9%	—
2019-12-28	$671.6億	$130.9億	$73.1億	$96.5億	$54.2億	$42.3億	$24.3億	$2.4億	$30億	$53億	—	-$64.4億	-$84.9億	$107.7億	$55.7億	$57.4億	$320億	15.3%	—	4.0%	—
2020-12-26	$703.7億	$132.2億	$71.2億	$106.1億	$63.7億	$42.4億	$25.5億	$2.6億	$20億	$55.1億	—	-$116.2億	$38.2億	$55.7億	$82.5億	$95.5億	$437.3億	14.3%	—	2.7%	—
2021-12-25	$794.7億	$149億	$76.2億	$116.2億	$69.9億	$46.3億	$27.1億	$3億	$1.1億	$58.2億	—	-$32.7億	-$107.8億	$82.5億	$57.1億	$59.9億	$399億	14.0%	—	3.5%	—
2022-12-31	$863.9億	$149.2億	$89.1億	$108.1億	$56億	$52.1億	$27.6億	$3.4億	$15億	$61.7億	-$8.1億	-$24.3億	-$85.2億	$57.1億	$51億	$53.5億	$387.5億	13.3%	—	5.8%	—
2023-12-30	$914.7億	$157.5億	$90.7億	$134.4億	$79.2億	$55.2億	$29.5億	$3.8億	$10億	$66.8億	$47.7億	-$55億	-$30.1億	$51億	$97.6億	$100億	$415.2億	13.1%	—	5.6%	—
2024-12-28	$918.5億	$166.8億	$95.8億	$125.1億	$71.9億	$53.2億	$31.6億	$3.6億	$10億	$72.3億	$7億	-$54.7億	-$75.6億	$97.6億	$85.5億	$92.7億	$412.3億	14.0%	—	6.2%	—
2025-12-27	$939.3億	$155.4億	$82.4億	$120.9億	$76.7億	$44.2億	$34.5億	$2.9億	$10億	$76.4億	$37.5億	-$68.8億	-$49.8億	$85.5億	$92億	$95.3億	$463.5億	12.2%	—	5.3%	—

§9 同業他社とのバリュエーション比較

PepsiCo, Inc.PEP

株価 / 適正価値

適正価値$128.71Report-date price$129.62

評価日2026年9月21日

経済的モートWide

投資スコアカード63 / 100

The Coca-Cola CompanyKO

株価 / 適正価値

適正価値$57.11Report-date price$88.07

評価日2026年9月08日

経済的モートNone

投資スコアカード53 / 100

The Procter & Gamble CompanyPG

株価 / 適正価値

適正価値$126.47Report-date price$145.58

評価日2026年9月09日

経済的モートNarrow

投資スコアカード56 / 100

PepsiCo, Inc.PEP

株価 / 適正価値

適正価値$128.71Report-date price$129.62

評価日2026年9月21日

経済的モートWide

投資スコアカード63 / 100

競合倍率と収益性
ティッカー	名前	時価総額	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 業界とサイクルEN

サイクルフェーズ

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

強気サイクル

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.

弱気サイクル

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.

長期トレンド
トレンド	影響	備考
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

ポジショニング

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 ポジション管理EN

サイジング

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

リスク

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.

エントリートランシェ
レベル	アクション	理由
$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.

エグジットトランシェ
レベル	アクション
$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.

四半期チェックポイント
指標	しきい値	アクション
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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企業概要

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