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 research분석일 2026-09-21

PepsiCo, Inc.

PEP

보유

적정가치 수준 · 적정가치와 0.7% 차이

Report-date price

US$129.62

Recorded 2026-09-21

공정 가치

US$128.71

잠재 가치

US$168.61

가치평가 상단

경제적 해자

Wide9 / 10

영어 원본으로 대체KO

번역하는 동안 영어 원본을 표시 중

이 리포트는 아직 번역되지 않았습니다. 번역 대기열이 따라잡으면 몇 분 후에 새로고침하세요.

§1 개요EN

30초 핵심 답변Hold

가격과 가치 비교

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

투자 논리가 성립할 수 있는 이유

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.

관점을 바꿀 요인

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 베어 케이스EN

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.

이 논제가 무너지는 경로

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

모니터링할 조기 경보 신호

투자 논리를 약화시킬 수 있는 다섯 가지 변화입니다.

operating_margin

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

현재:12.24% in FY2025

다음이면 경고< 11.50%

revenue_growth

§3 경쟁 우위EN

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.

경제적 이익

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

해자에 대한 알려진 위협
위협	심각도	타임라인	완화 조치
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 민감도

할인율

터미널 성장률

	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

행: 할인율(이익 모델은 Ke, 현금흐름은 WACC). 열: 터미널 성장률.

기간 변화(년)

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 절벽

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 실적 의사결정 트리EN

비트

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.

트리거: 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.

부합

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

트리거: 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.

미스

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.

트리거: 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.

이익의 질

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.

실적 발표 전 주시할 지표

지표:
North American Beverage Operating Margin Recovery
현재Operating profitability reflects recent commercial contract friction and price-pack investments across retail distribution channels.
왜 중요한가
Operating margin recovery in North American beverages demonstrates whether commercial arrangement friction is transitory or structurally dilutive to segment profitability.
지표:
Frito-Lay North America Volume and Market Share
현재

§8 재무 이력

손익계산서 — 최근 6기
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%

채택된 연간 전망
지표	2026	2027	2028	2029	2030
Revenue	$98.95B	$101.92B

현금 흐름

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

자본 배분

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% .

최근 매출US$939.3억매출 CAGR +4.6%

영업이익률12.2%10개 회계 기간

최근 잉여현금흐름US$76.7억FY2025

순부채US$368.2억FY2025

손익계산서 내역사업 규모가 보고 이익으로 전환되는 방식입니다.2026년 6월 30일

StockMarketAgent.AI

재무 이력 데이터
매출	US$24,181,000,000
매출원가	US$11,070,000,000
매출총이익	US$13,111,000,000
영업비용	US$9,088,000,000
영업이익	US$4,023,000,000
영업외 항목 및 세금	-US$1,019,000,000
순이익	US$3,004,000,000

대차대조표 요약선택한 기간의 보고 자산 보유 구조와 조달 방식을 보여줍니다.

StockMarketAgent.AI

대차대조표 구성 데이터
총자산	US$107,399,000,000
현금	US$9,159,000,000
유동자산	US$27,949,000,000
총부채	US$86,852,000,000
유동부채	US$32,764,000,000
주주자본	US$20,547,000,000

현금흐름 브리지FY2025의 영업현금흐름이 잉여현금흐름으로 전환된 과정입니다.

StockMarketAgent.AI

US$120.9억 − US$44.2억잉여 현금흐름 US$76.7억

현금흐름 브리지 데이터
순이익	US$8,240,000,000
영업 현금 유입	US$12,087,000,000
감가상각비	US$3,451,000,000
주식 기반 보상	US$288,000,000
기타 영업 조정	US$108,000,000
영업 현금흐름	US$12,087,000,000
사용 가능 현금	US$21,062,000,000
기초 현금	US$8,553,000,000
환율 효과	US$422,000,000
투자 현금 유출	US$6,879,000,000
자본적 지출	US$4,415,000,000
기타 투자 활동	US$2,464,000,000
재무 현금 유출	US$4,979,000,000
순부채 발행	US$3,748,000,000
자사주 매입	US$1,000,000,000
지급 배당금	US$7,638,000,000
기타 재무 활동	US$89,000,000
기말 현금	US$9,204,000,000
투자 현금흐름	-US$6,879,000,000
재무 현금흐름	-US$4,979,000,000

영업 부문별 매출2025-12-27 총매출 비중.

영업 부문별 매출비중

Pepsi Co Beverages North AmericaUS$282억30%+1.5% 전년 대비

Pepsi Co Foods North AmericaUS$275.3억29.3%+0.4% 전년 대비

Europe Middle East AfricaUS$180.3억19.2%+8.2% 전년 대비

Latin America FoodsUS$105.5억11.2%−0.2% 전년 대비

International Beverage FranchiseUS$50억5.3%+2.4% 전년 대비

Asia Pacific FoodsUS$46.3억4.9%+1.8% 전년 대비

출처: SEC EDGAR · 제출일 2026-02-03 · SEC EDGAR

매출 구성 데이터: 영업 부문별 매출
영업 부문별 매출	매출	비중	전년 대비
Pepsi Co Beverages North America	US$282억	30%	1.5%
Pepsi Co Foods North America	US$275.3억	29.3%	0.4%
Europe Middle East Africa	US$180.3억	19.2%	8.2%
Latin America Foods	US$105.5억	11.2%	-0.2%
International Beverage Franchise	US$50억	5.3%	2.4%
Asia Pacific Foods	US$46.3억	4.9%	1.8%

지역별 매출2025-12-27 총매출 비중.

지역별 매출비중

United StatesUS$522.3억55.6%+1.1% 전년 대비

All OtherUS$179.4억19.1%+5.4% 전년 대비

MexicoUS$69.5억7.4%−2.5% 전년 대비

RussiaUS$47.7억5.1%+22.9% 전년 대비

CanadaUS$37.3억4%−0.9% 전년 대비

ChinaUS$26.2억2.8%−3.2% 전년 대비

기타US$56.9억6.1%+0.1% 전년 대비

출처: SEC EDGAR · 제출일 2026-02-03 · SEC EDGAR

매출 구성 데이터: 지역별 매출
지역별 매출	매출	비중	전년 대비
United States	US$522.3억	55.6%	1.1%
All Other	US$179.4억	19.1%	5.4%
Mexico	US$69.5억	7.4%	-2.5%
Russia	US$47.7억	5.1%	22.9%
Canada	US$37.3억	4%	-0.9%
China	US$26.2억	2.8%	-3.2%
United Kingdom	US$21.4억	2.3%	3.8%
Brazil	US$17.8억	1.9%	1%
South Africa	US$17.7억	1.9%	-4.9%

매출과 이익사업 규모가 보고 이익으로 전환되는 방식입니다.

현금과 부채총차입금 대비 가용 유동성입니다.

현금 창출영업현금흐름과 잉여현금흐름의 비교입니다.

수익성매출총이익률, 영업이익률, 순이익률의 추이입니다.

2026-09-21 분석에 사용된 시점 재무 데이터입니다.

재무 이력 데이터
기간	매출	EBITDA	순이익	영업 현금흐름	잉여 현금흐름	자본적 지출	감가상각비	주식 기반 보상	자사주 매입	지급 배당금	순부채 발행	투자 현금흐름	재무 현금흐름	기초 현금	기말 현금	현금 및 투자자산	총부채	영업이익률	ROIC	WACC	ROIC−WACC 스프레드
2016-12-31	US$628억	US$122.6억	US$63.3억	US$106.6억	US$76.2억	US$30.4억	US$23.7억	US$2.8억	US$30억	US$42.3억	—	-US$71.5억	-US$32.1억	—	US$91.7억	US$161.3억	US$344.5억	15.6%	—	4.4%	—
2017-12-30	US$635.3억	US$131.2억	US$48.6억	US$100.3억	US$70.6억	US$29.7억	US$23.7억	US$2.9억	US$20억	US$44.7억	—	-US$44억	-US$41.9억	US$91.7억	US$106.6억	US$195.1억	US$378.2억	16.2%	—	4.3%	—
2018-12-29	US$646.6억	US$128.1억	US$125.2억	US$94.2억	US$61.3억	US$32.8억	US$24억	US$2.6억	US$20억	US$49.3억	—	US$45.6억	-US$137.7억	US$106.6억	US$107.7억	US$89.9억	US$322.5억	15.6%	—	4.9%	—
2019-12-28	US$671.6억	US$130.9억	US$73.1억	US$96.5억	US$54.2억	US$42.3억	US$24.3억	US$2.4억	US$30억	US$53억	—	-US$64.4억	-US$84.9억	US$107.7억	US$55.7억	US$57.4억	US$320억	15.3%	—	4.0%	—
2020-12-26	US$703.7억	US$132.2억	US$71.2억	US$106.1억	US$63.7억	US$42.4억	US$25.5억	US$2.6억	US$20억	US$55.1억	—	-US$116.2억	US$38.2억	US$55.7억	US$82.5억	US$95.5억	US$437.3억	14.3%	—	2.7%	—
2021-12-25	US$794.7억	US$149억	US$76.2억	US$116.2억	US$69.9억	US$46.3억	US$27.1억	US$3억	US$1.1억	US$58.2억	—	-US$32.7억	-US$107.8억	US$82.5억	US$57.1억	US$59.9억	US$399억	14.0%	—	3.5%	—
2022-12-31	US$863.9억	US$149.2억	US$89.1억	US$108.1억	US$56억	US$52.1억	US$27.6억	US$3.4억	US$15억	US$61.7억	-US$8.1억	-US$24.3억	-US$85.2억	US$57.1억	US$51억	US$53.5억	US$387.5억	13.3%	—	5.8%	—
2023-12-30	US$914.7억	US$157.5억	US$90.7억	US$134.4억	US$79.2억	US$55.2억	US$29.5억	US$3.8억	US$10억	US$66.8억	US$47.7억	-US$55억	-US$30.1억	US$51억	US$97.6억	US$100억	US$415.2억	13.1%	—	5.6%	—
2024-12-28	US$918.5억	US$166.8억	US$95.8억	US$125.1억	US$71.9억	US$53.2억	US$31.6억	US$3.6억	US$10억	US$72.3억	US$7억	-US$54.7억	-US$75.6억	US$97.6억	US$85.5억	US$92.7억	US$412.3억	14.0%	—	6.2%	—
2025-12-27	US$939.3억	US$155.4억	US$82.4억	US$120.9억	US$76.7억	US$44.2억	US$34.5억	US$2.9억	US$10억	US$76.4억	US$37.5억	-US$68.8억	-US$49.8억	US$85.5억	US$92억	US$95.3억	US$463.5억	12.2%	—	5.3%	—

§9 동종 기업 가치평가 비교

PepsiCo, Inc.PEP

주가 / 적정 가치

적정 가치US$128.71Report-date priceUS$129.62

평가일2026년 9월 21일

경제적 해자Wide

투자 스코어카드63 / 100

The Coca-Cola CompanyKO

주가 / 적정 가치

적정 가치US$57.11Report-date priceUS$88.07

평가일2026년 9월 08일

경제적 해자None

투자 스코어카드53 / 100

The Procter & Gamble CompanyPG

주가 / 적정 가치

적정 가치US$126.47Report-date priceUS$145.58

평가일2026년 9월 09일

경제적 해자Narrow

투자 스코어카드56 / 100

PepsiCo, Inc.PEP

주가 / 적정 가치

적정 가치US$128.71Report-date priceUS$129.62

평가일2026년 9월 21일

경제적 해자Wide

투자 스코어카드63 / 100

동종 업체 배수 및 수익성
티커	이름	시가총액	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 산업과 사이클EN

사이클 단계

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

상승 사이클

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.

하락 사이클

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.

장기 트렌드
추세	영향	참고
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

포지셔닝

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 포지션 관리EN

포지션 사이징

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

위험

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.

진입 트랜치
레벨	행동	이유
$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.

청산 트랜치
레벨	행동
$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.

분기별 체크포인트
지표	임계값	행동
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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PepsiCo, Inc.

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기업 개요

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