PepsiCo Inc
PEP—
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PepsiCo Inc AI Insights
Informational only. Not investment advice.Snapshot
- Negative tangible book value (-14.3B) with goodwill at 97% of equity (18.8B vs 19.4B) - balance sheet dependent on intangibles holding value[Tangible Book Value]
- Negative working capital (-2.8B TTM) while AP of 24.8B exceeds AR of 12.9B - supplier financing funds operations[Working Capital]
- Debt/equity of 2.6x (50.8B debt vs 19.4B equity) with interest coverage of 9.6x (10.1B EBIT/1.1B interest) - leveraged but serviceable[Total Debt]
Watch Triggers
- Interest Expense TTM: Rises above 1.5B (43% increase from 1.05B) — Would compress interest coverage below 7x, pressuring dividend sustainability
- Operating Margin TTM: Falls below 11% (from current 13.2%) — Would signal pricing power erosion or cost inflation outpacing price increases
- Goodwill: Any impairment charge announced — With goodwill at 97% of equity, even 10% impairment wipes 1.9B from book value
Bull Case
Operating margin 13.2% TTM at industry median with 92.4B revenue scale - 9x larger than median peer (10B) creates procurement and distribution leverage
Operating Margin TTMTotal Revenue TTM
Negative working capital model (-2.8B) generates float - AP 24.8B funds inventory 6.1B and AR 12.9B, freeing 5.8B for other uses
Working CapitalAccounts Payable
Bear Case
Net margin 7.8% TTM vs 3.8% industry median masks 2.6x leverage - equity cushion of 19.4B supports 106.6B in assets (5.5x asset/equity)
Net Margin TTMTotal DebtTotal Equity
Goodwill 18.8B equals 97% of equity - any impairment directly erodes already-negative tangible book (-14.3B)
GoodwillTangible Book Value
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
45%
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Forward Thesis
FCF generation will remain constrained at 7-8% margin as capex intensity persists near 5% of revenue
1-3yhigh
- Capex TTM of 5.0B (5.4% of revenue) vs industry median 8%
- FCF margin 7.3% trails operating margin 13.2% by 6pts
- Dividend payout of 5.56/share consumes 86% of EPS
FCF TTM 6.8B on 92.4B revenue = 7.3% marginDividends paid 5.56 vs EPS 6.43 = 86% payoutOperating cash flow 11.8B less capex 5.0B = 6.8B FCF
Valuation Context
Caveats
Public Strategies Rankings
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PEP Fundamentals
Manufacturing → Beverage and Tobacco Product Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$213.21B | — | ||
$253.96B | — | ||
26 | — | ||
$93.92B | +2.3% | — | |
$6.00 | +3.0% | — | |
14.4% | +0.3% | — | |
8.77% | -1.7% | — | |
$7.67B | +6.7% | — | |
42.9% | -9.6% | — | |
Beta 5Y (Monthly) | unknown | — |
PEP Dividend History
105 dividends
2026
$1.422503/06/26$1.4225
2025
$5.622512/05/25$1.4225
09/05/25$1.4225
06/06/25$1.4225
03/07/25$1.3550
2024
$5.330012/06/24$1.3550
09/06/24$1.3550
06/07/24$1.3550
02/29/24$1.2650
2023
$4.945011/30/23$1.2650
08/31/23$1.2650
06/01/23$1.2650
03/02/23$1.1500
2022
$4.525012/01/22$1.1500
09/01/22$1.1500
06/02/22$1.1500
03/03/22$1.0750
2021
$4.247512/02/21$1.0750
09/02/21$1.0750
06/03/21$1.0750
03/04/21$1.0225
2020
$4.022512/03/20$1.0225
09/03/20$1.0225
06/04/20$1.0225
03/05/20$0.9550
2019
$3.792512/05/19$0.9550
09/05/19$0.9550
06/06/19$0.9550
02/28/19$0.9275
2018
$3.587512/06/18$0.9275
09/06/18$0.9275
05/31/18$0.9275
03/01/18$0.8050
2017
$3.167511/30/17$0.8050
08/30/17$0.8050
05/31/17$0.8050
03/01/17$0.7525
2016
$2.960011/30/16$0.7525
08/31/16$0.7525
06/01/16$0.7525
03/02/16$0.7025
2015
$2.762512/02/15$0.7025
09/02/15$0.7025
06/03/15$0.7025
03/04/15$0.6550
2014
$2.532512/03/14$0.6550
09/03/14$0.6550
06/04/14$0.6550
03/05/14$0.5675
2013
$2.240012/04/13$0.5675
09/04/13$0.5675
06/05/13$0.5675
02/27/13$0.5375
2012
$2.127512/05/12$0.5375
09/05/12$0.5375
05/30/12$0.5375
02/29/12$0.5150
2011
$2.025011/30/11$0.5150
08/31/11$0.5150
06/01/11$0.5150
03/02/11$0.4800
2010
$1.890012/01/10$0.4800
09/01/10$0.4800
06/02/10$0.4800
03/03/10$0.4500
2009
$1.775012/02/09$0.4500
09/02/09$0.4500
06/03/09$0.4500
03/04/09$0.4250
2008
$1.650012/03/08$0.4250
09/03/08$0.4250
06/04/08$0.4250
03/05/08$0.3750
2007
$1.425012/05/07$0.3750
09/05/07$0.3750
06/06/07$0.3750
03/07/07$0.3000
2006
$1.160012/06/06$0.3000
09/06/06$0.3000
06/07/06$0.3000
03/08/06$0.2600
2005
$1.010012/07/05$0.2600
09/07/05$0.2600
06/08/05$0.2600
03/09/05$0.2300
2004
$0.850012/08/04$0.2300
09/08/04$0.2300
06/09/04$0.2300
03/10/04$0.1600
2003
$0.630012/10/03$0.1600
09/10/03$0.1600
06/11/03$0.1600
03/12/03$0.1500
2002
$0.595012/04/02$0.1500
09/04/02$0.1500
06/05/02$0.1500
03/06/02$0.1450
2001
$0.575012/05/01$0.1450
09/05/01$0.1450
06/06/01$0.1450
03/07/01$0.1400
2000
$0.555012/06/00$0.1400
09/06/00$0.1400
06/07/00$0.1400
03/08/00$0.1350
PEP Stock Splits
No stock splits
PEP SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/03/26 | 12/27/25 | 10-K | |
10/09/25 | 09/06/25 | 10-Q | |
07/17/25 | 06/14/25 | 10-Q | |
10/09/25 | 05/31/25 | 10-Q | |
04/24/25 | 03/22/25 | 10-Q | |
02/04/25 | 12/28/24 | Unknown | |
10/08/24 | 09/07/24 | 10-Q | |
07/11/24 | 06/15/24 | 10-Q | |
04/23/24 | 03/23/24 | 10-Q | |
02/09/24 | 12/30/23 | 10-K | |
10/10/23 | 09/09/23 | 10-Q | |
07/13/23 | 06/17/23 | 10-Q | |
04/25/23 | 03/25/23 | 10-Q | |
02/09/23 | 12/31/22 | 10-K | |
10/12/22 | 09/03/22 | 10-Q | |
07/12/22 | 06/11/22 | 10-Q | |
04/26/22 | 03/19/22 | 10-Q | |
02/10/22 | 12/25/21 | 10-K | |
10/05/21 | 09/04/21 | 10-Q | |
07/13/21 | 06/12/21 | 10-Q | |
04/15/21 | 03/20/21 | 10-Q | |
02/11/21 | 12/26/20 | 10-K | |
10/01/20 | 09/05/20 | 10-Q | |
07/13/20 | 06/13/20 | 10-Q | |
04/28/20 | 03/21/20 | 10-Q | |
02/13/20 | 12/28/19 | 10-K | |
10/03/19 | 09/07/19 | 10-Q | |
07/09/19 | 06/15/19 | 10-Q | |
04/17/19 | 03/23/19 | 10-Q | |
02/15/19 | 12/29/18 | 10-K | |
10/02/18 | 09/08/18 | 10-Q | |
07/10/18 | 06/16/18 | 10-Q | |
04/26/18 | 03/24/18 | 10-Q | |
02/13/18 | 12/30/17 | 10-K | |
10/04/17 | 09/09/17 | 10-Q | |
07/11/17 | 06/17/17 | 10-Q | |
04/26/17 | 03/25/17 | 10-Q | |
02/15/17 | 12/31/16 | 10-K | |
09/30/16 | 09/30/16 | 10-Q | |
07/07/16 | 06/11/16 | 10-Q | |
04/18/16 | 03/19/16 | 10-Q | |
02/11/16 | 12/26/15 | 10-K | |
10/06/15 | 09/05/15 | 10-Q | |
07/09/15 | 06/13/15 | 10-Q | |
04/23/15 | 03/21/15 | 10-Q | |
02/12/15 | 12/27/14 | 10-K | |
10/09/14 | 09/06/14 | 10-Q | |
07/23/14 | 06/14/14 | 10-Q | |
04/17/14 | 03/22/14 | 10-Q | |
02/14/14 | 12/28/13 | 10-K | |
10/16/13 | 09/07/13 | 10-Q | |
07/24/13 | 06/15/13 | 10-Q | |
04/19/13 | 03/23/13 | 10-Q | |
02/21/13 | 12/29/12 | 10-K | |
10/17/12 | 09/08/12 | 10-Q | |
07/25/12 | 06/16/12 | 10-Q | |
04/26/12 | 03/24/12 | 10-Q | |
02/27/12 | 12/31/11 | 10-K | |
10/12/11 | 09/03/11 | 10-Q | |
07/21/11 | 06/11/11 | 10-Q | |
04/28/11 | 03/19/11 | 10-Q | |
02/18/11 | 12/25/10 | 10-K | |
10/07/10 | 09/04/10 | 10-Q | |
07/20/10 | 06/12/10 | 10-Q | |
04/23/10 | 03/20/10 | 10-Q | |
02/22/10 | 12/26/09 | 10-K | |
10/08/09 | 09/30/09 | 10-Q | |
07/22/09 | 06/30/09 | 10-Q | |
04/22/09 | 03/21/09 | 10-Q | |
02/19/09 | 12/27/08 | 10-K | |
09/30/08 | 09/30/08 | Unknown | -- |
06/30/08 | 06/30/08 | Unknown | -- |
04/24/08 | 03/30/08 | Unknown | -- |
02/15/08 | 12/31/07 | 11-K | |
09/30/07 | 09/30/07 | Unknown | -- |
07/25/07 | 06/30/07 | Unknown | -- |
04/25/07 | 03/30/07 | Unknown | -- |
02/20/07 | 12/31/06 | 11-K | |
09/30/06 | 09/30/06 | Unknown | -- |
07/13/06 | 06/30/06 | Unknown | -- |
04/26/06 | 03/30/06 | Unknown | -- |
02/27/06 | 12/31/05 | 10-K | |
09/30/05 | 09/30/05 | Unknown | -- |
06/30/05 | 06/30/05 | Unknown | -- |
04/15/05 | 03/31/05 | 8-K | |
02/28/05 | 12/31/04 | 11-K | |
09/30/04 | 09/30/04 | 8-K | |
06/30/04 | 06/30/04 | Unknown | -- |
04/22/04 | 03/30/04 | Unknown | -- |
03/04/04 | 12/31/03 | 11-K | |
10/14/03 | 09/30/03 | 10-Q | |
06/30/03 | 06/30/03 | Unknown | -- |
04/25/03 | 03/30/03 | Unknown | -- |
03/07/03 | 12/31/02 | 11-K | |
09/30/02 | 09/30/02 | Unknown | -- |
07/23/02 | 06/30/02 | Unknown | -- |
05/01/02 | 03/30/02 | Unknown | -- |
03/20/02 | 12/31/01 | 11-K | |
09/30/01 | 09/30/01 | Unknown | -- |
07/26/01 | 06/30/01 | Unknown | -- |
05/02/01 | 03/30/01 | Unknown | -- |
03/15/01 | 12/31/00 | 11-K/A | |
09/30/00 | 09/30/00 | Unknown | -- |
06/30/00 | 06/30/00 | Unknown | -- |
04/26/00 | 03/30/00 | Unknown | -- |