Consumer Staples · Soft Drinks & Non-alcoholic Beverages · US stock · price as of 16 Oct 2026
Key indicators
Price
$131.49
52-week range
$123.47 – $166.41
Market cap
$179.7B
P/E (trailing)
16.5×
EV / EBITDA
12.0×
Free-cash-flow yield
5.8%
Dividend yield
4.4%
Revenue (last 12 months)
$98.2B
Revenue growth (3y a year)
2.8%
Operating margin
15.3%
Return on invested capital
17.7%
Net debt / EBITDA
2.4×
Fair value
Blended fair value$217.51 range $202 – $235
Versus priceUndervalued+65% to fair value
Peer multiples
$191.77
Fundamentals-adjusted multiple
$223.96
10-year DCF (market-scaled)
$236.81
Earnings power value (floor, not blended)
$71.93
Model uncertainty
Medium
X-Ray Score
59/ 100 · High confidence · ahead of 79% of sector peers
Valuation79
Growth48
Profitability64
Financial health39
Dividends61
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
PepsiCo is a global food and beverage company. Its portfolio includes snack brands such as Lay's and Doritos, soft drinks and other beverages, and packaged foods such as Quaker oats. It makes concentrates and finished products, then sells them through supermarkets, convenience stores, restaurants and bottling partners. Revenue comes from product sales, and results are influenced by ingredient costs, pricing decisions and consumer demand.
Shareholders receive a dividend, yielding 4.4%. Looking at the numbers, trailing revenue is $98.2 billion, and it expanded at 2.8% a year across three years. Operating margin is 15.3%, while return on invested capital is 18%. Leverage, measured as net debt to EBITDA, is 2.4 times.
StocksXray gives Pepsico Inc an X-Ray Score of 59 out of 100 (high confidence), ahead of 79% of the S&P 500 stocks in its sector. Its strongest lens is valuation (79) and its weakest is financial health (39).
Our fair value blend is $217.51 (range $202.34 to $235.37). At $131.49 the stock trades 40% below that blend, so the label is "Undervalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Pepsico Inc (PEP)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$145.34
$158.80
$153.57
$142.67
$139.53
$131.49
Market cap
$201.9B
$220.3B
$212.4B
$196.6B
$191.6B
$179.7B
P/E
26.5×
24.7×
23.4×
20.5×
23.3×
16.5×
EV / revenue
3.0×
3.0×
2.8×
2.6×
2.5×
2.3×
EV / EBITDA
17.3×
18.0×
17.0×
14.9×
15.9×
12.0×
Price / free cash flow
28.9×
39.3×
26.8×
27.3×
25.0×
17.2×
Free-cash-flow yield
3.5%
2.5%
3.7%
3.7%
4.0%
5.8%
Price / book
12.6×
12.8×
11.5×
10.9×
9.4×
8.1×
Dividend yield
2.92%
2.85%
3.22%
3.74%
4.03%
4.42%
Fundamentals checklist ● 3 Good · ● 11 Average · ● 2 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−3.3%Average
Free-cash-flow yield5.8%Average
Risk models
Altman Z score3.2×Average
Piotroski F-Score5 of 9Bad
Growth
EPS growth (3y)−2.2%Average
Free-cash-flow growth (3y)11.0%Average
Revenue growth (3y)2.8%Average
Growth consistency70%Average
Balance sheet
Current ratio0.9×Bad
Net debt / EBITDA2.4×Average
Interest cover13.6×Average
Valuation
Fair value vs price1.7×Good
EBIT / EV yield6.7%Good
Profitability
Return on invested capital17.7%Average
Operating margin15.3%Average
Gross profitability47.5%Good
XStocksXray
Pepsico Inc (PEP)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
79,474
86,392
91,471
91,854
93,925
98,241
Gross profit
42,399
45,816
49,590
50,110
50,859
53,216
Operating income
11,162
11,512
11,986
12,887
11,498
15,053
Net income
7,618
8,910
9,074
9,578
8,240
10,896
Diluted EPS ($)
5.49
6.42
6.56
6.95
6.00
7.95
Free cash flow
6,991
5,604
7,924
7,189
7,672
10,471
Gross margin
53.3%
53.0%
54.2%
54.6%
54.1%
54.2%
Operating margin
14.0%
13.3%
13.1%
14.0%
12.2%
15.3%
Net margin
9.6%
10.3%
9.9%
10.4%
8.8%
11.1%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
92,377
92,187
100,495
99,467
107,399
111,976
Cash
5,596
4,954
9,711
8,505
9,159
10,675
Total debt
44,642
42,485
50,615
51,388
56,043
56,681
Equity
16,043
17,149
18,503
18,041
20,406
22,292
Dividend per share ($)
4.25
4.53
4.95
5.33
5.62
5.81
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.