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XStocksXray
Research report · 16 October 2026

Pepsico Inc (PEP)

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 / EBITDA12.0×
Free-cash-flow yield5.8%
Dividend yield4.4%
Revenue (last 12 months)$98.2B
Revenue growth (3y a year)2.8%
Operating margin15.3%
Return on invested capital17.7%
Net debt / EBITDA2.4×

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 uncertaintyMedium

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

114146178210242Fair value $2182021-102023-012024-042025-072026-10

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.

stocksxray.com · page 1
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Pepsico Inc (PEP)

Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months

FY2021FY2022FY2023FY2024FY2025Now
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/E26.5×24.7×23.4×20.5×23.3×16.5×
EV / revenue3.0×3.0×2.8×2.6×2.5×2.3×
EV / EBITDA17.3×18.0×17.0×14.9×15.9×12.0×
Price / free cash flow28.9×39.3×26.8×27.3×25.0×17.2×
Free-cash-flow yield3.5%2.5%3.7%3.7%4.0%5.8%
Price / book12.6×12.8×11.5×10.9×9.4×8.1×
Dividend yield2.92%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
stocksxray.com · page 2
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Pepsico Inc (PEP)

Financials US$ millions, from SEC filings; last column is the last twelve months

Income statementFY21FY22FY23FY24FY25LTM
Revenue79,47486,39291,47191,85493,92598,241
Gross profit42,39945,81649,59050,11050,85953,216
Operating income11,16211,51211,98612,88711,49815,053
Net income7,6188,9109,0749,5788,24010,896
Diluted EPS ($)5.496.426.566.956.007.95
Free cash flow6,9915,6047,9247,1897,67210,471
Gross margin53.3%53.0%54.2%54.6%54.1%54.2%
Operating margin14.0%13.3%13.1%14.0%12.2%15.3%
Net margin9.6%10.3%9.9%10.4%8.8%11.1%
Balance sheetFY21FY22FY23FY24FY25LTM
Total assets92,37792,187100,49599,467107,399111,976
Cash5,5964,9549,7118,5059,15910,675
Total debt44,64242,48550,61551,38856,04356,681
Equity16,04317,14918,50318,04120,40622,292
Dividend per share ($)4.254.534.955.335.625.81

Revenue and net income US$ billions: navy revenue, teal net income

FY21FY22FY23FY24FY25

Margins blue gross, teal operating, brown net

0%18%36%55%FY21FY22FY23FY24FY25

Latest quarters

Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Revenue ($M)22,72623,93729,34319,44324,18125,274
Growth vs a year earlier+1.0%+2.7%+5.6%+8.5%+6.4%+5.6%
Net income ($M)1,2632,6032,5402,3272,9813,048
Diluted EPS ($)0.921.90–1.702.182.23
stocksxray.com · page 3
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Pepsico Inc (PEP)

Peers in Soft Drinks & Non-alcoholic Beverages

CompanyX-Ray
PEP · Pepsico Inc59
MNST · Monster Beverage Corp75
KO · Coca Cola Co45
KDP · Keurig Dr Pepper Inc.43

Market Compass outlook for Consumer Staples: Neutral (41/100). It blends regime history, macro sensitivity, momentum and valuation.

Returns

1 week+4.4%
1 month−1.6%
3 months−1.9%
6 months−14.8%
1 year−9.5%
3 years−9.9%
5 years−0.9%

Technical summary

DailyBearish5 bullish · 1 neutral · 10 bearish
WeeklyStrongly bearish0 bullish · 1 neutral · 11 bearish
MonthlyStrongly bearish0 bullish · 1 neutral · 7 bearish
50-day / 200-day average$133.87 / $143.81
52-week low / high$123.47 / $166.41
Classic pivot, support and resistanceS2 127.86 · S1 129.68 · P – · R1 132.45 · R2 133.40

Recent dividends

Ex-dividend dateAmount per share
4 Sep 2026$1.4800
5 Jun 2026$1.4800
6 Mar 2026$1.4230
5 Dec 2025$1.4230
5 Sep 2025$1.4230
6 Jun 2025$1.4230
stocksxray.com · page 4
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Pepsico Inc (PEP)

Strengths

  • Has raised its dividend for 7 years in a row.

Risks and weak spots

  • Piotroski F-Score is weak against Consumer Staples peers (5 of 9).
  • Current ratio is weak against Consumer Staples peers (0.9×).

Latest SEC filings

DateFormItems
16 Oct 20268-K8.01,9.01
8 Oct 20268-K2.02,9.01
8 Oct 202610-Q
17 Sep 20268-K5.02
9 Jul 20268-K2.02,9.01
9 Jul 202610-Q
22 May 20268-K8.01,9.01
8 May 20268-K5.07

How to read this report

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.

stocksxray.com · page 5 · generated 19 Oct 2026