Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
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Long-term Activity Ratios (Summary)
PepsiCo Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-06), 10-Q (reporting date: 2025-06-14), 10-Q (reporting date: 2025-03-22), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-07), 10-Q (reporting date: 2024-06-15), 10-Q (reporting date: 2024-03-23), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-09), 10-Q (reporting date: 2023-06-17), 10-Q (reporting date: 2023-03-25), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-03), 10-Q (reporting date: 2022-06-11), 10-Q (reporting date: 2022-03-19).
An examination of the investment activity ratios reveals distinct trends over the observed period. Generally, a slight decline in asset utilization efficiency is apparent, though variations exist across the specific ratios analyzed. The period begins with relatively stable ratios, followed by a period of fluctuation, and ultimately a trend towards lower values in the later quarters.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio demonstrates a consistent, albeit gradual, downward trend. Starting at 3.67 in March 2022, the ratio fluctuates around the 3.6 level for several quarters before declining to 3.14 by December 2025. This suggests a decreasing efficiency in generating revenue from fixed assets over time. The most significant drop occurs between December 2022 (3.38) and December 2025 (3.14), indicating a potential slowdown in the effective utilization of property, plant, and equipment.
- Total Asset Turnover
- The total asset turnover ratio exhibits more stability than the net fixed asset turnover, but still shows a subtle downward drift. The ratio remains relatively consistent between 0.87 and 0.95 for the first six quarters. A slight decline is then observed, moving from 0.92 in September 2023 to 0.87 in December 2025. This indicates a marginally decreasing efficiency in generating sales from all assets. The changes are less pronounced than those seen in the net fixed asset turnover, suggesting that factors beyond fixed asset utilization are influencing overall asset efficiency.
- Equity Turnover
- The equity turnover ratio displays more volatility than the other two ratios. It initially increases from 4.44 in March 2022 to a peak of 5.17 in March 2023, before fluctuating and generally decreasing to 4.60 by December 2025. This suggests a changing relationship between revenue generated and the amount of equity invested in the business. The initial increase may indicate improved profitability relative to equity, while the subsequent decline could reflect increased equity or slower revenue growth. A notable increase is observed between December 2022 (4.94) and March 2023 (5.17), followed by a gradual decline.
In summary, the observed trends suggest a gradual decrease in the efficiency with which assets are utilized to generate revenue. While the total asset turnover ratio remains relatively stable, the decline in net fixed asset turnover and the fluctuating equity turnover warrant further investigation to understand the underlying drivers and potential implications for future performance.
Net Fixed Asset Turnover
PepsiCo Inc., net fixed asset turnover calculation (quarterly data)
| Dec 27, 2025 | Sep 6, 2025 | Jun 14, 2025 | Mar 22, 2025 | Dec 28, 2024 | Sep 7, 2024 | Jun 15, 2024 | Mar 23, 2024 | Dec 30, 2023 | Sep 9, 2023 | Jun 17, 2023 | Mar 25, 2023 | Dec 31, 2022 | Sep 3, 2022 | Jun 11, 2022 | Mar 19, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Net revenue | |||||||||||||||||||||
| Property, plant and equipment, net | |||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||
| Net fixed asset turnover1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||
Based on: 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-06), 10-Q (reporting date: 2025-06-14), 10-Q (reporting date: 2025-03-22), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-07), 10-Q (reporting date: 2024-06-15), 10-Q (reporting date: 2024-03-23), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-09), 10-Q (reporting date: 2023-06-17), 10-Q (reporting date: 2023-03-25), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-03), 10-Q (reporting date: 2022-06-11), 10-Q (reporting date: 2022-03-19).
1 Q4 2025 Calculation
Net fixed asset turnover
= (Net revenueQ4 2025
+ Net revenueQ3 2025
+ Net revenueQ2 2025
+ Net revenueQ1 2025)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The net fixed asset turnover ratio exhibits a generally declining trend over the observed period, spanning from March 2022 to December 2025. While fluctuations occur, a consistent downward trajectory is apparent, indicating a potential shift in the efficiency with which fixed assets are utilized to generate revenue.
- Initial Period (Mar 2022 - Dec 2022)
- The ratio begins at 3.67 and experiences minor variations, fluctuating between 3.56 and 3.69. This initial period suggests a relatively stable level of asset utilization. Revenue growth during this timeframe appears to be broadly in line with the existing fixed asset base.
- Transition Phase (Mar 2023 - Jun 2023)
- The ratio demonstrates a slight increase, peaking at 3.69 in June 2023. This suggests a temporary improvement in revenue generation relative to fixed assets, potentially due to seasonal factors or specific promotional activities. However, this improvement is not sustained.
- Downward Trend (Sep 2023 - Dec 2025)
- From September 2023 onwards, a clear downward trend emerges. The ratio declines from 3.69 to 3.14 by December 2025. This indicates that revenue growth is not keeping pace with the growth in net fixed assets. The company is generating less revenue for each dollar invested in fixed assets.
- Magnitude of Decline
- The overall decline from the peak of 3.69 in June 2023 to the low of 3.14 in December 2025 represents a decrease of approximately 15.1%. This is a substantial change and warrants further investigation to determine the underlying causes.
- Recent Stability
- The ratio shows some stabilization in the most recent periods, remaining relatively consistent between 3.18 and 3.24 from September 2025 to March 2025. However, this stabilization occurs at a lower level than observed in earlier periods.
The observed decline in the net fixed asset turnover ratio suggests a potential need to evaluate capital expenditure decisions, asset management strategies, and revenue generation efficiency. Further analysis should investigate the reasons behind the increasing fixed asset base and the factors contributing to the slower revenue growth relative to those assets.
Total Asset Turnover
PepsiCo Inc., total asset turnover calculation (quarterly data)
| Dec 27, 2025 | Sep 6, 2025 | Jun 14, 2025 | Mar 22, 2025 | Dec 28, 2024 | Sep 7, 2024 | Jun 15, 2024 | Mar 23, 2024 | Dec 30, 2023 | Sep 9, 2023 | Jun 17, 2023 | Mar 25, 2023 | Dec 31, 2022 | Sep 3, 2022 | Jun 11, 2022 | Mar 19, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Net revenue | |||||||||||||||||||||
| Total assets | |||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||
Based on: 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-06), 10-Q (reporting date: 2025-06-14), 10-Q (reporting date: 2025-03-22), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-07), 10-Q (reporting date: 2024-06-15), 10-Q (reporting date: 2024-03-23), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-09), 10-Q (reporting date: 2023-06-17), 10-Q (reporting date: 2023-03-25), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-03), 10-Q (reporting date: 2022-06-11), 10-Q (reporting date: 2022-03-19).
1 Q4 2025 Calculation
Total asset turnover
= (Net revenueQ4 2025
+ Net revenueQ3 2025
+ Net revenueQ2 2025
+ Net revenueQ1 2025)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The total asset turnover ratio exhibits a generally stable pattern over the observed period, with some minor fluctuations. Initially, the ratio demonstrates a slight increasing trend from March 2022 to December 2022, followed by a period of relative stability and a subtle decline towards the end of the observation window.
- Initial Trend (Mar 19, 2022 – Dec 31, 2022)
- The total asset turnover ratio increased from 0.87 in March 2022 to 0.94 in December 2022. This suggests a growing efficiency in utilizing assets to generate revenue during this timeframe. The increase, while not substantial, indicates improved asset management capabilities.
- Period of Stability (Jan 1, 2023 – Dec 30, 2023)
- From March 2023 through December 2023, the ratio remained relatively consistent, fluctuating between 0.91 and 0.95. This indicates a sustained level of asset utilization, without significant improvements or declines. The values remained within a narrow range, suggesting operational consistency.
- Subsequent Decline (Mar 23, 2024 – Dec 27, 2025)
- Starting in March 2024, a gradual downward trend is observed, with the ratio decreasing to 0.87 by December 2025. This suggests a potential decrease in the efficiency of asset utilization. While the decline is moderate, it warrants further investigation to identify the underlying causes, such as slower revenue growth relative to asset investment or an increase in underutilized assets.
- Overall Observations
- The ratio consistently remained above 0.87 throughout the entire period, indicating generally efficient asset utilization. However, the recent decline suggests a potential area for improvement. The fluctuations are relatively small, suggesting that the company maintains a stable operational profile regarding asset turnover.
The observed trends suggest that while the company has historically demonstrated effective asset management, recent performance indicates a need to monitor asset utilization closely and potentially implement strategies to improve efficiency.
Equity Turnover
PepsiCo Inc., equity turnover calculation (quarterly data)
| Dec 27, 2025 | Sep 6, 2025 | Jun 14, 2025 | Mar 22, 2025 | Dec 28, 2024 | Sep 7, 2024 | Jun 15, 2024 | Mar 23, 2024 | Dec 30, 2023 | Sep 9, 2023 | Jun 17, 2023 | Mar 25, 2023 | Dec 31, 2022 | Sep 3, 2022 | Jun 11, 2022 | Mar 19, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Net revenue | |||||||||||||||||||||
| Total PepsiCo common shareholders’ equity | |||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||
Based on: 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-06), 10-Q (reporting date: 2025-06-14), 10-Q (reporting date: 2025-03-22), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-07), 10-Q (reporting date: 2024-06-15), 10-Q (reporting date: 2024-03-23), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-09), 10-Q (reporting date: 2023-06-17), 10-Q (reporting date: 2023-03-25), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-03), 10-Q (reporting date: 2022-06-11), 10-Q (reporting date: 2022-03-19).
1 Q4 2025 Calculation
Equity turnover
= (Net revenueQ4 2025
+ Net revenueQ3 2025
+ Net revenueQ2 2025
+ Net revenueQ1 2025)
÷ Total PepsiCo common shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The equity turnover ratio for the analyzed period demonstrates a generally stable pattern with some fluctuations. Initially, the ratio exhibits a slight decline from 4.44 in March 2022 to 4.41 in both June and September of the same year. A notable increase is then observed in December 2022, reaching 5.04, before decreasing slightly to 5.17 in March 2023.
Subsequent quarters in 2023 show a gradual decrease, moving from 5.10 in June to 4.87 in September and 4.94 in December. This downward trend continues into the first half of 2024, with the ratio declining to 4.82 in March and 4.73 in June. The ratio stabilizes in the latter half of 2024, remaining at 4.73 in September and increasing to 5.09 in December.
- Overall Trend
- The equity turnover ratio generally fluctuates between approximately 4.4 and 5.1 over the analyzed period. While there are periods of increase and decrease, the ratio does not exhibit a strong, sustained directional trend. The most significant increase occurs between September 2022 and March 2023.
- Recent Performance
- The most recent data points indicate a continued, albeit moderate, decline in the equity turnover ratio. It decreased from 5.09 in December 2024 to 4.98 in March 2025, then remained stable in June 2025 at 4.98. A further decrease is observed in September 2025 to 4.76, and continues to 4.60 in December 2025.
The observed fluctuations suggest a dynamic relationship between net revenue and shareholders’ equity. The ratio indicates how effectively the company is generating revenue from its equity base. The recent downward trend warrants further investigation to determine if it signals a potential shift in operational efficiency or capital structure.