Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

PepsiCo Inc., EBITDA calculation

US$ in millions

12 months ended:	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
Net income attributable to PepsiCo	9,074)	8,910)	7,618)	7,120)	7,314)
Add: Net income attributable to noncontrolling interest	81)	68)	61)	55)	39)
Add: Income tax expense	2,262)	1,727)	2,142)	1,894)	1,959)
Earnings before tax (EBT)	11,417)	10,705)	9,821)	9,069)	9,312)
Add: Interest expense	1,437)	1,119)	1,988)	1,252)	1,135)
Earnings before interest and tax (EBIT)	12,854)	11,824)	11,809)	10,321)	10,447)
Add: Depreciation and amortization	2,948)	2,763)	2,710)	2,548)	2,432)
Earnings before interest, tax, depreciation and amortization (EBITDA)	15,802)	14,587)	14,519)	12,869)	12,879)

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	PepsiCo Inc. EBITDA increased from 2021 to 2022 and from 2022 to 2023.

Enterprise Value to EBITDA Ratio, Current

PepsiCo Inc., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	249,254)
Earnings before interest, tax, depreciation and amortization (EBITDA)	15,802)
Valuation Ratio
EV/EBITDA	15.77
Benchmarks
EV/EBITDA, Competitors¹
Altria Group Inc.	9.50
Coca-Cola Co.	19.19
Philip Morris International Inc.	18.33
EV/EBITDA, Sector
Food, Beverage & Tobacco	15.96
EV/EBITDA, Industry
Consumer Staples	19.89

Based on: 10-K (reporting date: 2023-12-30).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Enterprise Value to EBITDA Ratio, Historical

PepsiCo Inc., historical EV/EBITDA calculation, comparison to benchmarks

	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	264,687)	271,808)	267,386)	220,903)	229,939)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	15,802)	14,587)	14,519)	12,869)	12,879)
Valuation Ratio
EV/EBITDA³	16.75	18.63	18.42	17.17	17.85
Benchmarks
EV/EBITDA, Competitors⁴
Altria Group Inc.	7.67	12.10	22.27	12.62	45.37
Coca-Cola Co.	18.69	20.83	19.52	19.66	21.79
Philip Morris International Inc.	13.66	14.78	13.64	12.59	13.77
EV/EBITDA, Sector
Food, Beverage & Tobacco	14.59	17.07	17.81	15.78	19.53
EV/EBITDA, Industry
Consumer Staples	15.56	15.87	15.79	14.68	18.29

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

¹ See details »

² See details »

³ 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= 264,687 ÷ 15,802 = 16.75

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	PepsiCo Inc. EV/EBITDA ratio increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

PepsiCo Inc. (NASDAQ:PEP)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical