PepsiCo Inc., current enterprise value calculation

Current share price (P)	$149.10
No. shares of common stock outstanding	1,371,499,838
US$ in millions
Common equity (market value)¹	204,491)
Add: Noncontrolling interests (per books)	130)
Total equity	204,621)
Add: Short-term debt obligations (per books)	7,082)
Add: Long-term debt obligations, excluding current maturities (per books)	37,224)
Total equity and debt	248,927)
Less: Cash and cash equivalents	8,505)
Less: Short-term investments	761)
Enterprise value (EV)	239,661)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 149.10 × 1,371,499,838

PepsiCo Inc., EV calculation

	Dec 28, 2024	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020
Share price^1, 2	$143.49	$167.67	$172.78	$168.37	$134.97
No. shares of common stock outstanding¹	1,371,499,838	1,374,429,271	1,377,251,316	1,383,451,400	1,379,608,641
US$ in millions
Common equity (market value)³	196,797)	230,451)	237,961)	232,932)	186,206)
Add: Noncontrolling interests (book value)	130)	134)	124)	108)	98)
Total equity	196,927)	230,585)	238,085)	233,040)	186,304)
Add: Short-term debt obligations (book value)	7,082)	6,510)	3,414)	4,308)	3,780)
Add: Long-term debt obligations, excluding current maturities (book value)	37,224)	37,595)	35,657)	36,026)	40,370)
Total equity and debt	241,233)	274,690)	277,156)	273,374)	230,454)
Less: Cash and cash equivalents	8,505)	9,711)	4,954)	5,596)	8,185)
Less: Short-term investments	761)	292)	394)	392)	1,366)
Enterprise value (EV)	231,967)	264,687)	271,808)	267,386)	220,903)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of PepsiCo Inc. Annual Report.

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 143.49 × 1,371,499,838

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	PepsiCo Inc. EV decreased from 2022 to 2023 and from 2023 to 2024.

PepsiCo Inc. (NASDAQ:PEP)

Enterprise Value (EV)