PepsiCo Inc., current enterprise value calculation

Current share price (P)	$156.72
No. shares of common stock outstanding	1,371,989,025
US$ in millions
Common equity (market value)¹	215,018)
Add: Noncontrolling interests (per books)	134)
Total equity	215,152)
Add: Short-term debt obligations (per books)	6,510)
Add: Long-term debt obligations, excluding current maturities (per books)	37,595)
Total equity and debt	259,257)
Less: Cash and cash equivalents	9,711)
Less: Short-term investments	292)
Enterprise value (EV)	249,254)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 156.72 × 1,371,989,025

PepsiCo Inc., EV calculation

	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
Share price^1, 2	$167.67	$172.78	$168.37	$134.97	$146.47
No. shares of common stock outstanding¹	1,374,429,271	1,377,251,316	1,383,451,400	1,379,608,641	1,389,544,618
US$ in millions
Common equity (market value)³	230,451)	237,961)	232,932)	186,206)	203,527)
Add: Noncontrolling interests (book value)	134)	124)	108)	98)	82)
Total equity	230,585)	238,085)	233,040)	186,304)	203,609)
Add: Short-term debt obligations (book value)	6,510)	3,414)	4,308)	3,780)	2,920)
Add: Long-term debt obligations, excluding current maturities (book value)	37,595)	35,657)	36,026)	40,370)	29,148)
Total equity and debt	274,690)	277,156)	273,374)	230,454)	235,677)
Less: Cash and cash equivalents	9,711)	4,954)	5,596)	8,185)	5,509)
Less: Short-term investments	292)	394)	392)	1,366)	229)
Enterprise value (EV)	264,687)	271,808)	267,386)	220,903)	229,939)

¹ Data adjusted for splits and stock dividends.

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

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 167.67 × 1,374,429,271

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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 increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

PepsiCo Inc. (NASDAQ:PEP)

Enterprise Value (EV)