PepsiCo Inc., FCFE 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)
Net income attributable to noncontrolling interests	81)	68)	61)	55)	39)
Net noncash charges	4,624)	2,721)	3,219)	3,741)	2,775)
Change in assets and liabilities	(337)	(888)	718)	(303)	(479)
Net cash provided by operating activities	13,442)	10,811)	11,616)	10,613)	9,649)
Capital spending	(5,518)	(5,207)	(4,625)	(4,240)	(4,232)
Sales of property, plant and equipment	198)	251)	166)	55)	170)
Proceeds from issuances of long-term debt	5,482)	3,377)	4,122)	13,809)	4,621)
Payments of long-term debt	(3,005)	(2,458)	(3,455)	(1,830)	(3,970)
Debt redemptions/cash tender offers	—)	(1,716)	(4,844)	(1,100)	(1,007)
Short-term borrowings, original maturity more than three months, proceeds	5,428)	1,969)	8)	4,077)	6)
Short-term borrowings, original maturity more than three months, payments	(3,106)	(1,951)	(397)	(3,554)	(2)
Short-term borrowings, original maturity three months or less, net	(29)	(31)	434)	(109)	(3)
Free cash flow to equity (FCFE)	12,892)	5,045)	3,025)	17,721)	5,232)

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
FCFE	Free cash flow to equity is the cash flow available to PepsiCo Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	PepsiCo Inc. FCFE increased from 2021 to 2022 and from 2022 to 2023.

PepsiCo Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	1,371,989,025
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	12,892)
FCFE per share	9.40
Current share price (P)	156.72
Valuation Ratio
P/FCFE	16.68
Benchmarks
P/FCFE, Competitors¹
Altria Group Inc.	11.11
Coca-Cola Co.	23.09
Philip Morris International Inc.	17.39
P/FCFE, Sector
Food, Beverage & Tobacco	17.47
P/FCFE, Industry
Consumer Staples	27.53

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

¹ Click competitor name to see calculations.

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

PepsiCo Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
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
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	12,892)	5,045)	3,025)	17,721)	5,232)
FCFE per share³	9.38	3.66	2.19	12.84	3.77
Share price^1, 4	167.67	172.78	168.37	134.97	146.47
Valuation Ratio
P/FCFE⁵	17.88	47.17	77.00	10.51	38.90
Benchmarks
P/FCFE, Competitors⁶
Altria Group Inc.	8.46	11.96	13.06	8.86	7.97
Coca-Cola Co.	22.42	29.91	23.29	30.91	33.31
Philip Morris International Inc.	11.93	6.64	20.46	15.06	15.65
P/FCFE, Sector
Food, Beverage & Tobacco	15.72	16.58	25.49	14.44	21.35
P/FCFE, Industry
Consumer Staples	21.00	25.12	22.89	17.29	18.06

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 Data adjusted for splits and stock dividends.

² See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 12,892,000,000 ÷ 1,374,429,271 = 9.38

⁴ Closing price as at the filing date of PepsiCo Inc. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 167.67 ÷ 9.38 = 17.88

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	PepsiCo Inc. P/FCFE ratio decreased from 2021 to 2022 and from 2022 to 2023.

PepsiCo Inc. (NASDAQ:PEP)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical