PepsiCo PEP
Nasdaq · Beverages · $194.4B$142.71+0.20%Nov 5 close · Databento
PEP Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing
Nov 5, 2026CLOSE $142.711D +0.20%3M +3.62%SMA20 $134.08SMA50 $133.30RSI(14) 65.7
RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 65.7
Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.
1 story has a settled next close so far (1 on the Wire). The record starts speaking at three.
The numbers
fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via DatabentoMarket cap$194.4B
Enterprise value$238.4B
Revenue$93.9B +2.3%
Gross margin54.1%
ROIC14.4%
EPS, diluted$6.00 −13.7%
Modern Valuation (EOD)
Market Cap$194.4B
Enterprise Value$238.4B
EV / True FCF—
EV / FCF—
EV / Gross Profit4.69
EV / EBIT20.73
EV / Sales2.54
P / E (GAAP)23.59
P / FCF—
P / Oper. CF16.08
P / Book9.46
Owner & Cash Yields
True FCF Yield—
FCF Yield—
Owner Earn. Yield—
Earnings Yield4.2%
Shareholder Yield+4.3%
Buyback Yield0.5%
Dividend Yield3.94%
Dividend / sh$5.62
Payout Ratio93%
FCF / sh—
EPS (diluted)$6.00
Compounder & Returns
Rule of 40—
ROIC14.4%
Cash ROIC (CROIC)—
GP / Assets47.4%
ROE40.1%
ROA7.7%
Gross Margin54.1%
Oper. Margin12.2%
Net Margin8.8%
FCF Margin—
True FCF Margin—
Quality & Dilution
Cash Conversion—
Accrual Ratio−3.6%
SBC % of FCF—
SBC % of Rev0.3%
Reinvest. Rate7%
Sales Growth Y/Y+2.3%
Sales 3Y CAGR+2.8%
EPS Growth Y/Y−13.7%
FCF Growth Y/Y—
FCF 3Y CAGR—
Share Change Y/Y−0.4%
Balance Sheet & Scale
Revenue (FY)$93.9B
Gross Profit (FY)$50.9B
Oper. Income (FY)$11.5B
GAAP Net Income$8.2B
True FCF (ex-SBC)—
Cash & Equiv$9.2B
Total Debt$53.2B
Net Cash (Debt)$-44.0B
Net Cash % MCap−22.6%
Debt / FCF (yrs)—
Current Ratio0.851.36B sh
Price & Technicals (EOD)
Perf Week+6.67%
Perf Month+15.34%
Perf Quarter+2.65%
Perf Half Y−8.69%
Perf YTD−9.10%
SMA 20 Dist+6.44%$134.08
SMA 50 Dist+7.06%$133.30
SMA 100 Dist+4.45%$136.62
Window High−9.96%$158.49
Window Low+15.34%$123.73
RSI (14) · Vol65.728%v
Income Distribution & Cash Flow ConversionHow every dollar of PEP revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow
Where Every $100 of Revenue Goes (FY2025)
Cost of Revenue (COGS)$43.1B ($45.9 / $100)
R&D Reinvestment$839.0M ($0.9 / $100)
SG&A & Other OpEx$38.5B ($41.0 / $100)
Tax & Non-Operating$3.3B ($3.5 / $100)
Net Profit Kept$8.2B ($8.8 / $100)
Earnings Quality: GAAP Profit → True Owner Cash (FY2025)
GAAP Net Income$8.2B (8.8% margin)
Operating Cash Flow (OCF)$12.1B(12.9% of rev)
Less: Capital Expenditures—
Standard Free Cash Flow (FCF)—
Less: Stock-Based Comp (SBC)−$288.0M
True FCF (Owner Cash ex-SBC)—
Revenue by fiscal year
Operating leverage — margins
GrossOperatingNet
| Line Item (USD) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY Δ | 4Y CAGR | Trend |
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | $79.5B | $86.4B | $91.5B | $91.9B | $93.9B | +2.3% | +4.3% | |
| Cost of Revenue (COGS) | $37.1B | $40.6B | $41.9B | $41.7B | $43.1B | +3.2% | +3.8% | |
| Gross Profit | $42.4B | $45.8B | $49.6B | $50.1B | $50.9B | +1.5% | +4.7% | |
| Research & Development (R&D) | $752.0M | $771.0M | $804.0M | $813.0M | $839.0M | +3.2% | +2.8% | |
| Selling, General & Admin (SG&A) | $31.2B | $34.5B | $36.7B | $37.2B | $37.4B | +0.5% | +4.6% | |
| Total Operating Expenses | $31.2B | $34.3B | $37.6B | $37.2B | $39.4B | +5.7% | +5.9% | |
| Operating Income (EBIT) | $11.2B | $11.5B | $12.0B | $12.9B | $11.5B | −10.8% | +0.7% | |
| Interest Expense | $1.9B | $939.0M | $819.0M | $919.0M | $1.1B | +22.0% | −11.9% | |
| Income Tax Expense | $2.1B | $1.7B | $2.3B | $2.3B | $1.9B | −16.0% | −2.3% | |
| GAAP Net Income | $7.6B | $8.9B | $9.1B | $9.6B | $8.2B | −14.0% | +2.0% | |
| Diluted EPS | $5.49 | $6.42 | $6.56 | $6.95 | $6.00 | −13.7% | +2.2% | |
| Diluted Shares | 1.39B | 1.39B | 1.38B | 1.38B | 1.37B | −0.4% | −0.3% | |
| Balance Sheet | ||||||||
| Cash & Equivalents | $5.7B | $5.1B | $9.8B | $8.6B | $9.2B | +7.6% | +12.7% | |
| Inventory | $4.3B | $5.2B | $5.3B | $5.3B | $5.8B | +10.2% | +7.7% | |
| Total Current Assets | $21.8B | $21.5B | $26.9B | $25.8B | $27.9B | +8.2% | +6.4% | |
| Total Assets | $92.4B | $92.2B | $100.5B | $99.5B | $107.4B | +8.0% | +3.8% | |
| Total Current Liabilities | $26.2B | $26.8B | $31.6B | $31.5B | $32.8B | +3.9% | +5.7% | |
| Total Debt (Short + Long Term) | $44.2B | $42.2B | $48.0B | $48.3B | $53.2B | +10.1% | +4.7% | |
| Total Liabilities | $76.2B | $74.9B | $81.9B | $81.3B | $86.9B | +6.8% | +3.3% | |
| Stockholders' Equity | $16.2B | $17.3B | $18.6B | $18.2B | $20.5B | +13.1% | +6.2% | |
| Net Cash / (Net Debt) | $-38.5B | $-37.1B | $-38.3B | $-39.8B | $-44.0B | −10.7% | — | |
| Invested Capital | $54.6B | $54.3B | $56.9B | $57.9B | $64.6B | +11.4% | +4.3% | |
| Cash Flow & Capital Allocation | ||||||||
| Operating Cash Flow (OCF) | $11.6B | $10.8B | $13.4B | $12.5B | $12.1B | −3.4% | +1.0% | |
| Depreciation & Amortization (D&A) | $2.7B | $2.8B | $2.9B | $3.2B | $3.5B | +9.2% | +6.2% | |
| Stock-Based Compensation (SBC) | $301.0M | $343.0M | $380.0M | $362.0M | $288.0M | −20.4% | −1.1% | |
| Share Repurchases (Buybacks) | $106.0M | $1.5B | $1.0B | $1.0B | $1.0B | +0.0% | +75.3% | |
| Dividends Paid | $5.8B | $6.2B | $6.7B | $7.2B | $7.6B | +5.7% | +7.1% | |
Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.
On the Wire
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