PepsiCo (PEP)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $173.1B, PepsiCo's free cash flow of $7.7B (fiscal 2025) would need to grow about 7% a year for the stock to be worth today's price. That is faster than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from PepsiCo's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from PEP's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from PepsiCo's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $79.5B | $86.4B | $91.5B | $91.9B | $93.9B |
| Net income | $7.6B | $8.9B | $9.1B | $9.6B | $8.2B |
| Free cash flow | $7.0B | $5.6B | $7.9B | $7.2B | $7.7B |
| EPS (diluted) | $5.49 | $6.42 | $6.56 | $6.95 | $6.00 |
| Operating margin | 14.0% | 13.3% | 13.1% | 14.0% | 12.2% |
Where the revenue comes from
Revenue by segments, fiscal 2025.
Superinvestors who own PEP
From each investor's latest 13F filing (what a 13F shows). 13 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Cliff Asness AQR Capital Management |
Trimmed | $729M | 0.25% | Q2 2026 |
| Donald Yacktman Yacktman Asset Management |
Added | $281M | 3.5% | Q2 2026 |
| Hersh Cohen ClearBridge Investments |
Trimmed | $61M | 0.05% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $32M | 0.08% | Q2 2026 |
| Tom Gayner Markel Group Inc. |
Held | $13M | 0.10% | Q2 2026 |
| Mario Gabelli GAMCO Investors |
Trimmed | $7M | 0.07% | Q2 2026 |
| Jean-Marie Eveillard First Eagle Investment Management |
Added | $7M | 0.01% | Q2 2026 |
| Eric Marshall Hodges Capital Management |
Added | $2M | 0.11% | Q2 2026 |
| Dodge & Cox Dodge & Cox |
Held | $416,355 | 0.0% | Q2 2026 |
| Bill Nygren Harris Associates LP |
Added | $272,831 | 0.0% | Q2 2026 |
| Murray Stahl Horizon Kinetics LLC |
Held | $249,136 | 0.00% | Q2 2026 |
| Thomas Kahn Kahn Brothers Group |
Held | $243,720 | 0.04% | Q2 2026 |
Insider buying
Open-market purchases by PepsiCo's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Feb 24, 2026 | Ro Khanna |
0 | $169.54 | — |
| Feb 24, 2026 | Ro Khanna |
0 | $169.54 | — |
| Feb 5, 2026 | Julia Letlow |
0 | $167.53 | — |
| Feb 5, 2026 | Julia Letlow |
0 | $167.53 | — |
| Nov 5, 2025 | Richard Mccormick |
0 | $142.86 | — |
| Nov 5, 2025 | Richard Mccormick |
0 | $142.86 | — |
| Oct 30, 2025 | Lisa C. Mcclain |
0 | $147.55 | — |
| Oct 30, 2025 | Lisa C. Mcclain |
0 | $147.55 | — |
Get an alert at your buy price
Pick the price you'd be interested at. We'll email you when PEP trades at or below it.
Free accounts get 3 price alerts. No card needed.
In the full deep dive
Questions
What growth does PepsiCo's stock price imply?
At a market value of $173.1B, PepsiCo would need its free cash flow to grow about 7% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 0% a year.
Are PepsiCo insiders buying the stock?
8 open-market insider purchases of PEP in the last 12 months, from SEC Form 4 filings.
Which superinvestors own PepsiCo?
13 of the superinvestors Investingly tracks hold PEP in their latest 13F, including Cliff Asness, Donald Yacktman, Hersh Cohen.
Other Consumer Defensive stocks
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.