PEPSICO INC (PEP)

Beverages

Latest Price

$136.34

TTM P/E

Normalized P/E

18.68

Div Yield

3.17%

Book Value

16.18

P/B Ratio

8.43

Valuation metrics

EPS: $6.00

Book value / share: $14.86

Formula: √(22.5 × EPS × BVPS)

Graham Number

$44.79

67% downside

Norm. op. income: $11.5B (median of 7yr)

Tax rate: 20%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$35.34

74% downside

Base FCF: $7.2B (median of recent 5yr)

Growth: 8%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$81.45

40% downside

EPS: $6.00

Target P/E: 19×

Formula: EPS × P/E

P/E Fair Value

$114.00

16% downside

81.0% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	118.28M	$16.02B	8.66%	+2.44M	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	89.26M	$12.09B	6.53%	+450.2K	2026-06-30
STATE STREET CORP	60.41M	$8.18B	4.42%	+987.6K	2026-06-30
Invesco Ltd.	43.11M	$5.84B	3.16%	+31.05M	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	37.16M	$5.03B	2.72%	+704.4K	2026-06-30
Sixth Street Partners Management Company, L.P.	36.10M	$4.89B	2.64%	--	2026-06-30
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	36.10M	$4.89B	2.64%	+5.89M	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	34.98M	$4.73B	2.56%	+365.9K	2026-06-30
JPMORGAN CHASE & CO	30.60M	$4.24B	2.24%	+1.00M	2026-06-30
MORGAN STANLEY	26.62M	$3.60B	1.95%	+34.0K	2026-06-30