Question 1

What is PepsiCo's P/FCF ratio?

Accepted Answer

PepsiCo (PEP) P/FCF ratio is 20.0× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for PepsiCo?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For PepsiCo specifically, the relevant sector benchmark is the current sector median of 16.5×.

Question 5

Is PepsiCo's P/FCF ratio high or low?

Accepted Answer

PepsiCo's P/FCF ratio of 20.0× is below its own 5-year average of 32.7× and above the sector median of 16.5×. That places the current reading at the 0th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is PepsiCo's historical P/FCF ratio range?

Accepted Answer

In the available daily series, PepsiCo (PEP) P/FCF ratio has ranged from a low of 16.5× in 2011 to a high of 51.0× in 2023. The 5-year average is 32.7× and the 5-year median is 32.3×.

Question 7

What was PepsiCo's P/FCF ratio in 2025?

Accepted Answer

PepsiCo (PEP) P/FCF ratio at the end of 2025 was 25.6×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does PepsiCo's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$197B	$7.67B	25.6×	-3.4×	Dec 27, 2025
2024	$209B	$7.19B	29.0×	-0.4×	Dec 31, 2024
2023	$233B	$7.92B	29.4×	-14.9×	Dec 31, 2023
2022	$249B	$5.6B	44.4×	+10.0×	Dec 31, 2022
2021	$240B	$6.99B	34.4×	+2.3×	Dec 31, 2021
2020	$205B	$6.37B	32.1×	-3.0×	Dec 31, 2020
2019	$190B	$5.42B	35.1×	+9.7×	Dec 31, 2019
2018	$156B	$6.13B	25.4×	+1.2×	Dec 31, 2018
2017	$170B	$7.03B	24.2×	+4.5×	Dec 31, 2017
2016	$149B	$7.58B	19.7×	+1.2×	Dec 31, 2016
2015	$145B	$7.82B	18.5×	+0.1×	Dec 31, 2015
2014	$141B	$7.65B	18.4×	+0.0×	Dec 31, 2014
2013	$127B	$6.89B	18.4×	+0.1×	Dec 31, 2013
2012	$106B	$5.77B	18.3×	-0.3×	Dec 31, 2012
2011	$105B	$5.61B	18.7×	+1.7×	Dec 31, 2011
2010	$103B	$6.1B	16.9×	-3.4×	Dec 31, 2010
2009	$94.9B	$4.67B	20.3×	+1.7×	Dec 31, 2009
2008	$84.7B	$4.55B	18.6×	-8.5×	Dec 31, 2008
2007	$122B	$4.5B	27.1×	+1.9×	Dec 31, 2007
2006	$102B	$4.05B	25.2×	+1.1×	Dec 31, 2006
2005	$99B	$4.12B	24.1×	+0.3×	Dec 31, 2005
2004	$86.9B	$3.67B	23.7×	-2.9×	Dec 31, 2004
2003	$79.4B	$2.98B	26.6×	+3.7×	Dec 31, 2003
2002	$73B	$3.19B	22.9×	—	Dec 31, 2002


Tyson Foods (TSN)	18.4×
Colgate-Palmolive (CL)	18.2×
Kenvue (KVUE)	18.1×
Hormel Foods (HRL)	17.1×
Universal Corporation (UVV)	16.5×
Marzetti (MZTI)	15.3×
Kroger (KR)	14.3×
Brown-Forman (BF-B)	13.2×
Performance Food Group (PFGC)	12.9×
Altria Group (MO)	12.8×
Constellation Brands (STZ)	12.8×
Kimberly-Clark (KMB)	12.4×
Dollar Tree (DLTR)	12.0×
General Mills (GIS)	11.1×
McCormick & Company (MKC)	10.8×
Lamb Weston (LW)	10.3×
J. M. Smucker (SJM)	9.0×
Dollar General (DG)	8.7×
Coca-Cola Europacific Partners (CCEP)	8.3×
Archer-Daniels-Midland (ADM)	7.3×
Molson Coors Beverage (TAP)	7.0×
Campbell Soup (CPB)	6.8×
Kraft Heinz (KHC)	6.6×
Conagra Brands (CAG)	6.4×
Albertsons Companies (ACI)	4.4×

P/FCF Ratio for PepsiCo (PEP) 2002-2026

P/FCF Ratio daily chart for PepsiCo (PEP)

Historical P/FCF Ratio for PepsiCo (PEP) from 2002 to 2025

About P/FCF Ratio at PepsiCo (PEP)

PepsiCo P/FCF Ratio by Year

PepsiCo P/FCF Ratio 2025: 25.6×

PepsiCo P/FCF Ratio 2024: 29.0×

PepsiCo P/FCF Ratio 2023: 29.4×

PepsiCo P/FCF Ratio 2022: 44.4×

PepsiCo P/FCF Ratio 2021: 34.4×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

PepsiCo (PEP) Key Financials