Loading institutional data...
Loading institutional data...
Held by 1,218 of 2,417 reporting institutions (100th percentile) — extremely crowded.
Data as of Q3 2026
Loading snapshot...
Loading financials...
Loading valuation...
Loading analysis...
Loading dividends & returns...
Loading capital allocation...
Loading debt & leverage...
Loading performance...
Loading peer comparison...
Loading insider activity...
Loading ownership map...
Loading crowding analysis...
Loading conviction analysis...
Loading buy/sell flow...
Loading ownership trends...
Loading top holders...
Loading top holders...
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: 12%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~2.3% on $49.18B of debt.
Cash of $9.16B fully covers short-term debt of $6.86B.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Ranked against 13 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| KO | $399.3B | 30.5× | 26.3× | 8.3× | 1.9% | 61.6% | 27.3% | 40.7% | 40.7% | -0.7× | 1,417 |
| PEP | $180.7B | 22.1× | 14.8× | 1.9× | 2.3% | 54.1% | 8.8% | 40.4% | 11.8% | 2.7× | 1,218 |
| MNST | $90.8B | — | 35.0× | 10.9× | 10.7% | 55.8% | 23.0% | 23.1% | 23.1% | -0.8× | 375 |
| KDP | $48.0B | 23.1× | 15.7× | 2.9× | 8.2% | 54.2% | 12.5% | 8.1% | 5.0% | 3.8× | 226 |
| STZ | $22.0B | — | 10.1× | 2.4× | -10.5% | 51.6% | 18.5% | 20.9% | 9.3% | 3.1× | 263 |
| COKE | $13.9B | — | 14.3× | 1.9× | 4.8% | 39.7% | 7.9% | -77.1% | 27.9% | 2.2× | 151 |
| TAP | $7.3B | — | — | 0.6× | -5.1% | 32.8% | -16.4% | -20.9% | -12.9% | — | 145 |
| CELH | $7.1B | 112.6× | 43.4× | 2.8× | 85.5% | 50.4% | 4.3% | 9.1% | 5.8% | 1.6× | 108 |
| PRMB | $7.0B | 120.8× | 11.3× | 1.1× | 29.3% | 30.3% | 0.9% | 2.0% | 0.7% | 4.6× | 63 |
| FIZZ | $3.3B | 17.9× | 11.6× | 2.8× | -1.7% | 37.0% | 15.6% | 28.9% | 28.9% | -1.4× | 40 |
| COCO | $3.2B | 47.3× | 36.0× | 5.3× | 18.2% | 36.5% | 11.7% | 21.5% | 21.5% | -2.4× | 70 |
| SAM | $2.0B | 20.0× | 7.6× | 1.0× | -2.4% | 48.5% | 5.5% | 12.8% | 12.8% | -0.9× | 72 |
| MALG | $914M | 55.6× | 36.6× | 24.4× | — | 72.1% | 49.9% | 66.1% | 66.1% | -0.1× | — |
| BRCC | $325M | — | — | 0.8× | 1.7% | 34.6% | -3.0% | -26.1% | -14.8% | — | 3 |
Peers = companies sharing PEP's sector (Beverages) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
What the company returns to shareholders — and whether it's covered by cash.
The dividend takes 100% of free cash flow — sustainable but with limited headroom. Last year: $7.64B dividends + $1.00B buybacks = $8.64B returned on $7.67B FCF.
9 consecutive years of dividend increases · 7%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $133.79 today, the market must believe free cash flow compounds 5.4%/yr for a decade (off $7.59B on the 3-yr avg basis).
On the basis ($7.25B) the requirement is 6.0%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 5.4% is more optimistic than its 9-yr track record.
Default is 6.9% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 1.36B shares (market data) · net debt $40.02B
mean 1.6% · volatility σ 19% · implied rate exceeded in 4/9 yrs
Central path = implied 5.4%/yr growth; shaded band = ±1σ (19%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-10-29
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $93.92B 100.0% | $91.85B 100.0% | $91.47B 100.0% | $86.39B 100.0% | $79.47B 100.0% | $70.37B 100.0% | $67.16B 100.0% | $64.66B 100.0% | $63.52B 100.0% | $62.80B 100.0% |
| Cost of Revenue | $43.07B 45.9% | $41.74B 45.4% | $41.88B 45.8% | $40.58B 47.0% | $37.08B 46.7% | $31.80B 45.2% | $30.13B 44.9% | $29.38B 45.4% | $28.80B 45.3% | $28.22B 44.9% |
| Gross Profit | $50.86B 54.1% | $50.11B 54.6% | $49.59B 54.2% | $45.82B 53.0% | $42.40B 53.3% | $38.58B 54.8% | $37.03B 55.1% | $35.28B 54.6% | $34.73B 54.7% | $34.58B 55.1% |
| Research & Development | $839.0M 0.9% | $813.0M 0.9% | $804.0M 0.9% | $771.0M 0.9% | $752.0M 0.9% | $719.0M 1.0% | $711.0M 1.1% | $680.0M 1.1% | $737.0M 1.2% | $760.0M 1.2% |
| Selling, General & Admin | $37.37B 39.8% | $37.19B 40.5% | $36.68B 40.1% | $34.46B 39.9% | $31.24B 39.3% | $28.45B 40.4% | $26.74B 39.8% | $25.17B 38.9% | $24.45B 38.5% | $24.77B 39.4% |
| Operating Income | $11.50B 12.2% | $12.89B 14.0% | $11.99B 13.1% | $11.51B 13.3% | $11.16B 14.0% | $10.08B 14.3% | $10.29B 15.3% | $10.11B 15.6% | $10.28B 16.2% | $9.80B 15.6% |
| Interest Expense | $1.12B 1.2% | $919.0M 1.0% | $819.0M 0.9% | $939.0M 1.1% | $1.86B 2.3% | $1.13B 1.6% | $935.0M 1.4% | $1.22B 1.9% | $1.15B 1.8% | $1.34B 2.1% |
| Other Income (Expense), net | — | — | — | — | — | — | $200.0M 0.3% | $306.0M 0.5% | $244.0M 0.4% | — |
| Pretax Income | $10.24B 10.9% | $11.95B 13.0% | $11.42B 12.5% | $10.71B 12.4% | $9.82B 12.4% | $9.07B 12.9% | $9.31B 13.9% | $9.19B 14.2% | $9.60B 15.1% | $8.55B 13.6% |
| Income Tax Expense | $1.95B 2.1% | $2.32B 2.5% | $2.26B 2.5% | $1.73B 2.0% | $2.14B 2.7% | $1.89B 2.7% | $1.96B 2.9% | -$3.37B -5.2% | $4.69B 7.4% | $2.17B 3.5% |
| Net Income | $8.24B 8.8% | $9.58B 10.4% | $9.07B 9.9% | $8.91B 10.3% | $7.62B 9.6% | $7.12B 10.1% | $7.31B 10.9% | $12.52B 19.4% | $4.86B 7.6% | $6.33B 10.1% |
| Per Share | ||||||||||
| EPS (Basic) | $6.02 | $6.97 | $6.59 | $6.45 | $5.51 | $5.14 | $5.23 | $8.84 | $3.40 | $4.39 |
| EPS (Diluted) | $6.00 | $6.95 | $6.56 | $6.42 | $5.49 | $5.12 | $5.20 | $8.78 | $3.38 | $4.36 |
| Weighted Avg Shares (Basic) | 1.37B | 1.37B | 1.38B | 1.38B | 1.38B | 1.39B | 1.40B | 1.42B | 1.43B | 1.44B |
| Weighted Avg Shares (Diluted) | 1.37B | 1.38B | 1.38B | 1.39B | 1.39B | 1.39B | 1.41B | 1.43B | 1.44B | 1.45B |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-21 | Laguarta Ramon Chairman and CEO | Open-market sale | 30,000 | $135.13 | $4.1m |
| 2026-10-14 | 4 co-filers Group filing | Open-market buyindirect | 84,507 | $128.28 | $10.8m |
| 2026-10-14 | 4 co-filers Group filing | Open-market buyindirect | 45,075 | $128.28 | $5.8m |
| 2026-10-14 |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
4 co-filers Group filing |
| Open-market buyindirect |
| 45,075 |
| $128.28 |
| $5.8m |
| 2026-10-14 | 4 co-filers Group filing | Open-market buyindirect | 9,989 | $128.28 | $1.3m |
| 2026-10-01 | 2 co-filers Group filing | Grant | 1,592 | $125.60 | $200k |
| 2026-10-01 | 2 co-filers Group filing | Grant | 1,592 | $125.60 | $200k |
| 2026-10-01 | 2 co-filers Group filing | Grant | 1,592 | $125.60 | $200k |
| 2026-10-01 | 2 co-filers Group filing | Grant | 1,592 | $125.60 | $200k |
| 2026-10-01 | 2 co-filers Group filing | Grant | 1,592 | $125.60 | $200k |
| 2026-10-01 | 2 co-filers Group filing | Grant | 1,592 | $125.60 | $200k |
| 2026-10-01 | 2 co-filers Group filing | Grant | 1,592 | $125.60 | $200k |
| 2026-10-01 | 2 co-filers Group filing | Grant | 1,592 | $125.60 | $200k |
| 2026-10-01 | 2 co-filers Group filing | Grant | 1,592 | $125.60 | $200k |
| 2026-10-01 | 2 co-filers Group filing | Grant | 1,592 | $125.60 | $200k |
| 2026-10-01 | 2 co-filers Group filing | Grant | 1,592 | $125.60 | $200k |
| 2026-10-01 | 2 co-filers Group filing | Grant | 1,592 | $125.60 | $200k |
| 2026-09-30 | 2 co-filers Group filing | Grant | 158 | — | — |
| 2026-09-30 | 2 co-filers Group filing | Grant | 1,951 | — | — |
| 2026-09-30 | 2 co-filers Group filing | Grant | 320 | — | — |
| 2026-09-30 | 2 co-filers Group filing | Grant | 1,888 | — | — |
| 2026-09-30 | 2 co-filers Group filing | Grant | 165 | — | — |
| 2026-09-30 | 2 co-filers Group filing | Grant | 1,771 | — | — |
| 2026-09-30 | 2 co-filers Group filing | Grant | 1,336 | — | — |
| 2026-09-30 | 2 co-filers Group filing | Grant | 14 | — | — |
| 2026-09-30 | 2 co-filers Group filing | Grant | 416 | — | — |
| 2026-09-30 | 2 co-filers Group filing | Grant | 468 | — | — |
| 2026-09-30 | 2 co-filers Group filing | Grant | 235 | $126.72 | $30k |
| 2026-09-30 | 2 co-filers Group filing | Grant | 737 | — | — |
| 2026-08-06 | 3 co-filers Group filing | Otherindirect | 900,000 | $0.00 | $0 |
| 2026-08-06 | 3 co-filers Group filing | Otherindirect | 79,731 | $0.00 | $0 |
| 2026-08-05 | 3 co-filers Group filing | Grant | 398 | — | — |
| 2026-08-03 | 5 co-filers CEO, North America | Otherindirect | 5,688 | — | — |
| 2026-08-03 | 5 co-filers CEO, North America | Otherindirect | 5,688 | — | — |
| 2026-08-03 | 5 co-filers CEO, North America | Otherindirect | 1,320 | — | — |
| 2026-08-03 | 5 co-filers CEO, North America | Otherindirect | 1,320 | — | — |
| 2026-08-03 | 5 co-filers CEO, North America | Grant | 77 | — | — |
| 2026-07-27 | Flavell David EVP, Gen Counsel & Corp Sec | Open-market sale | 2,900 | $139.54 | $405k |
| 2026-07-01 | 2 co-filers CEO, International Beverages | Grant | 809 | $0.00 | $0 |
| 2026-07-01 | 2 co-filers CEO, International Beverages | Grant | 540 | $0.00 | $0 |
EOD close · as of 2026-10-29
Where each multiple sits in its own 14-yr range · 50th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 40% against ROIC 12% — 29% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 42.9% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 45.4 | 44.9 | 45.2 | 46.7 | 47.0 | 45.8 | 45.4 | 45.9 |
| Gross Profit | 54.6 | 55.1 | 54.8 | 53.3 | 53.0 | 54.2 | 54.6 | 54.1 |
| R&D | 1.1 | 1.1 | 1.0 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 |
| SG&A | 38.9 | 39.8 | 40.4 | 39.3 | 39.9 | 40.1 | 40.5 | 39.8 |
| Operating Income | 15.6 | 15.3 | 14.3 | 14.0 | 13.3 | 13.1 | 14.0 | 12.2 |
| Income Tax | -5.2 | 2.9 | 2.7 | 2.7 | 2.0 | 2.5 | 2.5 | 2.1 |
| Net Income | 19.4 | 10.9 | 10.1 | 9.6 | 10.3 | 9.9 | 10.4 | 8.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on PEP: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 7.18pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 18.7% | 6.9% (today's — no rate published for this year) | 11.8pts |
| FY2020 | 15.5% | 6.9% (today's — no rate published for this year) | 8.5pts |
| FY2021 | 16.5% | 5.3% | 11.2pts |
| FY2022 | 16.7% | 6.5% | 10.2pts |
| FY2023 | 16.7% | 6.4% | 10.3pts |
| FY2024 | 17.6% | 6.5% | 11.1pts |
| FY2025 | 14.0% | 6.1% | 7.9pts |
| Now | 11.8% | 6.9% | 4.9pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 55.1% | 15.6% | 10.1% |
| FY2017 | 54.7% | 16.2% | 7.6% |
| FY2018 | 54.6% | 15.6% | 19.4% |
| FY2019 | 55.1% | 15.3% | 10.9% |
| FY2020 | 54.8% | 14.3% | 10.1% |
| FY2021 | 53.3% | 14.0% | 9.6% |
| FY2022 | 53.0% | 13.3% | 10.3% |
| FY2023 | 54.2% | 13.1% | 9.9% |
| FY2024 | 54.6% | 14.0% | 10.4% |
| FY2025 | 54.1% | 12.2% | 8.8% |
Leverage and buybacks account for 29 points of the 40% return on equity in FY2025. The business earns 12% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$18.9B of goodwill — 29% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
ROIC ex-goodwill is 19.84% against 14.12% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 0.82x of reported profit into cash — adequate, without much margin.
The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.
Covers interest 7.2x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 10.26x |
| 5% | 9.74x |
| 10% | 9.23x |
| 15% | 8.72x |
| 20% | 8.21x |
| 25% | 7.69x |
| 30% | 7.18x |
| 35% | 6.67x |
| 40% | 6.15x |
| 45% | 5.64x |
| 50% | 5.13x |
| 55% | 4.62x |
| 60% | 4.10x |
Balance sheet at 2025-12-27. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $132.63, free cash flow must compound 5.55%/yr for 10 years. It has done 5.97%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 17.6% | 5.6% |
| FY2021 | 9.7% | 5.6% |
| FY2022 | −19.8% | 5.6% |
| FY2023 | 41.4% | 5.6% |
| FY2024 | −9.3% | 5.6% |
| FY2025 | 6.7% | 5.6% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM (share count from the last fiscal year — the TTM window reports none).
The implied rate has been matched or beaten in 4 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $8.24B | $8.24B |
| Share-based comp | $288M | $8.53B |
| Other non-cash & working capital | $3.56B | $12.09B |
| Operating cash flow | $12.09B | $12.09B |
| Capex | −$4.42B | $7.67B |
| Free cash flow | $7.67B | $7.67B |
| FCF after SBC | $7.38B | $7.38B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 4.8% | not reported | not reported |
| FY2021 | 12.9% | not reported | not reported |
| FY2022 | 8.7% | not reported | not reported |
| FY2023 | 5.9% | not reported | not reported |
| FY2024 | 0.4% | not reported | not reported |
| FY2025 | 2.3% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -3.0 percent |
| FY2020 | -3.8 percent |
| FY2021 | -4.3 percent |
| FY2022 | -2.1 percent |
| FY2023 | -4.3 percent |
| FY2024 | -2.9 percent |
| FY2025 | -3.6 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.