PepsiCo, Inc.
PEP · scored from FY2025 filings · Narrow moat
On the watchlist
The four filters
Pricing power92
Median gross margin 54.6% over 10y, very stable.
Returns on capital93
Median ROIC 18.5%, above the 9% hurdle in 100% of years.
Balance-sheet safety39
Net debt/EBITDA 2.7x, interest coverage 10x.
Capital discipline57
Owner earnings +3.0%/yr, share count shrinking (buybacks).
Margin of safety
Above valueOn sale
- Owner earnings (normalized)
- $8.9B
- Est. intrinsic value / share
- $92.87
- Recent price
- —
- Discount to value
- No price data
Conservative model: 9% discount rate, 2% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).
Moat Score history
Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.