PepsiCo, Inc. (PEP): what the price assumes

boothcheck covers PepsiCo, Inc. (PEP) but does not put one priced-in number on it: here the defensible answer is the evidence rather than a point estimate. boothcheck publishes no house fair value, target price, or buy/sell rating. Narrative composed 2026-06-27.

Generated: 2026-08-30 · Source: https://boothcheck.com/report/PEP

Headline

What The Price Assumes (Inversion)

The assumption today's price embeds, recovered by inverting the valuation.

The price sits below what even a 5%/yr operating-profit decline would warrant; the inversion reports a bound, not a solved growth path.

Solve inputs: computed at a 6.4% cost of capital with 4% terminal growth over a 5-year stage.

How unusual the bet is: within-range (limited comparison data)

Valuation X-Ray

The price is justified by relative-multiple and growth-DCF; asset-based/earnings-power land below the price.

How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.

Families that justify the price: Relative, Growth Families that call it expensive: Asset, Earnings

The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 8.9%); the inversion above states its own rate.

Per-Model Detail (n=16)

Economic-Unit Decomposition (Sum Of The Parts)

One or more material disclosed units has unresolved economics. Unknown/general is not evidence of homogeneity: segment SOTP is primary but incomplete, consolidated cash flow may remain only a secondary cross-check when every unit shares an enterprise basis, and one sector multiple or target margin is withheld.

No total common-equity value is stated. One or more material units lack a supported unit value. The displayed values are an indicative subtotal; consolidated debt and cash cannot be applied to a fraction of the company.

Solvency

Bullet Takeaways

• PepsiCo is two businesses fused together, a global snacks empire led by Frito-Lay and a beverage operation that owns much of its own bottling, with North American foods and beverages together about 59% of the company and the rest spread across Europe, Latin America, and Asia.
• The defining tension is volume: a years-long shift in consumer demand toward health and wellness has pressured the core snack and soda categories, and PepsiCo has cut prices on Lay's, Doritos, Tostitos, and Cheetos by as much as 15% to win back shoppers.
• The catalyst to watch is the structural overhaul pushed by activist Elliott Management, which disclosed a roughly $4 billion stake and is pressing for bottling refranchising and portfolio simplification, against a $1.5 billion annual cost-savings program targeted by 2028.

Bull Case

The bull case for PepsiCo is increasingly a capital-allocation case, because the operating business is sound and the question is what management does with it. The company throws off enormous cash, free cash flow of about $8.8 billion on revenue near $95 billion, and earns a return on equity above 40%. Historically it has deployed that cash on dividends, a slowly shrinking share count, and reinvestment in its brands. What changed in late 2025 is that an activist with a roughly $4 billion stake arrived to argue PepsiCo could do considerably more with the same assets.

The specific lever is the beverage side. Unlike most of its peers, PepsiCo owns much of its own North American bottling, which is capital-intensive and lower-margin than the concentrate business sitting on top of it. Elliott's central proposal is to refranchise or spin off that bottling network, which would lighten the capital base and lift consolidated margins toward the asset-light model that the snacks business already runs. Management has responded with a North American supply chain review, a productivity program targeting $1.5 billion in annual savings by 2028, and a plan to cut nearly 20% of product offerings to focus on the highest-velocity SKUs. Each of those is margin self-help that does not require the categories to grow faster.

Meanwhile the core is already showing signs of stabilizing. The Frito-Lay business, the company's profit engine, returned to volume growth, with North America Foods volume up about 2% in Q1 2026 after the company restaged its flagship snack brands and cut prices to rebuild shelf presence. The 10-K frames the strategic task plainly: success depends on responding to "consumer preferences and trends, including increased consumer focus on health and wellness and sustainability." PepsiCo's portfolio spans far more than salty snacks and sugared soda, and its international food businesses across Europe, Latin America, and Asia give it growth runway the mature North American categories lack. The bull case is a cash machine being prodded toward structural efficiency at exactly the moment its volume trend turns.

Bear Case

The bear case is about the cycle the categories are in, and it is a slow one. Packaged food and sugary beverages are facing a structural shift in consumer demand toward health and wellness, and the 10-K names it directly as a risk: success requires navigating "increased consumer focus on health and wellness" among shifting consumer preferences. For years PepsiCo offset soft volumes with price increases, and that worked until shoppers pushed back. The fact that the company cut prices on Lay's, Doritos, Tostitos, and Cheetos by as much as 15% to win back volume is the tell: the pricing power that carried earnings through the inflation years has limits, and reaching for volume by cutting price is a margin headwind, not a tailwind.

The valuation does not leave much room for that pressure to persist. At today's price the asset-based and earnings-power methods both read expensive. Capitalizing the company's free cash flow at the cost of capital lands well below the price, and the book-value-plus-profitability methods sit below it too. Only the peer-multiple lens and the growth-DCF methods reach the price, and they get there by assuming the modest mid-single-digit growth the company has historically delivered keeps holding. The stock trades around 22 times earnings against a sector that is no longer reliably growing volume; if the volume recovery stalls or the price cuts deepen, the multiple is the first thing to compress. This is a quality business priced as a quality business, with little discount for the category fade.

The balance sheet adds a second constraint. Net debt of roughly $45.7 billion is real, even against strong cash generation, and interest coverage around ten times is comfortable but not a fortress. The activist's preferred fix, refranchising bottling, is not free: spinning off capital-intensive operations can unlock margin but also removes earnings and complicates the integrated beverage system PepsiCo spent years building. The bear point is that the structural overhaul the bulls are excited about is also an admission that the current configuration was carrying inefficiency, and executing a portfolio simplification and a supply-chain reorganization while volumes are soft is a lot to ask of management at once. The price already credits a clean execution of all of it.

Valuation

The price is making a modest bet for a mature staples company: that PepsiCo keeps growing earnings in the mid-single digits and that its structural-efficiency program protects margins as volume slowly recovers. The inversion is striking in how undemanding it is. The price embeds essentially no operating-income growth, a slight fade against the company's own history, which means the market is not paying for acceleration; it is paying for durability. For a business earning a 40%-plus return on equity with a globally diversified portfolio, a price that assumes near-zero growth is a far cry from the optionality premiums attached to the growth names. It is a quality-at-a-fair-price profile, not a stretched one.

The methods cluster more tightly here than in most reports, which is itself the signal. The peer-multiple lens lands almost exactly at the price, valuing PepsiCo at roughly a 22x sector earnings multiple and a beverage-and-snacks enterprise multiple that sits near where it trades. The growth-DCF methods also reach the price by crediting the steady mid-single-digit cash-flow growth. Where the methods say expensive is the static, no-growth lenses: capitalizing free cash flow with no growth, or anchoring on book value and current profitability, both land well below the price. That pattern, multiple-and-growth methods reaching the price while pure earnings-power and asset methods fall short, is the standard signature of a durable compounder. The price is not a bet beyond the evidence; it is a bet that the evidence keeps repeating.

Solvency bounds the downside without being a worry. Net debt near $45.7 billion against trailing operating income is under four times, interest coverage runs about ten times, and the dividend is well covered by the roughly $8.8 billion of free cash flow. The share count has drifted down slightly, modest buyback on top of the dividend. What the buyer is underwriting is straightforward: a globally diversified snacks-and-beverage business that compounds slowly and reliably, now with an activist-driven efficiency program as the upside lever. The risk is not the balance sheet; it is whether the category volume fade is cyclical, which the recent Frito-Lay turn suggests, or structural, which the health-and-wellness shift threatens.

Catalysts

PepsiCo's Q1 2026 print showed the volume turn the bulls have been waiting for. Net revenue grew about 8.5% year over year to roughly $19.4 billion, and core EPS came in at $1.61 against a Street estimate near $1.55. The standout was Frito-Lay, where North America Foods volume grew about 2% after the company cut prices on its flagship brands and restaged them on shelf, with resets roughly half complete at the time of the call. For full-year 2026, management guided to organic revenue growth of 2% to 4% and core constant-currency EPS growth in a mid-single-digit range. The next quarterly print is the read on whether the Frito-Lay volume recovery sustains as the price cuts annualize.

The structural catalysts run through the activist. Elliott Management disclosed a roughly $4 billion stake in September 2025 and pushed PepsiCo toward refranchising its North American bottling, simplifying the brand portfolio, and divesting non-core assets. In response the company launched a North American supply chain review, a productivity program targeting $1.5 billion in annual savings by 2028, and a plan to cut nearly 20% of its product offerings. The developments to watch are any concrete decision on the bottling network and the pace of the cost-savings rollout; those are the levers that turn a steady compounder into a margin-expansion story, and they are the reason the stock has an activist-shaped tailwind it did not have a year ago.

Peer Cohorts (Per Segment, With Filing Citations)

PFNA (PepsiCo Foods North America) (reported)

• MDLZ (Mondelez International, Inc.)
• FY2025 10-K: …on our manufacturing and other facilities, refer to Item 2, Properties ; and on risks related to our operations outside the United States, refer to Item 1A, Risk Factors . We also monitor our revenue growth across emerging markets and developed markets: • Our emerging markets include our Latin America region in its…
• FY2025 10-K: …was Senior Vice President, Chief Human Resources Officer at Dunkin' Brands Group Inc., a multinational coffee and doughnut company, from July 2019 to November 2021. Prior to Dunkin' Brands, Ms. Lilak spent 23 years with General Mills Inc., a global consumer foods manufacturer and marketer, in roles of increasing…
• KHC (Kraft Heinz Co)
• FY2025 10-K: January 2023) at Diageo plc, a multinational alcoholic beverage company. Rodolfo Camacho Global Chief People Officer 37 Global Chief People Officer (since August 2025); Global Chief Talent and Rewards Officer (January 2024 to July 2025); and Chief People Officer, International Zone (January 2020 to December 2023).…
• FY2025 10-K: …National Association, as trustee (incorporated by reference to Exhibit 4.6 of the Company's Current Report on Form 8-K, filed on July 6, 2015). 114 4.6 Indenture, dated June 4, 2012, between Kraft Foods Group, Inc. and Deutsche Bank Trust Company Americas, as trustee (incorporated by reference to Exhibit 10.4 of…
• HSY (HERSHEY CO)
• FY2025 10-K: …in unallocated derivative losses (gains). See Note 13 to the Consolidated Financial Statements. Table of Contents The Hershey Company | 2025 Form 10-K | Page 29 North America Confectionery The North America Confectionery segment is responsible for our chocolate and non-chocolate confectionery market position in the…
• FY2025 10-K: Strategy Our customers are mainly wholesale distributors, chain grocery stores, mass merchandisers, chain drug stores, vending companies, wholesale clubs, convenience stores, dollar stores, concessionaires, and department stores. The majority of our customers, with the exception of wholesale distributors, resell our…
• GIS (GENERAL MILLS INC)
• FY2025 10-K: …of The Toro Company. Elizabeth A. Mascolo , age 50, is Segment President, North America Pet. Ms. Mascolo joined General Mills in 2002 and held various marketing roles in Cereals, Meals, and Snacks before serving as Global Marketing Director for CPW from 2014 through 2017. Ms. Mascolo was named Business Unit Director…
• FY2025 10-K: …the Pet segment to the North America Pet segment to reflect that pet food results outside North America are recorded in the International segment. There were no changes to the composition of our reportable segments or information reviewed by our CODM and no impact on our historical segment operating results. Our…
• CAG (CONAGRA BRANDS, INC.)
• FY2025 10-K: …including manufacturing facilities, within each reporting segment, are described in Item 2, Properties . Reporting Segments Our reporting segments are as follows: Grocery & Snacks The Grocery & Snacks reporting segment principally includes branded, shelf-stable food products sold in various retail channels in the…
• FY2025 10-K: 2024, and May 28, 2023 (columnar dollars in millions except per share amounts) unusual gains or losses that are not part of our measurement of segment performance. Corporate unallocated expense; pension and postretirement non-service income (expense); interest expense, net; and equity method investment earnings are…
• SJM (THE J. M. SMUCKER COMPANY)
• FY2025 10-K: …to high volatility due to factors such as weather, global supply and demand, product scarcity, plant disease, investor speculation, geopolitical conflicts, changes in governmental agricultural and energy policies and regulation, political and economic conditions in the source countries, and tariffs. We source peanuts…
• FY2025 10-K: …the domestic sales of Folgers , Dunkin' , and Café Bustelo branded coffee; the U.S. Retail Frozen Handheld and Spreads segment primarily includes the domestic sales of Uncustables , Jif , and Smucker's branded products; the U.S. Retail Pet Foods segment primarily includes the domestic sales of Meow Mix , Milk-Bone ,…

PBNA (PepsiCo Beverages North America) (reported)

• KO (COCA COLA CO)
• FY2025 10-K: …These include companies that, like our Company, compete globally in multiple geographic areas, as well as businesses that are primarily regional or local in operation. Competitive products include numerous nonalcoholic sparkling soft drinks; water products, including flavored and enhanced waters; juices, juice drinks…
• FY2025 10-K: …operations. These operations consist primarily of our consolidated bottling and distribution operations, which are included in our Bottling Investments operating segment. In certain markets, the Company also operates non-bottling finished product operations in which we sell finished beverages to distributors and…
• KDP (Keurig Dr Pepper Inc.)
• FY2025 10-K: …and sold as a packaged beverage to retailers and, ultimately, the end consumer. Beverage concentrates are also manufactured into syrup, which is shipped to fountain customers, such as fast food restaurants, who mix the syrup with water and carbonation to create a finished beverage at the point of sale to consumers.…
• FY2025 10-K: …vary in length and other terms, they generally are long-term and require a payment from the partner if the licensing agreement is terminated. In some instances, we make investments in these companies, which may include a path to acquire the company. As of December 31, 2025, our portfolio of partner brands included C4…
• MNST (Monster Beverage Corp)
• FY2025 10-K: …Bull GmbH, KDP, Molson Coors, Constellation Brands, AB InBev, The Boston Beer Company and The Mark Anthony Group. We also compete with companies that are smaller or primarily national or local in operations, such as CELSIUS, PRIME, C4, Alani Nu, GHOST, ZOA, GORGIE, and others as well as local craft breweries in our…
• FY2025 10-K: …and wholesalers 2% ​ 2% ​ 2% Alcohol, value stores and other 2% ​ 3% ​ 3% ​ Our non-alcohol customers include Coca-Cola Canada Bottling Limited, Coca-Cola Consolidated, Inc., Coca-Cola Bottling Company United, Inc., Reyes Holdings, LLC, Coca-Cola Southwest Beverages LLC, The Coca-Cola Bottling Company of Northern New…
• CELH (CELSIUS HOLDINGS, INC.)
• FY2025 10-K: …with the highest volumes typically occurring during the second and third calendar quarters, aligning with the warmer months in our key markets. However, over the course of a full year, these seasonal fluctuations have not had a material impact on our financial results. Competition Our products compete broadly with…
• FY2025 10-K: …capitalized terms used in this Report are included within the Master Glossary. The Company develops, processes, markets, sells, manufactures and distributes differentiated products with innovative formulas as premium lifestyle beverages designed to fuel active and wellness-oriented consumers. The Company's portfolio…
• COKE (COCA-COLA CONSOLIDATED, INC.)
• FY2025 10-K: …false 2025 FY 0000317540 P5Y P5Y http://fasb.org/us-gaap/2025#AccountsPayableTradeCurrent http://fasb.org/us-gaap/2025#AccountsPayableTradeCurrent P3Y0M0D P5Y0M0D P3Y0M0D iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure coke:segment coke:reporting_unit coke:category coke:stock coke:vote coke:benefitPlan…
• FY2025 10-K: …Incorporated by Reference or Filed/Furnished Herewith 10.23+ First Amendment to Comprehensive Beverage Agreement, dated April 28, 2017, by and among the Company, The Coca‑Cola Company and Coca‑Cola Refreshments USA, Inc. Filed herewith. 10.24+ Amendment to Comprehensive Beverage Agreements, dated October 2, 2017, by…
• FIZZ (National Beverage Corp.)
• FY2025 10-K: …and our competitive position may vary by market area. Our products compete with many varieties of liquid refreshment, including water products, soft drinks, juices, fruit drinks, energy drinks and sports drinks, as well as powdered drinks, coffees, teas, dairy- based drinks, functional beverages and various other…
• FY2025 10-K: …to National Beverage Corp. Key Employee Equity Partnership Program (10) * 10.12 Loan Agreement dated December 21, 2021 between NewBevCo, Inc. and lender therein (11) 10.13 Second Amended and Restated Credit Agreement between NewBevCo, Inc. and lender therein (12) 10.14 Amendment to Loan Agreement dated November 15,…

International Beverages Franchise (reported)

• KO (COCA COLA CO)
• FY2025 10-K: …operations. These operations consist primarily of our consolidated bottling and distribution operations, which are included in our Bottling Investments operating segment. In certain markets, the Company also operates non-bottling finished product operations in which we sell finished beverages to distributors and…
• FY2025 10-K: …These include companies that, like our Company, compete globally in multiple geographic areas, as well as businesses that are primarily regional or local in operation. Competitive products include numerous nonalcoholic sparkling soft drinks; water products, including flavored and enhanced waters; juices, juice drinks…
• KDP (Keurig Dr Pepper Inc.)
• FY2025 10-K: Financial Statements for additional information on the JDE Peet's Acquisition and related transactions. On August 25, 2025, we announced our intention to separate our beverage and coffee portfolios into two independent, publicly traded companies, which will allow for more tailored growth strategies, operating models,…
• FY2025 10-K: …at www.keurig.com. We also participate in private label manufacturing arrangements. Our U.S. Coffee segment manufactures K-Cup pods using freshly roasted and ground coffee as well as tea, cocoa, and other products. We offer high-quality, responsibly sourced coffee, including certified single-origin, organic,…
• CCEP (COCA-COLA EUROPACIFIC PARTNERS PLC)
• FY2025 20-F: …(of Coca-Cola Europacific Partners plc) GHG Greenhouse gas GoOs Guarantees of Origin GRI Global Reporting Initiative Group or CCEP Coca-Cola Europacific Partners plc and its subsidiaries and subsidiary undertakings from time to time GWPs Global Warming Potentials HMRC His Majesty's Revenue and Customs, the UK's tax…
• FY2025 20-F: …volume, comparable and FX neutral revenue and revenue per unit case, comparable and FX neutral operating profit, comparable diluted EPS, comparable free cash flow, ROIC and comparable ROIC are non-IFRS performance measures. Non-IFRS adjusted comparable financial information as if the acquisition of Coca-Cola…
• MNST (Monster Beverage Corp)
• FY2025 10-K: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Latin ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asia Pacific ​ America ​ ​ ​ ​ ​ U.S. and ​ ​ ​ ​ (including ​ and ​ ​ ​ Net Sales ​ ​ ​ Canada ​ ​ ​ EMEA 1 ​ ​ ​ Oceania) ​ ​ ​ Caribbean ​ ​ ​ Total Monster Energy® Drinks ​ $ 4,704,483 ​ $ 1,702,767 ​ $ 581,290 ​ $…
• FY2025 10-K: …Beverage Corporation 2020 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.3 to our Form 10-Q dated May 9, 2025). 10.26+ Form of 2025 Performance Share Unit Award Agreement for grants under the Monster Beverage Corporation 2020 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.4 to our…
• BUD (Anheuser-Busch InBev SA/NV)
• FY2025 20-F: …Brewing Company Limited - 207 Queen's Quay West, Suite 299 - M5J 1A7 - Toronto 61.73 % . Chile Cerveceria Chile S.A - Av. Presidente Eduardo Frei Montalva 9600, Quilicura - 8700000 Santiago de Chile 61.73 % . China Anheuser-Busch Inbev (China) Sales Company Limited - Shangshou, Qin Duan Kou, Hanyang Area - 430051 -…
• FY2025 20-F: International Law. Recognition or enforcement does not imply a review of the merits of the case and is irrespective of any reciprocity requirement. A U.S. judgment will, however, not be recognized or declared enforceable in Belgium if it infringes upon one or more of the grounds for refusal which are exhaustively…

Latin America Foods (reported)

• MDLZ (Mondelez International, Inc.)
• FY2025 10-K: …on our manufacturing and other facilities, refer to Item 2, Properties ; and on risks related to our operations outside the United States, refer to Item 1A, Risk Factors . We also monitor our revenue growth across emerging markets and developed markets: • Our emerging markets include our Latin America region in its…
• FY2025 10-K: …was Senior Vice President, Chief Human Resources Officer at Dunkin' Brands Group Inc., a multinational coffee and doughnut company, from July 2019 to November 2021. Prior to Dunkin' Brands, Ms. Lilak spent 23 years with General Mills Inc., a global consumer foods manufacturer and marketer, in roles of increasing…
• KHC (Kraft Heinz Co)
• FY2025 10-K: …and development efforts focus on achieving the following four objectives: • product innovations, renovations, and new technologies to meet changing consumer needs, drive growth, and support our environmental and sustainability goals; • world-class and uncompromising food safety, quality, and consistency; • superior,…
• FY2025 10-K: Developed Markets segment, $ 184 million related to our Latin America ("LATAM") reporting unit within Emerging Markets, and $ 105 million related to our AFH reporting unit within our North America segment. The impairment of our Continental Europe reporting unit was primarily driven by a reduction of future year…
• GIS (GENERAL MILLS INC)
• FY2025 10-K: …the Pet segment to the North America Pet segment to reflect that pet food results outside North America are recorded in the International segment. There were no changes to the composition of our reportable segments or information reviewed by our CODM and no impact on our historical segment operating results. Our…
• FY2025 10-K: …located. Our North America Pet operating segment includes pet food products sold primarily in the United States and Canada in national pet superstore chains, e-commerce retailers, grocery stores, regional pet store chains, mass merchandisers, and veterinary clinics and hospitals. Our product categories include dog…
• HSY (HERSHEY CO)
• FY2025 10-K: …offset by higher advertising and related consumer marketing expenses. 2024 compared with 2023 Net sales for our North America Salty Snacks segment were $1,135.7 million in 2024 compared to $1,092.7 million in 2023, an increase of $43.0 million, or 3.9%. The increase reflected a volume increase of approximately 5%…
• FY2025 10-K: …if otherwise indicated) 13. SEGMENT INFORMATION The Company reports its operations through three segments: (i) North America Confectionery, (ii) North America Salty Snacks and (iii) International. This organizational structure aligns with how our CODM, Kirk Tanner, President and Chief Executive Officer, manages our…
• CAG (CONAGRA BRANDS, INC.)
• FY2025 10-K: …including manufacturing facilities, within each reporting segment, are described in Item 2, Properties . Reporting Segments Our reporting segments are as follows: Grocery & Snacks The Grocery & Snacks reporting segment principally includes branded, shelf-stable food products sold in various retail channels in the…
• FY2025 10-K: 025-05-25 0000023217 us-gaap:OperatingSegmentsMember cag:OtherCostOfGoodsSoldMember cag:ConagraRestructuringPlanMember cag:RefrigeratedAndFrozenMember 2025-05-25 0000023217 us-gaap:OperatingSegmentsMember cag:OtherCostOfGoodsSoldMember cag:ConagraRestructuringPlanMember cag:InternationalMember 2025-05-25 0000023217…

Asia Pacific Foods (reported)

• MDLZ (Mondelez International, Inc.)
• FY2025 10-K: …on our manufacturing and other facilities, refer to Item 2, Properties ; and on risks related to our operations outside the United States, refer to Item 1A, Risk Factors . We also monitor our revenue growth across emerging markets and developed markets: • Our emerging markets include our Latin America region in its…
• FY2025 10-K: …and cakes & pastries) • Chocolate • Gum & candy • Beverages • Cheese & grocery Seasonality Demand for our products is generally balanced throughout the year, with increases in the fourth quarter primarily because of holidays and other seasonal events. Depending on the timing of Easter, the holiday sales may shift…
• GIS (GENERAL MILLS INC)
• FY2025 10-K: …the Pet segment to the North America Pet segment to reflect that pet food results outside North America are recorded in the International segment. There were no changes to the composition of our reportable segments or information reviewed by our CODM and no impact on our historical segment operating results. Our…
• FY2025 10-K: 9; wholesome natural pet food; ● refrigerated and frozen dough; ● baking mixes and ingredients; ● yogurt; and ● super-premium ice cream. Our Cereal Partners Worldwide (CPW) joint venture with Nestlé S.A. (Nestlé) competes in the ready-to-eat cereal category in markets outside North America, and our Häagen-Dazs Japan,…
• KHC (Kraft Heinz Co)
• FY2025 10-K: …and development efforts focus on achieving the following four objectives: • product innovations, renovations, and new technologies to meet changing consumer needs, drive growth, and support our environmental and sustainability goals; • world-class and uncompromising food safety, quality, and consistency; • superior,…
• FY2025 10-K: …market share. Our Protect role contains platforms that are expected to have moderate growth potential, tend to generate higher gross margins, and are in markets in which we have higher market share. Our Balance role contains platforms that include commodity-heavy categories with relatively flat growth potential but…
• HSY (HERSHEY CO)
• FY2025 10-K: …if otherwise indicated) 13. SEGMENT INFORMATION The Company reports its operations through three segments: (i) North America Confectionery, (ii) North America Salty Snacks and (iii) International. This organizational structure aligns with how our CODM, Kirk Tanner, President and Chief Executive Officer, manages our…
• FY2025 10-K: …and loyalty, effectiveness of marketing and promotional activity, the ability to identify and satisfy consumer preferences, as well as convenience and service. We have also experienced increased competition from other snack items, and through innovation and acquisitions, we are continuing to expand the boundaries of…
• CAG (CONAGRA BRANDS, INC.)
• FY2025 10-K: International ​ ​ 143.9 ​ ​ 155.1 ​ (7.1)% ​ Foodservice ​ ​ 131.0 ​ ​ 151.3 ​ (13.4)% ​ ​ Segment operating profit in our Grocery & Snacks segment for fiscal 2025 reflected a decrease in gross profits of $86.6 million compared to fiscal 2024. The decrease in gross profit was driven by the decrease in net sales…
• FY2025 10-K: , including the United States Department of Agriculture, the Federal Food and Drug Administration, the Federal Trade Commission, the Consumer Product Safety Commission, the Occupational Safety and Health Administration, the Environmental Protection Agency, the 2 Table of Contents Department of Labor, and various other…

Core business (reported)

• KO (COCA COLA CO)
• FY2025 10-K: …partners. These operations are generally included in our geographic operating segments. Additionally, we sell directly to consumers through retail stores operated by Costa. These sales are included in our EMEA operating segment, regardless of the physical location of the retail stores. In the United States, we…
• FY2025 10-K: …operations. These operations consist primarily of our consolidated bottling and distribution operations, which are included in our Bottling Investments operating segment. In certain markets, the Company also operates non-bottling finished product operations in which we sell finished beverages to distributors and…
• KDP (Keurig Dr Pepper Inc.)
• FY2025 10-K: Financial Statements for additional information on the JDE Peet's Acquisition and related transactions. On August 25, 2025, we announced our intention to separate our beverage and coffee portfolios into two independent, publicly traded companies, which will allow for more tailored growth strategies, operating models,…
• FY2025 10-K: …their route-to-market, reducing prices, or increasing promotional activities. We also compete with various smaller or regional companies and private label manufacturers, which may be more innovative, better able to bring new products to market, and better able to quickly serve niche markets. Additionally, we compete…
• MDLZ (Mondelez International, Inc.)
• FY2025 10-K: …and powdered beverages around the world. We aim to be the global leader in snacking. Our strategy is to drive long-term growth by focusing on four strategic priorities: accelerating consumer-centric growth, driving operational excellence, creating a winning growth culture and scaling sustainable snacking. We believe…
• FY2025 10-K: …units while empowering our local and commercial operations to respond faster to changing consumer preferences and capitalize on growth opportunities. We believe our efforts to continue advancing a winning growth culture will help drive profitable top-line growth. 3 Table of Contents • Scale sustainable snacking . We…
• GIS (GENERAL MILLS INC)
• FY2025 10-K: …of net sales of our North America Retail segment. No other customer accounted for 10 percent or more of our consolidated net sales. For further information on significant customers, please refer to Note 8 to the Consolidated Financial Statements in Item 8 of this report. Competition The human and pet food categories…
• FY2025 10-K: …may not foot due to rounding. (a) Measured in tons based on the stated weight of our product shipments. North America Foodservice net sales increased 2 percent in fiscal 2025 compared to fiscal 2024, driven by an increase in contributions from volume growth and favorable net price realization and mix. The components…
• KHC (Kraft Heinz Co)
• FY2025 10-K: …and development efforts focus on achieving the following four objectives: • product innovations, renovations, and new technologies to meet changing consumer needs, drive growth, and support our environmental and sustainability goals; • world-class and uncompromising food safety, quality, and consistency; • superior,…
• FY2025 10-K: …on investment, and operate efficiently in the highly competitive food and beverage industry, particularly in an environment of increased competition. If we are unable to realize the anticipated benefits from these efforts, we could be cost disadvantaged in the marketplace, and our competitiveness, production,…
• CCEP (COCA-COLA EUROPACIFIC PARTNERS PLC)
• FY2025 20-F: …volume, comparable and FX neutral revenue and revenue per unit case, comparable and FX neutral operating profit, comparable diluted EPS, comparable free cash flow, ROIC and comparable ROIC are non-IFRS performance measures. Non-IFRS adjusted comparable financial information as if the acquisition of Coca-Cola…
• FY2025 20-F: Our performance indicators Reported revenue ♦ Reported operating profit Reported diluted earnings per share (EPS) Net cash flows from operating activities Return on invested capital (ROIC) €20.9bn €2.8bn €4.26 €3.0bn 10.9% Comparable and FX neutral revenue Comparable and FX neutral operating profit Comparable diluted…
• DEO (DIAGEO plc)
• FY2025 20-F: …organisation. We expect to deliver approximately c.$625 million in cost savings over the next three years through efficiencies in A&P, overheads, supply chain, and trade investment. Around c.50% of these savings are expected to contribute to operating profit, with the remaining c.50% reinvested in growth areas such…
• FY2025 20-F: …of (1.1)%, partially offset by hyperinflation adjustments and organic net sales growth. Organic net sales growth of 1.7% was driven by organic volume growth of 0.9% and positive price/mix of 0.8%. Excluding the impact of the Cîroc transaction, organic net sales growth was 1.5%, with 0.8% volume growth and 0.7%…
• BUD (Anheuser-Busch InBev SA/NV)
• FY2025 20-F: Table of Contents For a discussion of changes in revenue, see "Item 5. Operating and Financial Review-E. Results of Operations-Year Ended 31 December 2025 Compared to the Year Ended 31 December 2024-Revenue" of this Form 20-F and "Item 5. Operating and Financial Review-E. Results of Operations-Year Ended 31 December…
• FY2025 20-F: …we are well-placed to address changing consumer needs in the various categories (above core, core and value) within any given market. 4. COMPETITION We believe our largest competitors are Heineken, China Resources, and Carlsberg based on information from IWSR as of January 2026. Historically, brewing was a local…

Methodology Note

• Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
• Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
• Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
• Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
• Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.

Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.