With a market cap of $191.6 billion, PepsiCo, Inc. (PEP) is a global leader in the manufacture, marketing, distribution, and sale of convenient foods and beverages. With iconic brands such as Lay’s, Doritos, Gatorade, Pepsi-Cola, Quaker, and Tropicana, the company operates across seven business segments and serves customers worldwide through diverse distribution channels. The Purchase, New York-based company is expected to announce its fiscal Q3 2025 results before the market opens on Thursday, Oct. 9. Ah ...

By Jessica DiNapoli and Svea Herbst-Bayliss NEW YORK (Reuters) -Some investors in PepsiCo (PEP) support suggestions by activist shareholder Elliott Investment Management that the global food and beverage company cut costs and ditch sleepy brands like Quaker, but sound more cautious about the hedge fund's boldest idea - to hive off the soda maker's bottling network. Elliott has said the move, which mirrors actions taken by Coca-Cola (KO) nearly a decade ago, would increase PepsiCo's margins, allow the $20 ...

Key Takeaways PepsiCo highlights Gatorade's regained share in the sports drink market this year.PepsiCo expands with Propel, tapping demand for functional, health-focused hydration.Innovation, distribution and away-from-home channels drive PepsiCo's beverage strategy.PepsiCo, Inc.’s (PEP) Gatorade brand remains the crown jewel of its sports hydration portfolio. The company is doubling down on strategies to defend and expand its lead in the face of mounting competition. On its latest earnings call, managemen ...

Key Takeaways Coca-Cola's Q2 results highlight renewed traction in foodservice and new accounts like Costco and Carnival.Affordability initiatives and premium single-serve offerings show KO's "all-weather" strategy in action.Brand campaigns like Share a Coke and Bring the Juice aim to boost visibility in social and dining moments.The Coca-Cola Company (KO) business has long been tied to the rhythms of consumer mobility, and the continued rebound in away-from-home consumption has become a critical driver of ...

This company has long been a dividend powerhouse.There are lots of reasons to like PepsiCo (PEP 0.77%) as a possible investment for your long-term portfolio. One of the best reasons is its generous dividend yield -- recently at 4.1%. That yield is far above the S&P 500's recent yield of just 1.2%, and better still, it's a payout that's been growing at a good clip -- an annual average of more than 7% over the past decade.But wait -- there's more! Its payout ratio -- the percentage of earnings paid out in div ...

Accessibility StatementSkip Navigation PURCHASE, N.Y., Sept. 18, 2025 /PRNewswire/ -- Today, leading retail and global food and beverage companies including PepsiCo (NASDAQ: PEP) and Unilever announce the launch of Supporting Trusted Engagement and Partnership (STEP) up for Agriculture (STEP up for Ag), a pre-competitive initiative designed to strengthen the capacity and sustainability of farmer-facing support organizations across North America.  Continue Reading Supporting Trusted Engagement & Partnershi ...

Elliott Investment Management says it manages funds that together hold an investment of $4 billion in PepsiCo. The investor calls the Pepsi Max and Lay’s owner “one of the world's great consumer franchises” but it wants to see significant change.The companies at which Elliott Investment Management has pushed for change include BP (which said it would scale back investment in renewable energy and up spending on oil and gas in the wake of the investor joining its share roster), US manufacturing and tech group ...

公司业绩表现 - 百事公司2025年第二季度收入227.3亿美元 每股收益2.12美元 超出市场预期[1] - 过去三个月股价上涨9.2% 同期行业下跌4%[8] - 2025年预期每股收益8.03美元 2026年预期8.49美元 近期预估持续上调[11][12] 业务组合优势 - 多元化产品组合包括饮料、零食和"允许型"产品 有效抵御行业挑战[1] - "允许型"零食业务规模已达20亿美元 成为重要增长点[2] - 通过佳得乐、Propel和SunChips等产品弥补北美薯片疲软[3] 增长驱动因素 - 健康零食、无糖饮料、功能型饮水和蛋白质创新领域持续投资[2] - 印度和拉美等国际市场实现两位数强劲增长[2] - 注重 affordability、份量控制和创新 吸引价值导向型消费者[3] 战略举措 - 平衡生产力节约与创新再投资 维持竞争优势[4] - 重点关注北美地区 sequential 收入改善和国际市场增长势头[4] - 通过规模效应、强大品牌组合和多元化产品线获得多重增长杠杆[4] 同业比较 - 可口可乐通过零糖可乐、fairlife、BODYARMOR和雪碧等品牌保持韧性[6] - 采用"全天气"策略平衡 affordability 与高端创新[6] - Keurig Dr Pepper凭借碳酸饮料、咖啡系统和包装饮料组合获得稳定性[7] 估值水平 - 远期市盈率17.17倍 略低于行业平均的17.42倍[10] - 2025年盈利预计同比下降1.6% 2026年预计增长5.8%[11] - 当前Zacks评级为3级(持有)[12]

公司事件 - 激进投资者Elliott Investment Management披露持有40亿美元股份 推动公司股价上涨[1] - Elliott认为公司是罕见的复兴标的 若执行更积极计划 股价或有50%上涨空间[1] - 该行动旨在帮助公司应对北美市场疲软 消费者偏好变化及相对同业估值折价问题[2] 财务表现 - 第二季度销售额227亿美元超预期 每股收益1.26美元超预期的1.22美元[6] - 净利润12.6亿美元 较上年同期小幅增长[6] - 国际业务强劲表现部分抵消了北美地区特别是饮料部门的疲软[6] 估值指标 - 当前股价位于127.60-179.43美元的52周交易区间 年内下跌约2% 落后于标普500指数和可口可乐[3] - 远期市盈率18.5倍 市销率2.2倍 低于五年历史平均水平[4] - 净资产回报率接近58% 盈利能力稳定[4] 股东回报 - 股息收益率约3% 今年计划向股东分配76亿美元[5] - 连续50多年增加股息 是收益型投资组合的核心标的[5] 公司概况 - 全球最大消费品公司之一 业务涵盖饮料、零食和包装食品[2] - 旗下拥有百事、菲多利、桂格和佳得乐等品牌 覆盖200多个国家[2] - 市值约2010亿美元 是全球最大的必需消费品公司之一[2]

公司业务与品牌组合 - 百事公司是全球最大的消费品包装公司之一 拥有包括乐事(Lay's)、多力多滋(Doritos)、奇多(Cheetos)、佳得乐(Gatorade)、百事可乐(Pepsi-Cola)、激浪(Mountain Dew)、桂格(Quaker)和SodaStream在内的标志性品牌组合 [1] - 公司业务分为七大区域部门：FLNA(菲多利北美)、QFNA(桂格食品北美)、PBNA(百事饮料北美)、拉丁美洲、欧洲、AMESA(非洲/中东/南亚)和APAC(亚太/澳新/大中华区) [1] - FLNA部门生产销售品牌休闲食品包括薯片、玉米片和调味酱 QFNA部门生产麦片、燕麦和格兰诺拉棒 PBNA部门生产销售饮料浓缩液和糖浆包括Aquafina、Bubly和Diet Pepsi等品牌 [1] 股权结构与投资者背景 - 埃利奥特投资管理公司(Elliott Investment Management)持有百事公司约1.9%的股份 管理资产规模达761亿美元(截至2025年6月30日) [2] - 该投资公司以深入的尽职调查和丰富资源著称 经常持续数年跟踪公司后才进行投资 是跨行业跨地域最活跃的激进投资者之一 [2] 战略问题与业绩表现 - 百事北美业务收入占比60% 国际业务占40% 其中PFNA(食品北美)和PBNA(饮料北美)各占公司总收入的30% [5] - 过去三年公司市值损失近400亿美元 过去20年表现落后标普消费必需品指数169个百分点 [5] - PBNA运营利润率较可口可乐低1000个基点(原领先300个基点) 主要因2010年后保持垂直整合的瓶装业务决策失误 [6][7] - PBNA产品库存单位(SKU)数量比可口可乐多70% 但零售销售额低15% 因过度扩展至Starry、Rockstar和SodaStream等弱势品牌 [9] - PFNA的资本支出从2018年33亿美元增至2024年53亿美元 但FLNA销售额反而收缩0.5% 运营利润率从30%降至25% [11][12] 埃利奥特的改革建议 - 建议PBNA重新特许经营瓶装网络 回归1999-2010年期间曾超越可口可乐的运营模式 [14] - 要求优化产品组合 减少SKU数量并剥离表现不佳品牌 参考近期将Rockstar出售给Celsius的交易案例 [15] - 释放资金应重新投资核心苏打水品牌及新增长类别(如蛋白质和益生菌) [16] - 建议PFNA停止激进增长战略 重新调整成本结构并优化组合 特别指出桂格(Quaker)作为潜在剥离对象 [17] - 该计划若有效实施 预计可为股东提供至少50%的上涨空间 [18] 国际业务与估值状况 - 国际业务增长迅速且利润率扩大 但被北美业务问题掩盖 当前市盈率18倍低于十年平均22倍 [13] - 相对基准指数的折价从历史溢价1.4倍转为折价4倍以上 [13] 长期价值创造理念 - 埃利奥特在74页演示文件中54次提及"再投资" 但未使用"回购"一词 强调长期增长而非短期股价提升 [21] - 建议通过"调整成本结构和剥离非核心资产"来释放资本 用于有机和无机投资推动长期增长 [20][21]