Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
PepsiCo Inc
Physical assets are 36.8% of total assets, a mixed footprint. Capex is 1.06x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. ROIC is 18.1%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 2.79x. Compare it with other names in the same basket.
Physical asset ratio
36.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.79x
Revenue per dollar of the physical asset base.
Capex / D&A
1.06x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-€9.83
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price €115.16.
Fixed-charge coverage
1.39x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.9%
Latest free cash flow divided by current market cap (€158.11B).
ROIC
18.1%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.40x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 26.7% | 3.68x | 1.37x | -€11.38 | 1.77x | €6.13B | 26.5% | 0.57x |
| 2019 | 30.8% | 3.22x | 1.74x | -€11.99 | 2.13x | €5.42B | 19.7% | 0.49x |
| 2020 | 29.3% | 3.05x | 1.66x | -€17.77 | 1.73x | €6.37B | 16.1% | 0.44x |
| 2021 | 31.1% | 3.25x | 1.44x | -€15.11 | 1.66x | €6.99B | 17.2% | 0.46x |
| 2022 | 34.6% | 3.24x | 1.59x | -€11.99 | 2.23x | €5.60B | 18.6% | 0.43x |
| 2023 | 35.1% | 3.05x | 1.47x | -€10.20 | 1.44x | €6.95B | 19.6% | 0.43x |
| 2024 | 36.9% | 2.93x | 1.39x | -€10.32 | 1.42x | €7.19B | 19.3% | 0.41x |
| 2025 | 36.8% | 2.79x | 1.06x | -€9.83 | 1.39x | €7.67B | 18.1% | 0.40x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: €33.65B
Inventory: €5.85B
Total assets: €107.40B
Goodwill: €18.92B
Intangibles: €15.07B
Liabilities: €86.85B
Tangible book: -€13.44B
Shares: 1,367,340,122
Revenue: €93.93B
Capex: €4.42B
D&A: €4.18B
EBITDA: €15.54B
Interest: €1.12B
Short-term debt: €6.86B
Free cash flow: €7.67B
Operating income: €13.49B
Invested capital: €60.43B
Tax rate: 19.0%