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Overview-PepsiCo

PepsiCo’s products are based on the different segments of the company. The regions are divided into North America, Latin America, Europe, Africa, the Middle East, and Asia. The products lines in North America include beverage brands like Diet Mountain Dew, Diet Pepsi, Gatorade, Mountain Dew, Pepsi, Propel and Tropicana, branded snack foods, cereals, rice, and pasta. In Latin America, either independently or with third parties, the company produces and sells snacks food brands like Cheetos, Doritos, Emperador, Lay's, Marias Gamesa, Rosquinhas Mabel, Ruffles, Sabritas, Saladitas, and Tostitos. The beverage brands for the regions are the same as those produced in North America.

The headquarters of PepsiCo is in Harrison, New York, United States of America. There are other offices located in different locations globally. PepsiCo is in the food and snack industry in the United States and globally. The financial records show that Coca-Cola dominates the industry with over 20% of retail sales. In 2020, PepsiCo had 22% of the United States liquid beverage category (PepsiCo, 2021). In 2021, the company maintained the same position ahead of the main competitor Coca Cola in the United States. The company also holds a significant position in beverage, food, and snack products based on brand recognition and loyalty, taste, price, value, quality, product variety, distribution, and packaging.

There were significant changes in the operating revenue for 2020 and 2021. There was reported growth in revenue in all the segments of the company. The three financial statements are statement of cash flow, balance sheet, and income and expenditure statement, reflect the company's financial performance. The positive cash flow for the two financial periods shows the company can take care of its liabilities. The balance sheet for the two periods shows that the assets are more than the liabilities. Overall, the company is performing well based on the results from the three financial reports.

Overview-Coca Cola

The company has a variety of products based on the financial report. The company makes sparkling soft drinks which include the following brand names; Coca-Cola, Diet Coke, Coca-Cola Light, Coca-Cola Zero Sugar, Fanta, Fresca, Schweppes, Sprite, and Thums Up. The company also manufactures and distributes water, enhanced water, and sports drinks. The juice and plant-based beverages brands include AdeS, Del Valle, fairlife, innocent, Minute Maid, Minute Maid Pulpy, Simply, and ZICO. Tea and coffee: Ayataka, Costa, doğadan, FUZE TEA, Georgia, Gold Peak, Honest Tea, and Kochakaden (Coca Cola, 2021).

The company has numerous locations based on the region. However, the headquarters of the company is in Atlanta, United States. The other regions include Europe, the Middle East, Africa, Latin America, North America, and the Asia Pacific. The commercial beverage industry is highly competitive, with the main competitor of Coca-Cola in the non-alcoholic beverage segment being PepsiCo. The financial reports of PepsiCo show that in 2021 Coca Cola, the main competitor dominated the retail sales segment with 19% of the overall sales in the United States. The financial reports show that various factors have impacted the market for Coca Cola with the COVID-19 pandemic affecting the revenue for 2020. This had a significant impact o the positioning of the company in the industry. The report shows a strong financial performance backed by factors like an increase in cash and cash equivalent for the financial year 2020 by $45.2 million and an increase in total assets in 2020. The positive cash flow for the two financial periods shows the company can take care of its liabilities.

Excel Liquidity Ratios Comparison – Coca Cola vs PepsiCo

The current ratio is one of the most popular formulas to measure the ability of a company to pay its short-term debt. The ideal current ratio stands between 1 and 2. Both Coca-Cola and Pepsi are well-known and reputable companies in the beverage industry, having their ratios at 1.32 and 0.98, respectively. This means that while Pepsi is a strong company that can easily negotiate its debts due to its magnitude and the number of subsidized businesses it has, it does not offer the same guarantee as Coca-Cola does, with a ratio io located at 1.32. Pepsi’s ratio of 0.98 indicates that Pepsi’s debts and liabilities that are due within a year or less are higher than its assets, a result that can be concerning for lenders and creditors. On the other hand, Coca-Cola has enough solvency to repay its debts with a ratio located at 1.32.

A quick ratio is another significant formula to measure a company’s liquidity, “The quick ratio measures a company's ability to pay its short-term liabilities when they come due by selling assets that can be quickly turned into cash” (Kibet, 2021) it measures the solvency a company has when it comes to selling the assets and how quickly they can be turned into cash. Coca-Cola has a quick ratio of 1.09, while Pepsi’s has it at 0.81. Ideally, a quick ratio of 1 represents a good sign for investors, anything under 1 can indicate that the company does not have enough assets to face its liabilities in a short period of time. This means that Coca-Cola has a better chance of repaying its debt quicker than Pepsi.

Day’s sales outstanding (DSO) is a tool used in the preparation of financial statements that represents the number of days it takes credit sales to be converted into cash. A high DSO can be interpreted as cash flow problems in the future for a company. A DSO below 45 is considered low, both Coca-Cola and Pepsi a DSO below 45, where Pepsi is located at 34.59, and Coca-Cola at 39.33. Hence, Pepsi has less DSO than Coca-Cola.

Day’s sales in inventory (DSI) measures the average amount of time required for a business to convert its inventory into sales. The lower the DSI number is, the better it will be for the company since it will show that this business will be able to convert its resources into cash fast. Coca-Cola shows 90.28 and Pepsi shows 43.1. This indicates that Pepsi can convert its inventory into cash faster than Coca-Cola.

Days payable outstanding (DPO) shows the average time a company takes to pay its bills to its creditors, this can include suppliers, vendors, lenders, providers, etc. A high DPO can indicate two things, “it can retain available funds for a longer duration, allowing the company an opportunity to utilize those funds in a better way to maximize the benefits. A high DPO, however, may also be a red flag indicating an inability to pay its bills on time” (Hayes, 2022) Both Coca-Cola and Pepsi have high DPOs, with 99.46 and 96.8 respectively, being Pepsi the one with the lowest from both.

The Cash Conversion Cycle (CCC) shows the amount of time that it takes a company to buy the inventory or materials and get paid for selling goods. We can see that Coca-Cola

takes an average of 30.15 days (about 4 and a half weeks), and Pepsi takes –19.11 days (about 2 and a half weeks). A negative cash conversion cycle is not necessarily a bad sign. However, it can limit the company’s ability to grow and attract new customers. In most cases, customers, creditors, and suppliers prefer to do business with a company whose CCC is positive, in this case, Coca-Cola rather than a company that shows a negative number like Pepsi.

Excel Comparison Profitability Ratios – Coca-Cola vs Pepsi

Profit margin (return on sales) evaluates a company’s operational efficiency, it measures how much profit a company makes per dollar on sales. Coca-Cola's turn-on sales in 2020 total 59.31% while Pepsi’s totals 54.82%. Coca-Cola obtains more USD per sale than Pepsi. Another decisive formula to calculate the profitability of a business is the return on assets (ROA), which provides investors with an idea of a company’s ability to convert investing money into net income. Hence, the higher a company’s ROA is the better it will be for both the company and its investors. Coca-Cola's ROA is 8.92% while Pepsi’s is 8.30%, in this case Coca-Cola manages the money provided by its investors slightly better than Pepsi.

In addition to these financial measuring tools, we have Return on Equity which represents one of the most decisive tools when it comes to measuring a company’s profitability. Return on Equity measures how much net income a company generates per dollar of invested capital. The higher a company’s ROE is, the better reputation it will have towards current and prospective investors, since it will show its capability to generate cash. Coca-Cola's ROE is 40.48%, while Pepsi’s is 50.42%. In this case, Pepsi has a better reputation for generating cash from invested capital than Coca-Cola.

Excel Comparison of Debt Ratios- Coca-Cola vs Pepsi

Shareholders look at the debt-ratio to understand the leverage a company has. If a debt ratio is more than one that indicates that a considerable portion of the debt is funded by assets. Another reason a company might have a higher debt-ratio is because a company might be putting itself at a risk for default if the interest rates were to increase. Current debt is what is due within 1 year and long-term debt is what is due in more than 1 year. Cash equivalents include cash and any liquid securities with maturity periods of 99 days or less. Total debt equals current debt plus long-term debt minus cash equivalents (Coca-Cola).  

In the last three months, Coca-Cola decreased shares by 7.51%. As of October 22,2020, the long-term debt was at $39.50 billion and the current debt was $13.37 billion, totaling $52.87 billion in debt. $11.38 billon on cash-equivalents were adjusted and the net debt totaled $41.48 billion (Coca-Cola).  In the last three months, Pepsi shares rose by 7.60%. As of October 1,2020, the long-term debt was at $37.88 billion and the current debt was $6.69 billion, totaling $44.57 billion in debt. $9.09 billon on cash-equivalents were adjusted and the net debt totaled $35.48 billion.  

Debt is important because it is an important factor in the capital structure of a company and can help it grow. Debt has a lower cost than equity and is an attractive option for executives who are trying to raise capital (Pepsi).  Coca-Cola (KO) and Pepsi (PEP) are two of the largest non-alcoholic beverage companies their industry. KO and PEP dividends have contently increased throughout the years and at least one of them in the portfolio has been a popular option for income-forces investors.  When comparing both companies, PEP seems like a better investment in the coming years (Nasr). 

 PEP has better stock price valuation and lower volatility and has had more profitable stocks for investors in the last five years. Both have returned similar nominal amounts on the dividend side. Pepsi has higher return on assets, return on capital, and return on equity. Both companies have increased their margin over the years, but Coca-Cola still had better margins. PEP has a better profitability advantage because their return on investment is better, and the profitability margin can increase in the coming years (Nasr).  

KO is a Dividend King, but PEP is closing in on obtaining that mark. KO has a yield of 3.10%, a payout ratio of 77.09%, and a 5-year dividend growth rate of 4.07%. PEP’s yield is 2.89%. its payout ratio is 70.62%, and it has a 5-year dividend growth rate of 7.69%. As you can see, PEP has a lower payout ratio and a stronger 5-year dividend growth rate, KO has a higher yield. If the dividend rate thrives in the next five years, PEP will have a yield on current cost of 4.18% versus 3.78% for KO (Walston).  

Excel Comparison of stockholder’s – Coca-Cola vs Pepsi

References

Coca-Cola Consolidated Inc. (2021). Annual Report. Retrieved from https://www.sec.gov/ix?doc=/Archives/edgar/data/317540/000031754021000006/coke-20201231.htm

Coca-Cola Consolidated Inc. (2020). Annual Report. Retrieved from https://investors.coca-colacompany.com/filings-reports/annual-filings-10-k/content/0000021344-20-000006/0000021344-20-000006.pdf

PepsiCo, Inc. (2021). Annual Report. Retrieved from https://pepsico.gcs-web.com/static-files/a5a1d988-8e28-4dc7-ac4e-e6a2abfd0310

PepsiCo, Inc. (2020). Annual Report. Retrieved from https://pepsico.gcs-web.com/static-files/366a24b9-c906-4ca3-bdc1-c07d9a074b11

Fernando, J. (2021, October 21). What is the current ratio? Guide to financial ratios. https://www.investopedia.com/terms/c/currentratio.asp

Kibet, Lydia. (2021, November 12). The quick ratio is a basic liquidity metric that helps determine a company's solvency. Business Insider https://www.businessinsider.com/quick-ratio

Hayes, A. (2022, January 24). Days Payable Outstanding (DPO). Investopedia. https://www.investopedia.com/terms/d/dpo.asp#:~:text=Days%20payable%20outstanding%20(DPO)%20is,suppliers%2C%20vendors%2C%20or%20financiers.&text=A%20high%20DPO%2C%20however%2C%20may,pay%20its%20bills%20on%20time

Sherman, Fraser. (2019, March 06). Can Companies Have a Negative Cash Cycle? Small Business – Chron.com

https://smallbusiness.chron.com/can-companies-negative-cash-cycle-26393.html

Nasr, T. (2020, July 29). Pepsi vs Coca-Cola: A short comparison (NYSE:KO). SeekingAlpha. Retrieved February 25, 2022, from https://seekingalpha.com/instablog/19860591-toni-nasr-cfa/5471944-pepsi-vs-coca-cola-short-comparison  

Pepsi. (n.d.). How does PepsiCo's debt look? Yahoo! Retrieved February 25, 2022, from https://www.yahoo.com/video/does-pepsicos-debt-look-123623798.html  

Walston, C. (2021, July 6). Coca-Cola vs. Pepsico: Which is the better dividend stock? (NYSE:KO). SeekingAlpha. Retrieved February 25, 2022, from https://seekingalpha.com/article/4438051-coca-cola-vs-pepsico-better-dividend-stock 

Coca-cola (n.d.). A look into Coca-Cola's debt. Yahoo! Retrieved February 25, 2022, from https://www.yahoo.com/video/look-coca-colas-debt-111046911.html  

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Overview-PepsiCo

PepsiCo’s products are based on the different segments of the company. The regions are divided into North America, Latin America, Europe, Africa, the Middle East, and Asia. The products lines in North America include beverage brands like Diet Mountain Dew, Diet Pepsi, Gatorade, Mountain Dew, Pepsi, Propel and Tropicana, branded snack foods, cereals, rice, and pasta. In Latin America, either independently or with third parties, the company produces and sells snacks food brands like Cheetos, Doritos, Emperador, Lay's, Marias Gamesa, Rosquinhas Mabel, Ruffles, Sabritas, Saladitas, and Tostitos. The beverage brands for the regions are the same as those produced in North America.

The headquarters of PepsiCo is in Harrison, New York, United States of America. There are other offices located in different locations globally. PepsiCo is in the food and snack industry in the United States and globally. The financial records show that Coca-Cola dominates the industry with over 20% of retail sales. In 2020, PepsiCo had 22% of the United States liquid beverage category (PepsiCo, 2021). In 2021, the company maintained the same position ahead of the main competitor Coca Cola in the United States. The company also holds a significant position in beverage, food, and snack products based on brand recognition and loyalty, taste, price, value, quality, product variety, distribution, and packaging.

There were significant changes in the operating revenue for 2020 and 2021. There was reported growth in revenue in all the segments of the company. The three financial statements are statement of cash flow, balance sheet, and income and expenditure statement, reflect the company's financial performance. The positive cash flow for the two financial periods shows the company can take care of its liabilities. The balance sheet for the two periods shows that the assets are more than the liabilities. Overall, the company is performing well based on the results from the three financial reports.

Overview-Coca Cola

The company has a variety of products based on the financial report. The company makes sparkling soft drinks which include the following brand names; Coca-Cola, Diet Coke, Coca-Cola Light, Coca-Cola Zero Sugar, Fanta, Fresca, Schweppes, Sprite, and Thums Up. The company also manufactures and distributes water, enhanced water, and sports drinks. The juice and plant-based beverages brands include AdeS, Del Valle, fairlife, innocent, Minute Maid, Minute Maid Pulpy, Simply, and ZICO. Tea and coffee: Ayataka, Costa, doğadan, FUZE TEA, Georgia, Gold Peak, Honest Tea, and Kochakaden (Coca Cola, 2021).

The company has numerous locations based on the region. However, the headquarters of the company is in Atlanta, United States. The other regions include Europe, the Middle East, Africa, Latin America, North America, and the Asia Pacific. The commercial beverage industry is highly competitive, with the main competitor of Coca-Cola in the non-alcoholic beverage segment being PepsiCo. The financial reports of PepsiCo show that in 2021 Coca Cola, the main competitor dominated the retail sales segment with 19% of the overall sales in the United States. The financial reports show that various factors have impacted the market for Coca Cola with the COVID-19 pandemic affecting the revenue for 2020. This had a significant impact o the positioning of the company in the industry. The report shows a strong financial performance backed by factors like an increase in cash and cash equivalent for the financial year 2020 by $45.2 million and an increase in total assets in 2020. The positive cash flow for the two financial periods shows the company can take care of its liabilities.

Excel Liquidity Ratios Comparison – Coca Cola vs PepsiCo

The current ratio is one of the most popular formulas to measure the ability of a company to pay its short-term debt. The ideal current ratio stands between 1 and 2. Both Coca-Cola and Pepsi are well-known and reputable companies in the beverage industry, having their ratios at 1.32 and 0.98, respectively. This means that while Pepsi is a strong company that can easily negotiate its debts due to its magnitude and the number of subsidized businesses it has, it does not offer the same guarantee as Coca-Cola does, with a ratio io located at 1.32. Pepsi’s ratio of 0.98 indicates that Pepsi’s debts and liabilities that are due within a year or less are higher than its assets, a result that can be concerning for lenders and creditors. On the other hand, Coca-Cola has enough solvency to repay its debts with a ratio located at 1.32.

A quick ratio is another significant formula to measure a company’s liquidity, “The quick ratio measures a company's ability to pay its short-term liabilities when they come due by selling assets that can be quickly turned into cash” (Kibet, 2021) it measures the solvency a company has when it comes to selling the assets and how quickly they can be turned into cash. Coca-Cola has a quick ratio of 1.09, while Pepsi’s has it at 0.81. Ideally, a quick ratio of 1 represents a good sign for investors, anything under 1 can indicate that the company does not have enough assets to face its liabilities in a short period of time. This means that Coca-Cola has a better chance of repaying its debt quicker than Pepsi.

Day’s sales outstanding (DSO) is a tool used in the preparation of financial statements that represents the number of days it takes credit sales to be converted into cash. A high DSO can be interpreted as cash flow problems in the future for a company. A DSO below 45 is considered low, both Coca-Cola and Pepsi a DSO below 45, where Pepsi is located at 34.59, and Coca-Cola at 39.33. Hence, Pepsi has less DSO than Coca-Cola.

Day’s sales in inventory (DSI) measures the average amount of time required for a business to convert its inventory into sales. The lower the DSI number is, the better it will be for the company since it will show that this business will be able to convert its resources into cash fast. Coca-Cola shows 90.28 and Pepsi shows 43.1. This indicates that Pepsi can convert its inventory into cash faster than Coca-Cola.

Days payable outstanding (DPO) shows the average time a company takes to pay its bills to its creditors, this can include suppliers, vendors, lenders, providers, etc. A high DPO can indicate two things, “it can retain available funds for a longer duration, allowing the company an opportunity to utilize those funds in a better way to maximize the benefits. A high DPO, however, may also be a red flag indicating an inability to pay its bills on time” (Hayes, 2022) Both Coca-Cola and Pepsi have high DPOs, with 99.46 and 96.8 respectively, being Pepsi the one with the lowest from both.

The Cash Conversion Cycle (CCC) shows the amount of time that it takes a company to buy the inventory or materials and get paid for selling goods. We can see that Coca-Cola

takes an average of 30.15 days (about 4 and a half weeks), and Pepsi takes –19.11 days (about 2 and a half weeks). A negative cash conversion cycle is not necessarily a bad sign. However, it can limit the company’s ability to grow and attract new customers. In most cases, customers, creditors, and suppliers prefer to do business with a company whose CCC is positive, in this case, Coca-Cola rather than a company that shows a negative number like Pepsi.

Excel Comparison Profitability Ratios – Coca-Cola vs Pepsi

Profit margin (return on sales) evaluates a company’s operational efficiency, it measures how much profit a company makes per dollar on sales. Coca-Cola's turn-on sales in 2020 total 59.31% while Pepsi’s totals 54.82%. Coca-Cola obtains more USD per sale than Pepsi. Another decisive formula to calculate the profitability of a business is the return on assets (ROA), which provides investors with an idea of a company’s ability to convert investing money into net income. Hence, the higher a company’s ROA is the better it will be for both the company and its investors. Coca-Cola's ROA is 8.92% while Pepsi’s is 8.30%, in this case Coca-Cola manages the money provided by its investors slightly better than Pepsi.

In addition to these financial measuring tools, we have Return on Equity which represents one of the most decisive tools when it comes to measuring a company’s profitability. Return on Equity measures how much net income a company generates per dollar of invested capital. The higher a company’s ROE is, the better reputation it will have towards current and prospective investors, since it will show its capability to generate cash. Coca-Cola's ROE is 40.48%, while Pepsi’s is 50.42%. In this case, Pepsi has a better reputation for generating cash from invested capital than Coca-Cola.

Excel Comparison of Debt Ratios- Coca-Cola vs Pepsi

Shareholders look at the debt-ratio to understand the leverage a company has. If a debt ratio is more than one that indicates that a considerable portion of the debt is funded by assets. Another reason a company might have a higher debt-ratio is because a company might be putting itself at a risk for default if the interest rates were to increase. Current debt is what is due within 1 year and long-term debt is what is due in more than 1 year. Cash equivalents include cash and any liquid securities with maturity periods of 99 days or less. Total debt equals current debt plus long-term debt minus cash equivalents (Coca-Cola).  

In the last three months, Coca-Cola decreased shares by 7.51%. As of October 22,2020, the long-term debt was at $39.50 billion and the current debt was $13.37 billion, totaling $52.87 billion in debt. $11.38 billon on cash-equivalents were adjusted and the net debt totaled $41.48 billion (Coca-Cola).  In the last three months, Pepsi shares rose by 7.60%. As of October 1,2020, the long-term debt was at $37.88 billion and the current debt was $6.69 billion, totaling $44.57 billion in debt. $9.09 billon on cash-equivalents were adjusted and the net debt totaled $35.48 billion.  

Debt is important because it is an important factor in the capital structure of a company and can help it grow. Debt has a lower cost than equity and is an attractive option for executives who are trying to raise capital (Pepsi).  Coca-Cola (KO) and Pepsi (PEP) are two of the largest non-alcoholic beverage companies their industry. KO and PEP dividends have contently increased throughout the years and at least one of them in the portfolio has been a popular option for income-forces investors.  When comparing both companies, PEP seems like a better investment in the coming years (Nasr). 

 PEP has better stock price valuation and lower volatility and has had more profitable stocks for investors in the last five years. Both have returned similar nominal amounts on the dividend side. Pepsi has higher return on assets, return on capital, and return on equity. Both companies have increased their margin over the years, but Coca-Cola still had better margins. PEP has a better profitability advantage because their return on investment is better, and the profitability margin can increase in the coming years (Nasr).  

KO is a Dividend King, but PEP is closing in on obtaining that mark. KO has a yield of 3.10%, a payout ratio of 77.09%, and a 5-year dividend growth rate of 4.07%. PEP’s yield is 2.89%. its payout ratio is 70.62%, and it has a 5-year dividend growth rate of 7.69%. As you can see, PEP has a lower payout ratio and a stronger 5-year dividend growth rate, KO has a higher yield. If the dividend rate thrives in the next five years, PEP will have a yield on current cost of 4.18% versus 3.78% for KO (Walston).  

Excel Comparison of stockholder’s – Coca-Cola vs Pepsi

References

Coca-Cola Consolidated Inc. (2021). Annual Report. Retrieved from https://www.sec.gov/ix?doc=/Archives/edgar/data/317540/000031754021000006/coke-20201231.htm

Coca-Cola Consolidated Inc. (2020). Annual Report. Retrieved from https://investors.coca-colacompany.com/filings-reports/annual-filings-10-k/content/0000021344-20-000006/0000021344-20-000006.pdf

PepsiCo, Inc. (2021). Annual Report. Retrieved from https://pepsico.gcs-web.com/static-files/a5a1d988-8e28-4dc7-ac4e-e6a2abfd0310

PepsiCo, Inc. (2020). Annual Report. Retrieved from https://pepsico.gcs-web.com/static-files/366a24b9-c906-4ca3-bdc1-c07d9a074b11

Fernando, J. (2021, October 21). What is the current ratio? Guide to financial ratios. https://www.investopedia.com/terms/c/currentratio.asp

Kibet, Lydia. (2021, November 12). The quick ratio is a basic liquidity metric that helps determine a company's solvency. Business Insider https://www.businessinsider.com/quick-ratio

Hayes, A. (2022, January 24). Days Payable Outstanding (DPO). Investopedia. https://www.investopedia.com/terms/d/dpo.asp#:~:text=Days%20payable%20outstanding%20(DPO)%20is,suppliers%2C%20vendors%2C%20or%20financiers.&text=A%20high%20DPO%2C%20however%2C%20may,pay%20its%20bills%20on%20time

Sherman, Fraser. (2019, March 06). Can Companies Have a Negative Cash Cycle? Small Business – Chron.com

https://smallbusiness.chron.com/can-companies-negative-cash-cycle-26393.html

Nasr, T. (2020, July 29). Pepsi vs Coca-Cola: A short comparison (NYSE:KO). SeekingAlpha. Retrieved February 25, 2022, from https://seekingalpha.com/instablog/19860591-toni-nasr-cfa/5471944-pepsi-vs-coca-cola-short-comparison  

Pepsi. (n.d.). How does PepsiCo's debt look? Yahoo! Retrieved February 25, 2022, from https://www.yahoo.com/video/does-pepsicos-debt-look-123623798.html  

Walston, C. (2021, July 6). Coca-Cola vs. Pepsico: Which is the better dividend stock? (NYSE:KO). SeekingAlpha. Retrieved February 25, 2022, from https://seekingalpha.com/article/4438051-coca-c