In calculating the Net Current Asset Value (NCAV), Benjamin Graham means a company's current assets (such as cash, marketable securities, and inventories) minus its total liabilities (including preferred stock, minority interest, and long-term debt).
PepsiCo's net current asset value per share for the quarter that ended in Mar. 2026 was CHF-33.58.
The historical rank and industry rank for PepsiCo's Net Current Asset Value or its related term are showing as below:
XSWX:PEP's Price-to-Net-Current-Asset-Value is not ranked *
in the Beverages - Non-Alcoholic industry.
Industry Median: 6.495 * Ranked among companies with meaningful Price-to-Net-Current-Asset-Value only.
PepsiCo (XSWX:PEP) Net Current Asset Value Explanation
Benjamin Graham first discussed net current asset value (NCAV) in the 1934 edition of "Security Analysis", which he coauthored with David Dodd. In the book, (net) current asset value is defined as:" current assets alone, minus all liabilities and claims ahead of the issue."
The common definition of NCAV is: NCAV = current assets – [total liabilities + minority interest + preferred stock]
Net current assets exclude not only the intangible assets but also the fixed and miscellaneous assets. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Grahams strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their Net-Net Working Capital. They are collected under our Net-Net screener.
PepsiCo Net Current Asset Value Related Terms
PepsiCo Net Current Asset Value Historical Data
* Premium members only.
The historical data trend for PepsiCo's Net Current Asset Value can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
XSWX:PEP vs MNST, KDP, KO: Net Current Asset Value Comparison
For the Beverages - Non-Alcoholic subindustry, PepsiCo's Price-to-Net-Current-Asset-Value, along with its competitors' market caps and Price-to-Net-Current-Asset-Value data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
PepsiCo Price-to-Net-Current-Asset-Value vs Beverages - Non-Alcoholic Industry
For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, PepsiCo's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where PepsiCo's Price-to-Net-Current-Asset-Value falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a Net Current Asset Value of CHF-33.58 mean?
PepsiCo (XSWX:PEP) has a Net Current Asset Value of CHF-33.58 as of Mar. 2026. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on PepsiCo and its competitors. According to the industry distribution chart, PepsiCo ranks #999999 out of 64 companies in the Beverages - Non-Alcoholic industry.
Is PepsiCo's Net Current Asset Value too high?
PepsiCo's current Net Current Asset Value is CHF-33.58. Based on the distribution chart, PepsiCo ranks #999999 out of 64 companies in the Beverages - Non-Alcoholic industry, which is in the bottom quartile relative to peers. Overall, PepsiCo has a GF Score™ of 89/100, reflecting its overall financial health beyond just this single metric.
How does PepsiCo's Net Current Asset Value compare to MNST and KDP?
According to the Beverages - Non-Alcoholic industry distribution chart, PepsiCo ranks #999999 out of 64 companies for Net Current Asset Value. This places PepsiCo in the lower half of its industry. The industry median Net Current Asset Value is 6.50. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net Current Asset Value for a Beverages - Non-Alcoholic company?
The median Net Current Asset Value among Beverages - Non-Alcoholic companies is 6.50, based on 64 companies in the industry. Companies in the top quartile (top 25%) have a Net Current Asset Value significantly above this median, while those in the bottom quartile fall well below. However, Net Current Asset Value should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net Current Asset Value mean?
A high Net Current Asset Value can signal that a stock is expensive relative to its fundamentals. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on PepsiCo and its competitors. For the Beverages - Non-Alcoholic industry, the median Net Current Asset Value is 6.50 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. PepsiCo's current Net Current Asset Value is CHF-33.58. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PepsiCo stock overvalued right now?
PepsiCo (XSWX:PEP) has a current Net Current Asset Value of CHF-33.58. The stock's GF Value™ is CHF142.14, compared to a current price of CHF114.00 — trading 19.8% below its estimated fair value. The current Net Current Asset Value is CHF-33.58. PepsiCo's overall GF Score™ is 89/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net Current Asset Value calculated?
Net Current Asset Value is calculated from a company's financial statements. For PepsiCo (XSWX:PEP), the current Net Current Asset Value is CHF-33.58 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is PepsiCo (XSWX:PEP) Overvalued in 2026?
Based on GuruFocus' analysis, PepsiCo stock appears to be undervalued.
The current stock price of CHF114.00 is trading 19.8% below its estimated GF Value™ of CHF142.14.
Key valuation signals for XSWX:PEP:
Net Current Asset Value: CHF-33.58
GF Value™: CHF142.14 vs. price of CHF114.00 (19.8% below fair value)
No single metric tells the full story. See the XSWX:PEP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PepsiCo is a global leader in snacks and beverages, owning well-known household brands including Pepsi, Mountain Dew, Gatorade, Lay's, Cheetos, and Doritos, among others. The company dominates the global savory snacks market and also ranks as the second-largest beverage provider in the world (behind Coca-Cola) with diversified exposure to carbonated soft drinks, or CSD, as well as water, sports, and energy drink offerings. Convenience foods account for approximately 58% of its total revenue, with beverages making up the rest. Pepsi owns the bulk of its manufacturing and distribution capacity in the US, but uses bottlers overseas for beverages. International markets made up 41% of total sales and 46% of operating profits before corporate expenses in 2025.
89GF Score
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