PepsiCo Inc (PEP)

Debt-to-capital ratio

		Dec 31, 2023	Sep 9, 2023	Jun 17, 2023	Mar 31, 2023	Dec 31, 2022	Sep 3, 2022	Jun 11, 2022	Mar 19, 2022	Dec 31, 2021	Sep 4, 2021	Jun 12, 2021	Mar 20, 2021	Dec 31, 2020	Sep 5, 2020	Jun 13, 2020	Mar 21, 2020	Dec 31, 2019	Sep 7, 2019	Mar 23, 2019	Dec 31, 2018
Long-term debt	US$ in thousands	37,595,000	—	—	—	35,657,000	—	—	—	36,026,000	—	—	—	40,370,000	—	—	—	29,148,000	—	—	28,295,000
Total stockholders’ equity	US$ in thousands	18,503,000	18,806,000	17,685,000	17,042,000	17,149,000	18,977,000	18,553,000	18,202,000	16,043,000	15,872,000	15,299,000	13,947,000	13,454,000	13,483,000	12,491,000	13,465,000	14,786,000	14,129,000	14,202,000	14,518,000
Debt-to-capital ratio		0.67	0.00	0.00	0.00	0.68	0.00	0.00	0.00	0.69	0.00	0.00	0.00	0.75	0.00	0.00	0.00	0.66	0.00	0.00	0.66

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $37,595,000K ÷ ($37,595,000K + $18,503,000K)
= 0.67

The debt-to-capital ratio of PepsiCo Inc has shown fluctuations over the past few years. As of December 31, 2023, the ratio stood at 0.67, indicating that debt accounted for approximately 67% of the company's capital structure. This was a slight decrease from the previous quarter when the ratio was 0.68.

Interestingly, there were several instances where the debt-to-capital ratio was recorded as zero, suggesting that the company had either no debt or the amount of debt was negligible compared to its capital. For example, in September 2023, June 2023, March 2023, September 2022, June 2022, and March 2022, the ratio was reported as 0.00.

Overall, the debt-to-capital ratio for PepsiCo Inc has shown relative stability, with only minor fluctuations in recent quarters. This consistency in the ratio indicates that the company has been managing its debt levels effectively in relation to its capital structure.