# PepsiCo (PEP.US)

Canonical: https://gigainvestors.com/s/PEP

Analysis as of: 2026-10-16T07:31:07.832Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $128.38 per share; close as of 2026-10-15.

Estimated value: low $85.15 per share, central $97.42 per share, high $112.30 per share. Buy at or below the central value $97.42 per share. Valuation as of 2026-10-16T07:31:07.832Z; scenarios are not confidence intervals.

Expected annual return: 8.2% at the stated quote. About 8.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.07×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.16×

- FY2017: 0.16×

- FY2018: 0.16×

- FY2019: 0.15×

- FY2020: 0.14×

- FY2021: 0.14×

- FY2022: 0.13×

- FY2023: 0.13×

- FY2024: 0.14×

- FY2025: 0.14×

### moat: pass

- ROIC, median of available years: 28.9%

- ROIC, second-lowest year: 26.7%

- Typical minus recent gross margin: 0.4 pp

- Typical gross margin (annual median): 54.6%

- Recent gross margin (lower of latest and 3-year median): 54.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.8%

- ROIC including acquisitions, ten-year median: 15.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 41.5%

- FY2017: 42.0%

- FY2018: 43.9%

- FY2019: 31.1%

- FY2020: 26.7%

- FY2021: 26.9%

- FY2022: 29.1%

- FY2023: 27.1%

- FY2024: 28.7%

- FY2025: 26.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.96×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $42B

- Net income, five-year total: $43B

- Return on incremental invested capital: 34.2%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.3 pp

- Working capital / revenue, final three-year average: 5.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.95×

- FY2024: 0.86×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 42.0% vs 27.1%

- Per-share earnings: 3.67 to 6.56 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.8%

- Ordinary dilution, 5-year annual growth: -0.3%

- Market cap gain: $45B

- Cumulative retained earnings: $20B

- Diluted shares, 10-year annual growth: -0.8%

- Diluted shares, 5-year annual growth: -0.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 7.5%

- Per-share value change: $2.89

- Per-share value, starting three-year median: $3.67

- Per-share value, ending three-year median: $6.56

- Buybacks concentrated in cheaper years (correlation): 0.13

- Average buyback yield: 0.9%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $12B

- Cumulative net income, 10 years: $82B

- ROIC, first three-year median: 42.0%

- ROIC, last three-year median: 27.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: $4.36

- FY2017: $3.38

- FY2018: $8.78

- FY2019: $5.20

- FY2020: $5.11

- FY2021: $5.48

- FY2022: $6.42

- FY2023: $6.56

- FY2024: $6.95

- FY2025: $6.00

### accounting: pass

- Sloan accruals: -3.6%

- Receivables to sales index (DSRI): 1.09×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 2.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.47×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.67×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.5%

- FY2017: -6.4%

- FY2018: 4.0%

- FY2019: -3.0%

- FY2020: -3.8%

- FY2021: -4.3%

- FY2022: -2.1%

- FY2023: -4.3%

- FY2024: -2.9%

- FY2025: -3.6%

## Holders

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Russo](https://gigainvestors.com/GR): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Allen Bond](https://gigainvestors.com/JIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Graham Kahn](https://gigainvestors.com/KB): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Nick Train](https://gigainvestors.com/LT): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Katz](https://gigainvestors.com/MAVFX): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Gayner](https://gigainvestors.com/MKL): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Robert Torray](https://gigainvestors.com/T): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Donald Yacktman](https://gigainvestors.com/YAM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 33% since Apr 2023 · "PepsiCo Lowers Guidance on Mounting Costs in North America" (finance.yahoo.com, Oct 2026) · sales +2.3%

Story as of 2026-10-16T09:59:23.126Z; price observation 2026-10-15.

Price needs cash profits to grow 5.4% a year for ten years

- 2025-04-24: PepsiCo lowers full-year earnings forecast on tariff costs and lower consumer spending ([finance.yahoo.com](https://finance.yahoo.com/news/pepsico-lowers-full-earnings-forecast-104012157.html))

- 2025-08-29: PepsiCo (PEP) Expands Energy Drink Portfolio; New US$585 Million Partnership with Celsius ([finance.yahoo.com](https://finance.yahoo.com/news/pepsico-pep-expands-energy-drink-172035230.html))

- 2026-02-03: PepsiCo to cut prices of Lay's, Doritos as consumers push back ([finance.yahoo.com](https://finance.yahoo.com/video/pepsico-cut-prices-lays-doritos-180303942.html))

- 2026-05-20: PepsiCo eyes selective price increases due to increased costs ([seekingalpha.com](https://seekingalpha.com/news/4595463-pepsico-eyes-selective-price-increases-due-to-increased-costs?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-06-26: PepsiCo Q2 earnings expected to reflect weakness in North American snack business, delayed recovery ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/pepsico-q2-earnings-expected-reflect-162500959.html))

- 2026-09-24: PepsiCo shares slip as Bloomberg reports retreat from snack price cuts ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/pepsico-shares-slip-bloomberg-reports-153432980.html))

### Sales · FY2024–2025

sales +2.3%; source https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pep-20251227.htm; observed 2026-02-03.

- FY2016: $63B 

- FY2017: $64B 

- FY2018: $65B 

- FY2019: $67B 

- FY2020: $70B 

- FY2021: $79B 

- FY2022: $86B 

- FY2023: $91B 

- FY2024: $92B 

- FY2025: $94B 

### Gross margin · FY2025

gross margin 54.1%; source https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pep-20251227.htm; observed 2026-02-03.

- FY2016: 55.1% 

- FY2017: 54.7% 

- FY2018: 54.6% 

- FY2019: 55.1% 

- FY2020: 54.8% 

- FY2021: 53.3% 

- FY2022: 53.0% 

- FY2023: 54.2% 

- FY2024: 54.6% 

- FY2025: 54.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in beverages non-alcoholic; annual sales are USD 93.9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pep-20251227.htm (filed 2026-02-03); FY2025: revenue 93925000000; grossProfit 50859000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PEP.US: PepsiCo, Inc. engages in the manufacture, marketing, distribution, and sale of various beverages and convenient foods worldwide. The company operates through six segments: PepsiCo Foods North America; PepsiCo Beverages North America; International Beverages Franchise; Europe, Middle East and Africa; Latin America Foods; and Asia Pacific Foods. It offers cereals, chips, dips, granola bars, oatmeal, pasta, rice, and syrups and mixes; refrigerated dips and spreads; beverage concentrates, fountain syrups, and finished goods; and ready-to-drink tea and coffee products. The company also provides SodaStream sparkling water makers and related products, as well as various dairy products under the Agusha, Chudo, and Domik v Derevne brands. It serves wholesale and other distributors, foodservice customers, grocery stores, drug stores, convenience stores, discount/dollar stores, mass merchandisers, membership stores, hard discounters, e-commerce retailers and authorized independent bottlers, and others through a network of direct-store-delivery, customer warehouse, and distributor networks, as well as directly to consumers through e-commerce platforms and retailers. PepsiCo, Inc. was founded in 1898 and is based in Purchase, New York.

### Why customers stay

Margins ranged from 54.1% to 54.6% during 2023–25; it earns 28.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2023: grossProfit / revenue = 54.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2024: grossProfit / revenue = 54.6%.

- Source: https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pep-20251227.htm (filed 2026-02-03); FY2025: grossProfit / revenue = 54.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); 10-year return on capital observations [[2016,0.4146076800435065],[2017,0.41966574516210103],[2018,0.4388401770987065],[2019,0.3108781566470767],[2020,0.26712867324917755],[2021,0.2689197772813462],[2022,0.29121978488395694],[2023,0.2712518424170694],[2024,0.2869449546178487],[2025,0.260964458796582]]; median 0.28908236975090285. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

"Net revenue increased 2%, primarily reflecting effective net pricing." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pep-20251227.htm (filed 2026-02-03); Net revenue increased 2%, primarily reflecting effective net pricing.

### Where the cash goes

Spends 2.9% of cash earnings on expansion; earns 34.2% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2016: growth capex 0; upkeep 3040000000; owner earnings 5657000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2017: growth capex 193497693.46544838; upkeep 2775502306.5345516; owner earnings 4450497693.465448. Growth capex / owner earnings = 0.043477765138392514.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2018: growth capex 301032418.31857777; upkeep 2980967581.681422; owner earnings 11933032418.318577. Growth capex / owner earnings = 0.025226816434057314.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2019: growth capex 676906795.8825283; upkeep 3555093204.1174717; owner earnings 6602906795.882528. Growth capex / owner earnings = 0.10251648505846502.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2020: growth capex 898245984.040884; upkeep 3341754015.959116; owner earnings 6804245984.040884. Growth capex / owner earnings = 0.13201256776249534.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2021: growth capex 1410000000; upkeep 3215000000; owner earnings 7618000000. Growth capex / owner earnings = 0.18508794959306904.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2022: growth capex 1927000000; upkeep 3280000000; owner earnings 8910000000. Growth capex / owner earnings = 0.21627384960718293.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2023: growth capex 1530802619.6565838; upkeep 3987197380.343416; owner earnings 8604802619.656584. Growth capex / owner earnings = 0.17790095686328222.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2024: growth capex 119595380.87414646; upkeep 5198404619.125854; owner earnings 8194595380.874146. Growth capex / owner earnings = 0.014594421727432355.

- Source: https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pep-20251227.htm (filed 2026-02-03); FY2025: growth capex 237000000; upkeep 4178000000; owner earnings 8240000000. Growth capex / owner earnings = 0.028762135922330095.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); Incremental return on capital 0.3424540362457533, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); Dividend observations: [[2016,4227000000],[2017,4472000000],[2018,4930000000],[2019,5304000000],[2020,5509000000],[2021,5815000000],[2022,6172000000],[2023,6682000000],[2024,7229000000],[2025,7638000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pep-20251227.htm (filed 2026-02-03); FY2025: cash repurchases 1000000000 USD.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PEP.US SharesStats.PercentInsiders = 0.186 percentage points; cache date 2026-10-16.

### What could break it

"Disruption of our manufacturing operations or supply chain" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pep-20251227.htm (filed 2026-02-03); Disruption of our manufacturing operations or supply chain

### What the price says

The price assumes cash profits grow 5.4% yearly over ten years; actual growth was 5.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); Ten-year compound average after fade. Initial solved rate 0.07852176723118143. Price 128.38; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.441077441077441 → FY2025 6.001456664238893. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $107.20 per share

- 2016-11: $100.10 per share

- 2016-12: $104.63 per share

- 2017-01: $103.78 per share

- 2017-02: $110.38 per share

- 2017-03: $111.86 per share

- 2017-04: $113.28 per share

- 2017-05: $116.87 per share

- 2017-06: $115.49 per share

- 2017-07: $116.61 per share

- 2017-08: $115.73 per share

- 2017-09: $111.43 per share

- 2017-10: $110.23 per share

- 2017-11: $116.52 per share

- 2017-12: $119.92 per share

- 2018-01: $120.30 per share

- 2018-02: $109.73 per share

- 2018-03: $109.15 per share

- 2018-04: $100.94 per share

- 2018-05: $100.25 per share

- 2018-06: $108.87 per share

- 2018-07: $115.00 per share

- 2018-08: $112.01 per share

- 2018-09: $111.80 per share

- 2018-10: $112.38 per share

- 2018-11: $121.94 per share

- 2018-12: $110.48 per share

- 2019-01: $112.67 per share

- 2019-02: $115.64 per share

- 2019-03: $122.55 per share

- 2019-04: $128.05 per share

- 2019-05: $128.00 per share

- 2019-06: $131.13 per share

- 2019-07: $127.81 per share

- 2019-08: $136.73 per share

- 2019-09: $137.10 per share

- 2019-10: $137.17 per share

- 2019-11: $135.83 per share

- 2019-12: $136.67 per share

- 2020-01: $142.02 per share

- 2020-02: $132.03 per share

- 2020-03: $120.10 per share

- 2020-04: $132.29 per share

- 2020-05: $131.55 per share

- 2020-06: $132.26 per share

- 2020-07: $137.66 per share

- 2020-08: $140.06 per share

- 2020-09: $138.60 per share

- 2020-10: $133.29 per share

- 2020-11: $144.23 per share

- 2020-12: $148.30 per share

- 2021-01: $136.57 per share

- 2021-02: $129.19 per share

- 2021-03: $141.45 per share

- 2021-04: $144.16 per share

- 2021-05: $147.94 per share

- 2021-06: $148.17 per share

- 2021-07: $156.95 per share

- 2021-08: $156.39 per share

- 2021-09: $150.41 per share

- 2021-10: $161.60 per share

- 2021-11: $159.78 per share

- 2021-12: $173.71 per share

- 2022-01: $173.52 per share

- 2022-02: $163.74 per share

- 2022-03: $167.38 per share

- 2022-04: $171.71 per share

- 2022-05: $167.75 per share

- 2022-06: $166.66 per share

- 2022-07: $174.96 per share

- 2022-08: $172.27 per share

- 2022-09: $163.26 per share

- 2022-10: $181.58 per share

- 2022-11: $185.51 per share

- 2022-12: $180.66 per share

- 2023-01: $171.02 per share

- 2023-02: $173.53 per share

- 2023-03: $182.30 per share

- 2023-04: $190.89 per share

- 2023-05: $182.35 per share

- 2023-06: $185.22 per share

- 2023-07: $187.46 per share

- 2023-08: $177.92 per share

- 2023-09: $169.44 per share

- 2023-10: $163.28 per share

- 2023-11: $168.29 per share

- 2023-12: $169.84 per share

- 2024-01: $168.53 per share

- 2024-02: $165.34 per share

- 2024-03: $175.01 per share

- 2024-04: $175.91 per share

- 2024-05: $172.90 per share

- 2024-06: $164.93 per share

- 2024-07: $172.67 per share

- 2024-08: $172.88 per share

- 2024-09: $170.05 per share

- 2024-10: $166.08 per share

- 2024-11: $163.45 per share

- 2024-12: $152.06 per share

- 2025-01: $150.69 per share

- 2025-02: $153.47 per share

- 2025-03: $149.94 per share

- 2025-04: $135.58 per share

- 2025-05: $131.45 per share

- 2025-06: $132.04 per share

- 2025-07: $137.92 per share

- 2025-08: $148.65 per share

- 2025-09: $140.44 per share

- 2025-10: $146.09 per share

- 2025-11: $148.74 per share

- 2025-12: $143.52 per share

- 2026-01: $153.63 per share

- 2026-02: $169.74 per share

- 2026-03: $155.29 per share

- 2026-04: $158.49 per share

- 2026-05: $144.19 per share

- 2026-06: $135.40 per share

- 2026-07: $139.56 per share

- 2026-08: $140.34 per share

- 2026-09: $126.72 per share

- 2026-10: $127.30 per share

## Annual estimated value (USD per share)

- FY2016: low $56.57 per share, central $63.05 per share, high $71.68 per share

- FY2017: low $58.06 per share, central $64.40 per share, high $72.85 per share

- FY2018: low $53.24 per share, central $61.44 per share, high $70.67 per share

- FY2019: low $52.15 per share, central $59.01 per share, high $68.14 per share

- FY2020: low $62.13 per share, central $73.50 per share, high $84.65 per share

- FY2021: low $67.10 per share, central $80.30 per share, high $93.03 per share

- FY2022: low $72.56 per share, central $82.49 per share, high $95.56 per share

- FY2023: low $78.83 per share, central $89.02 per share, high $102.60 per share

- FY2024: low $78.25 per share, central $88.43 per share, high $102.00 per share

- FY2025: low $79.97 per share, central $91.61 per share, high $105.73 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pep-20251227.htm); period 2025-12-27, filed 2026-02-03.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [David Hoeft](https://gigainvestors.com/DAC): 3,075 PEP shares; USD 416,000 reported position value; 0% of portfolio; hold; quarter 2026 Q2.
- [Thomas Russo](https://gigainvestors.com/GR): 9,115 PEP shares; USD 1,234,000 reported position value; 0.01% of portfolio; reduce; quarter 2026 Q2.
- [Bill Nygren](https://gigainvestors.com/HA): 2,015 PEP shares; USD 273,000 reported position value; 0% of portfolio; add; quarter 2026 Q2.
- [Allen Bond](https://gigainvestors.com/JIM): 79,927 PEP shares; USD 10,822,000 reported position value; 0.26% of portfolio; reduce; quarter 2026 Q2.
- [Thomas Graham Kahn](https://gigainvestors.com/KB): 1,800 PEP shares; USD 244,000 reported position value; 0.04% of portfolio; hold; quarter 2026 Q2.
- [Nick Train](https://gigainvestors.com/LT): 1,023,706 PEP shares; USD 138,610,000 reported position value; 5.27% of portfolio; reduce; quarter 2026 Q2.
- [David Katz](https://gigainvestors.com/MAVFX): 297,512 PEP shares; USD 37,701,000 reported position value; 3.11% of portfolio; add; quarter 2026 Q3.
- [Thomas Gayner](https://gigainvestors.com/MKL): 96,210 PEP shares; USD 13,027,000 reported position value; 0.1% of portfolio; hold; quarter 2026 Q2.
- [Andrew Adams](https://gigainvestors.com/MPF): 9,175 PEP shares; USD 1,242,000 reported position value; 0.01% of portfolio; add; quarter 2026 Q2.
- [Robert Torray](https://gigainvestors.com/T): 146,268 PEP shares; USD 19,805,000 reported position value; 2.94% of portfolio; add; quarter 2026 Q2.
- [Donald Yacktman](https://gigainvestors.com/YAM): 2,072,843 PEP shares; USD 280,663,000 reported position value; 3.47% of portfolio; add; quarter 2026 Q2.

# PEP — PepsiCo Inc.

Held by 1 investor · USD 37,701,000 total · 2026 Q3 · reported price USD 126.72 (split-adjusted).
Page: https://gigainvestors.com/s/PEP

## Holders (2026 Q3)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| David Katz (https://gigainvestors.com/MAVFX) | USD 37,701,000 | 3.1% | add +10.99% |

## Total held by quarter

- 2006 Q4: USD 2,095,090 · 1 holder · USD 62.54
- 2007 Q1: USD 2,128,925 · 1 holder · USD 63.55
- 2007 Q2: USD 2,172,140 · 1 holder · USD 64.84
- 2007 Q3: USD 2,453,875 · 1 holder · USD 73.25
- 2007 Q4: USD 2,542,985 · 1 holder · USD 75.91
- 2008 Q1: USD 2,419,035 · 1 holder · USD 72.21
- 2008 Q2: USD 2,129,930 · 1 holder · USD 63.58
- 2008 Q3: USD 2,387,880 · 1 holder · USD 71.28
- 2008 Q4: USD 8,053,589 · 2 holders · USD 54.77
- 2009 Q1: USD 8,396,048 · 2 holders · USD 51.48
- 2009 Q2: USD 9,943,978 · 2 holders · USD 54.97
- 2009 Q3: USD 10,360,482 · 2 holders · USD 58.66
- 2009 Q4: USD 9,846,342 · 2 holders · USD 60.80
- 2010 Q1: USD 12,563,916 · 2 holders · USD 66.16
- 2010 Q2: USD 11,827,591 · 2 holders · USD 60.96
- 2010 Q3: USD 12,835,804 · 2 holders · USD 66.44
- 2010 Q4: USD 12,504,946 · 2 holders · USD 65.33
- 2011 Q1: USD 14,079,253 · 2 holders · USD 64.41
- 2011 Q2: USD 13,908,094 · 2 holders · USD 70.43
- 2011 Q3: USD 11,953,200 · 2 holders · USD 61.90
- 2011 Q4: USD 12,594,822 · 2 holders · USD 66.35
- 2012 Q1: USD 13,125,404 · 3 holders · USD 66.35
- 2012 Q2: USD 14,958,861 · 3 holders · USD 70.66
- 2012 Q3: USD 15,037,066 · 3 holders · USD 70.77
- 2012 Q4: USD 13,889,142 · 3 holders · USD 68.43
- 2013 Q1: USD 15,995,528 · 3 holders · USD 79.10
- 2013 Q2: USD 16,615,322 · 3 holders · USD 81.79
- 2013 Q3: USD 16,102,088 · 3 holders · USD 79.51
- 2013 Q4: USD 16,713,892 · 3 holders · USD 82.94
- 2014 Q1: USD 16,249,586 · 3 holders · USD 83.51
- 2014 Q2: USD 17,558,172 · 3 holders · USD 89.33
- 2014 Q3: USD 18,217,049 · 3 holders · USD 93.09
- 2014 Q4: USD 18,398,394 · 3 holders · USD 94.56
- 2015 Q1: USD 1,769,692,049 · 4 holders · USD 95.62
- 2015 Q2: USD 1,727,396,752 · 4 holders · USD 93.34
- 2015 Q3: USD 1,745,624,838 · 4 holders · USD 94.30
- 2015 Q4: USD 1,849,591,664 · 4 holders · USD 99.92
- 2016 Q1: USD 19,455,371 · 4 holders · USD 102.48
- 2016 Q2: USD 20,551,782 · 4 holders · USD 105.94
- 2016 Q3: USD 21,315,821 · 4 holders · USD 108.76
- 2016 Q4: USD 20,703,152 · 4 holders · USD 104.62
- 2017 Q1: USD 22,028,760 · 4 holders · USD 111.86
- 2017 Q2: USD 22,594,416 · 4 holders · USD 115.49
- 2017 Q3: USD 21,797,155 · 4 holders · USD 111.42
- 2017 Q4: USD 23,527,302 · 4 holders · USD 119.92
- 2018 Q1: USD 21,087,313 · 3 holders · USD 109.15
- 2018 Q2: USD 857,210,009 · 4 holders · USD 108.87
- 2018 Q3: USD 1,804,454,080 · 6 holders · USD 111.80
- 2018 Q4: USD 2,629,663,951 · 7 holders · USD 110.48
- 2019 Q1: USD 3,002,842,672 · 7 holders · USD 122.55
- 2019 Q2: USD 3,166,389,389 · 7 holders · USD 131.13
- 2019 Q3: USD 3,271,275,101 · 8 holders · USD 137.11
- 2019 Q4: USD 3,121,573,385 · 8 holders · USD 136.67
- 2020 Q1: USD 2,556,260,368 · 8 holders · USD 120.10
- 2020 Q2: USD 2,974,670,776 · 9 holders · USD 132.26
- 2020 Q3: USD 3,145,131,928 · 9 holders · USD 138.60
- 2020 Q4: USD 3,489,713,722 · 9 holders · USD 148.30
- 2021 Q1: USD 3,506,410,229 · 9 holders · USD 141.45
- 2021 Q2: USD 3,866,605,132 · 9 holders · USD 148.17
- 2021 Q3: USD 3,829,354,642 · 9 holders · USD 150.41
- 2021 Q4: USD 4,346,908,185 · 9 holders · USD 173.71
- 2022 Q1: USD 3,643,320,229 · 9 holders · USD 167.38
- 2022 Q2: USD 3,363,653,160 · 9 holders · USD 166.66
- 2022 Q3: USD 3,188,241,473 · 9 holders · USD 163.26
- 2022 Q4: USD 3,225,889,071 · 8 holders · USD 180.66
- 2023 Q1: USD 3,217,661,018 · 8 holders · USD 182.30
- 2023 Q2: USD 3,244,858,563 · 9 holders · USD 185.22
- 2023 Q3: USD 2,977,071,613 · 9 holders · USD 169.44
- 2023 Q4: USD 2,946,909,045 · 8 holders · USD 169.84
- 2024 Q1: USD 2,549,000,633 · 10 holders · USD 175.01
- 2024 Q2: USD 2,306,597,855 · 10 holders · USD 164.93
- 2024 Q3: USD 2,282,101,409 · 10 holders · USD 170.05
- 2024 Q4: USD 1,986,189,317 · 10 holders · USD 152.06
- 2025 Q1: USD 884,195,033 · 9 holders · USD 149.94
- 2025 Q2: USD 657,995,231 · 10 holders · USD 132.04
- 2025 Q3: USD 673,766,090 · 11 holders · USD 140.44
- 2025 Q4: USD 627,906,888 · 11 holders · USD 143.52
- 2026 Q1: USD 603,251,694 · 11 holders · USD 155.29
- 2026 Q2: USD 502,630,647 · 11 holders · USD 135.40
- 2026 Q3: USD 37,701,000 · 1 holder · USD 126.72