COMPARATIVE STUDY OF FINANCIAL

STATEMENTS AND RATIO ANALYSIS OF PEPSI

CO. AND COCA COLA FOR THE YEAR 2014-
2016

* By Vineet

Abstract
Finance is considered as life blood of business enterprise. Finance is one of the basic foundations of
all kinds of economic activities. The success and survival of any organization depends upon how
efficiently it is able to raise funds as and when needed and their proper utilization. This study is
conducted between two global giants Coca Cola & PepsiCo. This research paper is basically a
comparative financial statement analysis of two well known competitors in beverage industry
dominating the global market i.e. Pepsi Co & Coca Cola. Different Financial analysis techniques are
used namely, ratio analysis and comparative financial statements to analyse the performance of
both the companies in terms of solvency, profitability and liquidity.

Keywords: Financial statements, Ratio analysis, Solvency, profitability

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1.1. INTRODUCTION

We know business is mainly concerned with the financial activities. In order to ascertain the
financial status of the business every enterprise prepares certain statements, known as
financial statements. Financial statements are mainly prepared for decision making purposes.
But the information as is provided in the financial statements is not adequately helpful in
drawing a meaningful conclusion. Thus, an effective analysis and interpretation of financial
statements is required.

1.1. A. Meaning of Financial statement Analysis

Financial Statement Analysis is a method of reviewing and analyzing a company’s financial

statements in order to gauge its past, present or projected future performance. This process of
reviewing the financial statements allows for better economic decision making. It uses
financial statements and supplementary statements namely, income statement, balance
sheet, statement of cash flows, and a statement of changes in equity and analyses the
relationship among various factors in order to draw meaningful conclusions to obtain a better
insight into a firm’s financial position and performance. The basic objectives are as follows:

 To judge the financial health of the firm

 To evaluate the profitability of the enterprise
 To gauge the debt servicing capacity of the firm
 To understand the long-term and short-term solvency of the firm
 To know the return on capital employed or invested

is the major support of the entire economy.

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1.1. COMPANY PROFILES

THE COCA COLA COMPANY

The Coca-Cola Company is a beverage company. The Company owns or licenses and
markets non-alcoholic beverage brands, primarily sparkling beverages and a range of still
beverages, such as waters, flavoured waters and enhanced waters, juices and juice drinks,
ready-to-drink teas and coffees, sports drinks, dairy and energy drinks. The Company's
segments include Europe, Middle East and Africa; Latin America; North America; Asia
Pacific; Bottling Investments, and Corporate. The Company owns and markets a range of
non-alcoholic sparkling beverage brands, including Coca-Cola, Diet Coke, Fanta and Sprite.
The Company owns or licenses and markets over 500 non-alcoholic beverage brands. The
Company markets, manufactures and sells beverage concentrates, which are referred to as
beverage bases, and syrups, including fountain syrups, and finished sparkling and still
beverages.

Name The Coca Cola Company

Industry Beverage
Area served Worldwide
Founders John Pemberton as Coca-Cola
Asa Griggs Candler as The Coca-Cola
Company
Headquarters Atlanta, Georgia, United States
Chairperson Muhtar Kent
Revenue US$41.863 billion (2016)
Employees 123,200 (2016)
Website Coca-ColaCompany.com
PEPSICO

PepsiCo, Inc. is an American multinational food, snack, and beverage corporation. PepsiCo
has interests in the manufacturing, marketing, and distribution of grain-based snack foods,
beverages, and other products. PepsiCo was formed in 1965 with the merger of the Pepsi-
Cola Company and Frito-Lay, Inc. PepsiCo has since expanded from its namesake
product Pepsi to a broader range of food and beverage brands, the largest of which included
an acquisition of Tropicana Products in 1998 and the Quaker Oats Company in 2001, which
added the Gatorade brand to its portfolio.

Name PepsiCo
Industry Beverages and Food processing
Area served Worldwide
Founders Caleb Bradham
Headquarters Purchase, New York, U.S.
Chairperson Indra Nooyi
Revenue US$62.799 billion (2016)
Employees 246,000 (2016)
Website PepsiCo.com

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1.2. RESEARCH METHODOLOGY

In the present study, an attempt has been made to analyse, compare and interpret the
financial performance of The Coca Cola Company and PepsiCo. The study is based on
secondary data that has been collected from annual reports of the respective company,
magazines, journals, documents, online database and other published information. The study
covers the period of 3 years i.e. 2014, 2015 and 2016. To analyze the data the tools like ratio
analysis and comparative statement analysis are applied for the study for evaluating the
financial performance and better controlling the activities of the company.

1.3. OBJECTIVES
 To assess the profitability.
 To assess short and long-term solvency.
 To judge the utilization of its resources.
 To analyze the financial performance of the selected companies.

1.4. SCOPE

This study is vital because just earning profit is not enough, a business should earn sufficient
profit to cover its cost of capital and create surplus to grow. So finding the surplus profit is
made essential. Study aim to analyze the liquidity, profitability, solvency position of the firm
and efficiency which it converts its resources into service.

1.5. LIMITATION

Due to constraints of time and resources, the study is likely to suffer from certain limitations.
Some of these are mentioned here under so that the findings of the study may be understood
in a proper perspective. The limitations of the study are:

 The secondary data was taken from the annual reports of the company. It may be
possible that the data shown in the annual reports may be window dressed which does
not show the actual position of the company.
 The financial analysis is limited to three years i.e. 2014, 2015 and 2016.

1.6. COLLECTION OF DATA

Data for this project is collected through Secondary sources which are as follows:

 Annual reports of the selected companies from the 2014 to 2016

 Reference Books: Theory relating to the subject matter and various concepts taken
from various financial reference books.

The study contains secondary data i.e. data from books, authenticated websites and journals
for the latest updates just to gain an insight for the views of various experts.

1.7. TOOLS FOR ANALYSIS

The study uses graphical presentation for analysing and interpreting the data

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 DATA ANALYSIS AND INTERPRETATION RATIOS IN

TABULAR FORMAT

Serial Types of Ratios Year

no.
2014 2015 2016
1. LIQUIDITY RATIOS
1.1 Current Ratio 1.14 1.31 1.28
1.2 Quick Ratio 0.92 1.13 1.18
1.3 Absolute Liquid Ratio 0.48 0.68 0.76

2. LEVERAGE RATIOS
2.1 Debt-equity Ratio 1.36 2.42 2.67
2.2 Equity/Proprietary Ratio 0.25 0.17 0.15
2.3 Financial Leverage Ratio 1.10 1.13 1.16

3. TURNOVER RATIO
3.1 Inventory Turnover Ratio 9.94 10.56 10.36

4. PROFITABILTY
RATIO
4.1 Gross Profit Ratio 53.15% 54.43% 55.08%
4.2 Operating Profit Ratio 14.37% 13.25% 15.58%

Serial Types of Ratios Year

no.
2014 2015 2016
1. LIQUIDITY RATIOS
1.1 Current Ratio 1.02 1.24 1.28
1.2 Quick Ratio 0.97 1.16 1.15
1.3 Absolute Liquid Ratio 0.67 0.74 0.84

2. LEVERAGE RATIOS
2.1 Debt-equity Ratio 0.63 1.11 1.29

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2.2 Equity/Proprietary Ratio 0.33 0.28 0.26
2.3 Financial Leverage Ratio 1.05 1.08 1.09

3. TURNOVER RATIO
3.1 Inventory Turnover Ratio 5.77 6.02 6.16

4. PROFITABILITY
RATIO
4.1 Gross Profit Ratio 61.11% 60.53% 60.67%
4.2 Operating Profit Ratio 21.11% 19.70% 20.61%

1. LIQUIDITY RATIO:

A) Current Ratio

Current Ratio
1.4 1.31 1.28 1.28
1.24
1.14
1.2
1.02
1
0.8
0.6 PEPSICO
0.4 COCA COLA
0.2
0
2014 2015 2016
Figure 1.1

Interpretation: The above chart depicts that the current ratios of PepsiCo is slightly
fluctuating for the three consecutive years, whereas the current ratios of coca cola are
gradually increasing. In the year 2014 and 2015 we see that PepsiCo’s current ratio is
comparatively higher than coca cola, but in the year 2016 the ratio of both companies are
same. We can also see that both the companies do not satisfy the ideal ratio of 2:1.

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 B) Quick Ratio

Quick Ratio
1.4
1.13 1.16 1.18 1.15
1.2
1 0.92 0.97

0.8
0.6 PEPSICO
0.4 COCA COLA
0.2
0
2014 2015 2016
Figure1.3

Interpretation: In the above chart we observe that the quick ratios of PepsiCo show a gradual
increase for the three consecutive years. Whereas the ratios of the coca cola company show
an increasing trend from the year 2014 to 2015, but in the year 2016 the ratio has very
slightly decreased by 0.01. The ideal quick ratio of 1:1 is not satisfied by both the companies
in the year 2014. But in the year 2015 and 2016 both the companies have quick ratio greater
than 1 which means they have sufficient quick assets to meet their current liabilities.

C) Absolute Liquid Ratio

Absolute Liquid Ratio

1
0.84
0.74 0.76
0.8 0.67 0.68
0.6 0.48

0.4 PEPSICO
COCA COLA
0.2

0
2014 2015 2016
Figure 1.2

Interpretation: The above chart depicts that the absolute ratios of both the companies are
increasing. We can also conclude that coca cola has higher absolute liquid assets to meet its
current liabilities for all the three years. We can also observe that the ratios of coca cola are
increasing gradually while the ratio of PepsiCo from the year 2014 to 2015 has increased by
0.20 and later in the year 2016 it is slightly increased by 0.08. Both the companies do not
satisfy the ideal ratio of 1:2. Hence both the company’s liquidity position is not good.

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 2. LEVERAGE RATIO

A) Debt Equity Ratio

Debt Equity Ratio

3 2.67
2.42
2.5

1.5 1.36 1.29

1.11 PEPSICO
1
0.63 COCA COLA
0.5

0
2014 2015 2016
Figure 2.1

Interpretation: In the above chart we see that PepsiCo has higher debt equity ratio compared
to coca cola. This indicates that PepsiCo is being financed by creditors rather than from its
own financial sources and also the company is said to be high geared. On the contrary, coca
cola has lower debt equity ratio indicating that its dependence on the external sources of
finance is comparatively lower than PepsiCo and thus said to be low geared. We can also
observe that the debt equity ratio of PepsiCo is twice the ratio of coca cola for the year 2015
and 2016.

B) Proprietary Ratio

Proprietary Ratio
0.35 0.33

0.3 0.28
0.25 0.26
0.25
0.2 0.17
0.15
0.15 PEPSICO
0.1 COCA COLA
0.05
0
2014 2015 2016
Figure 2.2

Interpretation: From the above chart we see that both the company’s proprietary ratios are
declining. The chart also depicts that coca cola has high proprietary ratio compared to

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PepsiCo which indicates sound financial position and lesser dependence on external sources
of finance. On the contrary, PepsiCo has to rely or depend on outside sources of finance to
meets its long-term financial needs, hence carrying a risk of higher levels of gearing which
PepsiCo can have advantage over coca cola.

C) Financial Leverage Ratio

Financial Leverage Ratio

1.18 1.16
1.16
1.14 1.13
1.12 1.1 1.09
1.1 1.08
1.08
1.06 1.05 PEPSICO
1.04 COCA COLA
1.02
1
0.98
2014 2015 2016
Figure 2.3

Interpretation: From the above chart we see that PepsiCo has high financial leverage ratio
compared to coca cola. This indicates more use of earnings in making payments for fixed
interest on debt funds which is risky and constitutes a strain on profits. Whereas coca cola has
lower ratio that indicates a low interest outflow and consequently lower borrowing. Both the
companies show an increasing trend in financial leverage ratio.

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3. TURNOVER RATIO

A) Inventory Turnover Ratio

Inventory Turnover Ratio

12 10.56
9.94 10.36
10

8
5.77 6.02 6.16
6
PEPSICO
4
COCA COLA
2

0
2014 2015 2016
Figure 3.1

Interpretation: The inventory turnover ratios of both the companies show a fluctuating trend.
PepsiCo has higher inventory turnover ratio compared to coca cola which indicates that the
stock is selling quickly. It also indicates effective utilization of capital or resources. Coca cola
has low inventory turnover ratio for all the three consecutive years and hence this will impact
the liquidity of the coca cola’s business.

4. PROFITABILITY RATIO

A) Gross Profit Ratio

Gross Profit Ratio

62.00% 61.11% 60.53% 60.67%
60.00%
58.00%
55.08%
56.00%
54.43%
54.00% 53.15% PEPSICO
52.00% COCA COLA
50.00%
48.00%
2014 2015 2016
Figure 4.1

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Interpretation: The gross profit ratio of coca cola shows a fluctuating trend whereas the GP
ratios in case of PepsiCo show an increasing trend. But the GP ratio of Coca cola is higher
which indicates that the product pricing and cost control is better compared to PepsiCo.

B) Operating Profit Ratio

Operating Profit Ratio

25.00%
21.11% 20.61%
19.70%
20.00%
15.58%
14.37%
15.00% 13.25%

10.00% PEPSICO
COCA COLA
5.00%

0.00%
2014 2015 2016
Figure 4.2

Interpretation: In the above chart, both the companies depict a fluctuating trend. The
operating profit of coca cola is higher in the three consecutive years compared to PepsiCo.
Higher the ratio better it is.

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 Comparative Balance Sheet of Coca Cola for the year ending 31/12/2016

Period Ending: 12/31/2015 12/31/2016 Increase or Percentage

(Values in 000’s in Decrease change
USD)
Current Assets
Cash and Cash 73,09,000 85,55,000 12,46,000 17.05
Equivalents
Short-Term 125,91,000 136,46,000 10,55,000 8.38
Investments
Net Receivables 39,41,000 38,56,000 (85,000) (2.16)
Inventory 29,02,000 26,75,000 (2,27,000) (7.82)
Other Current 66,52,000 52,78,000 (13,74,000) (20.66)
Assets
Total Current 333,95,000 340,10,000 6,15,000 1.84
Assets
Long-Term Assets
Long-Term 157,88,000 172,49,000 14,61,000 9.25
Investments
Fixed Assets 125,71,000 106,35,000 (19,36,000) (15.40)
Goodwill 112,89,000 106,29,000 (6,60,000) (5.85)
Intangible Assets 128,43,000 104,99,000 (23,44,000) (18.25)
Other Assets 41,10,000 42,48,000 1,38,000 3.36
Deferred Asset - - - -
Charges
Total Assets 899,96,000 872,70,000 (27,26,000) (3.03)
Current Liabilities
Accounts Payable 99,91,000 97,97,000 (1,94,000) (1.94)
Short-Term Debt / 158,05,000 160,25,000 2,20,000 1.39
Current Portion of
Long-Term Debt

Other Current 11,33,000 7,10,000 (4,23,000) (37.33)

Liabilities
Total Current 269,29,000 265,32,000 (3,97,000) (1.47)
Liabilities
Long-Term Debt 283,11,000 296,84,000 13,73,000 4.85
Other Liabilities 43,01,000 40,81,000 (2,20,000) (5.12)
Deferred Liability 46,91,000 37,53,000 (9,38,000) (20.00)
Charges
Misc. Stocks - - - -
Minority Interest 2,10,000 1,58,000 (52,000) (24.76)
Total Liabilities 644,42,000 642,08,000 (2,34,000) (0.36)
Stock Holders Equity
Common Stocks 17,60,000 17,60,000 - -
Capital Surplus 140,16,000 149,93,000 9,77,000 6.97
Retained Earnings 650,18,000 655,02,000 4,84,000 0.74

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Treasury Stock -450,66,000 -479,88,000 29,22,000 6.48
Other Equity -101,74,000 -112,05,000 10,31,000 10.13
Total Equity 255,54,000 230,62,000 (24,92,000) (9.75)
Total Liabilities & 899,96,000 872,70,000 (27,26,000) (3.03)
Equity

Interpretation: The absolute liquid asset (cash and cash equivalents + short term investment) has
increased by 25.43%. Whereas the net receivable, inventory and other current assets has decreased.
The long term investments have increased whereas fixed assets, intangible assets and goodwill has
decreased. There is also increase in short and long term debt. The overall financial performance of the
company is fairly satisfactory.

Comparative Income statement of Coca Cola for the year ending 31/12/2016

Period Ending: 12/31/2015 12/31/2016 Increase or Percentage

(Values in 000’s in USD) Decrease change
Total Revenue 442,94,000 418,63,000 (24,31,000) (5.49)
Cost of Revenue 174,82,000 164,65,000 (10,17,000) (5.82)
Gross Profit 268,12,000 253,98,000 (14,14,000) (5.27)
Operating Expenses
Research and Development - - - -
Sales, General and Admin. 180,84,000 167,72,000 (13,12,000) (7.26)
Non-Recurring Items - - - -
Other Operating Items - - - -
Operating Income 87,28,000 86,26,000 (1,02,000) (1.17)
Add'l income/expense items 12,44,000 -5,92,000 (18,36,000) (147.59)
Earnings Before Interest and Tax 104,61,000 88,69,000 (15,92,000) (15.22)
Interest Expense 8,56,000 7,33,000 (1,23,000) (14.37)
Earnings Before Tax 96,05,000 81,36,000 (14,69,000) (15.29)
Income Tax 22,39,000 15,86,000 (6,53,000) (29.16)
Minority Interest -15,000 -23,000 8,000 53.33
Equity Earnings/Loss 4,89,000 8,35,000 3,46,000 70.76
Unconsolidated Subsidiary
Net Income-Cont. Operations 78,40,000 73,62,000 (4,78,000) (6.10)
Net Income 73,51,000 65,27,000 (8,24,000) (11.21)
Net Income Applicable to 73,51,000 65,27,000 (8,24,000) (11.21)
Common Shareholders

Interpretation: The gross profit of the company has decreased by 5.27% along with decrease in net
profit of the company. The overall financial performance of the company is not satisfactory since the
company has incurred losses.

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 Comparative Balance Sheet of PepsiCo for the year ending 31/12/2016

Period Ending: 12/26/2015 12/31/2016 Increase or Percentage

(Values in 000’s in Decrease change
USD)
Current Assets
Cash and Cash 90,96,000 91,58,000 62,000 0.68
Equivalents
Short-Term 29,13,000 69,67,000 40,54,000 139.17
Investments
Net Receivables 64,37,000 66,94,000 2,57,000 3.99
Inventory 27,20,000 27,23,000 3,000 0.11
Other Current Assets 18,65,000 15,47,000 (3,18,000) (17.05)
Total Current Assets 230,31,000 270,89,000 40,58,000 17.62
Long-Term Assets
Long-Term 23,11,000 19,50,000 (3,61,000) (15.62)
Investments
Fixed Assets 163,17,000 165,91,000 2,74,000 1.68
Goodwill 141,77,000 144,30,000 2,53,000 1.78
Intangible Assets 130,81,000 134,33,000 3,52,000 2.69
Other Assets 7,50,000 6,36,000 (1,14,000) (15.20)
Deferred Asset - - - -
Charges
Total Assets 696,67,000 741,29,000 44,62,000 6.40
Current Liabilities
Accounts Payable 135,07,000 142,43,000 7,36,000 5.45
Short-Term Debt / 40,71,000 68,92,000 28,21,000 69.30
Current Portion of
Long-Term Debt
Other Current - - - -
Liabilities
Total Current 175,78,000 211,35,000 35,57,000 20.24
Liabilities
Long-Term Debt 292,13,000 300,53,000 8,40,000 2.88
Other Liabilities 58,87,000 66,69,000 7,82,000 13.28
Deferred Liability 49,59,000 50,73,000 1,14,000 2.30
Charges
Misc. Stocks -1,45,000 -1,51,000 6,000 4.14
Minority Interest 1,07,000 1,04,000 (3,000) (2.80)
Total Liabilities 575,99,000 628,83,000 52,84,000 9.17
Stock Holders Equity
Common Stocks 24,000 24,000 - -
Capital Surplus 40,76,000 40,91,000 15,000 0.37
Retained Earnings 504,72,000 525,18,000 20,46,000 4.05
Treasury Stock -291,85,000 -314,68,000 22,83,000 7.82
Other Equity -133,19,000 -139,19,000 6,00,000 4.50

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Total Equity 120,68,000 112,46,000 (8,22,000) (6.81)
Total Liabilities & 696,67,000 741,29,000 44,62,000 6.40
Equity

Interpretation: The short term investment has increased by 139.17%. Fixed assets, goodwill and
intangible assets have been increased by 6.15%. The total liability of the company has increased by
9.17%.

Comparative Income statement of PepsiCo for the year ending 31/12/2016

Period Ending: 12/26/2015 12/31/2016 Increase or Percentage

(Values in 000’s in USD) Decrease change
Total Revenue 630,56,000 627,99,000 (2,57,000) (0.41)
Cost of Revenue 287,31,000 282,09,000 (5,22,000) (1.82)
Gross Profit 343,25,000 345,90,000 2,65,000 0.77
Operating Expenses
Research and - - - -
Development
Sales, General and 245,38,000 247,35,000 1,97,000 0.80
Admin.
Non-Recurring Items 13,59,000 - (13,59,000) (100.00)
Other Operating Items 75,000 70,000 (5,000) (6.67)
Operating Income 83,53,000 97,85,000 14,32,000 17.14
Add'l income/expense 59,000 1,10,000 51,000 86.44
items
Earnings Before Interest 84,12,000 98,95,000 14,83,000 17.63
and Tax
Interest Expense 9,70,000 13,42,000 3,72,000 38.35
Earnings Before Tax 74,42,000 85,53,000 11,11,000 14.93
Income Tax 19,41,000 21,74,000 2,33,000 12.00
Minority Interest -49,000 -50,000 1,000 2.04
Equity Earnings/Loss - - - -
Unconsolidated
Subsidiary
Net Income-Cont. 54,52,000 63,29,000 8,77,000 16.09
Operations
Net Income 54,52,000 63,29,000 8,77,000 16.09
Net Income Applicable 54,52,000 63,29,000 8,77,000 16.09
to Common
Shareholders

Interpretation: The gross and net profit of the company has increased which is a good sign. The non-
recurring items has decreased by 100%.

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 FINDINGS AND CONCLUSION

Analysis and interpretation of financial statements is an important tool in assessing

company’s performance. It reveals the strengths and weaknesses of a firm. It helps the clients
to decide in which firm the risk is less or in which one they should invest so that maximum
benefit can be earned. It is known that investing in any company involves a lot of risk. So
before putting up money in any company one must have thorough knowledge about its past
records and performances. Based on the data available the trend of the company can be
predicted in near future. This project of financial analysis & interpretation in the production
concern is not merely a work of the project but a brief knowledge and experience of that how
to analyze the financial performance of the firm. The study undertaken has brought in to the
light of the following conclusions.

Both the companies i.e. PepsiCo and Coca cola do not satisfy the ideal current ratio of 2:1
indicating lack of liquidity and shortage of working capital. The companies need to improve
their current ratio in order to meet their current liabilities.

The ideal quick ratio of 1:1 is not satisfied by both the companies in the year 2014. But in the
year 2015 and 2016 both the companies have quick ratio greater than 1 which means they
have sufficient quick assets to meet their current liabilities.

Both the companies do not satisfy the ideal absolute liquid ratio of 1:2. Hence both the
company’s liquidity position is not good. The overall liquidity position of both the companies
is quite satisfactory but the companies still need to work on improving their current ratio and
absolute liquid ratio as liquidity is a prerequisite for the survival of any company.

PepsiCo has higher debt equity ratio compared to coca cola. This indicates that PepsiCo is
being financed by creditors rather than from its own financial sources and also the company
is said to be high geared and vice versa. The debt equity ratio of PepsiCo is twice the ratio of
coca cola for the year 2015 and 2016. Debt equity ratio of both the companies shows an
increasing trend. PepsiCo should aim at lowering this ratio as Lenders usually prefer low
debt-to-equity ratios because their interests are better protected against possible losses in the
events of liquidation. Thus, companies with high debt-to-equity ratios may not be able to
attract additional lending capital.

Coca cola has high proprietary ratio compared to PepsiCo indicating a strong financial
position of the business. The higher the ratio, the better it is.

PepsiCo has high financial leverage ratio compared to coca cola because the debt equity ratio
of PepsiCo is also high. This indicates more use of earnings in making payments for fixed
interest on debt funds which is risky and constitutes a strain on profits.

PepsiCo has higher inventory turnover ratio compared to coca cola which indicates that the
stock is selling quickly. It also indicates effective utilization of capital or resources. The low

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inventory turnover ratio of the coca cola compared to PepsiCo indicates that it will impact the
liquidity of the coca cola’s business.

GP ratio of Coca cola is higher which indicates that the product pricing and cost control is
better compared to PepsiCo. Also the operating profit ratio of coca cola is higher in the three
consecutive years compared to PepsiCo. Higher the ratio better it is.

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 BIBLOGRAPHY

Website

www.nasqad.com

www.wikipedia.com

www.slideshare.com

www.scribd.com

http://www.irjcjournals.org/

http://www.encyclopedia.com

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