PepsiCo, Inc. (PEP)
PepsiCo combines a global beverage business with the Frito-Lay and Quaker snack and food franchises. The snack portfolio gives it a diversification advantage over pure-play drink companies.
Consumer Staples stock comparison
PEP vs STZ: which business are you actually underwriting?
Compare PepsiCo, Inc. with Constellation Brands, Inc. using their business models, SEC classifications, fiscal calendars, current primary filings, and the research questions that matter. This is a thesis framework—not a price target or automatic winner.
- Sector
- Consumer
- Industry
- Same SIC
- Shared themes
- 0
- Updated
- 2026-04-22
PEP vs STZ: quick comparison
| Company fact | PEP | STZ |
|---|---|---|
| Company | PepsiCo, Inc. | Constellation Brands, Inc. |
| Exchange | NASDAQ | NYSE |
| Headquarters | Purchase, New York | — |
| Founded | 1898 | — |
| SEC industry | Beverages | Beverages |
| Fiscal year-end | December 26 | February 28 |
| Latest annual filing | 10-K · 2026-02-03 | 10-K · 2026-04-22 |
PEP vs STZ: audited financials
PEP reported about 10.3× the revenue of STZ in the latest audited fiscal year. On profitability, STZ converted a larger share of revenue into net income (18.5% versus 8.8%). Scale and margin are starting facts for the thesis, not the verdict.
| Metric | PEP | STZ |
|---|---|---|
| Revenue | $93.9B | $9.1B |
| Net income | $8.2B | $1.7B |
| Operating cash flow | $12.1B | $2.7B |
| Diluted EPS | $6.00 | — |
| Net margin | 8.8% | 18.5% |
PEP: FY ending 2025-12-27 · STZ: FY ending 2026-02-28. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
How the businesses differ
Why this pair belongs in the comparison set
PEP and STZ share the SEC industry classification “Beverages,” giving the comparison a primary-source operating relationship. A shared classification or theme makes the pair useful for a defined research question; it does not mean the companies have identical products, economics, or risks.
Constellation Brands, Inc. (STZ)
Constellation Brands produces and imports beer, wine, and spirits including Corona and Modelo in the US.
The useful starting point is not which ticker has performed better. It is whether the two companies convert the same economic forces into revenue and cash flow in the same way. PEP is classified by the SEC as Beverages, while STZ is classified as Beverages. The matching industry code strengthens the peer comparison, although product mix can still differ materially.
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The thesis, the numbers behind it, and what would break it. Full access is $15 a month.
Read the full researchWhich thesis does each company fit?
Use the distinction below to decide which filing deserves deeper work. It is a research routing rule, not a recommendation or prediction.
Study PEP when…
- Input-cost inflation and pricing power
- Private-label competition and volume trends
- Currency, given large international revenue
- Defensive rotation when growth slows
Study STZ when…
- Input-cost inflation and pricing power
- Private-label competition and volume trends
- Currency, given large international revenue
- Defensive rotation when growth slows
Shared research themes
Beverages (SEC industry)
SEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable.PEP's fiscal year ends December 26, while STZ's ends February 28. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 49matched transaction rows for PEPand 13 for STZ. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
PEP primary filings
STZ primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
PEP vs STZ FAQs
Are PEP and STZ direct competitors?
PepsiCo, Inc. and Constellation Brands, Inc. share the SEC industry classification “Beverages.” That makes the operating comparison relevant, but it does not prove that every product, customer, or revenue stream competes directly.
Which is better, PEP or STZ?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this PEP vs STZ comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers PepsiCo, Inc. and Constellation Brands, Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-09-25. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-09-25. Independent educational research; not investment advice.
A comparison is the setup. The thesis is the call.
PEP vs STZ shows how the businesses differ. Membership is the monthly sourced view of who could benefit, what could break, and what evidence matters next. $15/month or $150/year.
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