VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, December 31, 2025

Stock Comparison

PepsiCo, Inc. vs Philip Morris International Inc.

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

PepsiCo, Inc.

PEP · Nasdaq Global Select Market

Market cap (USD)$199.4B
SectorConsumer
CountryUS
Data as of2025-12-23
Moat score
72/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into PepsiCo, Inc.'s moat claims, evidence, and risks.

View PEP analysis

Philip Morris International Inc.

PM · New York Stock Exchange

Market cap (USD)
SectorConsumer
CountryUS
Data as of2025-12-31
Moat score
84/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Philip Morris International Inc.'s moat claims, evidence, and risks.

View PM analysis

Comparison highlights

  • Moat score gap: Philip Morris International Inc. leads (84 / 100 vs 72 / 100 for PepsiCo, Inc.).
  • Segment focus: PepsiCo, Inc. has 7 segments (27% in Frito-Lay North America (FLNA)); Philip Morris International Inc. has 3 segments (61.3% in Combustible Tobacco).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: PepsiCo, Inc. has 4 moat types across 2 domains; Philip Morris International Inc. has 6 across 3.

Primary market context

PepsiCo, Inc.

Frito-Lay North America (FLNA)

Market

Branded convenient foods (salty snacks, dips and adjacent categories)

Geography

United States and Canada

Customer

Retailers, convenience stores, foodservice

Role

Branded manufacturer + distributor (DSD/warehouse/distributor networks)

Revenue share

27%

Philip Morris International Inc.

Combustible Tobacco

Market

International combustible tobacco (primarily cigarettes)

Geography

Global (primarily ex-U.S.)

Customer

Adult smokers; distributors/wholesalers and retail channels

Role

Branded manufacturer and distributor

Revenue share

61.3%

Side-by-side metrics

PepsiCo, Inc.
Philip Morris International Inc.
Ticker / Exchange
PEP - Nasdaq Global Select Market
PM - New York Stock Exchange
Market cap (USD)
$199.4B
n/a
Sector
Consumer
Consumer
HQ country
US
US
Primary segment
Frito-Lay North America (FLNA)
Combustible Tobacco
Market structure
Oligopoly
Oligopoly
Market share
54%-58% (implied)
25.3% (reported)
HHI estimate
3,530
n/a
Pricing power
Moderate
Strong
Moat score
72 / 100
84 / 100
Moat domains
Supply, Demand
Demand, Supply, Legal
Last update
2025-12-23
2025-12-31

Moat coverage

Shared moat types

Distribution ControlBrand Trust

PepsiCo, Inc. strengths

Scale Economies Unit CostScope Economies

Philip Morris International Inc. strengths

Compliance AdvantageInstalled Base ConsumablesIP Choke PointRegulated Standards Pipe

Segment mix

PepsiCo, Inc. segments

Full profile >

Frito-Lay North America (FLNA)

Oligopoly

27%

Quaker Foods North America (QFNA)

Competitive

4.2%

PepsiCo Beverages North America (PBNA)

Oligopoly

19.9%

Latin America (LatAm)

Oligopoly

12.3%

Europe

Oligopoly

22.4%

Africa, Middle East and South Asia (AMESA)

Competitive

8.8%

Asia Pacific, Australia & New Zealand and China Region (APAC)

Competitive

5.5%

Philip Morris International Inc. segments

Full profile >

Combustible Tobacco

Oligopoly

61.3%

Smoke-Free Products

Oligopoly

37.8%

Wellness & Healthcare

Competitive

0.9%

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Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.