(NASDAQ: PEP) isn't making its excellent growth momentum a secret. The snack food and beverage giant recently hiked its sales and earnings outlook for the second straight time in 2023, after all, and revenue is on pace for another year of double-digit percentage gains.

Yet the stock is underperforming the S 500 so far in 2023, having risen just 3% through mid-July compared to the wider market's 18% spike. Wall Street has apparently decided that PepsiCo stock isn't worth the risk right now. But, while there are many factors pointing to great returns for patient owners of this stock, its improving financial picture is the clearest.

Let's take a closer look.

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Source Fool.com