PepsiCo

Most people think of Pepsi as a cola, but the drink is a minority of what PepsiCo actually sells. The bigger business is snacks: Frito-Lay and Quaker put Lay's, Doritos, Cheetos and Gatorade in nearly every store in America, and that food arm throws off the majority of profit. The company took its modern shape in 1965, when Pepsi-Cola merged with Frito-Lay, and it has spent the decades since building a distribution system that gets its brands onto shelves and into vending machines worldwide.

That direct-store-delivery network is the real moat, because it is enormously expensive to replicate and gives PepsiCo bargaining power with retailers. The trade-off is exposure to commodity costs, currency swings on its large overseas sales, and the slow consumer shift away from sugary drinks and salty snacks toward healthier options.

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