Monster Beverage Corporation (MNST) 10-Year Financial Performance & Capital Metrics

MNST • • Industrial / General

Consumer DefensiveNon-Alcoholic BeveragesFunctional & Energy BeveragesEnergy Drink Leaders

AboutMonster Beverage Corporation, through its subsidiaries, engages in development, marketing, sale, and distribution of energy drink beverages and concentrates in the United States and internationally. The company operates through three segments: Monster Energy Drinks, Strategic Brands, and Other. It offers carbonated energy drinks, non-carbonated, ready-to-drink iced teas, lemonades, juice cocktails, single-serve juices and fruit beverages, ready-to-drink dairy and coffee drinks, energy drinks, sports drinks and single-serve still waters, and sodas that are considered natural, sparkling juices, and flavored sparkling beverages. The company sells its products to bottlers, full-service beverage distributors, as well as sells directly to retail grocery and speciality chains, wholesalers, club stores, mass merchandisers, convenience chains, drug stores, foodservice customers, value stores, e-commerce retailers, and the military; and concentrates and/or beverage bases to authorized bottling and canning operations. It provides its products under the Monster Energy, Monster Energy Ultra, Monster Rehab, Monster Energy Nitro, Java Monster, Muscle Monster, Espresso Monster, Punch Monster, Juice Monster, Monster Hydro Energy Water, Monster Hydro Super Sport, Monster HydroSport Super Fuel, Monster Super Fuel, Monster Dragon Tea, Reign Total Body Fuel, and Reign Inferno Thermogenic Fuel, as well as NOS, Full Throttle, Burn, Mother, Nalu, Ultra Energy, Play and Power Play (stylized), Relentless, BPM, BU, Gladiator, Samurai, Live+, Predator, Fury, and True North brands. The company was formerly known as Hansen Natural Corporation and changed its name to Monster Beverage Corporation in January 2012. Monster Beverage Corporation was founded in 1985 and is headquartered in Corona, California.Show more

Revenue $7.49B +4.9%
EBITDA $2.01B -0.6%
Net Income $1.51B -7.5%
EPS (Diluted) 1.49 -3.2%
Gross Margin 54.04% +1.7%
EBITDA Margin 26.84% -5.3%
Operating Margin 25.76% -5.8%
Net Margin 20.14% -11.8%
ROE 21.27% -0.5%
ROIC 26.99% +7.3%
Debt/Equity 0.06
Interest Coverage 69.19

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 20.1%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 21.6% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 12.3%

✗Weaknesses

✗Expensive at 13.3x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.76%

5Y12.27%

3Y10.58%

TTM7.62%

Profit (Net Income) CAGR

10Y12.06%

5Y6.38%

3Y3.09%

TTM7.58%

EPS CAGR

10Y12.47%

5Y8.09%

3Y4.92%

TTM12.82%

ROCE

10Y Avg28.09%

5Y Avg26.94%

3Y Avg24.21%

Latest25.49%

Peer Comparison

Energy Drink Leaders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MNSTMonster Beverage Corporation	76.63B	78.43	52.64	4.94%	21.65%	22.3%	2.12%	0.06

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.72B	3.05B	3.37B	3.81B	4.2B	4.6B	5.54B	6.31B	7.14B	7.49B
Revenue Growth %	0.1%	0.12%	0.1%	0.13%	0.1%	0.09%	0.2%	0.14%	0.13%	0.05%
Cost of Goods Sold+	1.09B	1.11B	1.23B	1.51B	1.68B	1.87B	2.43B	3.14B	3.35B	3.44B
COGS % of Revenue	0.4%	0.36%	0.37%	0.4%	0.4%	0.41%	0.44%	0.5%	0.47%	0.46%
Gross Profit+	1.63B	1.94B	2.14B	2.3B	2.52B	2.72B	3.11B	3.17B	3.79B	4.05B
Gross Margin %	0.6%	0.64%	0.63%	0.6%	0.6%	0.59%	0.56%	0.5%	0.53%	0.54%
Gross Profit Growth %	0.22%	0.19%	0.1%	0.07%	0.1%	0.08%	0.14%	0.02%	0.2%	0.07%
Operating Expenses+	738.65M	856.66M	938.9M	1.01B	1.12B	1.09B	1.31B	1.59B	1.84B	2.12B
OpEx % of Revenue	0.27%	0.28%	0.28%	0.27%	0.27%	0.24%	0.24%	0.25%	0.26%	0.28%
Selling, General & Admin	0	0	0	0	0	1.09B	1.31B	1.59B	1.8B	1.99B
SG&A % of Revenue	-	-	-	-	-	0.24%	0.24%	0.25%	0.25%	0.27%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	738.65M	856.66M	938.9M	1.01B	1.12B	200K	5.3M	2.2M	38.7M	127.1M
Operating Income+	893.65M	1.09B	1.2B	1.28B	1.4B	1.63B	1.8B	1.58B	1.95B	1.93B
Operating Margin %	0.33%	0.36%	0.36%	0.34%	0.33%	0.36%	0.32%	0.25%	0.27%	0.26%
Operating Income Growth %	0.2%	0.21%	0.1%	0.07%	0.09%	0.16%	0.1%	-0.12%	0.23%	-0.01%
EBITDA+	924.51M	1.13B	1.25B	1.34B	1.46B	1.69B	1.85B	1.65B	2.02B	2.01B
EBITDA Margin %	0.34%	0.37%	0.37%	0.35%	0.35%	0.37%	0.33%	0.26%	0.28%	0.27%
EBITDA Growth %	0.2%	0.22%	0.11%	0.07%	0.09%	0.15%	0.09%	-0.11%	0.23%	-0.01%
D&A (Non-Cash Add-back)	30.86M	40.84M	48.89M	56.98M	60.73M	57.03M	50.16M	61.24M	68.9M	80.43M
EBIT	732.18M	1.09B	1.2B	1.28B	1.4B	1.63B	1.8B	1.58B	1.95B	1.93B
Net Interest Income+	3.1M	4M	5.9M	13.8M	17.8M	8.1M	4.2M	29.7M	130M	87.1M
Interest Income	3.1M	4M	5.9M	13.8M	17.8M	8.1M	4.2M	29.7M	130M	115M
Interest Expense	0	0	0	0	0	0	0	0	0	27.9M
Other Income/Expense	-2.1M	-5.65M	2.84M	9.65M	13.02M	-7M	3.95M	-12.76M	115.13M	59.16M
Pretax Income+	891.55M	1.08B	1.2B	1.29B	1.42B	1.63B	1.8B	1.57B	2.07B	1.99B
Pretax Margin %	0.33%	0.35%	0.36%	0.34%	0.34%	0.35%	0.33%	0.25%	0.29%	0.27%
Income Tax+	344.81M	367M	380.94M	300.27M	308.13M	216.56M	423.94M	380.34M	437.49M	480.41M
Effective Tax Rate %	0.61%	0.66%	0.68%	0.77%	0.78%	0.87%	0.76%	0.76%	0.79%	0.76%
Net Income+	546.73M	712.68M	820.68M	993M	1.11B	1.41B	1.38B	1.19B	1.63B	1.51B
Net Margin %	0.2%	0.23%	0.24%	0.26%	0.26%	0.31%	0.25%	0.19%	0.23%	0.2%
Net Income Growth %	0.13%	0.3%	0.15%	0.21%	0.12%	0.27%	-0.02%	-0.13%	0.37%	-0.07%
Net Income (Continuing)	546.73M	712.68M	820.68M	993M	1.11B	1.41B	1.38B	1.19B	1.63B	1.51B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.47	0.60	0.71	0.88	1.01	1.32	1.29	1.12	1.54	1.49
EPS Growth %	0.02%	0.28%	0.18%	0.24%	0.15%	0.31%	-0.02%	-0.13%	0.38%	-0.03%
EPS (Basic)	0.48	0.61	0.73	0.89	1.02	1.33	1.30	1.13	1.56	1.50
Diluted Shares Outstanding	1.16B	1.2B	1.15B	1.13B	1.09B	1.07B	1.07B	1.07B	1.06B	1.01B
Basic Shares Outstanding	1.13B	1.18B	1.13B	1.11B	1.08B	1.06B	1.06B	1.05B	1.04B	1B
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	3.6B	1.43B	2.09B	1.8B	2.32B	3.14B	4.68B	4.76B	5.59B	3.64B
Cash & Short-Term Investments	2.92B	598.14M	1.2B	958.16M	1.33B	2.06B	3.08B	2.67B	3.25B	1.53B
Cash Only	2.18B	377.58M	528.62M	637.51M	797.96M	1.18B	1.33B	1.31B	2.3B	1.53B
Short-Term Investments	744.61M	220.55M	672.93M	320.65M	533.06M	881.35M	1.75B	1.36B	955.61M	0
Accounts Receivable	477.95M	573.05M	449.48M	484.56M	540.33M	666.01M	896.66M	1.02B	1.19B	1.22B
Days Sales Outstanding	64.08	68.59	48.7	46.46	46.95	52.86	59.06	58.77	61.04	59.51
Inventory	156.12M	161.97M	255.75M	277.7M	360.73M	333.08M	593.36M	935.63M	971.41M	737.11M
Days Inventory Outstanding	52.27	53.39	75.81	67.05	78.27	64.85	89.02	108.88	105.97	78.12
Other Current Assets	26.97M	32.56M	40.88M	44.91M	54.87M	55.36M	82.67M	109.82M	116.19M	107.26M
Total Non-Current Assets+	1.97B	2.72B	2.7B	2.72B	2.83B	3.06B	3.12B	3.53B	4.1B	4.08B
Property, Plant & Equipment	97.35M	173.34M	230.28M	243.05M	298.64M	314.66M	313.75M	516.9M	890.8M	1.05B
Fixed Asset Turnover	27.97x	17.59x	14.63x	15.66x	14.07x	14.61x	17.66x	12.21x	8.02x	7.16x
Goodwill	1.28B	1.33B	1.33B	1.33B	1.33B	1.33B	1.33B	1.42B	1.42B	1.33B
Intangible Assets	427.99M	1.03B	1.03B	1.05B	1.05B	1.06B	1.07B	1.22B	1.43B	1.41B
Long-Term Investments	15.35M	2.39M	2.37M	0	12.9M	44.29M	99.42M	61.44M	76.43M	0
Other Non-Current Assets	10.87M	21.63M	13.93M	16.46M	53.97M	70.47M	80.25M	134.48M	110.22M	100.41M
Total Assets+	5.57B	4.15B	4.79B	4.53B	5.15B	6.2B	7.8B	8.29B	9.69B	7.72B
Asset Turnover	0.49x	0.73x	0.70x	0.84x	0.82x	0.74x	0.71x	0.76x	0.74x	0.97x
Asset Growth %	1.87%	-0.25%	0.15%	-0.06%	0.14%	0.2%	0.26%	0.06%	0.17%	-0.2%
Total Current Liabilities+	410.28M	470.59M	560.35M	601.14M	661.1M	749.99M	965.08M	1B	1.16B	1.1B
Accounts Payable	144.76M	193.27M	245.91M	248.76M	274.05M	296.8M	404.26M	444.26M	564.38M	466.77M
Days Payables Outstanding	48.46	63.7	72.89	60.06	59.46	57.78	60.65	51.7	61.57	49.47
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	22.16M	30.04M	35M	39.9M	47.26M	55.02M	65.46M	72.46M	87.39M	92.45M
Current Ratio	8.77x	3.04x	3.72x	3.00x	3.50x	4.19x	4.85x	4.76x	4.81x	3.32x
Quick Ratio	8.39x	2.70x	3.27x	2.54x	2.96x	3.74x	4.24x	3.82x	3.97x	2.65x
Cash Conversion Cycle	67.88	58.28	51.61	53.44	65.76	59.93	87.43	115.95	105.44	88.16
Total Non-Current Liabilities+	351.59M	353.17M	335.45M	314.85M	317.97M	291.87M	272.76M	266.09M	296.09M	663.85M
Long-Term Debt	0	0	0	0	0	0	0	0	0	373.95M
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	1.09M	2.62M	30.5M	27.43M	29.51M	42.29M	91.84M	110.89M
Total Liabilities	761.87M	823.76M	895.8M	915.99M	979.07M	1.04B	1.24B	1.27B	1.46B	1.76B
Total Debt+	0	0	0	0	0	0	0	0	0	373.95M
Net Debt	-2.18B	-377.58M	-528.62M	-637.51M	-797.96M	-1.18B	-1.33B	-1.31B	-2.3B	-1.16B
Debt / Equity	-	-	-	-	-	-	-	-	-	0.06x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	0.19x
Net Debt / EBITDA	-2.35x	-0.34x	-0.42x	-0.48x	-0.55x	-0.70x	-0.72x	-0.79x	-1.14x	-0.58x
Interest Coverage	-	-	-	-	-	-	-	-	-	69.19x
Total Equity+	4.81B	3.33B	3.9B	3.61B	4.17B	5.16B	6.57B	7.03B	8.23B	5.96B
Equity Growth %	2.17%	-0.31%	0.17%	-0.07%	0.16%	0.24%	0.27%	0.07%	0.17%	-0.28%
Book Value per Share	4.16	2.78	3.37	3.20	3.82	4.82	6.13	6.59	7.78	5.88
Total Shareholders' Equity	4.81B	3.33B	3.9B	3.61B	4.17B	5.16B	6.57B	7.03B	8.23B	5.96B
Common Stock	3.1M	3.12M	3.15M	3.15M	3.18M	3.19M	3.2M	6.42M	5.61M	5.63M
Retained Earnings	1.39B	2.11B	2.93B	3.91B	5.02B	6.43B	7.81B	9B	5.94B	7.45B
Treasury Stock	-556.47M	-2.81B	-3.17B	-4.51B	-5.22B	-5.82B	-5.83B	-6.6B	-2.57B	-6.37B
Accumulated OCI	-21.88M	-23.25M	-16.66M	-32.86M	-32.39M	3.03M	-69.17M	-159.07M	-125.34M	-269.49M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	207.99M	701.36M	987.73M	1.16B	1.11B	1.36B	1.16B	887.7M	1.72B	1.93B
Operating CF Margin %	0.08%	0.23%	0.29%	0.31%	0.27%	0.3%	0.21%	0.14%	0.24%	0.26%
Operating CF Growth %	-0.64%	2.37%	0.41%	0.18%	-0.04%	0.22%	-0.15%	-0.23%	0.94%	0.12%
Net Income	546.73M	712.68M	820.68M	993M	1.11B	1.41B	1.38B	1.19B	1.63B	1.51B
Depreciation & Amortization	30.86M	40.84M	48.89M	56.98M	64.81M	60.97M	50.16M	61.24M	68.9M	80.43M
Stock-Based Compensation	32.72M	45.85M	52.28M	57.11M	63.36M	70.29M	70.48M	64.11M	68.84M	90.98M
Deferred Taxes	-617.16M	-19.09M	67.94M	-510K	1.26M	-156.87M	16.43M	48.18M	2.04M	-11.71M
Other Non-Cash Items	-161.28M	-204K	-1.16M	-783K	-252K	8.35M	3.09M	9.35M	6.86M	152.13M
Working Capital Changes	376.11M	-78.73M	-890K	56.08M	-123.25M	-28.17M	-361.89M	-486.81M	-59.87M	107.64M
Change in Receivables	-76.73M	-106.36M	16.54M	-38.41M	-59.94M	-119.67M	-254.23M	-128.98M	-163.16M	-93.92M
Change in Inventory	-7.07M	20.88M	-88.87M	-26.15M	-85.22M	30.3M	-277.79M	-347.71M	7.9M	211.5M
Change in Payables	20.86M	45.34M	29.58M	9.85M	28.83M	18.7M	114.3M	49.77M	112.79M	-61.49M
Cash from Investing+	400.07M	-256.19M	-531.54M	272.96M	-326.72M	-472.49M	-992.02M	-161.37M	-193.4M	733.73M
Capital Expenditures	-42.49M	-105.34M	-93.13M	-74.92M	-110.4M	-67.27M	-57.45M	-212.15M	-221.43M	-264.07M
CapEx % of Revenue	0.02%	0.03%	0.03%	0.02%	0.03%	0.01%	0.01%	0.03%	0.03%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	180.19M	814K	8.49M	1.17M	7.47M	-7.87M	2.23M	-25.03M	-17.6M	-37.99M
Cash from Financing+	887.61M	-2.24B	-311.13M	-1.32B	-628.51M	-526.07M	34.82M	-706.94M	-542.6M	-3.33B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	0	0	0	0	0	0	130.27M	-2.9M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	165.49M	596.02M	894.6M	1.09B	1B	1.3B	1.1B	675.55M	1.48B	1.62B
FCF Margin %	0.06%	0.2%	0.27%	0.29%	0.24%	0.28%	0.2%	0.11%	0.21%	0.22%
FCF Growth %	-0.7%	2.6%	0.5%	0.22%	-0.08%	0.29%	-0.15%	-0.38%	1.2%	0.09%
FCF per Share	0.14	0.50	0.78	0.96	0.92	1.21	1.03	0.63	1.40	1.60
FCF Conversion (FCF/Net Income)	0.38x	0.98x	1.20x	1.17x	1.01x	0.97x	0.84x	0.74x	1.05x	1.28x
Interest Paid	29K	68K	75K	60K	320K	44K	134K	431K	363K	25.27M
Taxes Paid	224.93M	431.27M	389.49M	200.77M	293.81M	355.51M	420.52M	380M	423.22M	476.22M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	17.29%	17.51%	22.72%	26.46%	28.47%	30.21%	23.49%	17.53%	21.38%	21.27%
Return on Invested Capital (ROIC)	35.47%	29.14%	28.46%	30.37%	33.16%	33.31%	29.24%	21.69%	25.15%	26.99%
Gross Margin	59.95%	63.68%	63.45%	60.29%	59.95%	59.23%	56.1%	50.3%	53.14%	54.04%
Net Margin	20.08%	23.37%	24.36%	26.08%	26.37%	30.65%	24.86%	18.88%	22.84%	20.14%
Debt / Equity	-	-	-	-	-	-	-	-	-	0.06x
Interest Coverage	-	-	-	-	-	-	-	-	-	69.19x
FCF Conversion	0.38x	0.98x	1.20x	1.17x	1.01x	0.97x	0.84x	0.74x	1.05x	1.28x
Revenue Growth	10.45%	12%	10.48%	13%	10.34%	9.47%	20.5%	13.89%	13.14%	4.94%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Monster Energy Drinks	-	2.76B	3.05B	3.5B	3.9B	4.31B	5.22B	5.83B	6.56B	6.86B
Monster Energy Drinks Growth	-	-	10.43%	14.79%	11.59%	10.28%	21.26%	11.73%	12.38%	4.72%
Strategic Brands	-	272.52M	299.84M	285.84M	274.93M	266.35M	294.76M	353.49M	376.59M	432.23M
Strategic Brands Growth	-	-	10.03%	-4.67%	-3.82%	-3.12%	10.67%	19.92%	6.53%	14.78%
Alcohol Brands	-	-	-	-	-	-	-	101.41M	184.85M	172.31M
Alcohol Brands Growth	-	-	-	-	-	-	-	-	82.29%	-6.78%
Others	60.78M	17.01M	21.61M	-	-	-	25.92M	22.94M	23.49M	-
Others Growth	-	-72.01%	27.01%	-	-	-	-	-11.47%	2.40%	-
Direct Store Delivery	62.8M	40.3M	-	-	-	-	-	-	-	-
Direct Store Delivery Growth	-	-35.83%	-	-	-	-	-	-	-	-
Finished Goods	2.52B	-	-	-	-	-	-	-	-	-
Finished Goods Growth	-	-	-	-	-	-	-	-	-	-
Concentrate	143.28M	-	-	-	-	-	-	-	-	-
Concentrate Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
U.s. And Canada	-	-	-	2.83B	3B	3.21B	-	4.12B	4.61B	4.72B
U.s. And Canada Growth	-	-	-	-	5.86%	7.31%	-	-	12.02%	2.42%
E M E A	-	-	-	578.67M	674.51M	745.83M	-	1.23B	1.39B	1.56B
E M E A Growth	-	-	-	-	16.56%	10.57%	-	-	13.18%	12.42%
Latin America And Caribbean	-	-	-	-	-	214.45M	-	510.58M	624.85M	666.45M
Latin America And Caribbean Growth	-	-	-	-	-	-	-	-	22.38%	6.66%
Asia Pacific	-	-	-	251.43M	351.74M	423.79M	-	456.19M	514.45M	541.04M
Asia Pacific Growth	-	-	-	-	39.90%	20.48%	-	-	12.77%	5.17%

Frequently Asked Questions

Valuation & Price

Monster Beverage Corporation (MNST) has a price-to-earnings (P/E) ratio of 52.6x. This suggests investors expect higher future growth.

Growth & Financials

Monster Beverage Corporation (MNST) reported $7.98B in revenue for fiscal year 2024. This represents a 368% increase from $1.70B in 2011.

Monster Beverage Corporation (MNST) grew revenue by 4.9% over the past year. Growth has been modest.

Yes, Monster Beverage Corporation (MNST) is profitable, generating $1.73B in net income for fiscal year 2024 (20.1% net margin).

Dividend & Returns

Monster Beverage Corporation (MNST) has a return on equity (ROE) of 21.3%. This is excellent, indicating efficient use of shareholder capital.

Monster Beverage Corporation (MNST) generated $1.96B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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