Monster Beverage Corporation

MNST · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990
Valuation
Market cap	$74,908	$51,116	$59,940	$53,011	$50,819	$48,935	$33,627	$26,044	$33,489	$23,462	$28,141	$18,124	$11,301	$9,193	$8,120	$4,631	$3,455	$3,109	$4,048	$3,043	–	–	–	$42	$42	$39	$43	$50	$17	$10	$6	$17	$23	$30	$8	$3
Enterprise value	$72,143	$49,956	$56,687	$50,342	$47,742	$46,873	$32,296	$25,086	$32,288	$22,864	$25,221	$16,973	$10,687	$8,873	$7,349	$4,032	$3,108	$2,824	$3,973	$2,907	–	–	–	$46	$48	$49	$43	$50	$20	$14	$11	$20	$24	$34	$1	($4)
P/E (TTM) at period end	39.31×	33.87×	36.75×	44.49×	36.89×	34.72×	30.35×	26.23×	40.81×	32.92×	51.47×	37.51×	33.37×	27.04×	28.37×	21.84×	16.55×	28.77×	27.10×	31.07×	–	–	–	14.00×	14.00×	9.94×	9.55×	14.01×	12.95×	24.49×	–	–	37.50×	98.61×	–	–
P/S (TTM) at period end	9.03×	6.82×	8.39×	8.40×	9.17×	10.64×	8.00×	6.84×	9.94×	7.69×	10.34×	7.35×	5.03×	4.46×	4.77×	3.55×	3.02×	3.01×	4.48×	5.02×	–	–	–	0.46×	0.52×	0.54×	0.59×	0.94×	0.39×	0.28×	0.18×	0.61×	0.95×	3.08×	20.28×	28.85×
P/B at period end	9.08×	8.58×	7.28×	7.55×	7.74×	9.48×	8.06×	7.21×	8.60×	7.05×	5.85×	11.96×	11.39×	14.27×	8.29×	5.59×	5.91×	7.12×	9.59×	13.52×	–	–	–	1.50×	1.67×	1.76×	2.31×	3.63×	1.68×	1.11×	0.71×	1.79×	2.14×	3.52×	1.18×	0.42×
EV / EBITDA (TTM)	28.47×	24.84×	28.03×	30.59×	25.84×	27.73×	22.06×	18.71×	25.88×	20.30×	27.28×	21.95×	17.94×	15.53×	15.52×	11.21×	9.06×	16.91×	17.04×	18.15×	–	–	–	7.83×	7.42×	6.42×	5.28×	7.70×	8.13×	9.66×	–	–	14.24×	56.14×	–	–
EV / Sales (TTM)	8.70×	6.67×	7.94×	7.98×	8.62×	10.19×	7.69×	6.59×	9.58×	7.50×	9.26×	6.89×	4.76×	4.31×	4.31×	3.09×	2.72×	2.73×	4.39×	4.80×	–	–	–	0.50×	0.60×	0.68×	0.59×	0.93×	0.47×	0.41×	0.33×	0.71×	1.02×	3.51×	2.78×	(42.15×)
Returns
Return on equity	23.1%	25.3%	19.8%	17.0%	21.0%	27.3%	26.6%	27.5%	21.1%	21.4%	11.4%	31.9%	34.1%	52.8%	29.2%	25.6%	35.7%	24.8%	35.4%	43.5%	50.0%	34.8%	16.9%	10.7%	11.9%	17.8%	24.2%	25.9%	13.0%	4.5%	(15.5%)	(14.3%)	5.7%	3.6%	–	(2.9%)
Return on invested capital	30.1%	30.5%	26.0%	21.0%	26.2%	35.6%	32.5%	33.1%	24.3%	24.3%	20.8%	42.3%	44.1%	80.8%	46.1%	44.6%	81.7%	56.4%	35.1%	50.3%	96.3%	36.7%	17.3%	10.0%	10.6%	13.0%	24.5%	28.1%	14.1%	6.7%	(8.7%)	(9.4%)	7.7%	2.4%	–	–
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	3.70×	3.32×	4.81×	4.76×	4.85×	4.19×	3.50×	3.00×	3.72×	3.04×	8.77×	4.65×	3.74×	2.89×	4.44×	4.97×	6.99×	3.00×	3.26×	4.38×	4.26×	3.22×	2.81×	3.51×	3.33×	3.40×	2.12×	1.92×	1.69×	0.63×	1.08×	1.36×	2.43×	1.11×	70.00×	35.50×
Debt / equity	–	0.06×	–	–	–	–	–	–	–	–	–	–	–	–	–	0.00×	0.00×	0.00×	0.00×	0.00×	0.00×	0.01×	0.02×	0.14×	0.24×	0.45×	0.10×	0.24×	0.39×	0.56×	0.65×	0.42×	0.38×	0.60×	–	–
Effective tax rate	23.2%	24.1%	21.2%	24.2%	23.5%	13.3%	21.8%	23.2%	31.7%	34.0%	38.7%	35.2%	39.9%	38.1%	37.4%	39.3%	37.8%	37.7%	37.7%	39.6%	40.1%	39.9%	39.2%	40.2%	40.0%	40.1%	40.0%	36.8%	–	–	–	–	14.3%	–	–	–
Share count
Diluted shares outstanding	1,969	2,026	2,116	2,133	2,143	2,139	2,186	2,257	2,309	2,399	2,311	2,091	2,081	2,197	2,240	2,233	2,271	2,341	2,373	2,366	2,330	2,268	2,066	1,985	2,070	1,978	2,018	2,003	1,920	1,920	1,664	1,792	1,646	1,280	692	295

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990
Revenue and gross profit
Revenue	$9,219	$8,294	$7,493	$7,140	$6,311	$5,541	$4,599	$4,201	$3,807	$3,369	$3,049	$2,723	$2,465	$2,246	$2,061	$1,703	$1,304	$1,143	$1,034	$904	$606	$349	$180	$110	$92	$81	$72	$72	$54	$43	$36	$34	$29	$24	$10	$0	$0
Cost of revenue	($4,098)	($3,662)	($3,444)	($3,346)	($3,136)	($2,433)	($1,875)	($1,682)	($1,512)	($1,231)	($1,107)	($1,090)	($1,125)	($1,073)	($995)	($809)	($624)	($531)	($495)	($436)	($289)	($166)	($97)	($67)	($59)	–	–	($38)	($27)	($25)	($21)	($22)	($16)	($13)	($5)	–	–
Gross profit	$5,121	$4,632	$4,049	$3,794	$3,175	$3,109	$2,724	$2,519	$2,295	$2,138	$1,942	$1,632	$1,340	$1,173	$1,066	$894	$680	$612	$539	$468	$317	$183	$83	$44	$33	–	–	$34	$27	$18	$14	$12	$13	$10	$4	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	–	–	($1,991)	($1,802)	($1,588)	($1,306)	($1,091)	($1,116)	($1,012)	($939)	($857)	($900)	($592)	($600)	($515)	–	($332)	–	($375)	($237)	($158)	($79)	($50)	($34)	($28)	($23)	($22)	($26)	($20)	($16)	($13)	($13)	($13)	($9)	($4)	($0)	($0)
Total operating expenses	($2,432)	($2,213)	($2,119)	($1,841)	($1,590)	($1,311)	($1,091)	($1,116)	($1,012)	($939)	($857)	($739)	($592)	($600)	($515)	($438)	($332)	($275)	($375)	($237)	($158)	($79)	($50)	($34)	($28)	–	–	($26)	($21)	($16)	($13)	($13)	($14)	($9)	($4)	–	–
Total costs and expenses	($6,531)	($5,875)	($5,562)	($5,187)	($4,726)	($3,744)	($2,965)	($2,798)	($2,524)	($2,170)	($1,964)	($1,829)	($1,717)	($1,674)	($1,510)	($1,247)	($956)	($806)	($870)	($673)	($447)	($245)	($146)	($101)	($87)	($75)	($65)	($65)	($48)	($41)	($35)	($35)	($30)	($23)	($9)	–	($0)
Operating income	$2,688	$2,419	$1,930	$1,953	$1,585	$1,797	$1,633	$1,403	$1,284	$1,199	$1,085	$894	$748	$573	$551	$456	$348	$337	$164	$231	$159	$103	$34	$10	$5	$6	$7	$8	$6	$2	$1	($1)	($1)	$1	$0	–	($0)
Earnings
EBITDA	$2,809	$2,534	$2,011	$2,022	$1,646	$1,848	$1,690	$1,464	$1,341	$1,248	$1,126	$925	$773	$596	$571	$473	$360	$343	$167	$233	$160	$105	$35	$10	$6	$6	$8	$8	$6	$2	$2	($0)	($0)	$2	$1	–	–
Interest income	–	$85	$115	$130	$30	$4	$8	$18	$14	$6	$4	$3	($2)	($9)	($1)	$1	$1	($2)	$10	$9	$4	$1	$0	$0	–	–	$0	–	–	–	–	–	–	–	–	–	–
Interest expense	–	($7)	($28)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($0)	($0)	($0)	–	–	($0)	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$2,776	$2,483	$1,989	$2,068	$1,572	$1,801	$1,626	$1,416	$1,293	$1,202	$1,080	$892	$746	$564	$549	$457	$349	$336	$173	$240	$162	$105	$34	$10	$5	$5	$7	$8	$6	$2	$1	($1)	($1)	$1	$0	–	($0)
Income tax expense	($649)	($577)	($480)	($437)	($380)	($424)	($217)	($308)	($300)	($381)	($367)	($345)	($263)	($225)	($209)	($171)	($137)	($127)	($65)	($90)	($64)	($42)	($14)	($4)	($2)	($2)	($3)	($3)	($2)	–	–	–	–	($0)	–	–	–
Net income	$2,128	$1,905	$1,509	$1,631	$1,192	$1,377	$1,410	$1,108	$993	$821	$713	$547	$483	$339	$340	$286	$212	$209	$108	$149	$98	$63	$20	$6	$3	$3	$4	$4	$4	$1	$0	($1)	($1)	$1	$0	–	($0)
Per share
Diluted EPS (GAAP)	$1.08	$0.97	$0.745	$0.77	$0.56	$0.645	$0.66	$0.505	$0.44	$0.355	$0.30	$0.235	$0.23	$0.165	$0.155	$0.13	$0.095	$0.0921	$0.0463	$0.065	$0.0413	$0.0271	$0.00895	$0.00285	$0.0015	$0.00145	$0.002	$0.00225	$0.00175	$0.0007	$0.0002	($0.0008)	($0.0008)	$0.00035	$0.000234	–	($0.0007)
Basic EPS (GAAP)	$1.09	$0.975	$0.75	$0.78	$0.565	$0.65	$0.665	$0.51	$0.445	$0.365	$0.305	$0.24	$0.24	$0.17	$0.165	$0.135	$0.10	$0.0967	$0.0487	$0.07	$0.0454	$0.0296	$0.01	$0.003	$0.00155	$0.00155	$0.00205	$0.00235	$0.002	$0.00075	$0.0002	($0.0008)	($0.0008)	$0.00035	$0.000234	–	($0.0007)
Basic shares outstanding	1,956	1,952	2,009	2,090	2,107	2,115	2,119	2,169	2,229	2,267	2,351	2,266	2,007	2,000	2,085	2,115	2,124	2,159	2,220	2,188	2,158	2,117	2,048	1,974	1,930	1,932	1,927	1,913	1,802	1,783	1,770	1,664	1,792	1,646	1,280	692	295
Margins
Gross margin	55.5%	55.8%	54.0%	53.1%	50.3%	56.1%	59.2%	60.0%	60.3%	63.5%	63.7%	60.0%	54.4%	52.2%	51.7%	52.5%	52.2%	53.6%	52.1%	51.7%	52.3%	52.3%	46.3%	39.7%	36.1%	–	–	46.7%	49.7%	42.2%	39.9%	35.9%	44.8%	43.5%	46.9%	–	–
Operating margin	29.2%	29.2%	25.8%	27.4%	25.1%	32.4%	35.5%	33.4%	33.7%	35.6%	35.6%	32.8%	30.3%	25.5%	26.7%	26.8%	26.7%	29.5%	15.8%	25.5%	26.2%	29.6%	18.8%	8.9%	5.8%	6.9%	9.6%	10.4%	11.1%	4.4%	2.5%	(3.5%)	(4.2%)	4.6%	3.1%	–	(200.0%)
Net margin	23.1%	23.0%	20.1%	22.8%	18.9%	24.9%	30.7%	26.4%	26.1%	24.4%	23.4%	20.1%	19.6%	15.1%	16.5%	16.8%	16.3%	18.3%	10.5%	16.5%	16.2%	18.0%	11.3%	5.4%	3.3%	3.7%	5.5%	6.2%	6.7%	3.0%	1.1%	(3.8%)	(4.9%)	2.5%	3.1%	–	(200.0%)

Analyst consensus

Buy44 analysts

Bearish · 3 · Hold · 18 · Bullish · 23

Earnings history

	EPS	Estimate
Q3 2024	$0.20	$0.21	Miss
Q4 2024	$0.19	$0.20	Miss
Q1 2025	$0.23	$0.21	Beat
Q2 2025	$0.26	$0.24	Beat
Q3 2025	$0.28	$0.24	Beat
Q4 2025	$0.25	$0.24	Beat
Q1 2026	$0.29	$0.26	Beat
Q2 2026	$0.30	$0.29	Beat

Peers

Company overview

IPO dateDec 9, 1985

CEOHilton H. Schlosberg

Employees6,332

SectorConsumer Defensive

IndustryBeverages - Non-Alcoholic

CountryUS

ExchangeNASDAQ Global Select

Websitewww.monsterbevcorp.com

Monster Beverage Corporation is a global entity primarily involved in the innovation, marketing, sale, and distribution of energy beverages and concentrates. Its business operations are categorized into three main divisions: Monster Energy Drinks, Strategic Brands, and a segment designated as "Other." The company boasts an extensive product portfolio, encompassing a wide array of carbonated energy drinks, alongside various non-carbonated options. These include ready-to-drink iced teas, lemonades, diverse juice cocktails, single-serving juices, and fruit beverages. Additionally, their offerings extend to ready-to-drink dairy and coffee-based concoctions, specialized sports drinks, single-serve still waters, and a selection of sodas described as natural, sparkling juices, and flavored sparkling beverages. Monster Beverage distributes its products through a comprehensive network, supplying bottlers and full-service beverage distributors. They also engage in direct sales to a multitude of retail outlets, including grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience stores, pharmacies, foodservice clients, value retailers, e-commerce platforms, and military establishments. Furthermore, the company provides concentrates and beverage bases to its authorized bottling and canning partners. Under its corporate umbrella, the company manages a vast collection of brands. Notable examples include the Monster Energy line (e.g., Monster Energy, Monster Energy Ultra, Monster Rehab, Monster Energy Nitro), Java Monster, Muscle Monster, Espresso Monster, Punch Monster, Juice Monster, and the Monster Hydro series (Energy Water, Super Sport, Super Fuel). Other significant brands feature Monster Dragon Tea, Reign Total Body Fuel, Reign Inferno Thermogenic Fuel, NOS, Full Throttle, Burn, Mother, Nalu, Ultra Energy, Play and Power Play (stylized), Relentless, BPM, BU, Gladiator, Samurai, Live+, Predator, Fury, and True North. Founded in 1985 under its previous name, Hansen Natural Corporation, the company rebranded to Monster Beverage Corporation in January 2012. Its corporate headquarters are located in Corona, California.

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