Monster Beverage (MNST) Financials

$62.84 -1.52 (-2.36%)

Closing price 08/22/2025 04:00 PM Eastern

Extended Trading

$62.34 -0.51 (-0.80%)

As of 08/22/2025 07:59 PM Eastern

Annual Income Statements for Monster Beverage

This table shows Monster Beverage's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	483	547	713	821	993	1,108	1,410	1,377	1,192	1,631	1,509
Consolidated Net Income / (Loss)	483	547	713	821	993	1,108	1,410	1,377	1,192	1,631	1,509
Net Income / (Loss) Continuing Operations	483	547	713	821	993	1,108	1,410	1,377	1,192	1,631	1,509
Total Pre-Tax Income	746	892	1,080	1,202	1,293	1,416	1,626	1,801	1,572	2,068	1,989
Total Operating Income	748	732	1,085	1,199	1,284	1,403	1,633	1,797	1,585	1,953	1,930
Total Gross Profit	1,340	1,632	1,942	2,138	2,295	2,519	2,724	3,109	3,175	3,794	4,049
Total Revenue	2,465	2,723	3,049	3,369	3,807	4,201	4,599	5,541	6,311	7,140	7,493
Operating Revenue	2,465	2,723	3,049	3,369	3,807	4,201	4,599	5,541	6,311	7,140	7,493
Total Cost of Revenue	1,125	1,090	1,107	1,231	1,512	1,682	1,875	2,433	3,136	3,346	3,444
Operating Cost of Revenue	1,125	1,090	1,107	1,231	1,512	1,682	1,875	2,433	3,136	3,346	3,444
Total Operating Expenses	592	900	857	939	1,012	1,116	1,091	1,311	1,590	1,841	2,119
Selling, General & Admin Expense	592	900	857	939	1,012	1,116	1,091	1,311	1,590	1,841	2,119
Total Other Income / (Expense), net	-1.72	159	-5.65	2.84	9.65	13	-7.00	3.95	-13	115	59
Other Income / (Expense), net	-1.72	159	-5.65	2.84	9.65	13	-7.00	3.95	-13	115	59
Income Tax Expense	263	345	367	381	300	308	217	424	380	437	480
Basic Earnings per Share	$0.96	$0.97	$1.21	$1.45	$1.78	$2.04	$2.66	$1.30	$1.13	$1.56	$1.50
Weighted Average Basic Shares Outstanding	501.77M	566.45M	587.87M	566.78M	557.17M	542.19M	529.64M	1.06B	1.05B	1.04B	1.00B
Diluted Earnings per Share	$0.92	$0.95	$1.19	$1.42	$1.76	$2.03	$2.64	$1.29	$1.12	$1.54	$1.49
Weighted Average Diluted Shares Outstanding	522.86M	577.76M	599.82M	577.14M	564.25M	546.61M	534.81M	1.07B	1.07B	1.06B	1.01B
Weighted Average Basic & Diluted Shares Outstanding	170.02M	202.92M	566.62M	566.40M	543.15M	536.90M	528.14M	529.36M	522.41M	1.04B	973.16M

This table shows Monster Beverage's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	302	397	414	453	367	442	425	371	271	443	489
Consolidated Net Income / (Loss)	302	397	414	453	367	442	425	371	271	443	489
Net Income / (Loss) Continuing Operations	302	397	414	453	367	442	425	371	271	443	489
Total Pre-Tax Income	394	498	539	582	450	578	552	474	386	578	647
Total Operating Income	394	485	524	511	434	542	527	480	381	570	632
Total Gross Profit	784	898	974	984	938	1,027	1,020	1,000	1,002	1,048	1,176
Total Revenue	1,513	1,699	1,855	1,856	1,730	1,899	1,901	1,881	1,812	1,855	2,112
Operating Revenue	1,513	1,699	1,855	1,856	1,730	1,899	1,901	1,881	1,812	1,855	2,112
Total Cost of Revenue	729	801	881	872	792	872	881	881	810	807	935
Operating Cost of Revenue	729	801	881	872	792	872	881	881	810	807	935
Total Operating Expenses	390	413	450	473	504	485	492	520	621	478	545
Selling, General & Admin Expense	390	413	450	473	504	485	492	520	621	478	545
Total Other Income / (Expense), net	-0.83	12	15	71	16	36	24	-5.82	4.86	8.27	15
Other Income / (Expense), net	-0.83	12	15	71	16	36	24	-5.82	4.86	8.27	15
Income Tax Expense	92	100	125	129	83	136	126	103	115	135	158
Basic Earnings per Share	$0.29	$0.38	$0.40	$0.43	$0.35	$0.42	$0.41	$0.38	$0.27	$0.45	$0.50
Weighted Average Basic Shares Outstanding	1.05B	1.04B	1.05B	1.05B	1.04B	1.04B	1.03B	975.84M	1.00B	973.62M	975.75M
Diluted Earnings per Share	$0.29	$0.38	$0.39	$0.43	$0.35	$0.42	$0.41	$0.38	$0.27	$0.45	$0.50
Weighted Average Diluted Shares Outstanding	1.07B	1.06B	1.06B	1.06B	1.06B	1.05B	1.04B	983.17M	1.01B	981.28M	984.00M
Weighted Average Basic & Diluted Shares Outstanding	522.41M	1.05B	1.05B	1.04B	1.04B	1.04B	979.54M	972.52M	973.16M	975.25M	976.43M

This table details how cash moves in and out of Monster Beverage's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	159	1,805	-1,798	151	109	160	382	146	-19	991	-764
Net Cash From Operating Activities	597	523	701	988	1,162	1,114	1,364	1,156	888	1,718	1,929
Net Cash From Continuing Operating Activities	597	523	701	988	1,162	1,114	1,364	1,156	888	1,718	1,929
Net Income / (Loss) Continuing Operations	483	547	713	821	993	1,108	1,410	1,377	1,192	1,631	1,509
Consolidated Net Income / (Loss)	483	547	713	821	993	1,108	1,410	1,377	1,192	1,631	1,509
Depreciation Expense	26	31	41	49	57	61	57	50	61	69	80
Non-Cash Adjustments To Reconcile Net Income	49	-129	46	51	68	67	83	74	73	76	243
Changes in Operating Assets and Liabilities, net	40	74	-98	67	44	-122	-185	-345	-439	-58	96
Net Cash From Investing Activities	-440	400	-256	-532	273	-327	-472	-992	-161	-193	734
Net Cash From Continuing Investing Activities	-440	400	-256	-532	273	-327	-472	-992	-161	-193	734
Purchase of Property, Plant & Equipment	-28	-36	-100	-83	-62	-102	-49	-44	-189	-221	-264
Acquisitions	-3.41	-6.89	-694	-9.69	-13	-8.74	0.00	0.00	-329	-363	0.00
Purchase of Investments	-1,135	-2,034	-452	-972	-826	-1,068	-1,300	-2,413	-1,847	-1,621	-342
Sale of Property, Plant & Equipment	0.96	0.93	0.81	1.42	4.30	1.24	0.99	1.33	1.31	2.52	2.73
Sale and/or Maturity of Investments	723	2,098	989	533	1,181	851	920	1,489	2,252	2,030	1,378
Other Investing Activities, net	1.23	179	0.01	-1.20	-12	-1.27	-45	-25	-50	-20	-41
Net Cash From Financing Activities	7.37	888	-2,238	-311	-1,316	-629	-526	35	-707	-543	-3,329
Net Cash From Continuing Financing Activities	7.37	888	-2,238	-311	-1,316	-629	-526	35	-707	-543	-3,329
Repayment of Debt	-1.62	-1.08	-2.36	-2.58	-1.89	-14	-3.09	2.93	0.08	-14	-386
Repurchase of Common Equity	-8.18	-808	-2,252	-361	-1,342	-707	-596	-14	-771	-659	-3,772
Issuance of Debt	-	-	-	-	-	-	-	-	0.00	0.00	750
Issuance of Common Equity	17	1,697	16	53	28	92	73	46	64	130	79
Effect of Exchange Rate Changes	-5.49	-5.31	-4.61	5.99	-9.84	1.91	17	-52	-39	8.78	-98
Cash Interest Paid	0.03	0.03	0.07	0.08	0.06	0.32	0.04	0.13	0.43	0.36	25
Cash Income Taxes Paid	267	225	431	389	201	294	356	421	380	423	476

This table details how cash moves in and out of Monster Beverage's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	4.09	366	197	-96	524	279	-1,012	61	-92	370	24
Net Cash From Operating Activities	299	424	339	520	434	412	436	618	462	508	466
Net Cash From Continuing Operating Activities	299	424	339	520	434	412	436	618	462	508	466
Net Income / (Loss) Continuing Operations	302	397	414	453	367	442	425	371	271	443	489
Consolidated Net Income / (Loss)	302	397	414	453	367	442	425	371	271	443	489
Depreciation Expense	15	17	16	18	19	20	19	20	21	25	28
Non-Cash Adjustments To Reconcile Net Income	19	18	22	-24	60	25	30	31	156	27	35
Changes in Operating Assets and Liabilities, net	-38	-7.60	-112	73	-11	-76	-39	197	14	12	-85
Net Cash From Investing Activities	-104	-53	-105	-202	167	-35	939	-60	-109	-31	-327
Net Cash From Continuing Investing Activities	-104	-53	-105	-202	167	-35	939	-60	-109	-31	-327
Purchase of Property, Plant & Equipment	-53	-40	-42	-28	-111	-66	-60	-47	-91	-29	-31
Purchase of Investments	-453	-519	-572	-314	-215	-342	0.11	-	-	0.00	-283
Sale of Property, Plant & Equipment	0.71	0.56	0.47	0.72	0.77	0.42	0.63	1.04	0.64	1.15	1.19
Other Investing Activities, net	-27	-17	-6.52	-5.48	8.85	-9.60	1.87	-14	-19	-2.95	-14
Net Cash From Financing Activities	-248	-6.05	-32	-396	-109	-85	-2,356	-527	-361	-146	-163
Net Cash From Continuing Financing Activities	-248	-6.05	-32	-396	-109	-85	-2,356	-527	-361	-146	-163
Repayment of Debt	0.79	-7.27	0.61	-4.61	-2.64	-2.90	-5.15	-1.58	-377	-177	-203
Issuance of Common Equity	29	36	23	5.89	65	38	14	10	17	48	40
Effect of Exchange Rate Changes	57	-0.14	-4.36	-18	32	-13	-31	30	-83	39	48
Cash Interest Paid	0.07	0.10	0.05	0.11	0.11	0.09	1.37	12	11	4.17	0.97
Cash Income Taxes Paid	82	57	176	116	74	64	213	136	64	62	201

This table presents Monster Beverage's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	1,939	5,571	4,153	4,791	4,527	5,150	6,203	7,805	8,293	9,687	7,719
Total Current Assets	1,653	3,600	1,432	2,086	1,804	2,316	3,141	4,682	4,765	5,589	3,642
Cash & Equivalents	370	2,175	378	529	638	798	1,180	1,326	1,307	2,298	1,533
Short-Term Investments	781	745	221	673	321	533	881	1,750	1,362	956	0.00
Accounts Receivable	281	353	448	449	485	540	666	897	1,016	1,194	1,222
Inventories, net	175	156	162	256	278	361	333	593	936	971	737
Prepaid Expenses	20	27	33	41	45	55	55	83	110	116	107
Current Deferred & Refundable Income Taxes	8.62	18	67	139	39	29	25	33	34	54	42
Plant, Property, & Equipment, net	90	97	173	230	243	299	315	314	517	891	1,047
Total Noncurrent Assets	196	1,874	2,548	2,474	2,480	2,535	2,747	2,809	3,011	3,207	3,031
Long-Term Investments	43	15	2.39	2.37	-	13	44	99	61	76	0.00
Goodwill	0.00	1,280	1,332	1,332	1,332	1,332	1,332	1,332	1,418	1,418	1,332
Intangible Assets	51	428	1,033	1,034	1,046	1,052	1,059	1,072	1,220	1,427	1,414
Noncurrent Deferred & Refundable Income Taxes	94	140	160	92	86	85	242	225	177	175	184
Other Noncurrent Operating Assets	7.50	11	22	14	16	54	70	80	134	110	100
Total Liabilities & Shareholders' Equity	1,939	5,571	4,153	4,791	4,527	5,150	6,203	7,805	8,293	9,687	7,719
Total Liabilities	424	762	824	896	916	979	1,042	1,238	1,268	1,458	1,761
Total Current Liabilities	356	410	471	560	601	661	750	965	1,002	1,162	1,098
Accounts Payable	128	145	193	246	249	274	297	404	444	564	467
Accrued Expenses	154	208	198	226	258	281	329	422	429	453	488
Current Deferred Revenue	50	32	42	43	44	44	45	43	43	42	46
Current Deferred & Payable Income Tax Liabilities	5.85	2.75	7.66	11	10	15	23	30	13	15	4.01
Current Employee Benefit Liabilities	18	22	30	35	40	47	55	65	72	87	92
Total Noncurrent Liabilities	68	352	353	335	315	318	292	273	266	296	664
Long-Term Debt	-	-	-	-	-	-	-	-	-	0.00	374
Noncurrent Deferred Revenue	68	352	353	334	312	287	264	243	224	204	179
Other Noncurrent Operating Liabilities	-	-	0.00	1.10	2.62	31	27	30	42	92	111
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,515	4,809	3,330	3,895	3,611	4,171	5,161	6,567	7,025	8,229	5,958
Total Preferred & Common Equity	1,515	4,809	3,330	3,895	3,611	4,171	5,161	6,567	7,025	8,229	5,958
Total Common Equity	1,515	4,809	3,330	3,895	3,611	4,171	5,161	6,567	7,025	8,229	5,958
Common Stock	427	3,993	4,054	4,154	4,241	4,401	4,541	4,656	4,783	4,981	5,151
Retained Earnings	2,331	1,395	2,108	2,928	3,915	5,022	6,432	7,810	9,001	5,940	7,449
Treasury Stock	-1,231	-556	-2,809	-3,170	-4,512	-5,220	-5,815	-5,829	-6,600	-2,566	-6,372
Accumulated Other Comprehensive Income / (Loss)	-11	-22	-23	-17	-33	-32	3.03	-69	-159	-125	-269

This table presents Monster Beverage's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	8,293	8,844	9,263	9,314	9,687	10,098	8,061	8,053	7,719	8,227	8,730
Total Current Assets	4,765	5,295	5,654	5,312	5,589	6,036	3,954	3,898	3,642	4,135	4,429
Cash & Equivalents	1,307	1,673	1,870	1,774	2,298	2,577	1,565	1,625	1,533	1,903	1,927
Short-Term Investments	1,362	1,383	1,417	1,237	956	984	0.00	0.00	0.00	-	145
Accounts Receivable	1,016	1,190	1,333	1,231	1,194	1,370	1,362	1,285	1,222	1,360	1,523
Inventories, net	936	907	847	884	971	940	834	770	737	725	658
Prepaid Expenses	110	111	149	163	116	125	129	125	107	113	137
Current Deferred & Refundable Income Taxes	34	31	39	23	54	40	63	92	42	34	39
Plant, Property, & Equipment, net	517	546	577	731	891	923	961	1,007	1,047	1,064	1,091
Total Noncurrent Assets	3,011	3,004	3,033	3,272	3,207	3,139	3,146	3,149	3,031	3,028	3,210
Long-Term Investments	61	41	62	53	76	8.16	0.00	0.00	0.00	-	138
Goodwill	1,418	1,418	1,418	1,418	1,418	1,418	1,418	1,418	1,332	1,332	1,332
Intangible Assets	1,220	1,223	1,224	1,459	1,427	1,431	1,433	1,442	1,414	1,416	1,419
Noncurrent Deferred & Refundable Income Taxes	177	177	177	177	175	175	187	183	184	184	185
Other Noncurrent Operating Assets	134	145	151	165	110	107	107	105	100	96	136
Total Liabilities & Shareholders' Equity	8,293	8,844	9,263	9,314	9,687	10,098	8,061	8,053	7,719	8,227	8,730
Total Liabilities	1,268	1,449	1,422	1,441	1,458	1,520	2,195	2,274	1,761	1,708	1,539
Total Current Liabilities	1,002	1,188	1,163	1,179	1,162	1,229	1,161	1,245	1,098	1,225	1,259
Accounts Payable	444	491	569	540	564	534	511	549	467	487	489
Accrued Expenses	429	554	482	504	453	524	534	561	488	567	619
Current Deferred Revenue	43	44	43	40	42	44	44	46	46	48	49
Current Deferred & Payable Income Tax Liabilities	13	55	13	18	15	75	11	7.64	4.01	68	28
Current Employee Benefit Liabilities	72	43	56	77	87	53	60	82	92	56	73
Total Noncurrent Liabilities	266	261	259	262	296	291	1,034	1,029	664	482	280
Long-Term Debt	-	-	-	-	0.00	-	749	749	374	199	0.00
Noncurrent Deferred Revenue	224	220	215	209	204	199	192	186	179	174	170
Other Noncurrent Operating Liabilities	42	42	44	53	92	93	64	65	111	109	110
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	7,025	7,395	7,841	7,873	8,229	8,578	5,866	5,779	5,958	6,519	7,191
Total Preferred & Common Equity	7,025	7,395	7,841	7,873	8,229	8,578	5,866	5,779	5,958	6,519	7,191
Total Common Equity	7,025	7,395	7,841	7,873	8,229	8,578	5,866	5,779	5,958	6,519	7,191
Common Stock	4,783	4,835	4,875	4,899	4,981	5,041	5,074	5,112	5,151	5,219	5,291
Retained Earnings	9,001	4,706	5,120	5,573	5,940	6,382	6,807	7,178	7,449	7,892	8,381
Treasury Stock	-6,600	-1,998	-1,998	-2,400	-2,566	-2,687	-5,832	-6,372	-6,372	-6,389	-6,389
Accumulated Other Comprehensive Income / (Loss)	-159	-148	-156	-198	-125	-158	-182	-138	-269	-203	-91

This table displays calculated financial ratios and metrics derived from Monster Beverage's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.72%	10.45%	12.00%	10.48%	13.00%	10.34%	9.47%	20.50%	13.89%	13.14%	4.94%
EBITDA Growth	31.50%	19.57%	21.48%	11.60%	7.98%	9.36%	13.98%	10.00%	-11.79%	30.87%	-3.16%
EBIT Growth	32.26%	19.54%	21.10%	11.29%	7.63%	9.49%	14.84%	10.78%	-12.74%	31.59%	-3.82%
NOPAT Growth	40.75%	-7.29%	59.56%	14.28%	20.38%	11.37%	28.97%	-2.91%	-12.60%	28.21%	-4.94%
Net Income Growth	42.68%	13.15%	30.35%	15.15%	21.00%	11.56%	27.24%	-2.28%	-13.49%	36.87%	-7.48%
EPS Growth	42.68%	13.15%	25.26%	19.33%	23.94%	15.34%	30.05%	-2.28%	-13.49%	37.50%	-3.25%
Operating Cash Flow Growth	74.69%	-12.51%	34.17%	40.83%	17.63%	-4.14%	22.48%	-15.28%	-23.19%	93.51%	12.27%
Free Cash Flow Firm Growth	97.57%	-303.87%	87.64%	717.49%	19.56%	-9.87%	28.73%	-12.65%	-71.24%	213.35%	67.30%
Invested Capital Growth	-17.95%	519.16%	45.63%	-1.39%	-1.43%	6.58%	8.04%	11.02%	26.62%	14.09%	-2.05%
Revenue Q/Q Growth	2.70%	1.49%	3.68%	1.71%	3.08%	2.26%	4.05%	4.31%	1.41%	3.14%	1.11%
EBITDA Q/Q Growth	7.93%	27.24%	1.77%	1.71%	3.35%	1.51%	4.76%	0.85%	-1.71%	2.88%	-2.90%
EBIT Q/Q Growth	8.19%	27.98%	1.66%	1.54%	3.44%	1.69%	5.06%	0.81%	-1.95%	2.81%	-3.12%
NOPAT Q/Q Growth	11.00%	3.20%	5.63%	3.08%	3.68%	1.47%	18.58%	-10.23%	-1.18%	3.42%	-5.55%
Net Income Q/Q Growth	11.34%	2.51%	5.04%	3.58%	3.96%	1.45%	18.17%	-9.85%	-1.62%	4.17%	-6.00%
EPS Q/Q Growth	11.34%	2.51%	0.00%	1.43%	1.73%	1.00%	16.81%	-9.85%	-1.62%	2.67%	-9.70%
Operating Cash Flow Q/Q Growth	17.37%	-3.59%	18.53%	-7.75%	14.02%	-4.12%	9.84%	-13.94%	8.66%	8.59%	1.44%
Free Cash Flow Firm Q/Q Growth	24.89%	-6.27%	49.86%	-6.76%	14.32%	-8.89%	13.41%	-12.47%	-25.77%	21.01%	7.38%
Invested Capital Q/Q Growth	-11.91%	2.14%	-2.17%	0.98%	-2.47%	1.39%	4.09%	3.39%	4.90%	1.85%	-2.13%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	54.36%	59.95%	63.68%	63.45%	60.29%	59.95%	59.23%	56.10%	50.30%	53.14%	54.04%
EBITDA Margin	31.30%	33.88%	36.75%	37.12%	35.47%	35.15%	36.60%	33.41%	25.88%	29.94%	27.63%
Operating Margin	30.33%	26.89%	35.59%	35.58%	33.72%	33.40%	35.51%	32.44%	25.11%	27.36%	25.76%
EBIT Margin	30.26%	32.75%	35.41%	35.67%	33.97%	33.71%	35.36%	32.51%	24.91%	28.97%	26.55%
Profit (Net Income) Margin	19.60%	20.08%	23.37%	24.36%	26.08%	26.37%	30.65%	24.86%	18.88%	22.84%	20.14%
Tax Burden Percent	64.79%	61.32%	66.01%	68.30%	76.78%	78.24%	86.68%	76.47%	75.80%	78.85%	75.85%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	35.21%	38.68%	33.99%	31.70%	23.22%	21.76%	13.32%	23.53%	24.20%	21.15%	24.15%
Return on Invested Capital (ROIC)	144.23%	41.26%	31.13%	30.21%	36.89%	40.06%	48.13%	42.64%	31.26%	33.51%	30.20%
ROIC Less NNEP Spread (ROIC-NNEP)	144.35%	36.54%	31.34%	29.99%	36.20%	39.17%	48.49%	42.53%	31.59%	30.51%	28.20%
Return on Net Nonoperating Assets (RNNOA)	-105.69%	-23.97%	-13.61%	-7.49%	-10.43%	-11.59%	-17.92%	-19.15%	-13.73%	-12.12%	-8.92%
Return on Equity (ROE)	38.54%	17.29%	17.51%	22.72%	26.46%	28.47%	30.21%	23.49%	17.53%	21.38%	21.27%
Cash Return on Invested Capital (CROIC)	163.95%	-103.12%	-6.03%	31.61%	38.33%	33.69%	40.40%	32.20%	7.77%	20.35%	32.27%
Operating Return on Assets (OROA)	44.40%	23.74%	22.20%	26.87%	27.76%	29.26%	28.65%	25.72%	19.53%	23.01%	22.86%
Return on Assets (ROA)	28.77%	14.56%	14.66%	18.35%	21.31%	22.90%	24.83%	19.67%	14.80%	18.14%	17.34%
Return on Common Equity (ROCE)	38.54%	17.29%	17.51%	22.72%	26.46%	28.47%	30.21%	23.49%	17.53%	21.38%	21.27%
Return on Equity Simple (ROE_SIMPLE)	31.89%	11.37%	21.40%	21.07%	27.50%	26.56%	27.31%	20.98%	16.96%	19.82%	25.33%
Net Operating Profit after Tax (NOPAT)	484	449	716	819	986	1,098	1,416	1,374	1,201	1,540	1,464
NOPAT Margin	19.65%	16.49%	23.49%	24.30%	25.89%	26.13%	30.78%	24.80%	19.03%	21.57%	19.54%
Net Nonoperating Expense Percent (NNEP)	-0.12%	4.71%	-0.21%	0.21%	0.69%	0.89%	-0.35%	0.11%	-0.33%	3.00%	2.00%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	17.10%	18.72%	23.12%
Cost of Revenue to Revenue	45.64%	40.05%	36.32%	36.55%	39.71%	40.05%	40.77%	43.90%	49.70%	46.86%	45.96%
SG&A Expenses to Revenue	24.03%	33.06%	28.09%	27.87%	26.57%	26.56%	23.72%	23.66%	25.19%	25.78%	28.28%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	24.03%	33.06%	28.09%	27.87%	26.57%	26.56%	23.72%	23.66%	25.19%	25.78%	28.28%
Earnings before Interest and Taxes (EBIT)	746	892	1,080	1,202	1,293	1,416	1,626	1,801	1,572	2,068	1,989
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	771	922	1,121	1,251	1,350	1,477	1,683	1,852	1,633	2,137	2,070
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	11.99	6.28	7.60	9.16	7.54	8.19	9.46	7.74	7.54	7.28	8.58
Price to Tangible Book Value (P/TBV)	12.40	9.74	26.22	23.34	22.07	19.12	17.62	12.21	12.08	11.13	15.91
Price to Revenue (P/Rev)	7.37	11.09	8.30	10.59	7.15	8.13	10.62	9.17	8.39	8.39	6.82
Price to Earnings (P/E)	37.59	55.23	35.52	43.49	27.41	30.84	34.64	36.89	44.45	36.75	33.87
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.66%	1.81%	2.82%	2.30%	3.65%	3.24%	2.89%	2.71%	2.25%	2.72%	2.95%
Enterprise Value to Invested Capital (EV/IC)	56.06	14.55	9.06	12.82	9.90	11.61	15.29	14.05	11.70	11.56	10.41
Enterprise Value to Revenue (EV/Rev)	6.88	10.01	8.11	10.24	6.90	7.81	10.16	8.60	7.96	7.93	6.67
Enterprise Value to EBITDA (EV/EBITDA)	22.00	29.56	22.06	27.58	19.45	22.23	27.75	25.73	30.76	26.49	24.13
Enterprise Value to EBIT (EV/EBIT)	22.75	30.58	22.89	28.70	20.30	23.18	28.73	26.45	31.96	27.37	25.11
Enterprise Value to NOPAT (EV/NOPAT)	35.04	60.72	34.50	42.12	26.64	29.91	33.00	34.66	41.82	36.75	34.12
Enterprise Value to Operating Cash Flow (EV/OCF)	28.40	52.15	35.24	34.92	22.60	29.47	34.24	41.22	56.60	32.96	25.90
Enterprise Value to Free Cash Flow (EV/FCFF)	30.82	0.00	0.00	40.26	25.64	35.56	39.32	45.90	168.32	60.52	31.92
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.06
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.06
Financial Leverage	-0.73	-0.66	-0.43	-0.25	-0.29	-0.30	-0.37	-0.45	-0.43	-0.40	-0.32
Leverage Ratio	1.34	1.19	1.19	1.24	1.24	1.24	1.22	1.19	1.18	1.18	1.23
Compound Leverage Factor	1.34	1.19	1.19	1.24	1.24	1.24	1.22	1.19	1.18	1.18	1.23
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.91%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.91%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	94.09%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.18
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.56
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.18
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.26
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.79
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.26
Altman Z-Score	30.75	25.84	21.02	26.68	21.14	24.41	31.64	28.08	28.52	27.52	20.98
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.65	8.77	3.04	3.72	3.00	3.50	4.19	4.85	4.76	4.81	3.32
Quick Ratio	4.03	7.98	2.22	2.95	2.40	2.83	3.64	4.12	3.68	3.83	2.51
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	551	-1,122	-139	857	1,024	923	1,188	1,038	298	935	1,565
Operating Cash Flow to CapEx	2,213.83%	1,507.32%	708.35%	1,204.27%	2,015.54%	1,109.08%	2,858.14%	2,716.83%	473.66%	784.69%	737.93%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.47	0.73	0.63	0.75	0.82	0.87	0.81	0.79	0.78	0.79	0.86
Accounts Receivable Turnover	8.61	8.59	7.61	7.51	8.15	8.20	7.62	7.09	6.60	6.46	6.20
Inventory Turnover	5.68	6.59	6.96	5.90	5.67	5.27	5.40	5.25	4.10	3.51	4.03
Fixed Asset Turnover	27.65	29.04	22.53	16.69	16.09	15.51	15.00	17.64	15.20	10.14	7.73
Accounts Payable Turnover	9.11	8.00	6.55	5.61	6.11	6.44	6.57	6.94	7.39	6.63	6.68
Days Sales Outstanding (DSO)	42.38	42.48	47.94	48.62	44.77	44.53	47.87	51.47	55.32	56.49	58.84
Days Inventory Outstanding (DIO)	64.24	55.36	52.42	61.91	64.40	69.26	67.54	69.50	88.97	104.02	90.54
Days Payable Outstanding (DPO)	40.07	45.60	55.71	65.09	59.71	56.72	55.57	52.59	49.37	55.02	54.64
Cash Conversion Cycle (CCC)	66.55	52.24	44.65	45.44	49.46	57.07	59.85	68.37	94.91	105.50	94.73
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	303	1,874	2,729	2,691	2,653	2,827	3,055	3,391	4,294	4,899	4,798
Invested Capital Turnover	7.34	2.50	1.32	1.24	1.42	1.53	1.56	1.72	1.64	1.55	1.55
Increase / (Decrease) in Invested Capital	-66	1,571	855	-38	-39	175	227	337	903	605	-101
Enterprise Value (EV)	16,969	27,262	24,716	34,489	26,259	32,826	46,716	47,643	50,242	56,610	49,956
Market Capitalization	18,164	30,198	25,317	35,693	27,217	34,170	48,822	50,819	52,973	59,940	51,116
Book Value per Share	$9.04	$23.72	$17.49	$6.91	$6.53	$7.76	$9.78	$12.41	$13.46	$7.91	$6.13
Tangible Book Value per Share	$8.74	$15.30	$5.07	$2.71	$2.23	$3.32	$5.25	$7.87	$8.41	$5.17	$3.30
Total Capital	1,515	4,809	3,330	3,895	3,611	4,171	5,161	6,567	7,025	8,229	6,332
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	374
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	374
Net Debt	-1,194	-2,935	-601	-1,204	-958	-1,344	-2,106	-3,176	-2,731	-3,330	-1,159
Capital Expenditures (CapEx)	27	35	99	82	58	100	48	43	187	219	261
Debt-free, Cash-free Net Working Capital (DFCFNWC)	146	269	364	324	245	324	329	641	1,093	1,174	1,011
Debt-free Net Working Capital (DFNWC)	1,297	3,189	962	1,526	1,203	1,655	2,391	3,717	3,763	4,427	2,544
Net Working Capital (NWC)	1,297	3,189	962	1,526	1,203	1,655	2,391	3,717	3,763	4,427	2,544
Net Nonoperating Expense (NNE)	1.11	-98	3.73	-1.94	-7.41	-10	6.06	-3.02	9.67	-91	-45
Net Nonoperating Obligations (NNO)	-1,212	-2,935	-601	-1,204	-958	-1,344	-2,106	-3,176	-2,731	-3,330	-1,159
Total Depreciation and Amortization (D&A)	26	31	41	49	57	61	57	50	61	69	80
Debt-free, Cash-free Net Working Capital to Revenue	5.92%	9.89%	11.92%	9.63%	6.43%	7.72%	7.16%	11.56%	17.33%	16.44%	13.49%
Debt-free Net Working Capital to Revenue	52.64%	117.14%	31.54%	45.30%	31.60%	39.40%	51.99%	67.08%	59.62%	62.01%	33.95%
Net Working Capital to Revenue	52.64%	117.14%	31.54%	45.30%	31.60%	39.40%	51.99%	67.08%	59.62%	62.01%	33.95%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.48	$0.48	$0.61	$0.73	$0.89	$1.02	$0.00	$1.31	$1.13	$1.56	$1.50
Adjusted Weighted Average Basic Shares Outstanding	1.00B	1.13B	1.18B	1.13B	1.11B	1.08B	1.06B	1.06B	1.05B	1.04B	1.00B
Adjusted Diluted Earnings per Share	$0.46	$0.47	$0.60	$0.71	$0.88	$1.02	$0.00	$1.29	$1.12	$1.54	$1.49
Adjusted Weighted Average Diluted Shares Outstanding	1.05B	1.16B	1.20B	1.15B	1.13B	1.09B	1.07B	1.07B	1.07B	1.06B	1.01B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.02B	1.22B	1.13B	1.13B	1.09B	1.07B	1.06B	1.06B	1.04B	1.04B	973.16M
Normalized Net Operating Profit after Tax (NOPAT)	484	449	716	819	986	1,098	1,416	1,374	1,201	1,540	1,464
Normalized NOPAT Margin	19.65%	16.49%	23.49%	24.30%	25.89%	26.13%	30.78%	24.80%	19.03%	21.57%	19.54%
Pre Tax Income Margin	30.26%	32.75%	35.41%	35.67%	33.97%	33.71%	35.36%	32.51%	24.91%	28.97%	26.55%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	1.69%	147.78%	316.05%	44.01%	135.15%	63.85%	42.28%	1.00%	64.70%	40.40%	249.95%

This table displays calculated financial ratios and metrics derived from Monster Beverage's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.17%	11.88%	12.06%	14.27%	14.35%	11.78%	2.46%	1.34%	4.74%	-2.35%	11.10%
EBITDA Growth	-3.87%	26.45%	45.17%	37.68%	14.65%	16.30%	2.96%	-17.65%	-13.21%	0.78%	18.09%
EBIT Growth	-4.69%	26.87%	47.19%	38.52%	14.37%	16.12%	2.33%	-18.52%	-14.22%	0.05%	17.25%
NOPAT Growth	-4.52%	29.29%	44.47%	23.83%	17.05%	7.03%	1.08%	-5.47%	-24.46%	5.30%	17.42%
Net Income Growth	-6.11%	35.09%	51.40%	40.42%	21.65%	11.22%	2.78%	-18.06%	-26.23%	0.21%	14.91%
EPS Growth	-6.11%	40.74%	50.00%	43.33%	20.69%	10.53%	5.13%	-11.63%	-22.86%	7.14%	21.95%
Operating Cash Flow Growth	31.07%	121,033.05%	158.51%	13.47%	45.50%	-2.91%	28.82%	18.86%	6.30%	23.16%	6.81%
Free Cash Flow Firm Growth	-2,913.47%	129.60%	125.19%	35.23%	58.19%	-287.71%	-181.81%	188.50%	246.57%	313.22%	460.70%
Invested Capital Growth	26.62%	5.65%	5.08%	17.50%	14.09%	16.53%	12.42%	1.93%	-2.05%	-3.87%	-1.37%
Revenue Q/Q Growth	-6.86%	12.29%	9.18%	0.06%	-6.78%	9.77%	0.08%	-1.03%	-3.66%	2.35%	13.86%
EBITDA Q/Q Growth	-6.19%	25.85%	7.81%	8.17%	-21.88%	27.66%	-4.55%	-13.48%	-17.67%	48.24%	11.84%
EBIT Q/Q Growth	-6.32%	26.44%	8.32%	7.96%	-22.65%	28.37%	-4.54%	-14.04%	-18.57%	49.71%	11.88%
NOPAT Q/Q Growth	-5.75%	28.17%	3.81%	-1.26%	-10.91%	17.20%	-1.96%	-7.65%	-28.81%	63.35%	9.33%
Net Income Q/Q Growth	-6.42%	31.75%	4.13%	9.38%	-18.93%	20.46%	-3.77%	-12.80%	-27.02%	63.64%	10.34%
EPS Q/Q Growth	-6.42%	31.03%	2.63%	10.26%	-18.60%	-46.15%	-2.38%	-7.32%	-28.95%	66.67%	11.11%
Operating Cash Flow Q/Q Growth	-34.90%	42.20%	-20.21%	53.61%	-16.52%	-5.11%	5.86%	41.74%	-25.34%	9.94%	-8.19%
Free Cash Flow Firm Q/Q Growth	-21.85%	126.23%	17.60%	-272.29%	21.34%	-17.78%	48.74%	286.39%	30.26%	71.34%	-13.29%
Invested Capital Q/Q Growth	4.90%	0.10%	4.51%	7.07%	1.85%	2.24%	0.83%	-2.92%	-2.13%	0.35%	3.45%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	51.84%	52.85%	52.52%	53.00%	54.24%	54.09%	53.64%	53.15%	55.32%	56.51%	55.71%
EBITDA Margin	27.02%	30.28%	29.90%	32.32%	27.09%	31.50%	30.04%	26.26%	22.44%	32.51%	31.93%
Operating Margin	26.07%	28.55%	28.24%	27.51%	25.08%	28.54%	27.74%	25.51%	21.04%	30.72%	29.91%
EBIT Margin	26.01%	29.29%	29.06%	31.35%	26.01%	30.42%	29.02%	25.20%	21.31%	31.17%	30.63%
Profit (Net Income) Margin	19.94%	23.39%	22.31%	24.39%	21.21%	23.28%	22.38%	19.72%	14.94%	23.89%	23.15%
Tax Burden Percent	76.66%	79.88%	76.79%	77.80%	81.54%	76.51%	77.12%	78.24%	70.12%	76.64%	75.58%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	23.34%	20.12%	23.21%	22.20%	18.46%	23.49%	22.88%	21.76%	29.88%	23.36%	24.42%
Return on Invested Capital (ROIC)	32.82%	35.39%	33.10%	33.28%	31.77%	34.44%	33.11%	30.46%	22.80%	35.70%	34.52%
ROIC Less NNEP Spread (ROIC-NNEP)	32.84%	35.05%	32.70%	31.36%	31.33%	33.62%	32.21%	30.69%	22.64%	35.46%	33.77%
Return on Net Nonoperating Assets (RNNOA)	-14.27%	-14.49%	-13.13%	-12.35%	-12.45%	-14.03%	-9.79%	-8.86%	-7.17%	-12.39%	-7.83%
Return on Equity (ROE)	18.55%	20.90%	19.97%	20.93%	19.32%	20.41%	23.33%	21.60%	15.63%	23.32%	26.70%
Cash Return on Invested Capital (CROIC)	7.77%	25.33%	27.28%	17.36%	20.35%	18.42%	21.25%	30.01%	32.27%	34.20%	32.41%
Operating Return on Assets (OROA)	20.39%	22.32%	22.30%	24.78%	20.66%	23.58%	24.74%	21.51%	18.34%	25.34%	27.94%
Return on Assets (ROA)	15.63%	17.83%	17.12%	19.28%	16.85%	18.04%	19.08%	16.83%	12.86%	19.42%	21.12%
Return on Common Equity (ROCE)	18.55%	20.90%	19.97%	20.93%	19.32%	20.41%	23.33%	21.60%	15.63%	23.32%	26.70%
Return on Equity Simple (ROE_SIMPLE)	0.00%	17.51%	18.30%	19.89%	0.00%	19.53%	28.76%	27.78%	0.00%	23.16%	0.00%
Net Operating Profit after Tax (NOPAT)	302	387	402	397	354	415	407	375	267	437	477
NOPAT Margin	19.98%	22.81%	21.68%	21.40%	20.45%	21.84%	21.39%	19.96%	14.75%	23.54%	22.61%
Net Nonoperating Expense Percent (NNEP)	-0.02%	0.34%	0.40%	1.92%	0.43%	0.82%	0.90%	-0.23%	0.15%	0.24%	0.75%
Return On Investment Capital (ROIC_SIMPLE)	4.30%	-	-	-	4.30%	-	-	-	4.22%	6.50%	6.64%
Cost of Revenue to Revenue	48.16%	47.15%	47.48%	47.00%	45.76%	45.91%	46.36%	46.85%	44.68%	43.49%	44.29%
SG&A Expenses to Revenue	25.78%	24.30%	24.28%	25.50%	29.16%	25.55%	25.90%	27.64%	34.28%	25.79%	25.80%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	25.78%	24.30%	24.28%	25.50%	29.16%	25.55%	25.90%	27.64%	34.28%	25.79%	25.80%
Earnings before Interest and Taxes (EBIT)	394	498	539	582	450	578	552	474	386	578	647
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	409	514	555	600	469	598	571	494	407	603	674
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.54	7.63	7.67	7.05	7.28	7.19	8.87	8.84	8.58	8.74	8.49
Price to Tangible Book Value (P/TBV)	12.08	11.87	11.56	11.10	11.13	10.77	17.26	17.51	15.91	15.10	13.76
Price to Revenue (P/Rev)	8.39	8.69	8.99	8.01	8.39	8.40	7.05	6.90	6.82	7.65	7.98
Price to Earnings (P/E)	44.45	43.58	41.89	35.43	36.75	36.82	30.84	31.83	33.87	37.71	38.83
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.25%	2.29%	2.39%	2.82%	2.72%	2.72%	3.24%	3.14%	2.95%	2.65%	2.58%
Enterprise Value to Invested Capital (EV/IC)	11.70	12.41	12.64	10.89	11.56	11.60	10.14	10.24	10.41	11.47	11.82
Enterprise Value to Revenue (EV/Rev)	7.96	8.22	8.49	7.57	7.93	7.92	6.93	6.78	6.67	7.42	7.69
Enterprise Value to EBITDA (EV/EBITDA)	30.76	30.64	29.67	25.22	26.49	26.17	22.89	23.56	24.13	26.63	27.04
Enterprise Value to EBIT (EV/EBIT)	31.96	31.80	30.69	26.05	27.37	27.05	23.70	24.46	25.11	27.77	28.24
Enterprise Value to NOPAT (EV/NOPAT)	41.82	41.36	40.18	35.19	36.75	37.07	32.58	32.40	34.12	37.18	37.83
Enterprise Value to Operating Cash Flow (EV/OCF)	56.60	40.63	37.35	33.13	32.96	34.08	28.41	26.42	25.90	27.30	28.67
Enterprise Value to Free Cash Flow (EV/FCFF)	168.32	50.34	47.47	67.80	60.52	67.79	50.52	34.47	31.92	32.89	36.22
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.13	0.13	0.06	0.03	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.13	0.13	0.06	0.03	0.00
Financial Leverage	-0.43	-0.41	-0.40	-0.39	-0.40	-0.42	-0.30	-0.29	-0.32	-0.35	-0.23
Leverage Ratio	1.18	1.19	1.19	1.19	1.18	1.19	1.26	1.27	1.23	1.21	1.29
Compound Leverage Factor	1.18	1.19	1.19	1.19	1.18	1.19	1.26	1.27	1.23	1.21	1.29
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	11.32%	11.47%	5.91%	2.96%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	11.32%	11.47%	5.91%	2.96%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	88.68%	88.53%	94.09%	97.04%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.33	0.35	0.18	0.10	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	-0.36	-0.41	-0.56	-0.82	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.33	0.35	0.18	0.10	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.48	0.48	0.26	0.13	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	-0.52	-0.57	-0.79	-1.15	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.48	0.48	0.26	0.13	0.00
Altman Z-Score	28.05	25.59	27.64	25.41	26.97	26.72	16.97	16.24	20.29	22.92	26.72
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.76	4.46	4.86	4.51	4.81	4.91	3.41	3.13	3.32	3.37	3.52
Quick Ratio	3.68	3.58	3.97	3.60	3.83	4.01	2.52	2.34	2.51	2.66	2.86
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-600	158	185	-319	-251	-296	-152	282	368	630	547
Operating Cash Flow to CapEx	575.64%	1,073.64%	809.21%	1,921.14%	393.28%	628.05%	737.75%	1,346.10%	509.37%	1,818.77%	1,542.23%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.78	0.76	0.77	0.79	0.79	0.78	0.85	0.85	0.86	0.81	0.91
Accounts Receivable Turnover	6.60	5.82	5.33	6.07	6.46	5.73	5.48	5.89	6.20	5.46	5.31
Inventory Turnover	4.10	3.70	3.69	3.76	3.51	3.70	4.07	4.14	4.03	4.06	4.60
Fixed Asset Turnover	15.20	13.62	12.85	11.38	10.14	9.99	9.61	8.53	7.73	7.50	7.47
Accounts Payable Turnover	7.39	6.88	6.03	6.19	6.63	6.67	6.33	6.29	6.68	6.62	6.86
Days Sales Outstanding (DSO)	55.32	62.70	68.42	60.18	56.49	63.66	66.60	61.97	58.84	66.90	68.75
Days Inventory Outstanding (DIO)	88.97	98.68	98.79	97.10	104.02	98.62	89.79	88.10	90.54	89.93	79.36
Days Payable Outstanding (DPO)	49.37	53.08	60.52	58.94	55.02	54.75	57.67	58.01	54.64	55.14	53.18
Cash Conversion Cycle (CCC)	94.91	108.29	106.69	98.34	105.50	107.54	98.73	92.07	94.73	101.70	94.92
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,294	4,299	4,492	4,810	4,899	5,009	5,050	4,903	4,798	4,815	4,981
Invested Capital Turnover	1.64	1.55	1.53	1.56	1.55	1.58	1.55	1.53	1.55	1.52	1.53
Increase / (Decrease) in Invested Capital	903	230	217	716	605	710	558	93	-101	-194	-69
Enterprise Value (EV)	50,242	53,334	56,774	52,403	56,610	58,120	51,218	50,226	49,956	55,245	58,879
Market Capitalization	52,973	56,431	60,123	55,466	59,940	61,689	52,034	51,103	51,116	56,949	61,089
Book Value per Share	$13.46	$14.16	$7.49	$7.52	$7.91	$8.24	$5.63	$5.90	$6.13	$6.70	$7.37
Tangible Book Value per Share	$8.41	$9.10	$4.97	$4.77	$5.17	$5.51	$2.89	$2.98	$3.30	$3.88	$4.55
Total Capital	7,025	7,395	7,841	7,873	8,229	8,578	6,615	6,528	6,332	6,718	7,191
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	749	749	374	199	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	749	749	374	199	0.00
Net Debt	-2,731	-3,097	-3,349	-3,063	-3,330	-3,569	-816	-876	-1,159	-1,704	-2,210
Capital Expenditures (CapEx)	52	40	42	27	110	66	59	46	91	28	30
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,093	1,051	1,205	1,122	1,174	1,246	1,229	1,027	1,011	1,007	1,099
Debt-free Net Working Capital (DFNWC)	3,763	4,107	4,492	4,133	4,427	4,807	2,794	2,653	2,544	2,910	3,171
Net Working Capital (NWC)	3,763	4,107	4,492	4,133	4,427	4,807	2,794	2,653	2,544	2,910	3,171
Net Nonoperating Expense (NNE)	0.63	-9.98	-12	-56	-13	-27	-19	4.55	-3.40	-6.34	-11
Net Nonoperating Obligations (NNO)	-2,731	-3,097	-3,349	-3,063	-3,330	-3,569	-816	-876	-1,159	-1,704	-2,210
Total Depreciation and Amortization (D&A)	15	17	16	18	19	20	19	20	21	25	28
Debt-free, Cash-free Net Working Capital to Revenue	17.33%	16.20%	18.00%	16.21%	16.44%	16.97%	16.64%	13.86%	13.49%	13.52%	14.34%
Debt-free Net Working Capital to Revenue	59.62%	63.27%	67.13%	59.70%	62.01%	65.48%	37.83%	35.79%	33.95%	39.07%	41.40%
Net Working Capital to Revenue	59.62%	63.27%	67.13%	59.70%	62.01%	65.48%	37.83%	35.79%	33.95%	39.07%	41.40%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.15	$0.38	$0.40	$0.43	$0.35	$0.42	$0.41	$0.38	$0.27	$0.45	$0.50
Adjusted Weighted Average Basic Shares Outstanding	2.11B	1.04B	1.05B	1.05B	1.04B	1.04B	1.03B	975.84M	1.00B	973.62M	975.75M
Adjusted Diluted Earnings per Share	$0.15	$0.38	$0.39	$0.43	$0.35	$0.42	$0.41	$0.38	$0.27	$0.45	$0.50
Adjusted Weighted Average Diluted Shares Outstanding	2.13B	1.06B	1.06B	1.06B	1.06B	1.05B	1.04B	983.17M	1.01B	981.28M	984.00M
Adjusted Basic & Diluted Earnings per Share	$0.15	$0.00	$0.00	$0.00	$0.35	$0.00	$0.00	$0.00	$0.27	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.04B	1.05B	1.05B	1.04B	1.04B	1.04B	979.54M	972.52M	973.16M	975.25M	976.43M
Normalized Net Operating Profit after Tax (NOPAT)	302	387	402	397	354	415	407	375	267	437	477
Normalized NOPAT Margin	19.98%	22.81%	21.68%	21.40%	20.45%	21.84%	21.39%	19.96%	14.75%	23.54%	22.61%
Pre Tax Income Margin	26.01%	29.29%	29.06%	31.35%	26.01%	30.42%	29.02%	25.20%	21.31%	31.17%	30.63%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	64.70%	61.32%	39.39%	48.91%	40.40%	44.41%	225.40%	245.50%	249.95%	242.93%	35.21%

Key Financial Trends

Monster Beverage (MNST) Financial Summary and Trends (Last Four Years)

Monster Beverage has shown consistent growth and financial strength across its recent quarterly financial statements. Here is an analysis of key financial trends based on income statements, cash flow statements, and balance sheets from Q3 2022 through Q2 2025.

Revenue Growth: Operating revenues have increased steadily from approximately $1.62 billion in Q3 2022 to over $2.11 billion by Q2 2025, reflecting strong top-line growth and demand for Monster’s beverages.
Net Income Improvement: Net income has grown from about $322 million in Q3 2022 to nearly $489 million in Q2 2025, indicating improving profitability.
Gross Profit Expansion: Gross profit rose from $833 million in Q3 2022 to over $1.17 billion in Q2 2025, showing effective cost management relative to revenue growth.
Operating Income Growth: Total operating income increased significantly from $417 million in Q3 2022 to $632 million in Q2 2025, reflecting operational leverage.
Strong Operating Cash Flow: Net cash from operating activities increased from $458 million in Q3 2022 to $466 million in Q2 2025, demonstrating strong cash generation from core operations.
Reduction of Long-Term Debt: Long-term debt was reduced from $748 million in Q2 2024 to 0 by Q2 2025, lowering financial risk and interest expense.
Increasing Equity Base: Total shareholders' equity rose steadily, reaching approximately $7.19 billion by Q2 2025, indicating retained earnings growth and a solid capital structure.
Capital Expenditures: Monster has consistently invested in property, plant, and equipment (around $30 to $110 million quarterly), supporting capacity expansion but impacting free cash flow.
Significant Treasury Stock Balances: Treasury stock remains a large negative on equity (around $6 billion as of Q2 2025), reflecting share buybacks which reduce outstanding shares but impact equity levels.
Volatility in Investment Activities: Cash flows from investing activities have shown variability due to large purchases and sales of investments, such as a $3.1 billion net investment outflow in Q2 2025 and a $938 million inflow in Q2 2024, which could impact liquidity.

Detailed Analysis:

Monster Beverage’s top-line revenue exhibits strong, consistent growth quarter-over-quarter and year-over-year, benefiting from solid demand in the beverage market. Profitability metrics such as gross profit and operating income have also improved substantially, signifying effective cost control and operational efficiency.

The company's net income margin has expanded alongside these revenue gains, with diluted earnings per share rising from about $0.30 in Q3 2022 to $0.50 in Q2 2025. This is despite a moderate increase in outstanding shares due to share issuances amid share repurchase programs.

From a cash flow perspective, operating cash flows remain robust and consistent, supporting ongoing capital expenditures focused on plant and equipment to sustain growth. Monster has maintained an aggressive approach to reducing long-term debt, improving its balance sheet and reducing financial leverage.

Balance sheet strength is reinforced by a growing equity base. However, the company holds a substantial amount in treasury stock, highlighting a significant share repurchase strategy that benefits shareholders by enhancing earnings per share but can reduce equity levels.

Investment activities have involved large, sporadic purchases and sales of investments, leading to notable fluctuations in cash flows from investing. This variability may introduce some liquidity considerations but has not impeded the company's operational performance.

Conclusion: Monster Beverage demonstrates strong growth momentum with improving profitability and a clean balance sheet. The company’s efficient operations, debt reduction, and effective use of capital position it well for continued expansion. Caution is warranted due to variability in investment-related cash flows and substantial treasury stock holdings, yet the overall financial health suggests positive prospects for investors.

08/23/25 03:43 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Monster Beverage's Financials

When does Monster Beverage's financial year end?

According to the most recent income statement we have on file, Monster Beverage's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Monster Beverage's net income changed over the last 10 years?

Monster Beverage's net income appears to be on an upward trend, with a most recent value of $1.51 billion in 2024, rising from $483.19 million in 2014. The previous period was $1.63 billion in 2023. See where experts think Monster Beverage is headed by visiting Monster Beverage's forecast page.

What is Monster Beverage's operating income?

Monster Beverage's total operating income in 2024 was $1.93 billion, based on the following breakdown:

Total Gross Profit: $4.05 billion
Total Operating Expenses: $2.12 billion

How has Monster Beverage's revenue changed over the last 10 years?

Over the last 10 years, Monster Beverage's total revenue changed from $2.46 billion in 2014 to $7.49 billion in 2024, a change of 204.0%.

How much debt does Monster Beverage have?

Monster Beverage's total liabilities were at $1.76 billion at the end of 2024, a 20.8% increase from 2023, and a 315.7% increase since 2014.

How much cash does Monster Beverage have?

In the past 10 years, Monster Beverage's cash and equivalents has ranged from $370.32 million in 2014 to $2.30 billion in 2023, and is currently $1.53 billion as of their latest financial filing in 2024.

How has Monster Beverage's book value per share changed over the last 10 years?

Over the last 10 years, Monster Beverage's book value per share changed from 9.04 in 2014 to 6.13 in 2024, a change of -32.2%.

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This page (NASDAQ:MNST) was last updated on 8/23/2025 by MarketBeat.com Staff

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