Monster Beverage Corporation MNST

Consumer StaplesBeveragesUnited States of America

Last close 48.02 USD on Nov 2, 2026, +25.3% year to date

Quant rating

Quant rating A Rank 10 of 124 in Consumer Staples

Growth A 13 of 124
Valuation D 105 of 124
Quality A 7 of 124
Revisions B 33 of 124
Momentum A 13 of 124

Wall Street consensus Buy (2.27)Average target 50.82 USD +5.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 93.9B
Enterprise value: 90.5B
52-week range: 32.94 – 50.10
3-year range: 22.50 – 50.10
Dividend yield: –
Beta (5 years): 0.51
Shares outstanding: 1,956M
Next earnings: Nov 5, 2026

About the company

Monster Beverage Corporation is a holding company. The Company, through its subsidiaries, develops, markets, sells and distributes energy drink beverages and concentrates on energy drink beverages under various brand names. Its Monster Energy Drinks segment primarily consists of its Monster Energy drinks, Reign Total Body Fuel high performance energy drinks, Reign Storm total wellness energy drinks and Bang Energy drinks. Its Strategic Brands segment primarily consists of energy brands such as Predator and Fury. Its Alcohol Brands segment consists of various craft beers, hard seltzers and flavored malt beverages. Its Other segment consists of certain products sold by American Fruits and Flavors LLC, a wholly owned subsidiary of the Company, to independent third-party customers. It also develops, markets, sells and distributes still and sparkling water under the Monster Tour Water brand name. Its other brands include Punch Monster, Juice Monster, Ultra Energy, Samurai and others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	8,294	7,493	7,140	6,311	5,541	–
Revenue growth	10.7%	4.9%	13.1%	13.9%	20.5%	12.5%
EPS (basic, normalized)	1.03	0.81	0.78	0.56	0.64	–
EPS growth	27.2%	3.8%	39.9%	−13.2%	–	–
Gross margin	55.8%	54.0%	53.1%	50.3%	56.1%	53.9%
Net margin	23.0%	20.1%	22.8%	18.9%	24.9%	21.9%
ROE	26.8%	21.3%	21.4%	17.5%	23.5%	22.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	3,419
Current ratio	3.73x
Long-term debt (mil)	0
Net debt (mil)	−3,419
Total equity (mil)	9,364
Net debt / equity	−0.37x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	8,294	+10.7%	10.9x	–	–	–	1.03	+27.2%	46.6x
2026	9,758	+17.6%	9.3x	3,018	–	30.0x	1.16	+12.4%	41.5x
2027	10,694	+9.6%	8.5x	3,383	+12.1%	26.8x	1.32	+13.9%	36.4x
2028	11,664	+9.1%	7.8x	3,753	+10.9%	24.1x	1.50	+13.6%	32.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	9,758	+0.1%	+2.0%	+5.8%	1.16	+0.1%	+0.5%	+3.0%
2027	10,694	+0.1%	+2.6%	+6.7%	1.32	+0.1%	+1.6%	+4.2%
2028	11,664	0.0%	+2.8%	+7.0%	1.50	+0.5%	+2.0%	+4.5%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,899	1,901	1,881	1,812	1,855	2,112	2,197	2,131	2,353	2,537
Sales mean (mil)	1,901	2,014	1,910	1,795	1,981	2,080	2,106	2,040	2,159	2,428
Surprise	−0.1%	−5.6%	−1.5%	+1.0%	−6.4%	+1.5%	+4.3%	+4.5%	+9.0%	+4.5%
EPS reported	0.21	0.20	0.20	0.19	0.23	0.26	0.28	0.26	0.29	0.30
EPS mean	0.22	0.23	0.21	0.20	0.23	0.24	0.24	0.24	0.26	0.29
Surprise	−2.9%	−9.7%	−6.4%	−5.1%	+1.8%	+6.2%	+15.9%	+5.5%	+10.5%	+3.1%

Peer comparison Beverages

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
MNST Monster Beverage Corporation	93.9B	–	23.0%	10.05x	41.5x	36.4x	30.0x	26.8x
KO Coca-Cola Co	412.3B	1.69x	27.3%	11.03x	28.7x	27.1x	25.1x	24.1x
PEP PepsiCo, Inc.	191.4B	2.22x	8.8%	8.59x	16.7x	16.3x	12.2x	11.9x
CCEP Coca-Cola Europacific Partners PLC	50.8B	–	9.3%	5.53x	23.0x	21.2x	14.4x	13.6x
KDP Keurig Dr Pepper Inc	50.1B	8.45x	12.5%	1.70x	16.1x	14.6x	13.2x	11.6x
STZ Constellation Brands, Inc.	23.8B	3.11x	18.5%	2.78x	11.9x	11.6x	10.3x	10.0x
Mean		3.87x	16.6%	6.61x	23.0x	21.2x	17.5x	16.3x
Median		2.67x	15.5%	7.06x	19.9x	18.7x	13.8x	12.8x

Technical analysis

1M+11.8%
3M−0.4%
1Y+43.7%
3Y+82.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Monster Beverage Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	8,294	7,493	7,140	6,311	5,541	4,599
Cost of revenue	3,662	3,444	3,346	3,136	2,433	1,945
Gross profit	4,632	4,049	3,794	3,175	3,109	2,654
Selling, general & administrative expenses	1,958	1,080	987	851	775	590
Research & development	–	–	–	–	–	–
Depreciation/amortization	–	1.9	1.3	0.5	0.5	0.6
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	53.7	127	−6.7	2.2	5.3	8.9
Other operating expenses	201	910	813	736	531	422
Operating income	2,419	1,930	1,999	1,585	1,797	1,633
Net interest income (expense)	63.2	59.2	69.7	−12.8	4.0	−7.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	2,483	1,989	2,068	1,572	1,801	1,626
Provision for taxes	577	480	437	380	424	217
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,905	1,509	1,631	1,192	1,377	1,410
Extraordinary items	–	–	–	–	–	–
Net income	1,905	1,509	1,631	1,192	1,377	1,410
EBIT, normalized	2,473	2,069	1,992	1,587	1,803	1,642
EBITDA, normalized	2,587	2,149	2,061	1,648	1,853	1,699
Basic EPS, normalized	1.03	0.81	0.78	0.56	0.64	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Monster Beverage Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	2,765	1,533	3,253	2,669	3,076	2,062
Receivables	1,618	1,222	1,194	1,016	897	666
Total inventory	800	737	971	936	593	333
Prepaid expenses	178	149	170	144	116	80.1
Other current assets	0	0	0	0	0	0
Total current assets	5,361	3,642	5,589	4,765	4,682	3,141
Property, plant & equipment	1,082	1,102	950	555	337	337
Goodwill	1,332	1,332	1,418	1,418	1,332	1,332
Intangibles	1,379	1,414	1,427	1,220	1,072	1,059
Long-term investments	487	0	76.4	61.4	101	44.3
Note receivable	–	–	–	–	–	–
Other long-term assets	348	229	226	274	281	289
Total assets	9,989	7,719	9,687	8,293	7,805	6,203
Liabilities
Accounts payable	566	467	564	444	404	297
Payable/accrued	–	–	–	–	–	–
Accrued expenses	804	577	534	500	487	384
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	4.2	6.4	0.8	1.0	0.8
Other current liabilities	77.6	49.8	56.9	56.6	72.9	68.9
Total current liabilities	1,448	1,098	1,162	1,002	965	750
Long-term debt	0	374	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	287	290	296	266	273	292
Total liabilities	1,735	1,761	1,458	1,268	1,238	1,042
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	5.7	5.6	5.6	3.2	3.2	3.2
Additional paid-in capital	5,431	5,145	4,975	4,780	4,653	4,538
Retained earnings (accumulated deficit)	9,354	7,449	5,940	9,001	7,810	6,432
Treasury stock	−6,476	−6,372	−2,566	−6,600	−5,829	−5,815
Other equity	−60.8	−269	−125	−159	−69.2	3.0
Total equity	8,254	5,958	8,229	7,025	6,567	5,161
Total liabilities & shareholders' equity	9,989	7,719	9,687	8,293	7,805	6,203

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Monster Beverage Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,905	1,509	1,631	1,192	1,377	1,410
Depreciation, depletion & amortization	114	80.4	68.9	61.2	50.2	61.0
Deferred taxes	4.2	−11.7	2.0	48.2	16.4	−157
Non-cash items	194	243	75.7	73.5	73.6	78.6
Changes in working capital	−120	108	−59.9	−487	−362	−28.2
Cash from operations	2,098	1,929	1,718	888	1,156	1,364
Investing activities
Capital expenditures	−132	−264	−221	−189	−43.9	−48.7
Other investing cash flows	−1,185	998	28.0	27.4	−948	−424
Cash from investing	−1,317	734	−193	−161	−992	−472
Financing activities
Financing cash flow items	–	−2.9	–	–	–	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−324	−3,326	−543	−707	34.8	−526
Cash from financing	−324	−3,329	−543	−707	34.8	−526
Foreign exchange effects	97.9	−97.6	8.8	−38.7	−52.5	16.8
Net change in cash	555	−764	991	−19.3	146	382
Free cash flow	1,966	1,664	1,496	699	1,112	1,315

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.