Monster Beverage

MNST · Nasdaq · Consumer Staples · Financials, fiscal 2016 to 2025

MNST · Last close · October 26, 2026

$46.44

Monster Beverage's revenue rose 10.7% to $8.3 billion in fiscal 2025. Its operating margin was 29.2%, up from 25.8% a year earlier. Free cash flow was $2.0 billion, up 18.1%. It paid out $104 million in dividends and buybacks, 5% of free cash flow. The diluted share count fell 2.8%.

Monster Beverage Corp Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0001104659-26-020831 Updated October 9, 2026

Revenue

$8.3B

10.7%

Operating margin

29.2%

3.4 pts

Net income

$1.9B

26.3%

Free cash flow

$2.0B

18.1%

Return on capital

36.1%

6.2 pts

Market cap

$45.9B

Oct 26 close

P/E

21.5x

On $2.16 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Monster Beverage had no borrowings apart from a term loan taken out in 2024, so its debt in other years is counted as zero. Share counts and per-share figures for earlier years are restated for a stock split (2-for-1), so every year is on today's share basis.

What Monster Beverage does

Monster Beverage develops, markets, sells and distributes energy drinks and the concentrates used to make them. Its main brands are Monster Energy, Reign and Bang Energy, and it also owns brands such as NOS, Full Throttle and Burn. It sells craft beers, flavored malt beverages and hard seltzers as well.

The company reports four segments. Monster Energy Drinks sells ready-to-drink cans mainly to bottlers and full-service distributors, and sometimes directly to retailers. Strategic Brands, made up of energy brands bought from The Coca-Cola Company in 2015 plus lower-priced brands, mainly sells concentrates to bottlers, who finish and package the drinks. Alcohol Brands covers its beers, malt beverages and seltzers. Other covers products a subsidiary sells to outside customers.

Monster has extensive commercial arrangements with The Coca-Cola Company, so its results depend heavily on that relationship. It focuses on the energy drink category and competes with other beverage makers for shelf space and for customers. It is based in Corona, California.

Its biggest risks, as it describes them

Depending heavily on its commercial relationship with The Coca-Cola Company.
A focus on energy drinks, so a downturn or bad press for that category hits it hard.
Large customers cutting their purchases or dropping its products.
Rising costs for packaging, raw materials, freight and tariffs.
Rules on alcohol and on energy drinks that could limit sales or add costs.

From Monster Beverage's annual report on Form 10-K, filed February 27, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 14.1% a year and net income 11.5% a year, as buybacks cut the share count by 18%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, billions

Valuation

Two ways to value Monster Beverage yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Monster Beverage's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Monster Beverage's fiscal 2025 free cash flow of $2.0B, net cash of $2.8B at December 31, 2025 and 984 million diluted shares, from its filings. The scenarios are fitted to Monster Beverage: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 9.5% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 7% for a stable business (Soft Drinks & Non-alcoholic Beverages); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Monster Beverage's own revenue growth, as above. Cautious: growth of 5% then 3.5% a year, 2% after year 10, a 8% discount rate. Base: growth of 9.5% then 6% a year, 2.5% after year 10, a 7% discount rate. Optimistic: growth of 14.5% then 9% a year, 3% after year 10, a 6% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $46.44
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Monster Beverage's earnings per share of $2.16 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 24.6×, the middle of Monster Beverage's own P/E today, its peers' median and its sector's median (the Consumer Staples median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 8%, 7% and 6%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Keurig Dr Pepper, Celsius, Coca-Cola.

Earnings growth in the years ahead (% a year) Starts at Monster Beverage's revenue growth over the last 3 years, 9.5% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $46.44
Value at this multiple, against the last close: —
Monster Beverage's P/E at the last close: 21.5×

Company	Last close	Earnings per share	P/E today
CelsiusCELH	$28.15	$0.23	122.4×
Keurig Dr PepperKDP	$34.99	$0.99	35.3×
Coca-ColaKO	$92.70	$3.18	29.2×
Monster BeverageMNST	$46.44	$2.16	21.5×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	3,076	2,670	3,253	1,533	2,765
Debt incl. finance leases	1	1	6	378	0
Net debt (negative means net cash)	−3,075	−2,669	−3,247	−1,155	−2,765
Net debt to EBITDA	−1.7x	−1.6x	−1.6x	−0.6x	−1.1x
Debt to equity	0.0x	0.0x	0.0x	0.1x	0.0x
Interest coverage	13,413.9x	3,676.8x	5,381.1x	76.4x	453.3x
Current ratio	4.8x	4.8x	4.8x	3.3x	3.7x
Quick ratio	4.2x	3.8x	4.0x	2.6x	3.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Monster Beverage shares on the open market, and 5 insiders sold $36.2 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Jun 10, 2026	Guy CarlingCEO, EMEA and OSP	Sold	19,000	$90.90	$1.7 million	Form 4
May 14, 2026	Mark J HallDirector	Sold	54,000	$85.81	$4.6 million	Form 4
May 14, 2026	Emelie TirreChief Strategy Officer	Sold	10,000	$85.74	$857,400	Form 4
May 13, 2026	Emelie TirreChief Strategy Officer	Sold	88,700	$85.96	$7.6 million	Form 4
May 13, 2026	Thomas J KellyChief Financial Officer	Sold	7,000	$87.81	$614,670	Form 4
Mar 13, 2026	Thomas J KellyChief Financial Officer	Sold	8,000	$77.22	$617,760	Form 4
Dec 12, 2025	Rodney C SacksDirector	Sold	206,543	$73.58	$15.2 million	Form 4
Dec 12, 2025	Emelie TirreChief Commercial Officer	Sold	30,000	$73.31	$2.2 million	Form 4
Nov 13, 2025	Guy CarlingPresident of EMEA & OSP	Sold	38,438	$71.33	$2.7 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Pass
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Fail	Pass
F-score	8 of 9	5 of 9	9 of 9
Accruals ratio	−1.0%	−4.8%	−2.2%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Monster Beverage side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Monster Beverage	FY25	10.7%	29.2%	23.7%	36.1%	−1.1x	9
Coca-Cola Consolidated	FY25	4.8%	13.2%	8.6%	39.7%	2.2x	—	Compare
Keurig Dr Pepper	FY25	8.2%	21.5%	9.1%	6.8%	3.9x	6	Compare
Celsius	FY25	85.5%	5.6%	12.9%	25.1%	1.6x	5	Compare
Coca-Cola	FY25	1.9%	28.7%	11.1%	18.3%	2.1x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	3,049	3,369	3,807	4,201	4,599	5,541	6,311	7,140	7,493	8,294
Revenue growth	12.0%	10.5%	13.0%	10.3%	9.5%	20.5%	13.9%	13.1%	4.9%	10.7%
Gross profit	1,942	2,138	2,295	2,519	2,724	3,108	3,175	3,794	4,049	4,632
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	1,085	1,199	1,284	1,403	1,633	1,798	1,585	1,953	1,930	2,419
Net income	713	821	993	1,108	1,410	1,378	1,192	1,631	1,509	1,905
Diluted EPS (US$)	0.59	0.71	0.88	1.01	1.32	1.29	1.12	1.54	1.49	1.94
Diluted shares (millions)	1,200	1,154	1,128	1,093	1,070	1,071	1,066	1,058	1,013	984
Cash flow
Cash from operations	701	988	1,162	1,114	1,364	1,156	888	1,718	1,928	2,098
Capital expenditure	100	83	62	102	49	44	189	221	264	132
Free cash flow	602	904	1,100	1,012	1,315	1,112	699	1,496	1,664	1,966
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	2,252	361	1,342	707	596	14	771	659	3,772	104
Acquisitions	688	0	0	0	0	0	330	363	0	0
Stock-based compensation	46	52	57	63	70	70	64	69	91	126
Balance sheet at fiscal year end
Cash and short-term investments	598	1,202	958	1,331	2,062	3,076	2,670	3,253	1,533	2,765
Debt incl. finance leases	0	0	0	2	1	1	1	6	378	0
Total assets	4,154	4,791	4,527	5,150	6,203	7,805	8,293	9,686	7,719	9,989
Total liabilities	824	896	916	979	1,042	1,238	1,268	1,458	1,761	1,735
Shareholders' equity	3,330	3,895	3,611	4,171	5,161	6,567	7,025	8,229	5,958	8,254
Margins and ratios
Gross margin	63.7%	63.5%	60.3%	60.0%	59.2%	56.1%	50.3%	53.1%	54.0%	55.9%
Operating margin	35.6%	35.6%	33.7%	33.4%	35.5%	32.4%	25.1%	27.4%	25.8%	29.2%
Net margin	23.4%	24.4%	26.1%	26.4%	30.6%	24.9%	18.9%	22.8%	20.1%	23.0%
Free cash flow margin	19.7%	26.8%	28.9%	24.1%	28.6%	20.1%	11.1%	21.0%	22.2%	23.7%
Return on capital	31.0%	30.2%	36.9%	40.0%	47.6%	41.7%	30.6%	33.0%	29.9%	36.1%
Return on equity	17.5%	22.7%	26.5%	28.5%	30.2%	23.5%	17.5%	21.4%	21.3%	26.8%
Return on assets	14.7%	18.4%	21.3%	22.9%	24.8%	19.7%	14.8%	18.1%	17.3%	21.5%
Net debt to EBITDA	−0.5x	−1.0x	−0.7x	−0.9x	−1.2x	−1.7x	−1.6x	−1.6x	−0.6x	−1.1x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Monster Beverage's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Monster Beverage.