Monster Beverage Corporation

MNST
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
Latest Q Revenue
$2.4B
Q1 2026 · +27% YoY
TTM ROIC
31%
FY2025 · NOPAT / Invested Capital (incl. goodwill); Total Equity + Net Debt + Goodwill · WACC ~8% · Moat spread +23pp

Financial Snapshot

ticker: MNST step: 04 generated: 2026-05-12 source: quick-research

Monster Beverage Corporation (MNST) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue $6.31B $7.14B $7.49B +5%
Gross Margin 50.3% 53.2% 54.0% +0.8pp
Operating Margin ~22% ~25% ~25% flat
Net Income ~$1.29B ~$1.56B ~$1.67B +7%
EPS (diluted) ~$1.25 ~$1.52 ~$1.65 +9%

Note: FY2025 full-year results: revenue $8.29B (+11%), net income $1.91B (+14%), EPS ~$1.94. Gross margin expanded to ~55.5% in FY2025, reflecting input cost normalization and favorable international mix.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow ~$1.9B
Free Cash Flow ~$1.8B
Cash & Equivalents ~$2.2B
Total Debt Minimal (net cash position)

Key Ratios (approximate)

  • P/E: ~26x (FY2025) | EV/EBITDA: ~22x | FCF Yield: ~3.5%
  • Revenue Growth (FY2025): +11% | Net Margin: ~23%
  • ROIC: ~30%+ | Gross Margin (FY2025): ~55.5%

Growth Profile

Monster's revenue growth has moderated from 13% (FY2023) to 5% (FY2024) as domestic energy drink category growth slows and the U.S. market matures. FY2025 re-accelerated to +11%, driven by record international sales (43% of revenue). International expansion into emerging markets through Coca-Cola's distribution network remains the primary long-term growth lever. Gross margins have expanded steadily from 50.3% (FY2022) to ~55.5% (FY2025) as input cost headwinds (aluminum, sugar) reversed. Alcohol brands remain a drag — generating minimal revenue while requiring investment.

Forward Estimates

  • FY2026E: Revenue ~$8.9B (+7%), with continued international acceleration and domestic stabilization
  • Category volume growth in the U.S. was only +1.3% YoY in Jan 2025 vs. +5.2% for broader beverage market — a near-term watch item
  • Q3 2025 gross margin hit 55.7%, the highest in recent years — sustained margin expansion is a key bull thesis

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $MNST.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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Markdown: /stocks/mnst/financials/md · → thesis · → memo