# Monster Beverage Corporation (MNST) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/MNST/thesis · /stocks/MNST/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/MNST/fundamental

## Navigation

- Overview: /stocks/MNST
- Financials (this page): /stocks/MNST/financials
- Thesis: /stocks/MNST/thesis
- Investment Memo: /stocks/MNST/memo
- Coverage universe: /stocks