Monster Beverage
MNST Nasdaq Soft Drinks & Non-alcoholic Beverages Financials FY2016–FY2025
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%.
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.
- Legal name
- Monster Beverage Corp
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 27, 2026
- Accession · CIK
- 0001104659-26-020831
0000865752
Revenue and margins
Monster Beverage had $8.3B of revenue in fiscal 2025, up 10.7% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 14.1% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $2.0B in fiscal 2025, 23.7% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Monster Beverage returned $104M to shareholders in fiscal 2025, 5% of free cash flow. The diluted share count fell 2.8%.
Value Monster Beverage yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $2.8B and divides by 984.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 21.4x · peers 35.0x · sector 24.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Monster Beverage can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $3.1B | $2.7B | $3.3B | $1.5B | $2.8B |
| Debt incl. finance leases | $1.0M | $0.8M | $6.5M | $378M | $0.0M |
| Net debt / EBITDA | −1.7x | −1.6x | −1.6x | −0.6x | −1.1x |
| Debt / equity | 0.0x | 0.0x | 0.0x | 0.1x | 0.0x |
| Interest coverage | 13,413.9x | 3,676.9x | 5,381.1x | 76.4x | 453.3x |
| Current ratio | 4.9x | 4.8x | 4.8x | 3.3x | 3.7x |
| Quick ratio | 4.2x | 3.8x | 4.0x | 2.7x | 3.2x |
| Total assets | $7.8B | $8.3B | $9.7B | $7.7B | $10.0B |
| Total liabilities | $1.2B | $1.3B | $1.5B | $1.8B | $1.7B |
| Shareholders' equity | $6.6B | $7.0B | $8.2B | $6.0B | $8.3B |
| Net debt (− = net cash) | −$3.1B | −$2.7B | −$3.2B | −$1.2B | −$2.8B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$36.2M
5 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jun 10, 2026 | Guy CarlingCEO, EMEA and OSP | Sold | 19,000 | $90.90 | $1.7M | Form 4 |
| May 14, 2026 | Emelie TirreChief Strategy Officer | Sold | 10,000 | $85.74 | $0.9M | Form 4 |
| May 14, 2026 | Mark J HallDirector | Sold | 54,000 | $85.81 | $4.6M | Form 4 |
| May 13, 2026 | Emelie TirreChief Strategy Officer | Sold | 88,700 | $85.96 | $7.6M | Form 4 |
| May 13, 2026 | Thomas J KellyChief Financial Officer | Sold | 7,000 | $87.81 | $0.6M | Form 4 |
| Mar 13, 2026 | Thomas J KellyChief Financial Officer | Sold | 8,000 | $77.22 | $0.6M | Form 4 |
| Dec 12, 2025 | Emelie TirreChief Commercial Officer | Sold | 30,000 | $73.31 | $2.2M | Form 4 |
| Dec 12, 2025 | Rodney C SacksDirector | Sold | 206,543 | $73.58 | $15.2M | Form 4 |
| Nov 13, 2025 | Guy CarlingPresident of EMEA & OSP | Sold | 38,438 | $71.33 | $2.7M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✕ | ✓ |
| Current ratio rose | ✓ | ✕ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | ✓ | ✕ | ✓ |
| F-score | 8 / 9 | 5 / 9 | 9 / 9 |
| Accruals ratio | −1.0% | −4.8% | −2.2% |
| Altman Z'' | 12.28 | 10.54 | 12.25 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Monster Beverage MNST | $45.7B | 10.7% | 29.2% | 23.7% | 36.1% | 21.4x | 9 | |
| Coca-Cola Consolidated COKE | — | 4.8% | 13.2% | 8.6% | 39.7% | — | — | Compare → |
| Keurig Dr Pepper KDP | $47.3B | 8.2% | 21.5% | 9.1% | 6.8% | 35.0x | 6 | Compare → |
| Celsius CELH | $7.3B | 85.5% | 5.6% | 12.9% | 25.1% | 123.8x | 5 | Compare → |
| Coca-Cola KO | $400.0B | 1.9% | 28.7% | 11.1% | 18.3% | 29.2x | 7 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $3.0B | $3.4B | $3.8B | $4.2B | $4.6B | $5.5B | $6.3B | $7.1B | $7.5B | $8.3B |
| Gross profit | $1.9B | $2.1B | $2.3B | $2.5B | $2.7B | $3.1B | $3.2B | $3.8B | $4.0B | $4.6B |
| Operating income | $1.1B | $1.2B | $1.3B | $1.4B | $1.6B | $1.8B | $1.6B | $2.0B | $1.9B | $2.4B |
| Interest expense | $0.1M | $0.1M | $0.1M | $0.3M | $0.0M | $0.1M | $0.4M | $0.4M | $25.3M | $5.3M |
| Pretax income | $1.1B | $1.2B | $1.3B | $1.4B | $1.6B | $1.8B | $1.6B | $2.1B | $2.0B | $2.5B |
| Income tax | $367M | $381M | $300M | $308M | $217M | $424M | $380M | $438M | $480M | $577M |
| Net income | $713M | $821M | $993M | $1.1B | $1.4B | $1.4B | $1.2B | $1.6B | $1.5B | $1.9B |
| Diluted EPS | $0.59 | $0.71 | $0.88 | $1.01 | $1.32 | $1.29 | $1.12 | $1.54 | $1.49 | $1.94 |
| Diluted shares | 1.20B | 1.15B | 1.13B | 1.09B | 1.07B | 1.07B | 1.07B | 1.06B | 1.01B | 0.98B |
| Cash flow | ||||||||||
| Cash from operations | $701M | $988M | $1.2B | $1.1B | $1.4B | $1.2B | $888M | $1.7B | $1.9B | $2.1B |
| Capital expenditure | $99.8M | $83.4M | $61.9M | $102M | $48.7M | $43.9M | $189M | $221M | $264M | $132M |
| Free cash flow | $602M | $904M | $1.1B | $1.0B | $1.3B | $1.1B | $699M | $1.5B | $1.7B | $2.0B |
| Depreciation and amortization | $40.8M | $48.9M | $57.0M | $60.7M | $57.0M | $50.2M | $61.2M | $68.9M | $80.4M | $114M |
| Stock-based compensation | $45.8M | $52.3M | $57.1M | $63.4M | $70.3M | $70.5M | $64.1M | $68.8M | $91.0M | $126M |
| Acquisitions | $689M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $330M | $363M | $0.0M | $0.0M |
| Share buybacks | $2.3B | $361M | $1.3B | $707M | $596M | $13.8M | $771M | $659M | $3.8B | $104M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $2.3B | $361M | $1.3B | $707M | $596M | $13.8M | $771M | $659M | $3.8B | $104M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $598M | $1.2B | $958M | $1.3B | $2.1B | $3.1B | $2.7B | $3.3B | $1.5B | $2.8B |
| Total debt | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $374M | $0.0M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $1.5M | $0.8M | $1.0M | $0.8M | $6.5M | $4.2M | $0.0M |
| Current assets | $1.4B | $2.1B | $1.8B | $2.3B | $3.1B | $4.7B | $4.8B | $5.6B | $3.6B | $5.4B |
| Current liabilities | $471M | $560M | $601M | $661M | $750M | $965M | $1.0B | $1.2B | $1.1B | $1.4B |
| Inventory | $162M | $256M | $278M | $361M | $333M | $593M | $936M | $971M | $737M | $800M |
| Property and equipment, net | $173M | $230M | $243M | $299M | $315M | $314M | $517M | $891M | $1.0B | $1.1B |
| Total assets | $4.2B | $4.8B | $4.5B | $5.2B | $6.2B | $7.8B | $8.3B | $9.7B | $7.7B | $10.0B |
| Total liabilities | $824M | $896M | $916M | $979M | $1.0B | $1.2B | $1.3B | $1.5B | $1.8B | $1.7B |
| Shareholders' equity | $3.3B | $3.9B | $3.6B | $4.2B | $5.2B | $6.6B | $7.0B | $8.2B | $6.0B | $8.3B |
| Margins | ||||||||||
| 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% |
| EBITDA margin | 36.9% | 37.0% | 35.2% | 34.8% | 36.8% | 33.3% | 26.1% | 28.3% | 26.8% | 30.6% |
| Net margin | 23.4% | 24.4% | 26.1% | 26.4% | 30.7% | 24.9% | 18.9% | 22.8% | 20.1% | 23.0% |
| FCF margin | 19.7% | 26.8% | 28.9% | 24.1% | 28.6% | 20.1% | 11.1% | 21.0% | 22.2% | 23.7% |
| Returns | ||||||||||
| Return on capital | 31.0% | 30.2% | 36.9% | 40.0% | 47.7% | 41.7% | 30.6% | 33.0% | 29.9% | 36.1% |
| Return on capital employed | 24.5% | 30.3% | 31.5% | 33.3% | 32.9% | 29.3% | 22.4% | 24.7% | 25.5% | 31.9% |
| 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% |
| Growth | ||||||||||
| Revenue growth | 12.0% | 10.5% | 13.0% | 10.3% | 9.5% | 20.5% | 13.9% | 13.1% | 4.9% | 10.7% |
| Net income growth | 30.4% | 15.2% | 21.0% | 11.6% | 27.2% | −2.3% | −13.5% | 36.9% | −7.5% | 26.3% |
| EPS growth | 25.3% | 19.3% | 23.9% | 15.3% | 30.1% | −2.3% | −13.2% | 37.5% | −3.3% | 30.2% |
| FCF growth | 23.5% | 50.3% | 21.6% | −8.0% | 30.0% | −15.5% | −37.1% | 114.1% | 11.2% | 18.1% |
| Share count change | 3.8% | −3.8% | −2.2% | −3.1% | −2.2% | 0.2% | −0.5% | −0.8% | −4.2% | −2.8% |
| Financial health | ||||||||||
| Net debt / EBITDA | −0.5x | −1.0x | −0.7x | −0.9x | −1.2x | −1.7x | −1.6x | −1.6x | −0.6x | −1.1x |
| Debt / equity | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x | 0.1x | 0.0x |
| Interest coverage | 15,960.9x | 15,983.8x | 21,393.7x | 4,384.2x | 37,117.1x | 13,413.9x | 3,676.9x | 5,381.1x | 76.4x | 453.3x |
| Current ratio | 3.0x | 3.7x | 3.0x | 3.5x | 4.2x | 4.9x | 4.8x | 4.8x | 3.3x | 3.7x |
| Quick ratio | 2.7x | 3.3x | 2.5x | 3.0x | 3.7x | 4.2x | 3.8x | 4.0x | 2.7x | 3.2x |
| Capital allocation | ||||||||||
| Capex / revenue | 3.3% | 2.5% | 1.6% | 2.4% | 1.1% | 0.8% | 3.0% | 3.1% | 3.5% | 1.6% |
| Stock comp / revenue | 1.5% | 1.6% | 1.5% | 1.5% | 1.5% | 1.3% | 1.0% | 1.0% | 1.2% | 1.5% |
| Payouts / FCF | 374.5% | 39.9% | 122.0% | 69.9% | 45.3% | 1.2% | 110.3% | 44.0% | 226.6% | 5.3% |
| Quality scores | ||||||||||
| Piotroski F-score | 3.0 | 7.0 | 5.0 | 7.0 | 5.0 | 4.0 | 3.0 | 8.0 | 5.0 | 9.0 |
| Altman Z'' | 9.2 | 10.3 | 10.6 | 11.6 | 12.9 | 13.5 | 13.6 | 12.3 | 10.5 | 12.3 |
| Accruals ratio | 0.2% | −3.7% | −3.6% | −0.1% | 0.8% | 3.2% | 3.8% | −1.0% | −4.8% | −2.2% |
Source: SEC EDGAR XBRL filings (CIK 0000865752). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.