National Beverage vs Monster Beverage
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The short version
- Monster Beverage is the larger business, with $8.3B of revenue in fiscal 2025 against $1.2B for National Beverage, about 7.0 times as much.
- Monster Beverage grew revenue faster (10.7%, against −1.7%).
- Monster Beverage kept more of each dollar of sales as operating profit (29.2% operating margin, against 19.5%).
- Monster Beverage turned more of its sales into free cash flow (23.7% FCF margin, against 13.2%).
- National Beverage earned a higher return on the capital invested in it (65.5%, against 36.1%).
- Investors pay more for each dollar of Monster Beverage’s earnings: a P/E of 21.4x against 19.4x for National Beverage.
| Latest fiscal year | FIZZ · FY26 | MNST · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.4B | $45.7B |
| Revenue | $1.2B | $8.3B |
| Free cash flow | $156M | $2.0B |
| Net income | $184M | $1.9B |
| Growth | ||
| Revenue growth | −1.7% | 10.7% |
| 5-year growth | 1.9% | 12.5% |
| Share count change | −0.0% | −2.8% |
| Profitability | ||
| Gross margin | 37.0% | 55.9% |
| Operating margin | 19.5% | 29.2% |
| Net margin | 15.6% | 23.0% |
| FCF margin | 13.2% | 23.7% |
| Return on capital | 65.5% | 36.1% |
| Return on equity | 34.0% | 26.8% |
| Balance sheet | ||
| Net debt | −$350M | −$2.8B |
| Net debt / EBITDA | −1.4x | −1.1x |
| Dividends and buybacks | $0.7M | $104M |
| Valuation & quality | ||
| P/E | 19.4x | 21.4x |
| Piotroski F-score | 7 | 9 |
Revenue
FY17
FIZZ $827M
MNST $3.4B
FY18
FIZZ $976M
MNST $3.8B
FY19
FIZZ $1.0B
MNST $4.2B
FY20
FIZZ $1.0B
MNST $4.6B
FY21
FIZZ $1.1B
MNST $5.5B
FY22
FIZZ $1.1B
MNST $6.3B
FY23
FIZZ $1.2B
MNST $7.1B
FY24
FIZZ $1.2B
MNST $7.5B
FY25
FIZZ $1.2B
MNST $8.3B
FY26
FIZZ $1.2B
MNST —
FIZZ
MNST
Operating margin
FY17
FIZZ —
MNST 35.6%
FY18
FIZZ 20.9%
MNST 33.7%
FY19
FIZZ 17.7%
MNST 33.4%
FY20
FIZZ 16.6%
MNST 35.5%
FY21
FIZZ 21.3%
MNST 32.4%
FY22
FIZZ 18.3%
MNST 25.1%
FY23
FIZZ 15.9%
MNST 27.4%
FY24
FIZZ 18.3%
MNST 25.8%
FY25
FIZZ 19.6%
MNST 29.2%
FY26
FIZZ 19.5%
MNST —
FIZZ
MNST
Free cash flow
FY17
FIZZ $100M
MNST $904M
FY18
FIZZ $123M
MNST $1.1B
FY19
FIZZ $101M
MNST $1.0B
FY20
FIZZ $154M
MNST $1.3B
FY21
FIZZ $168M
MNST $1.1B
FY22
FIZZ $104M
MNST $699M
FY23
FIZZ $140M
MNST $1.5B
FY24
FIZZ $168M
MNST $1.7B
FY25
FIZZ $170M
MNST $2.0B
FY26
FIZZ $156M
MNST —
FIZZ
MNST
Return on capital
FY17
FIZZ —
MNST 30.2%
FY18
FIZZ —
MNST 36.9%
FY19
FIZZ —
MNST 40.0%
FY20
FIZZ —
MNST 47.7%
FY21
FIZZ —
MNST 41.7%
FY22
FIZZ 82.7%
MNST 30.6%
FY23
FIZZ 65.3%
MNST 33.0%
FY24
FIZZ 75.2%
MNST 29.9%
FY25
FIZZ 74.5%
MNST 36.1%
FY26
FIZZ 65.5%
MNST —
FIZZ
MNST
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.