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Monster Beverage Corp (MNST) USD

Markets energy drinks and other beverages.

At a glance: strengths & risks
✓Revenue growing (+20% y/y, Q2 2026)✓Profit growing (+20% y/y, Q2 2026)✓Net cash balance sheet

Sector: United States — large cap (SEC filings)

US_MNST

Price chart

47.34 USDDay 2.14%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
47.34 USD · 2.14%
Market cap
92.4 bn USD

Growth

Δ revenue y/y
20.2%
Δ EBITDA y/y
16.8%

Multiples

P/E (LTM)
43.4x
3y avg: 38.1x
P/B (FY)
15.5x
P/E (ann.)
39.5x
EV/EBITDA (LTM)
32.3x
3y avg: 26.7x
EV/EBITDA (ann.)
29.5x

Cash return

Dividend yield
—
FCF yield (LTM)
2.3%

Value creation

fundamental value/yr, % of market cap
Value created / year
+8.9%
↓ details

Liquidity

Daily turnover (US listing)
630.3 mln USD

Shares: yahoo_fundamentals_timeseries/MNST

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK2537.5
y/y 20.2%
740.4
y/y 17.2%
29.8
y/y 8.0%
770.2
y/y 16.8%
584.5
y/y 19.6%
509.2-48.411382.3
y/y 30.4%
9364.1
y/y 30.2%
25.8%≈ -1642.8SEC EDGAR
2026-03-31Q1 2026 (3M)OK2353.3
y/y 26.9%
730.0
y/y 28.1%
28.4
y/y 14.3%
758.4
y/y 27.5%
569.5
y/y 28.6%
605.0-20.610843.5
y/y 31.8%
8727.0
y/y 33.9%
26.8%≈ -1642.8Link
2025-12-31Q4 2025 (3M)OK2131.1
y/y 17.6%
542.6
y/y 42.3%
32.4
y/y 57.3%
575.1
y/y 43.1%
449.2
y/y 65.9%
379.4-28.29988.9
y/y 29.4%
8254.1
y/y 38.5%
23.8%≈ -1642.8Link
2025-09-30Q3 2025 (3M)OK2197.1
y/y 16.8%
675.4
y/y 40.7%
29.6
y/y 48.8%
705.0
y/y 41.0%
524.5
y/y 41.4%
745.1-43.69611.3
y/y 19.3%
7745.2
y/y 34.0%
28.1%≈ -1642.8Link
2025-06-30Q2 2025 (3M)OK2111.6
y/y 11.1%
631.6
y/y 19.8%
27.6
y/y 41.8%
659.2
y/y 20.6%
488.8
y/y 14.9%
466.0-31.48729.9
y/y 8.3%
7191.3
y/y 22.6%
28.5%≈ -1642.8Link
2025-03-31Q1 2025 (3M)OK1854.6
y/y -2.3%
569.7
y/y 5.1%
24.8
y/y 21.4%
594.6
y/y 5.7%
443.0
y/y 0.2%
507.6-29.18227.0
y/y -18.5%
6519.4
y/y -24.0%
28.4%-1642.8Link
2024-12-31Q4 2024 (3M)OK1812.0
y/y 4.7%
381.2
y/y -12.2%
20.6
y/y 11.2%
401.8
y/y -11.2%
270.7
y/y -26.2%
461.7-91.37719.1
y/y -20.3%
5957.7
y/y -27.6%
25.7%-1098.7Link
2024-09-30Q3 2024 (3M)OK1881.0
y/y 1.3%
479.9
y/y -6.0%
19.9
y/y 10.7%
499.8
y/y -5.4%
370.9
y/y -18.1%
618.4-47.08053.3
y/y -13.5%
5779.4
y/y -26.6%
25.5%-817.1Link
2024-06-30Q2 2024 (3M)OK1900.6
y/y 2.5%
527.2
y/y 0.6%
19.4
y/y 24.8%
546.6
y/y 1.3%
425.4
y/y 2.8%
436.3-59.88060.9
y/y -13.0%
5866.3
y/y -25.2%
23.6%-756.8Link
2024-03-31Q1 2024 (3M)OK1899.1
y/y 11.8%
542.0
y/y 11.7%
20.5
y/y 21.8%
562.5
y/y 12.1%
442.0
y/y 11.2%
412.1-66.010098.1
y/y 14.2%
8577.8
y/y 16.0%
21.0%-3498.8Link
2023-12-31Q4 2023 (3M)OK1730.1
y/y —
434.0
y/y —
18.5
y/y —
452.5
y/y —
367.0
y/y —
434.3-111.29686.5
y/y —
8228.7
y/y —
20.3%-3187.3Link
2023-09-30Q3 2023 (3M)OK1856.0
y/y —
510.5
y/y —
18.0
y/y —
528.5
y/y —
452.7
y/y —
520.3-27.89314.3
y/y —
7873.1
y/y —
23.0%-2956.1Link
2023-06-30Q2 2023 (3M)OK1855.0
y/y —
523.8
y/y —
15.6
y/y —
539.4
y/y —
413.9
y/y —
338.7-42.39263.3
y/y —
7841.5
y/y —
21.7%-3246.1Link
2023-03-31Q1 2023 (3M)OK1698.9
y/y —
485.1
y/y —
16.8
y/y —
501.9
y/y —
397.4
y/y —
424.5-40.18844.4
y/y —
7395.4
y/y —
——Link

Net debt structure (leases included, IFRS 16) 2025-03-31

Short-term debt (incl. ST leases)20
Long-term debt (incl. LT leases)241
− Cash & equivalents1 903
Net debt-1 643

Net debt / LTM EBITDA: -0.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-20%0%20%40%60%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-50005001 0001 5002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-4 000-3 000-2 000-1 00002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 1.08x of reported net profit; after capex, 0.97x.
year2022202320242025
cash flow / profit0.74x1.05x1.28x1.10x
accruals, % of assets3.7%-0.9%-5.4%-1.9%
Last twelve months (to 2026-06-30): 1.05x of profit came back as operating cash flow.
capex 2.5x of depreciation · share count -2.6% a year
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +8.9%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (770 − 659) × 3.65
405
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (92 397 + -1 643) ÷ 2 809
30.0x — capped at 30x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (30.0 + 12) ÷ 2
21.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 0 + 0 + 161 − 45
161
4b. Share dilution (at market, LTM)
Share-count growth over the year × Market cap
= 0.4% × 92 397
−400
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (405 × 21.0 + 161 − 400) ÷ 92 397
+8.9%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • equity issuance measured by share-count dilution at market, not the cash line
  • share-count dilution 0.4%/yr (valued at market: -400)

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +11% vs +5% the year before — a +5.8 pp move. 3-year CAGR +10%.
revenue growth by year: 2023 +13% · 2024 +5% · 2025 +11%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 15.0x · 3-year 75th pct 28.6x

EV/EBITDA3-year 75th pct

Peer comparison

Group: consumer (US). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
PEPSICO INCUS188.612.1x
Altria GroupUS130.613.5x
HOME DEPOT, INC.US326.915.4x
MGM Resorts InternationalUS7.716.1x
MCDONALDS CORPUS183.416.2x
MODINE MANUFACTURING COUS6.917.0x
PROCTER & GAMBLE CoUS375.517.3x
TJX COMPANIES INC /DE/US155.317.5x
Philip Morris International Inc.US324.919.4x
Walmart Inc.US984.322.1x
COCA COLA COUS404.726.4x
COSTCO WHOLESALE CORP /NEWUS448.730.5x
Group median17.2x
Group average18.6x
This companyUS92.432.3x

Group median 17.2x; this company 32.3x — a 88% premium.

Group average 18.6x; against the average this company is at a 73% premium.

At the adjusted group median the market cap would be -46% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 19.4x, Russia 3.8x, South Africa 5.2x, Kazakhstan 6.2x, India 17.7x, Indonesia 4.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-31; the company's own is live.

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Monster Beverage Corp (MNST) — from primary filings.

Frequently asked questions

What is Monster Beverage Corp (MNST)'s P/E ratio?
Monster Beverage Corp (MNST) trades at a P/E of 43.4x (price to trailing 12-month earnings).
What is Monster Beverage Corp (MNST)'s EV/EBITDA?
Monster Beverage Corp (MNST) trades at 32.3x EV/EBITDA.
What is Monster Beverage Corp (MNST)'s P/B ratio?
Monster Beverage Corp (MNST) trades at a P/B of 15.5x.
What is Monster Beverage Corp (MNST)'s return on equity (ROE)?
Monster Beverage Corp (MNST)'s ROE is 25.8%.
What is Monster Beverage Corp (MNST)'s market capitalization?
Monster Beverage Corp (MNST)'s market cap is 92.4 bn USD.

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