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Monster Beverage Corp. (NASDAQ:MNST)

This company has been moved to the archive! The financial data has not been updated since May 7, 2024.

Common-Size Balance Sheet: Assets
Quarterly Data

Monster Beverage Corp., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Cash and cash equivalents 25.52 23.72 19.04 20.18 18.91 15.76 15.88 13.85 12.39 17.00 22.99 22.40 18.04 19.03 18.86 17.74 14.38 15.49 13.97 17.47 13.28
Short-term investments 9.75 9.87 13.28 15.30 15.64 16.43 16.41 16.36 20.98 22.42 16.43 13.70 15.00 14.21 10.52 4.83 4.78 10.35 11.43 7.04 5.66
Accounts receivable, net 13.57 12.33 13.22 14.39 13.46 12.25 12.82 14.38 12.70 11.49 11.40 12.86 12.28 10.74 13.00 14.64 13.74 10.49 12.61 13.54 12.82
Inventories 9.31 10.03 9.49 9.14 10.25 11.28 10.52 10.84 10.03 7.60 6.33 5.41 5.64 5.37 5.60 6.56 7.22 7.00 6.18 5.89 6.46
Prepaid expenses and other current assets 1.23 1.20 1.75 1.61 1.25 1.32 1.37 1.62 1.35 1.06 1.28 1.17 1.11 0.89 1.33 1.51 1.47 1.07 1.14 1.15 1.37
Prepaid income taxes 0.40 0.56 0.25 0.42 0.35 0.41 0.24 0.40 0.49 0.43 0.41 0.32 0.48 0.40 0.28 0.38 0.38 0.57 0.62 0.68 1.38
Current assets 59.77% 57.70% 57.03% 61.04% 59.86% 57.46% 57.24% 57.45% 57.94% 59.99% 58.85% 55.87% 52.55% 50.64% 49.60% 45.66% 41.97% 44.97% 45.95% 45.76% 40.97%
Investments 0.08 0.79 0.57 0.67 0.47 0.74 0.88 0.78 0.80 1.27 0.38 1.29 0.98 0.71 0.36 0.04 0.29 0.25 0.28 0.14 0.00
Property and equipment, net 9.14 9.20 7.85 6.23 6.17 6.23 5.92 5.68 4.98 4.02 4.16 4.37 4.78 5.07 5.35 5.81 6.05 5.80 4.90 4.72 5.18
Deferred income taxes, net 1.74 1.81 1.90 1.91 2.00 2.13 2.38 2.49 2.75 2.89 3.24 3.41 3.70 3.90 1.49 1.63 1.74 1.65 1.66 1.67 1.83
Goodwill 14.04 14.64 15.22 15.31 16.03 17.10 17.22 17.28 17.25 17.06 17.88 18.83 20.38 21.47 23.37 25.64 27.28 25.86 25.92 26.19 28.60
Other intangible assets, net 14.17 14.73 15.67 13.21 13.82 14.72 14.94 14.96 15.05 13.74 14.31 14.97 16.27 17.07 18.60 20.32 21.57 20.43 20.39 20.57 22.40
Other assets 1.06 1.14 1.77 1.63 1.64 1.62 1.41 1.35 1.24 1.03 1.19 1.26 1.35 1.14 1.24 0.89 1.10 1.05 0.90 0.94 1.02
Noncurrent assets 40.23% 42.30% 42.97% 38.96% 40.14% 42.54% 42.76% 42.55% 42.06% 40.01% 41.15% 44.13% 47.45% 49.36% 50.40% 54.34% 58.03% 55.03% 54.05% 54.24% 59.03%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

A significant structural shift in the asset composition is observed between March 2019 and March 2024, characterized by a transition from a non-current asset-heavy balance sheet to one dominated by current assets. Total current assets rose from 40.97% of total assets in early 2019 to a peak of 61.04% in June 2023, ending at 59.77% in March 2024. Conversely, non-current assets declined from 59.03% to 40.23% over the same period.

Liquidity and Cash Management
Cash and cash equivalents demonstrate a consistent long-term upward trend, increasing from 13.28% in March 2019 to 25.52% by March 2024. Short-term investments exhibited higher volatility, peaking at 22.42% in December 2021 before contracting to 9.75% by the end of the period. The combined weight of cash and short-term investments indicates a strategic move toward a highly liquid financial position.
Working Capital Dynamics
Accounts receivable remained relatively stable, fluctuating within a narrow band between 10.49% and 14.64%. Inventories showed a gradual increase in their proportion of total assets, rising from 6.46% in 2019 to a peak of 11.28% in December 2022, eventually settling at 9.31% in March 2024. Prepaid expenses and income taxes remained marginal components of the total asset base throughout the analyzed period.
Intangible Asset Erosion
A pronounced downward trend is evident in the proportion of intangible assets. Goodwill declined from 28.60% in March 2019 to 14.04% in March 2024. Similarly, other intangible assets, net, decreased from 22.40% to 14.17%. This systematic reduction in the weight of goodwill and intangibles is the primary driver behind the relative increase in the percentage of current assets.
Fixed Asset Trends
Property and equipment, net, remained relatively stable for several years before showing a modest increase in the latter part of the period, rising from 5.18% in March 2019 to 9.14% in March 2024. Deferred income taxes, net, saw a temporary spike in late 2020 and 2021, reaching 3.90% before returning to a baseline of 1.74% by March 2024.

The overall trajectory indicates a balance sheet that has become more liquid and less reliant on intangible valuations. The shift suggests a transition from an asset base historically dominated by acquisition-related intangibles toward one characterized by strong cash reserves and a higher proportion of operational working capital.

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