Common-Size Income Statement
Quarterly Data
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- Analysis of Profitability Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
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Monster Beverage Corp., common-size consolidated income statement (quarterly data)
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).
- Gross profit and cost of sales trends
- Gross profit as a percentage of net sales exhibited a declining trend overall, falling from 60.63% in March 2019 to 54.09% in March 2024. Concurrently, the cost of sales increased as a percentage of net sales, rising from -39.37% to -45.91% over the same period. This indicates increasing production or procurement costs relative to sales, which negatively impacted gross margin.
- Operating expenses and operating income trends
- Operating expenses as a percentage of net sales fluctuated without a clear directional trend, ranging mostly between -20% and -30%. Notably, there was a spike to -29.16% in December 2023. Operating income percentage declined from a high of 37.23% in June 2020 to a low of 25.08% in March 2024, indicating compression in operating profitability over time despite some periodic recoveries.
- Interest and other income (expense), net
- This category showed notable volatility. It generally stayed close to zero from 2019 through mid-2022 but spiked in late 2023 and early 2024, reaching as high as 3.84% in December 2023. This suggests occasional significant non-operating gains or fluctuations influencing overall profitability in recent quarters.
- Income before provision for income taxes
- Income before taxes, as a percentage of net sales, mirrored operating income trends with a decline from peak levels around 37% in mid-2020 to approximately 30.42% in March 2024. This suggests that income before taxes was pressured by higher costs or reduced operational efficiency in the later periods.
- Provision for income taxes
- Tax provision fluctuated between negative and positive values, with occasional unusual spikes such as 5.93% in December 2020. Most periods showed a tax provision of around -6% to -8%, with some variability. The negative values indicate tax expenses relative to net sales, but some irregularities may reflect tax credits or adjustments.
- Net income trends
- Net income as a percentage of net sales declined from 27.64% in March 2019 to a trough of 16.51% in June 2022, then generally recovered to 23.28% by March 2024. The decline in mid-period aligns with the increase in cost of sales and tax fluctuations, while later recovery suggests some improvement in controlling costs or other gains contributing to profitability.
- Overall profitability and cost structure observations
- The data indicates increasing pressure on profitability primarily due to rising cost of sales, which reduced gross profit margins. Operating expenses remained relatively stable, but the combined effect led to a shrinking operating income margin over several years. Non-operating income contributed positively in certain recent quarters, partially offsetting margin compression. Tax provisions showed variability which impacted net income patterns. Despite challenges, net income demonstrated a partial recovery in the most recent quarters.