Price to Book Value (P/BV)
since 2005
Calculation
Monster Beverage Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 29, 2024 | 7.47 | = | 59.10 | ÷ | 7.91 | 7.91 | = | 8,228,744 | ÷ | 1,040,636,235 | |
| Mar 1, 2023 | 7.38 | = | 49.60 | ÷ | 6.72 | 6.72 | = | 7,025,041 | ÷ | 1,044,818,716 | |
| Feb 28, 2022 | 6.80 | = | 42.20 | ÷ | 6.20 | 6.20 | = | 6,566,951 | ÷ | 1,058,717,720 | |
| Mar 1, 2021 | 8.96 | = | 43.78 | ÷ | 4.89 | 4.89 | = | 5,160,860 | ÷ | 1,056,274,072 | |
| Feb 28, 2020 | 8.03 | = | 31.21 | ÷ | 3.88 | 3.88 | = | 4,171,281 | ÷ | 1,073,792,284 | |
| Feb 28, 2019 | 9.60 | = | 31.92 | ÷ | 3.32 | 3.32 | = | 3,610,901 | ÷ | 1,086,296,338 | |
| Mar 1, 2018 | 7.88 | = | 27.11 | ÷ | 3.44 | 3.44 | = | 3,895,212 | ÷ | 1,132,805,496 | |
| Mar 1, 2017 | 7.15 | = | 21.01 | ÷ | 2.94 | 2.94 | = | 3,329,709 | ÷ | 1,133,238,686 | |
| Feb 29, 2016 | 5.30 | = | 20.92 | ÷ | 3.95 | 3.95 | = | 4,809,410 | ÷ | 1,217,519,022 | |
| Mar 2, 2015 | 15.85 | = | 23.54 | ÷ | 1.49 | 1.49 | = | 1,515,150 | ÷ | 1,020,097,932 | |
| Mar 3, 2014 | 12.21 | = | 12.10 | ÷ | 0.99 | 0.99 | = | 992,279 | ÷ | 1,001,262,984 | |
| Mar 1, 2013 | 13.01 | = | 8.44 | ÷ | 0.65 | 0.65 | = | 644,397 | ÷ | 993,275,160 | |
| Feb 29, 2012 | 10.18 | = | 9.53 | ÷ | 0.94 | 0.94 | = | 979,158 | ÷ | 1,045,856,052 | |
| Mar 1, 2011 | 6.06 | = | 4.70 | ÷ | 0.78 | 0.78 | = | 828,398 | ÷ | 1,068,063,168 | |
| Mar 1, 2010 | 6.31 | = | 3.49 | ÷ | 0.55 | 0.55 | = | 584,953 | ÷ | 1,057,928,316 | |
| Mar 2, 2009 | 6.84 | = | 2.75 | ÷ | 0.40 | 0.40 | = | 436,316 | ÷ | 1,084,823,592 | |
| Feb 29, 2008 | 9.18 | = | 3.46 | ÷ | 0.38 | 0.38 | = | 422,167 | ÷ | 1,119,513,492 | |
| Jun 6, 2007 | 15.80 | = | 3.29 | ÷ | 0.21 | 0.21 | = | 225,084 | ÷ | 1,080,709,488 | |
| Mar 15, 2006 | 20.13 | = | 2.36 | ÷ | 0.12 | 0.12 | = | 125,509 | ÷ | 1,070,736,288 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Monster Beverage Corp. Annual Report.
Between 2006 and 2024, a significant long-term appreciation in both share price and book value per share is evident. While the share price grew from 2.36 to 59.10, the book value per share increased from 0.12 to 7.91. The price-to-book value (P/BV) ratio exhibited substantial volatility over this period, reflecting shifting market sentiment and changes in the company's underlying asset base.
- Initial Valuation Contraction (2006–2011)
- The analysis begins with a peak P/BV of 20.13 in 2006, which steadily declined to 6.06 by 2011. This downward trend occurred despite a gradual increase in share price, indicating that the market's valuation premium contracted as the book value per share grew at a rate that outpaced price appreciation during specific intervals within this window.
- Market Premium Expansion (2012–2015)
- A reversal in the trend occurred starting in 2012, with the P/BV ratio climbing from 10.18 to a peak of 15.85 by 2015. This phase was characterized by a rapid acceleration in share price, which rose from 9.53 to 23.54, significantly outpacing the growth in book value per share and resulting in a higher market premium over the net asset value.
- Valuation Normalization and Stability (2016–2024)
- A sharp decline in the P/BV ratio to 5.30 is observed in 2016, primarily driven by a substantial increase in book value per share, which jumped from 1.49 to 3.95. Following this correction, the P/BV ratio entered a period of relative stability, fluctuating between a low of 6.80 and a high of 9.60. This suggests a more mature valuation phase where the market price has remained consistently aligned with a tighter multiple of the company's equity base.
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Comparison to Competitors
Monster Beverage Corp., P/BV, long-term trends, comparison to competitors
| Monster Beverage Corp. | Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | Philip Morris International Inc. | |
|---|---|---|---|---|---|
| Feb 29, 2024 | 7.47 | 10.09 | 3.65 | 12.45 | — |
| Mar 1, 2023 | 7.38 | 10.73 | 3.34 | 13.88 | — |
| Feb 28, 2022 | 6.80 | 11.74 | 3.29 | 14.52 | — |
| Mar 1, 2021 | 8.96 | 11.20 | 2.88 | 13.84 | — |
| Feb 28, 2020 | 8.03 | 13.26 | 3.08 | 13.76 | — |
| Feb 28, 2019 | 9.60 | 11.55 | 2.64 | 11.21 | — |
| Mar 1, 2018 | 7.88 | 11.00 | 2.40 | 14.62 | — |
| Mar 1, 2017 | 7.15 | 7.78 | 2.75 | 13.73 | — |
| Feb 29, 2016 | 5.30 | 7.48 | 2.23 | 11.75 | — |
| Mar 2, 2015 | 15.85 | 6.06 | 2.20 | 8.52 | — |
| Mar 3, 2014 | 12.21 | 5.06 | 1.78 | 4.90 | — |
| Mar 1, 2013 | 13.01 | 5.23 | 1.46 | 5.22 | — |
| Feb 29, 2012 | 10.18 | 4.95 | 1.90 | 4.83 | 624.24 |
| Mar 1, 2011 | 6.06 | 4.73 | 1.55 | 4.75 | 31.91 |
| Mar 1, 2010 | 6.31 | 4.90 | 1.65 | 5.83 | 16.12 |
| Mar 2, 2009 | 6.84 | 4.64 | 1.51 | 6.71 | 9.14 |
| Feb 29, 2008 | 9.18 | 6.36 | 1.77 | 6.67 | — |
| Jun 6, 2007 | 15.80 | 6.51 | 1.86 | 6.89 | — |
| Mar 15, 2006 | 20.13 | 6.08 | 1.72 | 6.92 | — |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Food, Beverage & Tobacco)
Monster Beverage Corp., P/BV, long-term trends, comparison to sector (food, beverage & tobacco)
| Monster Beverage Corp. | Food, Beverage & Tobacco | |
|---|---|---|
| Feb 29, 2024 | 7.47 | 11.92 |
| Mar 1, 2023 | 7.38 | 12.59 |
| Feb 28, 2022 | 6.80 | 13.34 |
| Mar 1, 2021 | 8.96 | 12.88 |
| Feb 28, 2020 | 8.03 | 13.65 |
| Feb 28, 2019 | 9.60 | 12.22 |
| Mar 1, 2018 | 7.88 | 13.57 |
| Mar 1, 2017 | 7.15 | 12.01 |
| Feb 29, 2016 | 5.30 | 10.24 |
| Mar 2, 2015 | 15.85 | 8.30 |
| Mar 3, 2014 | 12.21 | 5.72 |
| Mar 1, 2013 | 13.01 | 5.83 |
| Feb 29, 2012 | 10.18 | 5.32 |
| Mar 1, 2011 | 6.06 | 4.53 |
| Mar 1, 2010 | 6.31 | 4.84 |
| Mar 2, 2009 | 6.84 | 4.47 |
| Feb 29, 2008 | 9.18 | 4.55 |
| Jun 6, 2007 | 15.80 | 4.42 |
| Mar 15, 2006 | 20.13 | 4.14 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Consumer Staples)
Monster Beverage Corp., P/BV, long-term trends, comparison to industry (consumer staples)
| Monster Beverage Corp. | Consumer Staples | |
|---|---|---|
| Feb 29, 2024 | 7.47 | 8.14 |
| Mar 1, 2023 | 7.38 | 8.11 |
| Feb 28, 2022 | 6.80 | 8.15 |
| Mar 1, 2021 | 8.96 | 7.44 |
| Feb 28, 2020 | 8.03 | 7.21 |
| Feb 28, 2019 | 9.60 | 5.76 |
| Mar 1, 2018 | 7.88 | 5.70 |
| Mar 1, 2017 | 7.15 | 5.35 |
| Feb 29, 2016 | 5.30 | 5.06 |
| Mar 2, 2015 | 15.85 | 4.55 |
| Mar 3, 2014 | 12.21 | 4.08 |
| Mar 1, 2013 | 13.01 | 3.89 |
| Feb 29, 2012 | 10.18 | 3.50 |
| Mar 1, 2011 | 6.06 | 3.45 |
| Mar 1, 2010 | 6.31 | 3.38 |
| Mar 2, 2009 | 6.84 | 3.48 |
| Feb 29, 2008 | 9.18 | 3.56 |
| Jun 6, 2007 | 15.80 | 3.66 |
| Mar 15, 2006 | 20.13 | 4.47 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).