Price to Sales (P/S)
since 2005
Calculation
Monster Beverage Corp., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Net sales1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 29, 2024 | 8.61 | = | 59.10 | ÷ | 6.86 | 6.86 | = | 7,140,027 | ÷ | 1,040,636,235 | |
| Mar 1, 2023 | 8.21 | = | 49.60 | ÷ | 6.04 | 6.04 | = | 6,311,050 | ÷ | 1,044,818,716 | |
| Feb 28, 2022 | 8.06 | = | 42.20 | ÷ | 5.23 | 5.23 | = | 5,541,352 | ÷ | 1,058,717,720 | |
| Mar 1, 2021 | 10.06 | = | 43.78 | ÷ | 4.35 | 4.35 | = | 4,598,638 | ÷ | 1,056,274,072 | |
| Feb 28, 2020 | 7.98 | = | 31.21 | ÷ | 3.91 | 3.91 | = | 4,200,819 | ÷ | 1,073,792,284 | |
| Feb 28, 2019 | 9.11 | = | 31.92 | ÷ | 3.50 | 3.50 | = | 3,807,183 | ÷ | 1,086,296,338 | |
| Mar 1, 2018 | 9.12 | = | 27.11 | ÷ | 2.97 | 2.97 | = | 3,369,045 | ÷ | 1,132,805,496 | |
| Mar 1, 2017 | 7.81 | = | 21.01 | ÷ | 2.69 | 2.69 | = | 3,049,393 | ÷ | 1,133,238,686 | |
| Feb 29, 2016 | 9.36 | = | 20.92 | ÷ | 2.24 | 2.24 | = | 2,722,564 | ÷ | 1,217,519,022 | |
| Mar 2, 2015 | 9.74 | = | 23.54 | ÷ | 2.42 | 2.42 | = | 2,464,867 | ÷ | 1,020,097,932 | |
| Mar 3, 2014 | 5.39 | = | 12.10 | ÷ | 2.24 | 2.24 | = | 2,246,428 | ÷ | 1,001,262,984 | |
| Mar 1, 2013 | 4.07 | = | 8.44 | ÷ | 2.07 | 2.07 | = | 2,060,702 | ÷ | 993,275,160 | |
| Feb 29, 2012 | 5.85 | = | 9.53 | ÷ | 1.63 | 1.63 | = | 1,703,230 | ÷ | 1,045,856,052 | |
| Mar 1, 2011 | 3.85 | = | 4.70 | ÷ | 1.22 | 1.22 | = | 1,303,942 | ÷ | 1,068,063,168 | |
| Mar 1, 2010 | 3.23 | = | 3.49 | ÷ | 1.08 | 1.08 | = | 1,143,299 | ÷ | 1,057,928,316 | |
| Mar 2, 2009 | 2.89 | = | 2.75 | ÷ | 0.95 | 0.95 | = | 1,033,780 | ÷ | 1,084,823,592 | |
| Feb 29, 2008 | 4.28 | = | 3.46 | ÷ | 0.81 | 0.81 | = | 904,465 | ÷ | 1,119,513,492 | |
| Jun 6, 2007 | 5.87 | = | 3.29 | ÷ | 0.56 | 0.56 | = | 605,774 | ÷ | 1,080,709,488 | |
| Mar 15, 2006 | 7.24 | = | 2.36 | ÷ | 0.33 | 0.33 | = | 348,886 | ÷ | 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.
The financial data reveals a long-term appreciation in both share price and sales per share, with the Price-to-Sales (P/S) ratio undergoing distinct phases of contraction, expansion, and stabilization over the nineteen-year period.
- Initial Valuation Compression (2006–2009)
- A significant decline in the P/S ratio is observed during this period, falling from 7.24 in 2006 to a minimum of 2.89 by March 2009. This suggests that share price depreciation outpaced the growth in sales per share, indicating a period of market devaluation relative to revenue.
- Valuation Expansion and Re-rating (2010–2015)
- Following the 2009 trough, the P/S ratio entered a period of recovery and subsequent expansion. A sharp increase occurred between 2013 and 2015, where the ratio rose from 4.07 to 9.74. This phase reflects a substantial increase in the premium investors were willing to pay per dollar of sales, signifying a positive re-rating of the company's valuation.
- Stabilized High-Multiple Period (2016–2024)
- From 2016 onward, the P/S ratio remained consistently elevated, fluctuating within a range between 7.81 and 10.06. During this interval, sales per share grew steadily from 2.24 to 6.86, while the share price increased from 20.92 to 59.10. The relative stability of the P/S ratio during this time suggests that the market valuation has maintained a consistent equilibrium relative to revenue growth.
Overall, the data indicates that while sales per share have grown consistently, the share price has experienced more volatile growth cycles, leading to a transition from a low-valuation environment in 2009 to a sustained high-valuation environment over the last decade.
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Comparison to Competitors
Monster Beverage Corp., P/S, long-term trends, comparison to competitors
| Monster Beverage Corp. | Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | Philip Morris International Inc. | |
|---|---|---|---|---|---|
| Feb 29, 2024 | 8.61 | 5.72 | 2.87 | 2.52 | 3.93 |
| Mar 1, 2023 | 8.21 | 6.02 | 2.85 | 2.75 | 5.00 |
| Feb 28, 2022 | 8.06 | 6.99 | 3.24 | 2.93 | 5.33 |
| Mar 1, 2021 | 10.06 | 6.55 | 2.99 | 2.65 | 4.65 |
| Feb 28, 2020 | 7.98 | 6.75 | 3.25 | 3.03 | 4.57 |
| Feb 28, 2019 | 9.11 | 6.15 | 2.61 | 2.52 | 4.03 |
| Mar 1, 2018 | 9.12 | 5.31 | 2.42 | 2.51 | 5.57 |
| Mar 1, 2017 | 7.81 | 4.28 | 2.67 | 2.43 | 5.96 |
| Feb 29, 2016 | 9.36 | 4.32 | 2.11 | 2.22 | 5.28 |
| Mar 2, 2015 | 9.74 | 3.99 | 1.78 | 2.23 | 4.32 |
| Mar 3, 2014 | 5.39 | 3.58 | 1.63 | 1.79 | 4.01 |
| Mar 1, 2013 | 4.07 | 3.57 | 1.35 | 1.78 | 4.91 |
| Feb 29, 2012 | 5.85 | 3.36 | 1.23 | 1.50 | 4.60 |
| Mar 1, 2011 | 3.85 | 4.18 | 1.13 | 1.74 | 4.11 |
| Mar 1, 2010 | 3.23 | 3.92 | 1.06 | 2.27 | 3.68 |
| Mar 2, 2009 | 2.89 | 2.98 | 0.79 | 1.88 | 2.67 |
| Feb 29, 2008 | 4.28 | 4.79 | 1.30 | 2.91 | — |
| Jun 6, 2007 | 5.87 | 4.57 | 1.55 | 3.01 | — |
| Mar 15, 2006 | 7.24 | 4.30 | 1.50 | 3.03 | — |
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/S, long-term trends, comparison to sector (food, beverage & tobacco)
| Monster Beverage Corp. | Food, Beverage & Tobacco | |
|---|---|---|
| Feb 29, 2024 | 8.61 | 3.52 |
| Mar 1, 2023 | 8.21 | 3.87 |
| Feb 28, 2022 | 8.06 | 4.28 |
| Mar 1, 2021 | 10.06 | 3.88 |
| Feb 28, 2020 | 7.98 | 4.22 |
| Feb 28, 2019 | 9.11 | 3.59 |
| Mar 1, 2018 | 9.12 | 3.71 |
| Mar 1, 2017 | 7.81 | 3.56 |
| Feb 29, 2016 | 9.36 | 3.27 |
| Mar 2, 2015 | 9.74 | 2.95 |
| Mar 3, 2014 | 5.39 | 2.61 |
| Mar 1, 2013 | 4.07 | 2.72 |
| Feb 29, 2012 | 5.85 | 2.35 |
| Mar 1, 2011 | 3.85 | 2.45 |
| Mar 1, 2010 | 3.23 | 2.54 |
| Mar 2, 2009 | 2.89 | 1.95 |
| Feb 29, 2008 | 4.28 | 2.86 |
| Jun 6, 2007 | 5.87 | 2.88 |
| Mar 15, 2006 | 7.24 | 2.77 |
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/S, long-term trends, comparison to industry (consumer staples)
| Monster Beverage Corp. | Consumer Staples | |
|---|---|---|
| Feb 29, 2024 | 8.61 | 1.45 |
| Mar 1, 2023 | 8.21 | 1.54 |
| Feb 28, 2022 | 8.06 | 1.61 |
| Mar 1, 2021 | 10.06 | 1.49 |
| Feb 28, 2020 | 7.98 | 1.47 |
| Feb 28, 2019 | 9.11 | 1.24 |
| Mar 1, 2018 | 9.12 | 1.25 |
| Mar 1, 2017 | 7.81 | 1.26 |
| Feb 29, 2016 | 9.36 | 1.23 |
| Mar 2, 2015 | 9.74 | 1.18 |
| Mar 3, 2014 | 5.39 | 1.14 |
| Mar 1, 2013 | 4.07 | 1.10 |
| Feb 29, 2012 | 5.85 | 1.03 |
| Mar 1, 2011 | 3.85 | 1.08 |
| Mar 1, 2010 | 3.23 | 1.01 |
| Mar 2, 2009 | 2.89 | 1.04 |
| Feb 29, 2008 | 4.28 | 1.20 |
| Jun 6, 2007 | 5.87 | 1.25 |
| Mar 15, 2006 | 7.24 | 1.26 |
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).