Selected Financial Data
since 2005
Income Statement
Monster Beverage Corp., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Net sales | Operating income | Net income |
|---|---|---|---|
| Dec 31, 2023 | 7,140,027) | 1,953,355) | 1,630,988) |
| Dec 31, 2022 | 6,311,050) | 1,584,721) | 1,191,624) |
| Dec 31, 2021 | 5,541,352) | 1,797,467) | 1,377,475) |
| Dec 31, 2020 | 4,598,638) | 1,633,153) | 1,409,594) |
| Dec 31, 2019 | 4,200,819) | 1,402,939) | 1,107,835) |
| Dec 31, 2018 | 3,807,183) | 1,283,619) | 993,004) |
| Dec 31, 2017 | 3,369,045) | 1,198,787) | 820,678) |
| Dec 31, 2016 | 3,049,393) | 1,085,338) | 712,685) |
| Dec 31, 2015 | 2,722,564) | 893,653) | 546,733) |
| Dec 31, 2014 | 2,464,867) | 747,505) | 483,185) |
| Dec 31, 2013 | 2,246,428) | 572,916) | 338,661) |
| Dec 31, 2012 | 2,060,702) | 550,623) | 340,020) |
| Dec 31, 2011 | 1,703,230) | 456,423) | 286,219) |
| Dec 31, 2010 | 1,303,942) | 347,814) | 212,029) |
| Dec 31, 2009 | 1,143,299) | 337,309) | 208,716) |
| Dec 31, 2008 | 1,033,780) | 163,591) | 108,032) |
| Dec 31, 2007 | 904,465) | 230,986) | 149,406) |
| Dec 31, 2006 | 605,774) | 158,579) | 97,949) |
| Dec 31, 2005 | 348,886) | 103,443) | 62,775) |
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).
The financial performance from 2005 through 2023 is characterized by consistent and substantial growth in top-line revenue, accompanied by a general upward trajectory in operating and net profitability. Net sales grew from 348,886 thousand US dollars in 2005 to 7,140,027 thousand US dollars in 2023, representing a sustained expansion of the market presence over the nineteen-year period.
- Revenue Trajectory
- Net sales exhibited uninterrupted annual growth for every year in the analyzed period. A period of rapid acceleration occurred between 2005 and 2012, where revenue increased from approximately 349 million to over 2 billion US dollars. This growth momentum continued through the following decade, with sales surpassing 7 billion US dollars by the end of 2023.
- Operating Income and Margin Stability
- Operating income generally trended upward, rising from 103,443 thousand US dollars in 2005 to 1,953,355 thousand US dollars in 2023. While the overall trend is positive, two notable contractions occurred: a decline in 2008 and a more recent dip in 2022, where operating income fell to 1,584,721 thousand US dollars from the previous year's 1,797,467 thousand US dollars. Despite these fluctuations, the company maintained strong operational leverage, with operating income increasing nearly 19-fold over the period.
- Net Income Performance
- Net income followed a pattern closely mirrored by operating income, starting at 62,775 thousand US dollars in 2005 and reaching 1,630,988 thousand US dollars by 2023. The bottom line experienced temporary retreats in 2008 and 2022, aligning with the trends seen in operating results. However, the recovery in 2023 was significant, with net income rebounding to its highest recorded level in the dataset.
- Profitability Correlation
- A strong positive correlation exists between net sales and net income throughout the timeframe. The ability to scale net income from approximately 63 million to over 1.6 billion US dollars suggests that the organization successfully managed its cost structures while aggressively expanding its revenue base.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Balance Sheet: Assets
Monster Beverage Corp., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2023 | 5,588,996) | 9,686,522) |
| Dec 31, 2022 | 4,764,897) | 8,293,105) |
| Dec 31, 2021 | 4,682,110) | 7,804,784) |
| Dec 31, 2020 | 3,140,955) | 6,202,716) |
| Dec 31, 2019 | 2,316,309) | 5,150,352) |
| Dec 31, 2018 | 1,804,170) | 4,526,891) |
| Dec 31, 2017 | 2,086,377) | 4,791,012) |
| Dec 31, 2016 | 1,432,270) | 4,153,471) |
| Dec 31, 2015 | 3,582,602) | 5,675,189) |
| Dec 31, 2014 | 1,693,429) | 1,938,875) |
| Dec 31, 2013 | 1,183,043) | 1,420,509) |
| Dec 31, 2012 | 835,068) | 1,043,325) |
| Dec 31, 2011 | 1,182,677) | 1,362,399) |
| Dec 31, 2010 | 898,153) | 1,082,131) |
| Dec 31, 2009 | 585,504) | 800,070) |
| Dec 31, 2008 | 561,324) | 761,837) |
| Dec 31, 2007 | 270,149) | 544,603) |
| Dec 31, 2006 | 275,157) | 308,372) |
| Dec 31, 2005 | 140,287) | 163,890) |
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).
The balance sheet exhibits a significant long-term expansion in both current and total assets from 2005 through 2023. Total assets grew from 163.89 million USD to 9.69 billion USD, while current assets increased from 140.29 million USD to 5.59 billion USD over the same period.
- Asset Growth Trajectory
- A consistent upward trend in asset accumulation is observed. From 2005 to 2014, total assets grew steadily, crossing the 1 billion USD threshold in 2010. Following a period of volatility between 2015 and 2016, a sustained acceleration occurred from 2017 onward, with total assets nearly doubling from 4.79 billion USD in 2017 to 9.69 billion USD by 2023.
- Balance Sheet Volatility
- A notable anomaly occurred in 2015, where total assets spiked to 5.68 billion USD and current assets reached 3.58 billion USD, followed by a sharp contraction in 2016 to 4.15 billion USD and 1.43 billion USD respectively. This suggests a significant one-time asset acquisition or revaluation followed by a subsequent disposal or write-down.
- Liquidity and Asset Composition
- Current assets maintain a dominant share of the total asset base throughout the analyzed period. In 2005, current assets represented approximately 85.6% of total assets. By 2023, current assets constituted approximately 57.6% of the total asset base. While the proportion of current assets relative to total assets has decreased, the absolute value of liquidity has increased substantially, indicating a robust capacity to cover short-term obligations.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Balance Sheet: Liabilities and Stockholders’ Equity
Monster Beverage Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Long-term debt | Stockholders’ equity | |
|---|---|---|---|
| Dec 31, 2023 | 1,161,689) | —) | 8,228,744) |
| Dec 31, 2022 | 1,001,978) | —) | 7,025,041) |
| Dec 31, 2021 | 965,076) | —) | 6,566,951) |
| Dec 31, 2020 | 749,988) | —) | 5,160,860) |
| Dec 31, 2019 | 661,097) | —) | 4,171,281) |
| Dec 31, 2018 | 601,145) | —) | 3,610,901) |
| Dec 31, 2017 | 560,351) | —) | 3,895,212) |
| Dec 31, 2016 | 470,589) | —) | 3,329,709) |
| Dec 31, 2015 | 514,189) | —) | 4,809,410) |
| Dec 31, 2014 | 355,716) | —) | 1,515,150) |
| Dec 31, 2013 | 316,014) | —) | 992,279) |
| Dec 31, 2012 | 288,545) | —) | 644,397) |
| Dec 31, 2011 | 266,090) | —) | 979,158) |
| Dec 31, 2010 | 128,834) | 274) | 828,398) |
| Dec 31, 2009 | 83,729) | 206) | 584,953) |
| Dec 31, 2008 | 187,334) | 959) | 436,316) |
| Dec 31, 2007 | 82,881) | 663) | 422,167) |
| Dec 31, 2006 | 62,843) | 303) | 225,084) |
| Dec 31, 2005 | 32,957) | 525) | 125,509) |
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).
The financial position from 2005 to 2023 is characterized by a substantial expansion of the balance sheet, with an overwhelming emphasis on equity-based financing. The overall trend demonstrates a transition from a small-scale operation to a large-cap capital structure with minimal reliance on long-term borrowing.
- Current Liabilities Trend
- Current liabilities have experienced consistent growth over the analyzed period, rising from 32.96 million US dollars in 2005 to 1.16 billion US dollars by 2023. This upward trajectory reflects an increase in short-term operational obligations that is commensurate with the company's expansion in scale.
- Long-term Debt Profile
- Long-term debt remained marginal between 2005 and 2010, never exceeding 1 million US dollars. From 2011 onward, long-term debt is absent from the records, suggesting a strategic commitment to a zero-debt long-term capital structure.
- Stockholders' Equity Expansion
- Equity has grown exponentially, increasing from 125.51 million US dollars in 2005 to 8.23 billion US dollars in 2023. A significant acceleration in equity accumulation occurred between 2014 and 2015, during which stockholders' equity rose from 1.52 billion US dollars to 4.81 billion US dollars.
- Solvency and Capital Structure Analysis
- The growth in stockholders' equity has substantially outpaced the growth of liabilities. The absence of long-term debt combined with a massive equity base indicates an extremely low-leverage financial profile and a high degree of solvency, minimizing the company's exposure to interest rate risk and credit obligations.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Cash Flow Statement
Monster Beverage Corp., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2023 | 1,717,753) | (193,395) | (542,599) |
| Dec 31, 2022 | 887,699) | (161,367) | (706,938) |
| Dec 31, 2021 | 1,155,741) | (992,022) | 34,821) |
| Dec 31, 2020 | 1,364,163) | (472,487) | (526,068) |
| Dec 31, 2019 | 1,113,762) | (326,724) | (628,506) |
| Dec 31, 2018 | 1,161,881) | 272,956) | (1,316,111) |
| Dec 31, 2017 | 987,731) | (531,541) | (311,135) |
| Dec 31, 2016 | 701,355) | (256,193) | (2,238,391) |
| Dec 31, 2015 | 207,986) | 400,066) | 1,202,348) |
| Dec 31, 2014 | 585,567) | (440,403) | 19,298) |
| Dec 31, 2013 | 342,033) | (339,808) | (17,886) |
| Dec 31, 2012 | 287,676) | 271,849) | (699,075) |
| Dec 31, 2011 | 333,827) | (173,027) | (154,192) |
| Dec 31, 2010 | 229,044) | (212,510) | 9,238) |
| Dec 31, 2009 | 156,192) | (4,469) | (82,079) |
| Dec 31, 2008 | 199,496) | 143,982) | (98,046) |
| Dec 31, 2007 | 135,451) | (194,727) | 36,587) |
| Dec 31, 2006 | 76,414) | (95,231) | (7,708) |
| Dec 31, 2005 | 54,649) | 3,216) | 113) |
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).
The long-term cash flow profile exhibits a consistent growth trajectory in operational efficiency and a transition toward a mature capital allocation strategy. A dominant trend is the substantial and sustained increase in cash generated from core business operations, which provides the primary funding mechanism for both investment initiatives and shareholder returns.
- Operating Cash Flow Trends
- Net cash provided by operating activities demonstrates a strong upward trend, growing from 54.6 million USD in 2005 to 1.7 billion USD by 2023. While the growth was largely linear for the first decade, a period of volatility occurred between 2014 and 2016, highlighted by a significant contraction in 2015. However, the company recovered strongly, reaching a peak in 2023, which represents the highest operating cash inflow in the recorded period.
- Investing Activities and Capital Expenditure
- Investing cash flows are characterized by significant volatility, alternating between net inflows and outflows. Substantial outflows were observed in 2013, 2014, 2017, and most notably in 2021, where net cash used in investing activities reached 992 million USD. These periods of high expenditure suggest strategic investments or asset acquisitions. Conversely, periodic positive cash flows, such as those seen in 2012, 2015, and 2018, indicate the liquidation of assets or the receipt of investment returns.
- Financing Activities and Capital Structure
- The financing cash flow profile shifted from relatively neutral positions in the early years to large-scale net outflows starting around 2012. This pattern is indicative of an aggressive capital return strategy, likely through share repurchases or dividend payments, with the most significant outflow occurring in 2016 at 2.2 billion USD. A notable exception occurred in 2015, where a positive inflow of 1.2 billion USD suggests a major financing event or capital raise, which coincided with a dip in operating cash flow that year.
- Overall Cash Flow Synthesis
- The synchronization of these three components reveals a business model capable of generating operating cash that far exceeds its investment requirements. The ability to maintain positive operating cash flow throughout the entire 19-year period, while simultaneously funding large-scale investing activities and returning billions of dollars via financing activities, indicates a highly liquid and financially stable operational structure.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Per Share Data
Monster Beverage Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2023 | 1.56 | 1.54 | 0.00 |
| Dec 31, 2022 | 1.13 | 1.12 | 0.00 |
| Dec 31, 2021 | 1.30 | 1.29 | 0.00 |
| Dec 31, 2020 | 1.33 | 1.32 | 0.00 |
| Dec 31, 2019 | 1.02 | 1.02 | 0.00 |
| Dec 31, 2018 | 0.89 | 0.88 | 0.00 |
| Dec 31, 2017 | 0.73 | 0.71 | 0.00 |
| Dec 31, 2016 | 0.61 | 0.60 | 0.00 |
| Dec 31, 2015 | 0.49 | 0.48 | 0.00 |
| Dec 31, 2014 | 0.48 | 0.46 | 0.00 |
| Dec 31, 2013 | 0.34 | 0.33 | 0.00 |
| Dec 31, 2012 | 0.33 | 0.31 | 0.00 |
| Dec 31, 2011 | 0.27 | 0.26 | 0.00 |
| Dec 31, 2010 | 0.20 | 0.19 | 0.00 |
| Dec 31, 2009 | 0.20 | 0.19 | 0.00 |
| Dec 31, 2008 | 0.10 | 0.09 | 0.00 |
| Dec 31, 2007 | 0.14 | 0.13 | 0.00 |
| Dec 31, 2006 | 0.09 | 0.09 | 0.00 |
| Dec 31, 2005 | 0.06 | 0.06 | 0.00 |
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, 2, 3 Data adjusted for splits and stock dividends.
The long-term earnings trajectory from 2005 to 2023 demonstrates substantial growth in profitability on a per-share basis. The period is characterized by a consistent upward trend, interrupted only by brief periods of volatility, culminating in a peak in the final year of the observed period.
- Basic Earnings Per Share (EPS) Trends
- Basic EPS exhibited a steady increase from 0.06 USD in 2005 to 1.56 USD in 2023. An early contraction is noted in 2008, where earnings fell to 0.10 USD from 0.14 USD the previous year. Following this dip, a sustained period of growth occurred between 2009 and 2020, with EPS rising from 0.20 USD to 1.33 USD. A subsequent decline was observed between 2021 and 2022, with figures dropping to 1.13 USD, before a sharp recovery in 2023 to the period high of 1.56 USD.
- Diluted Earnings Per Share and Dilution Impact
- Diluted EPS closely mirrors the movement of basic EPS, beginning at 0.06 USD in 2005 and ending at 1.54 USD in 2023. The marginal difference between basic and diluted earnings throughout the 18-year period suggests a minimal dilutive effect from stock options, warrants, or convertible securities, indicating that the capital structure has remained relatively stable regarding potential share issuance.
- Dividend Distribution Policy
- There is a total absence of dividend payments per share across the entire timeline from 2005 to 2023. This indicates a consistent corporate strategy of retaining all earnings to fund internal growth, acquisitions, or share repurchases rather than distributing profits to shareholders via dividends.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?