Total Asset Turnover
since 2005
Calculation
Monster Beverage Corp., total asset turnover, long-term trends, calculation
| Total asset turnover | = | Net sales1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|
| Dec 31, 2023 | 0.74 | = | 7,140,027) | ÷ | 9,686,522) |
| Dec 31, 2022 | 0.76 | = | 6,311,050) | ÷ | 8,293,105) |
| Dec 31, 2021 | 0.71 | = | 5,541,352) | ÷ | 7,804,784) |
| Dec 31, 2020 | 0.74 | = | 4,598,638) | ÷ | 6,202,716) |
| Dec 31, 2019 | 0.82 | = | 4,200,819) | ÷ | 5,150,352) |
| Dec 31, 2018 | 0.84 | = | 3,807,183) | ÷ | 4,526,891) |
| Dec 31, 2017 | 0.70 | = | 3,369,045) | ÷ | 4,791,012) |
| Dec 31, 2016 | 0.73 | = | 3,049,393) | ÷ | 4,153,471) |
| Dec 31, 2015 | 0.48 | = | 2,722,564) | ÷ | 5,675,189) |
| Dec 31, 2014 | 1.27 | = | 2,464,867) | ÷ | 1,938,875) |
| Dec 31, 2013 | 1.58 | = | 2,246,428) | ÷ | 1,420,509) |
| Dec 31, 2012 | 1.98 | = | 2,060,702) | ÷ | 1,043,325) |
| Dec 31, 2011 | 1.25 | = | 1,703,230) | ÷ | 1,362,399) |
| Dec 31, 2010 | 1.20 | = | 1,303,942) | ÷ | 1,082,131) |
| Dec 31, 2009 | 1.43 | = | 1,143,299) | ÷ | 800,070) |
| Dec 31, 2008 | 1.36 | = | 1,033,780) | ÷ | 761,837) |
| Dec 31, 2007 | 1.66 | = | 904,465) | ÷ | 544,603) |
| Dec 31, 2006 | 1.96 | = | 605,774) | ÷ | 308,372) |
| Dec 31, 2005 | 2.13 | = | 348,886) | ÷ | 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).
1 US$ in thousands
Between 2005 and 2023, net sales experienced consistent and substantial growth, rising from 348.8 million USD to 7.14 billion USD. However, this revenue expansion was accompanied by a disproportionate increase in the total asset base, which grew from 163.8 million USD to 9.68 billion USD. Consequently, the total asset turnover ratio, which measures the efficiency of assets in generating revenue, exhibited a significant long-term decline before stabilizing in the latter years of the period.
- Initial Efficiency and Gradual Decline (2005–2011)
- The period began with a high asset turnover ratio of 2.13 in 2005, reflecting a lean asset base relative to sales. Throughout this phase, a general downward trend was observed, with the ratio falling to 1.25 by 2011. This trajectory suggests that while sales were growing rapidly, the accumulation of assets was occurring at a faster relative pace.
- Intermittent Volatility (2012–2014)
- A notable spike occurred in 2012, where the turnover ratio rose to 1.98. This was driven by a significant contraction in total assets to 1.04 billion USD during a year of continued sales growth. This peak was temporary, as the ratio retreated to 1.27 by 2014 as the asset base expanded once more.
- Structural Shift and Asset Expansion (2015)
- A critical inflection point was observed in 2015, characterized by a sharp drop in the asset turnover ratio to 0.48. This decline coincided with a substantial increase in total assets, which surged from 1.93 billion USD in 2014 to 5.67 billion USD in 2015. The magnitude of this asset growth far outpaced the growth in net sales for that year, resulting in a marked decrease in asset utilization efficiency.
- Operational Stabilization (2016–2023)
- Following the 2015 shift, the asset turnover ratio entered a period of relative stability, fluctuating within a narrow range between 0.71 and 0.84. By 2023, the ratio stood at 0.74. This indicates that the organization reached a new operational equilibrium where sales growth and asset expansion began to align more closely, albeit at a lower efficiency level than that observed in the first decade of the analysis.
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Comparison to Competitors
Monster Beverage Corp., total asset turnover, long-term trends, comparison to competitors
| Monster Beverage Corp. | Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | Philip Morris International Inc. | |
|---|---|---|---|---|---|
| Dec 31, 2023 | 0.74 | 0.47 | 0.50 | 0.91 | 0.54 |
| Dec 31, 2022 | 0.76 | 0.46 | 0.44 | 0.94 | 0.51 |
| Dec 31, 2021 | 0.71 | 0.41 | 0.43 | 0.86 | 0.76 |
| Dec 31, 2020 | 0.74 | 0.38 | 0.39 | 0.76 | 0.64 |
| Dec 31, 2019 | 0.82 | 0.43 | 0.40 | 0.86 | 0.70 |
| Dec 31, 2018 | 0.84 | 0.38 | 0.41 | 0.83 | 0.74 |
| Dec 31, 2017 | 0.70 | 0.40 | 0.41 | 0.80 | 0.67 |
| Dec 31, 2016 | 0.73 | 0.48 | 0.42 | 0.85 | 0.72 |
| Dec 31, 2015 | 0.48 | 0.49 | 0.47 | 0.91 | 0.79 |
| Dec 31, 2014 | 1.27 | 0.50 | 0.51 | 0.95 | 0.85 |
| Dec 31, 2013 | 1.58 | 0.52 | 0.49 | 0.86 | 0.82 |
| Dec 31, 2012 | 1.98 | 0.56 | 0.46 | 0.88 | 0.83 |
| Dec 31, 2011 | 1.25 | 0.58 | 0.58 | 0.91 | 0.88 |
| Dec 31, 2010 | 1.20 | 0.48 | 0.52 | 0.85 | 0.78 |
| Dec 31, 2009 | 1.43 | 0.64 | 0.61 | 1.08 | 0.72 |
| Dec 31, 2008 | 1.36 | 0.79 | 0.67 | 1.20 | 0.78 |
| Dec 31, 2007 | 1.66 | 0.67 | 0.55 | 1.14 | — |
| Dec 31, 2006 | 1.96 | 0.80 | 0.62 | 1.17 | — |
| Dec 31, 2005 | 2.13 | 0.79 | 0.59 | 1.03 | — |
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., total asset turnover, long-term trends, comparison to sector (food, beverage & tobacco)
| Monster Beverage Corp. | Food, Beverage & Tobacco | |
|---|---|---|
| Dec 31, 2023 | 0.74 | 0.62 |
| Dec 31, 2022 | 0.76 | 0.61 |
| Dec 31, 2021 | 0.71 | 0.60 |
| Dec 31, 2020 | 0.74 | 0.54 |
| Dec 31, 2019 | 0.82 | 0.59 |
| Dec 31, 2018 | 0.84 | 0.58 |
| Dec 31, 2017 | 0.70 | 0.56 |
| Dec 31, 2016 | 0.73 | 0.61 |
| Dec 31, 2015 | 0.48 | 0.64 |
| Dec 31, 2014 | 1.27 | 0.67 |
| Dec 31, 2013 | 1.58 | 0.65 |
| Dec 31, 2012 | 1.98 | 0.66 |
| Dec 31, 2011 | 1.25 | 0.70 |
| Dec 31, 2010 | 1.20 | 0.62 |
| Dec 31, 2009 | 1.43 | 0.74 |
| Dec 31, 2008 | 1.36 | 0.83 |
| Dec 31, 2007 | 1.66 | 0.72 |
| Dec 31, 2006 | 1.96 | 0.81 |
| Dec 31, 2005 | 2.13 | 0.76 |
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., total asset turnover, long-term trends, comparison to industry (consumer staples)
| Monster Beverage Corp. | Consumer Staples | |
|---|---|---|
| Dec 31, 2023 | 0.74 | 1.51 |
| Dec 31, 2022 | 0.76 | 1.47 |
| Dec 31, 2021 | 0.71 | 1.41 |
| Dec 31, 2020 | 0.74 | 1.32 |
| Dec 31, 2019 | 0.82 | 1.39 |
| Dec 31, 2018 | 0.84 | 1.39 |
| Dec 31, 2017 | 0.70 | 1.34 |
| Dec 31, 2016 | 0.73 | 1.35 |
| Dec 31, 2015 | 0.48 | 1.37 |
| Dec 31, 2014 | 1.27 | 1.32 |
| Dec 31, 2013 | 1.58 | 1.30 |
| Dec 31, 2012 | 1.98 | 1.30 |
| Dec 31, 2011 | 1.25 | 1.27 |
| Dec 31, 2010 | 1.20 | 1.24 |
| Dec 31, 2009 | 1.43 | 1.36 |
| Dec 31, 2008 | 1.36 | 1.35 |
| Dec 31, 2007 | 1.66 | 1.32 |
| Dec 31, 2006 | 1.96 | 1.33 |
| Dec 31, 2005 | 2.13 | 1.52 |
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).