Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Long-term Activity Ratios (Summary)
Monster Beverage Corp., long-term (investment) activity ratios (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).
The financial data reveals distinct trends in turnover ratios over the reported quarters. The analysis covers net fixed asset turnover, total asset turnover, and equity turnover during the period from March 2020 through March 2024.
- Net Fixed Asset Turnover
- This ratio showed an initial increase from 14.61 in March 2020, rising steadily to a peak of 17.66 by December 2021. After the peak, a consistent decline occurred, dropping to 7.95 by March 2024. This sharp decrease suggests reduced efficiency in generating sales from net fixed assets in recent quarters, possibly indicating increased fixed asset investment or declining sales performance relative to fixed asset base.
- Total Asset Turnover
- Total asset turnover experienced a moderate downward trend from 0.88 in March 2020 to a low of 0.71 around December 2020. Following this dip, the ratio stabilized in a narrow range between 0.71 and 0.76 through March 2024. This pattern indicates that asset utilization in generating sales became somewhat less efficient initially but has maintained consistency without further significant deterioration.
- Equity Turnover
- Equity turnover declined from 1.12 in March 2020 to about 0.84 by December 2021, reflecting a reduction in sales generated per unit of equity. Post-December 2021, it exhibited minor fluctuations but remained relatively stable around 0.85 to 0.91 until March 2024. This stability suggests a steady relationship between sales and equity after the initial decrease, without marked improvement or further decline.
Overall, the data indicates that while asset and equity utilization to generate sales weakened in the earlier part of the period, total asset and equity turnover ratios have stabilized. In contrast, net fixed asset turnover showed a pronounced decline after 2021, which may warrant further investigation into asset management or operational effectiveness related to fixed assets.
Net Fixed Asset Turnover
Monster Beverage Corp., net fixed asset turnover calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| Property and equipment, net | |||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Net fixed asset turnover1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||
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).
1 Q1 2024 Calculation
Net fixed asset turnover
= (Net salesQ1 2024
+ Net salesQ4 2023
+ Net salesQ3 2023
+ Net salesQ2 2023)
÷ Property and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- Net sales demonstrated a general upward trend over the analyzed period from March 2020 to March 2024. Initial quarterly sales were around 1.06 billion USD and increased steadily, peaking near 1.89 billion USD by the end of the period. Despite some fluctuations, including a slight decline in the last quarter of 2023, the overall trajectory reflects consistent revenue growth, supported by significant quarterly increments especially noticeable post-2021.
- Property and Equipment, Net
- The net value of property and equipment showed a substantial increase during the period. Beginning at approximately 296 million USD in March 2020, the value grew steadily, with marked acceleration starting in early 2022. By March 2024, the asset base had nearly tripled, reaching over 923 million USD. This increase indicates considerable capital investment and expansion of fixed assets over the timeframe.
- Net Fixed Asset Turnover
- Net fixed asset turnover, a ratio measuring efficiency in generating sales from fixed assets, exhibited a declining trend despite the growth in sales value. Initially high at around 14.6 in early 2020, the ratio gradually decreased throughout the years, with a sharp decline observed from 2022 onwards, falling to approximately 7.95 by March 2024. This suggests that while fixed assets grew substantially, sales did not increase proportionally, indicating reduced asset utilization efficiency in generating revenue.
- Overall Analysis
- The company experienced strong revenue growth and increased investment in fixed assets over the examined timeframe. However, the net fixed asset turnover ratio decline signals that the growth in assets outpaced sales growth, raising considerations about capital allocation efficiency. The data suggests an expansion strategy resulting in a larger asset base but with diminishing marginal returns in terms of sales generated per unit of property and equipment.
Total Asset Turnover
Monster Beverage Corp., total asset turnover calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||
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).
1 Q1 2024 Calculation
Total asset turnover
= (Net salesQ1 2024
+ Net salesQ4 2023
+ Net salesQ3 2023
+ Net salesQ2 2023)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- Net sales exhibited a generally upward trend over the observed periods. Starting from approximately 1,062,097 thousand US dollars in the first quarter of 2020, sales increased steadily, peaking at 1,856,028 thousand US dollars in the third quarter of 2023. There were minor fluctuations, including a slight decline in the fourth quarter of 2022 and the fourth quarter of 2023, but overall the trajectory reflected robust revenue growth, reaching nearly 1,899,098 thousand US dollars in the first quarter of 2024.
- Total Assets
- Total assets showed continuous growth throughout the period, rising from 4,881,497 thousand US dollars in the first quarter of 2020 to over 10,098,066 thousand US dollars by the first quarter of 2024. This growth indicates ongoing expansion and asset accumulation, with no significant downturns or periods of asset reduction visible in the data. The steady increase suggests sustained investment or asset acquisition aligned with company growth.
- Total Asset Turnover
- The total asset turnover ratio displayed a declining trend during the early quarters of 2020, decreasing from 0.88 to 0.71 by the end of 2021. This decline indicates that the company was generating less revenue per unit of asset over this timeframe. From 2022 onward, the ratio stabilized between 0.72 and 0.76, showing a slight recovery but remaining below the levels seen in early 2020. The reduced asset turnover suggests that asset growth outpaced revenue growth to some extent, potentially reflecting increased investment in assets that had not yet fully contributed to revenue generation.
- Overall Analysis
- The data reveals a company experiencing steady growth in both revenues and assets over the four-year period. However, the declining and then stabilizing asset turnover ratio points to a potential efficiency challenge in utilizing assets for revenue production. While revenues have generally increased, asset growth has been relatively more pronounced, resulting in a moderate decrease in asset utilization efficiency. This may warrant further investigation into asset management strategies and the timing of investments relative to revenue realization.
Equity Turnover
Monster Beverage Corp., equity turnover calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| Stockholders’ equity | |||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||
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).
1 Q1 2024 Calculation
Equity turnover
= (Net salesQ1 2024
+ Net salesQ4 2023
+ Net salesQ3 2023
+ Net salesQ2 2023)
÷ Stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- Net sales exhibit a generally positive upward trend over the observed periods from March 31, 2020, to March 31, 2024. Starting at approximately $1,062 million in early 2020, sales increased significantly, peaking at $1,855 million by the third quarter of 2023. There is some volatility with occasional declines, most notably between the third and fourth quarters of 2022, and also from late 2023 into the first quarter of 2024, where sales dropped from about $1,736 million to $1,899 million. Despite these fluctuations, the overall direction remains an increase, highlighting consistent growth in revenue over the four-year span.
- Stockholders' Equity
- Stockholders’ equity shows a steady and continuous increase throughout the periods under review. Beginning at approximately $3,870 million at the start of 2020, equity progresses upward reaching $8,578 million by March 31, 2024. The growth in equity appears linear without any notable decreases, reflecting a strengthening financial position and likely sustained profitability or retained earnings accumulation. The steady rise suggests ongoing capital retention or injection, and possibly growth in net assets aligned with business expansion.
- Equity Turnover
- Equity turnover, measured as a ratio, gradually declines over the observed timeframe. It begins at 1.12 in early 2020 and trends downward to a low near 0.84 by the end of 2021. Subsequently, it fluctuates slightly but does not return to the initial levels, remaining between 0.85 and 0.91 in the following years and settling around 0.86 by March 2024. This declining trend indicates that despite growth in net sales, the relative efficiency of using equity to generate sales has decreased. The decrease may reflect that the increase in equity has outpaced sales growth, leading to lower turnover ratios.