Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Price to Operating Profit (P/OP) since 2005
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Historical Valuation Ratios (Summary)
Monster Beverage Corp., historical price multiples (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).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibits fluctuations over the observed quarters, starting at 31.07 in March 2020 and reaching a peak of 48.27 in March 2023. Following this peak, there is a noticeable decline through 2023 and into early 2024, where it settles around 33.99 by March 2024. The overall trend indicates an increase in market valuation relative to earnings up to early 2023, followed by a correction or moderation in valuation multiples in subsequent quarters.
- Price to Operating Profit (P/OP) Ratio
- This ratio also shows a pattern of rising and falling values. Beginning at 24.01 in March 2020, it climbs to a high of 37.42 in March 2023. After this apex, the ratio decreases somewhat, stabilizing near 28.33 by March 2024. The movement suggests that investor valuation relative to operating profits became more optimistic until early 2023, then tempered thereafter.
- Price to Sales (P/S) Ratio
- The P/S ratio demonstrates less volatility compared to P/E and P/OP. Starting at 8.1 in March 2020, it fluctuates modestly, peaking at 10.23 in June 2020, and again reaching a notable value of 9.63 in March 2023. After these peaks, the ratio declines gradually, reaching 7.76 by March 2024. This indicates relative stability in valuation aligned with sales, with some periods of increased optimism followed by a mild downward adjustment.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio follows a somewhat similar pattern to the other valuation metrics but with generally lower values and less steep rises. Beginning at 9.03 in March 2020, the ratio peaks around 10.43 in June 2020, dips thereafter, and then reaches another elevated point at 8.45 in March 2023. Following the peak in early 2023, the ratio declines gradually to 6.64 by March 2024. This pattern suggests a moderation in investor valuation relative to book value after a period of higher optimism.
Price to Earnings (P/E)
Monster Beverage Corp., historical P/E 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net income (in thousands) | |||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||
| 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 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
EPS
= (Net incomeQ1 2024
+ Net incomeQ4 2023
+ Net incomeQ3 2023
+ Net incomeQ2 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Monster Beverage Corp. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited an overall upward trend from March 2020 through early 2024, increasing from $33.20 to a peak of approximately $59.71 by March 2023. During this period, some short-term fluctuations were observed, including a decline in late 2021 and a slight decrease in the first quarter of 2024, where the price settled around $54.67.
- Earnings Per Share (EPS) Trend
- EPS displayed a general upward trajectory, starting at $1.07 in March 2020 and reaching $1.61 by March 2024. There was steady growth with some periods of consolidation or minor declines, notably a dip from December 2021 to December 2022. However, the EPS recovered and grew strongly in 2023 and early 2024, indicating improving profitability over time.
- Price-to-Earnings (P/E) Ratio Trend
- The P/E ratio demonstrated notable variability across the analyzed quarters. Initially, it rose from 31.07 in March 2020 to peaks above 38 in mid-2020, followed by several oscillations between 31 and 43 throughout 2021 and 2022. The highest P/E ratio reached was around 48.27 in March 2023. After this peak, the ratio declined moderately, ending at approximately 33.99 by March 2024. This pattern suggests shifts in market valuation relative to earnings, influenced by both share price movements and changes in earnings.
- Overall Insights
- The share price increase coupled with consistent EPS growth reflects a positive earnings environment with investor confidence supporting valuation gains over the multi-year span. The fluctuations in the P/E ratio indicate episodic changes in market sentiment or expectations regarding future growth. The recent moderation in P/E ratio alongside continued EPS growth might imply a more balanced or cautious investor perspective while maintaining recognition of the company's profitability improvements.
Price to Operating Profit (P/OP)
Monster Beverage Corp., historical P/OP calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Operating income (in thousands) | |||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||
| 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 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
Operating profit per share
= (Operating incomeQ1 2024
+ Operating incomeQ4 2023
+ Operating incomeQ3 2023
+ Operating incomeQ2 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Monster Beverage Corp. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a general upward trend over the analyzed period, starting at $33.20 at the end of Q1 2020 and reaching $54.67 by the end of Q1 2024. Notable increases occurred between Q1 2020 and Q2 2021, where the share price rose steadily from $33.20 to $49.24. After some fluctuations in the latter half of 2021 and into 2022, the price surged again entering 2023, peaking at $59.71 in Q1 2023. Following this peak, the price experienced moderate volatility but remained elevated, closing at $54.67 in Q1 2024.
- Operating Profit Per Share (Operating Profit Per Share)
- The operating profit per share displayed a consistent increase throughout the entire timeframe. It increased from $1.38 in Q1 2020 to $1.93 in Q1 2024. Growth was steady with small increments each quarter, demonstrating improving operational efficiency and profitability on a per-share basis. Most notably, the operating profit per share grew more rapidly in the later periods, particularly from Q1 2023 to Q1 2024, where it rose from $1.60 to $1.93.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio experienced fluctuations without a clear long-term trend, oscillating between approximately 24.0 and 37.4 over the period. The earliest quarter showed a relatively low ratio of 24.01 in Q1 2020, followed by a rise that peaked at 37.42 in Q1 2023. This peak indicates that the market valuation relative to operating profit per share was highest at that point, suggesting increased investor optimism or expectation of future growth. Subsequent quarters show a decline and some volatility in the ratio, dropping to 28.33 by Q1 2024, reflecting a partial correction or adjustment of market valuations relative to operating profitability.
- Summary and Insights
- Overall, the data suggests solid growth in operating profitability on a per-share basis, which has gradually supported an increasing share price over the four-year span. The share price movement correlates generally with the improvements in operating profit per share but includes periods of higher volatility likely influenced by market sentiment and valuation adjustments reflected in the price-to-operating-profit ratio. The expansion in operating profit per share coupled with fluctuating but generally high P/OP ratios indicates sustained investor confidence, albeit with moments of reassessment of the company’s valuation relative to earned profits.
Price to Sales (P/S)
Monster Beverage Corp., historical P/S calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net sales (in thousands) | |||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||
| 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 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
Sales per share
= (Net salesQ1 2024
+ Net salesQ4 2023
+ Net salesQ3 2023
+ Net salesQ2 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Monster Beverage Corp. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the share price, sales per share, and price-to-sales (P/S) ratio over the observed periods.
- Share Price
- The share price shows a general upward trend from March 2020 to December 2023, increasing from $33.20 to a peak of $59.71 in March 2023. This represents a significant appreciation over the four-year period. However, there are some fluctuations along the timeline, with periods of decline such as from June 2021 ($49.24) to December 2021 ($42.20), and another decrease from March 2023 ($59.71) to March 2024 ($54.67). Despite these fluctuations, the overall trajectory remains positive, indicating sustained investor confidence.
- Sales Per Share
- Sales per share demonstrate consistent growth throughout the periods. Starting at $4.10 in March 2020, there is a smooth upward progression reaching $7.05 by March 2024. This continuous increase indicates improving operational performance and revenue generation on a per-share basis without any noted declines, suggesting effective business expansion or enhanced sales activity over time.
- Price-to-Sales (P/S) Ratio
- The P/S ratio exhibits more volatility compared to share price and sales per share. It peaks in June 2020 at 10.23 and then generally declines, reaching a low of 7.76 in March 2024. The ratio shows intermittent rebounds, notably rising again to 9.63 in March 2023 before decreasing thereafter. The downward trend in the P/S ratio despite rising sales per share and share prices suggests that the market's price premium relative to sales has moderated. This may reflect changes in valuation expectations, market conditions, or investor perception regarding future growth prospects.
In summary, the data indicate robust sales growth per share consistently over the observed timeframe. Share price appreciation accompanies this growth, albeit with some periods of volatility. Meanwhile, the P/S ratio's decline signals a relative moderation in valuation multiples, which could be attributed to the market adjusting to evolving fundamental or macroeconomic factors. Collectively, these patterns suggest strong operational advancements within stable market valuation dynamics.
Price to Book Value (P/BV)
Monster Beverage Corp., historical P/BV calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Stockholders’ equity (in thousands) | |||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||
| 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 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Monster Beverage Corp. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a general upward trend over the analyzed period, starting at $33.20 in March 2020 and reaching a peak of $59.71 in March 2023. Despite some fluctuations, such as a decline between June 2021 and December 2021 and a slight drop towards March 2024, the overall movement reflects significant appreciation in market value. The share price increased sharply from $43.34 in March 2022 to near $59.10 by December 2023, indicative of positive market sentiment or company performance during this timeframe.
- Book Value Per Share (BVPS)
- BVPS showed consistent growth throughout the quarters, increasing steadily from $3.68 in March 2020 to $8.23 in March 2024. This growth signifies an ongoing accumulation of equity value per share, suggesting improved underlying net asset values or retained earnings growth across the time span. The progression appears stable and incremental, without any periods of decline.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio demonstrated variability with an overall declining tendency from an elevated start at 9.03 in March 2020 to a lower ratio of 6.64 by March 2024. The ratio initially surged to a peak of 10.43 in June 2020 before trending downward through 2021, hitting a low near 6.69 in March 2022. Thereafter, modest fluctuations occurred, reaching a high of 8.45 in March 2023 before decreasing again. The reduction in P/BV ratio over time, especially relative to the rising book value, suggests that the share price appreciation has not consistently outpaced the increase in book value, potentially indicating a market reassessment of valuation multiples or increased investor scrutiny of the company's fundamentals.