# Monster Beverage Corporation (MNST)

> Source: Nexqual · https://nexqual.com/MNST · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Monster Beverage Corporation (MNST), nexqual.com/MNST" · informational, not investment advice.

**Price:** USD 46.19 (-2.35% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 47.3 · day 45.98–47.33 · 52w 32.94–50.17 · market cap $90.5B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $9.22B, net income $2.13B (23.1% margin), free cash flow $2.10B (SEC filings).
- Valuation: P/E 42.5x (avg 37.4x at the last 3 fiscal year-ends).
- 1 of 80 tracked superinvestors hold MNST (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $15.5M; 4 not under a Rule 10b5-1 plan ($15.5M); 2 by opportunistic insiders (2 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.40 on a 1–5 scale) (25 analysts), mean target USD 49.78 (range 35–57).
- Total return with dividends: 1Y +32.6% vs S&P 500 +13.4%; 5Y +117.4% vs S&P 500 +76.9%.
- Next earnings: 2026-11-05, EPS estimate USD 0.3, revenue estimate $2.49B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $5.54B | $6.31B | $7.14B | $7.49B | $8.29B | $9.22B |
| Gross profit | $3.11B | $3.17B | $3.79B | $4.05B | $4.63B | — |
| Operating income | $1.80B | $1.58B | $1.95B | $1.93B | $2.42B | $2.69B |
| Net income | $1.38B | $1.19B | $1.63B | $1.51B | $1.91B | $2.13B |
| Free cash flow | $1.11B | $699M | $1.50B | $1.66B | $1.97B | $2.10B |
| Gross margin | 56.1% | 50.3% | 53.1% | 54.0% | 55.8% | — |
| Operating margin | 32.4% | 25.1% | 27.4% | 25.8% | 29.2% | 29.2% |
| Net margin | 24.9% | 18.9% | 22.8% | 20.1% | 23.0% | 23.1% |
| Revenue growth | +20.5% | +13.9% | +13.1% | +4.9% | +10.7% | — |
| Cash + short-term investments | $3.08B | $2.67B | $3.25B | $1.53B | $2.77B | — |
| Total debt | — | — | $0K | $374M | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 42.5x · P/S 9.8x · P/FCF 43.1x · P/B 9.7x · FCF yield 2.32% · Earnings yield 2.35% · Buyback yield (TTM) 0.24%
P/E at fiscal year-ends: Dec 2025 39.6x, Dec 2024 35.3x, Dec 2023 37.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold MNST. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Lee Ainslie | Maverick Capital | 2.28% | $253M | Added +6.7% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-10 | Carling Guy | CEO, EMEA and OSP | 19,000 | $1.7M | 46.5% | No | Too little history (no open-market trades in 2024) |
| 2026-05-14 | Hall Mark J | Director | 54,000 | $4.6M | 15.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-13…2026-05-14 | Tirre Emelie | Chief Strategy Officer | 98,700 | $8.5M | 57.1% | No | Too little history (no open-market trades in 2024) |
| 2026-05-13 | Kelly Thomas J | Chief Financial Officer | 7,000 | $615K | 10.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.40 on a 1–5 scale), 25 analysts; mean target USD 49.78 (low 35, high 57).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-05 | Wells Fargo | Target lowered | Overweight | $53 → $48 |
| 2026-08-07 | UBS | Target raised | Neutral | $104 → $105 |
| 2026-08-07 | RBC Capital | Target raised | Outperform | $97 → $100 |
| 2026-08-07 | Piper Sandler | Target raised | Overweight | $94 → $101 |
| 2026-08-07 | Evercore ISI Group | Target raised | Outperform | $95 → $105 |
| 2026-07-20 | BMO Capital | Target raised | Market Perform | $73 → $95 |
| 2026-07-20 | Deutsche Bank | Downgrade | Buy → Hold | $94 → $98 |
| 2026-07-16 | UBS | Target raised | Neutral | $84 → $104 |
| 2026-07-16 | Stifel | Target raised | Buy | $90 → $105 |
| 2026-07-14 | Citigroup | Target raised | Buy | $100 → $113 |
| 2026-07-08 | Wells Fargo | Target raised | Overweight | $97 → $105 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +32.6% | +117.4% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +32.7% | +16.8% |
| Volatility (annualized) | 26.4% | 24.2% |
| Max drawdown | -17.7% (Feb 2026→Mar 2026) | -23.8% (Mar 2024→Aug 2024) |

## Peers (Beverages - Non-Alcoholic)
CCEP (Coca-Cola Europacific Partners ) USD 110.84 -2.97% · KDP (Keurig Dr Pepper Inc.) USD 34.68 -1.45% · PEP (Pepsico, Inc.) USD 135.77 -2.20% · KOF (Coca Cola Femsa S.A.B. de C.V.) USD 118.11 +0.05% · KO (Coca-Cola Company (The)) USD 92.71 -2.76% · COKE (Coca-Cola Consolidated, Inc.) USD 203.31 -5.41%

## More
Full page: https://nexqual.com/MNST · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in MNST's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/865752/000110465926020831/mnst-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | American Fruits and Flavors | "AFF is our primary flavor supplier." |
| Customer | Coca-Cola Canada Bottling | "Our non-alcohol customers include Coca-Cola Canada Bottling Limited, Coca-Cola Consolidated, Inc., Coca-Cola Bottling Company United, Inc., Reyes Holdings, LLC, Coca-Cola Southwest Beverages LLC, The Coca-Cola Bottling C…" |
| Customer | Coca-Cola Consolidated, Inc. (COKE) | "Our non-alcohol customers include Coca-Cola Canada Bottling Limited, Coca-Cola Consolidated, Inc., Coca-Cola Bottling Company United, Inc., Reyes Holdings, LLC, Coca-Cola Southwest Beverages LLC, The Coca-Cola Bottling C…" |
| Customer | Coca-Cola Bottling Company United | "Our non-alcohol customers include Coca-Cola Canada Bottling Limited, Coca-Cola Consolidated, Inc., Coca-Cola Bottling Company United, Inc., Reyes Holdings, LLC, Coca-Cola Southwest Beverages LLC, The Coca-Cola Bottling C…" |
| Customer | Reyes Holdings | "Our non-alcohol customers include Coca-Cola Canada Bottling Limited, Coca-Cola Consolidated, Inc., Coca-Cola Bottling Company United, Inc., Reyes Holdings, LLC, Coca-Cola Southwest Beverages LLC, The Coca-Cola Bottling C…" |
| Customer | Coca-Cola Southwest Beverages | "Our non-alcohol customers include Coca-Cola Canada Bottling Limited, Coca-Cola Consolidated, Inc., Coca-Cola Bottling Company United, Inc., Reyes Holdings, LLC, Coca-Cola Southwest Beverages LLC, The Coca-Cola Bottling C…" |
| Customer | Amazon (AMZN) | "Our non-alcohol customers include Coca-Cola Canada Bottling Limited, Coca-Cola Consolidated, Inc., Coca-Cola Bottling Company United, Inc., Reyes Holdings, LLC, Coca-Cola Southwest Beverages LLC, The Coca-Cola Bottling C…" |
| Customer | Company of Northern New England | "Our non-alcohol customers include Coca-Cola Canada Bottling Limited, Coca-Cola Consolidated, Inc., Coca-Cola Bottling Company United, Inc., Reyes Holdings, LLC, Coca-Cola Southwest Beverages LLC, The Coca-Cola Bottling C…" |
| Customer | Swire Pacific Holdings | "Our non-alcohol customers include Coca-Cola Canada Bottling Limited, Coca-Cola Consolidated, Inc., Coca-Cola Bottling Company United, Inc., Reyes Holdings, LLC, Coca-Cola Southwest Beverages LLC, The Coca-Cola Bottling C…" |
| Customer | Liberty Coca-Cola Beverages | "Our non-alcohol customers include Coca-Cola Canada Bottling Limited, Coca-Cola Consolidated, Inc., Coca-Cola Bottling Company United, Inc., Reyes Holdings, LLC, Coca-Cola Southwest Beverages LLC, The Coca-Cola Bottling C…" |
| Customer | Asahi Soft Drinks | "Our non-alcohol customers include Coca-Cola Canada Bottling Limited, Coca-Cola Consolidated, Inc., Coca-Cola Bottling Company United, Inc., Reyes Holdings, LLC, Coca-Cola Southwest Beverages LLC, The Coca-Cola Bottling C…" |
| Customer | Wal-Mart | "Our non-alcohol customers include Coca-Cola Canada Bottling Limited, Coca-Cola Consolidated, Inc., Coca-Cola Bottling Company United, Inc., Reyes Holdings, LLC, Coca-Cola Southwest Beverages LLC, The Coca-Cola Bottling C…" |
| Customer | Costco Wholesale | "Our non-alcohol customers include Coca-Cola Canada Bottling Limited, Coca-Cola Consolidated, Inc., Coca-Cola Bottling Company United, Inc., Reyes Holdings, LLC, Coca-Cola Southwest Beverages LLC, The Coca-Cola Bottling C…" |
| Partner | Coca-Cola (KO) | "New England, Inc., Swire Pacific Holdings, Inc. (USA), Liberty Coca-Cola Beverages, LLC, Coca-Cola Europacific Partners, Coca-Cola Hellenic, Coca-Cola FEMSA, Swire Coca-Cola (China), COFCO Coca-Cola, Coca-Cola Beverages …" |
| Competitor | PepsiCo (PEP) | "Our products compete with all liquid refreshments, including TCCC, PepsiCo, Inc. ("PepsiCo"), Keurig Dr. Pepper Inc. ("KDP") and Red Bull GmbH." |
| Competitor | Starbucks (SBUX) | "Our Reign Storm® Total Wellness Energy product line competes directly with CELSIUS, Alani Nu, Bloom, Starbucks Iced Energy, UPTIME Energy, PHORM Energy, ZOA Energy, Bum Energy, Gorilla Mind, and C4 Smart Energy." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Monster Energy Drinks | $2.36B | 92.9% | +21.6% |
| Strategic Brands | $143.7M | 5.7% | +10.6% |
| Alcohol Brands | $32.2M | 1.3% | -15.2% |
| All Other Segments | $5.4M | 0.2% | -15.3% |
| Total revenue | $2.54B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.s.& Canada | $1.45B | 57.2% | +11.5% |
| EMEA | $632.8M | 24.9% | +27.0% |
| Latin America & Caribbean | $234.1M | 9.2% | +55.8% |
| Asia Pacific | $219.0M | 8.6% | +35.4% |
| Total revenue | $2.54B | 100% | — |

## Customer concentration

Period ended 2026-06-30: 16%, 9% of revenue from unnamed direct customers (10-Q, filed 2026-08-07).

## Company outlook (8-K filed 2026-08-06)

- "The Company anticipates its common stock to begin trading at the split-adjusted price on August 11, 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.30 | $0.30 | +0.4% | $2.49B | 10 |
| Next quarter (ends 2026-12-31) | $0.28 | $0.27 | +2.3% | $2.39B | 10 |
| Current fiscal year (ends 2026-12-31) | $1.15 | $1.14 | +0.7% | $9.74B | 11 |
| Next fiscal year (ends 2027-12-31) | $1.31 | $1.29 | +1.2% | $10.67B | 13 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±7.5%; last 8 reports averaged ±4.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 26 | 33.5% | ±7.5% |
| 2026-12-18 | 54 | 29.1% | ±9.1% |
| 2027-01-15 | 82 | 31.6% | ±12.1% |
| 2027-03-19 | 145 | 31.2% | ±15.8% |
| 2027-06-17 | 235 | 31.4% | ±20.3% |
| 2027-09-17 | 327 | 28.9% | ±22.2% |