MNST

MNST

Monster Beverage

Dividend / Cash flow

★ Quality 74/100
Overvalued

Price today

$43.82

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charlieapp.co

What this business is made of

74qualityReturnsMoatBalance sheetPricing powerReinvestment

The business

Caffeinated water sold expensive, delivered by Coca-Cola's trucks.

Monster Beverage sells energy drinks — Monster Energy, Reign, Bang — and charges by volume to distributors, with Coca-Cola as its global logistics partner. It brought in $8.3B in 2025 with a 56% gross margin. The business is simple: cans cheap to produce, brand expensive to build.

Distribution through Coca-Cola gives it reach a new entrant can't buy. The Monster brand has real loyalty among young people and motorsports fans. Still, Red Bull fights for every shelf and private labels eat away at the low end — the moat exists, but it's no castle.

Revenue history

$5.5B
2021
$6.3B
2022
$7.1B
2023
$7.5B
2024
$8.3B
2025
CAGR 5 años: +11%

From $5.5B to $8.3B in 4 years. The business grows steadily.

Where each $100 of sales goes

Revenue $8.3B · FY2025

Cost of sales$3.7B · 44%
Operations$2.2B · 27%
Taxes and other$514M · 6%
Net profit$1.9B · 23%

Of every $100 in sales, $77 goes to costs and operations; $23 is left as net profit (23% margin).

Catalysts and risks

International expansion: markets outside the U.S. grow double digits and still make up less than 40% of sales.

Launch of the alcoholic line (Beast) opening a new category since 2025.

Aggressive buybacks: $2.1B in cash and zero debt allow share count to shrink every quarter.

⚠️

No debt but no monopoly: Red Bull and private labels pressure prices and margins.

⚠️

Regulation on caffeine and sugar in young people could hit the flagship product.

⚠️

Net Income reported at zero this period — check for extraordinary charges before trusting the normalized FCF.

Charlie's note

Paying 14.71x for a business growing 11% with a 56% gross margin is reasonable: the brand and the logistics partner justify the premium, though Red Bull and private labels remind us the moat isn't forever. At this multiple no miracle is required; patience is enough.

Analysis · June 2026

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