Monster Beverage Corp. (MNST) intrinsic value & 10-year financials
Monster Beverage Corp. (MNST) has a Graham intrinsic value of $40.91 per share. At $45.73 on Oct 17, 2026, the stock trades 12% above that value. Over the last 10 fiscal years revenue grew 11.8% a year to $8.3B, with an average return on invested capital of 28.0%.
- Graham intrinsic value
- $40.91
- Share price (Oct 17, 2026)
- $45.73
- Price vs Graham value
- 12% above
- Market cap
- $45.0B
- Revenue (FY2025)
- $8.3B
- Revenue growth (10-yr CAGR)
- 11.8%
- ROIC (10-yr avg)
- 28.0%
- Free cash flow (FY2025)
- $2.0B
MNST 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $8.3B | $1.9B | — | $2.0B | 29.2% | 38.3% |
| FY2024 | $7.5B | $1.5B | — | $1.7B | 25.8% | 27.1% |
| FY2023 | $7.1B | $1.6B | — | $1.5B | 27.4% | 26.3% |
| FY2022 | $6.3B | $1.2B | — | $699.0M | 25.1% | 20.9% |
| FY2021 | $5.5B | $1.4B | — | $1.1B | 32.4% | 23.4% |
| FY2020 | $4.6B | $1.4B | — | $1.3B | 35.5% | 41.6% |
| FY2019 | $4.2B | $1.1B | — | $1.0B | 33.4% | 32.3% |
| FY2018 | $3.8B | $993.0M | — | $1.1B | 33.7% | 26.3% |
| FY2017 | $3.4B | $820.7M | — | $904.3M | 35.6% | 22.7% |
| FY2016 | $3.0B | $712.7M | — | $601.5M | 35.6% | 21.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Monster Beverage is a consistent compounder, expanding top-line revenue at 11.8% annually over the past decade.
Monster Beverage has earned high returns on invested capital, averaging 28.0% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Monster Beverage shows that management has aggressively returned capital to shareholders by retiring 17.9% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Monster Beverage is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $40.91 per share.