MNSTMonster Beverage Corp

Bottled & Canned Soft Drinks & Carbonated Waters

Revenue: $8.3B; 11% YoY
Operating margin: 29.2%; 13% YoY
EBITDA: $2.5B; 26% YoY
Market cap: $46.4B
Employees: 6,891; $1M revenue each
Net debt / EBITDA: -0.8×; −$2.0B net debt
AI in 10-K: 1.5; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
5% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
12% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$1M · 78th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.5 per 10K words · 46th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.8× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$46.4B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$36M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$5.5B	$6.3B	$7.1B	$7.5B	$8.3B	11%
Operating income	$1.8B	$1.6B	$2.0B	$1.9B	$2.4B	25%
Operating cash flow	$1.2B	$888M	$1.7B	$1.9B	$2.1B	8.8%
Capex	$44M	$189M	$221M	$264M	$132M	50%
Stock-based comp	$70M	$64M	$69M	$91M	$126M	38%
Buybacks	$14M	$771M	$659M	$3.8B	$104M	97%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jun 13, 2024	Brandon Limited Partnership No.1	SC 13D/A	8.1%	Passive
May 8, 2024	Brandon Limited Partnership No.1	SC 13D/A	1.1%	Passive
Feb 23, 2024	Brandon Limited Partnership No.1	SC 13D/A	8.2%	Passive
Dec 2, 2022	Brandon Limited Partnership No.1	SC 13D/A	8.6%	Passive
Apr 24, 2020	Brandon Limited Partnership No.1	SC 13D/A	10.3%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $36M · 11
Net: −$36M

Pay vs performance

No pay-versus-performance disclosure yet.