Monster Beverage Corp., current enterprise value calculation

Current share price (P)	$54.67
No. shares of common stock outstanding	1,041,728,228
US$ in thousands
Common equity (market value)¹	56,951,282)
Total equity	56,951,282)
Add: Current finance lease liabilities (per books)	6,449)
Add: Noncurrent finance lease liabilities (per books)	19)
Total equity and debt	56,957,750)
Less: Cash and cash equivalents	2,297,675)
Less: Short-term investments	955,605)
Enterprise value (EV)	53,704,470)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 54.67 × 1,041,728,228

Monster Beverage Corp., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$59.10	$49.60	$42.20	$43.78	$31.21
No. shares of common stock outstanding¹	1,040,636,235	1,044,818,716	1,058,717,720	1,056,274,072	1,073,792,284
US$ in thousands
Common equity (market value)³	61,501,601)	51,823,008)	44,677,888)	46,243,679)	33,513,057)
Total equity	61,501,601)	51,823,008)	44,677,888)	46,243,679)	33,513,057)
Add: Current finance lease liabilities (book value)	6,449)	757)	960)	799)	1,485)
Add: Noncurrent finance lease liabilities (book value)	19)	41)	41)	24)	—)
Total equity and debt	61,508,069)	51,823,806)	44,678,889)	46,244,502)	33,514,542)
Less: Cash and cash equivalents	2,297,675)	1,307,141)	1,326,462)	1,180,413)	797,957)
Less: Short-term investments	955,605)	1,362,314)	1,749,727)	881,354)	533,063)
Enterprise value (EV)	58,254,789)	49,154,351)	41,602,700)	44,182,735)	32,183,522)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Monster Beverage Corp. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 59.10 × 1,040,636,235

Monster Beverage Corp. (NASDAQ:MNST)

Enterprise Value (EV)