Monster Beverage Corp., FCFE calculation

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income	1,630,988)	1,191,624)	1,377,475)	1,409,594)	1,107,835)
Net noncash charges	146,637)	182,884)	140,161)	(17,261)	129,181)
Effect on cash of changes in operating assets and liabilities	(59,872)	(486,809)	(361,895)	(28,170)	(123,254)
Net cash provided by operating activities	1,717,753)	887,699)	1,155,741)	1,364,163)	1,113,762)
Purchases of property and equipment	(221,428)	(188,726)	(43,868)	(48,722)	(101,661)
Proceeds from sale of property and equipment	2,520)	1,313)	1,328)	993)	1,239)
Additions to intangibles	(13,296)	(23,427)	(13,585)	(18,550)	(8,737)
Borrowings (payments) on debt	(13,914)	75)	2,928)	(3,086)	(13,569)
Free cash flow to equity (FCFE)	1,471,635)	676,934)	1,102,544)	1,294,798)	991,034)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Monster Beverage Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Monster Beverage Corp. FCFE decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Monster Beverage Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	1,041,728,228
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)	1,471,635)
FCFE per share	1.41
Current share price (P)	54.67
Valuation Ratio
P/FCFE	38.70
Benchmarks
P/FCFE, Competitors¹
Altria Group Inc.	10.71
Coca-Cola Co.	23.07
PepsiCo Inc.	16.26
Philip Morris International Inc.	16.67
P/FCFE, Sector
Food, Beverage & Tobacco	17.09
P/FCFE, Industry
Consumer Staples	28.66

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Monster Beverage Corp., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
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
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)²	1,471,635)	676,934)	1,102,544)	1,294,798)	991,034)
FCFE per share³	1.41	0.65	1.04	1.23	0.92
Share price^1, 4	59.10	49.60	42.20	43.78	31.21
Valuation Ratio
P/FCFE⁵	41.79	76.56	40.52	35.71	33.82
Benchmarks
P/FCFE, Competitors⁶
Altria Group Inc.	8.46	11.96	13.06	8.86	7.97
Coca-Cola Co.	22.42	29.91	23.29	30.91	33.31
PepsiCo Inc.	17.88	47.17	77.00	10.51	38.90
Philip Morris International Inc.	11.93	6.64	20.46	15.06	15.65
P/FCFE, Sector
Food, Beverage & Tobacco	15.72	16.58	25.49	14.44	21.35
P/FCFE, Industry
Consumer Staples	21.28	25.03	23.48	17.17	17.96

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 1,471,635,000 ÷ 1,040,636,235 = 1.41

⁴ Closing price as at the filing date of Monster Beverage Corp. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 59.10 ÷ 1.41 = 41.79

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Monster Beverage Corp. P/FCFE ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.

Monster Beverage Corp. (NASDAQ:MNST)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical