Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Income Statement
- Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Dividend Discount Model (DDM)
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Analysis of Revenues
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
Monster Beverage Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
The analyzed financial ratios show distinct trends over the reported periods. Each ratio provides insight into market valuation relative to different financial metrics.
- Price to Earnings (P/E) Ratio
- Starting from the earliest available data in March 31, 2019, the P/E ratio was not recorded until March 31, 2020, where it registered at 30.25. From that point, the ratio exhibited an overall upward trend, reaching a peak of 48.27 in December 31, 2022. Afterwards, it declined gradually to 33.99 by March 31, 2024. This pattern indicates increasing market valuation relative to earnings through 2022, followed by some correction or adjustment in the most recent quarters.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio also began recording data in March 31, 2020, starting near 23.89 and rising to a high of 37.42 in December 31, 2022. Similar to the P/E ratio, the P/OP ratio peaked around the end of 2022 before dropping to 28.33 by March 31, 2024. This similarity suggests that market valuation relative to operating profit followed a comparable trend, reflecting investor sentiment and performance expectations.
- Price to Sales (P/S) Ratio
- The P/S ratio began at 7.98 in March 31, 2020, rising significantly to a peak of 10.23 in September 30, 2020, before fluctuating and ultimately decreasing to 7.76 by March 31, 2024. The initial sharp increase followed by a gradual decline may indicate initial optimism or strong sales performance being factored into the valuation, with subsequent stabilization at a lower valuation multiple.
- Price to Book Value (P/BV) Ratio
- This ratio shows data starting in March 31, 2019 at 9.28, then declined gradually to a low of 6.64 by March 31, 2024. The decline was relatively steady with fluctuations, particularly a notable drop between September 30, 2021 (7.76) and December 31, 2021 (6.80). The overall downward trend in P/BV suggests that market prices are becoming closer to the book value, possibly indicating reduced market premium or changes in perceived asset valuation over time.
Overall, market valuations relative to earnings and operating profits increased significantly until late 2022 before retracting, while valuations relative to sales peaked earlier and decreased thereafter. The price relative to book value steadily declined through the period, pointing to a more conservative valuation on an asset basis. These trends may reflect investor reassessments of growth prospects, profitability, and asset values over the observed quarters.
Price to Earnings (P/E)
Monster Beverage Corp., historical P/E calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net income (in thousands) | ||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Coca-Cola Co. | ||||||||||||||||||||||||||||
| Mondelēz International Inc. | ||||||||||||||||||||||||||||
| PepsiCo Inc. | ||||||||||||||||||||||||||||
| Philip Morris International Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
EPS
= (Net incomeQ1 2024
+ Net incomeQ4 2023
+ Net incomeQ3 2023
+ Net incomeQ2 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Monster Beverage Corp. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the financial data over the periods from March 31, 2019, through March 31, 2024, reveals several significant trends regarding the share price, earnings per share (EPS), and price-to-earnings (P/E) ratio.
- Share Price
- The share price exhibits a general upward trend over the entire timeframe, beginning at $31.56 on March 31, 2019, and reaching $54.67 by March 31, 2024. Initially, the price fluctuated mildly within the $29 to $33 range until March 2020, followed by a more pronounced rise peaking at $59.71 in March 2023. Despite some volatility, especially in the last several quarters where the price oscillated between approximately $54 and $59, the overall progression indicates a strengthening market valuation.
- Earnings Per Share (EPS)
- EPS data begins from March 31, 2020, and shows a gradual increase from $1.03 to $1.61 by March 31, 2024. The EPS displayed steady growth initially, peaking at $1.45 in September 2021 before a slight decline occurred through December 2022. Subsequently, EPS levels began recovering, reaching a new high of $1.61 in the last quarter. This indicates consistent improvement in profitability per share over the five-year period with minor fluctuations.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio started at 30.25 as of March 31, 2020, and demonstrated a general upward movement, reaching a peak of 48.27 in December 2022. This increase suggests that investors were willing to pay increasingly higher multiples of earnings for the stock, potentially reflecting optimism about future growth. After this peak, the P/E ratio declined steadily to 33.99 by March 31, 2024, indicating a normalization or revaluation in price relative to earnings in recent periods.
Overall, the data portrays a company that has experienced growing market value and improving profitability over the five-year scope. The EPS growth supports the rising share prices, while the P/E fluctuations may reflect changing investor sentiment and market conditions. The recent moderation in the P/E ratio combined with continued EPS growth suggests a possible stabilization phase after a period of high valuation multiples.
Price to Operating Profit (P/OP)
Monster Beverage Corp., historical P/OP calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Operating income (in thousands) | ||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Coca-Cola Co. | ||||||||||||||||||||||||||||
| Mondelēz International Inc. | ||||||||||||||||||||||||||||
| PepsiCo Inc. | ||||||||||||||||||||||||||||
| Philip Morris International Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
Operating profit per share
= (Operating incomeQ1 2024
+ Operating incomeQ4 2023
+ Operating incomeQ3 2023
+ Operating incomeQ2 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Monster Beverage Corp. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price shows a general upward trend over the observed periods. Starting near $31 in early 2019, it experienced moderate fluctuations with a gradual rise through 2020, reaching a peak above $49 in mid-2021. After some volatility in late 2021 and early 2022, the price continued to increase, peaking around $59.71 in the first quarter of 2023 before a slight decline toward the end of 2023 and early 2024. Overall, the share price increased substantially from 2019 to 2024, signaling positive investor sentiment despite some intermittent dips.
- Operating Profit Per Share (OPPS) Trends
- The operating profit per share began reporting in March 2020, starting at $1.31. It showed a consistent upward trend throughout 2020 and 2021, reaching approximately $1.7 by the end of 2021. Although slight decreases appeared in early to mid-2022, the OPPS remained relatively stable around the $1.5 to $1.7 range. From late 2022 through March 2024, OPPS increased steadily again, culminating at $1.93 by Q1 2024. This trend indicates continual growth in operating profitability on a per-share basis, with small periods of stabilization or mild decline.
- Price to Operating Profit Ratio (P/OP) Trends
- The P/OP ratio data is available beginning in March 2020. Initially, it hovered around 24, rose to nearly 29 in late 2020, and fluctuated between 27 and 29 throughout 2021. In 2022, the ratio increased significantly, peaking around 37.42 in early 2023, indicating that share prices were rising faster than operating profit per share during this period. Following this peak, the ratio decreased but remained elevated in the low 30s by early 2024. The elevated P/OP ratio suggests increased market expectations or valuation expansion relative to operating profit growth during recent periods.
- Combined Interpretation
- The data reflects steadily improving operational performance as measured by operating profit per share, contributing to the ascension of the share price over time. The P/OP ratio's rise, especially through 2022 into early 2023, suggests that market valuations outpaced earnings growth temporarily, possibly reflecting optimism about future prospects. The subsequent moderation in the P/OP ratio alongside maintained OPPS growth indicates a partial realignment of market pricing with profitability. The overall pattern represents a company experiencing healthy financial growth with periods of market enthusiasm tempered by valuation consolidation.
Price to Sales (P/S)
Monster Beverage Corp., historical P/S calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net sales (in thousands) | ||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Coca-Cola Co. | ||||||||||||||||||||||||||||
| Mondelēz International Inc. | ||||||||||||||||||||||||||||
| PepsiCo Inc. | ||||||||||||||||||||||||||||
| Philip Morris International Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
Sales per share
= (Net salesQ1 2024
+ Net salesQ4 2023
+ Net salesQ3 2023
+ Net salesQ2 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Monster Beverage Corp. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in key metrics over the observed periods.
- Share Price
- The share price exhibits a general upward trend from March 2019 through March 2024, rising from approximately $31.56 to a peak around $59.71 in March 2023 before slightly declining to $54.67 in March 2024. The increase is not strictly linear; fluctuations are present, such as a decline in late 2021 and early 2024 periods. The highest value occurs in early 2023, suggesting robust investor confidence, with some volatility towards the end of the timeline.
- Sales Per Share
- Sales per share figures commence from March 2020, showing consistent growth across subsequent quarters. From $3.91 in March 2020, sales per share increase steadily to $7.05 by March 2024. This upward trend indicates ongoing revenue expansion relative to the number of shares, implying successful business growth and operational scaling during the period under review.
- Price-to-Sales Ratio (P/S)
- The P/S ratio starts at 7.98 in March 2020, exhibits an initial rise peaking around 10.23 in September 2020, and thereafter generally trends downward with some volatility. By March 2024, the P/S ratio decreases to 7.76, close to the initial level observed four years earlier. This pattern suggests that although share prices and sales per share increased, the market valuation relative to sales has compressed over time. Notably, there is a pronounced dip in the ratio during late 2021, which could reflect market revaluation or changes in investor sentiment despite increasing sales.
Overall, the data implies a company experiencing robust sales growth accompanied by significant share price appreciation over the five-year span. However, the P/S ratio adjustments point to evolving market perceptions, perhaps reflecting broader economic factors or company-specific valuation recalibrations. The slight decline in share price and P/S ratio towards the end of the dataset may warrant close monitoring to assess any emerging shifts in market or operational dynamics.
Price to Book Value (P/BV)
Monster Beverage Corp., historical P/BV calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Stockholders’ equity (in thousands) | ||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Coca-Cola Co. | ||||||||||||||||||||||||||||
| Mondelēz International Inc. | ||||||||||||||||||||||||||||
| PepsiCo Inc. | ||||||||||||||||||||||||||||
| Philip Morris International Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Monster Beverage Corp. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals several noteworthy trends regarding the share price, book value per share (BVPS), and price-to-book value (P/BV) ratio over the analyzed periods.
- Share Price
- The share price shows a generally upward trend from March 2019 through March 2024, starting at 31.56 US$ and reaching a peak of 59.71 US$ in March 2023. Despite this growth, there are fluctuations observed, such as a decline between June 2023 (55.11 US$) and March 2024 (54.67 US$). Overall, the share price nearly doubled over the five-year span, indicating significant appreciation.
- Book Value per Share (BVPS)
- BVPS steadily increased throughout the timeframe, rising from 3.4 US$ in March 2019 to 8.23 US$ by March 2024. This progression reflects consistent growth in the company's net asset value on a per-share basis, with no periods showing a decline, only minor deceleration in growth rates during mid-2022 before resuming its upward trajectory.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio exhibits more variability. It started high at 9.28 in March 2019, followed by a general decline to a low of 6.64 by March 2024. Notably, the P/BV ratio peaked at 10.43 in June 2020, aligning with a notable increase in share price during that period. Subsequently, it trended downwards, with occasional increases, such as a rise to 8.45 in March 2023 but then declining again towards the end of the period.
In summary, the company experienced significant growth in both market valuation and book value per share, though the market's valuation relative to book value (P/BV) showed a downward shift over time. The increasing BVPS coupled with a decreasing P/BV may suggest that while the company's underlying asset base strengthened substantially, the market's premium on book value compressed. The slight dip in share price near the end may reflect market adjustments or changing investor sentiment despite ongoing asset growth.