Revenue performance and margins:
- Revenue: $1,880,973,000 in Q3 2024, up 1.34% YoY and down 1.03% QoQ.
- Gross Profit: $999,799,000; Gross Margin: 53.15% (0.5315).
- Operating Income: $479,916,000; Operating Margin: 25.51% (0.2551).
- Net Income: $370,919,000; Net Margin: 19.72% (0.1972).
- EPS (diluted): $0.38; YoY change: -11.63%; QoQ change: -7.32%.
Cash flow and liquidity:
- Net cash provided by operating activities: $618,399,000.
- Free cash flow: $556,307,000.
- Capital expenditures: $(62,092,000).
- Net cash from financing activities: $(527,229,000); stock repurchases: $(535,661,000); common stock issued: $10,008,000.
- Cash and cash equivalents: $1,625,339,000; Net debt: negative $876,497,000 (i.e., cash > debt).
Balance sheet and leverage:
- Total assets: $8,053,301,000; total liabilities: $2,273,901,000; stockholders’ equity: $5,779,400,000.
- Total debt: $748,842,000; Debt to capitalization: 12.3%; Debt to equity: 0.14x.
Efficiency and returns:
- Return on assets: 4.61%; Return on equity: 6.42%; Return on capital employed: 7.05%.
- Cash conversion cycle: ~84 days; Inventory turnover: 1.14x; Receivables turnover: 1.46x.
- Free cash flow yield and related multiples suggest a premium valuation consistent with brand strength and cash-generative profile.
Valuation context and market position:
- Price-to-earnings: 34.35x; Price-to-book: 8.82x; Price-to-sales: 27.10x; EV/FCF: 89.20x.
- Monster maintains a defensible market position in the non-alcoholic energy beverage space with a high-margin mix and a disciplined capital allocation framework (notably, a large share repurchase program in QQ3 2024).