VOL. XCIV, NO. 247

WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES

Checking

Wide moat stocks

Monster Beverage Corporation MNST

Nasdaq Soft drinksFinancials to Jun 30, 2026 · Updated Oct 6, 2026

On Stock Analysis · affiliate link

MNST financials

Moat score

ROIC

34.8%

P/E

40.1

EV/EBIT

30.1

FCF yield

2.4%

Dividend yield

0.0%

Market cap

$85.2B

Moat ranks

Score rankTied #21 of 396

Durabilitydurable

Market structureOligopoly

Pricing powermoderate

Balance sheet

6/30/26

$B	Dec 31	Jun 30
Cash	2.1	2.2
Securities	0.7	1.2
Long-term securities	0.5	0.8
Debt	0.0	0.0
Net cash	3.3	4.2
Equity	8.3	9.4

Leverage

Debt / EBITDA: 0.00×
Debt / equity: 0.00×
Leases (3/31/25): $62M

Capital

Diluted shares: 1,977M
Book value / share: $4.74
Price / book: 9.1×
Net cash / share: $2.12
Market cap: $85.2B
Enterprise value: $81.0B

Per-share record

Fiscal years and TTM

Revenue per shareCash flow per share

Key indicators

Latest: Q2 '26

Indicator	Latest	Vs year ago
Revenue growth	20.2%	+9.1 pts
Operating margin	29.2%	-0.7 pts
FCF margin	18.0%	-2.1 pts
Capex / revenue	2.0%	+0.1 pts
Monster Energy case sales	227.3M	+19%
Strategic Brands case sales	77.6M	+32%
Energy net sales per case	$8.20	-1%
Gross margin	55.9%	+0.2 pts
Net margin	23.0%	-0.1 pts

Margins and growth from reported quarters; company KPIs as reported in results releases.

About MNST

Monster sells branded energy drinks and supplies concentrate for its Strategic Brands. Monster Energy Drinks generated 92.9% of June-quarter 2026 sales.

Revenue mix

Monster Energy Drinks 92.9%Strategic Brands 5.7%Alcohol Brands 1.3%Other (AFF Third-Party Products) 0.2%

Distribution Control
Agreements of up to 20 years and integration with Coca-Cola network bottlers provide durable route-to-market access, although concentration creates dependence rather than unilateral control.
Brand Trust
The Monster franchise combines high reported U.S. category share, consumer acceptance, and recurring innovation; periodic price actions support moderate pricing while low consumer switching costs cap the claim.
Distribution Control
Strategic Brands receive route-to-market access through Coca-Cola network bottlers, although their lower consumer pull may reduce bottler priority.

Timeline

Oct 6, 2026
India’s Delhi High Court allowed Monster to sell existing stock while restricting new production bearing the disputed energy-drink descriptor, leaving relabelling and supply risks until the next hearing.
Sep 21, 2026
Americas chief executive Rob Gehring gave notice that he will leave on November 30 to lead Coca-Cola North America. Emelie Tirre will oversee the region on an interim basis from December 1, creating a handover risk in the main market.
Sep 3, 2026
Monster appointed long-serving finance executive Matthew Burroughs chief accounting officer and deputy chief financial officer, retaining internal reporting experience.
Aug 11, 2026
Monster shares began trading after a two-for-one split; share counts doubled while each shareholder retained the same economic stake.
Apr 2025
Monster repaid the remaining term loan, reducing interest expense and restoring a balance sheet without nonlease borrowings.

Ownership

To 10/6/26

CEO

Hilton H. Schlosberg

Since 2021 · 5 yrs

Professional CEOSingle share class

Insider trades33

Planned sales6

Go deeper on MNST

On Find My Moat

Financial record

Fiscal year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM	Change 2016–25
Per share ($)
Revenue	1.27	1.46	1.69	1.92	2.15	2.59	2.96	3.37	3.70	4.21	4.66	+14.2%/yr
Cash flow	0.29	0.43	0.51	0.51	0.64	0.54	0.42	0.81	0.95	1.07	1.13	+15.5%/yr
Earnings	0.30	0.36	0.44	0.51	0.66	0.64	0.56	0.77	0.74	0.97	1.08	+14.0%/yr
Free cash flow	0.25	0.39	0.48	0.46	0.61	0.51	0.32	0.70	0.80	0.99	1.05	+16.5%/yr
Capex	0.04	0.04	0.03	0.05	0.03	0.03	0.10	0.11	0.15	0.08	0.08	+6.9%/yr
Dividends	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	–
Book value	1.39	1.69	1.60	1.91	2.41	3.07	3.29	3.89	2.94	4.19	4.74	+13.1%/yr
Diluted shares (M)	2,399	2,309	2,257	2,186	2,139	2,143	2,133	2,116	2,026	1,969	1,977	-2.2%/yr
Totals ($B)
Revenue	3.0	3.4	3.8	4.2	4.6	5.5	6.3	7.1	7.5	8.3	9.2	+11.8%/yr
Operating income	1.1	1.2	1.3	1.4	1.6	1.8	1.6	2.0	1.9	2.4	2.7	+9.3%/yr
Net income	0.7	0.8	1.0	1.1	1.4	1.4	1.2	1.6	1.5	1.9	2.1	+11.5%/yr
Free cash flow	0.6	0.9	1.1	1.0	1.3	1.1	0.7	1.5	1.6	1.9	2.1	+14.0%/yr
Buybacks	2.3	0.4	1.3	0.7	0.6	0.0	0.8	0.7	3.8	0.1	0.2	-29.0%/yr
Dividends	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	–
Net cash	0.6	1.2	1.0	1.3	2.1	3.2	2.7	3.3	1.2	3.3	4.2	+$2.7B
Margins & returns (%)
Gross margin	63.7	63.5	60.3	60.0	59.2	56.1	50.3	53.1	54.0	55.8	55.5	-7.8 pts
Operating margin	35.6	35.6	33.7	33.4	35.5	32.4	25.1	27.4	25.8	29.2	29.2	-6.4 pts
Net margin	23.4	24.4	26.1	26.4	30.7	24.9	18.9	22.8	20.1	23.0	23.1	-0.4 pts
FCF margin	19.5	26.6	28.6	23.9	28.2	19.8	10.7	20.8	21.6	23.4	22.6	+3.9 pts
ROIC	30.6	34.3	37.3	38.0	40.6	39.6	28.0	30.2	31.0	33.9	34.8	+3.3 pts
Return on equity	21.4	21.1	27.5	26.6	27.3	21.0	17.0	19.8	25.3	23.1	22.7	+1.7 pts
Stock pay % of revenue	1.5	1.6	1.5	1.5	1.5	1.3	1.0	1.0	1.2	1.5	1.5	+0.0 pts
Capex % of revenue	3.5	2.8	2.0	2.6	1.5	1.0	3.4	3.3	4.1	1.9	1.7	-1.6 pts

Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.

TTM = four quarters to Jun 30, 2026. Per-share values use diluted weighted shares.ROIC = operating income × (1 − 23.0% tax rate, the company's own over three fiscal years excluding one-offs) ÷ (equity + debt − cash and current securities). Returns show a dash when their base is negative or under 10% of revenue. Free cash flow = operating cash flow − capex. Debt is all borrowings; net cash counts long-term securities and excludes leases.

Moat

Moat scorecard

Moat score96

Strength
Confidence
Structure: Oligopoly
Durability: durable
Trajectory: stable
Pricing power: moderate

Segments

Monster Energy Drinks92.9%
2 claims
Strategic Brands5.7%
1 claim
Alcohol Brands1.3%
No moat
Other (AFF Third-Party Products)0.2%
Not scored: evidence insufficient

Moat claims

Applies to: Monster Energy Drinks
Confidence
Durability: durable
Trajectory: stableas of Jun 30, 2026

Why it holds

Agreements of up to 20 years and integration with Coca-Cola network bottlers provide durable route-to-market access, although concentration creates dependence rather than unilateral control.

Why stable

The international coordination agreement was renewed for five years in February 2025. Energy case shipments continued to grow in June 2026, but rival bottling networks and termination rights limit exclusive control.

Indicators

Monster Energy case sales227,340,000+19%
Energy net sales per case$8.20-1%

Risks

Bottlers deprioritize Monster products
Distributor consolidation increases bargaining power
Retailers reduce shelf space

Sources

FilingMonster Beverage Corporation Form 10-K (FY2025)Feb 27, 2026
FilingMonster Beverage Corporation Form 10-K (FY2025)Feb 27, 2026
FilingMonster Beverage Corporation Form 10-K (FY2025)Feb 27, 2026

Applies to: Monster Energy Drinks
Confidence
Durability: durable
Trajectory: stableas of Jun 30, 2026

Why it holds

The Monster franchise combines high reported U.S. category share, consumer acceptance, and recurring innovation; periodic price actions support moderate pricing while low consumer switching costs cap the claim.

Why stable

Monster Energy case shipments rose from 190.5 million to 227.3 million in the June quarter. Average energy net sales per case fell to $8.20 from $8.29, and marketing costs rose, so higher volume has not proved stronger pricing power.

Indicators

Monster Energy case sales227,340,000+19%
Energy net sales per case$8.20-1%

Risks

Shift toward 'better-for-you' entrants
Competitor innovation and influencer-led brands
Health or regulatory scrutiny of caffeine, including India’s energy-drink descriptor dispute

Sources

FilingMonster Beverage Corporation Form 10-K (FY2025)Feb 27, 2026
FilingMonster Beverage 2026 second-quarter resultsAug 6, 2026
NewsEnergy brands battle for fast-growing female segment (Food Business News)Dec 9, 2025

Applies to: Strategic Brands
Confidence
Durability: durable
Trajectory: stableas of Jun 30, 2026

Why it holds

Strategic Brands receive route-to-market access through Coca-Cola network bottlers, although their lower consumer pull may reduce bottler priority.

Why stable

Strategic Brands case equivalents rose from 58.8 million to 77.6 million in the June quarter, supporting the usefulness of bottler access. Net sales grew much more slowly than volume, which limits evidence of stronger commercial terms.

Indicators

Strategic Brands case sales77,604,000+32%
Energy net sales per case$8.20-1%

Risks

Low bottler priority
Value-tier commoditization
Concentrate volume volatility

Sources

FilingMonster Beverage Corporation Form 10-K (FY2025)Feb 27, 2026

Profile change log

Oct 6, 2026 · analyst revision
June 2026 filings support stable brand and distribution moats. Falling alcohol demand and losses support no demonstrated moat there; the small AFF third-party business remains unproven. The reported 34% U.S. share replaces an unsupported 33%-35% range.
Oct 6, 2026 · business change
India’s Delhi High Court allowed Monster to sell existing stock while restricting new production bearing the disputed energy-drink descriptor, leaving relabelling and supply risks until the next hearing.
Oct 6, 2026 · business change
Americas chief executive Rob Gehring gave notice that he will leave on November 30 to lead Coca-Cola North America. Emelie Tirre will oversee the region on an interim basis from December 1, creating a handover risk in the main market.
Oct 6, 2026 · business change
Monster appointed long-serving finance executive Matthew Burroughs chief accounting officer and deputy chief financial officer, retaining internal reporting experience.
Oct 6, 2026 · business change
Monster shares began trading after a two-for-one split; share counts doubled while each shareholder retained the same economic stake.
Oct 6, 2026 · business change
Monster repaid the remaining term loan, reducing interest expense and restoring a balance sheet without nonlease borrowings.
Oct 6, 2026 · business change
Monster and Coca-Cola renewed their international distribution coordination agreement for five years, preserving access to the bottler network.
Oct 6, 2026 · business change
Monster bought the Bang Energy business and a Phoenix production facility, expanding its energy portfolio and recording a $45.4 million acquisition gain.
Oct 6, 2026 · business change
Monster bought CANarchy, adding craft beer and hard seltzer production and exposing the group to a different, more crowded market.
Oct 6, 2026 · business change
Monster bought American Fruits & Flavors for $688.5 million in cash, bringing its main flavour supplier and important energy-drink recipes in-house.

Industry & peers

Peer map

Hover a point for its values; click a peer to compare. Dashed lines: industry medians.

Global energy drinks

As of Oct 6, 2026

OligopolyLow cyclicalityUSD 110B in 2031

Non-alcoholic drinks marketed for energy and alertness, including conventional, sugar-free and functional energy products and concentrated energy shots. Ordinary soft drinks, sports hydration drinks and standalone ready-to-drink coffee or tea are excluded; concentrate suppliers participate through finished energy drinks made by bottlers.

Monster Beverage
Red Bull
Celsius Holdings
PepsiCo
Keurig Dr Pepper

2025 leaders, no comparable shares · Monster Beverage 2025 10-K

	Stocks	Moat	Gross m.	Op. m.
MNST		96	55.5%	29.2%
Industry median	4	82	55.5%	29.2%
Sector median	85	74	55.5%	16.9%
All stocks median	398	76	52.9%	19.6%

Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.

Drivers & risks

Demand drivers

New consumption occasions and sugar-free flavours can recruit consumers and increase repeat purchases.
Local bottling, cold availability and dense store delivery help established brands expand outside their home markets.
Affordable packs and value brands broaden reach where household purchasing power is lower.
Small purchase sizes make demand less rate-sensitive than durable goods, while summer weather and travel affect store traffic.

Risks

Consumers can switch cheaply; PepsiCo and Keurig Dr Pepper give challenger brands large delivery networks.
Aluminum, freight, sugar and tariff costs can rise faster than customer price increases; greater marketing spending can absorb volume gains.
Caffeine, ingredient, youth-sales and health-claim rules can reduce access or force reformulation and relabelling.
Foreign exchange and lower-priced international mix change reported sales and realization without a change in local demand.
A weaker consumer cycle can increase promotions and trade-down to coffee, private labels or cheaper energy brands.

Bulls & bears

Key question · as of Oct 6, 2026

Can Monster turn sustained energy-drink volume growth into higher profit without a lasting rise in marketing, freight and promotional spending?

Arguments

3 forFaded: weakening or settled4 against

What to watch

1Monster Energy and Strategic Brands case shipments
2Energy net sales per case
3Operating profit and cash conversion
4Selling and distribution expenses
5International sales excluding currency effects
6Alcohol Brands losses and impairment charges

Next check: India’s November 5, 2026 labelling hearing and third-quarter 2026 results, then the Americas leadership handover on December 1, 2026. The earnings date has not been announced.

Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 5, 2026. Not investment advice.

Cite or reuse this data

Free to reuse, commercially too, with a credit link. See the data license.

Moat Score 96/100 by <a href="https://www.findmymoat.com/stocks/XNAS:MNST">Find My Moat</a> (as of September 2026)

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★WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES★

Moat ranks

Balance sheet

Per-share record

Key indicators

About MNST

Ownership

Go deeper on MNST

On this page

Financial record

Moat

Moat scorecard

Moat claims

Profile change log

Industry & peers

Peer map

Global energy drinks

Drivers & risks

Bulls & bears

Arguments

What to watch

Curation & Accuracy

WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES