Monster Beverage (MNST) FY2019 results: revenue $4.2 billion, up 10.3% on the year
Monster Beverage Corp. (MNST) reported revenue of $4.2 billion for fiscal 2019, the year ended 31 December 2019, up 10.3% on the year before. Net income was $1.1 billion, up 11.6%, and diluted earnings per share $1.01. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2020.
Revenue
$4.2 billion
+10.3% on the year
FY2012FY2019
Operating margin
33.4%
33.7% a year earlier
FY2012FY2019
Net income
$1.1 billion
+11.6% on the year
FY2012FY2019
Diluted EPS
$1.01
+15.3% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
4,201
3,807
3,369
+10.3%
Cost of revenue
1,682
1,512
1,231
+11.3%
Gross profit
2,519
2,295
2,138
+9.7%
Gross margin
60.0%
60.3%
63.5%
Operating income
1,403
1,284
1,199
+9.3%
Operating margin
33.4%
33.7%
35.6%
Pre-tax income
1,416
1,293
1,202
+9.5%
Income tax
308
300
381
+2.6%
Effective tax rate
21.8%
23.2%
31.7%
Net income
1,108
993
821
+11.6%
Net margin
26.4%
26.1%
24.4%
Diluted EPS
$1.01
$0.88
$0.71
+15.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,114
1,162
988
-4.1%
Capital expenditure
102
61.9
83.4
+64.1%
Free cash flow
1,012
1,100
904
-8.0%
Free cash flow margin
24.1%
28.9%
26.8%
Cash from investing
-327
273
-532
Cash from financing
-629
-1,316
-311
Depreciation and amortisation
60.7
57.0
48.9
+6.6%
Share-based compensation
63.4
57.1
52.3
+10.9%
Buybacks
707
1,342
361
-47.3%
Diluted shares, weighted
1,093m
1,129m
1,154m
-3.1%
Shares outstanding at period end
1,073m
1,087m
1,133m
-1.3%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
4,171
3,611
3,895
+15.5%
Debt
0.0
0.0
0.0
Operating lease liabilities
25.7
n/a
n/a
Other liabilities
953
916
896
+4.1%
Total liabilities and equity
5,150
4,527
4,791
+13.8%
Fixed assets
299
243
230
+22.9%
Goodwill
1,332
1,332
1,332
0.0%
Intangible assets
1,052
1,046
1,034
+0.6%
Investments
546
321
675
+70.3%
Cash and equivalents
798
638
529
+25.2%
Receivables
540
485
449
+11.5%
Inventory
361
278
256
+29.9%
Other assets
223
186
286
+20.0%
Total assets
5,150
4,527
4,791
+13.8%
10-K for the year ended 31 December 2019, filed 28 February 2020: the filing.