MNST vs PEP: Monster Beverage and PepsiCo compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- PepsiCo is the larger company, worth $173.5B, about 4.0 times Monster Beverage.
- Monster Beverage grew revenue faster over the last year (+20.2% vs +2.2%).
- Monster Beverage keeps more of each dollar of revenue as operating profit (29.2% vs 12.2%).
- On earnings, PepsiCo is the cheaper stock (21.0x vs 21.2x).
- PepsiCo's price assumes faster free cash flow growth: about 7% a year, against 6% for Monster Beverage (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | MNST | PEP |
|---|---|---|
| Market cap | $42.9B | $173.5B |
| Share price | $43.64 | $125.97 |
| Revenue (last fiscal year) | $8.3B | $93.9B |
| Free cash flow (last fiscal year) | $2.0B | $7.7B |
| Revenue growth, last year | +20.2% | +2.2% |
| Revenue growth per year, last 5 fiscal years | +10.6% | +4.3% |
| Operating margin | 29.2% | 12.2% |
| Net margin | 23.1% | 8.8% |
| Return on equity | 22.7% | 37.0% |
| P/E (trailing) | 21.2x | 21.0x |
| Price / free cash flow | 21.8x | 22.6x |
| EV / EBITDA | 14.5x | 14.4x |
| FCF growth the price implies | 6.1% | 6.6% |
| Dividend yield | — | 4.5% |
| Debt / equity | 0.22x | 4.01x |
| Fundamental grade | B | D |
| Superinvestors holding it | 4 | 13 |
| Insider purchases, last 12 months | 4 | 8 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Monster Beverage
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $5.5B | $1.1B | 32.4% |
| 2022 | $6.3B | $699M | 25.1% |
| 2023 | $7.1B | $1.5B | 27.4% |
| 2024 | $7.5B | $1.7B | 25.8% |
| 2025 | $8.3B | $2.0B | 29.2% |
PepsiCo
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $79.5B | $7.0B | 14.0% |
| 2022 | $86.4B | $5.6B | 13.3% |
| 2023 | $91.5B | $7.9B | 13.1% |
| 2024 | $91.9B | $7.2B | 14.0% |
| 2025 | $93.9B | $7.7B | 12.2% |
Where the revenue comes from
Monster Beverage · by segments, 2025
Monster Energy Drinks$7.7B92%
Strategic Brands$469M6%
Alcohol Brands$135M2%
Other$25M0%
PepsiCo · by segments, 2025
PepsiCo Beverages North America$28.2B30%
PepsiCo Foods North America$27.5B29%
Europe, Middle East & Africa (Segment)$18.0B19%
Latin America Foods (Segment)$10.5B11%
International Beverage Franchise$5.0B5%
Asia Pacific Foods (Segment)$4.6B5%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open MNST in InvestinglyQuestions
Which is bigger, Monster Beverage or PepsiCo?
PepsiCo (PEP), at $173.5B against $42.9B.
Is MNST or PEP cheaper?
By trailing P/E, PepsiCo (21.0x) is cheaper than Monster Beverage (21.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, MNST or PEP?
Monster Beverage: revenue grew +20.2% over the last year, against +2.2%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.