{"slug":"monster-beverage","name":"몬스터 베버리지","name_en":"Monster Beverage Corporation","ticker":"MNST","updated_at":"2026-10-12T20:24:46.128+00:00","canonical":"https://valuechain.wiki/monster-beverage","citable":"밸류체인 그래프 기준 몬스터 베버리지의 직접 연결 기업은 3곳(관계 기준 공급 2·매출 1·투자 1)이고, 사슬을 2차까지 넓히면 7곳에 닿는다. 링크의 근거 출처는 5건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-10-12 기준).","citable_en":"Per the valuechain.wiki graph, Monster Beverage Corporation is directly linked to 3 companies (2 supply, 1 revenue, 1 investment relationships) and reaches 7 companies within two hops; the links are backed by 5 dated sources, 1 of them primary filings (as of 2026-10-12).","kicker":"글로벌 에너지음료 기업","kicker_en":"Global energy drink company","lead":"몬스터 베버리지는 에너지음료를 개발하고 완제품을 보틀러와 유통사에 판매하며, FY2025 순매출의 25%가 코카콜라 유로퍼시픽 파트너스와 코카콜라 컨솔리데이티드에서 나왔다. 생산은 외부 보틀러와 코패커를 활용하고, 코카콜라에서 전략 브랜드용 농축액을 사며 Ball의 알루미늄 캔도 사용한다. 코카콜라는 유통 파트너이자 주요 주주다.","lead_en":"Monster Beverage develops energy drinks and sells finished products through bottlers and distributors, with Coca-Cola Europacific Partners and Coca-Cola Consolidated contributing 25% of FY2025 net sales. It relies on third-party bottlers and co-packers, purchases concentrates for Strategic Brands from Coca-Cola, and uses aluminum cans made by Ball. Coca-Cola is both a distribution partner and a major shareholder.","categories":[{"key":"food-beverage-brands","ko":"식품·음료 브랜드","en":"Food & Beverage Brands","theme":"consumer-commerce","theme_ko":"소비 브랜드·유통","theme_en":"Consumer Brands & Commerce","theme_kind":"sector","primary":true}],"segments":{"parts":[{"name":"몬스터 에너지 드링크","note":"Monster Energy, Reign, Reign Storm, Bang Energy를 포함한다."},{"name":"전략 브랜드","note":"코카콜라에서 인수한 에너지음료 브랜드와 Predator, Fury를 포함한다."},{"name":"알코올 브랜드","note":"크래프트 맥주, 향미 맥아음료, 하드 셀처를 포함한다."},{"name":"기타","note":"American Fruits and Flavors의 제3자 판매 제품이다."}],"total":"FY2025 순매출 $8,294,343,000","track":"C"},"segments_en":{"parts":[{"name":"Monster Energy Drinks","note":"Includes Monster Energy, Reign, Reign Storm, and Bang Energy."},{"name":"Strategic Brands","note":"Includes energy drink brands acquired from Coca-Cola as well as Predator and Fury."},{"name":"Alcohol Brands","note":"Includes craft beers, flavored malt beverages, and hard seltzers."},{"name":"Other","note":"Comprises third-party products sold by American Fruits and Flavors."}],"total":"FY2025 net sales: $8,294,343,000"},"returns_yearly":{"2021":3.8,"2022":5.7,"2023":13.5,"2024":-8.8,"2025":45.9,"2026":13.8},"return_asof":"2026-10-09","value_chain":{"leading":[{"slug":"caseys","name":"케이시스","name_en":"Casey's","tier":3,"returns_yearly":{"2021":11.2,"2022":14.5,"2023":23.3,"2024":45,"2025":40.1,"2026":17.2}},{"slug":"darden-restaurants","name":"다든 레스토랑","name_en":"Darden Restaurants","tier":3,"returns_yearly":{"2021":29.5,"2022":-4.8,"2023":22.8,"2024":17.7,"2025":1.6,"2026":10.8}},{"slug":"costco","name":"Costco Wholesale","name_en":"Costco Wholesale","tier":3,"returns_yearly":{"2021":51.8,"2022":-19,"2023":49,"2024":39.6,"2025":-5.4,"2026":10.3}},{"slug":"royal-caribbean-group","name":"로열 캐리비안 그룹","name_en":"Royal Caribbean Cruises Ltd.","tier":3,"returns_yearly":{"2021":3,"2022":-35.7,"2023":162,"2024":79,"2025":22.5,"2026":2.9}},{"slug":"emart","name":"이마트","name_en":"E-mart Inc.","tier":3,"returns_yearly":{"2021":-18.4,"2022":-19.5,"2023":-25.3,"2024":-14.6,"2025":44.7,"2026":-21.1}},{"slug":"mcdonalds","name":"McDonald's","name_en":"McDonald's","tier":3,"returns_yearly":{"2021":27.8,"2022":0.5,"2023":15.1,"2024":0.1,"2025":7.9,"2026":-21.5}},{"slug":"coca-cola","name":"Coca-Cola","name_en":"The Coca-Cola Company","tier":2,"returns_yearly":{"2021":11.4,"2022":10.6,"2023":-4.4,"2024":8.9,"2025":15.6,"2026":27.7}},{"slug":"coca-cola-europacific-partners","name":"코카콜라 유로퍼시픽 파트너스","name_en":"Coca-Cola Europacific Partners","tier":1,"returns_yearly":{"2021":15.6,"2022":2.3,"2023":24.5,"2024":18.4,"2025":21.2,"2026":16.2}}],"benefiting":[{"slug":"coca-cola","name":"Coca-Cola","name_en":"The Coca-Cola Company","tier":1,"returns_yearly":{"2021":11.4,"2022":10.6,"2023":-4.4,"2024":8.9,"2025":15.6,"2026":27.7}},{"slug":"ball","name":"볼","name_en":"Ball Corporation","tier":1,"returns_yearly":{"2021":4.1,"2022":-46.2,"2023":14.1,"2024":-3,"2025":-2.4,"2026":11.5}},{"slug":"smurfit-westrock","name":"스머핏 웨스트록","name_en":"Smurfit Westrock plc","tier":2,"returns_yearly":{"2021":17.3,"2022":-28,"2023":14.1,"2024":37.6,"2025":-26.2,"2026":22}},{"slug":"live-nation-entertainment","name":"라이브 네이션 엔터테인먼트","name_en":"Live Nation Entertainment, Inc.","tier":2,"returns_yearly":{"2021":62.9,"2022":-41.7,"2023":34.2,"2024":38.4,"2025":10,"2026":21.8}},{"slug":"coca-cola-europacific-partners","name":"코카콜라 유로퍼시픽 파트너스","name_en":"Coca-Cola Europacific Partners","tier":2,"returns_yearly":{"2021":15.6,"2022":2.3,"2023":24.5,"2024":18.4,"2025":21.2,"2026":16.2}},{"slug":"ecolab","name":"에코랩","name_en":"Ecolab Inc.","tier":2,"returns_yearly":{"2021":9.4,"2022":-37.1,"2023":37.9,"2024":19.3,"2025":13.2,"2026":7}},{"slug":"adobe","name":"어도비","name_en":"Adobe Inc.","tier":2,"returns_yearly":{"2021":13.4,"2022":-40.7,"2023":77.3,"2024":-25.5,"2025":-21.3,"2026":-23.9}},{"slug":"dow","name":"다우","name_en":"Dow Inc.","tier":3,"returns_yearly":{"2021":6.8,"2022":-6.6,"2023":14.7,"2024":-22.8,"2025":-37.4,"2026":25.7}},{"slug":"ford-motor-company","name":"포드","name_en":"Ford Motor Company","tier":3,"returns_yearly":{"2021":137.5,"2022":-42.2,"2023":15.8,"2024":-13.1,"2025":42.3,"2026":15.3}},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":3,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":12}},{"slug":"automatic-data-processing","name":"오토매틱 데이터 프로세싱","name_en":"Automatic Data Processing, Inc.","tier":3,"returns_yearly":{"2021":42.6,"2022":-1.3,"2023":-0.2,"2024":28.4,"2025":-10.2,"2026":9.6}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":3,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":4}},{"slug":"dover","name":"도버","name_en":"Dover Corporation","tier":3,"returns_yearly":{"2021":45.7,"2022":-24.3,"2023":15.2,"2024":23.3,"2025":5.2,"2026":-0.5}},{"slug":"jyp-entertainment","name":"JYP Ent.","name_en":"JYP Entertainment","tier":3,"returns_yearly":{"2021":27.1,"2022":77.8,"2023":4.5,"2024":0.4,"2025":-1.6,"2026":-45.7}}],"analysis":"Monster는 음료 수요가 포장 공급단으로 번진 사례다. 주가는 2025년 +45.9%로 먼저 뛰었고 2026년에도 +13.8%를 기록했다. Ball은 2025년 -2.4%로 뒤처졌다가 2026년 +11.5%로 따라붙어 고객 수요가 캔 제조사로 한 박자 늦게 전파된 모습이다. 다만 Ball의 2026년 매출 증가는 알루미늄 가격 연동분도 포함하므로 전부 Monster 물량 효과로 읽을 수 없다. 후행 구간은 Novelis 같은 캔시트 공급단이지만 비상장이라 수익률 비교가 막힌다. 예외는 약한 맥주 수요다. Ball의 다른 고객인 Constellation Brands가 2026년 -9.2%여서 에너지음료의 강세가 포장 고객군 전체로 퍼진 것은 아니다.","analysis_en":"Monster is a case of beverage demand propagating into packaging. Its shares moved first, rising 45.9% in 2025 and another 13.8% in 2026. Ball lagged at -2.4% in 2025, then caught up with an 11.5% gain in 2026, consistent with customer demand reaching the can maker one step later. Ball's 2026 sales growth also includes aluminum pass-throughs, however, so it cannot all be attributed to Monster volume. The next lagging layer is can sheet such as Novelis, but its private status blocks a stock-return comparison. Weak beer demand is the exception: another Ball customer, Constellation Brands, was down 9.2% in 2026, so energy-drink strength did not spread across the entire packaging customer base.","analysis_asof":"2026-10-09"},"edges":[{"direction":"cost","counterparty":"Coca-Cola","counterparty_slug":"coca-cola","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-27","basis":"FY2025 코카콜라 농축액 구매액","value":25800000,"period":"FY2025","basis_en":"FY2025 concentrate purchases from The Coca-Cola Company","qualifier":null},"note":"몬스터는 코카콜라에서 농축액을 사서 일부 보틀러와 유통사에 되판다. FY2025 농축액 구매액은 2,580만 달러였다.","note_en":"Monster buys concentrates from Coca-Cola and resells them to certain bottlers and distributors. FY2025 concentrate purchases totaled $25.8 million.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-27","url":"https://www.sec.gov/Archives/edgar/data/865752/000110465926020831/mnst-20251231x10k.htm","title":"Monster Beverage Corp 10-K (2026-02-27)","title_en":"Monster Beverage Corp 10-K (2026-02-27)","excerpt":"코카콜라 농축액 구매액은 2,580만 달러였다.","excerpt_en":"Concentrate purchases from TCCC were $25.8 million."}]},{"direction":"investor","counterparty":"Coca-Cola","counterparty_slug":"coca-cola","confidence":"high","metric":{"type":"share","unit":"%","as_of":"2026-02-13","basis":"코카콜라의 몬스터 베버리지 보통주 보유 비율","value":20.9,"period":"2026-02-13","basis_en":"The Coca-Cola Company's ownership of Monster Beverage common stock","qualifier":null},"note":"코카콜라는 2026년 2월 13일 기준 몬스터 보통주의 약 20.9%를 보유하고 이사 한 명을 지명한 주요 주주다. 한국어 증권사 리서치도 2014년 지분 투자와 전략적 제휴의 출발을 확인한다.","note_en":"As of February 13, 2026, Coca-Cola owned about 20.9% of Monster's common stock and had nominated one director. Korean brokerage research also confirms the 2014 equity investment that launched the strategic partnership.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-27","url":"https://www.sec.gov/Archives/edgar/data/865752/000110465926020831/mnst-20251231x10k.htm","title":"Monster Beverage Corp 10-K (2026-02-27)","title_en":"Monster Beverage Corp 10-K (2026-02-27)","excerpt":"코카콜라는 약 20.9%를 보유했다.","excerpt_en":"TCCC owned approximately 20.9%"},{"stance":"confirms","publisher":"유진투자증권 리서치센터","publisher_en":"Eugene Investment & Securities Research Center","kind":"research","lang":"ko","published_at":"2021-09-01","url":"https://www.eugenefn.com/common/files/amail/20210901_B_fruitism_207.pdf","title":"Monster Beverage(MNST.US): MZ세대를 공략하며 빠르게 성장하는 에너지드링크 No.2","title_en":"Monster Beverage (MNST.US): Fast-Growing No. 2 Energy Drink Company Targeting Millennials and Gen Z","excerpt":"2014년 8월 코카콜라에 지분 16.7%를 매각하면서 전략적 파트너십을 체결했다.","excerpt_en":"Monster sold a 16.7% stake to Coca-Cola in August 2014 and entered a strategic partnership."}]},{"direction":"revenue","counterparty":"코카콜라 유로퍼시픽 파트너스","counterparty_slug":"coca-cola-europacific-partners","confidence":"high","metric":{"type":"revenue_share","unit":"%","as_of":"2026-02-27","basis":"FY2025 몬스터 베버리지 순매출에서 코카콜라 유로퍼시픽 파트너스가 차지한 비중","value":15,"period":"FY2025","basis_en":"Coca-Cola Europacific Partners' share of Monster Beverage FY2025 net sales","qualifier":null},"note":"코카콜라 유로퍼시픽 파트너스는 몬스터의 최대 공개 고객으로, FY2025 순매출의 약 15%를 차지했다. 코카콜라 유통망은 성장 기반인 동시에 고객 집중 위험이다.","note_en":"Coca-Cola Europacific Partners is Monster's largest disclosed customer, accounting for about 15% of FY2025 net sales. The Coca-Cola distribution network is both a growth platform and a concentration risk.","sources":[{"stance":"confirms","publisher":"Eightx","publisher_en":"Eightx","kind":"analysis","lang":"en","published_at":"2026-06-24","url":"https://eightx.co/blog/monster-beverage-teardown","title":"Monster (MNST) Teardown: The Margin and Share Test","title_en":"Monster (MNST) Teardown: The Margin and Share Test","excerpt":"코카콜라 유로퍼시픽 파트너스만으로 FY2025 순매출의 약 15%였다.","excerpt_en":"Coca-Cola Europacific Partners alone was ~15% of FY2025 net sales."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-27","url":"https://www.sec.gov/Archives/edgar/data/865752/000110465926020831/mnst-20251231x10k.htm","title":"Monster Beverage Corp 10-K (2026-02-27)","title_en":"Monster Beverage Corp 10-K (2026-02-27)","excerpt":"순매출의 약 15%를 차지했다.","excerpt_en":"accounted for approximately 15%"}]},{"direction":"revenue","counterparty":"코카콜라 컨솔리데이티드","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue_share","unit":"%","as_of":"2026-02-27","basis":"FY2025 몬스터 베버리지 순매출에서 코카콜라 컨솔리데이티드가 차지한 비중","value":10,"period":"FY2025","basis_en":"Coca-Cola Consolidated's share of Monster Beverage FY2025 net sales","qualifier":null},"note":"코카콜라 컨솔리데이티드는 FY2023부터 FY2025까지 매년 몬스터 순매출의 약 10%를 차지한 주요 보틀러 고객이다.","note_en":"Coca-Cola Consolidated is a major bottler customer that accounted for about 10% of Monster's net sales in each year from FY2023 through FY2025.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-27","url":"https://www.sec.gov/Archives/edgar/data/865752/000110465926020831/mnst-20251231x10k.htm","title":"Monster Beverage Corp 10-K (2026-02-27)","title_en":"Monster Beverage Corp 10-K (2026-02-27)","excerpt":"순매출의 약 10%를 차지했다.","excerpt_en":"accounted for approximately 10%"}]},{"direction":"cost","counterparty":"볼","counterparty_slug":"ball","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-06-12","basis":"Ball이 제조한 몬스터 브랜드 알루미늄 캔 조달액","value":null,"period":"as of 2026-06-12","basis_en":"Monster-branded aluminum can procurement from Ball","qualifier":"confirmed_no_disclosed_value"},"note":"Ball은 Khaos Juice Monster Energy + Juice용 16온스 알루미늄 캔 제조사다. 2026년 채널 점검은 Monster 판매 모멘텀을 Ball 판매량의 우호적 변수로 재확인했으며 현재 조달액은 공개되지 않았다.","note_en":"Ball manufactured the 16-ounce can for Monster Khaos Energy + Juice. A 2026 channel check reverified Monster sales momentum as favorable for Ball volumes; current procurement value remains undisclosed.","sources":[{"stance":"mentions","publisher":"인베스팅닷컴 코리아","publisher_en":"Investing.com Korea","kind":"research","lang":"ko","published_at":"2026-06-12","url":"https://kr.investing.com/news/stock-market-news/article-93CH-1982335","title":"울프 리서치: 볼 코퍼레이션, 월드컵 및 에너지 드링크로 판매량 증가 기대","title_en":"Wolfe Research expects Ball volume growth from the World Cup and energy drinks","excerpt":"유통업체들은 Red Bull보다 Monster와 Celsius를 더 낙관적으로 봤고, 연구사는 강한 에너지드링크 수요가 Ball 판매량을 지지한다고 판단했다.","excerpt_en":"Distributors were more optimistic about Monster and Celsius than Red Bull, and the research expected strong energy-drink demand to support Ball volumes."},{"stance":"confirms","publisher":"Ball Corporation","publisher_en":"Ball Corporation","kind":"ir","lang":"en","published_at":"2015-07-02","url":"https://investors.ball.com/news-presentations/press-releases/detail/356/balls-packaging-graphics-expertise-recognized-at-imdas-2015-excellence-in-quality-awards","title":"Ball의 패키징 그래픽 기술, IMDA 2015 품질 우수상 수상","title_en":"Ball's Packaging Graphics Expertise Recognized at IMDA's 2015 Excellence in Quality Awards","excerpt":"Ball은 Khaos Juice Monster Energy + Juice용 16온스 캔을 제조했다.","excerpt_en":"Ball Corporation manufactured the two-piece, 16-ounce can for Monster Khaos Energy + Juice."}]}]}