What are the investment strengths of Celsius Holdings Inc (CELH)?

Exceptional 5Y revenue CAGR (81%) with FCF conversion (25% margin) proves scalable model - cash generation funds growth without dilution Asset-light model (PPE only 81M on 2.1B revenue) with working capital of 913M provides runway for market share gains

What are the investment risks for Celsius Holdings Inc (CELH)?

P/E of 54x (2.5x industry median 21x) and P/S of 5.3x (2x median) prices in perfection - any growth deceleration punishes stock Intangibles 2.3B (78% of total equity) with negative tangible book - impairment risk if acquisitions underperform

Celsius Holdings Inc

CELH

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Celsius Holdings Inc AI Insights

Informational only. Not investment advice.

As of 2025-12-12

Snapshot

Revenue 5Y CAGR of 81% dwarfs industry median 5.4% - hypergrowth phase but decelerating (1Y: 173% to current TTM growth normalizing)[Total Revenue 5Y Growth]
Tangible book value negative (-1.1B) with goodwill/intangibles at 2.3B (78% of equity) - acquisition-heavy balance sheet[Tangible Book Value]
FCF of 524M TTM (25% margin) on minimal capex (31M) - asset-light model generating real cash despite low net margin (3%)[Free Cash Flow TTM]

Watch Triggers

Total Revenue 1Y Growth: Falls below 15% — Growth deceleration at current 54x P/E would compress multiple significantly
Gross Margin TTM: Drops below 48% — Would signal pricing pressure or input cost inflation eroding unit economics
Goodwill: Impairment charge announced — 915M goodwill (76% of common equity) - any writedown destroys book value

Bull Case

Exceptional 5Y revenue CAGR (81%) with FCF conversion (25% margin) proves scalable model - cash generation funds growth without dilution

Total Revenue 5Y GrowthFree Cash Flow TTM

Asset-light model (PPE only 81M on 2.1B revenue) with working capital of 913M provides runway for market share gains

PPEWorking Capital

Bear Case

P/E of 54x (2.5x industry median 21x) and P/S of 5.3x (2x median) prices in perfection - any growth deceleration punishes stock

PE RatioPS Ratio

Intangibles 2.3B (78% of total equity) with negative tangible book - impairment risk if acquisitions underperform

Goodwill and Other Intangible AssetsTangible Book Value

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

45%

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Forward Thesis

Margin expansion likely as operating leverage kicks in - 16% operating margin with room to reach 20%+ at scale

1-3ymed

Gross margin 51% at industry median despite growth investments
OpEx ratio should decline as revenue scales
Asset turnover 0.61x improving with brand maturity

Operating margin TTM 16.1% vs industry median 13.2%FCF margin 25% already exceeds net margin 3%Minimal capex needs (-31M TTM)

Valuation Context

Caveats

Public Strategies Rankings

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CELH Fundamentals

Manufacturing → Beverage and Tobacco Product Manufacturing

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$9.44B		—
Enterprise Value	$9.71B		—
P/E Ratio	145		—
Total Revenue - TTM	$2.52B	+85.5%	—
Earnings Per Share (diluted) - TTM	$0.25	+202.1%	—
Operating Margin - TTM	18.6%	+7.1%	—
Net Margin - TTM	4.29%	-6.4%	—
Free Cash Flow - TTM	$323.38M	+35.0%	—
Return on Common Equity - TTM	13.7%	-30.0%	—
Beta 5Y (Monthly)	unknown		—

CELH Dividend History

No dividends

CELH Stock Splits

3 stock splits

11/15/231:3 split

12/24/0920:1 split

12/26/064:1 split

CELH SEC Filings

Filing Date	Report Date	Report Type	Filing Link
03/02/26	12/31/25	Unknown	0001341766-26-000024
11/07/25	09/30/25	10-Q	0001341766-25-000144
08/08/25	06/30/25	10-Q	0001341766-25-000104
05/06/25	03/31/25	10-Q	0001341766-25-000080
03/03/25	12/31/24	10-K	0001341766-25-000024
11/06/24	09/30/24	10-Q	0001341766-24-000093
08/06/24	06/30/24	10-Q	0001341766-24-000057
05/07/24	03/31/24	10-Q	0001341766-24-000029
02/29/24	12/31/23	10-K	0001341766-24-000015
11/07/23	09/30/23	10-Q	0001341766-23-000035
08/08/23	06/30/23	10-Q	0001341766-23-000013
05/09/23	03/31/23	10-Q	0000950170-23-019722
03/01/23	12/31/22	10-K	0000950170-23-005612
11/09/22	09/30/22	10-Q	0000950170-22-023818
08/09/22	06/30/22	10-Q	0000950170-22-016034
05/10/22	03/31/22	10-Q	0000950170-22-008947
03/16/22	12/31/21	10-K	0000950170-22-003965
11/12/21	09/30/21	10-Q	0001829126-21-014180
08/12/21	06/30/21	10-Q	0001829126-21-007909
05/13/21	03/31/21	10-Q	0001829126-21-003804
03/11/21	12/31/20	10-K	0001829126-21-001412
11/12/20	09/30/20	10-Q	0001213900-20-036371
08/06/20	06/30/20	10-Q	0001213900-20-020515
05/12/20	03/31/20	10-Q	0001213900-20-011763
05/13/21	12/31/19	10-K/A	0001829126-21-003803
03/12/20	12/31/19	10-K	0001213900-20-006069
11/07/19	09/30/19	10-Q	0001213900-19-022270
08/08/19	06/30/19	10-Q	0001213900-19-014875
05/09/19	03/31/19	10-Q	0001615774-19-007328
03/14/19	12/31/18	10-K	0001615774-19-004030
05/13/21	12/31/18	10-K/A	0001829126-21-003803
11/08/18	09/30/18	10-Q	0001615774-18-012306
08/09/18	06/30/18	10-Q	0001615774-18-007796
05/10/18	03/31/18	10-Q	0001615774-18-003564
03/08/18	12/31/17	10-K	0001615774-18-001689
11/08/17	09/30/17	10-Q	0001615774-17-006346
08/09/17	06/30/17	10-Q	0001615774-17-004181
05/11/17	03/31/17	10-Q	0001615774-17-002240
03/30/17	12/31/16	10-K	0001615774-17-001341
11/10/16	09/30/16	10-Q	0001615774-16-008159
08/11/16	06/30/16	Quarterly	--
05/11/16	03/31/16	Quarterly	--
03/24/16	12/31/15	Annual	--
11/10/16	09/30/15	10-Q	0001615774-16-008159
08/11/16	06/30/15	Quarterly	--
05/11/16	03/31/15	Quarterly	--
05/10/11	03/31/11	10-Q	0001213900-11-002440
03/31/11	12/31/10	10-K	0001213900-11-001621
11/10/10	09/30/10	10-Q	0001213900-10-004578
08/12/10	06/30/10	10-Q	0001213900-10-003157
05/13/10	03/31/10	10-Q	0001213900-10-001832
03/10/10	12/31/09	10-K	0001213900-10-000848
11/09/09	09/30/09	10-Q	0001213900-09-003042
08/05/09	06/30/09	10-Q	0001213900-09-001928
05/06/09	03/30/09	10-Q	0001213900-09-001043
03/09/09	12/31/08	10-K	0001213900-09-000466
11/05/08	09/30/08	10-Q	0001213900-08-002153
08/11/08	06/30/08	10-Q	0001213900-08-001469
04/29/08	03/30/08	Unknown	--
12/31/07	12/31/07	10KSB	0001213900-08-000391
09/30/07	09/30/07	10QSB	0001213900-07-001384
06/30/07	06/30/07	10QSB	0001213900-07-000866
03/31/07	03/30/07	Unknown	--
12/31/06	12/31/06	10QSB	0001221508-07-000017
09/30/06	09/30/06	10KSB	0001221508-07-000002
06/30/06	06/30/06	10QSB	0001165527-06-000255
03/31/06	03/30/06	Unknown	--
12/31/05	12/31/05	10QSB	0001165527-06-000038