Celsius

CELH · Nasdaq · Consumer Staples · Financials, fiscal 2016 to 2025

CELH · Last close · October 26, 2026

$28.15

Celsius' revenue rose 85.5% to $2.5 billion in fiscal 2025. Its operating margin was 5.6%, down from 11.5% a year earlier. Free cash flow was $323 million, up 35.0%. It paid out $6 million in dividends and buybacks, 2% of free cash flow. The diluted share count rose 7.4%.

CELSIUS HOLDINGS, INC. Latest fiscal year ended December 31, 2025 10-K filed March 2, 2026 · 0001341766-26-000024 Updated October 10, 2026

Revenue

$2.5B

85.5%

Operating margin

5.6%

5.9 pts

Net income

$108M

25.6%

Free cash flow

$323M

35.0%

Return on capital

25.1%

Market cap

$7.2B

Oct 26 close

P/E

122.4x

On $0.23 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Celsius' balance sheet shows its Series A and Series B convertible preferred stock (US$1,760 million at the end of 2025, held by PepsiCo and by the sellers of Alani Nu) between liabilities and equity; the SEC's structured data tags it only by series, so its assets exceed liabilities plus equity in the data by that amount from 2025. Celsius' debt is blank for 2016, 2017 and 2019 to 2023: in those years it had only small loans (a few million dollars at most) or none, and its filings don't tag a total. Its first large borrowing was the 2025 loan for its purchase of Alani Nu. Share counts and per-share figures for earlier years are restated for a stock split (3-for-1), so every year is on today's share basis. In fiscal 2025 the SEC's structured data shows assets that differ from liabilities plus equity by more than 3%, so total liabilities may be incomplete.

What Celsius does

Celsius makes and sells energy drinks and wellness beverages in the United States and abroad. Its portfolio is mainly energy drinks under the Celsius, Alani Nu and Rockstar brands, with Celsius and Alani Nu also offering other wellness products. Many of its drinks contain caffeine and ingredients such as green tea extract, vitamins and electrolytes, and many have zero sugar. The products are sold in the U.S., Canada, Europe, the Middle East and Asia-Pacific.

It sells through grocery, natural-food and convenience stores, fitness centers, mass-market and vitamin retailers and e-commerce sites. It relies on distributors, and Pepsi is its primary distributor in the U.S. and Canada for Celsius, Alani Nu and Rockstar. Under a long-term arrangement it calls the Captaincy, Pepsi has agreed to use commercially reasonable efforts to sell and distribute Celsius products in the U.S. Pepsi holds preferred stock in Celsius and two seats on its Board. Celsius relies mostly on co-packers, which are outside companies that make its drinks.

Celsius bought the Alani Nu brand for a total that included $1,275.0 million in cash, shares of its common stock, and up to $25.0 million more in cash. It also acquired the Rockstar business in the U.S. and Canada as part of its deals with Pepsi. It funded part of the Alani Nu cash price with a term loan, which it later refinanced with a new, smaller one. Celsius says it faces significant competition from other functional beverage companies.

Its biggest risks, as it describes them

Relying on distributors, and on Pepsi in particular, so a dispute or an end to those arrangements could hurt it.
Pepsi's larger ownership stake and Board seats may give it more influence over Celsius' strategy.
Trouble integrating Alani Nu, Rockstar or other acquired businesses, or not reaching the expected benefits.
Reliance on co-packers to make its drinks, and the cost or shortage of raw materials.
Its focus on the functional beverage category, and strong competition within it.

From Celsius's annual report on Form 10-K, filed March 2, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2019 to 2025, earnings per share grew 30.8% a year and net income 48.7% a year, as new shares raised the share count by 32% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Celsius yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Celsius' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Celsius' fiscal 2025 free cash flow of $323M, net cash of −$278M at December 31, 2025 and 255 million diluted shares, from its filings. The scenarios are fitted to Celsius: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 56.7% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9%: 7% for a stable business (Soft Drinks & Non-alcoholic Beverages), plus 1 point as a smaller company, worth $7.2B, plus 1 point for unsteady results (a loss in fiscal 2022); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Celsius's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 10% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $28.15
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Celsius' earnings per share of $0.23 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 24×, the middle of Celsius' own P/E today, its peers' median and its sector's median (the Consumer Staples median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: National Beverage, Monster Beverage, Vita Coco.

Earnings growth in the years ahead (% a year) Starts at Celsius' revenue growth over the last 3 years, 56.7% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $28.15
Value at this multiple, against the last close: —
Celsius' P/E at the last close: 122.4×

Company	Last close	Earnings per share	P/E today
CelsiusCELH	$28.15	$0.23	122.4×
Vita CocoCOCO	$55.80	$1.99	28.0×
Monster BeverageMNST	$46.44	$2.16	21.5×
National BeverageFIZZ	$35.82	$1.86	19.3×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	16	614	756	890	399
Debt incl. finance leases	—	—	—	0	677
Net debt (negative means net cash)	—	—	—	−890	278
Net debt to EBITDA	—	—	—	−5.5x	1.6x
Debt to equity	—	—	—	0.0x	0.6x
Interest coverage	−584.3x	—	—	—	2.9x
Current ratio	2.8x	5.7x	4.4x	3.6x	1.7x
Quick ratio	0.8x	4.6x	3.5x	3.3x	1.4x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 4 insiders bought $3.2 million of Celsius shares on the open market, and 1 insider sold $147,773.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 15, 2026	Damon DeSantisDirector	Bought	16,000	$27.95	$447,200	Form 4
Sep 15, 2026	Hal KravitzDirector	Bought	12,000	$28.00	$336,000	Form 4
Sep 14, 2026	Damon DeSantisDirector	Bought	20,000	$27.65	$553,000	Form 4
Sep 10, 2026	John FieldlyChief Executive Officer, Director	Bought	18,000	$27.44	$493,920	Form 4
May 22, 2026	Hal KravitzDirector	Bought	8,400	$29.73	$249,732	Form 4
May 22, 2026	John FieldlyChief Executive Officer, Director	Bought	8,475	$29.36	$248,826	Form 4
May 21, 2026	Eric HansonPresident & COO	Bought	7,500	$29.04	$217,800	Form 4
Mar 2, 2026	Joyce RussellDirector	Sold	2,880	$51.31	$147,773	Form 4
Nov 13, 2025	Hal KravitzDirector	Bought	10,000	$45.24	$452,400	Form 4
Nov 12, 2025	Eric HansonPresident & COO	Bought	4,558	$43.93	$200,233	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Fail	Pass	Pass
Debt fell relative to assets	—	—	Fail
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Fail	Fail	Pass
F-score	—	—	5 of 9
Accruals ratio	6.2%	−7.1%	−7.3%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Celsius side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Celsius	FY25	85.5%	5.6%	12.9%	25.1%	1.6x	5
National Beverage	FY26	−1.7%	19.5%	13.2%	65.5%	−1.4x	7	Compare
Coca-Cola Consolidated	FY25	4.8%	13.2%	8.6%	39.7%	2.2x	—	Compare
Monster Beverage	FY25	10.7%	29.2%	23.7%	36.1%	−1.1x	9	Compare
Vita Coco	FY25	18.2%	13.5%	6.4%	55.3%	−2.4x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	23	36	53	75	131	314	654	1,318	1,356	2,515
Revenue growth	32.2%	58.9%	45.5%	42.9%	74.0%	140.4%	108.0%	101.7%	2.9%	85.5%
Gross profit	10	15	21	31	61	128	271	633	680	1,267
Research and development	0	0	1	0	0	1	0	2	1	2
Operating income	−3	−8	−11	−1	8	−4	−158	266	156	141
Net income	−3	−8	−11	10	8	4	−187	227	145	108
Diluted EPS (US$)	−0.03	−0.06	−0.08	0.05	0.04	0.02	−0.88	0.77	0.45	0.25
Diluted shares (millions)	116	133	150	193	223	233	227	237	237	255
Cash flow
Cash from operations	−2	−8	−12	1	3	−97	108	141	263	359
Capital expenditure	0	0	0	0	1	3	8	17	23	36
Free cash flow	−2	−8	−12	1	3	−100	100	124	240	323
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0	0	2	6
Acquisitions	0	0	0	0	0	0	0	0	75	0
Stock-based compensation	2	2	4	5	6	36	21	21	20	28
Balance sheet at fiscal year end
Cash and short-term investments	12	14	8	23	43	16	614	756	890	399
Debt incl. finance leases	—	—	4	—	—	—	—	—	0	677
Total assets	18	27	35	90	131	314	1,222	1,536	1,767	5,120
Total liabilities	7	10	23	27	27	97	358	448	542	2,178
Shareholders' equity	11	17	12	64	104	217	40	264	400	1,182
Margins and ratios
Gross margin	42.8%	42.7%	40.0%	41.6%	46.6%	40.8%	41.4%	48.0%	50.2%	50.4%
Operating margin	−12.5%	−22.3%	−20.2%	−1.9%	6.0%	−1.3%	−24.1%	20.2%	11.5%	5.6%
Net margin	−13.5%	−22.8%	−21.3%	13.3%	6.5%	1.2%	−28.6%	17.2%	10.7%	4.3%
Free cash flow margin	−10.5%	−23.4%	−22.4%	1.3%	2.2%	−31.7%	15.3%	9.4%	17.7%	12.9%
Return on capital	—	—	—	—	—	—	—	—	—	25.1%
Return on equity	−31.2%	−58.8%	−77.4%	26.5%	10.2%	2.5%	−145.7%	149.2%	43.7%	13.7%
Return on assets	−18.6%	−36.8%	−36.3%	15.9%	7.7%	1.8%	−24.4%	16.4%	8.8%	3.1%
Net debt to EBITDA	—	—	—	—	—	—	—	—	−5.5x	1.6x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Celsius' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Celsius.