Celsius vs National Beverage
Celsius reported revenue of $2.5 billion in fiscal 2025, 2.1 times National Beverage's $1.2 billion in fiscal 2026. Celsius' revenue grew 85.5% in its latest year, and National Beverage's fell 1.7%. Celsius had an operating margin of 5.6%, against 19.5% at National Beverage. Free cash flow was $323 million at Celsius and $156 million at National Beverage. Their fiscal years end in different months (December 31 and May 2), so the periods don't line up exactly.
Side by side
| Celsius | National Beverage | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2026, May 2, 2026 |
| Revenue | $2.5B | $1.2B |
| Revenue growth | 85.5% | −1.7% |
| Revenue growth a year, last 5 years | 80.7% | 1.9% |
| Gross margin | 50.4% | 37.0% |
| Operating margin | 5.6% | 19.5% |
| Net margin | 4.3% | 15.6% |
| Free cash flow | $323M | $156M |
| Free cash flow margin | 12.9% | 13.2% |
| Return on capital | 25.1% | 65.5% |
| Net debt to EBITDA | 1.6x | −1.4x |
| Dividends and buybacks | $6M | $1M |
| Change in diluted share count | 7.4% | −0.0% |
| Last close | $28.15 | $35.82 |
| P/E at the last close | 122.4× | 19.3× |
| Insider trades, last 12 months | bought $3.2 million, sold $147,773 | bought $7,945, sold $0 |
| Piotroski F-score | 5 of 9 | 7 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
CelsiusNational Beverage
Operating margin
Percent of revenue
CelsiusNational Beverage
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
CelsiusNational Beverage
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Celsius and National Beverage pages.