Celestica (CLS)
Market Price (5/13/2026): $370.15 | Market Cap: $42.5 BilSector: Information Technology | Industry: Electronic Components
Celestica (CLS)
Market Price (5/13/2026): $370.15Market Cap: $42.5 BilSector: Information TechnologyIndustry: Electronic Components
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 37% Megatrend and thematic driversMegatrends include Artificial Intelligence, and 5G & Advanced Connectivity. Themes include Data Centers & Infrastructure, and Telecom Infrastructure. | Stock price has recently run up significantly12M Rtn12 month market price return is 273% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.0% Key risksCLS key risks include [1] significant customer concentration, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 37% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, and 5G & Advanced Connectivity. Themes include Data Centers & Infrastructure, and Telecom Infrastructure. |
| Stock price has recently run up significantly12M Rtn12 month market price return is 273% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.0% |
| Key risksCLS key risks include [1] significant customer concentration, Show more. |
Qualitative Assessment
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Celestica (CLS) stock has gained about 35% since 1/31/2026 because of the following key factors:
1. Exceptional Financial Performance and Raised Outlook. Celestica reported strong Q4 2025 results on January 28, 2026, with revenue soaring 44% year-over-year to $3.65 billion and adjusted EPS jumping to $1.89. Following this, the company raised its 2026 revenue target by $1 billion to $17.0 billion and adjusted EPS to $8.75. This momentum continued into Q1 2026, announced on April 27, 2026, where revenue increased 53% to $4.05 billion and adjusted EPS hit $2.16, exceeding guidance. Consequently, Celestica further raised its 2026 annual outlook to $19.0 billion in revenue and $10.15 in adjusted EPS, while also introducing a 2027 revenue floor of at least $25.5 billion, signaling robust long-term growth.
2. Surging Demand in AI and Data Center Infrastructure. A core driver of Celestica's growth has been the accelerating demand from its Connectivity & Cloud Solutions (CCS) segment, particularly within hyperscaler data center and AI/ML compute programs. The CCS segment's revenue grew 76% year-over-year in Q1 2026, contributing 80% of total company revenue. The company's Hardware Platform Solutions (HPS) unit, which co-engineers networking and compute platforms for large cloud buyers, saw its revenue climb 63% to approximately $1.7 billion in Q1 2026, representing 42% of total revenue. Celestica is actively ramping up production for advanced AI networking solutions, including 800G and 1.6T switches, and announced a collaboration with AMD on the "Helios" Rack-Scale AI Platform in March 2026.
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1. Exceptional Financial Performance and Raised Outlook. Celestica reported strong Q4 2025 results on January 28, 2026, with revenue soaring 44% year-over-year to $3.65 billion and adjusted EPS jumping to $1.89. Following this, the company raised its 2026 revenue target by $1 billion to $17.0 billion and adjusted EPS to $8.75. This momentum continued into Q1 2026, announced on April 27, 2026, where revenue increased 53% to $4.05 billion and adjusted EPS hit $2.16, exceeding guidance. Consequently, Celestica further raised its 2026 annual outlook to $19.0 billion in revenue and $10.15 in adjusted EPS, while also introducing a 2027 revenue floor of at least $25.5 billion, signaling robust long-term growth.
2. Surging Demand in AI and Data Center Infrastructure. A core driver of Celestica's growth has been the accelerating demand from its Connectivity & Cloud Solutions (CCS) segment, particularly within hyperscaler data center and AI/ML compute programs. The CCS segment's revenue grew 76% year-over-year in Q1 2026, contributing 80% of total company revenue. The company's Hardware Platform Solutions (HPS) unit, which co-engineers networking and compute platforms for large cloud buyers, saw its revenue climb 63% to approximately $1.7 billion in Q1 2026, representing 42% of total revenue. Celestica is actively ramping up production for advanced AI networking solutions, including 800G and 1.6T switches, and announced a collaboration with AMD on the "Helios" Rack-Scale AI Platform in March 2026.
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Stock Movement Drivers
Fundamental Drivers
The 33.1% change in CLS stock from 1/31/2026 to 5/12/2026 was primarily driven by a 22.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 5122026 | Change |
|---|---|---|---|
| Stock Price ($) | 280.99 | 374.07 | 33.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11,282 | 13,789 | 22.2% |
| Net Income Margin (%) | 6.4% | 7.0% | 9.4% |
| P/E Multiple | 45.1 | 44.8 | -0.6% |
| Shares Outstanding (Mil) | 115 | 115 | 0.1% |
| Cumulative Contribution | 33.1% |
Market Drivers
1/31/2026 to 5/12/2026| Return | Correlation | |
|---|---|---|
| CLS | 33.1% | |
| Market (SPY) | 3.6% | 59.3% |
| Sector (XLK) | 21.9% | 55.3% |
Fundamental Drivers
The 8.6% change in CLS stock from 10/31/2025 to 5/12/2026 was primarily driven by a 22.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 5122026 | Change |
|---|---|---|---|
| Stock Price ($) | 344.48 | 374.07 | 8.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11,282 | 13,789 | 22.2% |
| Net Income Margin (%) | 6.4% | 7.0% | 9.4% |
| P/E Multiple | 55.3 | 44.8 | -18.9% |
| Shares Outstanding (Mil) | 115 | 115 | 0.1% |
| Cumulative Contribution | 8.6% |
Market Drivers
10/31/2025 to 5/12/2026| Return | Correlation | |
|---|---|---|
| CLS | 8.6% | |
| Market (SPY) | 5.5% | 57.2% |
| Sector (XLK) | 16.9% | 62.3% |
Fundamental Drivers
The 338.3% change in CLS stock from 4/30/2025 to 5/12/2026 was primarily driven by a 91.5% change in the company's P/E Multiple.| (LTM values as of) | 4302025 | 5122026 | Change |
|---|---|---|---|
| Stock Price ($) | 85.35 | 374.07 | 338.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,086 | 13,789 | 36.7% |
| Net Income Margin (%) | 4.2% | 7.0% | 66.0% |
| P/E Multiple | 23.4 | 44.8 | 91.5% |
| Shares Outstanding (Mil) | 116 | 115 | 0.9% |
| Cumulative Contribution | 338.3% |
Market Drivers
4/30/2025 to 5/12/2026| Return | Correlation | |
|---|---|---|
| CLS | 338.3% | |
| Market (SPY) | 30.4% | 49.3% |
| Sector (XLK) | 67.8% | 59.9% |
Fundamental Drivers
The 3344.5% change in CLS stock from 4/30/2023 to 5/12/2026 was primarily driven by a 521.8% change in the company's P/E Multiple.| (LTM values as of) | 4302023 | 5122026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.86 | 374.07 | 3344.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,521 | 13,789 | 83.3% |
| Net Income Margin (%) | 2.4% | 7.0% | 185.7% |
| P/E Multiple | 7.2 | 44.8 | 521.8% |
| Shares Outstanding (Mil) | 122 | 115 | 5.7% |
| Cumulative Contribution | 3344.5% |
Market Drivers
4/30/2023 to 5/12/2026| Return | Correlation | |
|---|---|---|
| CLS | 3344.5% | |
| Market (SPY) | 78.7% | 54.9% |
| Sector (XLK) | 137.2% | 63.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CLS Return | 38% | 1% | 160% | 215% | 220% | 29% | 4621% |
| Peers Return | 32% | 12% | 34% | 41% | 100% | 89% | 959% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| CLS Win Rate | 67% | 50% | 67% | 75% | 58% | 40% | |
| Peers Win Rate | 62% | 53% | 60% | 62% | 63% | 76% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| CLS Max Drawdown | -12% | -26% | -6% | -6% | -28% | -16% | |
| Peers Max Drawdown | -6% | -24% | -18% | -11% | -22% | -7% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: JBL, FLEX, FN, SANM, TTMI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/12/2026 (YTD)
How Low Can It Go
| Event | CLS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -49.7% | -18.8% |
| % Gain to Breakeven | 98.9% | 23.1% |
| Time to Breakeven | 74 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -27.6% | -7.8% |
| % Gain to Breakeven | 38.2% | 8.5% |
| Time to Breakeven | 65 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -21.8% | -6.7% |
| % Gain to Breakeven | 27.9% | 7.1% |
| Time to Breakeven | 42 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -26.1% | -24.5% |
| % Gain to Breakeven | 35.4% | 32.4% |
| Time to Breakeven | 45 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -63.9% | -33.7% |
| % Gain to Breakeven | 177.0% | 50.9% |
| Time to Breakeven | 133 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -19.8% | -19.2% |
| % Gain to Breakeven | 24.7% | 23.7% |
| Time to Breakeven | 1047 days | 105 days |
In The Past
Celestica's stock fell -49.7% during the 2025 US Tariff Shock. Such a loss loss requires a 98.9% gain to breakeven.
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| Event | CLS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -49.7% | -18.8% |
| % Gain to Breakeven | 98.9% | 23.1% |
| Time to Breakeven | 74 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -27.6% | -7.8% |
| % Gain to Breakeven | 38.2% | 8.5% |
| Time to Breakeven | 65 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -21.8% | -6.7% |
| % Gain to Breakeven | 27.9% | 7.1% |
| Time to Breakeven | 42 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -26.1% | -24.5% |
| % Gain to Breakeven | 35.4% | 32.4% |
| Time to Breakeven | 45 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -63.9% | -33.7% |
| % Gain to Breakeven | 177.0% | 50.9% |
| Time to Breakeven | 133 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -36.7% | -12.2% |
| % Gain to Breakeven | 57.9% | 13.9% |
| Time to Breakeven | 365 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -24.7% | -6.8% |
| % Gain to Breakeven | 32.8% | 7.3% |
| Time to Breakeven | 180 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -25.8% | -17.9% |
| % Gain to Breakeven | 34.7% | 21.8% |
| Time to Breakeven | 142 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -24.9% | -15.4% |
| % Gain to Breakeven | 33.1% | 18.2% |
| Time to Breakeven | 215 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -56.5% | -53.4% |
| % Gain to Breakeven | 129.7% | 114.4% |
| Time to Breakeven | 51 days | 1085 days |
In The Past
Celestica's stock fell -49.7% during the 2025 US Tariff Shock. Such a loss loss requires a 98.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Celestica (CLS)
Celestica Inc. provides hardware platform and supply chain solutions in North America, Europe, and Asia. It operates through two segments, Advanced Technology Solutions, and Connectivity & Cloud Solutions. The company offers a range of product manufacturing and related supply chain services, including design and development, engineering, supply chain management, new product introduction, component sourcing, electronics manufacturing and assembly, testing, complex mechanical assembly, systems integration, precision machining, order fulfillment, logistics, asset management, product licensing, and after-market repair and return services. It also provides enterprise-level data communications and information processing infrastructure products, such as routers, switches, data center interconnects, edge solutions, servers, and storage-related products; capacitors, microprocessors, resistors, and memory modules; and power inverters, energy storage products, smart meters, and other electronic componentry products. The company serves aerospace and defense, industrial, energy, healthtech, capital equipment, original equipment manufacturers, cloud-based, and other service providers, including hyperscalers, and other companies in a range of industries. Celestica Inc. was incorporated in 1994 and is headquartered in Toronto, Canada.
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- Celestica is like **Magna International** for electronics – they build complex hardware and manage supply chains for a wide range of tech, aerospace, and healthtech companies.
- Celestica is similar to **Foxconn**, but they specialize in higher-complexity products like data center infrastructure, medical devices, and industrial equipment, rather than primarily consumer electronics.
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- Product Design & Engineering Services: Provides services spanning design, development, and new product introduction for various hardware platforms.
- Electronics Manufacturing & Assembly: Offers manufacturing, assembly, integration, and precision machining for complex electronic and mechanical products.
- Supply Chain Management Services: Delivers comprehensive supply chain solutions, including sourcing, logistics, and asset management.
- After-Market & Support Services: Provides testing, repair, and return services to support product lifecycles.
- Data Communications & Information Processing Products: Manufactures or provides solutions for enterprise-level infrastructure products like routers, switches, servers, and storage.
- Electronic Components: Deals with fundamental electronic parts such as capacitors, microprocessors, resistors, and memory modules.
- Energy & Industrial Electronics: Specializes in products like power inverters, energy storage solutions, and smart meters for energy and industrial sectors.
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Celestica (symbol: CLS) primarily sells its hardware platform and supply chain solutions to other companies (Business-to-Business, B2B), rather than individuals. While Celestica has major customers that contribute significantly to its revenue (e.g., its top two customers collectively accounted for approximately 25% of its total revenue in 2023), the company does not publicly disclose the specific names of these major customer companies in its financial reports or public filings due to confidentiality agreements and competitive reasons. Celestica serves a diverse range of customers across various industries, including:- Aerospace and Defense companies
- Industrial sector companies
- Energy sector companies
- Healthtech companies
- Capital Equipment manufacturers
- Original Equipment Manufacturers (OEMs)
- Cloud-based and other service providers, including hyperscalers
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Rob Mionis President and Chief Executive OfficerMr. Mionis has been Celestica's President and CEO since August 2015. Prior to joining Celestica, he was an Operating Partner/Senior Advisor in private equity at Pamplona Capital Management from 2013 to 2015, supporting several companies across industrial, aerospace, healthcare, and automotive segments. Before his private equity experience, he served as President and CEO of StandardAero from 2006 to 2013, a global aerospace maintenance, repair, and overhaul company, leading it through significant revenue and profitability growth. He also held senior leadership roles at Honeywell, including head of the Integrated Supply Chain Organization for Honeywell Aerospace, and began his career at General Electric. Mr. Mionis also serves as a Director on the Board of Textron Inc., effective March 1, 2025.
Mandeep Chawla Chief Financial Officer
Mr. Chawla was appointed Chief Financial Officer of Celestica in October 2017, having joined the company in 2010 and holding progressively senior finance roles. Before his tenure at Celestica, he held finance positions with MDS Inc., Tyco International, and General Electric. He served as a director on the board of Sleep Country Canada from 2020 to 2024.
Yann Etienvre Chief Operations Officer
Mr. Etienvre is responsible for driving operational excellence, quality, and technology innovation at Celestica. He joined Celestica from Sensata Technologies, where he was Executive Vice President and Chief Supply Chain Officer, leading global operations, sourcing, logistics, and compliance. His career includes various leadership roles at Sensata Technologies, IMI plc, GE Healthcare, Montupet, and Renault, gaining experience across diverse market segments such as automotive, healthcare, electrification, oil and gas, energy, and appliances.
Todd Cooper President, Advanced Technology Solutions
Mr. Cooper is responsible for the strategy and execution of Celestica's aerospace and defense, capital equipment, healthtech, industrial, and smart energy businesses. He previously served as Celestica's Chief Operations Officer. Before joining Celestica, he led Supply Chain, Procurement, Logistics, and Sustainability value creation efforts at KKR, a leading global investment firm, where he championed operational transformation across KKR's global portfolio companies. He also served as Vice President of Global Sourcing in Honeywell's Aerospace Division and held management roles at Storage Technology Corporation and McKinsey & Company.
Jason Phillips President, Connectivity and Cloud Solutions
Mr. Phillips is responsible for the strategy development, deployment, and execution for Celestica's enterprise and communications portfolio. He oversees all aspects of the Connectivity & Cloud Solutions business and operations. Prior to this role, he served as Senior Vice President, Enterprise and Cloud Solutions at Celestica.
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Here are the key risks to Celestica Inc.'s business:- Customer Concentration: Celestica Inc. is highly dependent on a limited number of customers for a substantial portion of its revenue. For instance, the top 10 customers represented 73% of total revenue in 2024 and 79% in 2025, with a few major clients in the Connectivity & Cloud Solutions (CCS) segment individually accounting for significant percentages. This concentration makes the company highly vulnerable to revenue fluctuations if any major customer reduces orders or terminates their relationship.
- Dependence on AI and Cloud Infrastructure Spending: A significant portion of Celestica's recent growth is driven by the AI and cloud infrastructure boom, particularly within its CCS segment. This reliance exposes the company to risks associated with the cyclical nature of hyperscaler data center investments. A slowdown in these investments or a failure of artificial intelligence to meet future expectations could materially impact customer demand and Celestica's financial performance.
- Supply Chain Disruptions and Execution Risk: Celestica faces challenges related to the availability and cost of materials, as well as the complexity of managing its global supply chains. The company must flawlessly execute to meet surging customer demand, which includes sustaining program ramps, managing potential component constraints, and ensuring efficient production. Increased capital expenditures to expand capacity for anticipated growth also carry the risk of underutilization if demand differs from expectations, potentially affecting profitability and liquidity.
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Addressable Markets for Celestica Inc. (CLS)
Celestica Inc. operates in several large and growing addressable markets globally, providing hardware platform and supply chain solutions, as well as electronic manufacturing services to various industries. Below are the estimated market sizes for its main products and services:
- Electronics Manufacturing Services (EMS): The global electronics manufacturing services market was valued at approximately USD 617.90 billion in 2025 and is projected to reach about USD 1,201.16 billion by 2035, exhibiting a compound annual growth rate (CAGR) of 6.87% from 2026 to 2035. Another estimate places the market at USD 635.49 billion in 2025, growing to USD 1.17 trillion by 2035 at a CAGR of 6.3%. Asia Pacific is identified as the largest and fastest-growing region in this market, holding a 36% share by 2035.
- Routers and Switches: The global router and switch market was valued at USD 56.74 billion in 2024 and is estimated to reach USD 102.58 billion by 2033, with a CAGR of 6.40% from 2025-2033. North America currently dominates this market, holding over 36.7% of the market share in 2024.
- Data Center Interconnect (DCI): The global data center interconnect market was estimated at USD 10.12 billion in 2024 and is projected to reach USD 20.37 billion by 2030, growing at a CAGR of 13.1% from 2025 to 2030. Another report indicates a market value of USD 14.6 billion in 2025, expected to grow to USD 79.4 billion by 2034 with a CAGR of 20.7%. North America is projected to hold the largest market share, approximately 38.0% in 2025.
- Servers: The global server market size was valued at USD 145.15 billion in 2025 and is projected to grow to USD 270.75 billion by 2034, exhibiting a CAGR of 7.20% during the forecast period. North America held a significant market share of 43.70% in 2025.
- Enterprise Storage Systems: The global enterprise storage system market was valued at around USD 78.41 billion in 2024 and is projected to grow to approximately USD 142.81 billion by 2034, with a CAGR of roughly 6.2% between 2025 and 2034. Other sources suggest a market size of USD 146.36 billion in 2024, growing to USD 219.29 billion in 2029 at a CAGR of 8.4%. North America is a significant contributor to market growth.
- Aerospace and Defense Electronics: The global aerospace-defense electronics market size was valued at approximately USD 145.7 billion in 2023 and is projected to reach USD 258.3 billion by 2032, growing at a CAGR of 6.4% during the forecast period. Another report estimates the global aerospace electronics market size at USD 127.20 billion in 2025, increasing to approximately USD 237.33 billion by 2035 with a CAGR of 6.44%. North America contributed more than 42% of the revenue share in the aerospace electronics market in 2025. The global defense electronics market was valued at USD 176.0 billion in 2024 and is expected to reach USD 278.2 billion by 2033.
- Industrial Electronics: The global industrial electronics market size was approximately USD 208 billion in 2023, with a projected CAGR of 5.60% from 2023 to 2030. Another report estimates the market at approximately USD 237.73 billion in 2026, reaching USD 340.58 billion by 2035, expanding at a CAGR of 6.1%. The Asia Pacific industrial electronics market is identified as the fastest-growing region.
- Healthtech Electronics (Medical Electronics): The global medical electronics market size was estimated at USD 172.4 billion in 2024 and is projected to reach USD 339.7 billion by 2034, growing at a CAGR of 7.2% from 2025 to 2034. North America dominated the global medical electronics market with a revenue share of 35.7% in 2024.
- Power Electronics (including for energy storage and smart meters): The global power electronics market size was valued at USD 38.12 billion in 2023 and is projected to reach USD 53.66 billion by 2030, growing at a CAGR of 5.2% from 2024 to 2030. Asia Pacific dominated this market with a revenue share of 40.5% in 2023.
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Here are 3-5 expected drivers of future revenue growth for Celestica (CLS) over the next 2-3 years:- Strong Demand for AI-related Data Center Infrastructure and High-Performance Networking: Celestica anticipates significant revenue growth driven by the accelerating demand for AI/ML compute programs and next-generation networking solutions. This includes a focus on 800G networking switches and future ramps of 1.6T and 3.2T switching platforms, particularly from hyperscaler customers who are heavily investing in AI infrastructure.
- Continued Expansion of the Connectivity & Cloud Solutions (CCS) Segment: The CCS segment, which encompasses networking and enterprise solutions, is projected to be the primary catalyst for Celestica's revenue growth. This segment is expected to experience substantial growth, driven by strong demand from hyperscalers and the ramp-up of new programs.
- Strategic Capital Investments and Global Capacity Expansions: Celestica is undertaking significant capital expenditures, with plans for approximately $1 billion in 2026, to expand its manufacturing capacity globally. These investments in facilities and infrastructure across regions like the United States, Thailand, Mexico, Japan, and Taiwan are directly aimed at supporting existing and anticipated hyperscaler programs and overall AI and data center growth in the coming years.
- Expanding Hardware Platform Solutions (HPS) and Design-Led Engagements: The company's Hardware Platform Solutions (HPS) business, a key component of its CCS segment, is identified as a rapidly growing area. Celestica is focusing on vertically integrated capabilities to deliver customized platform solutions, including design engineering, for data center infrastructure, leading to new program wins and deeper partnerships with major customers.
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Share Repurchases
- Celestica repurchased $153.4 million in shares in 2025 and $152 million in 2024.
- On October 30, 2025, Celestica announced a new Normal Course Issuer Bid (NCIB) to repurchase up to 5,722,527 shares, representing 4.97% of its issued share capital, with the bid expiring on November 2, 2026.
- Under a previous NCIB, through October 20, 2025, the company repurchased and cancelled 1,522,831 common shares at a weighted average price of US$92.26 per share.
Share Issuance
- Celestica's shares outstanding have generally declined over the past few years, with a 1.33% decrease in 2024 from 2023, a 2.67% decrease in 2023 from 2022, and a 2.45% decrease in 2022 from 2021, indicating a focus on share repurchases rather than issuances.
Outbound Investments
- Celestica completed the acquisition of PCI, an electronic manufacturing services provider, for $306 million in September 2021.
Capital Expenditures
- Capital expenditures for the full year 2023 were $125 million, or 1.6% of revenue.
- For 2025, capital expenditures were approximately $201.2 million, aimed at enhancing manufacturing capabilities.
- Celestica expects to increase capital expenditures to approximately $1 billion in 2026, or about 6% of its annual revenue outlook, to build revenue-enabling capacity, including significant expansions in Texas and Thailand, primarily to support demand for AI/ML compute and hyperscaler customers. These investments are anticipated to be fully funded by operating cash flow.
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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 293.32 |
| Mkt Cap | 30.0 |
| Rev LTM | 12,565 |
| Op Inc LTM | 883 |
| FCF LTM | 613 |
| FCF 3Y Avg | 371 |
| CFO LTM | 931 |
| CFO 3Y Avg | 569 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 26.4% |
| Rev Chg 3Y Avg | 9.8% |
| Rev Chg Q | 34.9% |
| QoQ Delta Rev Chg LTM | 7.8% |
| Op Inc Chg LTM | 43.6% |
| Op Inc Chg 3Y Avg | 15.2% |
| Op Mgn LTM | 6.9% |
| Op Mgn 3Y Avg | 5.7% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 6.4% |
| CFO/Rev 3Y Avg | 5.8% |
| FCF/Rev LTM | 3.7% |
| FCF/Rev 3Y Avg | 3.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 30.0 |
| P/S | 2.5 |
| P/Op Inc | 36.8 |
| P/EBIT | 37.7 |
| P/E | 51.7 |
| P/CFO | 39.4 |
| Total Yield | 1.9% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 4.6% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 25.8% |
| 3M Rtn | 46.8% |
| 6M Rtn | 53.8% |
| 12M Rtn | 218.1% |
| 3Y Rtn | 648.3% |
| 1M Excs Rtn | 16.1% |
| 3M Excs Rtn | 40.2% |
| 6M Excs Rtn | 42.8% |
| 12M Excs Rtn | 207.3% |
| 3Y Excs Rtn | 625.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Connectivity & Cloud Solutions (CCS) | 6,490 | 4,641 | 4,271 | 3,320 | 3,662 |
| Advanced Technology Solutions (ATS) | 3,156 | 3,320 | 2,979 | 2,315 | 2,086 |
| Total | 9,646 | 7,961 | 7,250 | 5,635 | 5,748 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Connectivity & Cloud Solutions (CCS) | 478 | 287 | 217 | 129 | 129 |
| Advanced Technology Solutions (ATS) | 144 | 155 | 141 | 105 | 70 |
| Total Return Swap (TRS) Fair Value Adjustments (FVA):losses | 91 | 0 | 0 | ||
| Foreign currency forward contracts transitional adjustments | 1 | 1 | |||
| Restructuring and other charges (recoveries) | -19 | -12 | |||
| Amortization of intangible assets (excluding computer software) | -39 | -37 | -37 | -22 | -22 |
| Employee Stock-Based Compensation (SBC) expense | -57 | -56 | -51 | -33 | -26 |
| Other charges, net of recoveries | -7 | -10 | -24 | ||
| Total | 599 | 338 | 263 | 168 | 128 |
Price Behavior
Price Behavior
| Market Price | $374.07 | |
| Market Cap ($ Bil) | 43.0 | |
| First Trading Date | 06/30/1998 | |
| Distance from 52W High | -11.4% | |
| 50 Days | 200 Days | |
| DMA Price | $331.70 | $289.28 |
| DMA Trend | up | up |
| Distance from DMA | 12.8% | 29.3% |
| 3M | 1YR | |
| Volatility | 70.6% | 68.7% |
| Downside Capture | 1.36 | 1.26 |
| Upside Capture | 337.05 | 351.93 |
| Correlation (SPY) | 56.9% | 47.6% |
CLS Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.55 | 2.92 | 2.67 | 3.15 | 2.64 | 2.30 |
| Up Beta | 2.85 | 3.08 | 2.76 | 3.11 | 2.55 | 2.14 |
| Down Beta | 10.18 | 3.51 | 1.04 | 2.58 | 2.21 | 2.24 |
| Up Capture | 372% | 463% | 452% | 635% | 1302% | 20414% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 17 | 27 | 37 | 71 | 149 | 436 |
| Down Capture | -472% | 163% | 238% | 228% | 165% | 112% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 5 | 16 | 27 | 54 | 102 | 312 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLS | |
|---|---|---|---|---|
| CLS | 306.6% | 69.1% | 2.33 | - |
| Sector ETF (XLK) | 62.3% | 20.9% | 2.21 | 59.9% |
| Equity (SPY) | 28.3% | 12.5% | 1.80 | 49.3% |
| Gold (GLD) | 41.3% | 26.9% | 1.26 | 18.8% |
| Commodities (DBC) | 47.5% | 18.0% | 2.10 | 1.7% |
| Real Estate (VNQ) | 12.8% | 13.5% | 0.65 | 5.2% |
| Bitcoin (BTCUSD) | -21.0% | 41.7% | -0.46 | 21.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLS | |
|---|---|---|---|---|
| CLS | 116.5% | 56.5% | 1.59 | - |
| Sector ETF (XLK) | 21.7% | 24.8% | 0.77 | 57.9% |
| Equity (SPY) | 12.9% | 17.1% | 0.59 | 53.1% |
| Gold (GLD) | 21.0% | 17.9% | 0.95 | 13.8% |
| Commodities (DBC) | 13.4% | 19.1% | 0.57 | 17.0% |
| Real Estate (VNQ) | 3.9% | 18.8% | 0.11 | 27.0% |
| Bitcoin (BTCUSD) | 7.2% | 55.9% | 0.34 | 20.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLS | |
|---|---|---|---|---|
| CLS | 43.4% | 49.2% | 0.93 | - |
| Sector ETF (XLK) | 25.0% | 24.4% | 0.92 | 51.8% |
| Equity (SPY) | 15.1% | 18.0% | 0.72 | 51.4% |
| Gold (GLD) | 13.4% | 15.9% | 0.70 | 10.9% |
| Commodities (DBC) | 9.7% | 17.7% | 0.46 | 21.3% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.24 | 34.1% |
| Bitcoin (BTCUSD) | 68.2% | 66.8% | 1.07 | 16.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/27/2026 | -14.4% | -0.4% | |
| 1/28/2026 | -13.1% | -20.1% | -19.6% |
| 10/27/2025 | 8.2% | 15.6% | 8.6% |
| 7/28/2025 | 16.5% | 16.2% | 14.6% |
| 4/24/2025 | -3.4% | -3.2% | 29.7% |
| 1/29/2025 | 13.6% | 43.0% | 6.5% |
| SUMMARY STATS | |||
| # Positive | 3 | 3 | 4 |
| # Negative | 3 | 3 | 1 |
| Median Positive | 13.6% | 16.2% | 11.6% |
| Median Negative | -13.1% | -3.2% | -19.6% |
| Max Positive | 16.5% | 43.0% | 29.7% |
| Max Negative | -14.4% | -20.1% | -19.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/27/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 10/27/2025 | 10-Q |
| 06/30/2025 | 07/28/2025 | 10-Q |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 10/23/2024 | 6-K |
| 06/30/2024 | 07/25/2024 | 6-K |
| 03/31/2024 | 04/25/2024 | 6-K |
| 12/31/2023 | 03/11/2024 | 20-F |
| 09/30/2023 | 10/26/2023 | 6-K |
| 06/30/2023 | 07/27/2023 | 6-K |
| 03/31/2023 | 04/27/2023 | 6-K |
| 12/31/2022 | 03/13/2023 | 20-F |
| 09/30/2022 | 10/25/2022 | 6-K |
| 06/30/2022 | 07/26/2022 | 6-K |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 4/27/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 4.15 Bil | 4.30 Bil | 4.45 Bil | 7.5% | Higher New | Actual: 4.00 Bil for Q1 2026 | |
| Q2 2026 Adjusted EPS | 2.14 | 2.24 | 2.34 | 9.3% | Higher New | Actual: 2.05 for Q1 2026 | |
| 2026 Revenue | 19.00 Bil | 11.8% | Raised | Guidance: 17.00 Bil for 2026 | |||
| 2026 Adjusted EPS | 10.2 | 16.0% | Raised | Guidance: 8.75 for 2026 | |||
| 2026 Adjusted Operating Margin | 8.1% | 3.8% | 0.3% | Raised | Guidance: 7.8% for 2026 | ||
| 2026 Free Cash Flow | 500.00 Mil | 0 | Affirmed | Guidance: 500.00 Mil for 2026 | |||
Prior: Q4 2025 Earnings Reported 1/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 3.85 Bil | 4.00 Bil | 4.15 Bil | ||||
| Q1 2026 Adjusted EPS | 1.95 | 2.05 | 2.15 | ||||
| 2026 Revenue | 17.00 Bil | 6.2% | Raised | Guidance: 16.00 Bil for 2026 | |||
| 2026 Adjusted EPS | 8.75 | 6.7% | Raised | Guidance: 8.2 for 2026 | |||
| 2026 Capital Expenditures | 1.00 Bil | ||||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Phillips, Jason | President | Direct | Sell | 2062026 | 308.92 | 100,000 | 30,892,000 | 3,887,449 | Form |
| 2 | Phillips, Jason | President | Direct | Sell | 2062026 | 300.01 | 20,000 | 6,000,200 | 33,776,326 | Form |
| 3 | Cooper, Todd C | President | Direct | Sell | 2062026 | 283.51 | 1,065 | 301,938 | 30,894,085 | Form |
| 4 | Etienvre, Yann L | Chief Operations Officer | Direct | Sell | 2062026 | 283.51 | 1,145 | Form | ||
| 5 | Parker, Douglas Michael | Chief Legal Officer | Direct | Sell | 2062026 | 285.38 | 948 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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