Celsius (CELH)
Market Price (9/13/2026): $27.24 | Market Cap: $6.9 BilSector: Consumer Staples | Industry: Soft Drinks & Non-alcoholic Beverages
Celsius (CELH)
Market Price (9/13/2026): $27.24Market Cap: $6.9 BilSector: Consumer StaplesIndustry: Soft Drinks & Non-alcoholic Beverages
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 83% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 19% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -26% Attractive yieldFCF Yield is 6.7% Megatrend and thematic driversMegatrends include Health & Wellness Trends. Themes include Functional Foods & Beverages. | Weak multi-year price returns2Y Excs Rtn is -56%, 3Y Excs Rtn is -131% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 35x, P/EPrice/Earnings or Price/(Net Income) is 54x 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 -2.3% Key risksCELH key risks include [1] its critical dependence on the PepsiCo distribution partnership, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 83% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 19% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -26% |
| Attractive yieldFCF Yield is 6.7% |
| Megatrend and thematic driversMegatrends include Health & Wellness Trends. Themes include Functional Foods & Beverages. |
| Weak multi-year price returns2Y Excs Rtn is -56%, 3Y Excs Rtn is -131% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 35x, P/EPrice/Earnings or Price/(Net Income) is 54x |
| 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 -2.3% |
| Key risksCELH key risks include [1] its critical dependence on the PepsiCo distribution partnership, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Celsius (CELH) stock has lost about 20% since 5/31/2026 because of the following key factors:
1. Celsius Holdings missed analyst expectations for both revenue and adjusted earnings per share in its fiscal Q2 2026, which ended June 30, 2026. The company reported revenue of $817.9 million, falling short of the consensus estimate of $870.08 million by $52.15 million. Additionally, adjusted diluted earnings per share came in at $0.36, missing analysts' consensus estimates of $0.41 by $0.05.
2. Profitability and gross margins declined significantly during fiscal Q2 2026. Gross margin contracted by 340 basis points, decreasing to 48.1% from 51.5% in the prior-year period, primarily due to higher promotional and incentive activity and shifts in channel mix. Net income attributable to common shareholders plummeted by 57% year-over-year to $36.4 million.
Show more
Celsius (CELH) stock has lost about 20% since 5/31/2026 because of the following key factors:
1. Celsius Holdings missed analyst expectations for both revenue and adjusted earnings per share in its fiscal Q2 2026, which ended June 30, 2026. The company reported revenue of $817.9 million, falling short of the consensus estimate of $870.08 million by $52.15 million. Additionally, adjusted diluted earnings per share came in at $0.36, missing analysts' consensus estimates of $0.41 by $0.05.
2. Profitability and gross margins declined significantly during fiscal Q2 2026. Gross margin contracted by 340 basis points, decreasing to 48.1% from 51.5% in the prior-year period, primarily due to higher promotional and incentive activity and shifts in channel mix. Net income attributable to common shareholders plummeted by 57% year-over-year to $36.4 million.
3. The core CELSIUS brand experienced a notable decline in revenue and retail sales. In fiscal Q2 2026, CELSIUS brand revenue decreased by approximately 11.7% year-over-year. Retail sales for the brand also fell by 2% for the 13-week period ending June 28, 2026. This was attributed to increased trade and promotional investment, shipment timing related to inventory rebalancing, softness in the club channel, and SKU optimization initiatives that management later noted went deeper than intended.
4. Multiple analyst downgrades and reduced price targets followed the disappointing Q2 2026 results. After the earnings report, several brokerages, including Citigroup, Bank of America, and BNP Paribas Exane, either cut their price targets or downgraded the stock. These adjustments reflected concerns over softer core brand trends and a projected longer recovery timeline for the company, extending into fiscal year 2027.
5. Significant insider selling occurred in early August 2026. On August 3, 2026, three former 10% owners of Celsius Holdings—William Milmoe, Deborah De Santis, and Dean De Santis—each sold 300,000 shares of the company's stock. Each of these transactions was valued at approximately $8.47 million.
Show less
Stock Movement Drivers
Fundamental Drivers
The -18.2% change in CELH stock from 5/31/2026 to 9/12/2026 was primarily driven by a -27.6% change in the company's Net Income Margin (%).| (LTM values as of) | 5312026 | 9122026 | Change |
|---|---|---|---|
| Stock Price ($) | 33.27 | 27.22 | -18.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,969 | 3,047 | 2.6% |
| Net Income Margin (%) | 5.9% | 4.2% | -27.6% |
| P/E Multiple | 49.2 | 53.7 | 9.1% |
| Shares Outstanding (Mil) | 257 | 255 | 0.9% |
| Cumulative Contribution | -18.2% |
Market Drivers
5/31/2026 to 9/12/2026| Return | Correlation | |
|---|---|---|
| CELH | -18.2% | |
| Market (SPY) | 1.0% | 12.6% |
| Sector (XLP) | 0.6% | 27.9% |
Fundamental Drivers
The -49.2% change in CELH stock from 2/28/2026 to 9/12/2026 was primarily driven by a -75.0% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9122026 | Change |
|---|---|---|---|
| Stock Price ($) | 53.61 | 27.22 | -49.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,126 | 3,047 | 43.3% |
| Net Income Margin (%) | 3.0% | 4.2% | 39.9% |
| P/E Multiple | 214.6 | 53.7 | -75.0% |
| Shares Outstanding (Mil) | 258 | 255 | 1.2% |
| Cumulative Contribution | -49.2% |
Market Drivers
2/28/2026 to 9/12/2026| Return | Correlation | |
|---|---|---|
| CELH | -49.2% | |
| Market (SPY) | 11.7% | 18.8% |
| Sector (XLP) | -6.8% | 30.5% |
Fundamental Drivers
The -56.7% change in CELH stock from 8/31/2025 to 9/12/2026 was primarily driven by a -56.3% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9122026 | Change |
|---|---|---|---|
| Stock Price ($) | 62.88 | 27.22 | -56.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,666 | 3,047 | 82.9% |
| Net Income Margin (%) | 7.9% | 4.2% | -46.4% |
| P/E Multiple | 123.0 | 53.7 | -56.3% |
| Shares Outstanding (Mil) | 258 | 255 | 1.2% |
| Cumulative Contribution | -56.7% |
Market Drivers
8/31/2025 to 9/12/2026| Return | Correlation | |
|---|---|---|
| CELH | -56.7% | |
| Market (SPY) | 19.5% | 22.7% |
| Sector (XLP) | 5.4% | 22.7% |
Fundamental Drivers
The -58.3% change in CELH stock from 8/31/2023 to 9/12/2026 was primarily driven by a -85.6% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9122026 | Change |
|---|---|---|---|
| Stock Price ($) | 65.35 | 27.22 | -58.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 952 | 3,047 | 220.1% |
| P/S Multiple | 15.8 | 2.3 | -85.6% |
| Shares Outstanding (Mil) | 231 | 255 | -9.5% |
| Cumulative Contribution | -58.3% |
Market Drivers
8/31/2023 to 9/12/2026| Return | Correlation | |
|---|---|---|
| CELH | -58.3% | |
| Market (SPY) | 75.7% | 25.1% |
| Sector (XLP) | 23.5% | 22.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CELH Return | 48% | 40% | 57% | -52% | 74% | -42% | 59% |
| Peers Return | 13% | -1% | 7% | 3% | 21% | 15% | 69% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| CELH Win Rate | 75% | 50% | 50% | 25% | 58% | 33% | |
| Peers Win Rate | 55% | 48% | 55% | 55% | 60% | 64% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| CELH Max Drawdown | -42% | -46% | -28% | -73% | -42% | -58% | |
| Peers Max Drawdown | -15% | -23% | -20% | -17% | -17% | -16% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: KO, PEP, MNST, KDP, CCHGY. See CELH Returns vs. Peers.
[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 9/11/2026 (YTD)
How Low Can It Go
| Event | CELH | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -33.2% | -7.8% |
| % Gain to Breakeven | 49.6% | 8.5% |
| Time to Breakeven | 368 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.6% | -6.7% |
| % Gain to Breakeven | 19.9% | 7.1% |
| Time to Breakeven | 49 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -46.1% | -24.5% |
| % Gain to Breakeven | 85.5% | 32.4% |
| Time to Breakeven | 160 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -47.8% | -33.7% |
| % Gain to Breakeven | 91.6% | 50.9% |
| Time to Breakeven | 57 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -21.2% | -19.2% |
| % Gain to Breakeven | 26.9% | 23.8% |
| Time to Breakeven | 20 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -50.0% | -17.9% |
| % Gain to Breakeven | 100.0% | 21.8% |
| Time to Breakeven | 35 days | 123 days |
In The Past
Celsius's stock fell -2.6% during the 2025 US Tariff Shock. Such a loss loss requires a 2.6% 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.
| Event | CELH | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -33.2% | -7.8% |
| % Gain to Breakeven | 49.6% | 8.5% |
| Time to Breakeven | 368 days | 18 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -46.1% | -24.5% |
| % Gain to Breakeven | 85.5% | 32.4% |
| Time to Breakeven | 160 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -47.8% | -33.7% |
| % Gain to Breakeven | 91.6% | 50.9% |
| Time to Breakeven | 57 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -21.2% | -19.2% |
| % Gain to Breakeven | 26.9% | 23.8% |
| Time to Breakeven | 20 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -50.0% | -17.9% |
| % Gain to Breakeven | 100.0% | 21.8% |
| Time to Breakeven | 35 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -53.2% | -15.4% |
| % Gain to Breakeven | 113.9% | 18.2% |
| Time to Breakeven | 2528 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -86.9% | -53.4% |
| % Gain to Breakeven | 662.7% | 114.4% |
| Time to Breakeven | 211 days | 1085 days |
In The Past
Celsius's stock fell -2.6% during the 2025 US Tariff Shock. Such a loss loss requires a 2.6% 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 Celsius (CELH)
Celsius Holdings, Inc. (CELH) is a public company that specializes in the development, processing, marketing, and distribution of functional energy drinks and liquid supplements. At its core, Celsius aims to provide health-focused beverages that offer various benefits beyond basic hydration, catering to consumers seeking enhanced energy, metabolism support, or muscle recovery through its innovative product lines.
The company's diverse product portfolio primarily features several lines of functional energy drinks. Key offerings include the flagship CELSIUS Originals, available in both carbonated and non-carbonated forms; CELSIUS HEAT, designed as a dietary supplement for performance with intense flavors; and CELSIUS BCCA+ENERGY, which supports muscle recovery. Additionally, Celsius offers CELSIUS On-the-Go in a convenient powdered form and CELSIUS Sweetened, a line of non-carbonated drinks with natural fruit flavors.
Celsius distributes its products extensively across North America, Europe, Asia, and other international markets. The company utilizes a multi-channel approach, reaching its customers through direct-to-store delivery distributors and direct sales to a wide range of retailers. Its primary customer segments include consumers found in supermarkets, convenience stores, drug stores, nutritional stores, mass merchants, health clubs, spas, gyms, military bases, and various e-commerce platforms.
AI Analysis | Feedback
- Red Bull for the health and fitness market.
- Gatorade for energy and metabolism.
AI Analysis | Feedback
- CELSIUS Originals: A line of various carbonated and non-carbonated functional energy drinks.
- CELSIUS HEAT: Carbonated dietary supplement flavors designed as functional energy drinks.
- CELSIUS BCAA+ENERGY: A functional energy drink containing branched-chain amino acids to aid muscle recovery.
- CELSIUS On-the-Go: A powdered form of the active ingredients found in their functional energy drinks, sold in individual packets and canisters.
- CELSIUS Sweetened: A variety of non-carbonated functional energy drinks with different flavor profiles.
AI Analysis | Feedback
Celsius Holdings, Inc. (CELH) primarily sells its products to other companies, which then distribute and sell to individual consumers.
Its major customers and distribution partners include:
- PepsiCo, Inc. (PEP): PepsiCo serves as a significant direct-to-store delivery distributor and strategic partner for Celsius's products, particularly in North America, consistent with the "direct-to-store delivery distributors" mentioned in the company's description.
- Major Retail Companies: Celsius distributes its products directly to a broad range of retail companies. While specific corporate names of these retailers are not provided in the background, these include various categories of establishments where consumers purchase the products:
- Supermarkets
- Convenience stores
- Drug stores
- Nutritional stores
- Mass merchants
- Other Institutional and Online Channels: This encompasses direct sales to entities such as health clubs, spas, gyms, military facilities, and various e-commerce websites (which act as retail partners).
AI Analysis | Feedback
AI Analysis | Feedback
John Fieldly, Chairman of the Board of Directors and Chief Executive Officer
John Fieldly joined Celsius as Chief Financial Officer in January 2012, before becoming interim CEO and CFO from 2017 to 2018. He was appointed Chief Executive Officer in April 2018 and has also served as Chairman since August 2021. Prior to his tenure at Celsius, he held leadership roles at Oragenics, Lebhar-Friedman, and Eckerd Drugs. Under his leadership, Celsius has achieved significant growth, including international expansion and a key distribution partnership with PepsiCo, surpassing $1.3 billion in annual revenue in 2023.
Jarrod Langhans, Chief Financial Officer
Jarrod Langhans assumed the role of Chief Financial Officer at Celsius in April 2022. He is a Certified Public Accountant (CPA) with a master's degree in accounting from the University of Florida. His experience includes serving as CFO of the European and Israel operating segments at Primo Water (formerly Cott) and holding various finance leadership positions in public accounting firms CBIZ MHM and Cherry Bekaert. He has extensive experience in financial reporting, planning and analysis, mergers and acquisitions, investor relations, and capital markets.
Eric Hanson, President & Chief Operating Officer
Eric Hanson joined Celsius Holdings, Inc. in March 2025 as President and Chief Operating Officer. He brings over 27 years of experience in the food and beverage industry, spanning sales, general management, commercial planning, and partnership management. Before joining Celsius, he held various senior leadership positions at PepsiCo from 1997 to 2025, including Senior Vice President - Strategic Partnerships and Senior Vice President, Energy Drinks.
Paul Storey, Chief Supply Chain Officer
Paul Storey serves as the Chief Supply Chain Officer for Celsius Holdings, Inc., a role he was appointed to in March 2024 after previously serving as Senior Vice President, Operations. He joined the company in 2021 and is responsible for global production and operational strategies. With over 30 years of experience in the beverage industry, his background includes four years as Vice-President of Operations for Monster Energy and eleven years as Head of Operations for Rockstar Energy.
Toby David, Chief of Staff
Toby David was named Chief of Staff at Celsius Holdings, Inc. in March 2024. He has been with Celsius since 2013, holding multiple leadership roles across various departments and functions within the company. In his current capacity, he is responsible for managing day-to-day operations, uniting leaders for strategic planning, overseeing portfolio commercialization, and managing special company-wide initiatives, investor relations, and corporate communications.
AI Analysis | Feedback
The key risks to Celsius Holdings, Inc. (CELH) primarily revolve around its distribution reliance, intense market competition, and potential regulatory changes.
- Reliance on PepsiCo for Distribution: Celsius Holdings is heavily dependent on PepsiCo's extensive distribution network for a significant portion of its sales, with a considerable percentage of its revenue and receivables tied to this partnership. Any disruption, strategic shift, or inventory optimization initiatives by PepsiCo can directly impact Celsius's revenue and growth trajectory. For instance, PepsiCo's inventory adjustments have previously led to revenue slowdowns and volatility for Celsius. The ongoing integration of newly acquired brands, such as Alani Nu, into PepsiCo's distribution system also presents transition risks and potential sales disruptions.
- Intense Market Competition and Shifting Consumer Preferences: The energy drink sector is characterized by fierce competition from established giants like Monster Beverage Corporation and Red Bull, as well as a growing number of niche brands and new entrants. This competitive environment can lead to aggressive pricing strategies by rivals and require continuous innovation from Celsius to maintain and expand its market share. Shifts in consumer preferences, potentially towards different "better-for-you" alternatives or away from energy drinks generally, could impact demand for Celsius products. There is also a risk of brand fatigue and a deceleration in organic sales growth for the core Celsius brand itself, as evidenced by some recent reports showing a slight contraction in market share and slowing sales velocity.
- Regulatory Risks: The energy drink industry operates under strict regulations concerning ingredients, labeling, and marketing practices. Any changes in government regulations or negative findings related to the health effects of functional energy drinks could adversely affect Celsius Holdings' operations, product formulations, and overall brand reputation.
AI Analysis | Feedback
AI Analysis | Feedback
Celsius Holdings, Inc. (CELH) operates within the significant and growing functional beverage and energy drink markets globally and in North America.
Global Market Sizes
- The global functional beverages market was valued at approximately USD 208.13 billion in 2024 and is projected to grow to around USD 488.22 billion by 2034, demonstrating a compound annual growth rate (CAGR) of roughly 8.9% between 2025 and 2034. Other estimates place the global functional beverages market at USD 168.32 billion in 2025, expected to reach USD 314.04 billion by 2035 with a CAGR of 6.44% from 2026 to 2035.
- The global energy drinks market was valued at USD 133.90 billion in 2024 and is expected to reach USD 350.96 billion by 2032, growing at a CAGR of 12.80% during that period. Another estimate valued the global energy drinks market at USD 107.20 billion in 2024, projected to grow to USD 223.39 billion by 2033 with an 8.5% CAGR.
North American Market Sizes
- The North America functional beverages market was estimated at USD 60.0 billion in 2024 and is projected to grow to USD 90.0 billion by 2035, exhibiting a CAGR of 3.7% from 2025 to 2035. This market was also reported to be USD 56,285.4 million in 2024 and is expected to reach USD 91,510.0 million by 2030, with a CAGR of 8.5% from 2025 to 2030.
- The North America energy drinks market generated a revenue of USD 27,533.3 million in 2023 and is expected to grow at a CAGR of 7.3% from 2024 to 2030, reaching a projected revenue of USD 45,227.7 million by 2030. In 2024, North America held the largest revenue share of 38.5% in the global energy drinks market. The North America energy drinks market size is estimated at USD 21.93 billion in 2025 and is expected to reach USD 25.58 billion by 2030, with a CAGR of 3.13%.
AI Analysis | Feedback
Here are the expected drivers of future revenue growth for Celsius Holdings, Inc. (CELH) over the next 2-3 years:
- Growth of Acquired Brands and Portfolio Expansion: The successful integration and continued growth of acquired brands, particularly Alani Nu and Rockstar Energy, are anticipated to be significant revenue drivers. Alani Nu has demonstrated record sales and market expansion, with its integration into the PepsiCo distribution system contributing substantially to revenue growth. Celsius is focused on building a "scaled Modern Energy portfolio" by effectively integrating these brands and developing their distinct roles to recruit new consumers and expand consumption occasions.
- Expanded Distribution and Shelf Space via PepsiCo Partnership: Leveraging its partnership with PepsiCo, Celsius aims for continued expansion into more retail locations, increasing the number of SKUs offered, and achieving triple-digit shelf space gains in 2026. As PepsiCo's energy category captain in the U.S., this strategic alliance and aligned commercial strategy helped Celsius secure approximately 20% dollar share of the U.S. energy drink category in Q4 2025.
- International Market Expansion: Celsius is strategically expanding its international footprint with a focused approach on approximately 10 key markets and through targeted leadership appointments. Recent efforts include an exclusive distribution agreement with Suntory Beverage & Food Spain to launch the CELSIUS brand in Spain, building upon existing partnerships. International revenue experienced a 24% increase in 2025, driven by strong performance in the Nordics and momentum in other expansion markets such as the UK, Ireland, France, Australia, New Zealand, and Benelux.
- Sustained Demand in the "Better-For-You" Energy Drink Category: The overall energy drink market continues to see robust growth, specifically within the "zero-sugar" and "better-for-you" segments. Celsius is well-positioned to capitalize on this trend with its portfolio of functional energy drinks that appeal to health-conscious consumers. The company has noted that health, fitness, and wellness trends driving U.S. demand are also resonating in international markets, providing a consistent backdrop for expansion.
- Ongoing Product Innovation and Diversification: While specific new product launches were not extensively detailed in the recent reports, Celsius emphasizes "sequential innovation" and maintaining a "diversified brand portfolio" as strengths. The company is focused on its core of zero sugar, functional energy, and operational discipline to maintain relevance and drive sustainable growth, indicating continuous product development and adaptation to evolving consumer preferences.
AI Analysis | Feedback
Share Repurchases
- Celsius Holdings authorized a new share repurchase program of up to $300 million on November 10, 2025.
- The company repurchased $2.3 million in shares in 2024.
- Share buybacks for CELH stock were $448K for the quarter ending December 31, 2025.
Share Issuance
- Stockholders approved the Celsius Holdings, Inc. 2025 Omnibus Incentive Compensation Plan on May 28, 2025, allowing for the issuance of up to 6,000,000 shares of common stock.
- The Celsius Holdings, Inc. 2025 Employee Stock Purchase Plan was approved, making up to 850,000 shares of common stock available for issuance.
- The authorized common stock was increased from 300,000,000 to 400,000,000 shares through an amendment approved on May 28, 2025.
Outbound Investments
- Celsius acquired Alani Nu and Rockstar Energy.
- The integration of Alani Nu into the PepsiCo system was substantially complete by the end of Q1 2026, with Rockstar integration targeted for the first half of 2026.
Capital Expenditures
- Celsius's capital expenditures averaged $17.661 million for fiscal years ending December 2021 to 2025.
- Capital expenditures peaked at $36.067 million in December 2025.
- Expected capital expenditures for 2026 are $39.53 million, and for 2027, $47.63 million, primarily focused on growth initiatives, market expansion, and integrating acquired brands into the PepsiCo distribution system.
Peer Outperformance in Soft Drinks & Non-alcoholic Beverages
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Food Distributors | 8 | 5.3% | 45.5% | 65.4% | CHEF 298% · USFD 186% · ANDE 160% |
| Consumer Staples Merchandise Retail | 12 | 8.6% | 38.6% | 50.6% | NGVC 220% · VLGEA 139% · WMT 136% |
| Tobacco | 6 | -39.6% | 16.4% | 41.2% | PM 135% · MO 103% · TPB 57% |
| Food Retail | 6 | -12.4% | 60.8% | 36.6% | CASY 225% · SFM 217% · KR 52% |
| Soft Drinks & Non-alcoholic Beverages ← | 12 | -6.3% | -15.5% | 2.4% | COKE 410% · BRFH 202% · CCHGY 119% |
| Brewers | 3 | -16.0% | -31.4% | -2.2% | BUD 44% · TAP -2% · SAM -68% |
| Agricultural Products & Services | 11 | 8.1% | 1.9% | -11.5% | BG 81% · ADM 63% · INGR 32% |
| Household Products | 19 | 0.7% | -7.8% | -22.9% | IPAR 79% · ACU 75% · CL 26% |
| Personal Care Products | 4 | -5.3% | -26.6% | -27.4% | ELF 216% · PG 13% · COTY -68% |
| Packaged Foods & Meats | 47 | -23.7% | -32.8% | -41.4% | MAMA 420% · LWAY 351% · SENEA 297% |
| Distillers & Vintners | 5 | -45.2% | -59.9% | -75.6% | STZ -37% · BF-B -59% · MGPI -76% |
| Drug Retail | 3 | -41.1% | -85.5% | -93.3% | HITI -67% · PETS -93% · SCNX -99% |
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 52.09 |
| Mkt Cap | 63.8 |
| Rev LTM | 14,654 |
| Op Inc LTM | 3,013 |
| FCF LTM | 2,023 |
| FCF 3Y Avg | 1,662 |
| CFO LTM | 2,383 |
| CFO 3Y Avg | 2,060 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 13.4% |
| Rev Chg 3Y Avg | 11.5% |
| Rev Chg Q | 8.7% |
| QoQ Delta Rev Chg LTM | 2.2% |
| Op Inc Chg LTM | 13.7% |
| Op Inc Chg 3Y Avg | 8.4% |
| Op Mgn LTM | 17.7% |
| Op Mgn 3Y Avg | 18.8% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 15.3% |
| CFO/Rev 3Y Avg | 15.0% |
| FCF/Rev LTM | 12.5% |
| FCF/Rev 3Y Avg | 11.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 63.8 |
| P/S | 2.8 |
| P/Op Inc | 18.3 |
| P/EBIT | 25.6 |
| P/E | 34.9 |
| P/CFO | 20.1 |
| Total Yield | 4.4% |
| Dividend Yield | 1.5% |
| FCF Yield 3Y Avg | 3.0% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -2.7% |
| 3M Rtn | -2.9% |
| 6M Rtn | 8.0% |
| 12M Rtn | 21.3% |
| 3Y Rtn | 28.5% |
| 1M Excs Rtn | 0.1% |
| 3M Excs Rtn | -6.3% |
| 6M Excs Rtn | -6.2% |
| 12M Excs Rtn | 4.0% |
| 3Y Excs Rtn | -42.8% |
Comparison Analyses
Price Behavior
| Market Price | $27.22 | |
| Market Cap ($ Bil) | 6.9 | |
| First Trading Date | 02/23/2007 | |
| Distance from 52W High | -58.0% | |
| 50 Days | 200 Days | |
| DMA Price | $30.50 | $37.54 |
| DMA Trend | down | up |
| Distance from DMA | -10.8% | -27.5% |
| 3M | 1YR | |
| Volatility | 73.8% | 62.2% |
| Downside Capture | 215.43 | 158.64 |
| Upside Capture | 150.05 | 40.80 |
| Correlation (SPY) | 17.3% | 22.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.62 | 1.46 | 0.37 | 0.75 | 1.04 | 1.00 |
| Up Beta | -0.35 | -0.92 | -0.21 | 1.10 | 1.29 | 1.01 |
| Down Beta | -8.17 | 1.06 | 0.14 | 1.03 | 1.33 | 1.00 |
| Up Capture | 397% | 240% | 51% | -10% | 24% | 45% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 11 | 20 | 31 | 58 | 121 | 350 |
| Down Capture | 400% | 270% | 87% | 122% | 126% | 106% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 10 | 22 | 33 | 69 | 130 | 398 |
[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 CELH | |
|---|---|---|---|---|
| CELH | -51.7% | 62.0% | -0.92 | - |
| Sector ETF (XLP) | 6.5% | 14.4% | 0.21 | 22.8% |
| Equity (SPY) | 18.3% | 12.8% | 1.03 | 22.8% |
| Gold (GLD) | 19.0% | 29.2% | 0.59 | 14.8% |
| Commodities (DBC) | 48.3% | 20.6% | 1.80 | -20.6% |
| Real Estate (VNQ) | 7.6% | 13.6% | 0.29 | 16.0% |
| Bitcoin (BTCUSD) | -32.4% | 43.8% | -0.77 | 17.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CELH | |
|---|---|---|---|---|
| CELH | -0.7% | 66.3% | 0.26 | - |
| Sector ETF (XLP) | 5.3% | 13.7% | 0.17 | 26.3% |
| Equity (SPY) | 12.5% | 17.2% | 0.55 | 39.2% |
| Gold (GLD) | 18.7% | 18.8% | 0.81 | 6.0% |
| Commodities (DBC) | 11.4% | 19.5% | 0.46 | 4.2% |
| Real Estate (VNQ) | 0.7% | 18.9% | -0.07 | 30.1% |
| Bitcoin (BTCUSD) | 9.4% | 52.6% | 0.36 | 21.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CELH | |
|---|---|---|---|---|
| CELH | 35.3% | 69.6% | 0.77 | - |
| Sector ETF (XLP) | 7.1% | 14.9% | 0.35 | 24.0% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 34.0% |
| Gold (GLD) | 12.3% | 16.3% | 0.62 | 6.6% |
| Commodities (DBC) | 8.7% | 18.1% | 0.39 | 8.9% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 27.4% |
| Bitcoin (BTCUSD) | 63.2% | 66.2% | 1.03 | 13.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -18.5% | -5.2% | 8.4% |
| 5/7/2026 | 4.5% | -15.1% | -14.2% |
| 2/26/2026 | 6.9% | -10.0% | -29.7% |
| 11/6/2025 | -24.8% | -25.1% | -26.1% |
| 8/7/2025 | 17.3% | 31.2% | 36.6% |
| 5/6/2025 | 4.8% | 10.1% | 18.3% |
| 2/20/2025 | 27.8% | 1.8% | 29.0% |
| 11/6/2024 | -5.3% | -15.0% | -12.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 9 | 10 |
| # Negative | 8 | 10 | 9 |
| Median Positive | 13.4% | 27.5% | 25.7% |
| Median Negative | -5.5% | -13.9% | -14.2% |
| Max Positive | 27.8% | 41.8% | 59.8% |
| Max Negative | -24.8% | -25.8% | -35.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -18.5% | -5.2% | 8.4% |
| 5/7/2026 | 4.5% | -15.1% | -14.2% |
| 2/26/2026 | 6.9% | -10.0% | -29.7% |
| 11/6/2025 | -24.8% | -25.1% | -26.1% |
| 8/7/2025 | 17.3% | 31.2% | 36.6% |
| 5/6/2025 | 4.8% | 10.1% | 18.3% |
| 2/20/2025 | 27.8% | 1.8% | 29.0% |
| 11/6/2024 | -5.3% | -15.0% | -12.1% |
| 8/6/2024 | -2.3% | -8.0% | -21.7% |
| 5/7/2024 | -1.8% | 10.5% | -5.1% |
| 2/29/2024 | 20.4% | 29.1% | 22.4% |
| 11/7/2023 | -1.5% | -8.2% | -13.1% |
| 8/8/2023 | 20.4% | 27.5% | 43.2% |
| 11/9/2022 | 13.4% | 28.0% | 44.6% |
| 8/9/2022 | 9.9% | 6.7% | 12.4% |
| 5/10/2022 | 14.8% | 41.8% | 59.8% |
| 3/1/2022 | 3.2% | -25.8% | -9.0% |
| 11/12/2021 | -14.7% | -21.2% | -35.1% |
| 8/12/2021 | -5.8% | -12.8% | 17.5% |
| SUMMARY STATS | |||
| # Positive | 11 | 9 | 10 |
| # Negative | 8 | 10 | 9 |
| Median Positive | 13.4% | 27.5% | 25.7% |
| Median Negative | -5.5% | -13.9% | -14.2% |
| Max Positive | 27.8% | 41.8% | 59.8% |
| Max Negative | -24.8% | -25.8% | -35.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 03/16/2022 | 10-K |
| 09/30/2021 | 11/12/2021 | 10-Q |
| 06/30/2021 | 08/12/2021 | 10-Q |
| 03/31/2021 | 05/13/2021 | 10-Q |
| 12/31/2020 | 03/11/2021 | 10-K |
| 09/30/2020 | 11/12/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/12/2020 | 10-Q |
| 12/31/2019 | 03/12/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Insider Activity
Updated 9/10/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Fieldly, John | Chief Executive Officer | Direct | Buy | 9102026 | 27.44 | 18,000 | 493,843 | 26,230,258 | Form |
| 2 | Kravitz, Hal | Direct | Buy | 5262026 | 29.73 | 8,400 | 249,732 | 6,753,407 | Form | |
| 3 | Fieldly, John | Chief Executive Officer | Direct | Buy | 5262026 | 29.36 | 8,475 | 248,826 | 27,526,174 | Form |
| 4 | Hanson, Eric | President & COO | Direct | Buy | 5222026 | 29.04 | 7,500 | 217,800 | 2,218,424 | Form |
| 5 | Russell, Joyce | Direct | Sell | 3032026 | 51.31 | 2,880 | 147,773 | 966,526 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Fieldly, John | Chief Executive Officer | Direct | Buy | 9102026 | 27.44 | 18,000 | 493,843 | 26,230,258 | Form |
| 2 | Kravitz, Hal | Direct | Buy | 5262026 | 29.73 | 8,400 | 249,732 | 6,753,407 | Form | |
| 3 | Fieldly, John | Chief Executive Officer | Direct | Buy | 5262026 | 29.36 | 8,475 | 248,826 | 27,526,174 | Form |
| 4 | Hanson, Eric | President & COO | Direct | Buy | 5222026 | 29.04 | 7,500 | 217,800 | 2,218,424 | Form |
| 5 | Russell, Joyce | Direct | Sell | 3032026 | 51.31 | 2,880 | 147,773 | 966,526 | Form | |
| 6 | Kravitz, Hal | Direct | Buy | 11172025 | 45.24 | 10,000 | 452,400 | 9,778,490 | Form | |
| 7 | Hanson, Eric | President & COO | Direct | Buy | 11122025 | 43.93 | 4,558 | 200,233 | 2,258,661 | Form |
| 8 | Langhans, Jarrod | Chief Financial Officer | Direct | Sell | 10172025 | 65.00 | 5,000 | 325,000 | 6,449,755 | Form |
| 9 | Milmoe, William H | Direct | Sell | 10152025 | 62.50 | 40,000 | 2,500,000 | 13,827,812 | Form | |
| 10 | Storey, Paul H | Chief Supply Chain Officer | Direct | Sell | 9052025 | 60.93 | 7,500 | 456,975 | 2,287,922 | Form |
Investor Activity (13F)
Updated Sep 13, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Blue Grotto Capital, LLC | $44.7 Mil | 5.2% | 21 | New | 13F |
| Tyro Capital Management LLC | $11.2 Mil | 2.8% | 23 | ADD +6.6% | 13F |
| Bayberry Capital Partners LP | $7.5 Mil | 2.5% | 28 | TRIM -28.3% | 13F |
| Voss Capital, LP | $42.8 Mil | 2.4% | 39 | ADD +630.3% | 13F |
| Findell Capital Management LLC | $7.1 Mil | 2.1% | 17 | Hold | 13F |
| Broad Bay Capital Management, LP | $12.5 Mil | 1.3% | 24 | Hold | 13F |
| WS Management LLLP | $5.3 Mil | 0.7% | 35 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Blue Grotto Capital, LLC | $44.7 Mil | 5.2% | 21 | New | 13F |
| Voss Capital, LP | $42.8 Mil | 2.4% | 39 | ADD +630.3% | 13F |
| Broad Bay Capital Management, LP | $12.5 Mil | 1.3% | 24 | Hold | 13F |
| Tyro Capital Management LLC | $11.2 Mil | 2.8% | 23 | ADD +6.6% | 13F |
| Bayberry Capital Partners LP | $7.5 Mil | 2.5% | 28 | TRIM -28.3% | 13F |
| Findell Capital Management LLC | $7.1 Mil | 2.1% | 17 | Hold | 13F |
| WS Management LLLP | $5.3 Mil | 0.7% | 35 | Hold | 13F |
Industry Resources
| Consumer Staples Resources |
| FoodNavigator |
| Consumer Goods Technology (CGT) |
| Beverage Digest |
| Soft Drinks & Non-alcoholic Beverages Resources |
| Beverage Daily |
| BevNET |
| Beverage Industry |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.