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Celsius Holdings

CELH
52
Beverages - Non-Alcoholic · Consumer Defensive
Price
$33.36
+0.82 (+2.52%)
Market Cap
$8.53B
Exchange
NASDAQ
Winston Score
52
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Mixed
Cash Flow
Strong
Stability
Strong
Valuation
Good

Share count rising — dilution

+1.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 233.1M (2021) → 237.2M (2025)

Winston Score History

The full picture

Celsius Holdings makes energy drinks sold under the Celsius brand. The drinks are marketed as a healthier alternative to traditional energy drinks, using ingredients like green tea extract and ginger instead of artificial preservatives or high-fructose corn syrup. Celsius competes in the fast-growing energy drink market alongside giants like Monster and Red Bull.

The company sells its canned drinks through retail stores, gyms, and online channels, with PepsiCo serving as its primary distribution partner in the United States following a major deal signed in 2022. Celsius generates revenue by selling beverages wholesale to distributors and retailers, and it has expanded into Canada, Europe, and parts of Asia. Its partnership with PepsiCo gives it a significant distribution advantage, but the company faces real risk from intense competition and the challenge of maintaining shelf space against much larger, better-funded rivals. Sustaining growth will depend heavily on whether Celsius can continue gaining market share in a crowded category.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-57.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

Declining (-100% vs prior year)

0.0% of revenue

Below sector average (2%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

23.4%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$549M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Celsius Holdings is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
48.1%
Healthy — 48.1% gross margin
Profit after running costs
Operating Margin
9.2%
Modest — 9.2% operating margin
Return on the money invested
ROCE
6.5%
Weak — 6.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+82.9%
Fast-growing sales (+82.9% YoY)
Profit growth
EPS YoY
-37.8%
Earnings shrinking (-37.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
155%
Turns 155% of profit into real cash
Spare cash per sale
FCF Margin
9.6%
Modest free cash flow (9.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
1.95
Elevated debt (1.95)
Covers its interest
Interest Cover
32.19x
Comfortably covers interest (32.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
158.9x
Expensive — P/E 158.9

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+146.3
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (158.9 → 12.5)

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Dividends

Not applicable for this business.
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