Celsius
CELH Nasdaq Soft Drinks & Non-alcoholic Beverages Financials FY2016–FY2025
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%.
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.
- Legal name
- CELSIUS HOLDINGS, INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 2, 2026
- Accession · CIK
- 0001341766-26-000024
0001341766
Revenue and margins
Celsius had $2.5B of revenue in fiscal 2025, up 85.5% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $323M in fiscal 2025, 12.9% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Celsius returned $5.7M to shareholders in fiscal 2025, 2% of free cash flow. The diluted share count rose 7.4%.
Value Celsius yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$278M and divides by 254.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 123.8x · peers 21.4x · sector 24.2x.
Balance sheet
Cash, debt and the ratios that show how comfortably Celsius can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $16.3M | $614M | $756M | $890M | $399M |
| Debt incl. finance leases | — | — | — | $0.3M | $677M |
| Net debt / EBITDA | — | — | — | −5.5x | 1.6x |
| Debt / 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 |
| Total assets | $314M | $1.2B | $1.5B | $1.8B | $5.1B |
| Total liabilities | $97.0M | $358M | $448M | $543M | $2.2B |
| Shareholders' equity | $217M | $40.1M | $264M | $400M | $1.2B |
| Net debt (− = net cash) | — | — | — | −$890M | $278M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$3.2M
4 insiders
Sold, 12 months
$0.1M
1 insider
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 15, 2026 | Damon DeSantisDirector | Bought | 16,000 | $27.95 | $0.4M | Form 4 |
| Sep 15, 2026 | Hal KravitzDirector | Bought | 12,000 | $28.00 | $0.3M | Form 4 |
| Sep 14, 2026 | Damon DeSantisDirector | Bought | 20,000 | $27.65 | $0.6M | Form 4 |
| Sep 10, 2026 | John FieldlyChief Executive Officer, Director | Bought | 18,000 | $27.44 | $0.5M | Form 4 |
| May 22, 2026 | Hal KravitzDirector | Bought | 8,400 | $29.73 | $0.2M | Form 4 |
| May 22, 2026 | John FieldlyChief Executive Officer, Director | Bought | 8,475 | $29.36 | $0.2M | Form 4 |
| May 21, 2026 | Eric HansonPresident & COO | Bought | 7,500 | $29.04 | $0.2M | Form 4 |
| Mar 2, 2026 | Joyce RussellDirector | Sold | 2,880 | $51.31 | $0.1M | Form 4 |
| Nov 13, 2025 | Hal KravitzDirector | Bought | 10,000 | $45.24 | $0.5M | Form 4 |
| Nov 12, 2025 | Eric HansonPresident & COO | Bought | 4,558 | $43.93 | $0.2M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✕ |
| Current ratio rose | ✕ | ✕ | ✕ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | ✕ | ✕ | ✓ |
| F-score | — / 9 | — / 9 | 5 / 9 |
| Accruals ratio | 6.2% | −7.1% | −7.3% |
| Altman Z'' | 5.72 | 5.12 | 1.81 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Celsius CELH | $7.3B | 85.5% | 5.6% | 12.9% | 25.1% | 123.8x | 5 | |
| National Beverage FIZZ | $3.4B | −1.7% | 19.5% | 13.2% | 65.5% | 19.4x | 7 | Compare → |
| Coca-Cola Consolidated COKE | — | 4.8% | 13.2% | 8.6% | 39.7% | — | — | Compare → |
| Monster Beverage MNST | $45.7B | 10.7% | 29.2% | 23.7% | 36.1% | 21.4x | 9 | Compare → |
| Vita Coco COCO | $3.4B | 18.2% | 13.5% | 6.4% | 55.3% | 28.4x | 5 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $22.8M | $36.2M | $52.6M | $75.1M | $131M | $314M | $654M | $1.3B | $1.4B | $2.5B |
| Gross profit | $9.7M | $15.4M | $21.1M | $31.3M | $61.0M | $128M | $271M | $633M | $680M | $1.3B |
| Research and development | $0.1M | $0.4M | $0.6M | $0.3M | $0.5M | $1.0M | $0.4M | $1.7M | $1.0M | $2.4M |
| Operating income | −$2.8M | −$8.1M | −$10.6M | −$1.4M | $7.9M | −$4.1M | −$158M | $266M | $156M | $141M |
| Interest expense | $0.2M | $0.2M | $0.2M | $0.5M | $0.4M | $0.0M | $0.0M | $0.0M | $0.0M | $49.0M |
| Pretax income | −$3.1M | −$8.2M | −$11.2M | $10.0M | $8.6M | −$4.1M | −$153M | $292M | $195M | $125M |
| Income tax | $0.0M | $0.0M | $0.0M | — | $0.1M | −$8.0M | $34.6M | $64.9M | $50.0M | $17.0M |
| Net income | −$3.1M | −$8.2M | −$11.2M | $10.0M | $8.5M | $3.9M | −$187M | $227M | $145M | $108M |
| Diluted EPS | −$0.03 | −$0.06 | −$0.08 | $0.05 | $0.04 | $0.02 | −$0.88 | $0.77 | $0.45 | $0.25 |
| Diluted shares | 0.12B | 0.13B | 0.15B | 0.19B | 0.22B | 0.23B | 0.23B | 0.24B | 0.24B | 0.25B |
| Cash flow | ||||||||||
| Cash from operations | −$2.4M | −$8.4M | −$11.6M | $1.0M | $3.4M | −$96.6M | $108M | $141M | $263M | $359M |
| Capital expenditure | $0.0M | $0.0M | $0.1M | $0.1M | $0.6M | $3.1M | $8.3M | $17.4M | $23.4M | $36.1M |
| Free cash flow | −$2.4M | −$8.5M | −$11.8M | $1.0M | $2.8M | −$99.7M | $99.9M | $124M | $240M | $323M |
| Depreciation and amortization | $0.0M | $0.0M | $0.1M | $0.1M | $0.7M | $1.3M | $1.9M | $3.2M | $7.3M | $29.5M |
| Stock-based compensation | $1.6M | $2.2M | $4.3M | $4.8M | $6.3M | $36.5M | $20.7M | $21.2M | $19.6M | $28.0M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $75.3M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $2.3M | $5.7M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $2.3M | $5.7M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $11.7M | $14.2M | $7.7M | $23.1M | $43.2M | $16.3M | $614M | $756M | $890M | $399M |
| Total debt | — | — | $4.5M | — | — | — | — | — | $0.0M | $677M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.5M | $0.3M | $0.2M | $0.2M | $0.3M | $0.3M | $0.0M |
| Current assets | $17.7M | $27.0M | $34.5M | $51.5M | $93.2M | $262M | $918M | $1.2B | $1.3B | $1.8B |
| Current liabilities | $2.3M | $6.5M | $14.9M | $26.7M | $26.4M | $93.1M | $161M | $277M | $366M | $1.1B |
| Inventory | $2.2M | $5.3M | $11.5M | $15.3M | $18.4M | $191M | $173M | $229M | $131M | $338M |
| Property and equipment, net | $0.0M | $0.1M | $0.1M | $0.1M | $0.6M | $3.2M | $10.2M | $24.9M | $55.6M | $87.9M |
| Total assets | $17.7M | $27.1M | $34.6M | $90.4M | $131M | $314M | $1.2B | $1.5B | $1.8B | $5.1B |
| Total liabilities | $6.8M | $10.0M | $22.8M | $26.9M | $27.0M | $97.0M | $358M | $448M | $543M | $2.2B |
| Shareholders' equity | $10.9M | $17.1M | $11.8M | $63.5M | $104M | $217M | $40.1M | $264M | $400M | $1.2B |
| Margins | ||||||||||
| Gross margin | 42.8% | 42.7% | 40.0% | 41.7% | 46.6% | 40.8% | 41.4% | 48.0% | 50.2% | 50.4% |
| Operating margin | −12.5% | −22.3% | −20.2% | −1.9% | 6.1% | −1.3% | −24.1% | 20.2% | 11.5% | 5.6% |
| EBITDA margin | −12.4% | −22.3% | −20.1% | −1.8% | 6.6% | −0.9% | −23.9% | 20.5% | 12.0% | 6.8% |
| Net margin | −13.5% | −22.8% | −21.3% | 13.3% | 6.5% | 1.3% | −28.7% | 17.2% | 10.7% | 4.3% |
| FCF margin | −10.5% | −23.4% | −22.4% | 1.3% | 2.2% | −31.7% | 15.3% | 9.4% | 17.7% | 12.9% |
| Returns | ||||||||||
| Return on capital | — | — | — | — | — | — | — | — | — | 25.1% |
| Return on capital employed | −19.9% | −44.8% | −52.7% | −3.5% | 9.4% | −2.5% | −24.6% | 23.0% | 11.7% | 5.2% |
| 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% | 16.0% | 7.7% | 1.8% | −24.4% | 16.4% | 8.8% | 3.1% |
| Growth | ||||||||||
| Revenue growth | 32.2% | 58.9% | 45.5% | 42.9% | 74.0% | 140.4% | 108.0% | 101.7% | 2.9% | 85.5% |
| Net income growth | — | — | — | — | −14.5% | −53.8% | −4,857.0% | — | −36.0% | −25.6% |
| EPS growth | — | — | — | — | −31.3% | −45.5% | −4,500.0% | — | −41.6% | −44.4% |
| FCF growth | — | — | — | — | 195.1% | −3,635.5% | — | 23.9% | 93.5% | 35.0% |
| Share count change | 16.3% | 15.2% | 12.7% | 28.2% | 16.0% | 4.4% | −2.6% | 4.4% | 0.2% | 7.4% |
| Financial health | ||||||||||
| Net debt / EBITDA | — | — | — | — | — | — | — | — | −5.5x | 1.6x |
| Debt / equity | — | — | 0.4x | — | — | — | — | — | 0.0x | 0.6x |
| Interest coverage | −12.4x | −50.3x | −61.0x | −2.8x | 17.7x | −584.3x | — | — | — | 2.9x |
| Current ratio | 7.6x | 4.2x | 2.3x | 1.9x | 3.5x | 2.8x | 5.7x | 4.4x | 3.6x | 1.7x |
| Quick ratio | 6.7x | 3.4x | 1.6x | 1.4x | 2.8x | 0.8x | 4.6x | 3.5x | 3.3x | 1.4x |
| Capital allocation | ||||||||||
| Capex / revenue | 0.1% | 0.1% | 0.2% | 0.1% | 0.4% | 1.0% | 1.3% | 1.3% | 1.7% | 1.4% |
| Stock comp / revenue | 6.9% | 6.2% | 8.2% | 6.4% | 4.9% | 11.6% | 3.2% | 1.6% | 1.5% | 1.1% |
| Payouts / FCF | — | — | — | 0.0% | 0.0% | — | 0.0% | 0.0% | 0.9% | 1.8% |
| Quality scores | ||||||||||
| Piotroski F-score | — | — | — | — | — | — | — | — | — | 5.0 |
| Altman Z'' | −3.5 | −2.7 | −4.7 | 1.9 | 6.4 | 5.3 | 2.7 | 5.7 | 5.1 | 1.8 |
| Accruals ratio | −4.3% | 0.8% | 1.4% | 14.3% | 4.6% | 45.2% | −38.5% | 6.2% | −7.1% | −7.3% |
Source: SEC EDGAR XBRL filings (CIK 0001341766). Data updated October 10, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.