Celsius vs National Beverage
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The short version
- Celsius is the larger business, with $2.5B of revenue in fiscal 2025 against $1.2B for National Beverage, about 2.1 times as much.
- Celsius grew revenue faster (85.5%, against −1.7%).
- National Beverage kept more of each dollar of sales as operating profit (19.5% operating margin, against 5.6%).
- National Beverage earned a higher return on the capital invested in it (65.5%, against 25.1%).
- Investors pay more for each dollar of Celsius’s earnings: a P/E of 123.8x against 19.4x for National Beverage.
| Latest fiscal year | CELH · FY25 | FIZZ · FY26 |
|---|---|---|
| Size | ||
| Market cap | $7.3B | $3.4B |
| Revenue | $2.5B | $1.2B |
| Free cash flow | $323M | $156M |
| Net income | $108M | $184M |
| Growth | ||
| Revenue growth | 85.5% | −1.7% |
| 5-year growth | 80.7% | 1.9% |
| Share count change | 7.4% | −0.0% |
| Profitability | ||
| Gross margin | 50.4% | 37.0% |
| Operating margin | 5.6% | 19.5% |
| Net margin | 4.3% | 15.6% |
| FCF margin | 12.9% | 13.2% |
| Return on capital | 25.1% | 65.5% |
| Return on equity | 13.7% | 34.0% |
| Balance sheet | ||
| Net debt | $278M | −$350M |
| Net debt / EBITDA | 1.6x | −1.4x |
| Dividends and buybacks | $5.7M | $0.7M |
| Valuation & quality | ||
| P/E | 123.8x | 19.4x |
| Piotroski F-score | 5 | 7 |
Revenue
FY17
CELH $36.2M
FIZZ $827M
FY18
CELH $52.6M
FIZZ $976M
FY19
CELH $75.1M
FIZZ $1.0B
FY20
CELH $131M
FIZZ $1.0B
FY21
CELH $314M
FIZZ $1.1B
FY22
CELH $654M
FIZZ $1.1B
FY23
CELH $1.3B
FIZZ $1.2B
FY24
CELH $1.4B
FIZZ $1.2B
FY25
CELH $2.5B
FIZZ $1.2B
FY26
CELH —
FIZZ $1.2B
CELH
FIZZ
Operating margin
FY17
CELH −22.3%
FIZZ —
FY18
CELH −20.2%
FIZZ 20.9%
FY19
CELH −1.9%
FIZZ 17.7%
FY20
CELH 6.1%
FIZZ 16.6%
FY21
CELH −1.3%
FIZZ 21.3%
FY22
CELH −24.1%
FIZZ 18.3%
FY23
CELH 20.2%
FIZZ 15.9%
FY24
CELH 11.5%
FIZZ 18.3%
FY25
CELH 5.6%
FIZZ 19.6%
FY26
CELH —
FIZZ 19.5%
CELH
FIZZ
Free cash flow
FY17
CELH −$8.5M
FIZZ $100M
FY18
CELH −$11.8M
FIZZ $123M
FY19
CELH $1.0M
FIZZ $101M
FY20
CELH $2.8M
FIZZ $154M
FY21
CELH −$99.7M
FIZZ $168M
FY22
CELH $99.9M
FIZZ $104M
FY23
CELH $124M
FIZZ $140M
FY24
CELH $240M
FIZZ $168M
FY25
CELH $323M
FIZZ $170M
FY26
CELH —
FIZZ $156M
CELH
FIZZ
Return on capital
FY17
CELH —
FIZZ —
FY18
CELH —
FIZZ —
FY19
CELH —
FIZZ —
FY20
CELH —
FIZZ —
FY21
CELH —
FIZZ —
FY22
CELH —
FIZZ 82.7%
FY23
CELH —
FIZZ 65.3%
FY24
CELH —
FIZZ 75.2%
FY25
CELH 25.1%
FIZZ 74.5%
FY26
CELH —
FIZZ 65.5%
CELH
FIZZ
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.