CELH Nasdaq Soft Drinks & Non-alcoholic Beverages Financials FY2016βFY2025
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.
Hi! I read Celsiusβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+85.5%
Yes. Sales grew 85.5% last year.
Does it make a profit?
4.3%
A little. It keeps 4.3% of every sale as profit.
Does profit turn into cash?
12.9%
Yes. 12.9% of sales ends up as free cash.
Is debt under control?
1.6x
Keep an eye on it. Repaying its debt would take 1.6 years of operating profit.
How healthy are the accounts?
5 / 9
Mixed. It passes 5 of 9 health tests.
How is the share priced?
123.8x
One share costs 123.8 times its yearly profit per share. Typical for its sector: 24.2x.
Rules of thumb on reported numbers. A starting point, not a recommendation.
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.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Celsius did it, and the next one. Share prices often move a lot on those days.
Next results
November 5, 2026
Thursday Β· in 10 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 6, 2026 | Q2 '26 | Before the market opens | 8-K β |
| May 7, 2026 | Q1 '26 | Before the market opens | 8-K β |
| Feb 26, 2026 | Q4 '25 | Before the market opens | 8-K β |
| Nov 6, 2025 | Q3 '25 | Before the market opens | 8-K β |
| Aug 7, 2025 | Q2 '25 | Before the market opens | 8-K β |
| May 6, 2025 | Q1 '25 | Before the market opens | 8-K β |
| Feb 20, 2025 | Q4 '24 | After the market closes | 8-K β |
| Nov 6, 2024 | Q3 '24 | Before the market opens | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Celsius had $2.5B of revenue in fiscal 2025, up 85.5% on the year before. Over five years, revenue changed +80.7% a year on average. Its operating margin was 5.6%, down 5.9Β pts: of every 100 in sales, about 6 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Celsius made $108M of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $323M in fiscal 2025, 12.9% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Celsius returned $5.7M to shareholders in fiscal 2025, 2% of free cash flow. The diluted share count rose 7.4%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $3.2M and sold $0.1M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
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 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Celsius owes $278M more than it holds in cash, about 1.6 years of operating profit.
Cash, debt and the ratios that show how comfortably Celsius can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $16.3M | $614M | $756M | $890M | $399M |
| Debt incl. finance leases | β | β | β | $0.3M | $677M |
| Net debt / EBITDA | β | β | β | β5.5x | 1.6x |
| Debt / equity | β | β | β | 0.0x | 0.6x |
| Interest coverage | β584.3x | β | β | β | 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 (β = net cash) | β | β | β | β$890M | $278M |
KIRA Β· Its return on capital was 25.1%: every 100 invested in the business earned about 25 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Celsius passes 5 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | β / 9 | β / 9 | 5 / 9 |
| Accruals ratio | 6.2% | β7.1% | β7.3% |
| Altman Z'' | 5.72 | 5.12 | 1.81 |
What does the share cost, and how does it compare?
KIRA Β· At $28.47 a share, the company is worth $7.3B: 123.8 times its earnings of the last four quarters.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of β$278M and divides by 254.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Value per share
β
Reference multiples: today 123.8x Β· peers 21.4x Β· sector 24.2x.
KIRA Β· Celsius grew sales faster than 4 of its 4 similar companies. Its P/E is higher than 3 of 3.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| 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 | β1.7% | 19.5% | 13.2% | 65.5% | 19.4x | 7 | Compare β |
| Coca-Cola Consolidated COKE | β | 4.8% | 13.2% | 8.6% | 39.7% | β | β | Compare β |
| Monster Beverage MNST | $45.7B | 10.7% | 29.2% | 23.7% | 36.1% | 21.4x | 9 | Compare β |
| Vita Coco COCO | $3.4B | 18.2% | 13.5% | 6.4% | 55.3% | 28.4x | 5 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| 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 | β$2.8M | β$8.1M | β$10.6M | β$1.4M | $7.9M | β$4.1M | β$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 | β$3.1M | β$8.2M | β$11.2M | $10.0M | $8.6M | β$4.1M | β$153M | $292M | $195M | $125M |
| Income tax | $0.0M | $0.0M | $0.0M | β | $0.1M | β$8.0M | $34.6M | $64.9M | $50.0M | $17.0M |
| Net income | β$3.1M | β$8.2M | β$11.2M | $10.0M | $8.5M | $3.9M | β$187M | $227M | $145M | $108M |
| Diluted EPS | β$0.03 | β$0.06 | β$0.08 | $0.05 | $0.04 | $0.02 | β$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 | β$2.4M | β$8.4M | β$11.6M | $1.0M | $3.4M | β$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 | β$2.4M | β$8.5M | β$11.8M | $1.0M | $2.8M | β$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 | β | β | $4.5M | β | β | β | β | β | $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 | β12.5% | β22.3% | β20.2% | β1.9% | 6.1% | β1.3% | β24.1% | 20.2% | 11.5% | 5.6% |
| EBITDA margin | β12.4% | β22.3% | β20.1% | β1.8% | 6.6% | β0.9% | β23.9% | 20.5% | 12.0% | 6.8% |
| Net margin | β13.5% | β22.8% | β21.3% | 13.3% | 6.5% | 1.3% | β28.7% | 17.2% | 10.7% | 4.3% |
| FCF margin | β10.5% | β23.4% | β22.4% | 1.3% | 2.2% | β31.7% | 15.3% | 9.4% | 17.7% | 12.9% |
| Returns | ||||||||||
| Return on capital | β | β | β | β | β | β | β | β | β | 25.1% |
| Return on capital employed | β19.9% | β44.8% | β52.7% | β3.5% | 9.4% | β2.5% | β24.6% | 23.0% | 11.7% | 5.2% |
| Return on equity | β31.2% | β58.8% | β77.4% | 26.5% | 10.2% | 2.5% | β145.7% | 149.2% | 43.7% | 13.7% |
| Return on assets | β18.6% | β36.8% | β36.3% | 16.0% | 7.7% | 1.8% | β24.4% | 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 | β | β | β | β | β14.5% | β53.8% | β4,857.0% | β | β36.0% | β25.6% |
| EPS growth | β | β | β | β | β31.3% | β45.5% | β4,500.0% | β | β41.6% | β44.4% |
| FCF growth | β | β | β | β | 195.1% | β3,635.5% | β | 23.9% | 93.5% | 35.0% |
| Share count change | 16.3% | 15.2% | 12.7% | 28.2% | 16.0% | 4.4% | β2.6% | 4.4% | 0.2% | 7.4% |
| Financial health | ||||||||||
| Net debt / EBITDA | β | β | β | β | β | β | β | β | β5.5x | 1.6x |
| Debt / equity | β | β | 0.4x | β | β | β | β | β | 0.0x | 0.6x |
| Interest coverage | β12.4x | β50.3x | β61.0x | β2.8x | 17.7x | β584.3x | β | β | β | 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 | β | β | β | 0.0% | 0.0% | β | 0.0% | 0.0% | 0.9% | 1.8% |
| Quality scores | ||||||||||
| Piotroski F-score | β | β | β | β | β | β | β | β | β | 5.0 |
| Altman Z'' | β3.5 | β2.7 | β4.7 | 1.9 | 6.4 | 5.3 | 2.7 | 5.7 | 5.1 | 1.8 |
| Accruals ratio | β4.3% | 0.8% | 1.4% | 14.3% | 4.6% | 45.2% | β38.5% | 6.2% | β7.1% | β7.3% |
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 β not investment advice. Check the original filings before relying on any figure.
