Celsius vs Vita Coco
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The short version
- Celsius is the larger business, with $2.5B of revenue in fiscal 2025 against $610M for Vita Coco, about 4.1 times as much.
- Celsius grew revenue faster (85.5%, against 18.2%).
- Vita Coco kept more of each dollar of sales as operating profit (13.5% operating margin, against 5.6%).
- Celsius turned more of its sales into free cash flow (12.9% FCF margin, against 6.4%).
- Vita Coco earned a higher return on the capital invested in it (55.3%, against 25.1%).
- Investors pay more for each dollar of Celsius’s earnings: a P/E of 123.8x against 28.4x for Vita Coco.
| Latest fiscal year | CELH · FY25 | COCO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.3B | $3.4B |
| Revenue | $2.5B | $610M |
| Free cash flow | $323M | $39.0M |
| Net income | $108M | $71.3M |
| Growth | ||
| Revenue growth | 85.5% | 18.2% |
| 5-year growth | 80.7% | 14.5% |
| Share count change | 7.4% | 1.2% |
| Profitability | ||
| Gross margin | 50.4% | 36.5% |
| Operating margin | 5.6% | 13.5% |
| Net margin | 4.3% | 11.7% |
| FCF margin | 12.9% | 6.4% |
| Return on capital | 25.1% | 55.3% |
| Return on equity | 13.7% | 24.2% |
| Balance sheet | ||
| Net debt | $278M | −$197M |
| Net debt / EBITDA | 1.6x | −2.4x |
| Dividends and buybacks | $5.7M | $11.3M |
| Valuation & quality | ||
| P/E | 123.8x | 28.4x |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
CELH $22.8M
COCO —
FY17
CELH $36.2M
COCO —
FY18
CELH $52.6M
COCO —
FY19
CELH $75.1M
COCO $284M
FY20
CELH $131M
COCO $311M
FY21
CELH $314M
COCO $380M
FY22
CELH $654M
COCO $428M
FY23
CELH $1.3B
COCO $494M
FY24
CELH $1.4B
COCO $516M
FY25
CELH $2.5B
COCO $610M
CELH
COCO
Operating margin
FY16
CELH −12.5%
COCO —
FY17
CELH −22.3%
COCO —
FY18
CELH −20.2%
COCO —
FY19
CELH −1.9%
COCO 4.7%
FY20
CELH 6.1%
COCO 15.1%
FY21
CELH −1.3%
COCO 6.5%
FY22
CELH −24.1%
COCO 0.7%
FY23
CELH 20.2%
COCO 11.4%
FY24
CELH 11.5%
COCO 14.3%
FY25
CELH 5.6%
COCO 13.5%
CELH
COCO
Free cash flow
FY16
CELH −$2.4M
COCO —
FY17
CELH −$8.5M
COCO —
FY18
CELH −$11.8M
COCO —
FY19
CELH $1.0M
COCO $20.8M
FY20
CELH $2.8M
COCO $32.9M
FY21
CELH −$99.7M
COCO −$16.7M
FY22
CELH $99.9M
COCO −$11.9M
FY23
CELH $124M
COCO $107M
FY24
CELH $240M
COCO $41.9M
FY25
CELH $323M
COCO $39.0M
CELH
COCO
Return on capital
FY16
CELH —
COCO —
FY17
CELH —
COCO —
FY18
CELH —
COCO —
FY19
CELH —
COCO —
FY20
CELH —
COCO —
FY21
CELH —
COCO 30.9%
FY22
CELH —
COCO 2.0%
FY23
CELH —
COCO 47.5%
FY24
CELH —
COCO 71.1%
FY25
CELH 25.1%
COCO 55.3%
CELH
COCO
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.