Celsius Holdings

CELH

Beverages - Non-Alcoholic · Consumer Defensive

Price

$28.99

-0.99 (-3.30%)

Market Cap

$7.41B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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)

Celsius Holdings, Inc. develops, processes, markets, distributes, and sells functional drinks and liquid supplements in North America, Europe, Asia, and internationally. It offers various carbonated and non-carbonated functional energy drinks under the CELSIUS Originals name; dietary supplement in carbonated flavors, including apple jack'd, orangesicle, inferno punch, cherry lime, blueberry pomegranate, strawberry dragon fruit, tangerine grapefruit, and jackfruit under the CELSIUS HEAT name; and

Winston Score History

Growth Profile

For growth stock investors

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

Revenue Growth

+137.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+120.0% YoY

YoY Growth Rate

EPS growth accelerating

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

Insiders holding steady — not selling despite ability to

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

Revenue accelerating

Celsius Holdings grew revenue 138% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

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Quality

Gross Margin

48.3%

Healthy — 48.3% gross margin

Operating Margin

17.8%

Healthy — 17.8% operating margin

ROCE

3.8%

Weak — 3.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+123.3%

Fast-growing sales (123.3% YoY)

EPS YoY

+34.4%

Earnings growing fast (34.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

190%

Turns 190% of profit into real cash

FCF Margin

9.9%

Modest free cash flow (9.9%)

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

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Stability

Debt / Equity

1.95

Elevated debt (1.95)

Interest Cover

8.32x

Comfortably covers interest (8.3x)

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

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Valuation

P/E Ratio (TTM)

72.5x

Expensive — P/E 72.5

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

P/E vs Forward

+59.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (72.5 → 13.5)

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Dividends

Not applicable for this business.

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