Celsius Holdings Inc.
CELH Consumer Defensive Beverages Non Alcoholic
Celsius Holdings Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.5 billion, up 85.5% from fiscal 2024. In the quarter to June 2026, revenue grew 10.6%, EPS fell 57.6%, free cash flow grew 479.4% and total debt fell 22.6%, each against the same quarter a year earlier. Revenue growth for ten consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.
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Celsius Holdings Inc. (CELH) Altman Z-score
Celsius Holdings Inc.'s Altman Z-score for fiscal 2025 is 2.56, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.56 | (1.93) |
| FY2024 | 4.49 | (3.58) |
| FY2023 | 8.08 | 3.50 |
| FY2022 | 4.57 | (30.84) |
| FY2021 | 35.42 | (44.39) |
| FY2020 | 79.80 | 73.14 |
| FY2019 | 6.67 | 3.88 |
| FY2018 | 2.78 | (9.32) |
| FY2017 | 12.10 | 6.22 |
| FY2016 | 5.89 | 2.77 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.14 | — | 0.17 | |
| Retained earnings / total assets | 0.03 | — | 0.05 | |
| EBIT / total assets | 0.03 | — | 0.09 | |
| Market value of equity / total liabilities | 2.93 | — | 1.76 | |
| Sales / total assets | 0.49 | — | 0.49 | |
| Altman Z-score | Grey zone | 2.56 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.55 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| COCO Vita Coco Company, Inc. compare | 17.4× |
| FIZZ National Beverage Corp. compare | 12.8× |
| COKE Coca-Cola Consolidated, Inc. compare | 3.8× |
| KOF Coca Cola Femsa S.A.B. de C.V. compare | 3.3× |
| AKO.B Embotelladora Andina S.A. compare | 3.1× |
| AKO.A Embotelladora Andina S.A. compare | 2.9× |
| CELH Celsius Holdings Inc. | 2.6× |
| CCEP Coca-Cola Europacific Partners compare | 2.4× |
| KDP Keurig Dr Pepper, Inc compare | 1.4× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets