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) Beneish M-score
Celsius Holdings Inc.'s Beneish M-score for fiscal 2025 is −0.94; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −0.94 | 1.47 |
| FY2024 | −2.41 | (1.35) |
| FY2023 | −1.06 | 1.52 |
| FY2022 | −2.58 | (2.83) |
| FY2021 | 0.25 | 1.84 |
| FY2020 | −1.59 | 0.44 |
| FY2019 | −2.03 | 0.59 |
| FY2018 | −2.62 | (1.13) |
| FY2017 | −1.49 | 0.81 |
| FY2016 | −2.30 | 0.54 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.51 | — | 1.39 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 2.87 | — | 1.16 | |
| Sales growth index | 1.86 | — | 1.66 | |
| Depreciation index | 0.72 | — | 0.08 | |
| SG&A index | 0.82 | — | −0.14 | |
| Total accruals to total assets | (0.05) | — | −0.23 | |
| Leverage index | 1.65 | — | −0.54 | |
| Beneish M-score | Flagged by the model | −0.94 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| COKE Coca-Cola Consolidated, Inc. compare | −3.0× |
| AKO.B Embotelladora Andina S.A. compare | −2.6× |
| AKO.A Embotelladora Andina S.A. compare | −2.6× |
| CCEP Coca-Cola Europacific Partners compare | −2.6× |
| FIZZ National Beverage Corp. compare | −2.5× |
| KDP Keurig Dr Pepper, Inc compare | −2.3× |
| KOF Coca Cola Femsa S.A.B. de C.V. compare | −2.3× |
| COCO Vita Coco Company, Inc. compare | −1.7× |
| CELH Celsius Holdings Inc. | −0.9× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI