CELHCelsius Holdings, Inc.

Bottled & Canned Soft Drinks & Carbonated Waters

Revenue: $2.5B; 86% YoY
Operating margin: 5.6%; 51% YoY
EBITDA: $171M; 4.6% YoY
Market cap: $7.4B
Employees: 1,497; $2M revenue each
Net debt / EBITDA: 0.3×; $44M net debt
AI in 10-K: 5.0; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$6M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
333% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
2% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
18% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$2M · 80th pct
Bottom quartile of its SIC industry
Quiet on AINo
5.0 per 10K words · 83rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$7.4B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$314M	$654M	$1.3B	$1.4B	$2.5B	86%
Operating income	−$4M	−$158M	$266M	$156M	$141M	9.4%
Net income	$4M	−$187M	$227M	$145M	$108M	26%
Operating cash flow	−$97M	$108M	$141M	$263M	$359M	37%
Capex	$3M	$8M	$17M	$23M	$36M	54%
Stock-based comp	$36M	$21M	$21M	$20M	$28M	43%
Buybacks	—	$0	$0	$2M	$6M	153%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $3M · 9
Open-market sells, 12 mo: $148K · 1
Net: $3M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$10M	$15M	273	124
FY2024	$6M	$1M	157	115
FY2023	$3M	$12M	325	116
FY2022	$4M	$6M	207	118
FY2021	$12M	$33M	148	114