Celsius forward P/E margin valuation

Celsius Holdings Inc. (CELH)
By@hypertonx
Assumptions as of 2026-09-09
USD
Updated Sep 9, 2026 · Revised 3 times
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Celsius forward P/E margin valuation

Forward P/E valuation updated for Q2 2026 and checked against the filed Form 10-Q, earnings release, investor presentation, and earnings-call transcript. Forward revenue remains $3.6B, but normalized common net margin stays at 12% and the multiple at 22x because the core CELSIUS brand declined 11.7%, gross margin compressed, and acquisition integration remains material. Strong adjusted EBITDA, Alani Nu growth, and a roughly 20% U.S. RTD energy portfolio share limit the downside to the earnings-power reset.

as of 2026-09-09

Fair value
$45.15
Upside/downside
63.3%
Forward net income
$476.0
Implied equity value
$11.4k
Target P/E
24.0

Forecast

3,400.00$M
14.0%

Market

27.64$/share
Latest CELH quote · updated Sep 9, 2026 2:00 PM MDT

Valuation

24.00x

Sources

  1. Q2 revenue was $817.9M, gross margin was 48.1%, adjusted EBITDA was $184.2M, the CELSIUS brand declined 11.7%, Alani Nu revenue was $364.4M, and Rockstar revenue was $66.5M. — ir.celsiusholdingsinc.com (accessed 2026-08-10)
  2. The Q2 2026 investor presentation showed the portfolio at roughly 20% U.S. RTD energy share and summarized revenue, margin, EPS, and adjusted EBITDA for the quarter. — s203.q4cdn.com (accessed 2026-08-10)
  3. The Form 10-Q for the quarter ended June 30, 2026 reported 253.035M common shares outstanding as of July 31, 2026, $631.2M cash, $674.9M debt net of discounts/costs, $80.9M Q2 distributor termination fees, and $36.4M Q2 net income attributable to common stockholders. — sec.gov (accessed 2026-08-10)
  4. The Q2 2026 earnings call reiterated the Rockstar integration, CELSIUS SKU optimization, Alani Nu distribution growth, and expectation that Brand CELSIUS Q3 would resemble Q2 before returning to growth exiting the year. — earningscall.biz (accessed 2026-08-10)
  5. September 8 conference: CELSIUS scan sales down 5%-10%; management hopes to exit 2026 in growth, with innovation and portfolio revenue-management benefits concentrated in 2027-2028. Q3 gross margin remains expected in the high 40s subject to input costs; no quantified consolidated outlook replacement. — modeledge.ai (accessed 2026-09-09)
  6. August 10 Form 8-K confirms President and COO Eric Hanson departed; severance eligibility remains subject to plan conditions. — modeledge.ai (accessed 2026-09-09)

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