Cash conversion remains inconsistent, evidenced by OCF/NI ratios ranging from -5.44 to 2.33, while free cash flow margins experienced a sharp contraction to -18.0% in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Cash from Operations | 329.8M | 359.44M | 262.9M | 141.22M | 108.18M | -96.59M | 3.4M | 1.03M | -11.65M | -8.42M | -2.36M | -755.15K | -2.92M | -2.15M | -2.81M | -14.22M | -9.64M | -4.84M | -2.55M | -1.18M | -7.52K |
| Operating CF Margin % | - | 14.29% | 19.39% | 10.71% | 16.55% | -30.73% | 2.6% | 1.38% | -22.14% | -23.28% | -10.38% | -4.39% | -19.98% | -20.27% | -36.55% | -171.09% | -164.27% | -186.89% | -155.08% | -90.92% | - |
| Operating CF Growth % | 2189.09% | 36.72% | 86.16% | 30.54% | 212.01% | -2944.95% | 228.34% | 108.88% | -38.35% | -256.19% | -212.97% | 74.13% | -35.71% | 23.41% | 80.25% | -47.56% | -99.15% | -89.76% | -116.28% | -15586.66% | - |
| Net Income | 173.68M | 108M | 145.07M | 226.8M | -187.28M | 3.94M | 8.52M | 9.97M | -11.21M | -8.24M | -3.07M | -2.15M | -2.16M | -1.78M | -2.81M | -19.5M | -7.76M | -5.26M | -3.73M | -1.45M | -8.02K |
| Depreciation & Amortization | 35.97M | 29.45M | 7.27M | 3.23M | 1.92M | 1.26M | 1.61M | 893.41K | 72.16K | 20.43K | 16.95K | 33.04K | 37.26K | 41.51K | 41.5K | 50.23K | 55.1K | 31.61K | 19.39K | 1.67K | 0 |
| Stock-Based Compensation | 23.02M | 28.05M | 19.59M | 21.23M | 20.66M | 36.48M | 6.34M | 4.83M | 4.57M | 2.57M | 1.58M | 1.27M | 903.03K | 154.21K | 327.24K | 0 | 36.13K | 131.45K | 0 | 0 | 0 |
| Deferred Taxes | -66.05M | 0 | -9.73M | -42.05M | 20.24M | -9.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 103.82M | 26.9M | 38.09M | 25.01M | 17.23M | 4.7M | 530K | -12.02M | 377.05K | 0 | -6.09K | 0 | 0 | -74.4K | -66K | 3.03M | 704.32K | 694.04K | 989.43K | 209.09K | 0 |
| Working Capital Changes | 59.35M | 167.05M | 62.6M | -92.99M | 235.41M | -133.76M | -13.61M | -2.64M | -5.46M | -2.77M | -885.7K | 91.12K | -1.7M | -492.96K | -296.41K | 2.19M | -2.68M | -435.65K | 166.34K | 64.28K | 500 |
| Change in Receivables | -503.91M | -412.09M | -87.35M | -121.56M | -26.37M | -25.25M | -7.47M | -1.43M | -6.6M | -3.59M | -660.67K | 485.13K | -1.12M | -871.23K | -82.46K | 975.16K | -1.95M | 31K | -148.56K | -94.98K | 0 |
| Change in Inventory | -162.77M | -129.78M | 77.19M | -63.3M | 11.8M | -175.17M | -3.86M | -2.24M | -6.18M | -3.09M | 111.53K | -635.97K | -865.66K | 100.44K | -49.93K | -611.57K | -981.83K | -116.84K | -13.68K | -298.69K | 0 |
| Change in Payables | 97.62M | 51.25M | -1.17M | 5.25M | 428K | 23.97M | 4.74M | 2.62M | 8.53M | 4.56M | -51.7K | 1.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.3B | -1.3B | -101.73M | -14.2M | -5.67M | -1.26M | 757K | -14.27M | -110.42K | -49.53K | -23.07K | -10.41K | -12.49K | -5.54K | -79.19K | -23.22K | -50.41K | -151.06K | -87.66K | -53.65K | 0 |
| Capital Expenditures | -37.04M | -36.07M | -23.39M | -17.43M | -8.26M | -3.15M | -574K | -77.97K | -110.42K | -49.53K | -30.83K | -10.41K | -12.49K | -5.54K | -79.19K | -69.52K | -57.24K | -151.06K | -87.66K | -53.65K | 0 |
| CapEx % of Revenue | 1.25% | 1.43% | 1.73% | 1.32% | 1.26% | 1% | 0.44% | 0.1% | 0.21% | 0.14% | 0.14% | 0.06% | 0.09% | 0.05% | 1.03% | 0.84% | 0.98% | 5.83% | 5.33% | 4.14% | - |
| Acquisitions | -1.28B | -1.28B | -75.34M | 0 | 0 | 0 | 0 | -14.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 29.4M | 29.16M | 0 | 3.23M | 2.59M | 1.89M | 1.33M | 0 | 0 | 0 | 7.76K | 0 | 0 | 0 | 0 | 46.3K | 6.83K | 0 | 0 | 0 | 0 |
| Cash from Financing | 537.49M | 582.76M | -25.97M | -25.22M | 534.11M | 71.39M | 15.57M | 28.65M | 5.3M | 10.95M | 4.01M | 10.54M | 3.06M | 2.27M | 2.87M | 14.96M | 9.26M | 5.77M | 2.87M | 1.22M | 18K |
| Debt Issued (Net) | -235.35M | 665.88M | -61K | -44K | -63K | -94K | -9.88M | 1.47M | 5M | 0 | 0 | -843.27K | 3.06M | 2.27M | 2.87M | 1.82M | 7.18M | 475.06K | -121.72K | 965.77K | 0 |
| Equity Issued (Net) | -66.74M | -39.78M | -2.26M | 0 | 542.02M | 67.77M | 21.89M | 26.96M | 0 | 10M | 4M | 11.39M | 0 | 0 | -738 | 13.14M | 2.08M | 4.3M | 2.28M | 200K | 1.8K |
| Dividends Paid | -44.82M | -37.61M | -27.5M | -27.46M | -11.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -66.74M | -39.78M | -2.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -738 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 884.4M | -5.73M | 3.86M | 2.29M | 3.68M | 3.72M | 3.56M | 224.08K | 301.01K | 946.58K | 5.3K | 0 | 0 | 0 | 0 | 0 | 0 | 1M | 706.23K | 58.74K | 16.2K |
| Net Change in Cash | -428.08M | -350.2M | 134.21M | 103.05M | 636.67M | -26.99M | 20.16M | 15.35M | -6.44M | 2.44M | 1.62M | 9.78M | 127.17K | 112.92K | -21.55K | 713.93K | -433.9K | 783.15K | 228.9K | -8.46K | 10.48K |
| Free Cash Flow | 292.76M | 323.38M | 239.51M | 123.78M | 99.92M | -99.74M | 2.82M | 956.01K | -11.76M | -8.47M | -2.39M | -765.57K | -2.93M | -2.16M | -2.89M | -14.29M | -9.7M | -4.99M | -2.64M | -1.23M | -7.52K |
| FCF Margin % | 9.86% | 12.86% | 17.67% | 9.39% | 15.29% | -31.74% | 2.16% | 1.27% | -22.35% | -23.41% | -10.52% | -4.45% | -20.07% | -20.32% | -37.58% | -171.93% | -165.24% | -192.72% | -160.41% | -95.06% | - |
| FCF Growth % | 42.25% | 35.02% | 93.49% | 23.89% | 200.18% | -3635.48% | 195.08% | 108.13% | -38.84% | -253.67% | -212.74% | 73.89% | -35.95% | 25.32% | 79.8% | -47.4% | -94.26% | -89.18% | -113.98% | -16300.23% | - |
| FCF per Share | 1.13 | 1.36 | 1.01 | 0.52 | 0.44 | -0.43 | 0.01 | 0.00 | -0.08 | -0.06 | -0.02 | -0.01 | -0.05 | -0.04 | -0.05 | -0.27 | -0.42 | -0.26 | -0.17 | -0.75 | -0.00 |
| FCF Conversion (FCF/Net Income) | 1.69x | 3.33x | 1.81x | 0.62x | -0.58x | -24.53x | 0.40x | 0.10x | 1.04x | 1.02x | 0.77x | 0.35x | 1.44x | 1.21x | 1.00x | 0.73x | 1.24x | 0.92x | 0.68x | 0.81x | 0.94x |
| Interest Paid | 34.51M | 45.8M | 0 | 0 | 0 | 7K | 448K | 131.53K | 174.41K | 160.85K | 113.75K | 401.81K | 460.59K | 0 | 0 | 79.54K | 116.28K | 190.83K | 0 | 0 | 0 |
| Taxes Paid | 63.56M | 64.23M | 99.13M | 56.75M | 14.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Distributor inventory cycle volatility
As evidenced by the erratic OCF/NI ratios ranging from -5.44 to 2.33 in recent quarterly filings, the company's cash conversion quality remains highly inconsistent, suggesting that reported net income is frequently decoupled from actual cash generation due to significant shifts in working capital and non-cash accounting items.
The extreme variance in the relationship between net income and operating cash flow indicates that earnings are heavily influenced by timing differences rather than steady operational cash generation. Investors should monitor whether this volatility persists as the business matures or if it remains a permanent feature of the current distribution-heavy model.
Based on the provided quarterly data, free cash flow margins have exhibited extreme swings, including a notable -18.0% margin in 2025Q4, which highlights the difficulty in maintaining consistent cash flow generation while simultaneously funding aggressive market expansion and navigating the complexities of the PepsiCo distribution partnership.
The lack of a stable free cash flow trajectory suggests that the company is currently prioritizing market share and distribution penetration over consistent cash conversion. This pattern warrants further investigation into whether the business can achieve sustainable cash flow margins once the current phase of rapid retail expansion begins to normalize.
According to recent financial statements, working capital changes have been the primary driver of cash flow volatility, with a massive $430.6 million inflow in 2025Q3 followed by a $205.9 million outflow in 2025Q4, illustrating the significant impact of distributor inventory stocking cycles on the company's liquidity.
These dramatic fluctuations in working capital suggest that the company's cash position is highly sensitive to the inventory management decisions of its distribution partners. Such lumpy cash flows make it difficult to forecast short-term liquidity and may obscure the underlying health of consumer demand.
As reported in recent filings, the company has utilized significant cash for acquisitions, including a $1.3 billion outlay in 2025Q2, while maintaining modest share repurchases and dividend payments, indicating a strategic focus on inorganic growth and market consolidation over returning excess capital to shareholders.
The substantial capital deployment toward acquisitions suggests management is aggressively seeking to expand its footprint or capabilities beyond organic growth. Investors should monitor the return on these investments, as the current cash flow profile may be strained by the integration costs and capital requirements of these strategic moves.
Quick answers to the most common questions about buying CELH stock.
Celsius Holdings, Inc. (CELH) generated $359.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Celsius Holdings, Inc. (CELH) generated $323.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Celsius Holdings, Inc. (CELH) spent $36.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Celsius Holdings, Inc. (CELH) returned $37.6M to shareholders via cash dividends and spent $39.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.