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Celsius Holdings, Inc. CELH

Three-pass checkedFresh as companies report

Alani Nu is about to pass CELSIUS as the company's biggest brand, and CELSIUS is the one the company is named after.

The flagship swung from growing 5.7% to shrinking 11.7% in a single quarter, which means the $8.9B here is being paid for a portfolio that changed hands rather than a brand that compounded.

CELH · price with moving averages

Daily · 6MWeekly · 3Y
$17$38$59$80$101 Sep '23Apr '24Nov '24Jun '25Jan '26Aug '26 BID
EMAs82140

Source: market data.

The business

Three energy drink brands in a can: CELSIUS, the original fitness line; Alani Nu, bought April 2025 and aimed at younger and largely female buyers; Rockstar, bought from PepsiCo that August. Celsius makes nothing and delivers nothing. Co-packers fill the cans and Pepsi drives the trucks for all three brands across the US and Canada. What the company owns is brand and shelf position, rented from a distributor that also holds preferred stock, collected $37.6M of preferred dividends last year, and sits in two board seats.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

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