ABEV
Ambev S.A.
ABEV has slightly lower modeled downside risk, despite its lower overall score.
CELH
Celsius Holdings, Inc.
CELH has the edge over ABEV overall, supported by stronger fundamentals and stronger valuation.
ABEV Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Strong | |
| Strong |
ABEV's profitability, cash flow and balance sheet are currently strong, and its revenue is stable.
CELH Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Strong |
CELH's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
ABEV PE Valuation
ABEV has no meaningful PE right now: it lost money over the past year.
CELH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 21x | $31.89 | — |
| Current | 35x | $31.89 | — |
| Cheap | 40x | $35.95 | +13% |
| Fair | 141x | $127 | +299% |
| Expensive | 650x | $585 | +1735% |
Historical ranges are pointers, not guarantees.
CELH's PE is in its cheap range at 35x. If earnings grow as analysts expect, today's price would be 21x next year's earnings.
ABEV Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Stable | |
| Stable | |
| Limited | |
| High |
Analysts expect ABEV's earnings, revenue and profitability to hold roughly steady.
CELH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Low |
CELH has the edge over ABEV on the outlook, with more favorable earnings and revenue expectations.
ABEV Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $0.19 | +12% |
| Q1 2026 | $0.18 | +13% |
| Q4 2025 | $0.18 | +13% |
| Q3 2025 | $0.18 | +13% |
| Q2 2025 | $0.17 | +13% |
| Q1 2025 | $0.16 | 0% |
| Q4 2024 | $0.16 | 0% |
| Q3 2024 | $0.16 | 0% |
ABEV has the edge over CELH on earnings, with more consistent year-over-year improvement.
CELH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.53 | +70% |
| Q3 2026 | $0.90 | +718% |
| Q2 2026 | $0.24 | -37% |
| Q1 2026 | $0.43 | +30% |
| Q4 2025 | $0.25 | -44% |
| Q3 2025 | $0.11 | -85% |
| Q2 2025 | $0.38 | -62% |
| Q1 2025 | $0.33 | -64% |
| Q4 2024 | $0.45 | -42% |
CELH earned $0.90 per share over the past year, about eight times what it earned the year before.
ABEV Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $3.6B | +0.3% |
| Q1 2026 | $4B | -0.1% |
| Q4 2025 | $4.4B | -8.2% |
| Q3 2025 | $3.7B | -5.7% |
| Q2 2025 | $3.6B | +0.2% |
| Q1 2025 | $4B | +11% |
| Q4 2024 | $4.8B | +35% |
| Q3 2024 | $4B | +8.8% |
ABEV's revenue fell from its 2024 peak and has held roughly level since: $3.6B last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 24% | +1.7 points |
| Q1 2026 | 26% | +0.7 points |
| Q4 2025 | 30% | +2 points |
| Q3 2025 | 30% | +6.2 points |
| Q2 2025 | 22% | +1.5 points |
| Q1 2025 | 25% | +1.3 points |
| Q4 2024 | 28% | -0.2 points |
| Q3 2024 | 24% | -0.1 points |
ABEV has the edge over CELH on profitability, with a higher operating margin.
CELH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $847.2M | +17% |
| Q2 2026 | $817.9M | +11% |
| Q1 2026 | $782.6M | +138% |
| Q4 2025 | $721.6M | +117% |
| Q3 2025 | $725.1M | +173% |
| Q2 2025 | $739.3M | +84% |
| Q1 2025 | $329.3M | -7.4% |
| Q4 2024 | $332.2M | -4.4% |
CELH has the edge over ABEV on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 20% | +31 points |
| Q2 2026 | 9.2% | -10 points |
| Q1 2026 | 18% | +2 points |
| Q4 2025 | 3.6% | +9.2 points |
| Q3 2025 | -11% | -9.8 points |
| Q2 2025 | 19% | -4.1 points |
| Q1 2025 | 16% | -7.6 points |
| Q4 2024 | -5.6% | -23 points |
CELH's operating margin was 20% last quarter, up 31 points from the same quarter a year ago.
ABEV Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $686M | +95% |
| Q1 2026 | $482.3M | +617% |
| Q4 2025 | $2.1B | -6.2% |
| Q3 2025 | $1.1B | -15% |
| Q2 2025 | $351.2M | -16% |
| Q1 2025 | $67.3M | +$120.6M |
| Q4 2024 | $2.2B | +6.2% |
| Q3 2024 | $1.2B | +4.2% |
ABEV has the edge over CELH on cash flow, with more consistent year-over-year improvement.
CELH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $127.7M | -60% |
| Q2 2026 | $205.5M | +479% |
| Q1 2026 | $65.8M | -32% |
| Q4 2025 | -$130M | -285% |
| Q3 2025 | $321.5M | +3599% |
| Q2 2025 | $35.5M | +17% |
| Q1 2025 | $96.4M | -26% |
| Q4 2024 | $70.3M | +16394% |
CELH still generates free cash flow, though less than at its 2025 peak: $269M over the past year.
ABEV Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.6% | -94.9M shares |
| 1 year | -1% | -157M shares |
| 3 years | -1.7% | -266M shares |
| 5 years | -1.7% | -276M shares |
| Available history | -1.7% | -268M shares |
ABEV has 15.6B diluted shares, down 1% from a year ago, with $491M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q2 2026 | $400.9M |
| Q1 2026 | $74M |
| Q4 2025 | $16.3M |
| Q3 2025 | — |
| Q2 2025 | $138.7M |
| Q1 2025 | $189.2M |
| Q4 2024 | $17.9M |
| Q3 2024 | $40,821 |
ABEV spent $491M buying back its own shares over the past year, up 42% from the year before.
CELH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.8% | -2M shares |
| 1 year | -1.1% | -2.9M shares |
| 3 years | +7.4% | +17.6M shares |
| 5 years | +8.3% | +19.5M shares |
| Available history | +32% | +62.4M shares |
CELH has the edge over ABEV on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $300,000 |
| Q2 2026 | $1M |
| Q1 2026 | $8.8M |
| Q4 2025 | $2.5M |
| Q3 2025 | $448,000 |
| Q2 2025 | $879,000 |
| Q1 2025 | $1.9M |
| Q4 2024 | $603,000 |
CELH spent $13M buying back its own shares over the past year, about three times what it spent the year before.
ABEV Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -0.5x | Net Cash |
| Q1 2026 | -0.5x | Net Cash |
| Q4 2025 | -0.5x | Net Cash |
| Q3 2025 | -0.5x | Net Cash |
| Q2 2025 | -0.5x | Net Cash |
| Q1 2025 | -0.5x | Net Cash |
| Q4 2024 | -0.9x | Net Cash |
| Q3 2024 | -0.6x | Net Cash |
ABEV has the edge over CELH on leverage, with a lower net debt burden relative to earnings.
CELH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.1x | Net Cash |
| Q2 2026 | 0.2x | Very low |
| Q1 2026 | 0.5x | Very low |
| Q4 2025 | 1.6x | Healthy |
| Q3 2025 | 0.5x | Very low |
| Q2 2025 | 1.4x | Healthy |
| Q1 2025 | -7.3x | Net Cash |
| Q4 2024 | -5.5x | Net Cash |
CELH has more cash than debt.
ABEV Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 42.8 | Neutral |
| Stochastic | 14.5 | Oversold |
ABEV's weekly RSI is 43 (neutral) and its Stochastic is 15 (oversold).
CELH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.3 | Neutral |
| Stochastic | 56.8 | Neutral |
CELH's weekly RSI is 51 (neutral) and its Stochastic is 57 (neutral).
ABEV PE vs Consumer Defensive Sector
| Metric | ABEV | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 19x | — |
ABEV has no meaningful PE right now: it lost money over the past year.
CELH PE vs Consumer Defensive Sector
| Metric | CELH | Sector median | Relative |
|---|---|---|---|
| PE | 35x | 19x | 82% above |
| PE % | 11 | 18 | 7 pts below |
CELH is trading at 35x earnings, a 82% premium to the Consumer Defensive sector's median of 19x.
ABEV Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $2.98 | 8.4% below |
| 20 week MA | $2.99 | 8.7% below |
| 50 week MA | $2.94 | 7.1% below |
| 100 week MA | $2.59 | 5.4% above |
| 200 week MA | $2.58 | 5.8% above |
ABEV has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 5.8% above its 200-week average.
CELH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $29.1 | 9.4% above |
| 20 week MA | $29.6 | 7.8% above |
| 50 week MA | $36.1 | 12% below |
| 100 week MA | $38.8 | 18% below |
| 200 week MA | $44.6 | 29% below |
CELH has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 29% below its 200-week average.
ABEV Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $4.71 | $3.05 | -35% |
| 2021 | $3.05 | $2.74 | -10% |
| 2022 | $2.74 | $2.81 | +2.6% |
| 2023 | $2.81 | $2.80 | -0.4% |
| 2024 | $2.80 | $1.87 | -33% |
| 2025 | $1.87 | $2.43 | +30% |
| 2026 YTD | $2.43 | $2.73 | +12% |
ABEV has the edge over CELH on returns for 2026, with the stronger performance.
CELH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $1.58 | $14.7 | +832% |
| 2021 | $14.7 | $24.9 | +69% |
| 2022 | $24.9 | $35.6 | +43% |
| 2023 | $35.6 | $54.5 | +53% |
| 2024 | $54.5 | $26.5 | -51% |
| 2025 | $26.5 | $45.6 | +72% |
| 2026 YTD | $45.6 | $31.9 | -30% |
CELH's yearly returns have swung widely, from +832% in 2020 to −51% in 2024. It's down 30% so far in 2026.