CELH
Celsius Holdings, Inc.
CELH has the edge over RLX overall, supported by stronger valuation and stronger modeled upside.
RLX
RLX Technology Inc.
RLX has lower modeled downside risk, despite its lower overall score.
CELH Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Strong |
CELH's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
RLX Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Stable | |
| Strong |
RLX's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
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 has the edge over RLX in the historical PE scenario, which offers more potential upside but is not a forecast.
RLX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 11x | $1.16 | -25% |
| Current | 14x | $1.56 | — |
| Fair | 24x | $2.69 | +73% |
| Expensive | 35x | $3.81 | +144% |
Historical ranges are pointers, not guarantees.
RLX's PE is 14x, but its earnings don't support one, so it isn't a reliable read right now.
CELH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for CELH, with profitability improving. However, they disagree widely on these estimates.
RLX Forward outlook
There aren't enough analyst estimates for RLX to show an outlook.
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.
RLX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $0.11 | +38% |
| Q1 2026 | $0.11 | +57% |
| Q4 2025 | $0.11 | +83% |
| Q3 2025 | $0.09 | +29% |
| Q2 2025 | $0.08 | +14% |
| Q1 2025 | $0.07 | -12% |
| Q4 2024 | $0.06 | 0% |
| Q3 2024 | $0.07 | +600% |
RLX has the edge over CELH on earnings, with more consistent year-over-year improvement.
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's revenue has grown year over year for six quarters in a row: $847M last quarter, up 17% from the same quarter a year ago.
| 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 has the edge over RLX on profitability, with a higher operating margin.
RLX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $137.2M | +15% |
| Q1 2026 | $219.2M | +106% |
| Q4 2025 | $160M | +45% |
| Q3 2025 | $155.2M | +52% |
| Q2 2025 | $119.2M | +42% |
| Q1 2025 | $106.3M | +51% |
| Q4 2024 | $110.5M | +41% |
| Q3 2024 | $102M | +107% |
RLX's revenue has grown year over year for 11 quarters in a row: $137M last quarter, up 15% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 14% | +9.3 points |
| Q1 2026 | 17% | +5.7 points |
| Q4 2025 | 11% | +13 points |
| Q3 2025 | 9% | +11 points |
| Q2 2025 | 4.9% | +11 points |
| Q1 2025 | 11% | +22 points |
| Q4 2024 | -1.6% | +24 points |
| Q3 2024 | -1.6% | +10 points |
RLX's operating margin was 14% last quarter, up 9.3 points from the same quarter a year ago.
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.
RLX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$9.5M | -128% |
| Q1 2026 | -$10.3M | -133% |
| Q4 2025 | $28.7M | -61% |
| Q3 2025 | $53.7M | +128% |
| Q2 2025 | $34.5M | +17% |
| Q1 2025 | $31.1M | +5053% |
| Q4 2024 | $73.1M | +67% |
| Q3 2024 | $23.5M | +132% |
RLX has the edge over CELH on cash flow, with more consistent year-over-year improvement.
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 RLX 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.
RLX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.5% | -6M shares |
| 1 year | -0.2% | -2M shares |
| 3 years | -3.4% | -45.8M shares |
| 5 years | -6.2% | -87.1M shares |
| Available history | -9% | -129M shares |
RLX has 1.3B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $27.6M |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | $88.4M |
| Q3 2024 | — |
RLX spent $28M buying back its own shares over the past year, down 69% from the year before.
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.
RLX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -4.1x | Net Cash |
| Q1 2026 | -3.4x | Net Cash |
| Q4 2025 | -4.7x | Net Cash |
| Q3 2025 | -3.3x | Net Cash |
| Q2 2025 | -4.0x | Net Cash |
| Q1 2025 | -5.5x | Net Cash |
| Q4 2024 | -7.5x | Net Cash |
| Q3 2024 | -4.3x | Net Cash |
RLX has the edge over CELH on leverage, with a lower net debt burden relative to earnings.
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).
RLX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 27.0 | Oversold |
| Stochastic | 5.9 | Oversold |
RLX's weekly RSI is 27 (oversold) and its Stochastic is 6 (oversold).
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.
RLX PE vs Consumer Defensive Sector
| Metric | RLX | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 19x | 30% below |
| PE % | 20 | 20 | Same percentile |
RLX has the edge over CELH on valuation relative to its sector.
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 the edge over RLX on trend strength, trading above more of its moving averages.
RLX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1.65 | 5.5% below |
| 20 week MA | $1.80 | 13% below |
| 50 week MA | $2.05 | 24% below |
| 100 week MA | $2.14 | 27% below |
| 200 week MA | $2.02 | 23% below |
RLX is in a downtrend: it's below all five of its weekly moving averages, and 23% below its 200-week average.
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 has the edge over RLX on returns for 2026, with the stronger performance.
RLX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $29.5 | $4.11 | -86% |
| 2022 | $4.11 | $2.51 | -39% |
| 2023 | $2.51 | $2.00 | -20% |
| 2024 | $2.00 | $2.12 | +6% |
| 2025 | $2.12 | $2.28 | +7.5% |
| 2026 YTD | $2.28 | $1.56 | -32% |
RLX has finished lower in three of the last five years. It's down 32% so far in 2026.