CELH
Celsius Holdings, Inc.
CELH has the edge over ZVIA overall, supported by stronger valuation and stronger fundamentals.
ZVIA
Zevia PBC
ZVIA's outlook is improving, though it still trails on the 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.
ZVIA Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Under pressure | |
| Stable | |
| Unavailable |
ZVIA's revenue is currently healthy, and its cash flow is stable, but its profitability is under pressure. There isn't enough data to rate its balance sheet.
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.
ZVIA PE Valuation
ZVIA has no meaningful PE right now: it lost money over the past year.
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.
ZVIA Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect ZVIA's losses to shrink, with revenue growing. However, they disagree widely on these estimates.
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 has the edge over ZVIA on earnings quality, reporting a profit while its opponent remains loss making.
ZVIA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.12 | +$0.11 |
| Q2 2026 | -$0.13 | +$0.10 |
| Q1 2026 | -$0.10 | +$0.22 |
| Q4 2025 | -$0.15 | +$0.19 |
| Q3 2025 | -$0.23 | +$0.15 |
| Q2 2025 | -$0.23 | +$0.27 |
| Q1 2025 | -$0.32 | +$0.16 |
| Q4 2024 | -$0.34 | +$0.08 |
ZVIA is still losing money, but far less than before: $0.12 per share over the past year, against $1.92 at its worst in mid-2022.
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 ZVIA on sales, with stronger typical year-over-year growth.
| 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 ZVIA on profitability, with a higher operating margin.
ZVIA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $48.3M | +18% |
| Q2 2026 | $45M | +1.1% |
| Q1 2026 | $46.1M | +21% |
| Q4 2025 | $37.9M | -4% |
| Q3 2025 | $40.8M | +12% |
| Q2 2025 | $44.5M | +10% |
| Q1 2025 | $38M | -2% |
| Q4 2024 | $39.5M | +4.4% |
ZVIA's revenue has picked up after three years of holding roughly level: $48M last quarter, up 18% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -4.5% | +2.6 points |
| Q2 2026 | -6.4% | -4.1 points |
| Q1 2026 | -5.2% | +12 points |
| Q4 2025 | -4% | +12 points |
| Q3 2025 | -7% | +1.1 points |
| Q2 2025 | -2.3% | +15 points |
| Q1 2025 | -17% | +2 points |
| Q4 2024 | -16% | +7.5 points |
ZVIA's operating margin was −4.5% last quarter, up 2.6 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% |
ZVIA has the stronger cash trend. Its trailing FCF is up 133% versus its history, compared with CELH at up 100%.
ZVIA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $2.2M | +$3.6M |
| Q1 2026 | $1.4M | +$4.3M |
| Q4 2025 | -$588K | +$1.4M |
| Q2 2025 | -$1.4M | -592% |
| Q1 2025 | -$2.9M | +$277K |
| Q4 2024 | -$2M | +$4.6M |
| Q3 2024 | $3.9M | +$14.6M |
| Q2 2024 | $282K | +$9.3M |
ZVIA's free cash flow has turned positive after five years mostly in the red: $4M over the past year.
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 ZVIA 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.
ZVIA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.4% | +306K shares |
| 1 year | +7.1% | +4.8M shares |
| 3 years | +42% | +21.4M shares |
| 5 years | +109% | +37.7M shares |
| Available history | +12% | +7.6M shares |
ZVIA has 72M diluted shares, up 7.1% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2022 | — |
| Q4 2021 | — |
| Q1 2021 | — |
| Q4 2020 | $175M |
| Q3 2020 | — |
| Q2 2020 | — |
| Q1 2020 | — |
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.
ZVIA Net Leverage
ZVIA's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
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).
ZVIA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.4 | Neutral |
| Stochastic | 23.1 | Neutral |
ZVIA's weekly RSI is 40 (neutral) and its Stochastic is 23 (neutral).
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.
ZVIA PE vs Consumer Defensive Sector
ZVIA has no meaningful PE right now: it lost money over the past year.
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 ZVIA on trend strength, trading above more of its moving averages.
ZVIA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1.25 | 15% below |
| 20 week MA | $1.40 | 24% below |
| 50 week MA | $1.54 | 31% below |
| 100 week MA | $2.21 | 52% below |
| 200 week MA | $2.21 | 52% below |
ZVIA is in a downtrend: it's below all five of its weekly moving averages, and 52% 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 ZVIA on returns for 2026, with the stronger performance.
ZVIA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $13.8 | $7.27 | -47% |
| 2022 | $7.27 | $3.57 | -51% |
| 2023 | $3.57 | $2.01 | -44% |
| 2024 | $2.01 | $3.74 | +86% |
| 2025 | $3.74 | $2.28 | -39% |
| 2026 YTD | $2.28 | $1.06 | -54% |
ZVIA has finished lower in four of the last five years. It's down 54% so far in 2026.