Celsius Insiders Buy $1.83M Despite Growth Deceleration
Celsius Holdings insiders and investment firm Calamos accumulated shares totaling $1.83M and $16.6M respectively, despite the company posting its first EPS miss in four quarters. The insider buying pa
Calamos Opens $16.6M CELH Bet as Growth Slows
NEW YORK, November 3 —
The first EPS miss in four quarters at Celsius Holdings, Inc. (CELH), $0.36 against a $0.42 estimate, has not stopped insiders and institutions from buying shares. The buying pattern forces a question: are they buying a temporary stumble in a durable franchise, or the end of a hyper-growth era?
- CEO Fieldly and two directors bought $1.83M of CELH shares at $27-28 in September; no insider sales in the period.
- Calamos Advisors LLC opened a new $16.6M CELH position in the latest disclosed filing period.
- TTM revenue growth decelerated to 10.6% from 85.5% in fiscal 2025; the most recent quarter missed EPS consensus by 14.4%.
Three Insiders, One Month, No Sales
Celsius Holdings makes functional energy drinks (CELSIUS, Alani Nu, and Rockstar), distributed primarily through PepsiCo's North American network, from convenience stores to gyms and Amazon. In September, CEO John Fieldly and Directors Damon Desantis and Hal Kravitz collectively purchased $1.83 million of CELH shares at prices between $27.44 and $28.00, with no insider selling in the period. Calamos Advisors LLC then opened a new $16.6 million position. With insider ownership already at 28.9%, the buying cluster, tracked on CELH's stock page, suggests the people closest to the business see current prices as opportunity rather than ceiling. Next quarter's earnings will be the first confirmation point.
A Growth Rate That Looks Worse Than It Is
Celsius's TTM revenue of $3.05 billion is 10.6% above the year-ago period, a sharp deceleration from 85.5% in fiscal 2025. That rate on a $3 billion base represents roughly $320 million in new annual revenue, not a failing business. Gross margin of 48.8% and $350 million in trailing free cash flow show the underlying economics hold. What broke was the beat cadence analysts had priced in.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| CELH | $7.6B | 17.8x | -49.7% |
| ELF | $6.7B | 28.5x | -6.4% |
| HIMS | $6.0B | 34.8x | -41.0% |
| APP | $81.2B | 12.1x | -62.4% |
| SOFI | $21.7B | 18.7x | -43.5% |
| CAVA | $7.0B | 80.8x | +20.0% |
The Multiple Still Awaits Its Trigger
At 17.8x forward earnings and a consensus price target of $41.10, roughly 36% above the current $30.21, the stock is not priced for failure, but it is priced for something. The $509 million in trailing operating cash flow and near-neutral net debt ($0.63 billion cash against $0.67 billion total debt) remove the balance-sheet case against the bulls. The number that settles the debate arrives next quarter: revenue growth holding near current levels or reaccelerating makes the insider buying look prescient at a forward multiple that already reflects modest expectations. A further deceleration means the re-rating catalyst has no floor. See the full DCF model and price target →
Current fundamentals, valuation and filing history for Celsius Holdings, Inc. (CELH) are tracked on its Basis Report page.
Basis Report is independent research for informational purposes. It is not investment advice and not a recommendation to buy or sell any security.
Frequently Asked Questions
Why did Celsius insiders buy despite the EPS miss?
Three Celsius insiders and Calamos bought $1.83M and $16.6M respectively after Celsius posted its first EPS miss in four quarters, missing consensus by 14.4%. Their accumulation suggests they view current prices as opportunity, not ceiling, signaling confidence the slowdown is temporary.
How much has Celsius revenue growth slowed?
TTM revenue growth decelerated to 10.6% from 85.5% in fiscal 2025. However, growth at 10.6% on a $3 billion revenue base still represents roughly $320 million in new annual revenue, confirming the company is not a failing business.
What is Celsius's current stock valuation?
Celsius trades at 17.8x forward earnings with a consensus price target of $41.10, about 36% above the current price of $30.21. At these multiples, the stock is not priced for failure, but for a specific re-rating catalyst to materialize.
Does Celsius have debt concerns?
No. The company has $509 million in trailing operating cash flow, $350 million in trailing free cash flow, and near-neutral net debt with $0.63 billion cash against $0.67 billion total debt. These metrics confirm the underlying economics remain intact.
When will the insider buying thesis be validated?
Revenue growth in the next quarter will determine if the insider buying was prescient. If growth holds near current levels or reaccelerates, it validates the insiders' thesis; if it decelerates further, the re-rating catalyst has no floor.
Calamos Advisors LLC just opened a new $16.6 million position in Celsius Holdings, adding institutional weight to $1.83 million in open-market insider purchases made at $27–28 in September. The buying arrives as Celsius's revenue growth has slowed from 85.5% in fiscal 2025 to 10.6% TTM and the company's most recent quarter produced its first EPS miss in four reported periods.