Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin18.6%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin4.3%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
B
Years to Pay Off Debt6.2 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt$63M
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital$732M
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
N/A
Cash Flow
B
Free Cash Flow$323M
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income33.4%
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings$174M
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Market Data
Key Margins
Gross Profit50.4%
Operating Margin18.6%
Net Margin4.3%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
50.4%▲
50.2%▲
48.0%▲
41.4%•
N/A
Operating Margin %
18.6%▲
11.5%▼
20.2%▲
-24.1%•
N/A
Net Income %
4.3%▼
10.7%▼
17.2%▲
-28.7%•
N/A
Diluted EPS
0.25▼
0.45▼
0.77▲
-0.88•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$5.1B
$1.8B
$1.5B
$1.2B
N/A
Total Debt
$670M▲
$20M▲
$2M▲
$1M•
N/A
Working Capital
$732M▼
$959M▲
$928M▲
$757M•
N/A
Years to Pay Debt
6.20
0.14
0.01
-0.01
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$323M▲
$240M▲
$124M▲
$100M•
N/A
Owner Earnings
$174M
$176M
$247M
-$177M
N/A
CapEx % of Net Income
33.4%
16.1%
7.7%
N/A
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
-44,535
0
0
-82
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
530,922
202,324
294,975
-155,492
Total Unusual Items
-327,461
0
0
-392
Total Unusual Items Excluding Goodwill
-327,461
0
0
-392
Net Income From Continuing Operation Net Minority Interest
107,999
145,074
226,801
-187,282
Reconciled Depreciation
29,451
7,274
3,226
1,917
Reconciled Cost Of Revenue
1,247,936
675,423
684,875
382,735
EBITDA
203,461
202,324
294,975
-155,884
EBIT
174,010
195,050
291,749
-157,801
Net Interest Income
-27,892
39,263
26,629
5,529
Interest Expense
48,977
0
0
0
Interest Income
21,085
39,263
26,629
5,529
Normalized Income
390,925
145,074
226,801
-186,972
Net Income From Continuing And Discontinued Operation
107,999
145,074
226,801
-187,282
Total Expenses
2,046,746
1,199,902
1,051,648
811,405
Total Operating Income As Reported
141,062
155,728
266,366
-157,801
Diluted Average Shares
255,348
238,793
236,964
226,947
Basic Average Shares
255,348
233,602
230,784
226,947
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
63,898
107,603
182,405
-198,808
Average Dilution Earnings
61
146
414
0
Net Income Common Stockholders
63,837
107,457
181,991
-198,808
Otherunder Preferred Stock Dividend
6,554
10,117
17,348
0
Preferred Stock Dividends
37,608
27,500
27,462
11,526
Net Income
107,999
145,074
226,801
-187,282
Net Income Including Noncontrolling Interests
107,999
145,074
226,801
-187,282
Net Income Continuous Operations
107,999
145,074
226,801
-187,282
Tax Provision
17,034
49,976
64,948
34,618
Pretax Income
125,033
195,050
291,749
-152,664
Other Income Expense
-315,598
59
-1,246
-392
Other Non Operating Income Expenses
11,863
59
-1,246
Special Income Charges
-327,461
0
0
0
Other Special Charges
327,461
Gain On Sale Of Security
-1,734
-1,246
-392
-276
Net Non Operating Interest Income Expense
-27,892
39,263
26,629
5,529
Interest Expense Non Operating
48,977
0
0
0
Interest Income Non Operating
21,085
39,263
26,629
5,529
Operating Income
468,523
155,728
266,366
-157,801
Operating Expense
798,810
524,479
366,773
428,670
Selling General And Administration
798,810
524,479
366,773
428,670
Selling And Marketing Expense
352,767
74,738
General And Administrative Expense
75,903
57,520
Other Gand A
75,903
57,520
Gross Profit
1,267,333
680,207
633,139
270,869
Cost Of Revenue
1,247,936
675,423
684,875
382,735
Total Revenue
2,515,269
1,355,630
1,318,014
653,604
Operating Revenue
2,515,269
1,355,630
1,318,014
653,604
Balance Sheet
2025
2024
2023
2022
2021
Treasury Shares Number
1,202
0
Preferred Shares Number
0
Ordinary Shares Number
256,906
235,014
231,787
229,146
Share Issued
258,108
235,014
231,787
229,146
Net Debt
271,060
Total Debt
669,926
20,250
2,187
1,219
Tangible Book Value
-1,128,008
316,134
237,728
14,158
Invested Capital
1,851,393
399,929
264,040
40,091
Working Capital
732,428
959,045
928,291
756,676
Net Tangible Assets
631,967
1,140,622
1,062,216
838,646
Capital Lease Obligations
20,250
2,187
1,219
1,372
Common Stock Equity
1,181,467
399,929
264,040
40,091
Preferred Stock Equity
1,759,975
824,488
824,488
824,488
Total Capitalization
3,611,368
1,224,417
1,088,528
864,579
Total Equity Gross Minority Interest
2,941,442
1,224,417
1,088,528
864,579
Stockholders Equity
2,941,442
1,224,417
1,088,528
864,579
Gains Losses Not Affecting Retained Earnings
3,162
-3,250
-701
-1,881
Other Equity Adjustments
3,162
-3,250
-701
-1,881
Treasury Stock
48,226
2,585
Retained Earnings
175,912
105,521
-12,053
-238,772
Additional Paid In Capital
1,050,518
300,164
276,717
280,668
Capital Stock
1,760,076
824,567
824,565
824,564
Common Stock
101
79
77
76
Preferred Stock
1,759,975
824,488
824,488
824,488
Total Liabilities Net Minority Interest
2,178,179
542,464
447,868
357,490
Total Non Current Liabilities Net Minority Interest
1,099,453
176,929
171,255
196,195
Other Non Current Liabilities
28,372
19,215
Non Current Deferred Liabilities
401,155
157,714
170,107
195,707
Non Current Deferred Revenue
401,155
157,714
167,227
179,788
Non Current Deferred Taxes Liabilities
2,330
2,880
15,919
3,146
Long Term Debt And Capital Lease Obligation
669,926
16,885
1,148
488
Long Term Capital Lease Obligation
16,885
1,148
488
703
Long Term Debt
669,926
Current Liabilities
1,078,726
365,535
276,613
161,295
Other Current Liabilities
61,465
19,173
10,067
3,388
Current Deferred Liabilities
26,988
9,513
9,513
9,675
Current Deferred Revenue
26,988
9,513
9,513
9,675
Current Debt And Capital Lease Obligation
3,365
1,039
731
669
Current Capital Lease Obligation
3,365
1,039
731
669
Current Provisions
19,037
Payables And Accrued Expenses
990,273
336,849
255,994
147,501
Current Accrued Expenses
802,731
284,728
161,907
75,055
Payables
187,542
52,121
94,087
72,446
Dueto Related Parties Current
0
34,807
0
Total Tax Payable
49,612
10,834
51,247
1,391
Income Tax Payable
49,612
10,834
50,424
1,193
Accounts Payable
137,930
41,287
42,840
36,248
Total Assets
5,119,621
1,766,881
1,536,396
1,222,069
Total Non Current Assets
3,308,467
442,301
331,492
304,098
Other Non Current Assets
43,434
29,990
291
263
Non Current Prepaid Assets
300
Non Current Deferred Assets
867,648
272,914
277,856
262,963
Non Current Deferred Taxes Assets
96,013
38,699
29,518
501
Non Current Note Receivables
0
3,574
7,117
Goodwill And Other Intangible Assets
2,309,475
83,795
26,312
25,933
Other Intangible Assets
1,391,915
12,213
12,139
12,254
Goodwill
917,560
71,582
14,173
13,679
Net PPE
87,910
55,602
27,033
11,365
Accumulated Depreciation
-22,117
-10,791
-4,650
-2,081
Gross PPE
110,027
66,393
31,683
13,446
Leases
2,523
2,561
0
Construction In Progress
11,187
0
Other Properties
60,615
39,231
24,073
11,065
Machinery Furniture Equipment
35,702
24,601
7,610
2,381
Current Assets
1,811,154
1,324,580
1,204,904
917,971
Other Current Assets
128,806
18,759
19,503
11,341
Current Deferred Assets
49,164
14,124
14,124
14,124
Restricted Cash
141,121
0
0
38,768
Prepaid Assets
13,555
Inventory
337,698
131,165
229,275
173,289
Inventories Adjustments Allowances
-9,706
-4,709
-4,181
-8,431
Finished Goods
272,750
108,786
184,434
119,229
Raw Materials
74,654
27,088
49,022
62,491
Receivables
755,499
270,342
186,021
66,290
Notes Receivable
0
2,318
2,979
2,588
Accounts Receivable
755,499
270,342
183,703
63,311
Allowance For Doubtful Accounts Receivable
-15,405
-5,278
-3,137
-2,147
Gross Accounts Receivable
770,904
275,620
186,840
65,458
Cash Cash Equivalents And Short Term Investments
398,866
890,190
755,981
614,159
Cash And Cash Equivalents
398,866
890,190
755,981
614,159
Cash Financial
16,255
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
323,375
239,508
123,785
99,918
Repurchase Of Capital Stock
-45,504
-2,261
0
0
Repayment Of Debt
-201,750
0
0
-63
Issuance Of Debt
900,000
0
0
Issuance Of Capital Stock
0
0
542,018
67,769
Capital Expenditure
-36,067
-23,390
-17,433
-8,264
Interest Paid Supplemental Data
45,799
0
0
0
Income Tax Paid Supplemental Data
64,231
99,134
56,748
14,335
End Cash Position
539,987
890,190
755,981
652,927
Beginning Cash Position
890,190
755,981
652,927
16,255
Effect Of Exchange Rate Changes
3,271
-997
1,257
50
Changes In Cash
-353,474
135,206
101,797
636,622
Financing Cash Flow
582,764
-25,966
-25,221
534,112
Cash Flow From Continuing Financing Activities
582,764
-25,966
-25,221
534,112
Net Other Financing Charges
-32,374
3,795
2,241
Proceeds From Stock Option Exercised
3,856
2,285
3,683
3,720
Cash Dividends Paid
-37,608
-27,500
-27,462
-11,526
Preferred Stock Dividend Paid
-37,608
-27,500
-27,462
-11,526
Net Preferred Stock Issuance
0
0
542,018
0
Preferred Stock Issuance
0
0
542,018
0
Net Common Stock Issuance
-45,504
-2,261
0
0
Common Stock Payments
-45,504
-2,261
0
0
Common Stock Issuance
0
0
67,769
Net Issuance Payments Of Debt
698,250
0
0
-63
Net Long Term Debt Issuance
698,250
0
0
-63
Long Term Debt Payments
-201,750
0
0
-63
Long Term Debt Issuance
900,000
0
0
Investing Cash Flow
-1,295,680
-101,726
-14,200
-5,672
Cash Flow From Continuing Investing Activities
-1,295,680
-101,726
-14,200
-5,672
Net Other Investing Changes
29,156
3,233
2,592
1,886
Net Investment Purchase And Sale
-10,000
-3,000
0
0
Purchase Of Investment
-10,000
-3,000
0
0
Net Business Purchase And Sale
-1,278,769
-75,336
0
0
Purchase Of Business
-1,278,769
-75,336
0
0
Net PPE Purchase And Sale
-36,067
-23,390
-17,433
-8,264
Purchase Of PPE
-36,067
-23,390
-17,433
-8,264
Operating Cash Flow
359,442
262,898
141,218
108,182
Cash Flow From Continuing Operating Activities
359,442
262,898
141,218
108,182
Change In Working Capital
167,046
62,602
-92,988
235,408
Change In Other Working Capital
408,745
26,648
51,087
206,220
Change In Other Current Liabilities
12,418
5,455
7,203
2,610
Change In Other Current Assets
2,857
-4,862
-28
37
Change In Payables And Accrued Expense
393,215
44,444
41,587
38,894
Change In Accrued Expense
303,213
85,150
-11,764
38,630
Change In Payable
90,002
-40,706
53,351
264
Change In Account Payable
51,252
-1,170
5,249
428
Change In Tax Payable
38,750
-39,536
48,102
-164
Change In Income Tax Payable
38,750
-39,536
48,102
-164
Change In Prepaid Assets
-108,321
1,074
-7,980
2,214
Change In Inventory
-129,777
77,190
-63,299
11,802
Change In Receivables
-412,091
-87,347
-121,558
-26,369
Changes In Account Receivables
-412,091
-87,347
-121,558
-26,369
Other Non Cash Items
38,439
15,707
15,568
5,885
Stock Based Compensation
28,050
19,591
21,226
20,665
Provisionand Write Offof Assets
39,790
22,380
9,440
8,483
Asset Impairment Charge
0
0
2,379
0
Deferred Tax
-57,336
-9,730
-42,055
20,244
Deferred Income Tax
-57,336
-9,730
-42,055
20,244
Depreciation Amortization Depletion
29,451
7,274
3,226
1,917
Depreciation And Amortization
29,451
7,274
3,226
1,917
Amortization Cash Flow
555
714
Amortization Of Intangibles
555
714
Depreciation
1,362
550
Operating Gains Losses
6,003
1,907
1,444
483
Net Foreign Currency Exchange Gain Loss
1,734
1,246
483
880
Gain Loss On Sale Of PPE
173
198
0
0
Net Income From Continuing Operations
107,999
145,074
226,801
-187,282
1/5
Graham Score
Speculative Investor
Fails most of Graham's safety criteria. Treat with caution.
Graham's Fair Value
N/A
N/A — requires
positive EPS and positive book value per share. Check the Financials tab for earnings history.
Margin of Safety
—
Market Cap / Net Assets
N/A
Net Assets: $2.9B
Warren's Owner Earnings
$174M
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
1/5 — Speculative Investor
✅
Adequate Size
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
$2.5B
vs > $1.5B revenue
❌
Strong Financial Condition
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
1.68x
vs Current Ratio > 2.0x
❌
Earnings Stability
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
1 loss years (4 yrs data)
vs No negative EPS years
❌
Dividend Record
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
No dividend
vs Uninterrupted dividends
❌
Earnings Growth
EPS grew from $0.77 to $0.25 over 2 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
-67.5% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $2.5Bvs > $1.5B revenue
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
"The minimum size of an enterprise should be not less than $100 million of annual sales."
❌ Strong Financial Condition — 1.68xvs Current Ratio > 2.0x
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
"For industrial companies, current assets should be at least twice current liabilities."
❌ Earnings Stability — 1 loss years (4 yrs data)vs No negative EPS years
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
"The company should have shown no deficit in the past ten years."
❌ Dividend Record — No dividendvs Uninterrupted dividends
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
"Some current dividend payments — for at least the past 20 years."
EPS grew from $0.77 to $0.25 over 2 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
"A minimum increase of at least one-third in per-share earnings over ten years."
These metrics estimate what CELH is worth based on fundamentals — independent of what the market prices it at.
Graham's Fair Value and NCAV are conservative floors.
EPV assumes zero growth. These are reference points, not price targets.
Net Current Asset Value
N/A
"Buy at two-thirds of net current assets." — Graham
Earnings Power Value
N/A
Per share, no-growth floor. Compare to current price.
ROIC — Return on Invested Capital
9.2%
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Cash Flow Analysis
Metric
2025
2024
2023
2022
2021
Capital Expenditure % of Net Income
33.4%
16.1%
7.7%
N/A
N/A
Repurchase of Capital Stock
-$46M
-$2M
$0M
$0M
N/A
Free Cash Flow
$323M▲
$240M▲
$124M▲
$100M•
N/A•
Warren's Owner Earnings
$174M
$176M
$247M
-$177M
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare CELH against any stock using the Compare tool.
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
No management data available.
Risk Analysis
CELH (CELH) fundamental analysis — Overall grade B based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 50.4%. Operating margin: 18.6%. Net margin: 4.3%. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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