CLS

CELESTICA INC

Technology • CIK: 0001030894

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Market Cap
$34.07B
P/E (TTM)
40.9x
Rev Growth (TTM)
+28.5%
Net Margin (TTM)
6.7%
FCF Yield (TTM)
1.3%
FCF Margin (TTM)
3.7%

Filing Intelligence

6.0/10
10-K filed Feb 27, 2026 • FY

Executive Summary

Margins are improving due to better product mix and operating leverage, especially within the CCS segment.. The company has $92.8 million in future minimum payments for IT support agreements.. CCS...

Key Concerns

  • ●Valuation of intangible assets and earn-outs in business combinations rely on subjective Level 3 inputs.
  • ●Significant judgment in revenue recognition for custom-made products and work-in-progress estimates.
  • ●The company has $92.8 million in future minimum payments for IT support agreements.

Key Strengths

  • ●Celestica is experiencing significant growth, particularly in its CCS segment, driven by demand for data center infrastructure supporting...
  • ●The company is increasing capital expenditures substantially to support this growth, indicating a shift towards a more growth-heavy...
  • ●While confident in future growth, management acknowledges uncertainties related to AI adoption, supply chain constraints, and the execution...
View Full Quarterly Insights →

LATEST EARNINGS

•
Q4 2025
•
2 months ago
•View source
Revenue
$3.65B
+43.6%
Net Income
$267.50M
+76.3%
EPS
$2.31
+79.1%
Gross
11.8%↑ +0.2%
Operating
8.6%↑ +0.6%
Net
7.3%↑ +1.4%
  • •Q4 2025 revenue of $3.65 billion increased 44% year-over-year, exceeding guidance.
  • •Full year 2025 revenue reached $12.39 billion, a 28% increase compared to 2024.
  • •Adjusted EPS (non-GAAP) for Q4 2025 was $1.89, exceeding the high end of guidance.
  • •Full year 2025 adjusted EPS (non-GAAP) grew 56% year-over-year to $6.05.
View Full Earnings →

Cash Flow Health

Free Cash Flow8/8 positive
TTM$458M
Q4 '25
$156M+75%
Q3 '25
$89M-26%
FCF Margin
TTM3.7%
Q4 '254.3%+53%
Sector: 9.0%Below Avg
OCF Margin5.3%
OCF/NI0.79x
CapEx Coverage3.3x
FCF Yield1.3%
FCF Growth (2Y)–
Cash Conversion Cycle
80 days
DSO: 68+DIO: 65−DPO: 52
View Insights from Latest Filing →View Full Cash Flow Statement →

Capital Allocation & Returns

Accumulating Cash
Total Shareholder YieldTTM
TTM0.5%
Div Yield0.0%
+
Buyback (TTM)0.5%

Limited capital returns

Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$458.3M
Stock Repurchases (TTM)$153.4M
Capital Return / FCF33.5%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders

Operational Efficiency & Returns

Return on Invested CapitalTTM
31.4%
Moderate
+0.1% YoY+16.7%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
7.1%
8Q: 5.7%
Asset Turnover
1.96x
8Q: 1.75x
Leverage (1+D/E)
1.34x
D/E: 0.34x
DuPont: 18.7% ≈ 31.4% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
22.54x
8Q:–
Invested Cap Turn
4.41x
8Q:–
CapEx Intensity
7.2%
8Q:–
CapEx/Depreciation
1.15x
Asset-based ROIC formula
Full Analysis

QUARTERLY TRENDS

Last 8 quarters + TTM

MetricTTMQ4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024
Revenue
$12.4B
$3.7B↑14.4%
$3.2B↑10.4%
$2.9B↑9.2%
$2.6B↑4.0%
$2.5B↑1.8%
$2.5B↑4.5%
$2.4B↑8.3%
$2.2B
Operating Income
$1.0B
$314.4M↓3.3%
$325.0M↑19.3%
$272.5M↑111.6%
$128.8M↓36.4%
$202.6M↑46.8%
$138.0M↑3.8%
$132.9M↑5.6%
$125.8M
Net Income
$832.5M
$267.5M↓0.1%
$267.8M↑26.9%
$211.0M↑144.8%
$86.2M↓43.2%
$151.7M↑69.5%
$89.5M↓5.8%
$95.0M↑3.5%
$91.8M
Operating Cash Flow
$659.5M
$250.6M↑98.6%
$126.2M↓17.2%
$152.4M↑17.0%
$130.3M↓9.1%
$143.4M↑16.8%
$122.8M↑23.3%
$99.6M↓7.9%
$108.1M
Free Cash Flow
$458.3M
$155.9M↑75.4%
$88.9M↓25.9%
$119.9M↑28.1%
$93.6M↓2.3%
$95.8M↑24.7%
$76.8M↑22.5%
$62.7M↓7.4%
$67.7M
Total Equity
N/A
Income StatementCash Flow StatementBalance Sheet

Valuation Analysis

Fair Value
Price-to-EarningsTTM
40.9x
Volatile
8Q: 78.5x+6190%
Valuation Lenses
Earnings
40.9x
vs – sector
Cash Flow
75.3x
EV/FCF vs –
Growth-Adj
0.4xPEG
Undervalued for growth
Quality-Adj
1.3P/E per %ROIC
ROIC: 31.4%
Shareholder Returns
Dividend
–
Buyback
0.5%
Total Yield
0.5%
Market Cap$34.07B
EV$34.53B
Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score
81/100
Exceptional

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)Top 10%
45.0%
8Q:–
Return on Invested Capital (ROIC)Top 25%
31.4%
8Q:–
+16.7%
vs Sector:0.1%

DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)

NOPAT Margin: 7.1%
Asset Turnover: 1.96x

Earnings Quality

Cash Conversion

0.79x

OCF / Net Income

FCF Consistency

–

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin12.1%

Capital Efficiency

Invested Capital Turnover4.41x

Working Capital

Cash Conversion Cycle80 days

Growth Quality & Momentum

Moderate Growth
Growth Quality Score
70/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%

Growth Rates

Revenue Growth YoY
28.5%
OpInc Growth YoY
55.2%
EPS Growth YoY
98.6%
FCF 3Y CAGR
N/A

Margin Quality & Sustainability

Low Quality
Profitability Cascade
Gross
12.1%
Operating
8.4%
Above Avg in sector
Net
6.7%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-3.0 pts
FCF: 3.7% | Net: 6.7%

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Adequate
Net Debt / EBITDA
–Net Debt: $154.90M
Interest Coverage
–
Balance sheet risk & solvency analysis

Research

All research