Why the [solidcore] partnership matters for Celsius Holdings

[solidcore]’s new 2026 Core Collective program puts Celsius Holdings (CELH) directly in front of engaged fitness consumers, with members receiving a 20% discount on Celsius drinks purchased in studio.

This collaboration deepens Celsius’ presence in boutique fitness settings, aligning the brand with premium wellness routines while adding another distribution touchpoint alongside supermarkets, convenience stores, gyms and e-commerce channels.

Despite the [solidcore] partnership putting Celsius in front of more fitness focused consumers, recent trading has been weak, with a 30 day share price return of 8.41% and a 90 day share price return of 39.35%. The 5 year total shareholder return of 79.30% reflects a very different longer term experience from recent momentum around the current US$33.93 share price.

If this kind of wellness driven story has your attention, it could be a good moment to widen your watchlist and check out 17 top founder-led companies

With Celsius shares down over the past year despite positive annual revenue and net income growth, the key question now is whether the current US$33.93 price still undervalues that progress, or whether the market is already pricing in future growth.

Most Popular Narrative: 38.8% Undervalued

Against a last close of $33.93, the most followed narrative on Celsius pegs fair value at $55.43, using a detailed cash flow story to bridge that gap.

The acquisitions of Alani Nu and Rockstar represent the largest capital allocation decisions in company history. US$1.8b for Alani Nu was a full price deal. The brand was growing 64% at retail, and Celsius paid a premium for that momentum. Whether it can sustain that growth rate under Celsius ownership is the central execution risk of the next three years.

Curious how that $55.43 fair value comes together? The narrative leans heavily on robust revenue compounding, rising profit margins and a premium future earnings multiple tied to brand scale. The exact mix of those inputs may surprise you.

Result: Fair Value of $55.43 (UNDERVALUED)

However, this story can crack if Alani Nu underperforms after the PepsiCo rollout, or if Rockstar drags on margins instead of supporting Celsius’ broader brand mix.

Another way to look at Celsius’ valuation

The user narrative leans on a cash flow story, but the current P/E of 136.5x tells a very different story. It is far higher than the peer average of 41.8x, the global beverage average of 17.7x, and the fair ratio of 26.2x. This points to meaningful valuation risk if expectations reset.

Next Steps

With mixed sentiment around Celsius right now, this is a good time to look at the numbers yourself and move quickly to form an independent view using 2 key rewards and 2 important warning signs

Looking for more investment ideas?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.