Celsius Holdings (CELH) recently refinanced a large portion of its debt, securing a lower interest rate on a new US$694.75 million term loan. This development aligns with improving revenue trends.

Despite the refinancing news and revenue momentum, Celsius Holdings' share price is down 40.38% year to date, with a 16.09% decline over 90 days and a 36.96% fall in the 1 year total shareholder return. This signals fading momentum following a stronger 5 year total shareholder return of 26.16%.

If you are comparing Celsius Holdings with other growth stories in adjacent areas, it may be worth scanning the market for 18 top founder-led companies

After a sharp pullback in Celsius Holdings, despite the refinancing news and positive revenue trends, the question now is whether the current level offers a reasonable entry point or whether patience could be rewarded by an even cheaper price ahead.

Most Popular Narrative: 48.6% Undervalued

The most followed narrative on Celsius Holdings pegs fair value near $55, almost double the last close at $28.47, which puts a lot of focus on how that gap is justified.

A 17-Year Story That Most Investors Only Discovered in the Last Three

In 2010, Celsius Holdings (CELH) was generating roughly US$5 million in annual revenue, a forgotten energy drink with niche distribution in Scandinavian gyms and a handful of US health food stores.

By the end of 2025, the company had crossed US$2 billion in trailing twelve-month revenue and acquired two major energy drink brands. It secured PepsiCo as both its primary distributor and an 11% equity holder. Most retail investors only discovered this stock near the peak in 2023.

Want to understand why this narrative still points to a higher fair value for Celsius Holdings despite recent volatility? The assumptions behind its revenue trajectory, future profitability and exit multiple are anything but conservative. Curious what needs to happen operationally for that valuation gap to make sense on paper?

Result: Fair Value of $55.43 (UNDERVALUED)

However, Celsius Holdings still faces real pressure points, including the unresolved shareholder lawsuit and the risk that acquisitions like Alani Nu or Rockstar may underperform expectations.

Another View on Celsius Holdings Valuation

The user narrative points to a fair value of about $55 per share, roughly double where Celsius Holdings currently trades. Using a simple earnings lens gives a very different picture, with the stock at a P/E of 63.6x versus a fair ratio of 28.6x, a peer average of 51.8x and a global beverage average of 17.1x. This places more valuation risk on execution. So which story should carry more weight in your process: the long-term growth narrative, or what the current multiples are already baking in?

Next Steps

Skeptical or cautiously optimistic about Celsius Holdings after all of this? Take a close look at the full picture, including 3 key rewards and 2 important warning signs

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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.