CELH // Celsius Holdings Inc.

DES <GO> NASDAQ CIK 0001341766 ↗

Consumer Staples • Beverages (Production/Distribution)

$28.16 ▲ +0.18 (+0.64%)

MKT CAP: $7.13B • VOL: 3.47M

52W L $24 52W H $61

ALTMAN Z

2.76 GREY

PIOTROSKI

8 / 9

CELH // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 65/100 [C] (+0 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE C

RQD CONFIDENCE

65 / 100 +0D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Hold — Fair / Balanced Risk-Reward

01 MASSIVE / SEC XBRL

Forensic Fundamentals

14 / 20

SOLID

FCF +35% vs NI -25.6% • ROIC-WACC -0.8% • Z 2.76

02 OPRA GEX + SEC 13F

Whale & Options Flow

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

16 / 20

STRONG

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

13 / 20

SOLID

20 BASE - 7 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON CELH)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 89/100 Z-SCORE: +2.96σ

CELH Accounting Gap: Net Income (-25.6%) Outpaced OCF (+36.7%) With +114.5% Working-Capital Build

CASH CONVERSION GAP

-62.3% (NI vs OCF)

RECEIVABLES / WC BLOAT

+114.5% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

SEC EDGAR XBRL triangulation on Celsius Holdings Inc. (CELH) exposes a +-62.3% Cash Conversion Gap as YoY Net Income growth (-25.6%) diverged from Operating Cash Flow growth (+36.7%). Non-cash current assets and receivables expanded +114.5% relative to top-line revenue growth. Monitor upcoming 10-Q cash realization closely for accrual mean-reversion.

CELH // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -13.26%▲ ASCENDING CHANNEL

2026-10-30O $28.33H $29.50L $28.31C $29.12VOL 6.81M

RES: $38.16SUP: $27.29SMA50: $29.13SMA200: $34.52

CELH // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

HIGH-CONVICTION LONG CONVICTION: 76/100

BEAR 0

100 BULL

Celsius Holdings Inc. (CELH) exhibits 50.4% gross margins and 7.7% return on invested capital within Consumer Staples (Beverages (Production/Distribution)), balanced against a 43.1x enterprise multiple and 7.2% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 50.4% gross profitability converts into 5.6% operating margin and 7.7% ROIC, outpacing sector cost of capital.

ROIC: 7.7% // GM: 50.4%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +85.5% paired with 4.54% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +85.5% // FCF YLD: 4.54%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 2.76 and Piotroski F-Score of 8/9 indicate low near-term refinancing stress.

ALTMAN Z: 2.76 // F-SCORE: 8/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 66.0x trailing P/E (55.4x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 66.0x // EV/EBITDA: 43.1x

02. Options Skew & Event Volatility Risk

Options market prices a ±7.2% implied move with a 0.84 put/call ratio around $28.00 max pain.

IMPL MOVE: ±7.2% // P/C: 0.84

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Beverages (Production/Distribution) require continuous execution to defend 4.3% net margins.

NET MARGIN: 4.3% // D/E: 0.57x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 55.4x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.10).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 66.0x

FORWARD P/E 55.4x

EV / EBITDA 43.1x

FCF YIELD 4.54%

GROSS MARGIN 50.4%

OPERATING MARGIN 5.6%

NET MARGIN 4.3%

ROIC % 7.7%

REV GROWTH YOY +85.5%

DILUTED EPS TTM $0.43

DEBT / EQUITY 0.57x

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 55.3

5Y EQUITY BETA 1.10

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // CELHPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $25.77

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for CELH & activate live FRED threshold breach alerts.

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