Celsius stock forecast 2027–2029
MyStockButler's October 2026 analysis: Celsius's weighted forecast is $28.75 in October 2027 and $45.61 in October 2029. Celsius's outlook hinges on whether a larger portfolio becomes durable earnings per share and cash, rather than just more shipments and shares.
Where could Celsius's shares be in each forecast year?
The weighted forecast is $28.75 in October 2027 (+6%). It reaches $45.61 in October 2029 (+68%). The bear case carries 32%. The base case carries 50%. The bull case carries 18%. The October 2029 bear-to-bull range is $9.90–$95.96.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 32 % | 15.94 (-41 %) | 12.65 (-53 %) | 9.90 (-64 %) |
| Base | 50 % | 30.68 (+13 %) | 40.11 (+48 %) | 50.34 (+85 %) |
| Bull | 18 % | 46.17 (+70 %) | 69.12 (+154 %) | 95.96 (+253 %) |
| Weighted | 100 % | 28.75 (+6 %) | 36.55 (+35 %) | 45.61 (+68 %) |
What has to go right or wrong for Celsius?
Earnings are the main driver, and the base case assumes a gradual margin recovery rather than a sharp rebound. Base earnings start at $430M in 2027. They reach $505M in 2028 and $575M in 2029. The first year uses approximately $3,440M of revenue and a 12.5% normalized common margin, consistent with the analysts’ 2027 revenue estimate. Later revenue of $3,740M and a 13.5% margin produce the 2028 figure. Revenue of $4,020M and a 14.3% margin produce the 2029 figure.
The bear case gives $290M in 2027 and $270M in 2028. It falls to $255M in 2029 as weak CELSIUS and Rockstar demand leaves promotion and acquired-brand costs unresolved. CELSIUS retail sales fell 2% in the latest quarter, while Rockstar fell 13%. The bull case gives $480M in 2027 and $610M in 2028. It reaches $735M in 2029, requiring Alani’s retail growth to repeat, CELSIUS to recover and the North Carolina line to improve utilization.
How much cash does Celsius really make?
Celsius generates cash with modest capital spending, but working-capital timing makes that cash uneven.
Stock compensation adds another qualification. It was 28,050 in 2025. Although it does not require an immediate cash payment, it transfers value to employees and can dilute shareholders, so deducting it gives a stricter analytical version of free cash flow.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Cash from operations | 359,442 | 262,898 | 141,218 | 108,182 | -96,586 |
| − Capital spending | 36,067 | 23,390 | 17,433 | 8,264 | 3,150 |
| = Free cash flow | 323,375 | 239,508 | 123,785 | 99,918 | -99,736 |
| − Stock pay | 28,050 | 19,591 | 21,226 | 20,665 | 36,475 |
| = Real free cash flow | 295,325 | 219,917 | 102,559 | 79,253 | -136,211 |
What this means. Stock pay uses no cash today, but it gives employees part of the company, so we subtract it to show what is truly left for shareholders.
What does an investor pay today for Celsius?
| Today (Oct 15, 2026) | |
|---|---|
| Share price | 27.17 |
| P/E, last 12 months (calculated) | 113.2x |
| P/E, next 12 months (calculated) | 16.0x |
| Free cash flow yield (calculated) | 4.2% |
| Real free cash flow yield (calculated) | 3.8% |
What this means. Enterprise value is higher than market value because it includes the company's debt after subtracting its cash.