In the dynamic non-alcoholic beverages sector, Coca-Cola Consolidated, Inc. (COKE) and Celsius Holdings, Inc. (CELH) stand out as key players with distinct market approaches. While Coca-Cola Consolidated leverages its vast distribution network and iconic brands, Celsius focuses on innovative functional energy drinks targeting health-conscious consumers. This comparison explores their market strategies and growth potential to help you decide which company might be the most compelling addition to your investment portfolio.
Table of contents
Companies Overview
I will begin the comparison between Coca-Cola Consolidated, Inc. and Celsius Holdings, Inc. by providing an overview of these two companies and their main differences.
Coca-Cola Consolidated, Inc. Overview
Coca-Cola Consolidated, Inc. manufactures, markets, and distributes nonalcoholic beverages, primarily products of The Coca-Cola Company, in the United States. It offers a wide range of sparkling and still beverages, including energy products, bottled water, juices, and sports drinks. The company serves various retail channels and distributes products for other brands like Dr Pepper and Monster Energy. Headquartered in Charlotte, North Carolina, it employs around 15,000 people.
Celsius Holdings, Inc. Overview
Celsius Holdings, Inc. develops, markets, and sells functional energy drinks and liquid supplements globally, targeting markets in North America, Europe, and Asia. Its product lines include carbonated and non-carbonated energy drinks with various functional benefits such as muscle recovery and dietary supplements. Based in Boca Raton, Florida, Celsius operates with about 1,073 employees and distributes through retailers, health clubs, and e-commerce platforms.
Key similarities and differences
Both companies operate in the non-alcoholic beverages industry and focus on functional and energy drinks. Coca-Cola Consolidated mainly distributes established branded beverages and serves a broad retail market in the US, while Celsius targets international markets with a focus on functional energy drinks and supplements. Coca-Cola Consolidated is significantly larger in scale, with a workforce over ten times that of Celsius, reflecting different operational sizes and market approaches.
Income Statement Comparison
The following table presents a side-by-side comparison of the key income statement metrics for Coca-Cola Consolidated, Inc. and Celsius Holdings, Inc. for the fiscal year 2024.
| Metric | Coca-Cola Consolidated, Inc. | Celsius Holdings, Inc. |
|---|---|---|
| Market Cap | 13.1B | 13.7B |
| Revenue | 6.9B | 1.4B |
| EBITDA | 1.1B | 163M |
| EBIT | 859M | 156M |
| Net Income | 633M | 108M |
| EPS | 7.01 | 0.46 |
| Fiscal Year | 2024 | 2024 |
Income Statement Interpretations
Coca-Cola Consolidated, Inc.
Coca-Cola Consolidated, Inc. has shown steady revenue growth from 5B in 2020 to nearly 6.9B in 2024, with net income rising from 172M to 633M over the same period. Margins improved notably, with gross margin at 39.9% and net margin at 9.18% in 2024. The latest year showed moderate revenue growth of 3.7% and a strong 49.5% increase in net margin, reflecting enhanced profitability.
Celsius Holdings, Inc.
Celsius Holdings experienced rapid revenue expansion from 130M in 2020 to 1.36B in 2024, with net income improving substantially from 8.5M to 145M. Despite favorable gross margin of 50.2% and net margin of 10.7% in 2024, recent year growth slowed, with revenue up only 2.9%, and net margin declined by 37.8%, indicating some pressure on profitability amid expanding operating expenses.
Which one has the stronger fundamentals?
Coca-Cola Consolidated displays consistent growth with mostly favorable margin trends and improving net income, supported by low interest expenses. Celsius Holdings shows impressive long-term growth but faces recent margin contraction and profitability challenges. Both firms have favorable overall income statement evaluations, though Coca-Cola’s stability contrasts with Celsius’s volatility in recent performance.
Financial Ratios Comparison
The following table presents a side-by-side comparison of key financial ratios for Coca-Cola Consolidated, Inc. (COKE) and Celsius Holdings, Inc. (CELH) based on their most recent fiscal year data from 2024.
| Ratios | Coca-Cola Consolidated, Inc. (COKE) | Celsius Holdings, Inc. (CELH) |
|---|---|---|
| ROE | 44.66% | 11.85% |
| ROIC | 15.55% | 8.25% |
| P/E | 17.99 | 42.43 |
| P/B | 8.03 | 5.03 |
| Current Ratio | 1.94 | 3.62 |
| Quick Ratio | 1.69 | 3.26 |
| D/E (Debt-to-Equity) | 1.35 | 0.02 |
| Debt-to-Assets | 35.89% | 1.15% |
| Interest Coverage | 498.02 | N/A |
| Asset Turnover | 1.30 | 0.77 |
| Fixed Asset Turnover | 4.26 | 17.51 |
| Payout Ratio | 29.32% | 18.96% |
| Dividend Yield | 1.63% | 0.45% |
Interpretation of the Ratios
Coca-Cola Consolidated, Inc.
Coca-Cola Consolidated shows a strong return on equity at 44.66% and a favorable return on invested capital of 15.55%, supported by an efficient asset turnover of 1.3. However, the company has an unfavorable price-to-book ratio of 8.03 and a slightly high debt-to-equity ratio of 1.35 that could raise concerns. Dividend yield is moderate at 1.63%, reflecting a stable payout policy with coverage from free cash flow, though the payout level warrants monitoring.
Celsius Holdings, Inc.
Celsius Holdings presents a favorable net margin of 10.7% but a more moderate return on equity of 11.85% and return on invested capital of 8.25%, indicating balanced profitability. The company benefits from a low debt-to-equity ratio of 0.02 and high fixed asset turnover of 17.51, though its price-to-earnings ratio of 42.43 is unfavorable. Celsius does not pay dividends, consistent with its reinvestment and growth focus, supported by sound liquidity.
Which one has the best ratios?
Coca-Cola Consolidated exhibits a more favorable overall ratio profile, particularly in profitability and leverage, despite some valuation concerns. Celsius Holdings shows strengths in liquidity and asset efficiency but faces challenges with valuation and returns. Given these mixed factors, Coca-Cola Consolidated currently holds a slight edge in ratio quality for investors focusing on established financial stability.
Strategic Positioning
This section compares the strategic positioning of Coca-Cola Consolidated and Celsius Holdings, including market position, key segments, and exposure to disruption:
Coca-Cola Consolidated
- Established US market leader with diversified competitors in non-alcoholic beverages.
- Focuses on nonalcoholic beverages including sparkling, still drinks, energy, and distribution for other brands.
- Moderate exposure with traditional beverage models; innovation in energy drinks but limited disruption impact.
Celsius Holdings
- Emerging player in functional drinks across multiple international markets, facing increasing competition.
- Concentrates on functional energy drinks and liquid supplements with multiple product lines and distribution channels.
- Exposure to innovation in functional energy drinks; evolving product formats may face technological shifts.
Coca-Cola Consolidated vs Celsius Holdings Positioning
Coca-Cola Consolidated leverages a diversified product portfolio and extensive distribution networks, while Celsius Holdings focuses on a concentrated segment of functional energy drinks with international reach. The former benefits from scale, the latter from specialized innovation.
Which has the best competitive advantage?
Coca-Cola Consolidated shows a very favorable moat with strong value creation and growing ROIC, indicating a durable competitive advantage. Celsius Holdings has a slightly favorable moat with improving profitability but lacks demonstrated competitive strength.
Stock Comparison
The stock price movements of Coca-Cola Consolidated, Inc. (COKE) and Celsius Holdings, Inc. (CELH) over the past 12 months reveal contrasting trends, with COKE showing strong price gains and CELH experiencing a notable decline amid varying trading volumes.
Trend Analysis
Coca-Cola Consolidated, Inc. (COKE) exhibited a bullish trend over the past year with an 81.11% price increase, showing acceleration and a volatility of 20.47. It reached highs of 168.08 and lows of 81.69.
Celsius Holdings, Inc. (CELH) followed a bearish trend, declining 17.11% over the same period with accelerating downward momentum and a volatility of 18.64, hitting a high of 95.15 and a low of 22.34.
Comparing both, COKE delivered the highest market performance with a strong upward trend, whereas CELH underperformed, reflecting sustained bearish dynamics.
Target Prices
For Celsius Holdings, Inc., analyst target prices indicate moderate upside potential.
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| Celsius Holdings, Inc. | 74 | 60 | 68.33 |
The consensus target price of 68.33 suggests analysts expect Celsius shares to rise from the current 53.09, indicating a positive outlook. No verified target price data is available for Coca-Cola Consolidated, Inc. at this time.
Analyst Opinions Comparison
This section compares analysts’ ratings and grades for Coca-Cola Consolidated, Inc. and Celsius Holdings, Inc.:
Rating Comparison
COKE Rating
- Rating: B+ indicating a very favorable outlook.
- Discounted Cash Flow Score: Moderate, rated 3.
- ROE Score: Very favorable, highest score of 5.
- ROA Score: Very favorable, highest score of 5.
- Debt To Equity Score: Very unfavorable, rated 1.
- Overall Score: Moderate, rated 3.
CELH Rating
- Rating: C+ indicating a very favorable outlook.
- Discounted Cash Flow Score: Moderate, rated 3.
- ROE Score: Moderate, scored 2.
- ROA Score: Moderate, scored 2.
- Debt To Equity Score: Moderate, rated 3.
- Overall Score: Moderate, rated 2.
Which one is the best rated?
COKE holds a higher rating at B+ compared to CELH’s C+. It also scores better on ROE and ROA, though it has a less favorable debt-to-equity score. Overall, COKE is better rated based on the provided data.
Scores Comparison
Here is a comparison of the Altman Z-Score and Piotroski Score for Coca-Cola Consolidated, Inc. and Celsius Holdings, Inc.:
COKE Scores
- Altman Z-Score: 4.33, safe zone, indicating low bankruptcy risk.
- Piotroski Score: 7, strong financial health.
CELH Scores
- Altman Z-Score: 3.66, safe zone, indicating low bankruptcy risk.
- Piotroski Score: 5, average financial health.
Which company has the best scores?
Coca-Cola Consolidated, Inc. has higher Altman Z and Piotroski Scores than Celsius Holdings, indicating stronger financial stability and health based on the provided data.
Grades Comparison
Here is a detailed comparison of the available stock grades for Coca-Cola Consolidated, Inc. and Celsius Holdings, Inc.:
Coca-Cola Consolidated, Inc. Grades
The following table shows Citigroup’s consistent grading actions for Coca-Cola Consolidated, Inc. over several years.
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Citigroup | Maintain | Neutral | 2016-05-20 |
| Citigroup | Maintain | Neutral | 2016-05-19 |
| Citigroup | Maintain | Neutral | 2015-07-27 |
| Citigroup | Maintain | Neutral | 2015-07-26 |
| Citigroup | Maintain | Neutral | 2015-05-07 |
| Citigroup | Maintain | Neutral | 2015-05-06 |
| Citigroup | Maintain | Neutral | 2015-03-06 |
| Citigroup | Maintain | Neutral | 2015-03-05 |
| Citigroup | Maintain | Neutral | 2014-11-13 |
| Citigroup | Maintain | Neutral | 2014-11-12 |
The grades for Coca-Cola Consolidated have remained consistently neutral over the years, indicating a stable but unremarkable outlook.
Celsius Holdings, Inc. Grades
The table below summarizes recent grading actions from multiple reputable firms for Celsius Holdings, Inc.
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Needham | Maintain | Buy | 2026-01-07 |
| B of A Securities | Maintain | Underperform | 2025-12-19 |
| Piper Sandler | Maintain | Overweight | 2025-12-17 |
| B of A Securities | Maintain | Underperform | 2025-11-07 |
| Stifel | Maintain | Buy | 2025-11-07 |
| JP Morgan | Maintain | Overweight | 2025-11-07 |
| Citigroup | Maintain | Buy | 2025-11-07 |
| UBS | Maintain | Buy | 2025-11-07 |
| Stifel | Maintain | Buy | 2025-10-24 |
| JP Morgan | Maintain | Overweight | 2025-10-24 |
Grades for Celsius Holdings show a mixed but generally positive consensus, with multiple buy and overweight ratings balanced by some underperform opinions.
Which company has the best grades?
Celsius Holdings, Inc. has received more favorable grades overall compared to Coca-Cola Consolidated, Inc., with a majority of buy and overweight ratings versus Coca-Cola’s consistent neutral stance. This divergence could influence investor sentiment by highlighting Celsius’s stronger growth expectations against Coca-Cola’s stable profile.
Strengths and Weaknesses
Below is a comparative overview of key strengths and weaknesses for Coca-Cola Consolidated, Inc. (COKE) and Celsius Holdings, Inc. (CELH) based on their recent financial and strategic performance.
| Criterion | Coca-Cola Consolidated, Inc. (COKE) | Celsius Holdings, Inc. (CELH) |
|---|---|---|
| Diversification | Moderate: Primarily focused on nonalcoholic beverages (~$6.8B in 2024) with some other operating segments | Low: Single reportable segment (~$1.36B in 2024) |
| Profitability | Strong profitability with ROIC 15.55%, ROE 44.66%, net margin 9.18% | Improving profitability, ROIC 8.25%, net margin 10.7%, ROE 11.85% |
| Innovation | Established brand with stable product portfolio, less emphasis on rapid innovation | High innovation focus in functional beverages category |
| Global presence | Significant U.S. market presence with stable growth | More niche and smaller scale; expanding but limited global footprint |
| Market Share | Large market share in nonalcoholic beverages segment | Smaller but growing market share in energy/functional drinks |
Key takeaways: Coca-Cola Consolidated exhibits a durable competitive advantage with strong profitability and stable market presence, though less diversified. Celsius Holdings shows promising growth and innovation but remains smaller with a less diversified revenue base and slightly less favorable financial ratios. Both companies warrant consideration, balancing stability and growth potential.
Risk Analysis
Below is a comparison of key risks for Coca-Cola Consolidated, Inc. (COKE) and Celsius Holdings, Inc. (CELH) based on the most recent 2024 data:
| Metric | Coca-Cola Consolidated, Inc. (COKE) | Celsius Holdings, Inc. (CELH) |
|---|---|---|
| Market Risk | Moderate (Beta 0.641, stable range) | Moderate (Beta 0.88, higher volatility) |
| Debt level | Elevated (D/E 1.35, 35.9% debt to assets) | Very low (D/E 0.02, 1.15% debt to assets) |
| Regulatory Risk | Moderate (Food & beverage industry regulations) | Moderate (Functional drinks with supplements) |
| Operational Risk | Moderate (Large-scale distribution complexity) | Moderate (Smaller scale, product innovation risk) |
| Environmental Risk | Moderate (Packaging and water usage concerns) | Moderate (Sustainability in ingredients sourcing) |
| Geopolitical Risk | Low (Primarily US-focused) | Moderate (International markets exposure) |
The most impactful risks are market volatility for CELH due to its higher beta and valuation concerns, and elevated debt levels for COKE which may affect financial flexibility. Both face typical regulatory and environmental pressures of the beverage sector but maintain strong financial health with Altman Z-scores in the safe zone. Careful monitoring of debt in COKE and market conditions for CELH is advised.
Which Stock to Choose?
Coca-Cola Consolidated, Inc. (COKE) shows steady income growth with a 37.79% revenue increase over 2020-2024 and strong profitability metrics, including a 44.66% ROE and favorable ROIC at 15.55%. Its debt level is moderate with a 35.89% debt-to-assets ratio, but the debt-to-equity ratio is unfavorable. The company holds a very favorable B+ rating, reflecting solid financial health and a durable competitive advantage.
Celsius Holdings, Inc. (CELH) exhibits impressive long-term revenue growth of 937% but recent income metrics show weakness with a 41.54% EBIT decline and a net margin drop. Profitability ratios are neutral to favorable, with ROE at 11.85% and ROIC at 8.25%, while debt is minimal at 1.15% debt-to-assets. Its C+ rating is slightly favorable, indicating improving but still developing financial strength without a confirmed moat.
Investors focused on stable profitability and strong competitive moats might view COKE’s very favorable rating and consistent income growth as attractive, while those with a tolerance for volatility and seeking rapid expansion might find CELH’s growth trajectory and improving profitability metrics indicative of potential upside. The choice could depend on risk appetite and investment strategy preferences.
Disclaimer: Investment carries a risk of loss of initial capital. The past performance is not a reliable indicator of future results. Be sure to understand risks before making an investment decision.
Go Further
I encourage you to read the complete analyses of Coca-Cola Consolidated, Inc. and Celsius Holdings, Inc. to enhance your investment decisions:
