olivLaw · US equity research
Celestica Inc. CLS
Printed Circuit Boards · SIC 3672 · Vertical: Printed Circuit Boards (SIC 3672)
Celestica is a design and manufacturing services provider for data centers and advanced technology, headquartered in Toronto. CCS segment revenue rose 42% to 9.19 billion USD in fiscal 2025, and third quarter 2026 revenue reached 5.83 billion USD. The 2027 outlook points to 40.0 billion USD of revenue, a scenario that depends on demand for AI infrastructure.
At the close of 04 Nov 2026, Celestica Inc. (CLS) stock was 236.41 USD (−9.05% on the day), with market capitalisation 29.8 bn USD, P/E 22.4 on diluted EPS of 10.56 USD over the last 12 months, beta 2.53, 52-week range 236.41–472.40 USD. Latest reported quarter (Q3 2026): revenue of 5.8 bn USD (+82.5% YoY), net income of 397.2 m USD (+48.3% YoY), diluted EPS 3.26 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 34.0
- weak (30–45)
- Bollinger (20, 2)
- 220.00 – 371.65
- in the lower half of the band · %B 0.11 · band width 51.3%
- SMA 50 / 200
- 321.50 / 331.31
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -23.72 / -18.86
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −38.2% | −1.1% | −37.1 pp | — |
| 3 months | −34.8% | −0.5% | −34.4 pp | — |
| 6 months | −42.9% | +4.4% | −47.3 pp | — |
| Year to date | −20.0% | +12.3% | −32.3 pp | — |
| 1 year | −29.6% | +13.5% | −43.1 pp | +4.6% |
| 3 years | +821.3% | +76.4% | +744.9 pp | +102.9% |
| 5 years | +2,047.2% | +63.7% | +1,983.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.5 bn | 2.6 bn | 2.9 bn | 3.2 bn | 3.7 bn | 4.0 bn | 4.7 bn | 5.8 bn |
| Cost of revenue | 2.2 bn | 2.4 bn | 2.5 bn | 2.8 bn | 3.2 bn | 3.6 bn | 4.1 bn | 5.2 bn |
| Gross profit | 297.2 m | 273.9 m | 371.0 m | 416.1 m | 433.1 m | 437.2 m | 577.5 m | 640.8 m |
| Research & development | 23.4 m | 17.6 m | 34.0 m | 36.4 m | 30.2 m | 41.2 m | 46.3 m | 51.2 m |
| SG&A | 57.6 m | 112.5 m | 38.9 m | 38.4 m | 70.1 m | 117.4 m | 58.1 m | 118.2 m |
| Operating income | 202.6 m | 128.8 m | 272.5 m | 325.0 m | 314.4 m | 272.1 m | 458.3 m | 460.0 m |
| Depreciation & amortisation | 40.0 m | 37.4 m | 45.3 m | 40.3 m | 52.7 m | 39.6 m | 44.0 m | 48.5 m |
| Interest expense | 11.9 m | 13.7 m | 14.4 m | 13.8 m | 9.4 m | 16.0 m | 21.2 m | 24.1 m |
| Pre-tax income | 189.5 m | 113.7 m | 257.3 m | 310.9 m | 301.3 m | 256.3 m | 441.6 m | 455.8 m |
| Income tax | 37.8 m | 27.5 m | 46.3 m | 43.1 m | 33.8 m | 44.0 m | 72.8 m | 58.6 m |
| Net income | 151.7 m | 86.2 m | 211.0 m | 267.8 m | 267.5 m | 212.3 m | 368.8 m | 397.2 m |
| Diluted EPS | 1.29 ≈ | 0.74 | 1.82 | 2.31 | 2.30 ≈ | 1.83 | 3.17 | 3.26 |
| Operating cash flow | 143.4 m | 130.3 m | 152.4 m | 126.2 m | 250.6 m | 356.3 m | 410.9 m | 389.7 m |
| Capex | 47.6 m | 36.7 m | 32.5 m | 37.3 m | 94.7 m | 229.5 m | 263.8 m | 274.1 m |
| Share repurchases | 25.5 m | 77.7 m | 40.0 m | 0 | 35.7 m | 22.6 m | 0 | 0 |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 13 percentile of its own 8-quarter history (min 22.0, median 34.2, max 41.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.6 bn | 5.9 bn | 5.7 bn | 5.6 bn | 7.3 bn | 8.0 bn | 9.6 bn | 12.4 bn |
| Revenue YoY | +8.6% | −11.2% | −2.4% | −2.0% | +28.7% | +9.8% | +21.2% | +28.5% |
| Net income | 98.9 m | 70.3 m | 60.6 m | 103.9 m | 180.1 m | 244.4 m | 428.0 m | 832.5 m |
| Net income YoY | −6.3% | −28.9% | −13.8% | +71.5% | +73.3% | +35.7% | +75.1% | +94.5% |
| Diluted EPS | 0.70 | 0.53 | 0.47 | 0.82 | 1.46 | 2.03 | 3.61 | 7.16 |
| Diluted EPS YoY | −4.1% | −24.3% | −11.3% | +74.5% | +78.0% | +39.0% | +77.8% | +98.3% |
| net % | 1.5% | 1.2% | 1.1% | 1.8% | 2.5% | 3.1% | 4.4% | 6.7% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | 102.1 m | 201.1 m | 303.0 m | 458.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 595.6 m USD
- Financial debt
- 26.0 m USD
- Net debt
- -569.6 m USD
- Equity
- 2.2 bn USD
- Total assets
- 7.2 bn USD
- Debt / equity
- 0.01x
- Current ratio
- 1.44x
- ROE
- 40.5%
- ROA
- 12.6%
- FCF margin
- 3.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 5.7 bn | 5.6 bn | 7.3 bn | 8.0 bn | 9.6 bn | 12.4 bn | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 5.3 bn | 5.1 bn | 6.6 bn | 7.2 bn | 8.6 bn | 10.9 bn | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | 437.6 m | 487.0 m | 649.7 m | 754.1 m | 1.0 bn | 1.5 bn | SEC (XBRL)· 27 Feb 2026verified |
| Research & development | 29.9 m | 38.4 m | 46.3 m | 60.9 m | 78.0 m | 118.2 m | SEC (XBRL)· 27 Feb 2026verified |
| SG&A | — | — | 267.3 m | 303.2 m | 293.5 m | 259.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 127.9 m | 167.7 m | 289.3 m | 338.3 m | 599.3 m | 1.0 bn | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | — | — | 115.9 m | 130.8 m | 151.9 m | 175.7 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | — | — | 405.2 m ≈ | 469.1 m ≈ | 751.2 m ≈ | 1.2 bn ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Interest expense | 37.7 m | 31.7 m | 51.7 m | 78.9 m | 52.1 m | 52.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | 90.2 m | 136.0 m | 239.1 m | 306.0 m | 532.2 m | 983.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 29.6 m | 32.1 m | 59.0 m | 61.6 m | 104.2 m | 150.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 60.6 m | 103.9 m | 180.1 m | 244.4 m | 428.0 m | 832.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 0.47 | 0.82 | 1.46 | 2.03 | 3.61 | 7.16 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 129.1 m | 126.7 m | 123.6 m | 120.3 m | 118.7 m | 116.2 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 463.8 m | 394.0 m | 374.5 m | 370.4 m | 423.3 m | 595.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Inventories | 1.1 bn | 1.7 bn | 2.4 bn | 2.1 bn | 1.8 bn | 2.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 2.7 bn | 3.4 bn | 4.3 bn | 4.5 bn | 4.5 bn | 5.7 bn | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 332.5 m | 338.7 m | 371.5 m | 472.7 m | — | — | SEC (XBRL)· 11 Mar 2024verified |
| Goodwill | 198.6 m | 324.2 m | 321.8 m | 321.7 m | 340.5 m | 333.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | 229.4 m | 382.0 m | 346.5 m | 318.3 m | 308.0 m | 266.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 3.7 bn | 4.7 bn | 5.6 bn | 5.9 bn | 6.0 bn | 7.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | — | — | — | 1.3 bn | 1.3 bn | 1.9 bn | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | — | — | — | 27.0 m | 26.5 m | 26.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 1.6 bn | 2.3 bn | 3.1 bn | 3.2 bn | 3.0 bn | 3.9 bn | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 2.3 bn | 3.2 bn | 4.0 bn | 4.1 bn | 4.1 bn | 5.0 bn | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 1.4 bn | 1.5 bn | 1.7 bn | 1.8 bn | 1.9 bn † | 2.2 bn † | SEC (XBRL)· 27 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 239.6 m | 226.8 m | 211.1 m | 326.2 m | 473.9 m | 659.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | — | — | 109.0 m | 125.1 m | 170.9 m | 201.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | — | — | 102.1 m ≈ | 201.1 m ≈ | 303.0 m ≈ | 458.3 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -51.0 m | -364.3 m | -108.9 m | -122.4 m | -212.5 m | -203.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | -204.3 m | 67.7 m | -121.7 m | -207.9 m | -208.5 m | -283.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | — | — | 34.6 m | 35.6 m | 152.0 m | 153.4 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 47 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 29.8 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet74
- Growth82
- Quality29
- Returns37
- Valuation24
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 102.95 – 199.18 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)110.37 – 151.93 (Mid 126.60)WACC 9.3% · starting FCFF 605.9 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/Sales102.95 – 143.45 (Mid 130.74)6 companies used · median multiple 0.7x · quartiles 0.5x – 0.8xBHE, FLEX, JBL, KE, KTCC, SANM
- Peers: EV/EBITDA168.06 – 199.18 (Mid 188.04)4 companies used · median multiple 11.7x · quartiles 10.2x – 12.5xBHE, JBL, KE, SANM
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 47/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 11.5% | 0 (on a fixed band) | 11% |
| EBIT margin · Quality | 8.3% | 82 (vs peers) | 9% |
| FCF margin · Quality | 3.0% | 12 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 19.6% | 78 (on a fixed band) | 17% |
| Revenue growth (YoY) · Growth | 28.5% | 91 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | -2.3x | 100 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.6x | 48 (on a fixed band) | 6% |
| EV/Sales · Valuation | 1.4x | 14 (vs peers) | 17% |
| FCF yield · Valuation | 1.8% | 37 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 0.2% | 37 (on a fixed band) | 4% |
Score groups
- Balance sheet74/100 · 2/2 factors with a value
- Growth82/100 · 2/2 factors with a value
- Quality29/100 · 3/3 factors with a value
- Returns37/100 · 1/1 factors with a value
- Valuation24/100 · 2/2 factors with a value
Memo
CELESTICA INC. (CLS). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 12.4 bn USD in 2025; YoY growth 28.5%; net margin 6.8%; ROE 30.2%; net debt/EBITDA -2.3x.
The estimated value range is 110.37–151.93 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 130.74 USD, the price of 236.41 USD leaves a potential of -44.7% (value / price − 1) and a margin of safety of -80.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 47/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EBIT margin: 8.3%
- Revenue CAGR 3Y: 19.6%
- Revenue growth (YoY): 28.5%
- Net debt / EBITDA: -2.3x
What contradicts it
- Gross margin: 11.5%
- FCF margin: 3.0%
- EV/Sales: 1.4x
- The price is above the estimated value range
Versus the vertical median
Printed Circuit Boards (SIC 3672) · same industry (4-digit SIC) · compared with 11 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CLSCelestica Inc. | 29.8 bn | 22.4 | 30.2% | 6.8% | +28.5% | −30% / +821% |
| FLEXFlex Ltd. | 28.5 bn | 27.9 | 19.1% | 3.4% | +8.1% | +31% / +303% |
| JBLJabil Inc | 26.6 bn | 26.5 | 66.7% | 2.9% | +20.6% | +23% / +124% |
| TTMITtm Technologies, Inc. | 7.7 bn | 29.3 | 14.3% | 7.0% | +19.0% | +5% / +389% |
| SANMSanmina Corporation | 7.7 bn | 25.7 | 11.8% | 2.4% | +7.4% | −8% / +187% |
| PLXSPlexus Corp. | 5.5 bn | 30.5 | 12.6% | 4.6% | +1.8% | +45% / +103% |
| BHEBenchmark Electronics, Inc. | 2.3 bn | 42.2 | 5.0% | 1.9% | +0.1% | +45% / +162% |
| CTSCts Corporation | 1.8 bn | 24.4 | 13.0% | 12.9% | +5.2% | +46% / +60% |
| KEKimball Electronics, Inc. | 619.8 m | 22.9 | 4.8% | 2.0% | −3.7% | −11% / +5% |
| NNDMNano Dimension Ltd. | 278.3 m | — | -28.7% | -135.2% | +77.3% | −25% / −43% |
| ELTKEltek Ltd. | 42.0 m | 52.1 | 1.9% | 1.6% | +11.3% | −27% / −49% |
| KTCCKey Tronic Corp | 16.2 m | — | -51.3% | -12.4% | −17.4% | −44% / −64% |
1- and 3-year price returns: for CLS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 144.49 Total return -39% · Per year -39% | 254.28 Total return 8% · Per year 8% | 381.42 Total return 61% · Per year 61% |
| 3 years | 171.39 Total return -28% · Per year -10% | 336.28 Total return 42% · Per year 12% | 549.24 Total return 132% · Per year 32% |
| 5 years | 203.29 Total return -14% · Per year -3% | 444.73 Total return 88% · Per year 13% | 790.90 Total return 235% · Per year 27% |
- Exit P/E± 84.07
- Net margin± 58.85
- Annual revenue growth± 43.89
- Annual dilution± 4.94
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Celestica is a design and manufacturing services provider for data centers and advanced technology, headquartered in Toronto. CCS segment revenue rose 42% to 9.19 billion USD in fiscal 2025 1, and third quarter 2026 revenue reached 5.83 billion USD 3. The 2027 outlook points to 40.0 billion USD of revenue 3, a scenario that depends on demand for AI infrastructure.
SWOT
Strengths
- The company combines hardware design, manufacturing and supply chain management, which differentiates it from classic EMS providers 1.
- Revenue growth has been rapid in recent quarters, and margins in the CCS segment have risen 3.
- Purchasing scale and a global network of sites help secure scarce components 1.
Weaknesses
- Dependence on a small number of large customers makes revenue sensitive to their investment decisions 1.
- The business requires significant inventory and working capital, and cash flow can be affected by rapid growth 3.
- ATS margins are lower than CCS margins, which limits how much diversification improves profitability 3.
Opportunities
Risks
- Customer concentrationhigh
A small number of customers account for most revenue, and reduced programs from one of them could have a material impact 1.
- Dependence on AI investmenthigh
Revenue depends on customers' ability to fund and execute AI infrastructure programs, which can be delayed or reduced 1.
- Inventory and working capitalmedium
Cancelled or delayed orders can leave excess inventory and increase working capital needs 1.
- Component availabilitymedium
Component shortages or higher costs can delay production and affect margins 1.
- Trade and geopolitical riskmedium
Tariffs, export controls and geopolitical tensions can affect the supply chain and operations 1.
Investment thesis
What would need to be true (bull case)
- If the 2027 outlook is achieved, revenue and operating margin growth could show that the business model has adapted to AI demand 3.
- Rapid growth in HPS and CCS revenue could strengthen the company's position in data center platform design 1.
- If customer demand for 2028 stays high, as the company indicates, activity could keep growing 3.
What would break the thesis
- The ambitious 2027 outlook depends on the investment of a small number of customers, and a slowdown could quickly reduce results 1.
- Revenue growth has come with higher working capital and inventory, which could reduce cash flow 3.
- Some segments carry lower margins, and competition from EMS and ODM providers could limit profitability gains 1.
What to watch
- Delivery of Q4 2026 revenue and margin guidanceQ4 2026
- Evolution of hyperscaler demand and customer concentration2027
- Execution of capital investment and production capacity build-out2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Celestica describes itself as a technology leader in design, engineering, manufacturing, supply chain and platform solutions that support data center infrastructure for AI and cloud 1. The company reports two segments: Connectivity and Cloud Solutions (CCS), which includes hyperscaler customers, and Advanced Technology Solutions (ATS), which serves diversified industries such as aerospace, defense and healthtech 1. The HPS offering, characterized as ODM, carries higher margins than traditional EMS work but requires research and development investment 1.
Components are sourced mainly from Asian countries, and the company runs a network of sites and design centers in North America, Asia and Europe 1. It also raised capital through a public offering with aggregate gross proceeds of 3.45 billion USD completed in Q3 2026 3.
Market context
The company operates in contract design and manufacturing, competing with EMS and ODM providers, and demand from hyperscaler customers has grown with AI infrastructure investment 1. Q3 2026 revenue growth and the 2027 outlook point to strong demand, but capturing it depends on execution and on capital investment of 1.5 to 2.0 billion USD planned for 2027 3.
Customer concentration remains high: the top ten customers represented 79% of revenue in fiscal 2025 1. If hyperscaler investment changed, activity could be affected quickly, since programs can be reduced or cancelled 1.
Trends
- AI infrastructure investmenttailwind
Hyperscaler customers are expanding data center infrastructure, and the 2027 outlook ties revenue growth to this demand 3. If their investment continues, demand for the company's services could stay high.
- Customer concentrationheadwind
A small number of customers generate a large share of revenue, and losing a major customer could affect results 1. This dependence limits revenue stability.
- Lower-cost AI modelsmixed
Lower-cost and open-source AI models could reduce customer pricing and pressure infrastructure programs 1. The effect depends on how the AI market develops.
- Trade policy and tariffsheadwind
Tariffs and trade restrictions can change customer decisions and sourcing costs 1. The company expects customers to bear most tariff costs, but this remains an assumption 1.
Competitive position
Celestica competes with EMS providers offering full manufacturing and supply chain services, and with ODM providers that also design products 1. The company positions itself through its HPS design capability and the scale of its component purchasing 1.
Its competitive position depends on keeping hyperscaler relationships and winning new programs, since customers can shift business to other providers or use second-source programs 1.
- JabilJBL
Global EMS provider with manufacturing and supply chain services, named as an EMS alternative in the industry
- FlexFLEX
Global EMS and ODM provider competing in the same service categories
- Asian ODM providers
ODM companies that design and manufacture networking equipment and servers for cloud customers
- Other global EMS providers
Providers with global manufacturing and logistics networks offering services from assembly to testing
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report30 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report27 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report26 Oct 2026
- Current report26 Oct 2026Results of operations · Financial statements and exhibits
- Current report11 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Current report07 Aug 2026Material agreement · Financial statements and exhibits
- Quarterly report27 Jul 2026
- Current report27 Jul 2026Results of operations · Financial statements and exhibits
- Current report06 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Current report19 May 2026Shareholder vote · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Celestica Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-09-30 · SEC / Celestica Inc. · 26 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Celestica Inc. · 26 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.