# Celestica Inc. (CLS)

> Source: Nexqual · https://nexqual.com/CLS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Celestica Inc. (CLS), nexqual.com/CLS" · informational, not investment advice.

**Price:** USD 269.01 (-11.69% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 304.61 · day 267.7–291.99 · 52w 244.51–474.03 · market cap $33.9B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $15.6B, net income $1.12B (7.2% margin), free cash flow $519M (SEC filings).
- Valuation: P/E 30.4x (avg 27.1x at the last 3 fiscal year-ends), EV/EBITDA 22.1x, net debt $275M.
- 2 of 80 tracked superinvestors hold CLS (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 13 Form 4 filings, $152M; 1 not under a Rule 10b5-1 plan ($1.4M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.77 on a 1–5 scale) (22 analysts), mean target USD 473.91 (range 375–550).
- Total return with dividends: 1Y -4.8% vs S&P 500 +14.9%; 5Y +2780.2% vs S&P 500 +80.3%.
- Next earnings: 2026-10-26, EPS estimate USD 2.97, revenue estimate $5.47B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $7.25B | $7.96B | $9.65B | $12.4B | $15.6B |
| Gross profit | $650M | $754M | $1.03B | $1.49B | — |
| Operating income | $289M | $338M | $599M | $1.04B | $1.37B |
| Net income | $180M | $244M | $428M | $833M | $1.12B |
| EPS (diluted) | $1.46 | $2.03 | $3.61 | $7.16 | — |
| Free cash flow | $102M | $201M | $303M | $458M | $519M |
| Gross margin | 9.0% | 9.5% | 10.7% | 12.1% | — |
| Operating margin | 4.0% | 4.2% | 6.2% | 8.4% | 8.8% |
| Net margin | 2.5% | 3.1% | 4.4% | 6.7% | 7.2% |
| Revenue growth | — | +9.8% | +21.2% | +28.5% | — |
| Cash + short-term investments | $375M | $370M | $423M | $596M | — |
| Total debt | — | $675M | $797M | $777M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 30.4x · P/S 2.2x · EV/EBITDA 22.1x · EV/Sales 2.2x · P/FCF 65.4x · P/B 13.7x · FCF yield 1.53% · Earnings yield 3.29% · Buyback yield (TTM) 0.17% · Net debt $275M · EV $34.2B
P/E at fiscal year-ends: Dec 2025 41.3x, Dec 2024 25.6x, Dec 2023 14.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold CLS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Sarah Ketterer | Causeway Capital Management | 0.08% | $7.1M | Reduced -21.0% |
| Lee Ainslie | Maverick Capital | 0.04% | $4.7M | Added +10.4% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
12 of 13 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-23 | Cooper Todd C | President | 20,118 | $7.2M | 21.5% | Yes (adopted June 4, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-23 | Mionis Robert | Chief Executive Officer | 23,396 | $8.5M | 3.4% | Yes (adopted March 11, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-13 | Mionis Robert | Chief Executive Officer | 23,496 | $8.5M | 3.3% | Yes (adopted March 11, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-05 | Mionis Robert | Chief Executive Officer | 51,061 | $18.8M | 6.7% | Yes (adopted March 11, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-04 | Mionis Robert | Chief Executive Officer | 98,453 | $36.3M | 11.4% | Yes (adopted March 11, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-04 | Chawla Mandeep | Chief Financial Officer | 16,117 | $6.0M | 19.8% | Yes (adopted March 13, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-31 | Mionis Robert | Chief Executive Officer | 9,543 | $3.5M | 1.1% | Yes (adopted March 11, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-31 | Chawla Mandeep | Chief Financial Officer | 883 | $324K | 1.1% | Yes (adopted March 13, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-17 | Mionis Robert | Chief Executive Officer | 18,176 | $7.0M | 2% | Yes (adopted March 11, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-16 | Mionis Robert | Chief Executive Officer | 55,768 | $21.6M | 5.9% | Yes (adopted March 11, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-15 | Mionis Robert | Chief Executive Officer | 66,056 | $26.4M | 6.5% | Yes (adopted March 11, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-15 | Chawla Mandeep | Chief Financial Officer | 17,000 | $6.8M | 17.1% | Yes (adopted March 13, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-19 | Wilson Michael Max | Director | 4,168 | $1.4M | 14.4% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.77 on a 1–5 scale), 22 analysts; mean target USD 473.91 (low 375, high 550).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-30 | Bernstein | Initiated | Outperform | $520 |
| 2026-09-15 | FBN Securities | Initiated | Outperform | $375 |
| 2026-08-24 | UBS | Upgrade | Neutral → Buy | $410 → $430 |
| 2026-08-07 | Barclays | Target lowered | Overweight | $430 → $406 |
| 2026-07-29 | JP Morgan | Target raised | Overweight | $445 → $485 |
| 2026-07-29 | Wolfe Research | Target raised | Outperform | $425 → $475 |
| 2026-07-29 | Barclays | Target lowered | Overweight | $441 → $430 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -4.8% | +2780.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -4.9% | +95.5% |
| Volatility (annualized) | 78.7% | 54.2% |
| Max drawdown | -43.0% (Jun 2026→Oct 2026) | -49.9% (Feb 2025→Mar 2025) |

## Peers (Electronic Components)
FLEX (Flex Ltd.) USD 76.69 -11.08% · JBL (Jabil Inc.) USD 267.41 -4.83% · TEL (TE Connectivity plc) USD 208.42 -2.65% · FN (Fabrinet) USD 317.67 -10.78% · GLW (Corning Incorporated) USD 123.99 -8.10% · TTMI (TTM Technologies, Inc.) USD 73.89 -27.67%

## More
Full page: https://nexqual.com/CLS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CLS's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | IBM (IBM) | "In 1993, we began providing electronics manufacturing services to non-IBM customers." |
| Customer | Amazon Fulfillment Services | "Our CCS segment customers include Amazon Fulfillment Services, Inc., Meta Platforms, Inc., Google Inc., Ciena Corporation, Dell Technologies, Hewlett-Packard Enterprise, and IBM Corporation, Inc. Our ATS segment customer…" |
| Customer | Meta Platforms (META) | "Our CCS segment customers include Amazon Fulfillment Services, Inc., Meta Platforms, Inc., Google Inc., Ciena Corporation, Dell Technologies, Hewlett-Packard Enterprise, and IBM Corporation, Inc. Our ATS segment customer…" |
| Customer | Alphabet (Google) (GOOGL) | "Our CCS segment customers include Amazon Fulfillment Services, Inc., Meta Platforms, Inc., Google Inc., Ciena Corporation, Dell Technologies, Hewlett-Packard Enterprise, and IBM Corporation, Inc. Our ATS segment customer…" |
| Customer | CIENA CORP (CIEN) | "Our CCS segment customers include Amazon Fulfillment Services, Inc., Meta Platforms, Inc., Google Inc., Ciena Corporation, Dell Technologies, Hewlett-Packard Enterprise, and IBM Corporation, Inc. Our ATS segment customer…" |
| Customer | Dell Technologies (DELL) | "Our CCS segment customers include Amazon Fulfillment Services, Inc., Meta Platforms, Inc., Google Inc., Ciena Corporation, Dell Technologies, Hewlett-Packard Enterprise, and IBM Corporation, Inc. Our ATS segment customer…" |
| Customer | Applied Materials (AMAT) | "Our CCS segment customers include Amazon Fulfillment Services, Inc., Meta Platforms, Inc., Google Inc., Ciena Corporation, Dell Technologies, Hewlett-Packard Enterprise, and IBM Corporation, Inc. Our ATS segment customer…" |
| Customer | LAM Research and Honeywell | "Our CCS segment customers include Amazon Fulfillment Services, Inc., Meta Platforms, Inc., Google Inc., Ciena Corporation, Dell Technologies, Hewlett-Packard Enterprise, and IBM Corporation, Inc. Our ATS segment customer…" |
| Customer | NCS Global Services | "As a result of the NCS acquisition, our amortization of customer and brand intangible assets increased by approximately $3 annually." |
| Competitor | Flex (FLEX) | "Our competitors in the EMS industry include Benchmark Electronics, Inc., Flex Ltd., Hon Hai Precision Industry Co., Ltd., Jabil Inc., Plexus Corp., and Sanmina Corporation, as well as smaller EMS companies that often hav…" |
| Competitor | Hon Hai (Foxconn) | "Our competitors in the EMS industry include Benchmark Electronics, Inc., Flex Ltd., Hon Hai Precision Industry Co., Ltd., Jabil Inc., Plexus Corp., and Sanmina Corporation, as well as smaller EMS companies that often hav…" |
| Competitor | Jabil (JBL) | "Our competitors in the EMS industry include Benchmark Electronics, Inc., Flex Ltd., Hon Hai Precision Industry Co., Ltd., Jabil Inc., Plexus Corp., and Sanmina Corporation, as well as smaller EMS companies that often hav…" |
| Competitor | Sanmina (SANM) | "Our competitors in the EMS industry include Benchmark Electronics, Inc., Flex Ltd., Hon Hai Precision Industry Co., Ltd., Jabil Inc., Plexus Corp., and Sanmina Corporation, as well as smaller EMS companies that often hav…" |
| Competitor | Quanta Computer | "Our ODM competitors provide product design capabilities and manufacturing services and include Quanta Computer Inc., Wiwynn Corporation, and Accton Technology Corp. In some markets, particularly in data center switching,…" |
| Competitor | Arista Networks (ANET) | "Our ODM competitors provide product design capabilities and manufacturing services and include Quanta Computer Inc., Wiwynn Corporation, and Accton Technology Corp. In some markets, particularly in data center switching,…" |
| Competitor | Cisco (CSCO) | "Our ODM competitors provide product design capabilities and manufacturing services and include Quanta Computer Inc., Wiwynn Corporation, and Accton Technology Corp. In some markets, particularly in data center switching,…" |

Other companies that name CLS in their own reports (relationship from CLS's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | Penguin Solutions, Inc. (PENG) | 10-K 2026-10-20 | "Our contract manufacturers include NEC Corporation, Advantech Co., Ltd. and Celestica Inc. We often work with our suppliers in bidding for customers' design-in opportunities." |
| competitor | Fabrinet (FN) | 10-K 2026-08-18 | "Competitors in the market for optical manufacturing services include Benchmark Electronics, Inc., Celestica Inc., InnoLight Technology (Suzhou) Ltd., Jabil Inc., Sanmina Corporation, Venture Corporati…" |
| competitor | SYPRIS SOLUTIONS INC (SYPR) | 10-K 2026-03-26 | "In the aerospace and defense electronics market, we compete primarily against other component suppliers such as Celestica Inc., Jabil Circuit, Inc. and Spartronics." |
| competitor | BENCHMARK ELECTRONICS INC (BHE) | 10-K 2026-02-24 | "Our competitors include Celestica Inc., Flex Ltd., Jabil Inc., Kimball Electronics Inc., Plexus Corp, and Sanmina Corporation." |
| competitor | Ultra Clean Holdings, Inc. (UCTT) | 10-K 2026-02-23 | "Our principal competitors for gas delivery systems are Ichor Systems, Inc. and Fujikin Incorporated; our principal competitors for other critical subsystems are Foxsemicon Integrated Technology Inc., …" |
| competitor | TD SYNNEX CORP (SNX) | 10-K 2026-01-27 | "We also compete against companies who participate within the hyperscale computing infrastructure market including Jabil Inc., Celestica, Flex Ltd., Quanta Computer Inc. and Wiwynn Corporation." |
| competitor | SANMINA CORP (SANM) | 10-K 2025-11-13 | "Our competitors include major global EMS providers, including Benchmark Electronics, Inc., Celestica, Inc., Flex Ltd., Hon Hai Precision Industry Co., Ltd. (Foxconn), Jabil Inc. and Plexus Corp., as w…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| CCS | $3.81B | 81.1% | +83.7% | $329.9M | 8.7% |
| ATS | $888.3M | 18.9% | +8.4% | $56.4M | 6.3% |
| Total revenue | $4.70B | 100% | — | $386.3M | 8.2% |

## Company outlook (8-K filed 2026-07-27)

- "We also anticipate adjusted EPS (non-GAAP)* to grow at a faster rate than our revenue in 2027."
- "(1) The increase of our 2026 annual outlook is driven by expected stronger customer demand for Q3 2026 and improvements in our demand visibility for the remainder of 2026."
- "(2) 2026 guidance assumes an adjusted effective tax rate (non-GAAP)* of approximately 20% and no share repurchases or issuances in the remainder of 2026. * See Use of Non-GAAP Measures and Schedule 1."
- "For our Q3 2026 Guidance and 2026 Annual Outlook and Long-Term Demand Update, we present certain forward-looking non-GAAP metrics."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.97 | $2.69 | +10.1% | $5.47B | 18 |
| Next quarter (ends 2026-12-31) | $3.49 | $2.92 | +19.4% | $6.40B | 6 |
| Current fiscal year (ends 2026-12-31) | $11.17 | $10.30 | +8.4% | $20.61B | 21 |
| Next fiscal year (ends 2027-12-31) | $19.45 | $14.87 | +30.8% | $35.71B | 9 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-26): ±14.3%; last 7 reports averaged ±12.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 121.0% | ±14.3% |
| 2026-11-06 | 14 | 98.4% | ±16.1% |
| 2026-11-13 | 21 | 93.1% | ±18.2% |
| 2026-11-20 | 28 | 84.4% | ±18.9% |
| 2026-11-27 | 35 | 81.2% | ±20.2% |
| 2026-12-04 | 42 | 77.8% | ±21.2% |
| 2026-12-18 | 56 | 76.2% | ±23.0% |
| 2027-01-15 | 84 | 70.9% | ±26.7% |