Celestica Inc. (CLS)
適正価値ファンダメンタル
70
株価
$360.56
時価総額
$47.11B
パート1 · 企業の価値
概要
Celestica builds electronic hardware that other companies designed but do not want to manufacture themselves: servers and networking gear for cloud computing customers, plus aerospace, industrial and healthcare electronics. It owns the factories, buys the components, assembles and tests the finished product, then ships it under the customer's brand. Its growth in recent years has come almost entirely from hyperscale cloud and networking hardware for the small number of companies building today's AI data centres.
収益の仕組み
Celestica is paid for manufacturing services: it earns revenue on the hardware it ships, with margins coming from efficient production and component sourcing rather than from owning any proprietary technology in the product itself. Because it depends on a handful of very large customers for design wins and production volume, results move sharply with those customers' capital-spending decisions rather than with broad consumer demand.
セグメント別売上高
Servers, storage and networking hardware built mainly for hyperscale cloud providers and communications equipment makers.
Electronics manufacturing for aerospace and defence, industrial equipment, healthtech and capital equipment customers.
競争優位性（moat）
明確な優位性なし · なしContract electronics manufacturing is a competitive, price-driven industry with several large players capable of building similar hardware; Celestica itself names aggressive pricing dynamics and numerous competitors as an ongoing pressure. Its edge comes from operational execution and deep relationships with a few large customers rather than from a durable structural advantage a rival cannot copy.
需要を左右する要因
景気循環型Orders follow the capital-spending cycles of a small number of very large technology and networking customers, which can ramp production up or down quickly as their own end-market demand shifts. A slowdown in cloud data-centre build-out or a program cancellation at a top customer would show up in Celestica's results almost immediately.
主なリスク
- Customer program cancellation — Customers may change or cancel programs at any time based on shifting end-market demand or their own products' success, and Celestica has little control over that decision.
- Customer concentration — A significant reduction in, or the loss of, revenue from one of the largest customers could have a material adverse effect on results, financial position and cash flows.
- Intense industry competition — The electronics manufacturing services and ODM industry has numerous competitors and aggressive pricing dynamics, which pressures margins and can shift business away from Celestica on short notice.
- Dependence on customers' own success — Celestica's results are tied to how well its customers' end products sell and to rapid technology change in their markets, factors entirely outside its control.
顧客集中度
主要顧客が売上高の58%を占める
In 2025 three customers, all within the Connectivity and Cloud Solutions segment, individually accounted for 10% or more of revenue — 32%, 14% and 12% respectively — and the ten largest customers together made up 79% of revenue.
強気材料
Buyers argue that Celestica has become a critical, hard-to-replace manufacturing partner for the handful of companies building AI data-centre infrastructure, and that CCS segment revenue growth of 42% in 2025 shows real share gains rather than a one-off spike.
弱気材料
Sellers fear that with three customers alone worth 58% of revenue, a single program loss or a pause in one hyperscaler's data-centre spending could sharply cut results, and that the underlying manufacturing business remains a low-margin, highly competitive trade with little pricing power of its own.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月18日 with claude-haiku-4-5 — shared with all users
Jabil bids for the same electronics manufacturing and design contracts as Celestica across cloud/data-center hardware, healthcare, industrial and capital equipment customers.
Flex is a comparable global contract manufacturer that has pushed hard into data-center power, cooling and server assembly, the same hyperscaler spending Celestica's CCS segment depends on.
Sanmina competes for the same high-complexity, lower-volume programs in communications, optical, industrial, medical and defense electronics that make up much of Celestica's mix.
Plexus pursues the same low-volume, highly regulated design-and-build customers in healthcare, industrial and aerospace/defense that Celestica courts with its ATS business.
Foxconn is the largest contract manufacturer of AI servers and networking hardware and competes head-on with Celestica for hyperscaler and cloud-provider orders.
Benchmark targets the same engineering-led manufacturing work in aerospace and defense, medical, semiconductor capital equipment and industrial markets served by Celestica's ATS segment.
貸借対照表と流動性
売上高
$15.59B
直近12か月（2026/6/30まで）
純利益
$1.12B
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$458M
自己資本合計
$2.22B
負債合計
$5.00B
流動比率
1.23
利払い倍率
22.20
負債/EBITDA
0.81
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$346.15
現在株価
$360.56
安全マージン
-4.2%
適正価値レンジ
$224.99 - $467.30
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
37.65
ROE
37.6%
P/B レシオ
16.76
P/FCF
80.12
粗利益率
12.0%
ROIC
30.0%
収益性レーダー
価値創造（経済的モート）
ROIC
30.0%
WACC
11.9%
ROIC − WACC
+18.1 pp
ROICが資本コストを上回っています。企業は株主のために価値を創出しています。
ファンダメンタル分析基準
合格（21）
- EPS shows upward trend
- EPS CAGR 69.90%
- Price CAGR 40.77%
- ROIC 30.0%
- Debt/Equity ratio
- Operating Margin 8.8%
- Positive Free Cash Flow
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- ROE 50.6%
- Revenue Growth 5Y 16.6%
- Analyst Consensus 92% Buy
- Earnings Surprise avg 6.3%
- PEG Ratio 0.57
- Earnings Quality (OCF/NI) 1.02
- Share Dilution -1.9%
- Net Margin Trend 7.2% vs 5.1%
- Piotroski F-Score 6/9
不合格（6）
- Gross Margin 12.0%
- P/FCF 80.12
- P/B Ratio 16.76
- CapEx intensity
- Price below Graham Number
- DCF valuation (Overvalued)
データなし（1）
- Dividend Payout NaN%
Piotroski F-スコア
まちまちのシグナル：一部の領域に注意が必要
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Robert Andrew Mionis | CEO & Chair of the Board | 62 |
| Mr. Yann Louis Etienvre | Chief Operations Officer | 51 |
| Mr. Jason Phillips | Advisor | 50 |
| Mr. Todd C. Cooper | President of Advanced Technology Solutions | 55 |
| Mr. Matthew Pallotta C.A., CPA, M.B.A. | Head of Investor Relations | - |
| Mr. Douglas M. Parker | Chief Legal Officer & Corporate Secretary | 54 |
| Mr. Craig Oberg | Vice President of Investor Relations & Corporate Development | - |
| Ms. Leila Wong C.M.A., CPA | Chief Human Resources Officer | - |
| Mr. Gavin Cato | Head & CTO of Hardware Platform Solutions | 57 |
| Mr. Steven Dorwart | President of Connectivity & Cloud Solutions | - |
監査リスク
1
取締役会リスク
3
報酬リスク
2
株主権利リスク
5
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
業績推移
via SEC EDGAR
Latest News
Recent headlines for CLS, sourced from Markets Gazette.
- 23h agoPOSITIVEWall Street may be sleeping on this networking stock tied to Google and OpenAI
Bernstein highlights Celestica Inc. as a key beneficiary of a critical bottleneck in data center networking. The firm suggests Wall Street is underestimating the stock's potential, driven by its ties to major AI players like Google and OpenAI. This positioning indicates strong demand for Celestica's advanced networking solutions, crucial for the expanding AI infrastructure. Investors should monitor Celestica's capacity expansion and partnerships as indicators of continued growth in this high-demand sector.
- 8/25/2026NEGATIVEIl titolo Celestica è sceso a un supporto cruciale: cosa succederà alle azioni?
Celestica Inc. (CLS) has entered a bear market, plummeting nearly 40% from its year-to-date high to C$407. This sharp decline follows the company's earnings report and a significant dilutive operation. Technical analysis indicates a strong downtrend, with the stock falling below the crucial $450 support level. The Relative Strength Index (RSI) has dropped from 76 to 40, signaling further potential downside. Investors are closely watching AI-related growth prospects, but the immediate outlook remains bearish due to these factors.
- 8/5/2026POSITIVECelestica Joins Data Center Funding Rush With $3 Billion Deal
Celestica Inc. is set to raise $3 billion through a new share offering, a strategic move to capitalize on the burgeoning demand for data center infrastructure driven by the artificial intelligence boom. This significant capital infusion positions Celestica to expand its capacity and services, catering to the increasing needs of AI development. The move signals strong growth prospects and investor confidence in the company's ability to leverage the AI revolution, potentially leading to increased market share and profitability. Investors may see this as a positive development, indicating proactive management and a clear path to capitalize on a high-growth sector.
- 8/5/2026NEUTRALCelestica’s $3 Billion Deal Joins Data Center Funding Rush
Celestica Inc. is planning to raise $3 billion through a new share offering, participating in the significant capital influx directed towards data center expansion. This move is driven by the escalating demand for infrastructure to support the burgeoning artificial intelligence sector. While the capital raise itself is a neutral event, the underlying driver of AI-driven data center growth suggests potential future demand for Celestica's services. Investors will monitor how effectively Celestica deploys this capital and the competitive landscape for data center solutions.
via Markets Gazette