Celestica Inc. (CLS)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$18.2B

Revenue growth

61.6%

Net income, last twelve months

$1.2B

Earnings per share

$10.57

Gross margin

11.5%

Operating margin

8.3%

Net margin

6.8%

Free cash flow

$545.4M

Return on equity

20.0%

Market value

$37.9B

Price to earnings

28.4x

Cash

$4.0B

Debt

$818.8M

Debt to equity

0.13

Shares outstanding

126.1M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter of 2026 (Q3 2026) results, filed 26 October 2026.

• Revenue rose 83% year over year. Q3 revenue was $5.83 billion, compared with $3.19 billion in Q3 2025, an increase of 83%.
• Adjusted EPS more than doubled. Adjusted EPS was $3.30 against $1.58 a year earlier. Management cited revenue and operating margin gains in the quarter.
• GAAP operating margin fell year over year. GAAP earnings from operations were 7.9% of revenue against 10.2% in Q3 2025. GAAP EPS was $3.26 against $2.31.
• CCS revenue nearly doubled. CCS segment revenue was $4.87 billion, up 102%, with segment margin of 8.9% against 8.3% a year earlier.
• Hardware Platform Solutions up 70%. Hardware Platform Solutions revenue was approximately $2.3 billion, up 70% from Q3 2025.
• ATS revenue and margin rose. ATS segment revenue was $0.96 billion, up 23%, with segment margin of 6.6% against 5.5% in Q3 2025.
• Data center infrastructure focus. The company describes itself as enabling data center infrastructure for AI, cloud and hybrid cloud, and advancing technologies in high-growth markets.
• Compute and Storage product scope. The Compute & Storage end market continues to consist of Servers and Storage businesses, unchanged by the renaming.
• ATS spans four businesses. The ATS segment is made up of Aerospace and Defense, Industrial, HealthTech and Capital Equipment businesses.
• Adjusted operating margin set new high. Adjusted operating margin was 8.5% against 7.6% in Q3 2025, which management described as another new high for the company.
• Operating leverage lifted margin. Management attributed the adjusted operating margin result above the guidance mid-point to stronger than anticipated operating leverage.
• GAAP gross margin below prior year. GAAP gross margin was 11.0% against 13.0% in Q3 2025. Adjusted gross margin was 11.2% against 11.7%. The filing does not give a reason.
• Tax rate below anticipated estimate. Adjusted effective tax rate was 18% against an anticipated 20%, attributed to favorable profit mix and a discrete tax benefit.
• Swap gains smaller than last year. Total return swap impact was negative $0.03 per share in Q3 2026, against positive $0.98 in Q3 2025. Nine-month impact was positive $0.71 against $1.65.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

Company events

The newest 8-K filings of 27 held.

Every filing

The newest filings with the SEC of 566 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

950 funds held it at 30 Jun 2026: 489 added and 268 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Flex Ltd. (FLEX): revenue $29.3B, market value $34.4B
• Jabil Inc. (JBL): revenue $36.0B, market value $30.4B
• TTM Technologies Inc. (TTMI): revenue $3.8B, market value $9.6B
• Sanmina Corp. (SANM): revenue $12.8B, market value $9.4B
• Plexus Corp. (PLXS): revenue –, market value $6.4B
• Benchmark Electronics Inc. (BHE): revenue $2.9B, market value $2.6B
• CTS Corp. (CTS): revenue $570.9M, market value $1.8B

What the company does

Celestica is a company headquartered in Toronto, Ontario, that designs, engineers and manufactures hardware, with a large part of its work going into data center infrastructure for AI and cloud computing. It reports two segments, Connectivity and Cloud Solutions (CCS) and Advanced Technology Solutions (ATS). In 2025, CCS made up 74% of its revenue and ATS made up 26%. It runs a network of sites and design centers in North America, Asia and Europe, and had 29,591 permanent and temporary employees at 31 December 2025.

How the business is organised

CCS holds the Communications and Enterprise end markets. Enterprise covers the servers and storage businesses. ATS covers Aerospace and Defense, Industrial, HealthTech and Capital Equipment. By end market, Communications was 57% of 2025 revenue, ATS 26% and Enterprise 17%.

Within CCS sits the Hardware Platform Solutions (HPS) offering, which the filing describes as original design manufacturer (ODM) work. HPS accounted for 41% of total revenue in 2025. The company says CCS businesses typically have larger program volumes and more concentration with major customers than ATS businesses.

Celestica was incorporated in Ontario on 27 September 1996. Before that it was an IBM manufacturing unit that served IBM for more than 75 years. Onex Corporation bought it from IBM in 1996, and Onex is no longer its controlling shareholder.

What it sells

CCS products are mostly data communications and information processing systems used in hyperscale data centers. They include networking switches, optical systems, data center racks, servers and storage products. Through HPS, Celestica designs or jointly designs customized hardware and software platforms, including open-source software, and then manages the supply chain, manufacturing and services around them.

ATS products include government-certified manufacturing for aerospace and defense customers, semiconductor equipment and subsystems, industrial automation and test devices, surgical instruments, diagnostic imaging and patient monitoring equipment, and products for the energy and power industries. Celestica does not generally collaborate with ATS customers on design, so this work is electronics manufacturing services (EMS).

Services cover the product lifecycle: design, prototyping, new product introduction, supply chain management, assembly, testing, repair, reverse logistics and IT asset disposition. Celestica also takes on product lines under licence from partners that want to rationalize their portfolios, managing everything from order acceptance to after-market service.

Who buys from it

CCS customers include Amazon Fulfillment Services, Meta Platforms, Google, Ciena, Dell Technologies, Hewlett-Packard Enterprise and IBM. ATS customers include Applied Materials, LAM Research and Honeywell.

Revenue is concentrated. Celestica generally signs master supply agreements that do not typically guarantee a level of business or fixed pricing. It bids program by program and receives purchase orders for specific quantities.

How it makes things

Manufacturing includes printed circuit board assembly, complex mechanical assembly (wire harnesses, sheet metal fabrication, welding and machining), precision machining, and systems assembly and testing, including data center rack integration. Celestica buys substantially all materials and components on behalf of customers under purchase orders that are generally short-term. A majority of electronic components come from Asian countries.

About 75% of 2025 revenue was produced in Asia and about 20% in North America. The company runs a Celestica Operating System of standard practices across its sites, and says its principal sites are ISO 9001 and ISO 14001 certified. It also invests in research and development, including work done independently of specific customers, on AI and machine learning compute, networking and storage, and says it holds hardware and software patents that are integral to HPS.

How it competes

Celestica competes with EMS companies including Benchmark Electronics, Flex, Hon Hai Precision Industry, Jabil, Plexus and Sanmina. Its ODM competitors include Quanta Computer, Wiwynn and Accton Technology. In data center switching it also competes with OEMs such as Arista Networks and Cisco Systems, whose off-the-shelf products customers may choose over customized ones. Some customers also weigh making products themselves. The filing notes that some competitors have greater scale and a broader range of services. The company says its advantage lies in its track record in advanced manufacturing, design and engineering, quality, delivery and supply chain services.

Its people

Of the 29,591 employees, 20,392 are in Asia, 6,485 in the Americas and 2,714 in Europe. Of the total, 5,788 are temporary (contract) employees, which the company uses to adjust production up or down. Some employees in China, Japan, Mexico, Romania, Singapore and Spain are represented by unions or covered by collective bargaining agreements.

*From Celestica's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm)*

From the company's 10-K.