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Canadian electronics manufacturing services (EMS) provider building servers, networking gear and other hardware for technology and industrial customers.
Canadian electronics manufacturing services (EMS) provider building servers, networking gear and other hardware for technology and industrial customers.
Spun out of IBM in the 1990s, it is a contract manufacturer paid per unit built, but growth now comes from designing switches and servers for cloud companies, which carries more design content than plain assembly. Revenue depends on a handful of large cloud and networking customers. A decade of reshaping saw it step away from low-margin programmes.
In one line: Canada's Jabil/Flex.
Moat: narrow (scale, switching costs, customer qualification). Deep design-and-manufacturing integration with hyperscale customers on complex server/networking hardware.
Headquarters: Toronto, Canada · Founded: 1994 · Employees: 29,591
Size Celestica (CLS.TO) is a Canada Information Technology company (Electronic Components) with a market value of $26.3B, the 41st largest of 420 Canada companies the cockpit tracks. Shares closed at C$292.16 on 6 Nov 2026.
Performance Over six months the shares fell 44.3%, against -23.4% for the median peer and +5.2% for the Canada market (cap-weighted) — 4th lowest of 20 in its peer set.
Growth Revenue grew 60.6% over the last twelve months (peer median +33.1%); the operating margin is 8.6% (peer median 12.9%).
Valuation It trades at 11.5× forward earnings against a peer median of 21.2× (cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +18%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 24.3 points above its cost of capital (10.1% WACC).
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$25.3B | C$17.3B | C$13.2B | C$10.7B | C$9.44B |
| Revenue growth | — | +31% | +23% | +14% | — |
| Gross profit | C$2.90B | C$1.93B | C$1.36B | C$964M | C$776M |
| EBITDA | C$2.44B | C$1.38B | C$1.06B | C$649M | C$540M |
| Net income | C$1.73B | C$1.16B | C$586M | C$330M | C$189M |
| Free cash flow | C$757M | C$640M | C$415M | C$271M | C$181M |
| Capital expenditure | C$1.20B | C$281M | C$234M | C$169M | C$142M |
| Total debt | C$1.46B | C$1.26B | C$1.34B | C$1.03B | C$1.07B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Celestica CLS.TO | $26.3B | -44% | +61% | 9% | 11.5× | 11.0% |
| Jabil JBL | $24.6B | -33% | +21% | 5% | 13.5× | 8.3% |
| Flex FLEX | $25.8B | -51% | +18% | 6% | 11.2× | 15.9% |
| Sanmina SANM | $7.22B | -46% | +59% | 5% | 10.7× | 6.8% |
| Hon Hai Precision Industry 2317.TW | $95.6B | -3% | +25% | 4% | 10.5× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CLS.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -44.9% | -38.0% | 5th lowest of 21 |
| 6-month return | -44.3% | -23.4% | 4th lowest of 20 |
| Distance from 52-week high | -55.4% | -49.6% | 7th lowest of 21 |
| Revenue growth (TTM) | +60.6% | +33.1% | 4th highest of 21 |
| Operating margin | 8.6% | 12.9% | 4th lowest of 21 |
| Forward P/E | 11.5× | 21.2× | cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 11.0% | 23.7% | 2nd least demanding of 12 |
| Growth delivered (Del g) | +17.6% | +7.7% | 3rd highest of 12 |
| Hurdle (Req g minus delivered) | -6.6 pp | +10.8 pp | least demanding of 12 |
| ROIC minus cost of capital | +24.3 pp | +2.9 pp | 2nd highest of 21 |
| EV / EBITDA | 13.4× | 15.6× | 5th cheapest of 10 |
| Net debt / EBITDA | -1.7× | -0.7× | 2nd least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Celestica CLS.TO | Canada | $26.3B | -44% | +61% | 9% | 11.5× | 11.0% | +17.6% |
| Suzhou Dongshan Precision Manufacturing 002384.SZ | China | $26.9B | -57% | +56% | 11% | 18.0× | n/a | n/a |
| Tdk 6762.T | Japan | $25.4B | -27% | +25% | 10% | 15.0× | 18.2% | +11.1% |
| Ibiden 4062.T | Japan | $22.1B | +164% | +26% | 18% | 39.2× | 39.2% | +5.2% |
| Chaozhou Three-Circle (Group) 300408.SZ | China | $21.6B | -15% | +65% | 34% | 28.1× | 23.7% | +17.7% |
| Wus Printed Circuit (Kunshan) 002463.SZ | China | $21.2B | -29% | +61% | 28% | 18.2× | n/a | n/a |
| Shennan Circuit 002916.SZ | China | $20.4B | -36% | +51% | 18% | 22.6× | n/a | n/a |
| Unimicron Technology 3037.TW | Taiwan | $35.4B | -19% | +33% | 13% | 20.1× | 45.9% | +8.3% |
| Victory Giant Technology (HuiZhou) 300476.SZ | China | $18.3B | -62% | +38% | 26% | 17.2× | n/a | n/a |
| Largan Precision 3008.TW | Taiwan | $17.7B | +76% | 0% | 35% | 26.0× | 12.6% | +1.8% |
| NVT NVT | United States | $17.2B | -38% | +48% | 18% | 16.4× | 16.2% | +14.3% |
| Nan Ya Printed Circuit Board 8046.TW | Taiwan | $17.1B | -12% | +34% | 12% | 26.1× | 58.7% | +0.8% |
| Avary Holding (Shenzhen) 002938.SZ | China | $16.2B | -35% | +8% | 10% | 22.4× | n/a | n/a |
| Gold Circuit Electronics 2368.TW | Taiwan | $12.9B | -45% | +68% | 26% | 14.5× | 14.2% | +20.7% |
| Zhen Ding Technology Holding Lt 4958.TW | Taiwan | $12.8B | -12% | +5% | 9% | 18.4× | n/a | n/a |
| Luxshare Precision Industry 2475.HK | Hong Kong | $55.2B | n/a | +33% | 4% | 15.7× | n/a | n/a |
| Accelink Technologies 002281.SZ | China | $10.8B | -37% | +32% | 11% | 42.6× | n/a | n/a |
| Kinsus Interconnect Technology 3189.TW | Taiwan | $10.7B | +27% | +34% | 14% | 29.4× | 41.2% | +7.7% |
| Sunny Optical 2382.HK | Hong Kong | $8.92B | -3% | +20% | 8% | 14.8× | 4.9% | +1.9% |
| Innolux 3481.TW | Taiwan | $8.71B | +32% | +11% | 0% | 62.6× | 37.3% | -3.4% |
| Shenzhen Kinwong Electronic 603228.SS | China | $8.38B | -23% | +33% | 12% | 22.6× | n/a | n/a |