CLS.US: Q2'26 — AI server ODM

Snapshot

Price

USD 195

Mkt cap

USD 23.0B

Revenue

USD 18.8B

CCS revenue (Q)

USD 3.8B

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

Celestica Q2 2026 revenue $4.70B (+62%), CCS $3.81B (+84%), adj EPS $2.54. FY26 outlook raised to $20.5B revenue, $11.30 adj EPS. AI server ODM / liquid cooling / OpenAI rack thesis intact.

Business

Model: EMS/ODM; CCS focused on cloud/AI hardware. Flagships: AI server integration; liquid-cooling racks. Edge: OpenAI-scale customer bind. Strategy: FY26 $20.5B / $11.30 EPS.

Value chain

AI hardware ODM downstream. Upstream: GPU/net/VRT power-cooling. Risks: concentration, SMCI competition.

Valuation

ODM margins below semis; growth and backlog support multiple.

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)

Metric	Value	Note
P/E（TTM 约）	约 32x	行情示意；以最新 EPS 为准
P/B	约 6.5x	净资产口径随季报更新
盈利收益率	约 3.1%	1/PE 近似
现价读法	约 195 USD	截至 2026-08-26 包内 KPI

~3y valuation/return series (PE, PB, dividend yield, trailing 1Y ann. return):

Valuation & return · ~3y

Interactive chart available in the reader.

~3y share price (quarterly close, split-adjusted approx.):

Share price · ~3y

Interactive chart available in the reader.

Financial trend (~24 months)

Illustrative 8Q with YoY/QoQ:

Revenue · last 8Q

Interactive chart available in the reader.

Gross margin · last 8Q

Interactive chart available in the reader.

Net income · last 8Q

Interactive chart available in the reader.

Financial health (§A.7)

OCF and leverage per latest filings.

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)

Item	Value	Note
财务健康总评	稳健偏扩张	以最新季报 OCF 与净现金为准
经营现金流	见最新 10-Q	AI 周期龙头通常 OCF 强劲
净负债 / 现金	投资级或净现金	详见 table 与 IR
流动性	充裕	Current ratio / cash & equivalents
审计意见	无保留（常规预期）	以最新 10-K 为准

Operations

Adj op margin 8.2%; CCS is growth engine.

Key financial points

Key financial points

Item	Value	YoY	Note
Q2 营收	$4.70B	+62%	至 6/30
CCS	$3.81B	+84%	AI server
Adj EPS	$2.54	Q2	OM 8.2%
FY26 展望	$20.5B rev	Adj EPS $11.30	上修

Competition

Market share vs peers (illustrative):

Market share trend · last 8Q

Interactive chart available in the reader.

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Peer comparison

Peer comparison

Company	Position	Margin	Strength	Weakness
Celestica (self)	AI rack ODM	Adj OM ~8%	Scale + liquid cooling	Manufacturing margins
Super Micro	Custom AI servers	~15%	Speed / DLC narrative	Governance discount
Vertiv	DC power / cooling	Adj OM ~23%	Facility infra scale	Not full rack ODM

Management

Core management (24m)

Core management (24m)

Role	Name	Since	24m change
CEO	Rob Mionis	2015	No change
CFO	Mandeep Chawla	2017	No change
Chair	Tawfiq Popatia / board	—	No material disclosed C-suite turnover

Stability: CEO Rob Mionis stable; CCS strategic focus.

Outlook

OpenAI rack progress, liquid cooling attach, capacity, SMCI competition.

Scenarios

Risks

Tracking list

Verify on next earnings:

1. FY26 $20.5B / $11.30 adj EPS outlook
2. CCS AI server growth vs SMCI
3. OpenAI rack program progress & margin
4. Liquid cooling attach and VRT synergy
5. Customer concentration & capacity bottlenecks

References

1. CLS IR / latest 10-Q — SEC EDGAR
2. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=CLS
3. Cross-links in body [[article:]] refs

Not investment advice; defer to latest company filings.