CLS

Celestica has transformed from a sleepy contract manufacturer into a primary beneficiary of the AI data-center buildout, and the numbers are striking. Revenue compounded from $7.25B (FY2022) to $12.4B (FY2025), with growth re-accelerating to +28.5% last year, while net income nearly doubled to $833M and diluted EPS jumped +98.3% to $7.16. Critically, this is profitable, operating-leveraged growth: operating income rose +73.7% and gross profit +44.5%, both far outpacing revenue, lifting net margin to 6.7% and ROE to a very strong 37.6%. The balance sheet is adequate — liabilities/equity 2.25x is typical for EMS, cash grew 40.7% to $596M, and $660M operating cash flow comfortably funds $201M capex plus $153M of buybacks. By quality of trend, this is a genuinely improving business.

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