CLS vs FLEX: Celestica and Flex compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Flex is the larger company, worth $42.2B, close to Celestica's $41.1B.
- Celestica grew revenue faster over the last year (+62.4% vs +20.6%).
- Celestica keeps more of each dollar of revenue as operating profit (8.8% vs 5.0%).
- On earnings, Celestica is the cheaper stock (43.3x vs 49.3x).
- Celestica's price assumes faster free cash flow growth: about 25% a year, against 14% for Flex (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CLS | FLEX |
|---|---|---|
| Market cap | $41.1B | $42.2B |
| Share price | $371.57 | $119.83 |
| Revenue (last fiscal year) | $12.4B | $27.9B |
| Free cash flow (last fiscal year) | $458M | $1.1B |
| Revenue growth, last year | +62.4% | +20.6% |
| Revenue growth per year, last 5 fiscal years | +21.8% | +3.2% |
| Operating margin | 8.8% | 5.0% |
| Net margin | 7.2% | 3.3% |
| Return on equity | 45.0% | 17.7% |
| P/E (trailing) | 43.3x | 49.3x |
| Price / free cash flow | 88.2x | 40.1x |
| EV / EBITDA | 28.1x | 28.2x |
| FCF growth the price implies | 24.9% | 14.1% |
| Dividend yield | — | — |
| Debt / equity | 2.95x | 3.58x |
| Fundamental grade | C | D |
| Superinvestors holding it | 5 | 11 |
| Insider purchases, last 12 months | 5 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Celestica
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $5.6B | $175M | 3.0% |
| 2022 | $7.2B | $102M | 4.0% |
| 2023 | $8.0B | $201M | 4.2% |
| 2024 | $9.6B | $303M | 6.2% |
| 2025 | $12.4B | $458M | 8.4% |
Flex
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $24.6B | $581M | 3.6% |
| 2023 | $28.5B | $315M | 3.6% |
| 2024 | $26.4B | $796M | 3.2% |
| 2025 | $25.8B | $1.1B | 4.5% |
| 2026 | $27.9B | $1.1B | 4.9% |
Where the revenue comes from
Celestica · by segments, 2025
CCS$9.2B74%
ATS$3.2B26%
Flex · by segments, 2026
ITS$11.1B52%
RMS$10.2B48%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CLS in InvestinglyQuestions
Which is bigger, Celestica or Flex?
Flex (FLEX), at $42.2B against $41.1B.
Is CLS or FLEX cheaper?
By trailing P/E, Celestica (43.3x) is cheaper than Flex (49.3x). A lower multiple can also mean the market expects less growth.
Which grows faster, CLS or FLEX?
Celestica: revenue grew +62.4% over the last year, against +20.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.