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distributions of what followed similar states, measured before today's news. Not a forecast; no side."},"schema":"company_file.v1","thesis":{"view":"Demand visibility is strong, but the cash and ownership bridge deserves equal attention. The company raised its FY2026 revenue outlook to $20.5B and expects faster growth in 2027. Q2 GAAP operating income also benefited from a $104.1M total-return-swap gain. H1 CFO less gross capex was $273.9M, but cash after financing-classified compensation settlements was negative $52.4M. The August offering adds financing capacity and shares; it does not increase operating earnings or preserve the July no-issuance EPS assumption.","scenario_ranges":"Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.","what_changes_it":"Track CCS program delivery, segment margin, inventory and supplier funding against the revenue ramp. Reconcile capex and compensation cash payments before treating FCF as owner cash. Watch revised per-share guidance after the August offering."},"no_side":true,"sources":[{"url":"https://www.sec.gov/Archives/edgar/data/1030894/000103089426000043/cls-20260630prcondensedfs.htm","title":"July 27 Q2 results and raised revenue outlook","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1030894/000103089426000044/cls-20260630.htm","title":"July 27 Form 10-Q: segment bridge, cash and compensation","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1030894/000110465926092676/tm2621135d2_8k.htm","title":"August 7 offering filing: shares and estimated net proceeds","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1030894/000110465926107079/tm2625204d1_8k.htm","title":"September 11 leadership transition effective October 1","retrieved":"2026-09-19"}],"business":{"drivers":["CCS program ramps and hyperscaler concentration","Segment margins versus GAAP compensation and swap effects","Working capital, expansion capex and financing needs"],"description":"Celestica designs and manufactures hardware for cloud, communications and advanced industrial markets. Connectivity & Cloud Solutions includes networking, servers and storage; Advanced Technology Solutions serves industrial, health, aerospace and capital-equipment customers. Hardware Platform Solutions is part of those businesses, not an additional segment. Customer program ramps can grow revenue quickly, while inventory, manufacturing capacity and compensation settlements determine the cash retained."},"earnings":{"source":"estimated from 10-Q filed 2026-07-27 plus 90 days","next_report_date":"2026-10-25"},"identity":{"cik":1030894,"sic":"3672","name":"CELESTICA INC","symbol":"CLS","cluster":"AI infrastructure & power","exchange":"NYSE"},"research":{"risks":["Three customers represented 32%, 17% and 14% of Q2 revenue.","Inventory and receivables can outgrow supplier funding.","Expansion spending can precede customer demand or program qualification.","Swap fair-value gains can reverse without matching operating deterioration.","Cash compensation and equity issuance affect ownership despite strong adjusted earnings.","Tariffs, component supply and geographic execution can pressure margins."],"title":"High revenue growth with a complete cash-definition check","question":"How much of the cloud manufacturing ramp survives working capital, expansion and compensation cash needs?","economics":"Q2 revenue was $4,698.6M, comprising $3,810.3M CCS and $888.3M ATS. Segment income totaled $386.3M, while GAAP operating income was $458.3M because a $104.1M swap gain more than offset compensation, amortization and restructuring adjustments. H1 receivables and inventory consumed $1,913.8M together, offset by $2,096.7M of payables and other operating-liability cash support. H1 CFO of $767.2M less $493.3M gross PP&E produced $273.9M; the company FCF definition adds $11.1M asset-sale proceeds. A further $326.3M compensation settlement was financing cash flow. The August offering covers 11.129M shares including the exercised option, with estimated $3.39B net proceeds. June cash of $535.7M predates that financing. The model keeps these earnings, cash and capital effects distinct.","change_note":"First sourced segment and cash scenarios, including the August offering and September leadership update. Adds missing gross capex history; future swap gains are not extrapolated.","checkpoints":[{"event":"Next quarterly results","watch":"Compare the $5.25B-$5.55B revenue range with segment margins and cash conversion.","timing":"Q3 2026; release date unconfirmed","date_status":"estimated"},{"event":"August financing deployment","watch":"Reconcile new shares, actual proceeds and capital spending before revising per-share economics.","timing":"Following the August offering","date_status":"estimated"},{"event":"Finance leadership transition","watch":"Track continuity in disclosure and execution as Todd Ankenmann becomes CFO.","timing":"October 1, 2026 announced effective date","date_status":"confirmed"}],"countercase":"Strong program wins can still produce weak cash retained if inventory, capacity spending and compensation needs outrun collections. Large customer concentration and volatile swap gains can also make consolidated growth or GAAP earnings look more stable than the underlying economics.","limitations":["Initial operating scenarios without a full balance sheet, debt schedule or valuation. Cash taxes and working capital are explicit approximations, not account-by-account forecasts.","Company FY2027 growth commentary is directional, not a numeric revenue range. Segment growth and margin cases are desk assumptions; customer programs and acquisition opportunities can change them.","Company free cash flow deducts PP&E net of asset-sale proceeds. This model deducts gross purchases, so H1 $273.9M differs from company $285.0M by $11.1M asset-sale proceeds.","The July EPS outlook assumed no further share issuance. The August offering changes that premise; no forward EPS is published without a full weighted share-count model.","The June cash balance predates the August offering. Estimated offering proceeds are not added to a fictional current cash balance or to CFO. No incremental financing is assumed in the cash outputs.","Total-return-swap fair-value changes can materially move GAAP income. Forecast gains are zero; compensation cash settlements and any hedge receipts remain distinct from operating performance."],"reviewed_at":"2026-09-19"},"estimates":{"rows":[{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q3","revenue":5400000000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q4","revenue":6354400000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q1","revenue":7378787100.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q2","revenue":8139543600.0}],"basis":"Desk base scenario from the operating model; not consensus. Revenue basis: Revenue ($M).","consensus":null,"revisions":[]},"scorecard":{"inside_5d":null,"notes_scored":0,"band_coverage_5d":null},"disclosure":"All positions in the Research Model Portfolio are simulated. No real money is invested in this model. Our research is free and is not tailored to any reader's financial circumstances.","operating_model":{"cells":[{"id":"h1_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 consolidated revenue","value":8745.6,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1030894/000103089426000044/cls-20260630.htm","source_date":"2026-07-27"},{"id":"h1_ccs_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 CCS revenue","value":7051.3,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1030894/000103089426000044/cls-20260630.htm","source_date":"2026-07-27"},{"id":"h1_ats_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 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