¿Celestica sigue siendo una buena opción de inversión entre las muy altas evaluaciones y el optimismo impulsado por la IA?

The question of whether Celestica (CLS) remains a compelling investment hinges on a delicate balance between its sky-high valuation metrics and the explosive growth potential of its AI infrastructure business. As of November 2025, Celestica trades at a price-to-earnings (P/E) ratio of 53.73, far exceeding the electronic manufacturing industry average of 21.89 and the broader Technology sector average of 31.11. This premium valuation reflects investor enthusiasm for the company's role in powering the AI revolution, but it also raises critical questions about sustainability and risk.

Valuation Metrics: A Premium for Future Growth

Celestica's P/E ratio suggests that investors are paying a significant multiple for its earnings, betting on its ability to capitalize on the AI infrastructure boom. For context, the company's market cap of $39.33 billion places it among the largest players in tech manufacturing. While this positions Celestica as a leader in a high-growth niche, it also means the stock is vulnerable to overvaluation if earnings growth fails to meet lofty expectations.

However, the company's financial performance in Q3 2025 provides some justification for the premium. Revenue surged to $3.19 billion, a 28% year-over-year increase, while adjusted earnings per share reached $1.58. Analysts have responded by raising price targets: JPMorgan, RBC Capital, and Goldman Sachs now project shares could climb to $388, $400, and $440, respectively according to market analysis. These upgrades underscore confidence in Celestica's ability to deliver on its AI-driven growth narrative.

AI Infrastructure: The Engine of Growth

Celestica's strategic positioning in AI infrastructure is a key driver of optimism. The company is deeply involved in manufacturing high-performance hardware, including custom servers, ASIC-based systems, and advanced networking switches. For example, hyperscalers are transitioning from 400G to 800G switches, with Celestica poised to benefit from this shift-and eventually from the next leap to 1.6T switches.

The financial implications are staggering. Celestica raised its 2025 revenue guidance to $12.2 billion and anticipates adjusted EPS of $5.90 for the year. For 2026, the company projects $16.0 billion in revenue and $8.20 in adjusted EPS, representing 31% and 39% year-over-year growth, respectively. These figures highlight a trajectory that could justify the current valuation, provided the AI infrastructure market continues to expand as expected.

Financial Leverage: A Conservative Profile

A critical factor in assessing risk is Celestica's debt-to-equity ratio. As of September 30, 2025, the company's ratio stood at 0.39, down from 0.50 in June 2025. This improvement indicates a reduction in total debt or an increase in equity, reflecting prudent financial management. With a debt-to-equity ratio of 0.39 as of June 2025, Celestica's leverage remains well within conservative limits, reducing the risk of liquidity crises even in a downturn.

Risk-Reward Analysis: Balancing Hype and Realism

The investment case for Celestica ultimately depends on reconciling its high valuation with its growth potential. On one hand, the company's P/E ratio is more than double the industry average, which could signal overvaluation if AI demand slows or competition intensifies. On the other hand, its AI infrastructure business is expanding at an unprecedented pace, with hyperscalers and cloud providers locked into long-term contracts that provide visibility and stability.

For risk-tolerant investors, the rewards are clear: Celestica's 2026 revenue and EPS projections imply a compound annual growth rate (CAGR) of over 30%, a rare feat in mature markets. However, the stock's performance will likely hinge on execution. If the company misses its AI-related revenue targets or faces margin compression due to pricing pressures, the premium valuation could contract rapidly.

Conclusion: A High-Stakes Bet on AI's Future

Celestica remains a compelling buy for investors who believe in the long-term trajectory of AI infrastructure. Its financial leverage is conservative, its revenue growth is robust, and its strategic partnerships with hyperscalers position it as a key player in the next phase of tech innovation. Yet, the sky-high P/E ratio demands that the company consistently outperform expectations. For those willing to tolerate the risk, Celestica offers a rare combination of growth and stability in a sector defined by volatility.