The latest data point for CELH's Operating ROA chart, as of Q4'25, shows ROA at 0.48%, ROE at 2.09%, and ROIC at 2.02%, indicating a modest recovery in profitability metrics following a challenging period. This marks a positive shift from the negative values recorded in Q3'25, with ROA and ROIC rebounding into positive territory while ROE remains relatively low but improved. Over the period from Q1'23 to Q4'25, all three metrics exhibit a clear downward trend, starting from stronger levels—ROA at 3.19%, ROE at 50.88%, and ROIC at 56.14%—and progressively declining amid increasing volatility, with notable drops in Q3'24 and Q3'25 where ROA and ROIC turned negative. ROE experienced the most significant erosion, falling over 96% from its peak, while ROA and ROIC showed intermittent recoveries in Q1'24 and Q1-Q2'25 but failed to sustain above 5% amid apparent operational pressures. This pattern suggests diminishing efficiency in asset utilization and capital returns, warranting scrutiny of cost management and growth strategies.