Carlsberg A/S (CPH:CARL.B)

Carlsberg Ratios and Metrics

Market cap in millions DKK. Fiscal year is January - December.

Total Valuation

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 24, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Market Capitalization	121,342	113,844	95,313	122,775	133,594	163,149
Market Cap Growth	17.32%	19.44%	-22.37%	-8.10%	-18.12%	14.35%
Enterprise Value	174,667	180,572	124,023	148,762	157,324	189,192
Last Close Price	871.20	807.89	647.72	772.09	819.11	972.61

Price Ratios

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 24, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
PE Ratio	18.08	19.12	10.46	-	-	23.83
Forward PE	12.99	13.49	11.88	15.09	16.83	21.73
PS Ratio	1.34	1.28	1.27	1.67	1.90	2.72
PB Ratio	2.71	3.71	3.11	4.77	3.85	3.35
P/FCF Ratio	14.87	15.17	10.71	18.25	12.28	19.48
P/OCF Ratio	8.71	9.16	7.02	11.57	8.97	13.29
PEG Ratio	1.63	1.40	1.31	1.78	2.24	1.92

EV Ratios

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 24, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
EV/Sales Ratio	1.93	2.03	1.65	2.02	2.24	3.15
EV/EBITDA Ratio	8.90	10.33	8.62	10.69	11.27	13.87
EV/EBIT Ratio	12.48	14.37	11.64	14.32	15.12	19.65
EV/FCF Ratio	21.40	24.05	13.93	22.12	14.46	22.59

Financial Efficiency

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 24, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Debt / Equity Ratio	1.34	2.30	1.25	1.52	0.83	0.59
Debt / EBITDA Ratio	3.16	3.90	2.55	2.72	2.00	2.06
Debt / FCF Ratio	7.37	9.41	4.28	5.81	2.63	3.45
Net Debt / Equity Ratio	1.13	1.99	0.87	0.91	0.59	0.42
Net Debt / EBITDA Ratio	2.74	3.49	1.85	1.69	1.47	1.51
Net Debt / FCF Ratio	6.18	8.13	2.98	3.49	1.88	2.46
Asset Turnover	0.57	0.67	0.66	0.65	0.58	0.49
Inventory Turnover	6.24	7.48	6.91	7.07	6.88	6.30
Quick Ratio	0.51	0.43	0.42	0.50	0.33	0.38
Current Ratio	0.66	0.60	0.57	0.64	0.70	0.53
Return on Equity (ROE)	20.44%	22.77%	28.41%	26.36%	19.61%	18.00%
Return on Assets (ROA)	5.27%	5.86%	5.90%	5.71%	5.38%	4.91%
Return on Invested Capital (ROIC)	10.85%	13.02%	16.05%	16.13%	13.73%	11.34%
Return on Capital Employed (ROCE)	12.30%	11.90%	15.70%	16.10%	15.60%	11.60%

Yields

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 24, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Earnings Yield	5.27%	5.23%	9.56%	-33.22%	-0.80%	4.20%
FCF Yield	6.73%	6.59%	9.34%	5.48%	8.15%	5.13%
Dividend Yield	3.32%	3.59%	4.17%	3.50%	3.30%	2.47%
Payout Ratio	60.11%	59.93%	39.50%	-	-	46.55%
Buyback Yield / Dilution	0.06%	0.29%	2.59%	2.67%	2.84%	1.67%
Total Shareholder Return	3.39%	3.88%	6.76%	6.17%	6.13%	4.14%

Data Source: S&P Global Market Intelligence Last updated: Aug 19, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every six months for this company.

Update frequency:

Semi-annually

Last checked:

Sep 24, 2026

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