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Danish brewer of Carlsberg and other beer/beverage brands sold globally, especially in Europe and Asia.
Danish brewer of Carlsberg and other beer/beverage brands sold globally, especially in Europe and Asia.
Brews beer in local breweries and sells through retailers, bars and distributors, Western Europe and Asia being the biggest regions. The Carlsberg Foundation, a Danish charity, holds control of the votes. In 2025 it bought Britvic, a UK soft-drinks maker, to broaden beyond beer.
Moat: narrow (brand, scale, distribution). Globally recognized beer brand with strong Western European and Asian distribution.
Headquarters: Copenhagen, Denmark · Founded: 1847 · Employees: 36,998
Size Carlsberg AS (CARL-A.CO) is a Denmark Consumer Staples company (Beverages: Alcoholic) with a market value of $20.9B, the 9th largest of 59 Denmark companies the cockpit tracks. Shares closed at DKK 1,120 on 6 Nov 2026.
Performance Over six months the shares gained 12.0%, against -0.7% for the median peer and +8.8% for the Denmark market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 10.0% over the last twelve months (peer median -1.5%); the operating margin is 13.6% (peer median 15.6%).
Valuation It trades at 17.2× forward earnings against a peer median of 14.9× (8th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.8 points above its cost of capital (5.0% WACC).
Credit Carlsberg AS has 11 bonds outstanding ($8.97B), rated Baa1 by the agencies and trading like A at a weighted spread of 86 bp.
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | DKK 90.3B | DKK 89.1B | DKK 75.0B | DKK 73.6B | DKK 70.3B |
| Revenue growth | — | +19% | +2% | +5% | — |
| Gross profit | DKK 40.6B | DKK 37.7B | DKK 32.6B | DKK 31.2B | DKK 30.4B |
| EBITDA | DKK 17.8B | DKK 17.4B | DKK 15.1B | DKK 14.6B | DKK 15.3B |
| Net income | DKK 6.39B | DKK 5.96B | DKK 6.86B | -DKK 40.8B | -DKK 1.06B |
| Free cash flow | DKK 9.20B | DKK 8.12B | DKK 7.07B | DKK 9.41B | DKK 11.2B |
| Capital expenditure | DKK 5.77B | DKK 5.59B | DKK 5.03B | DKK 4.24B | DKK 4.02B |
| Total debt | n/a | DKK 70.6B | DKK 38.1B | DKK 39.1B | DKK 28.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Carlsberg AS CARL-A.CO | $20.9B | +12% | +10% | 14% | 17.2× | -2.2% |
| Heineken HEIA.AS | $51.8B | +29% | +1% | 12% | 15.9× | 4.2% |
| Anheuser-Busch InBev SA/NV Sponsored ADR BUD | $168B | +5% | +7% | 26% | 18.9× | 2.7% |
| Molson Coors Beverage TAP | $7.54B | -4% | -2% | 12% | 9.2× | -4.7% |
| Asahi Group Hldgs 2502.T | $16.4B | +10% | +3% | 9% | 13.1× | 1.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CARL-A.CO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.2% | +10.6% | 10th lowest of 21 |
| 6-month return | +12.0% | -0.7% | 7th highest of 21 |
| Distance from 52-week high | -3.0% | -17.0% | 5th highest of 21 |
| Revenue growth (TTM) | +10.0% | -1.5% | highest of 21 |
| Operating margin | 13.6% | 15.6% | 8th lowest of 21 |
| Forward P/E | 17.2× | 14.9× | 8th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | -2.2% | -0.9% | 8th least demanding of 20 |
| Growth delivered (Del g) | +8.8% | +3.2% | 4th highest of 20 |
| Hurdle (Req g minus delivered) | -11.0 pp | -5.7 pp | 3rd least demanding of 20 |
| ROIC minus cost of capital | +4.8 pp | +3.9 pp | 11th highest of 21 |
| EV / EBITDA | 11.6× | 10.2× | 6th most expensive of 17 |
| Net debt / EBITDA | 3.6× | 2.7× | 2nd most indebted of 17 |
| Bond spread | 86 bp | 83 bp | 4th tightest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Carlsberg AS CARL-A.CO | Denmark | $20.9B | +12% | +10% | 14% | 17.2× | -2.2% | +8.8% |
| Pernod Ricard RI.PA | France | $20.0B | +16% | -14% | 26% | 12.5× | 2.1% | +1.3% |
| Constellation Brands STZ | United States | $24.0B | -4% | -4% | 30% | 11.9× | -4.5% | +1.2% |
| Shanxi Xinghuacun Fen Wine Factory 600809.SS | China | $24.1B | -8% | -9% | 36% | 17.1× | 3.0% | +22.7% |
| Luzhou Laojiao 000568.SZ | China | $17.9B | -19% | -38% | 40% | 17.5× | 9.9% | +8.7% |
| Heineken HEIO.AS | Netherlands | $24.7B | +32% | +1% | 12% | 14.5× | -1.1% | +7.8% |
| Asahi Group Hldgs 2502.T | Japan | $16.4B | +10% | +3% | 9% | 13.1× | 1.8% | +7.4% |
| Kirin 2503.T | Japan | $15.2B | +21% | +6% | 11% | 13.7× | -4.2% | +5.6% |
| Brown–Forman BF-B | United States | $14.2B | +11% | 0% | 29% | 17.9× | -5.1% | +2.7% |
| United Spirits UNITDSPR.NS | India | $10.9B | +11% | 0% | 15% | 53.0× | 44.2% | +8.9% |
| Bud Apac 1876.HK | Hong Kong | $10.7B | -16% | -3% | 15% | 20.1× | -0.9% | +0.7% |
| Ambev SA Sponsored ADR ABEV | United States | $43.2B | -15% | +4% | 23% | 14.5× | -5.5% | +6.9% |
| Wuliangye Yibin 000858.SZ | China | $43.9B | -22% | -6% | 32% | 22.1× | 7.1% | -9.6% |
| Tsingtao Brewery 0168.HK | Hong Kong | $9.12B | -21% | +1% | 16% | 10.8× | -5.0% | +2.6% |
| Davide Campari-Milano CPR.MI | Italy | $8.93B | +22% | -1% | 20% | 21.0× | 3.6% | +11.5% |
| China Res Beer 0291.HK | Hong Kong | $8.66B | -18% | +3% | 15% | 10.7× | -1.5% | +3.1% |
| Thai Beverage Public Y92.SI | Singapore | $8.56B | +2% | -8% | 13% | 10.6× | -4.7% | +3.2% |
| Jiangsu Yanghe Distillery 002304.SZ | China | $8.50B | -23% | -31% | 4% | 32.6× | n/a | n/a |
| Heineken HEIA.AS | Netherlands | $51.8B | +29% | +1% | 12% | 15.9× | 4.2% | +7.8% |
| Diageo DGE.L | United Kingdom | $56.3B | +25% | -6% | 29% | 15.2× | -0.9% | +2.8% |
| Molson Coors Beverage TAP | United States | $7.54B | -4% | -2% | 12% | 9.2× | -4.7% | +2.9% |
Carlsberg AS has 11 bonds outstanding with $8.97B face value. The agencies rate it Baa1; its bonds trade like A. Weighted yield 4.12%, a spread of 86 bp over government bonds.