CARL Stock Financial Analysis - Carlsberg A/S (WBAG) Stock

Overview

Carlsberg A/S, headquartered in Copenhagen, Denmark, is a globally recognized brewery and one of the largest beer producers in the world. Founded in 1847 by J.C. Jacobsen, the company has significantly expanded beyond its Danish origins. Carlsberg primarily operates in the beverage industry, with a robust portfolio that includes renowned beer brands such as Carlsberg, Tuborg, and Baltika. The company's key initiatives focus on innovation in sustainable brewing practices and improving the environmental footprint of their operations. They have notably launched the ECOX project aimed at better waste-water management and the BIREC project to reduce energy consumption. These efforts underscore Carlsberg's commitment to sustainability while maintaining its foothold as a leader in the global beer market.

Quality, Value, Momentum Scores

This card shows the Quality, Value, and Momentum scores for the company

Quality

The QualityScore is a proprietary scoring model that identifies high quality companies, based on cash generating efficiencies.

Value

Proprietary scoring model that ranks companies based on their relative valuation. Scores range from 0 to 100, with 100 being the most undervalued.

Momentum

Proprietary scoring model that ranks companies on their six-month momentum.

Fund Sentiment

The Fund Sentiment (fka Ownership) score is a proprietary quantitative model that ranks companies based on levels of ownership accumulation.

QVM

The QVM Score is a proprietary scoring model that combines Quality, Value, and Momentum into a single metric that ranks companies from 0 to 100.

Income Statement: Revenue, Operating Income, Net Income

The revenue for Carlsberg A/S as of 30 June 2025 is 82,063.00 MM.
The operating income for Carlsberg A/S as of 30 June 2025 is 11,526.00 MM.
The net income for Carlsberg A/S as of 30 June 2025 is 8,939.00 MM.

Period End (TTM)	Revenue (MM)	Operating Income (MM)	Net Income (MM)
2025-06-30	82,063.00	11,526.00	8,939.00
2025-03-31	78,537.00	11,090.00	9,027.50
2024-12-31	75,011.00	10,654.00	9,116.00
2024-06-30	74,600.00	10,421.00	-40,544.00
2024-03-31	74,092.50	10,404.00	-40,666.00
2023-12-31	73,585.00	10,387.00	-40,788.00
2023-06-30	72,606.00	10,420.00	7,708.00
2023-03-31	71,435.50	10,412.50	3,322.50
2022-12-31	70,265.00	10,405.00	-1,063.00
2022-09-30	68,568.50	10,697.00	-1,260.00
2022-06-30	66,872.00	10,989.00	-1,457.00
2022-03-31	63,484.50	10,308.50	2,694.50
2021-12-31	60,097.00	9,628.00	6,846.00
2021-09-30	59,240.00	9,467.50	6,524.00
2021-06-30	58,383.00	9,307.00	6,202.00
2021-03-31	58,462.00	9,271.00	6,116.00
2020-12-31	58,541.00	9,235.00	6,030.00
2020-09-30	60,141.50	9,365.00	6,187.50
2020-06-30
2020-03-31

Income Statement: EPS

Period End (TTM)	Earnings Per Share Basic	Earnings Per Share Diluted
2025-06-30
2025-03-31
2024-12-31	68.70	68.60
2024-06-30	-299.71	-299.72
2024-03-31	-299.71	-299.72
2023-12-31	-299.70
2023-06-30	55.95	55.76
2023-03-31	23.94	23.86
2022-12-31	-7.60	-7.60
2022-09-30	-8.94	-8.95
2022-06-30	-10.26	-10.27
2022-03-31	18.85	18.78
2021-12-31	47.60	47.40
2021-09-30	45.18	45.07
2021-06-30	42.79	42.72
2021-03-31	42.03	41.91
2020-12-31	41.27	41.10
2020-09-30	42.07	41.83
2020-06-30	42.85	42.55
2020-03-31	43.27	42.98

Cash Flow: Operations, Investing, Financing

The cash from operating activities for Carlsberg A/S as of 30 June 2025 is 12,999.00 MM.
The cash from investing activities for Carlsberg A/S as of 30 June 2025 is -33,645.00 MM.
The cash from financing activities for Carlsberg A/S as of 30 June 2025 is 19,369.00 MM.

Period End (TTM)	Cash From Operating Activities (MM)	Cash From Investing Activities (MM)	Cash From Financing Activities (MM)
2025-06-30	12,999.00	-33,645.00	19,369.00
2025-03-31	13,284.50	-17,581.50	2,717.00
2024-12-31	13,570.00	-1,518.00	-13,935.00
2024-06-30	8,360.00	-4,283.00	-7,026.00
2024-03-31	9,486.50	-5,506.00	-2,828.00
2023-12-31	10,613.00	-6,729.00	1,370.00
2023-06-30	14,655.00	-4,679.00	-7,816.00
2023-03-31	14,778.00	-4,060.00	-8,790.00
2022-12-31	14,901.00	-3,441.00	-9,764.00
2022-09-30	13,934.00	-3,477.50	-8,068.50
2022-06-30	14,919.00	-3,890.00	-6,178.00
2022-03-31	13,598.50	-3,978.50	-7,561.50
2021-12-31	12,278.00	-4,067.00	-8,945.00
2021-09-30	11,916.50	-4,615.00	-7,635.50
2021-06-30	11,555.00	-5,163.00	-6,326.00
2021-03-31	11,241.50	-5,517.00	-4,068.00
2020-12-31	10,928.00	-5,871.00	-1,810.00
2020-09-30	10,891.50	-4,389.50	-4,047.50
2020-06-30
2020-03-31

Valuation Metrics : PE, PriceToBook, PriceToTBV

P/Book: The current closing price divided by the book value per share.

P/TBV: The current price divided by the tangible book value per share.

Period End (TTM)	p/e	P/Book	P/TBV
2025-06-30
2025-03-31
2024-12-31
2024-06-30
2024-03-31
2023-12-31
2023-06-30
2023-03-31
2022-12-31
2022-09-30
2022-06-30
2022-03-31
2021-12-31
2021-09-30
2021-06-30
2021-03-31
2020-12-31
2020-09-30
2020-06-30
2020-03-31

Valuation Metrics : EBitToEv, EBit3YrAvgToEv

Period End (TTM)	EBIT/EV	EBIT (3y)/EV
2025-06-30
2025-03-31
2024-12-31
2024-06-30
2024-03-31
2023-12-31
2023-06-30
2023-03-31
2022-12-31
2022-09-30
2022-06-30
2022-03-31
2021-12-31
2021-09-30
2021-06-30
2021-03-31
2020-12-31
2020-09-30
2020-06-30
2020-03-31

Management Effectiveness

The roa for Carlsberg A/S as of 30 June 2025 is 0.08.
The roe for Carlsberg A/S as of 30 June 2025 is 0.38.
The roic for Carlsberg A/S as of 30 June 2025 is 0.13.
The croic for Carlsberg A/S as of 30 June 2025 is -0.03.
The ocroic for Carlsberg A/S as of 30 June 2025 is 0.20.

Period End (TTM)	ROA	ROE	ROIC	CROIC	OCROIC
2025-06-30	0.08	0.38	0.13	-0.03	0.20
2025-03-31	0.08	0.38	0.13	-0.03	0.20
2024-12-31	-0.36	-1.57	-0.66	-0.01	0.18
2024-06-30	-0.34	-1.32	-0.63	0.08	0.20
2024-03-31	-0.35	-1.17	-0.63	0.08	0.20
2023-12-31	0.07	0.22	0.12	-0.03	0.16
2023-06-30	-0.01	0.20	0.13	-0.03	0.18
2023-03-31	-0.01	0.09	0.06	-0.02	0.20
2022-12-31	-0.01	-0.03	-0.02	0.03	0.21
2022-09-30	-0.01	-0.03	-0.02	0.03	0.21
2022-06-30	0.05	-0.03	-0.02	0.07	0.24
2022-03-31	0.05	0.06	0.04	0.04	0.22
2021-12-31	0.05	0.16	0.09	0.00	0.17
2021-09-30	0.05	0.15	0.08	0.01	0.17
2021-06-30	0.05	0.15	0.08	0.01	0.17
2021-03-31	0.05	0.15	0.08	0.02	0.16
2020-12-31	0.05	0.13	0.08	0.04	0.15
2020-09-30	0.05	0.13	0.08	0.03	0.15
2020-06-30	0.05	0.14	0.09	0.02	0.15
2020-03-31	0.05	0.14	0.09	0.01	0.16

Gross Margins

The gross margin for Carlsberg A/S as of 30 June 2025 is 0.46.
The net margin for Carlsberg A/S as of 30 June 2025 is 0.12.
The operating margin for Carlsberg A/S as of 30 June 2025 is 0.14.

Gross Margin: The Gross Margin is the ratio of revenue left after substracting the Cost of Goods Sold. It is calculated as 1.0 - (Revenue - COGS ) / Revenue.

Net Margin: The Net Margin (aka Profit Margin) is the ratio of revenue left after substracting the Net Income. It is calculated as Net Income / Revenue.

Operating Margin: The Operaing Margin is the ratio of revenue left after substracting the Operating Income. It is calculated as Operating Income / Revenue.

Period End (TTM)	Gross Margin	Net Margin	Operating Margin
2025-06-30	0.46	0.12	0.14
2025-03-31	0.46	0.12	0.14
2024-12-31	0.45	-0.54	0.14
2024-06-30	0.45	-0.55	0.14
2024-03-31	0.45	-0.55	0.14
2023-12-31	0.45	0.11	0.14
2023-06-30	0.46	0.11	0.14
2023-03-31	0.46	0.05	0.15
2022-12-31	0.46	-0.02	0.16
2022-09-30	0.46	-0.02	0.16
2022-06-30	0.47	-0.02	0.16
2022-03-31	0.47	0.04	0.16
2021-12-31	0.48	0.10	0.16
2021-09-30	0.48	0.10	0.16
2021-06-30	0.48	0.10	0.16
2021-03-31	0.48	0.10	0.16
2020-12-31	0.48	0.10	0.16
2020-09-30	0.49	0.10	0.16
2020-06-30	0.49	0.10	0.15
2020-03-31	0.49	0.10	0.15

CH:000461893
US:CABJF
GB:0AI4	DKK 782,60
DK:CARL B	DKK 781,00
DE:CBGB	€ 105,45
PL:CARL	PLN 447,00
GB:CARLBC