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Carlsberg AS (DE:CBGB)
XETRA:CBGB
Germany Market

Carlsberg AS (CBGB) Ratios

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Carlsberg AS Ratios

DE:CBGB's free cash flow for Q4 2025 was kr0.38. For the 2025 fiscal year, DE:CBGB's free cash flow was decreased by kr and operating cash flow was kr0.10. See a summary of the company’s cash flow.
Ratios
TTM
Dec 25Dec 24Dec 23Dec 22
Liquidity Ratios
Current Ratio
0.60 0.60 0.57 0.64 0.70
Quick Ratio
0.46 0.46 0.44 0.52 0.59
Cash Ratio
0.20 0.20 0.25 0.28 0.17
Solvency Ratio
0.09 0.09 0.16 -0.43 0.16
Operating Cash Flow Ratio
0.26 0.27 0.25 0.25 0.27
Short-Term Operating Cash Flow Coverage
1.49 1.52 1.10 1.47 2.40
Net Current Asset Value
kr -94.03Bkr -94.03Bkr -56.37Bkr -55.88Bkr -46.37B
Leverage Ratios
Debt-to-Assets Ratio
0.47 0.47 0.34 0.35 0.25
Debt-to-Equity Ratio
2.62 2.62 1.37 1.68 0.90
Debt-to-Capital Ratio
0.72 0.72 0.58 0.63 0.47
Long-Term Debt-to-Capital Ratio
0.69 0.69 0.48 0.56 0.40
Financial Leverage Ratio
5.54 5.54 4.08 4.81 3.62
Debt Service Coverage Ratio
1.11 1.28 1.18 1.48 2.13
Interest Coverage Ratio
2.72 4.52 7.88 10.59 16.22
Debt to Market Cap
0.61 0.63 0.39 0.32 0.21
Interest Debt Per Share
584.92 571.76 298.50 295.03 209.83
Net Debt to EBITDA
3.85 3.85 1.68 1.71 1.39
Profitability Margins
Gross Profit Margin
42.33%42.33%45.83%44.62%45.64%
EBIT Margin
12.38%12.38%15.23%14.87%13.88%
EBITDA Margin
18.47%18.47%21.06%20.41%20.97%
Operating Profit Margin
13.39%13.39%15.21%15.09%16.04%
Pretax Profit Margin
10.16%10.16%13.31%13.36%14.18%
Net Profit Margin
6.91%6.68%12.15%-55.43%11.65%
Continuous Operations Profit Margin
7.83%7.83%10.67%10.83%11.65%
Net Income Per EBT
68.02%65.80%91.28%-414.93%82.15%
EBT Per EBIT
75.88%75.88%87.52%88.52%88.39%
Return on Assets (ROA)
4.00%3.87%8.04%-36.47%7.09%
Return on Equity (ROE)
23.31%21.42%32.83%-175.55%25.65%
Return on Capital Employed (ROCE)
11.31%11.31%16.96%17.19%16.92%
Return on Invested Capital (ROIC)
8.03%8.03%11.72%12.35%12.79%
Return on Tangible Assets
8.70%8.42%14.96%-65.02%12.38%
Earnings Yield
5.37%5.39%9.96%-35.39%6.34%
Efficiency Ratios
Receivables Turnover
8.04 8.04 10.42 14.42 9.02
Payables Turnover
1.91 1.91 1.74 1.84 1.74
Inventory Turnover
7.23 7.23 6.83 7.01 6.68
Fixed Asset Turnover
2.72 2.72 2.77 3.02 2.97
Asset Turnover
0.58 0.58 0.66 0.66 0.61
Working Capital Turnover Ratio
-5.19 -4.57 -4.08 -4.67 -4.05
Cash Conversion Cycle
-95.00 -95.00 -120.96 -121.11 -114.34
Days of Sales Outstanding
45.41 45.41 35.03 25.31 40.45
Days of Inventory Outstanding
50.50 50.50 53.48 52.05 54.64
Days of Payables Outstanding
190.91 190.91 209.46 198.46 209.43
Operating Cycle
95.92 95.92 88.50 77.35 95.08
Cash Flow Ratios
Operating Cash Flow Per Share
96.22 98.69 85.29 85.29 92.60
Free Cash Flow Per Share
55.40 56.38 47.37 54.11 63.87
CapEx Per Share
40.82 42.31 37.93 31.18 28.73
Free Cash Flow to Operating Cash Flow
0.58 0.57 0.56 0.63 0.69
Dividend Paid and CapEx Coverage Ratio
1.42 1.42 1.31 1.46 1.75
Capital Expenditure Coverage Ratio
2.36 2.33 2.25 2.74 3.22
Operating Cash Flow Coverage Ratio
0.17 0.18 0.30 0.30 0.45
Operating Cash Flow to Sales Ratio
0.14 0.15 0.15 0.16 0.18
Free Cash Flow Yield
6.39%6.75%6.86%6.39%6.92%
Valuation Ratios
Price-to-Earnings (P/E) Ratio
18.61 18.54 10.04 -2.83 15.78
Price-to-Sales (P/S) Ratio
1.29 1.24 1.22 1.57 1.84
Price-to-Book (P/B) Ratio
4.12 3.97 3.30 4.96 4.05
Price-to-Free Cash Flow (P/FCF) Ratio
15.65 14.81 14.57 15.65 14.45
Price-to-Operating Cash Flow Ratio
9.01 8.46 8.09 9.93 9.97
Price-to-Earnings Growth (PEG) Ratio
-2.36 -1.44 -0.09 <0.01 0.69
Price-to-Fair Value
4.12 3.97 3.30 4.96 4.05
Enterprise Value Multiple
10.81 10.56 7.48 9.39 10.15
Enterprise Value
177.91B 173.73B 118.11B 140.96B 149.58B
EV to EBITDA
10.81 10.56 7.48 9.39 10.15
EV to Sales
2.00 1.95 1.57 1.92 2.13
EV to Free Cash Flow
24.30 23.32 18.80 19.14 16.75
EV to Operating Cash Flow
13.99 13.32 10.44 12.14 11.55
Tangible Book Value Per Share
-397.63 -397.65 -164.18 -171.59 -103.70
Shareholders’ Equity Per Share
210.36 210.37 209.39 170.73 228.14
Tax and Other Ratios
Effective Tax Rate
0.23 0.23 0.20 0.19 0.18
Revenue Per Share
674.08 674.12 565.58 540.71 502.49
Net Income Per Share
46.58 45.06 68.73 -299.72 58.52
Tax Burden
0.68 0.66 0.91 -4.15 0.82
Interest Burden
0.82 0.82 0.87 0.90 1.02
Research & Development to Revenue
0.00 <0.01 <0.01 <0.01 <0.01
SG&A to Revenue
0.06 0.06 0.06 0.06 0.06
Stock-Based Compensation to Revenue
0.00 0.00 <0.01 <0.01 <0.01
Income Quality
2.07 2.19 0.99 1.05 1.13
Currency in DKK