Carlsberg A/S (CARL-B.CO) stock analysis

In our weekly check, Carlsberg A/S is graded C (A to F). Of 25 checks on debt, profit, cash flow and trend: 13 pass, warnings: 5, red flags: 7.

About Carlsberg A/S

Carlsberg A/S is a Consumer Defensive company (Beverages - Alcoholic) based in Denmark, listed on CPH as CARL-B.CO.

What our checks show for CARL-B.CO

Red flags

• Net debt is 3.7x a year of EBITDA (debt/equity 2.58). That limits room in a downturn and raises refinancing risk.
• Operating profit does not cover the interest bill (0.7x): interest is paid from cash or new debt.
• The net margin fell by 3.6 points over 5 years, to 6.7%: the company keeps less of each sale as profit.
• The gross margin fell by 4.7 points, to 42.3%: costs are rising faster than prices.
• The dividend takes 401% of profit: little cushion if profit falls.
• The stock has fallen as much as 76% from a peak. Would you have held through that?
• Recovering from its deepest fall took about 6.3 years.

Warning signs

• Analysts expect only about 3.7% a year of growth in revenue.
• Earnings per share fell 8.3% a year over the last 3 years.
• Net profit fell 10.1% a year over the last 3 years.
• The net margin is only 6.7%: little room if costs rise.
• Thinly traded (about 206 thousand shares a day): buying and selling can move the price.

Strengths

• Operating cash flow is 2.19x net profit: the profit arrives as real cash.
• Analysts expect earnings per share to grow about 19.1% a year over the next years.
• Analysts expect the net margin to improve by 3.3 points from today's 6.7%.
• A large company: market value $19.17 billion.
• Beta 0.66: the stock usually moves less than the market.
• Pay in shares is only 0% of free cash flow.

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BUD · 0291.HK · DEO · ABEV · HEIA.AS · STZ

Questions

What grade does Carlsberg A/S (CARL-B.CO) have?

In our weekly check, Carlsberg A/S is graded C (A to F). Of 25 checks on debt, profit, cash flow and trend: 13 pass, warnings: 5, red flags: 7. The grade is a risk check, not a buy or sell recommendation.

What are the main risks of CARL-B.CO stock?

This week's biggest flags for Carlsberg A/S: High debt, Weak interest cover, Margins falling. In total 12 of 25 checks show a warning or a red flag.

What does Carlsberg A/S do?

Carlsberg A/S is a Consumer Defensive company (Beverages - Alcoholic) based in Denmark, listed on CPH as CARL-B.CO.

The grade is a risk check, not a price forecast, and not investment advice. In our 10-year test (S&P 500, 2016-2026), stocks we graded A or B fell more than 30% 2-3 times less often than D or F, without a lower average return.

Updated 2026-10-24

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