Shares outstanding are shares that have been authorized, issued, and purchased by investors and are held by them. Carlsberg AS's shares outstanding for the quarter that ended in Dec. 2025 was 132 Mil.
Carlsberg AS's quarterly shares outstanding
increased
from Jun. 2025 (132 Mil) to Dec. 2025 (132 Mil).
It means Carlsberg ASissued new shares from Jun. 2025 to Dec. 2025 .
Carlsberg AS's annual shares outstanding
increased
from Dec. 2024 (132 Mil) to Dec. 2025 (132 Mil).
It means Carlsberg ASissued new shares from Dec. 2024 to Dec. 2025 .
Carlsberg AS (LTS:0AI4) Shares Outstanding (EOP) Explanation
A company may buy back shares or issue shares in any fiscal period. If a company buys back shares, we should observe that the total number of shares decline. If the company issues new shares, the number of shares outstanding increases.
Usually the presence of treasury shares and a history of buyback are good indicators that company has competitive advantage. But studies have shown that companies usually buy back at wrong time. Buying back shares below its intrinsic value increases value for remaining shareholders. Buying back overvalued shares destroys value for existing shareholders.
Be Aware
Warren Buffett looks for consistency and upward long term trend. Because of share repurchase it is possible for net earnings trend to differ from EPS trend. He preferred net income over EPS. The companies with durable competitive advantage companies report higher % net earnings to total revenues.
Important: If a company is showing net earnings history greater than 20% on total revenues, it is probably benefiting from a long term competitive advantage.
If net earnings is less than 10%, likely to be in a highly competitive business.
Carlsberg AS Shares Outstanding (EOP) Related Terms
Carlsberg AS Shares Outstanding (EOP) Historical Data
* Premium members only.
The historical data trend for Carlsberg AS's Shares Outstanding (EOP) can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
LTS:0AI4 vs BUD, STZ, TAP: Shares Outstanding (EOP) Comparison
For the Beverages - Brewers subindustry, Carlsberg AS's Shares Outstanding (EOP), along with its competitors' market caps and Shares Outstanding (EOP) data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Carlsberg AS Shares Outstanding (EOP) vs Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Carlsberg AS's Shares Outstanding (EOP) distribution charts can be found below:
* The bar in red indicates where Carlsberg AS's Shares Outstanding (EOP) falls into.
Shares outstanding are shares that have been authorized, issued, and purchased by investors and are held by them. They have voting rights and represent ownership in the corporation by the person that holds the shares. They should be distinguished from treasury shares, which are shares held by the corporation itself, having no exercisable rights.
Shares outstanding can be calculated as either basic or fully diluted. The fully diluted shares outstanding count includes diluting securities, such as options, warrants or convertibles.
What does a Shares Outstanding (EOP) of 132 Mil mean?
Carlsberg AS (LTS:0AI4) has a Shares Outstanding (EOP) of 132 Mil as of Dec. 2025. The total shares a company has outstanding, at period-end. View historical data on Carlsberg AS and its competitors.
Is Carlsberg AS's Shares Outstanding (EOP) too high?
Carlsberg AS's current Shares Outstanding (EOP) is 132 Mil. Overall, Carlsberg AS has a GF Score™ of 81/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Carlsberg AS's Shares Outstanding (EOP) compare to BUD and STZ?
Carlsberg AS's Shares Outstanding (EOP) of 132 Mil can be compared against companies in the Beverages - Alcoholic industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Shares Outstanding (EOP) for a Beverages - Alcoholic company?
A good Shares Outstanding (EOP) depends on the Beverages - Alcoholic industry context. However, Shares Outstanding (EOP) should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Shares Outstanding (EOP) mean?
A high Shares Outstanding (EOP) can signal that a stock is expensive relative to its fundamentals. The total shares a company has outstanding, at period-end. View historical data on Carlsberg AS and its competitors. Carlsberg AS's current Shares Outstanding (EOP) is 132 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Carlsberg AS stock overvalued right now?
Based on GuruFocus' analysis, Carlsberg AS (LTS:0AI4) is currently considered Modestly Undervalued. The stock's GF Value™ is kr1,087.85, compared to a current price of kr860.70 — trading 20.9% below its estimated fair value. The current Shares Outstanding (EOP) is 132 Mil. Carlsberg AS's overall GF Score™ is 81/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Shares Outstanding (EOP) calculated?
Shares Outstanding (EOP) is calculated from a company's financial statements. For Carlsberg AS (LTS:0AI4), the current Shares Outstanding (EOP) is 132 Mil as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Carlsberg AS (LTS:0AI4) Overvalued in 2026?
Based on GuruFocus' analysis, Carlsberg AS stock appears to be undervalued.
The current stock price of kr860.70 is trading 20.9% below its estimated GF Value™ of kr1,087.85.
GuruFocus considers Carlsberg AS to be Modestly Undervalued.
Key valuation signals for LTS:0AI4:
Shares Outstanding (EOP): 132 Mil
GF Value™: kr1,087.85 vs. price of kr860.70 (20.9% below fair value)
No single metric tells the full story. See the LTS:0AI4 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Carlsberg is the third-largest brewer in the world after Anheuser-Busch InBev and Heineken. It holds leading share in Scandinavia, western China, and several other markets in Asia. Its key brands include Carlsberg, 1664, Tuborg, Holsten, and Somersby. The company's 2025 beverage volume was split among Western Europe (42%), Eastern Europe and India (28%), and Asia (30%).
81GF Score
Get the complete analysis for LTS:0AI4
Shares Outstanding (EOP) is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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