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Carlsberg ASLTS:0AI3 81 Debt-to-EBITDA is 4.34 as of Dec. 2025, which is 98% above its 10-year median of 2.19. GuruFocus rates LTS:0AI3 with a GF Score™ of 81/100 and a GF Value™ of kr1,215.55 (Fairly Valued). The stock has 9 warning signs investors should review. Among 159 Beverages - Alcoholic companies, Carlsberg AS ranks worse than 72.33% on this metric.
Debt-to-EBITDA measures a company's ability to pay off its debt.
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt. According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
The historical rank and industry rank for Carlsberg AS's Debt-to-EBITDA or its related term are showing as below:
LTS:0AI3'
s Debt-to-EBITDA Range Over the Past 10 Years
Min: 1.61 Med: 2.19 Max: 4.07
Current: 4.07
During the past 13 years, the highest Debt-to-EBITDA Ratio of Carlsberg AS was 4.07. The lowest was 1.61. And the median was 2.19.
LTS:0AI3's Debt-to-EBITDA is ranked worse than 72.33% of 159
companies
in the Beverages - Alcoholic industry
Industry Median: 2.29
vs LTS:0AI3: 4.07
Carlsberg AS (LTS:0AI3) Debt-to-EBITDA Explanation
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt.
According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
Carlsberg AS Debt-to-EBITDA Related Terms
Carlsberg AS Debt-to-EBITDA Historical Data
* Premium members only.
The historical data trend for Carlsberg AS's Debt-to-EBITDA 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:0AI3 vs BUD, STZ, TAP: Debt-to-EBITDA Comparison
For the Beverages - Brewers subindustry, Carlsberg AS's Debt-to-EBITDA, along with its competitors' market caps and Debt-to-EBITDA 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 Debt-to-EBITDA vs Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Carlsberg AS's Debt-to-EBITDA distribution charts can be found below:
* The bar in red indicates where Carlsberg AS's Debt-to-EBITDA falls into.
* 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.
In the calculation of annual Debt-to-EBITDA, the EBITDA of the last fiscal year is used. In calculating the annualized quarterly data,
the EBITDA data used here is two times the quarterly (Dec. 2025) EBITDA data.
Carlsberg AS (LTS:0AI3) has a Debt-to-EBITDA of 4.34 as of Dec. 2025. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Carlsberg AS. This is 98% above median its historical median of 2.19. Over the past decade, Carlsberg AS's Debt-to-EBITDA has ranged from 1.61 to 4.07. According to the industry distribution chart, Carlsberg AS ranks #115 out of 159 companies in the Beverages - Alcoholic industry, placing it in the top 72.3%.
Is Carlsberg AS's Debt-to-EBITDA too high?
Carlsberg AS's current Debt-to-EBITDA of 4.34 is 98% above median its 10-year median of 2.19. Over the past 10 years, this metric has ranged from a low of 1.61 to a high of 4.07. The Beverages - Alcoholic industry median Debt-to-EBITDA is 2.29. Carlsberg AS's value of 4.34 is 89.5% above this industry median. Based on the distribution chart, Carlsberg AS ranks #115 out of 159 companies in the Beverages - Alcoholic industry, which is below the industry midpoint. Overall, Carlsberg AS has a GF Score™ of 81/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Carlsberg AS's Debt-to-EBITDA compare to BUD and STZ?
According to the Beverages - Alcoholic industry distribution chart, Carlsberg AS ranks #115 out of 159 companies for Debt-to-EBITDA. This places Carlsberg AS in the lower half of its industry. The industry median Debt-to-EBITDA is 2.29. Carlsberg AS's value of 4.34 is 89.5% above this benchmark. Historically, Carlsberg AS's own Debt-to-EBITDA has ranged from 1.61 to 4.07 over the past decade. While the company's 10-year median is 2.19 vs. the industry median of 2.29, Carlsberg AS has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-EBITDA for a Beverages - Alcoholic company?
The median Debt-to-EBITDA among Beverages - Alcoholic companies is 2.29, based on 159 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Carlsberg AS's current Debt-to-EBITDA of 4.34 is 89.5% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-EBITDA mean?
A high Debt-to-EBITDA can signal that a stock is expensive relative to its fundamentals. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Carlsberg AS. For the Beverages - Alcoholic industry, the median Debt-to-EBITDA is 2.29 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Carlsberg AS's current Debt-to-EBITDA is 4.34, which is 98% above median its own 10-year median of 2.19. 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:0AI3) is currently considered Fairly Valued. The stock's GF Value™ is kr1,215.55, compared to a current price of kr1,115.00 — trading 8.3% below its estimated fair value. The current Debt-to-EBITDA is 4.34, which is 98% above median its 10-year median of 2.19 and 89.5% above the Beverages - Alcoholic industry median of 2.29. Carlsberg AS's overall GF Score™ is 81/100 with 9 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-EBITDA calculated?
Debt-to-EBITDA is calculated from a company's financial statements. For Carlsberg AS (LTS:0AI3), the current Debt-to-EBITDA is 4.34 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:0AI3) Overvalued in 2026?
Based on GuruFocus' analysis, Carlsberg AS stock appears to be undervalued.
The current stock price of kr1,115.00 is trading 8.3% below its estimated GF Value™ of kr1,215.55.
GuruFocus considers Carlsberg AS to be Fairly Valued.
Key valuation signals for LTS:0AI3:
Debt-to-EBITDA: 4.34 (98% above median its 10-year median of 2.19)
GF Value™: kr1,215.55 vs. price of kr1,115.00 (8.3% below fair value)
Industry Position: 89.5% above the Beverages - Alcoholic median (#115 of 159)
No single metric tells the full story. See the LTS:0AI3 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
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