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Carlsberg ASLTS:0AI3 81 Debt-to-Equity is 2.54 as of Dec. 2025, which is 263% above its 10-year median of 0.70. GuruFocus rates LTS:0AI3 with a GF Score™ of 81/100 and a GF Value™ of kr1,216.44 (Fairly Valued). The stock has 9 warning signs investors should review. Among 181 Beverages - Alcoholic companies, Carlsberg AS ranks worse than 97.24% on this metric.
A high debt to equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense.
The historical rank and industry rank for Carlsberg AS's Debt-to-Equity or its related term are showing as below:
LTS:0AI3'
s Debt-to-Equity Range Over the Past 10 Years
Min: 0.52 Med: 0.7 Max: 2.54
Current: 2.54
During the past 13 years, the highest Debt-to-Equity Ratio of Carlsberg AS was 2.54. The lowest was 0.52. And the median was 0.70.
LTS:0AI3's Debt-to-Equity is ranked worse than 97.24% of 181
companies
in the Beverages - Alcoholic industry
Industry Median: 0.38
vs LTS:0AI3: 2.54
Carlsberg AS (LTS:0AI3) Debt-to-Equity Explanation
Because a company can increase its ROE % by having more financial leverage, it is important to watch the leverage ratio when investing in high ROE % companies.
Carlsberg AS Debt-to-Equity Related Terms
Carlsberg AS Debt-to-Equity Historical Data
* Premium members only.
The historical data trend for Carlsberg AS's Debt-to-Equity 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.
For the Beverages - Brewers subindustry, Carlsberg AS's Debt-to-Equity, along with its competitors' market caps and Debt-to-Equity 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-Equity vs Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Carlsberg AS's Debt-to-Equity distribution charts can be found below:
* The bar in red indicates where Carlsberg AS's Debt-to-Equity 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.
Carlsberg AS (LTS:0AI3) has a Debt-to-Equity of 2.54 as of Dec. 2025. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Carlsberg AS and its competitors. This is 263% above median its historical median of 0.70. Over the past decade, Carlsberg AS's Debt-to-Equity has ranged from 0.52 to 2.54. According to the industry distribution chart, Carlsberg AS ranks #176 out of 181 companies in the Beverages - Alcoholic industry, placing it in the top 97.2%.
Is Carlsberg AS's Debt-to-Equity too high?
Carlsberg AS's current Debt-to-Equity of 2.54 is 263% above median its 10-year median of 0.70. Over the past 10 years, this metric has ranged from a low of 0.52 to a high of 2.54. The Beverages - Alcoholic industry median Debt-to-Equity is 0.38. Carlsberg AS's value of 2.54 is 568.4% above this industry median. Based on the distribution chart, Carlsberg AS ranks #176 out of 181 companies in the Beverages - Alcoholic industry, which is in the bottom quartile relative to peers. 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-Equity compare to STZ and TAP?
According to the Beverages - Alcoholic industry distribution chart, Carlsberg AS ranks #176 out of 181 companies for Debt-to-Equity. This places Carlsberg AS in the lower half of its industry. The industry median Debt-to-Equity is 0.38. Carlsberg AS's value of 2.54 is 568.4% above this benchmark. Historically, Carlsberg AS's own Debt-to-Equity has ranged from 0.52 to 2.54 over the past decade. While the company's 10-year median is 0.70 vs. the industry median of 0.38, 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-Equity for a Beverages - Alcoholic company?
The median Debt-to-Equity among Beverages - Alcoholic companies is 0.38, based on 181 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-Equity significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Carlsberg AS's current Debt-to-Equity of 2.54 is 568.4% 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-Equity mean?
A high Debt-to-Equity can signal that a stock is expensive relative to its fundamentals. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Carlsberg AS and its competitors. For the Beverages - Alcoholic industry, the median Debt-to-Equity is 0.38 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Carlsberg AS's current Debt-to-Equity is 2.54, which is 263% above median its own 10-year median of 0.70. 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 kr1,216.44, compared to a current price of kr1,115.00 — trading 8.3% below its estimated fair value. The current Debt-to-Equity is 2.54, which is 263% above median its 10-year median of 0.70 and 568.4% above the Beverages - Alcoholic industry median of 0.38. 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-Equity calculated?
Debt-to-Equity is calculated from a company's financial statements. For Carlsberg AS (LTS:0AI3), the current Debt-to-Equity is 2.54 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 kr1,216.44.
GuruFocus considers Carlsberg AS to be Fairly Valued.
Key valuation signals for LTS:0AI3:
Debt-to-Equity: 2.54 (263% above median its 10-year median of 0.70)
GF Value™: kr1,216.44 vs. price of kr1,115.00 (8.3% below fair value)
Industry Position: 568.4% above the Beverages - Alcoholic median (#176 of 181)
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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