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Carlsberg ASLTS:0AI3 81 Earnings Yield (Joel Greenblatt) % is 6.86% as of Dec. 2025, which is 5% above its 10-year median of 6.54. GuruFocus rates LTS:0AI3 with a GF Score™ of 81/100 and a GF Value™ of kr1,217.07 (Fairly Valued). The stock has 9 warning signs investors should review. Among 213 Beverages - Alcoholic companies, Carlsberg AS ranks better than 55.4% on this metric.
Carlsberg AS's Enterprise Value for the quarter that ended in Dec. 2025 was kr185,640 Mil.
Carlsberg AS's EBIT for the trailing twelve months (TTM) ended in Dec. 2025 was kr12,236 Mil. Carlsberg AS's Earnings Yield (Joel Greenblatt) for the quarter that ended in Dec. 2025 was 6.86%.
The historical rank and industry rank for Carlsberg AS's Earnings Yield (Joel Greenblatt) % or its related term are showing as below:
LTS:0AI3'
s Earnings Yield (Joel Greenblatt) % Range Over the Past 10 Years
Min: -0.1 Med: 6.54 Max: 9.57
Current: 6.21
During the past 13 years, the highest Earnings Yield (Joel Greenblatt) of Carlsberg AS was 9.57%. The lowest was -0.10%. And the median was 6.54%.
LTS:0AI3's Earnings Yield (Joel Greenblatt) % is ranked better than 55.4% of 213
companies
in the Beverages - Alcoholic industry
Industry Median: 5.31
vs LTS:0AI3: 6.21
Joel Greenblatt's definition of earnings yield has the same problems the regular earnings yield does. It does not consider the growth of the company. It only looks at one-year's business operation. For cyclical companies, the earnings yield is usually highest at the peak of the business cycle. But these earnings are rarely sustainable.
A better indicator of the attractiveness of an investment which takes growth into account is the Forward Rate of Return (Yacktman) %. Carlsberg AS's Forward Rate of Return (Yacktman) % for the quarter that ended in Dec. 2025 was 11.85%. The Forward Rate of Return uses the normalized Free Cash Flow of the past five years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
Carlsberg AS (LTS:0AI3) Earnings Yield (Joel Greenblatt) % Explanation
Joel Greenblatt defines the earnings yield using the above equation because it more accurately reflects the company's profitability relative to its stock price. Items like interest payment and tax etc. are not directly related to the company's operational profitability.
Enterprise Value instead of market cap (share price) is used in the calculation because it is the real price stock and bond investors together pay for the company.
Be Aware
Joel Greenblatt's definition of earnings yield has the same problems the regular earnings yield does. It does not consider the growth of the company. It only looks at one-year's business operation. For cyclical companies, the earnings yield is usually highest at the peak of the business cycle. But these earnings are rarely sustainable.
Carlsberg AS Earnings Yield (Joel Greenblatt) % Related Terms
Carlsberg AS Earnings Yield (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for Carlsberg AS's Earnings Yield (Joel Greenblatt) % 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.
Carlsberg AS Earnings Yield (Joel Greenblatt) % Chart
LTS:0AI3 vs STZ, TAP: Earnings Yield (Joel Greenblatt) % Comparison
For the Beverages - Brewers subindustry, Carlsberg AS's Earnings Yield (Joel Greenblatt) %, along with its competitors' market caps and Earnings Yield (Joel Greenblatt) % 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 Earnings Yield (Joel Greenblatt) % vs Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Carlsberg AS's Earnings Yield (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Carlsberg AS's Earnings Yield (Joel Greenblatt) % falls into.
Carlsberg AS Earnings Yield (Joel Greenblatt) % Calculation
In his book, The Little That Beat the Market, hedge fund manager Joel Greenblatt defines Earnings Yield as operating income divided by enterprise value.
Carlsberg ASs Earnings Yield (Joel Greenblatt) for the fiscal year that ended in Dec. 2025 is calculated as
For company reported semi-annually or annually, GuruFocus only calculate annual data for Earnings Yield (Joel Greenblatt) and apply the annual figure to corresponding quarter.
What does a Earnings Yield (Joel Greenblatt) % of 6.86% mean?
Carlsberg AS (LTS:0AI3) has a Earnings Yield (Joel Greenblatt) % of 6.86% as of Dec. 2025. Joel Greenblatt's earnings yield equals the ratio of earnings before interest and taxes to enterprise value. View historical data on Carlsberg AS and its competitors. This is near median its historical median of 6.54. According to the industry distribution chart, Carlsberg AS ranks #95 out of 213 companies in the Beverages - Alcoholic industry, placing it in the top 44.6%.
Is Carlsberg AS's Earnings Yield (Joel Greenblatt) % too high?
Carlsberg AS's current Earnings Yield (Joel Greenblatt) % of 6.86% is near median its 10-year median of 6.54. The Beverages - Alcoholic industry median Earnings Yield (Joel Greenblatt) % is 5.31. Carlsberg AS's value of 6.86% is 29.2% above this industry median. Based on the distribution chart, Carlsberg AS ranks #95 out of 213 companies in the Beverages - Alcoholic industry, which is above 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 Earnings Yield (Joel Greenblatt) % compare to STZ and TAP?
According to the Beverages - Alcoholic industry distribution chart, Carlsberg AS ranks #95 out of 213 companies for Earnings Yield (Joel Greenblatt) %. This puts Carlsberg AS in the upper half of its industry. The industry median Earnings Yield (Joel Greenblatt) % is 5.31. Carlsberg AS's value of 6.86% is 29.2% above this benchmark. While the company's 10-year median is 6.54 vs. the industry median of 5.31, 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 Earnings Yield (Joel Greenblatt) % for a Beverages - Alcoholic company?
The median Earnings Yield (Joel Greenblatt) % among Beverages - Alcoholic companies is 5.31, based on 213 companies in the industry. Companies in the top quartile (top 25%) have a Earnings Yield (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, Earnings Yield (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Carlsberg AS's current Earnings Yield (Joel Greenblatt) % of 6.86% is 29.2% 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 Earnings Yield (Joel Greenblatt) % mean?
A high Earnings Yield (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's earnings yield equals the ratio of earnings before interest and taxes to enterprise value. View historical data on Carlsberg AS and its competitors. For the Beverages - Alcoholic industry, the median Earnings Yield (Joel Greenblatt) % is 5.31 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Carlsberg AS's current Earnings Yield (Joel Greenblatt) % is 6.86%, which is near median its own 10-year median of 6.54. 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 kr1,217.07, compared to a current price of kr1,115.00 — trading 8.4% below its estimated fair value. The current Earnings Yield (Joel Greenblatt) % is 6.86%, which is near median its 10-year median of 6.54 and 29.2% above the Beverages - Alcoholic industry median of 5.31. 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 Earnings Yield (Joel Greenblatt) % calculated?
Earnings Yield (Joel Greenblatt) % is calculated from a company's financial statements. For Carlsberg AS (LTS:0AI3), the current Earnings Yield (Joel Greenblatt) % is 6.86% 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 8.4% below its estimated GF Value™ of kr1,217.07.
GuruFocus considers Carlsberg AS to be Fairly Valued.
Key valuation signals for LTS:0AI3:
Earnings Yield (Joel Greenblatt) %: 6.86% (near median its 10-year median of 6.54)
GF Value™: kr1,217.07 vs. price of kr1,115.00 (8.4% below fair value)
Industry Position: 29.2% above the Beverages - Alcoholic median (#95 of 213)
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
Get the complete analysis for LTS:0AI3
Earnings Yield (Joel Greenblatt) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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