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Carlsberg ASLTS:0AI3 81 EV-to-EBITDA is 11.03 as of Jul. 26, 2026, which is 5% above its 10-year median of 10.54. GuruFocus rates LTS:0AI3 with a GF Score™ of 81/100 and a GF Value™ of kr1,216.31 (Fairly Valued). The stock has 9 warning signs investors should review. Among 169 Beverages - Alcoholic companies, Carlsberg AS ranks worse than 50.3% on this metric.
EV-to-EBITDA is calculated as enterprise value divided by its EBITDA. As of today, Carlsberg AS's enterprise value is kr191,673 Mil.
Carlsberg AS's EBITDA for the trailing twelve months (TTM) ended in Dec. 2025 was kr17,374 Mil. Therefore, Carlsberg AS's EV-to-EBITDA for today is 11.03.
The historical rank and industry rank for Carlsberg AS's EV-to-EBITDA or its related term are showing as below:
LTS:0AI3'
s EV-to-EBITDA Range Over the Past 10 Years
Min: 7.56 Med: 10.54 Max: 30.42
Current: 11.03
During the past 13 years, the highest EV-to-EBITDA of Carlsberg AS was 30.42. The lowest was 7.56. And the median was 10.54.
LTS:0AI3's EV-to-EBITDA is ranked worse than 50.3% of 169
companies
in the Beverages - Alcoholic industry
Industry Median: 11.03
vs LTS:0AI3: 11.03
EV-to-EBITDA is a valuation multiple used in finance and investment to measure the value of a company. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio to determine the fair market value of a company.
The "classic" EV-to-EBITDA is much better in capturing debt and net cash than the PE Ratio (TTM).
Carlsberg AS (LTS:0AI3) EV-to-EBITDA Explanation
EV-to-EBITDA is a valuation multiple used in finance and investment to measure the value of a company. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
Carlsberg AS's PE Ratio (TTM) for today is calculated as:
Carlsberg AS's share price for today is kr1115.00.
For company reported semi-annually, GuruFocus uses latest annual data as the TTM data. Carlsberg AS's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Dec. 2025 was kr46.400.
* 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.
Study has found that the companies with the lowest EV-to-EBITDA outperforms companies measured as cheap by other ratios such as PE Ratio (TTM).
The historical data trend for Carlsberg AS's EV-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: EV-to-EBITDA Comparison
For the Beverages - Brewers subindustry, Carlsberg AS's EV-to-EBITDA, along with its competitors' market caps and EV-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 EV-to-EBITDA vs Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Carlsberg AS's EV-to-EBITDA distribution charts can be found below:
* The bar in red indicates where Carlsberg AS's EV-to-EBITDA falls into.
Carlsberg AS's current Enterprise Value is kr191,673 Mil.
For company reported semi-annually, GuruFocus uses latest annual data as the TTM data. Carlsberg AS's EBITDA for the trailing twelve months (TTM) ended in Dec. 2025 was kr17,374 Mil.
* 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 EV-to-EBITDA of 11.03 as of Jul. 26, 2026. EV to EBITDA ratio is the company's enterprise value divided by earnings before interest, taxes, depreciation and amortization. View historical data on Carlsberg AS. This is near median its historical median of 10.54. Over the past decade, Carlsberg AS's EV-to-EBITDA has ranged from 7.56 to 30.42. According to the industry distribution chart, Carlsberg AS ranks #85 out of 169 companies in the Beverages - Alcoholic industry, placing it in the top 50.3%.
Is Carlsberg AS's EV-to-EBITDA too high?
Carlsberg AS's current EV-to-EBITDA of 11.03 is near median its 10-year median of 10.54. Over the past 10 years, this metric has ranged from a low of 7.56 to a high of 30.42. The Beverages - Alcoholic industry median EV-to-EBITDA is 11.03. Carlsberg AS's value of 11.03 is 0% at this industry median. Based on the distribution chart, Carlsberg AS ranks #85 out of 169 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 EV-to-EBITDA compare to BUD and STZ?
According to the Beverages - Alcoholic industry distribution chart, Carlsberg AS ranks #85 out of 169 companies for EV-to-EBITDA. This places Carlsberg AS in the lower half of its industry. The industry median EV-to-EBITDA is 11.03. Carlsberg AS's value of 11.03 is 0% at this benchmark. Historically, Carlsberg AS's own EV-to-EBITDA has ranged from 7.56 to 30.42 over the past decade. While the company's 10-year median is 10.54 vs. the industry median of 11.03, Carlsberg AS has consistently been at 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 EV-to-EBITDA for a Beverages - Alcoholic company?
The median EV-to-EBITDA among Beverages - Alcoholic companies is 11.03, based on 169 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, EV-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Carlsberg AS's current EV-to-EBITDA of 11.03 is 0% at 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 EV-to-EBITDA mean?
A high EV-to-EBITDA can signal that a stock is expensive relative to its fundamentals. EV to EBITDA ratio is the company's enterprise value divided by earnings before interest, taxes, depreciation and amortization. View historical data on Carlsberg AS. For the Beverages - Alcoholic industry, the median EV-to-EBITDA is 11.03 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Carlsberg AS's current EV-to-EBITDA is 11.03, which is near median its own 10-year median of 10.54. 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 kr1,216.31, compared to a current price of kr1,115.00 — trading 8.3% below its estimated fair value. The current EV-to-EBITDA is 11.03, which is near median its 10-year median of 10.54 and 0% at the Beverages - Alcoholic industry median of 11.03. 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 EV-to-EBITDA calculated?
EV-to-EBITDA is calculated from a company's financial statements. For Carlsberg AS (LTS:0AI3), the current EV-to-EBITDA is 11.03 as of Jul. 26, 2026. 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 kr1,216.31.
GuruFocus considers Carlsberg AS to be Fairly Valued.
Key valuation signals for LTS:0AI3:
EV-to-EBITDA: 11.03 (near median its 10-year median of 10.54)
GF Value™: kr1,216.31 vs. price of kr1,115.00 (8.3% below fair value)
Industry Position: 0% at the Beverages - Alcoholic median (#85 of 169)
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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