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Carlsberg ASLTS:0AI4 -1.69%81 EV-to-OCF is 15.59 as of Aug. 05, 2026, which is 20% above its 10-year median of 13.02. GuruFocus rates LTS:0AI4 with a GF Score™ of 81/100 and a GF Value™ of kr1,101.70 (Modestly Undervalued). The stock has 9 warning signs investors should review. Among 212 Beverages - Alcoholic companies, Carlsberg AS ranks worse than 67.45% on this metric.
EV-to-OCF is calculated as enterprise value divided by its cash flow from operations. As of today, Carlsberg AS's Enterprise Value is kr193,754 Mil.
Carlsberg AS's Cash Flow from Operations for the trailing twelve months (TTM) ended in Dec. 2025 was kr12,431 Mil. Therefore, Carlsberg AS's EV-to-OCF for today is 15.59.
The historical rank and industry rank for Carlsberg AS's EV-to-OCF or its related term are showing as below:
LTS:0AI4'
s EV-to-OCF Range Over the Past 10 Years
Min: 10.26 Med: 13.02 Max: 18.19
Current: 15.42
During the past 13 years, the highest EV-to-OCF of Carlsberg AS was 18.19. The lowest was 10.26. And the median was 13.02.
LTS:0AI4's EV-to-OCF is ranked worse than 67.45% of 212
companies
in the Beverages - Alcoholic industry
Industry Median: 9.71
vs LTS:0AI4: 15.42
EV-to-OCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. 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.
EV-to-OCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. 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 kr936.70.
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.
Enterprise Value is used because it is a more complete measure in reflecting how much an investor pays when buying a company. Cash Flow from Operations is an important financial metric because it represents the cash generated from operating activities at a company's disposal. Companies with a low EV-to-OCF ratio, combined with a strong balance sheet are generally considered as undervalued.
Carlsberg AS EV-to-OCF Related Terms
Carlsberg AS EV-to-OCF Historical Data
* Premium members only.
The historical data trend for Carlsberg AS's EV-to-OCF 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 EV-to-OCF, along with its competitors' market caps and EV-to-OCF 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-OCF vs Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Carlsberg AS's EV-to-OCF distribution charts can be found below:
* The bar in red indicates where Carlsberg AS's EV-to-OCF falls into.
Carlsberg AS's current Enterprise Value is kr193,754 Mil.
For company reported semi-annually, GuruFocus uses latest annual data as the TTM data. Carlsberg AS's Cash Flow from Operations for the trailing twelve months (TTM) ended in Dec. 2025 was kr12,431 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:0AI4) has a EV-to-OCF of 15.59 as of Aug. 05, 2026. This is 20% above median its historical median of 13.02. Over the past decade, Carlsberg AS's EV-to-OCF has ranged from 10.26 to 18.19. According to the industry distribution chart, Carlsberg AS ranks #143 out of 212 companies in the Beverages - Alcoholic industry, placing it in the top 67.5%.
Is Carlsberg AS's EV-to-OCF too high?
Carlsberg AS's current EV-to-OCF of 15.59 is 20% above median its 10-year median of 13.02. Over the past 10 years, this metric has ranged from a low of 10.26 to a high of 18.19. The Beverages - Alcoholic industry median EV-to-OCF is 9.71. Carlsberg AS's value of 15.59 is 60.6% above this industry median. Based on the distribution chart, Carlsberg AS ranks #143 out of 212 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 Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Carlsberg AS's EV-to-OCF compare to STZ and TAP?
According to the Beverages - Alcoholic industry distribution chart, Carlsberg AS ranks #143 out of 212 companies for EV-to-OCF. This places Carlsberg AS in the lower half of its industry. The industry median EV-to-OCF is 9.71. Carlsberg AS's value of 15.59 is 60.6% above this benchmark. Historically, Carlsberg AS's own EV-to-OCF has ranged from 10.26 to 18.19 over the past decade. While the company's 10-year median is 13.02 vs. the industry median of 9.71, 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 EV-to-OCF for a Beverages - Alcoholic company?
The median EV-to-OCF among Beverages - Alcoholic companies is 9.71, based on 212 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-OCF significantly above this median, while those in the bottom quartile fall well below. However, EV-to-OCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Carlsberg AS's current EV-to-OCF of 15.59 is 60.6% 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 EV-to-OCF mean?
A high EV-to-OCF can signal that a stock is expensive relative to its fundamentals. For the Beverages - Alcoholic industry, the median EV-to-OCF is 9.71 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Carlsberg AS's current EV-to-OCF is 15.59, which is 20% above median its own 10-year median of 13.02. 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 kr1,101.70, compared to a current price of kr936.70 — trading 15% below its estimated fair value. The current EV-to-OCF is 15.59, which is 20% above median its 10-year median of 13.02 and 60.6% above the Beverages - Alcoholic industry median of 9.71. 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-OCF calculated?
EV-to-OCF is calculated from a company's financial statements. For Carlsberg AS (LTS:0AI4), the current EV-to-OCF is 15.59 as of Aug. 05, 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:0AI4) Overvalued in 2026?
Based on GuruFocus' analysis, Carlsberg AS stock appears to be undervalued.
The current stock price of kr936.70 is trading 15% below its estimated GF Value™ of kr1,101.70.
GuruFocus considers Carlsberg AS to be Modestly Undervalued.
Key valuation signals for LTS:0AI4:
EV-to-OCF: 15.59 (20% above median its 10-year median of 13.02)
GF Value™: kr1,101.70 vs. price of kr936.70 (15% below fair value)
Industry Position: 60.6% above the Beverages - Alcoholic median (#143 of 212)
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
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