Carlsberg ASFRA:CBGC 83 EV-to-FCF is 25.93 as of Jun. 29, 2026, which is 25% above its 10-year median of 20.77. GuruFocus rates FRA:CBGC with a GF Score™ of 83/100 and a GF Value™ of €29.07. The stock has 4 warning signs investors should review. Among 137 Beverages - Alcoholic companies, Carlsberg AS ranks worse than 70.8% on this metric.
EV-to-FCF is calculated as enterprise value divided by its free cash flow. As of today, Carlsberg AS's Enterprise Value is €23,751 Mil.
Carlsberg AS's Free Cash Flow for the trailing twelve months (TTM) ended in Dec. 2025 was €916 Mil. Therefore, Carlsberg AS's EV-to-FCF for today is 25.93.
The historical rank and industry rank for Carlsberg AS's EV-to-FCF or its related term are showing as below:
FRA:CBGC'
s EV-to-FCF Range Over the Past 10 Years
Min: 15.51 Med: 20.77 Max: 30.43
Current: 27.19
During the past 13 years, the highest EV-to-FCF of Carlsberg AS was 30.43. The lowest was 15.51. And the median was 20.77.
FRA:CBGC's EV-to-FCF is ranked worse than 70.8% of 137
companies
in the Beverages - Alcoholic industry
Industry Median: 16.86
vs FRA:CBGC: 27.19
EV-to-FCF 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-FCF 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 €23.00.
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 €1.243.
* 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. Free Cash Flow is an important financial metric because it represents the actual amount of cash at a company's disposal. Companies with a low EV-to-FCF ratio, combined with a strong balance sheet are generally considered as undervalued.
Carlsberg AS EV-to-FCF Related Terms
Carlsberg AS EV-to-FCF Historical Data
* Premium members only.
The historical data trend for Carlsberg AS's EV-to-FCF 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-FCF, along with its competitors' market caps and EV-to-FCF 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-FCF vs Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Carlsberg AS's EV-to-FCF distribution charts can be found below:
* The bar in red indicates where Carlsberg AS's EV-to-FCF falls into.
Carlsberg AS's current Enterprise Value is €23,751 Mil.
For company reported semi-annually, GuruFocus uses latest annual data as the TTM data. Carlsberg AS's Free Cash Flow for the trailing twelve months (TTM) ended in Dec. 2025 was €916 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 (FRA:CBGC) has a EV-to-FCF of 25.93 as of Jun. 29, 2026. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on Carlsberg AS and its competitors. This is 25% above median its historical median of 20.77. Over the past decade, Carlsberg AS's EV-to-FCF has ranged from 15.51 to 30.43. According to the industry distribution chart, Carlsberg AS ranks #97 out of 137 companies in the Beverages - Alcoholic industry, placing it in the top 70.8%.
Is Carlsberg AS's EV-to-FCF too high?
Carlsberg AS's current EV-to-FCF of 25.93 is 25% above median its 10-year median of 20.77. Over the past 10 years, this metric has ranged from a low of 15.51 to a high of 30.43. The Beverages - Alcoholic industry median EV-to-FCF is 16.86. Carlsberg AS's value of 25.93 is 53.8% above this industry median. Based on the distribution chart, Carlsberg AS ranks #97 out of 137 companies in the Beverages - Alcoholic industry, which is below the industry midpoint. Overall, Carlsberg AS has a GF Score™ of 83/100, reflecting its overall financial health beyond just this single metric.
How does Carlsberg AS's EV-to-FCF compare to BUD and STZ?
According to the Beverages - Alcoholic industry distribution chart, Carlsberg AS ranks #97 out of 137 companies for EV-to-FCF. This places Carlsberg AS in the lower half of its industry. The industry median EV-to-FCF is 16.86. Carlsberg AS's value of 25.93 is 53.8% above this benchmark. Historically, Carlsberg AS's own EV-to-FCF has ranged from 15.51 to 30.43 over the past decade. While the company's 10-year median is 20.77 vs. the industry median of 16.86, 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-FCF for a Beverages - Alcoholic company?
The median EV-to-FCF among Beverages - Alcoholic companies is 16.86, based on 137 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-FCF significantly above this median, while those in the bottom quartile fall well below. However, EV-to-FCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Carlsberg AS's current EV-to-FCF of 25.93 is 53.8% 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-FCF mean?
A high EV-to-FCF can signal that a stock is expensive relative to its fundamentals. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on Carlsberg AS and its competitors. For the Beverages - Alcoholic industry, the median EV-to-FCF is 16.86 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Carlsberg AS's current EV-to-FCF is 25.93, which is 25% above median its own 10-year median of 20.77. 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?
Carlsberg AS (FRA:CBGC) has a current EV-to-FCF of 25.93. The stock's GF Value™ is €29.07, compared to a current price of €23.00 — trading 20.9% below its estimated fair value. The current EV-to-FCF is 25.93, which is 25% above median its 10-year median of 20.77 and 53.8% above the Beverages - Alcoholic industry median of 16.86. Carlsberg AS's overall GF Score™ is 83/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EV-to-FCF calculated?
EV-to-FCF is calculated from a company's financial statements. For Carlsberg AS (FRA:CBGC), the current EV-to-FCF is 25.93 as of Jun. 29, 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 (FRA:CBGC) Overvalued in 2026?
Based on GuruFocus' analysis, Carlsberg AS stock appears to be undervalued.
The current stock price of €23.00 is trading 20.9% below its estimated GF Value™ of €29.07.
Key valuation signals for FRA:CBGC:
EV-to-FCF: 25.93 (25% above median its 10-year median of 20.77)
GF Value™: €29.07 vs. price of €23.00 (20.9% below fair value)
Industry Position: 53.8% above the Beverages - Alcoholic median (#97 of 137)
No single metric tells the full story. See the FRA:CBGC 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%).
83GF Score
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