Carlsberg ASCABJF 76 Piotroski F-Score is 6 as of Jun. 24, 2026, which is 14% below its 10-year median of 7.00. GuruFocus rates CABJF with a GF Score™ of 76/100 and a GF Value™ of $164.63 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 210 Beverages - Alcoholic companies, Carlsberg AS ranks better than 71.9% on this metric.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Carlsberg AS has an F-score of 6 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Carlsberg AS's Piotroski F-Score or its related term are showing as below:
CABJF'
s Piotroski F-Score Range Over the Past 10 Years
Min: 4 Med: 7 Max: 8
Current: 6
During the past 13 years, the highest Piotroski F-Score of Carlsberg AS was 8. The lowest was 4. And the median was 7.
Carlsberg AS (OTCPK:CABJF) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Carlsberg AS Piotroski F-Score Related Terms
Carlsberg AS Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Carlsberg AS's Piotroski F-Score 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 Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score 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 Piotroski F-Score vs Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Carlsberg AS's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Carlsberg AS's Piotroski F-Score 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.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Carlsberg AS's current Net Income (TTM) was 934.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Carlsberg AS's return on assets of this year was 0.05833159. Carlsberg AS's return on assets of last year was 0.0782276.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Carlsberg AS's gearing of this year was 0.48001163. Carlsberg AS's gearing of last year was 0.2376501.
==> Last year is lower than this year ==> Score 0.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Carlsberg AS's current ratio of this year was 0.60250072. Carlsberg AS's current ratio of last year was 0.57247455.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Carlsberg AS's number of shares in issue this year was 132.54. Carlsberg AS's number of shares in issue last year was 132.922.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Carlsberg AS's gross margin of this year was 0.45160782. Carlsberg AS's gross margin of last year was 0.4583328.
==> Last year's gross margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Carlsberg AS's asset turnover of this year was 0.87272071. Carlsberg AS's asset turnover of last year was 0.64369551.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
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6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Carlsberg AS has an F-score of 6 indicating the company's financial situation is typical for a stable company.
Carlsberg AS (CABJF) has a Piotroski F-Score of 6 as of Jun. 24, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Carlsberg AS and its competitors. This is 14% below median its historical median of 7.00. Over the past decade, Carlsberg AS's Piotroski F-Score has ranged from 4.00 to 8.00. According to the industry distribution chart, Carlsberg AS ranks #59 out of 210 companies in the Beverages - Alcoholic industry, placing it in the top 28.1%.
Is Carlsberg AS's Piotroski F-Score too high?
Carlsberg AS's current Piotroski F-Score of 6 is 14% below median its 10-year median of 7.00. Over the past 10 years, this metric has ranged from a low of 4.00 to a high of 8.00. The Beverages - Alcoholic industry median Piotroski F-Score is 5.00. Carlsberg AS's value of 6 is 20% above this industry median. Based on the distribution chart, Carlsberg AS ranks #59 out of 210 companies in the Beverages - Alcoholic industry, which is above the industry midpoint. Overall, Carlsberg AS has a GF Score™ of 76/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Carlsberg AS's Piotroski F-Score compare to STZ and TAP?
According to the Beverages - Alcoholic industry distribution chart, Carlsberg AS ranks #59 out of 210 companies for Piotroski F-Score. This puts Carlsberg AS in the upper half of its industry. The industry median Piotroski F-Score is 5.00. Carlsberg AS's value of 6 is 20% above this benchmark. Historically, Carlsberg AS's own Piotroski F-Score has ranged from 4.00 to 8.00 over the past decade. While the company's 10-year median is 7.00 vs. the industry median of 5.00, 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 Piotroski F-Score for a Beverages - Alcoholic company?
The median Piotroski F-Score among Beverages - Alcoholic companies is 5.00, based on 210 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Carlsberg AS's current Piotroski F-Score of 6 is 20% 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 Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Carlsberg AS and its competitors. For the Beverages - Alcoholic industry, the median Piotroski F-Score is 5.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Carlsberg AS's current Piotroski F-Score is 6, which is 14% below median its own 10-year median of 7.00. 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 (CABJF) is currently considered Modestly Undervalued. The stock's GF Value™ is $164.63, compared to a current price of $127.13 — trading 22.8% below its estimated fair value. The current Piotroski F-Score is 6, which is 14% below median its 10-year median of 7.00 and 20% above the Beverages - Alcoholic industry median of 5.00. Carlsberg AS's overall GF Score™ is 76/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Carlsberg AS (CABJF), the current Piotroski F-Score is 6 as of Jun. 24, 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 (CABJF) Overvalued in 2026?
Based on GuruFocus' analysis, Carlsberg AS stock appears to be undervalued.
The current stock price of $127.13 is trading 22.8% below its estimated GF Value™ of $164.63.
GuruFocus considers Carlsberg AS to be Modestly Undervalued.
Key valuation signals for CABJF:
Piotroski F-Score: 6 (14% below median its 10-year median of 7.00)
GF Value™: $164.63 vs. price of $127.13 (22.8% below fair value)
Industry Position: 20% above the Beverages - Alcoholic median (#59 of 210)
No single metric tells the full story. See the CABJF 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%).
76GF Score
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