Carlsberg ASLTS:0AI3 82 Gross Margin % is 44.24% as of Dec. 2025, which is 8% below its 10-year median of 48.00. GuruFocus rates LTS:0AI3 with a GF Score™ of 82/100 and a GF Value™ of kr1,212.56 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 205 Beverages - Alcoholic companies, Carlsberg AS ranks better than 60% on this metric.
Carlsberg AS gross margin has been in long-term decline. The average rate of decline per year is -1.4%.
The historical rank and industry rank for Carlsberg AS's Gross Margin % or its related term are showing as below:
LTS:0AI3'
s Gross Margin % Range Over the Past 10 Years
Min: 44.62 Med: 48 Max: 50.18
Current: 45.17
During the past 13 years, the highestGross Margin % of Carlsberg AS was 50.18%. The lowest was 44.62%. And the median was 48.00%.
LTS:0AI3's Gross Margin % is ranked better than 60% of 205
companies
in the Beverages - Alcoholic industry
Industry Median: 42.29
vs LTS:0AI3: 45.17
Carlsberg AS had a gross margin of 44.24% for the quarter that ended in Dec. 2025 => Durable competitive advantage
The 5-Year average Growth Rate of Gross Margin for Carlsberg AS was -1.40% per year.
Carlsberg AS (LTS:0AI3) Gross Margin % Explanation
Warren Buffett believes that firms with excellent long term economics tend to have consistently higher margins.
Durable competitive advantage creates a high Gross Margin % because of the freedom to price in excess of cost. Companies can be categorized by their Gross Margin %
1. Greater than 40% = Durable competitive advantage
2. Less than 40% = Competition eroding margins
3. Less than 20% = no sustainable competitive advantage
Consistency of Gross Margin is key
Carlsberg AS had a gross margin of 44.24% for the quarter that ended in Dec. 2025 => Durable competitive advantage
Be Aware
If a company loses its competitive advantages, usually its gross margin declines well before its sales declines. Watching Gross Margin % and Operating Margin % closely helps avoid value trap situations.
Carlsberg AS Gross Margin % Related Terms
Carlsberg AS Gross Margin % Historical Data
* Premium members only.
The historical data trend for Carlsberg AS's Gross Margin % 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 Gross Margin %, along with its competitors' market caps and Gross Margin % 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 Gross Margin % vs Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Carlsberg AS's Gross Margin % distribution charts can be found below:
* The bar in red indicates where Carlsberg AS's Gross Margin % 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.
A positive Gross Profit is only the first step for a company to make a net profit. The gross profit needs to be big enough to also cover related labor, equipment, rental, marketing/advertising, research and development and a lot of other costs in selling the products.
Carlsberg AS (LTS:0AI3) has a Gross Margin % of 44.24% as of Dec. 2025. Gross margin is the ratio of total gross profit to net sales. View historical data on Carlsberg AS and its competitors. This is near median its historical median of 48.00. Over the past decade, Carlsberg AS's Gross Margin % has ranged from 44.62 to 50.18. According to the industry distribution chart, Carlsberg AS ranks #82 out of 205 companies in the Beverages - Alcoholic industry, placing it in the top 40%.
Is Carlsberg AS's Gross Margin % too high?
Carlsberg AS's current Gross Margin % of 44.24% is near median its 10-year median of 48.00. Over the past 10 years, this metric has ranged from a low of 44.62 to a high of 50.18. The Beverages - Alcoholic industry median Gross Margin % is 42.29. Carlsberg AS's value of 44.24% is 4.6% above this industry median. Based on the distribution chart, Carlsberg AS ranks #82 out of 205 companies in the Beverages - Alcoholic industry, which is above the industry midpoint. Overall, Carlsberg AS has a GF Score™ of 82/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Carlsberg AS's Gross Margin % compare to STZ and TAP?
According to the Beverages - Alcoholic industry distribution chart, Carlsberg AS ranks #82 out of 205 companies for Gross Margin %. This puts Carlsberg AS in the upper half of its industry. The industry median Gross Margin % is 42.29. Carlsberg AS's value of 44.24% is 4.6% above this benchmark. Historically, Carlsberg AS's own Gross Margin % has ranged from 44.62 to 50.18 over the past decade. While the company's 10-year median is 48.00 vs. the industry median of 42.29, 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 Gross Margin % for a Beverages - Alcoholic company?
The median Gross Margin % among Beverages - Alcoholic companies is 42.29, based on 205 companies in the industry. Companies in the top quartile (top 25%) have a Gross Margin % significantly above this median, while those in the bottom quartile fall well below. However, Gross Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Carlsberg AS's current Gross Margin % of 44.24% is 4.6% 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 Gross Margin % mean?
A high Gross Margin % can signal that a stock is expensive relative to its fundamentals. Gross margin is the ratio of total gross profit to net sales. View historical data on Carlsberg AS and its competitors. For the Beverages - Alcoholic industry, the median Gross Margin % is 42.29 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Carlsberg AS's current Gross Margin % is 44.24%, which is near median its own 10-year median of 48.00. 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 (LTS:0AI3) is currently considered Modestly Undervalued. The stock's GF Value™ is kr1,212.56, compared to a current price of kr1,075.00 — trading 11.3% below its estimated fair value. The current Gross Margin % is 44.24%, which is near median its 10-year median of 48.00 and 4.6% above the Beverages - Alcoholic industry median of 42.29. Carlsberg AS's overall GF Score™ is 82/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Gross Margin % calculated?
Gross Margin % is calculated from a company's financial statements. For Carlsberg AS (LTS:0AI3), the current Gross Margin % is 44.24% 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 kr1,075.00 is trading 11.3% below its estimated GF Value™ of kr1,212.56.
GuruFocus considers Carlsberg AS to be Modestly Undervalued.
Key valuation signals for LTS:0AI3:
Gross Margin %: 44.24% (near median its 10-year median of 48.00)
GF Value™: kr1,212.56 vs. price of kr1,075.00 (11.3% below fair value)
Industry Position: 4.6% above the Beverages - Alcoholic median (#82 of 205)
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%).
82GF Score
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