Carlsberg ASCABJF 76 PB Ratio is 3.85 as of Jun. 25, 2026, which is 17% above its 10-year median of 3.28. GuruFocus rates CABJF with a GF Score™ of 76/100 and a GF Value™ of $164.64 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 206 Beverages - Alcoholic companies, Carlsberg AS ranks worse than 85.92% on this metric.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. As of today (2026-06-25), Carlsberg AS's share price is $127.1312. Carlsberg AS's Book Value per Share for the quarter that ended in Dec. 2025 was $32.98. Hence, Carlsberg AS's PB Ratio of today is 3.85.
The historical rank and industry rank for Carlsberg AS's PB Ratio or its related term are showing as below:
CABJF'
s PB Ratio Range Over the Past 10 Years
Min: 1.83 Med: 3.28 Max: 5.71
Current: 3.97
During the past 13 years, Carlsberg AS's highest PB Ratio was 5.71. The lowest was 1.83. And the median was 3.28.
CABJF's PB Ratio is ranked worse than 85.92% of 206
companies
in the Beverages - Alcoholic industry
Industry Median: 1.64
vs CABJF: 3.97
During the past 3 years, the average Book Value Per Share Growth Rate was -3.30% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was -7.80% per year.
During the past 10 years, the average Book Value Per Share Growth Rate was -4.90% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of Carlsberg AS was 45.80% per year. The lowest was -37.80% per year. And the median was 1.40% per year.
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
Carlsberg AS PB Ratio Related Terms
Carlsberg AS PB Ratio Historical Data
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The historical data trend for Carlsberg AS's PB Ratio 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 PB Ratio, along with its competitors' market caps and PB Ratio 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 PB Ratio vs Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Carlsberg AS's PB Ratio distribution charts can be found below:
* The bar in red indicates where Carlsberg AS's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
Carlsberg AS's PB Ratio for today is calculated as follows:
* 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Carlsberg AS (CABJF) has a PB Ratio of 3.85 as of Jun. 25, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Carlsberg AS and its competitors. This is 17% above median its historical median of 3.28. Over the past decade, Carlsberg AS's PB Ratio has ranged from 1.83 to 5.71. According to the industry distribution chart, Carlsberg AS ranks #177 out of 206 companies in the Beverages - Alcoholic industry, placing it in the top 85.9%.
Is Carlsberg AS's PB Ratio too high?
Carlsberg AS's current PB Ratio of 3.85 is 17% above median its 10-year median of 3.28. Over the past 10 years, this metric has ranged from a low of 1.83 to a high of 5.71. The Beverages - Alcoholic industry median PB Ratio is 1.64. Carlsberg AS's value of 3.85 is 134.8% above this industry median. Based on the distribution chart, Carlsberg AS ranks #177 out of 206 companies in the Beverages - Alcoholic industry, which is in the bottom quartile relative to peers. 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 PB Ratio compare to STZ and TAP?
According to the Beverages - Alcoholic industry distribution chart, Carlsberg AS ranks #177 out of 206 companies for PB Ratio. This places Carlsberg AS in the lower half of its industry. The industry median PB Ratio is 1.64. Carlsberg AS's value of 3.85 is 134.8% above this benchmark. Historically, Carlsberg AS's own PB Ratio has ranged from 1.83 to 5.71 over the past decade. While the company's 10-year median is 3.28 vs. the industry median of 1.64, 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 PB Ratio for a Beverages - Alcoholic company?
The median PB Ratio among Beverages - Alcoholic companies is 1.64, based on 206 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Carlsberg AS's current PB Ratio of 3.85 is 134.8% 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 PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Carlsberg AS and its competitors. For the Beverages - Alcoholic industry, the median PB Ratio is 1.64 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Carlsberg AS's current PB Ratio is 3.85, which is 17% above median its own 10-year median of 3.28. 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 $164.64, compared to a current price of $127.13 — trading 22.8% below its estimated fair value. The current PB Ratio is 3.85, which is 17% above median its 10-year median of 3.28 and 134.8% above the Beverages - Alcoholic industry median of 1.64. 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 PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Carlsberg AS (CABJF), the current PB Ratio is 3.85 as of Jun. 25, 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 $164.64.
GuruFocus considers Carlsberg AS to be Modestly Undervalued.
Key valuation signals for CABJF:
PB Ratio: 3.85 (17% above median its 10-year median of 3.28)
GF Value™: $164.64 vs. price of $127.13 (22.8% below fair value)
Industry Position: 134.8% above the Beverages - Alcoholic median (#177 of 206)
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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