Carlsberg ASLTS:0AI4 -0.43%81 Return-on-Tangible-Asset is 7.19% as of Dec. 2025, which is 28% below its 10-year median of 9.98. GuruFocus rates LTS:0AI4 with a GF Score™ of 81/100 and a GF Value™ of kr1,099.46 (Modestly Undervalued). The stock has 9 warning signs investors should review. Among 213 Beverages - Alcoholic companies, Carlsberg AS ranks better than 77.93% on this metric.
Return-on-Tangible-Asset is calculated as Net Income divided by its average total tangible assets. Total tangible assets equals to Total Assets minus Intangible Assets. Carlsberg AS's annualizedNet Income for the quarter that ended in Dec. 2025 was kr5,188 Mil. Carlsberg AS's average total tangible assets for the quarter that ended in Dec. 2025 was kr72,153 Mil. Therefore, Carlsberg AS's annualized Return-on-Tangible-Asset for the quarter that ended in Dec. 2025 was 7.19%.
The historical rank and industry rank for Carlsberg AS's Return-on-Tangible-Asset or its related term are showing as below:
LTS:0AI4'
s Return-on-Tangible-Asset Range Over the Past 10 Years
Min: -63.31 Med: 9.98 Max: 14.76
Current: 9
During the past 13 years, Carlsberg AS's highest Return-on-Tangible-Asset was 14.76%. The lowest was -63.31%. And the median was 9.98%.
LTS:0AI4's Return-on-Tangible-Asset is ranked better than 77.93% of 213
companies
in the Beverages - Alcoholic industry
Industry Median: 3.09
vs LTS:0AI4: 9.00
Carlsberg AS (LTS:0AI4) Return-on-Tangible-Asset Explanation
Return-on-Tangible-Asset measures the rate of return on the average total tangible assets (total assets minus intangible assets). Tangible means physical in nature. Intangible Assets are assets that are not physical in nature, and typically "derive their value from legal or intellectual rights." Return-on-Tangible-Asset measures a firm's efficiency at generating profits from its tangible assets. It shows how well a company uses what it has to generate earnings. Return-on-Tangible-Assets can vary drastically across industries. Therefore, Return-on-Tangible-Asset should not be used to compare companies in different industries.
Be Aware
Like ROE and ROA, Return-on-Tangible-Asset is calculated with only 12 months data. Fluctuations in the companys earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective. Return-on-Tangible-Asset can be affected by events such as stock buyback or issuance, and by a companys tax rate and its interest payment. Return-on-Tangible-Asset may not reflect the true earning power of the assets. A more accurate measurement is ROC % (ROC).
Many analysts argue the higher return the better. Buffett states that really high Return-on-Tangible-Asset may indicate vulnerability in the durability of the competitive advantage.
Carlsberg AS Return-on-Tangible-Asset Related Terms
Carlsberg AS Return-on-Tangible-Asset Historical Data
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The historical data trend for Carlsberg AS's Return-on-Tangible-Asset 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.
LTS:0AI4 vs BUD, STZ, TAP: Return-on-Tangible-Asset Comparison
For the Beverages - Brewers subindustry, Carlsberg AS's Return-on-Tangible-Asset, along with its competitors' market caps and Return-on-Tangible-Asset 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 Return-on-Tangible-Asset vs Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Carlsberg AS's Return-on-Tangible-Asset distribution charts can be found below:
* The bar in red indicates where Carlsberg AS's Return-on-Tangible-Asset 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.
In the calculation of annual Return-on-Tangible-Asset, the net income of the last fiscal year and the average total tangible assets over the fiscal year are used. In calculating the quarterly data,
the Net Income data used here is two times the semi-annual (Dec. 2025) net income data.
What does a Return-on-Tangible-Asset of 7.19% mean?
Carlsberg AS (LTS:0AI4) has a Return-on-Tangible-Asset of 7.19% as of Dec. 2025. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on Carlsberg AS and its competitors. This is 28% below median its historical median of 9.98. According to the industry distribution chart, Carlsberg AS ranks #47 out of 213 companies in the Beverages - Alcoholic industry, placing it in the top 22.1%.
Is Carlsberg AS's Return-on-Tangible-Asset too high?
Carlsberg AS's current Return-on-Tangible-Asset of 7.19% is 28% below median its 10-year median of 9.98. The Beverages - Alcoholic industry median Return-on-Tangible-Asset is 3.09. Carlsberg AS's value of 7.19% is 132.7% above this industry median. Based on the distribution chart, Carlsberg AS ranks #47 out of 213 companies in the Beverages - Alcoholic industry, which is in the top quartile — a strong position relative to peers. 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 Return-on-Tangible-Asset compare to BUD and STZ?
According to the Beverages - Alcoholic industry distribution chart, Carlsberg AS ranks #47 out of 213 companies for Return-on-Tangible-Asset. This places Carlsberg AS in the top 22% of its industry — outperforming the majority of peers. The industry median Return-on-Tangible-Asset is 3.09. Carlsberg AS's value of 7.19% is 132.7% above this benchmark. While the company's 10-year median is 9.98 vs. the industry median of 3.09, 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 Return-on-Tangible-Asset for a Beverages - Alcoholic company?
The median Return-on-Tangible-Asset among Beverages - Alcoholic companies is 3.09, based on 213 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Asset significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Asset should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Carlsberg AS's current Return-on-Tangible-Asset of 7.19% is 132.7% 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 Return-on-Tangible-Asset mean?
A high Return-on-Tangible-Asset can signal that a stock is expensive relative to its fundamentals. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on Carlsberg AS and its competitors. For the Beverages - Alcoholic industry, the median Return-on-Tangible-Asset is 3.09 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Carlsberg AS's current Return-on-Tangible-Asset is 7.19%, which is 28% below median its own 10-year median of 9.98. 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 kr1,099.46, compared to a current price of kr916.80 — trading 16.6% below its estimated fair value. The current Return-on-Tangible-Asset is 7.19%, which is 28% below median its 10-year median of 9.98 and 132.7% above the Beverages - Alcoholic industry median of 3.09. 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 Return-on-Tangible-Asset calculated?
Return-on-Tangible-Asset is calculated from a company's financial statements. For Carlsberg AS (LTS:0AI4), the current Return-on-Tangible-Asset is 7.19% 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:0AI4) Overvalued in 2026?
Based on GuruFocus' analysis, Carlsberg AS stock appears to be undervalued.
The current stock price of kr916.80 is trading 16.6% below its estimated GF Value™ of kr1,099.46.
GuruFocus considers Carlsberg AS to be Modestly Undervalued.
Key valuation signals for LTS:0AI4:
Return-on-Tangible-Asset: 7.19% (28% below median its 10-year median of 9.98)
GF Value™: kr1,099.46 vs. price of kr916.80 (16.6% below fair value)
Industry Position: 132.7% above the Beverages - Alcoholic median (#47 of 213)
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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