Carlsberg ASLTS:0AI3 82 Return-on-Tangible-Equity is Negative Tangible Equity% as of Dec. 2025. GuruFocus rates LTS:0AI3 with a GF Score™ of 82/100 and a GF Value™ of kr1,213.45 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 201 Beverages - Alcoholic companies, Carlsberg AS ranks better than 99.5% on this metric.
Return-on-Tangible-Equity is calculated as Net Income divided by its average total shareholder tangible equity. Total shareholder tangible equity equals to Total Stockholders Equity minus Intangible Assets. Carlsberg AS's annualized net income for the quarter that ended in Dec. 2025 was kr5,188 Mil. Carlsberg AS's average shareholder tangible equity for the quarter that ended in Dec. 2025 was kr-55,723 Mil. Therefore, Carlsberg AS's annualized Return-on-Tangible-Equity for the quarter that ended in Dec. 2025 was Negative Tangible Equity%.
The historical rank and industry rank for Carlsberg AS's Return-on-Tangible-Equity or its related term are showing as below:
LTS:0AI3'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: 0 Med: 0 Max: 0
Current: Negative Tangible Equity
LTS:0AI3's Return-on-Tangible-Equity is ranked better than 99.5% of 201
companies
in the Beverages - Alcoholic industry
Industry Median: 8.55
vs LTS:0AI3: Negative Tangible Equity
Carlsberg AS (LTS:0AI3) Return-on-Tangible-Equity Explanation
Return-on-Tangible-Equity measures the rate of return on the ownership interest (shareholder's tangible equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' tangible equity (shareholders equity minus intangibles). Return-on-Tangible-Equity shows how well a company uses investment funds to generate earnings growth. Return-on-Tangible-Equitys between 15% and 20% are considered desirable.
Be Aware
Net Income is used.
Because a company can increase its Return-on-Tangible-Equity by having more financial leverage, it is important to watch the leverage ratio when investing in high Return-on-Tangible-Equity companies. Like Return-on-Tangible-Asset, Return-on-Tangible-Equity is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their Return-on-Tangible-Equitys can be extremely high.
Carlsberg AS Return-on-Tangible-Equity Related Terms
Carlsberg AS Return-on-Tangible-Equity Historical Data
* Premium members only.
The historical data trend for Carlsberg AS's Return-on-Tangible-Equity 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:0AI3 vs BUD, STZ, TAP: Return-on-Tangible-Equity Comparison
For the Beverages - Brewers subindustry, Carlsberg AS's Return-on-Tangible-Equity, along with its competitors' market caps and Return-on-Tangible-Equity 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-Equity vs Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Carlsberg AS's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where Carlsberg AS's Return-on-Tangible-Equity 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-Equity, the net income of the last fiscal year and the average total shareholder tangible equity 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.
Return-on-Tangible-Equity is displayed in the 10-year financial page.
What does a Return-on-Tangible-Equity of Negative Tangible Equity% mean?
Carlsberg AS (LTS:0AI3) has a Return-on-Tangible-Equity of Negative Tangible Equity% as of Dec. 2025. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on Carlsberg AS and its competitors. According to the industry distribution chart, Carlsberg AS ranks #1 out of 201 companies in the Beverages - Alcoholic industry, placing it in the top 0.5%.
Is Carlsberg AS's Return-on-Tangible-Equity too high?
Carlsberg AS's current Return-on-Tangible-Equity is Negative Tangible Equity%. Based on the distribution chart, Carlsberg AS ranks #1 out of 201 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 82/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Carlsberg AS's Return-on-Tangible-Equity compare to BUD and STZ?
According to the Beverages - Alcoholic industry distribution chart, Carlsberg AS ranks #1 out of 201 companies for Return-on-Tangible-Equity. This places Carlsberg AS in the top 1% of its industry — outperforming the majority of peers. The industry median Return-on-Tangible-Equity is 8.55. 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-Equity for a Beverages - Alcoholic company?
The median Return-on-Tangible-Equity among Beverages - Alcoholic companies is 8.55, based on 201 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Equity significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. 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-Equity mean?
A high Return-on-Tangible-Equity can signal that a stock is expensive relative to its fundamentals. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on Carlsberg AS and its competitors. For the Beverages - Alcoholic industry, the median Return-on-Tangible-Equity is 8.55 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Carlsberg AS's current Return-on-Tangible-Equity is Negative Tangible Equity%. 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 kr1,213.45, compared to a current price of kr1,075.00 — trading 11.4% below its estimated fair value. The current Return-on-Tangible-Equity is Negative Tangible Equity%. 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 Return-on-Tangible-Equity calculated?
Return-on-Tangible-Equity is calculated from a company's financial statements. For Carlsberg AS (LTS:0AI3), the current Return-on-Tangible-Equity is Negative Tangible Equity% 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 11.4% below its estimated GF Value™ of kr1,213.45.
GuruFocus considers Carlsberg AS to be Modestly Undervalued.
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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