Carlsberg ASCABJF 76 ROE % is 19.77% as of Dec. 2025, which is 52% above its 10-year median of 13.04. 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 208 Beverages - Alcoholic companies, Carlsberg AS ranks better than 90.38% on this metric.
ROE % is calculated as Net Income divided by its average Total Stockholders Equity over a certain period of time. Carlsberg AS's annualized net income for the quarter that ended in Dec. 2025 was $813 Mil. Carlsberg AS's average Total Stockholders Equity over the quarter that ended in Dec. 2025 was $4,114 Mil. Therefore, Carlsberg AS's annualized ROE % for the quarter that ended in Dec. 2025 was 19.77%.
The historical rank and industry rank for Carlsberg AS's ROE % or its related term are showing as below:
CABJF'
s ROE % Range Over the Past 10 Years
Min: -147.95 Med: 13.04 Max: 35.75
Current: 22.91
During the past 13 years, Carlsberg AS's highest ROE % was 35.75%. The lowest was -147.95%. And the median was 13.04%.
CABJF's ROE % is ranked better than 90.38% of 208
companies
in the Beverages - Alcoholic industry
Industry Median: 5.655
vs CABJF: 22.91
Carlsberg AS (OTCPK:CABJF) ROE % Explanation
ROE % measures the rate of return on the ownership interest (shareholder's equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' equity (also known as net assets or assets minus liabilities). ROE % shows how well a company uses investment funds to generate earnings growth. ROE %s between 15% and 20% are considered desirable.
The factors that affect a company's ROE % can be illustrated with the three-step DuPont Analysis:
Note:
The net income data used here is two times the semi-annual (Dec. 2025) net income data. The Revenue data used here is two times the semi-annual (Dec. 2025) revenue data. The same rule applies to Pre-Tax Income and Operating Income.
* In the five-step DuPont Analysis, Operating Income is only available for non-financial companies. Thus, for Insurance companies, we use EBIT as a substitution of Operating Income. For Banks, both Operating Income and EBIT is unavailable. Thus we combined Interest Burden and Operating Margin % into Pretax Margin %, and the DuPont Analysis is divided into four components instead.
* 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.
Be Aware
Net Income is used.
Because a company can increase its ROE % by having more financial leverage, it is important to watch the equity multiplier when investing in high ROE % companies. Like ROA %, ROE % 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 ROE %s can be extremely high.
Carlsberg AS ROE % Related Terms
Carlsberg AS ROE % Historical Data
* Premium members only.
The historical data trend for Carlsberg AS's ROE % 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 ROE %, along with its competitors' market caps and ROE % 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 ROE % vs Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Carlsberg AS's ROE % distribution charts can be found below:
* The bar in red indicates where Carlsberg AS's ROE % 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 ROE %, the net income of the last fiscal year and the average total shareholder 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.
ROE % is displayed in the 30-year financial page.
Carlsberg AS (CABJF) has a ROE % of 19.77% as of Dec. 2025. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on Carlsberg AS and its competitors. This is 52% above median its historical median of 13.04. According to the industry distribution chart, Carlsberg AS ranks #20 out of 208 companies in the Beverages - Alcoholic industry, placing it in the top 9.6%.
Is Carlsberg AS's ROE % too high?
Carlsberg AS's current ROE % of 19.77% is 52% above median its 10-year median of 13.04. The Beverages - Alcoholic industry median ROE % is 5.66. Carlsberg AS's value of 19.77% is 249.6% above this industry median. Based on the distribution chart, Carlsberg AS ranks #20 out of 208 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 76/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Carlsberg AS's ROE % compare to STZ and TAP?
According to the Beverages - Alcoholic industry distribution chart, Carlsberg AS ranks #20 out of 208 companies for ROE %. This places Carlsberg AS in the top 10% of its industry — outperforming the majority of peers. The industry median ROE % is 5.66. Carlsberg AS's value of 19.77% is 249.6% above this benchmark. While the company's 10-year median is 13.04 vs. the industry median of 5.66, 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 ROE % for a Beverages - Alcoholic company?
The median ROE % among Beverages - Alcoholic companies is 5.66, based on 208 companies in the industry. Companies in the top quartile (top 25%) have a ROE % significantly above this median, while those in the bottom quartile fall well below. However, ROE % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Carlsberg AS's current ROE % of 19.77% is 249.6% 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 ROE % mean?
A high ROE % can signal that a stock is expensive relative to its fundamentals. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on Carlsberg AS and its competitors. For the Beverages - Alcoholic industry, the median ROE % is 5.66 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Carlsberg AS's current ROE % is 19.77%, which is 52% above median its own 10-year median of 13.04. 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 ROE % is 19.77%, which is 52% above median its 10-year median of 13.04 and 249.6% above the Beverages - Alcoholic industry median of 5.66. 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 ROE % calculated?
ROE % is calculated from a company's financial statements. For Carlsberg AS (CABJF), the current ROE % is 19.77% 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 (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:
ROE %: 19.77% (52% above median its 10-year median of 13.04)
GF Value™: $164.63 vs. price of $127.13 (22.8% below fair value)
Industry Position: 249.6% above the Beverages - Alcoholic median (#20 of 208)
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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