Carlsberg ASLTS:0AI3 82 3-Year ROIIC % is 2.91 as of Dec. 2025, which is 34% below its 10-year median of 4.39. GuruFocus rates LTS:0AI3 with a GF Score™ of 82/100 and a GF Value™ of kr1,214.10 (Fairly Valued). The stock has 7 warning signs investors should review. Among 199 Beverages - Alcoholic companies, Carlsberg AS ranks better than 54.27% on this metric.
3-Year Return on Invested Incremental Capital (3-Year ROIIC %) measures the change in earnings as a percentage of change in investment over 3-year.
Carlsberg AS's 3-Year ROIIC % for the quarter that ended in Dec. 2025 was 2.91%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for Carlsberg AS's 3-Year ROIIC % or its related term are showing as below:
LTS:0AI3's 3-Year ROIIC % is ranked better than 54.27% of 199
companies
in the Beverages - Alcoholic industry
Industry Median: 1.29
vs LTS:0AI3: 2.91
Carlsberg AS (LTS:0AI3) 3-Year ROIIC % Explanation
Return on Incremental Invested Capital (ROIIC) is an extension of Return on Investment Capital (ROIC). ROIC % tells investors how efficiently that profitability is earned per dollar of company capital. ROIIC narrows the focus even further and shows how profitable each additional unit of capital investment could be. ROIIC % is a more powerful metric than ROIC because it measures how much money the company can generate going forward on future capital investments.
High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
Be Aware
It's important to keep in mind that when tracking ROIIC, the metric is better suited to forecasting the trend of future returns rather than measuring current return on investment.
Carlsberg AS 3-Year ROIIC % Related Terms
Carlsberg AS 3-Year ROIIC % Historical Data
* Premium members only.
The historical data trend for Carlsberg AS's 3-Year ROIIC % 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: 3-Year ROIIC % Comparison
For the Beverages - Brewers subindustry, Carlsberg AS's 3-Year ROIIC %, along with its competitors' market caps and 3-Year ROIIC % 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 3-Year ROIIC % vs Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Carlsberg AS's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where Carlsberg AS's 3-Year ROIIC % falls into.
Carlsberg AS's 3-Year ROIIC % for the quarter that ended in Dec. 2025 is calculated as:
3-Year ROIIC %
=
3-Year Incremental Net Operating Profit After Taxes (NOPAT)**
/
3-Year Incremental Invested Capital**
=
( 9723.852 (Dec. 2025) - 8617.535 (Dec. 2022) )
/
( 144983 (Dec. 2025) - 106910 (Dec. 2022) )
=
1106.317
/
38073
=
2.91%***
* 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.
** Annual data of NOPAT and Invested Capital was used to calculate 3-Year ROIIC %.
*** Please be aware that the ROIIC (Return on Invested Capital) calculations are based on company-level data using the primary share class. The calculated data provided is for demonstration purposes and may slightly differ from the results displayed in the title due to potential variations caused by currency exchange rate differences throughout the year.
Carlsberg AS (LTS:0AI3) has a 3-Year ROIIC % of 2.91 as of Dec. 2025. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Carlsberg AS and its competitors. This is 34% below median its historical median of 4.39. According to the industry distribution chart, Carlsberg AS ranks #91 out of 199 companies in the Beverages - Alcoholic industry, placing it in the top 45.7%.
Is Carlsberg AS's 3-Year ROIIC % too high?
Carlsberg AS's current 3-Year ROIIC % of 2.91 is 34% below median its 10-year median of 4.39. The Beverages - Alcoholic industry median 3-Year ROIIC % is 1.29. Carlsberg AS's value of 2.91 is 125.6% above this industry median. Based on the distribution chart, Carlsberg AS ranks #91 out of 199 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 Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Carlsberg AS's 3-Year ROIIC % compare to BUD and STZ?
According to the Beverages - Alcoholic industry distribution chart, Carlsberg AS ranks #91 out of 199 companies for 3-Year ROIIC %. This puts Carlsberg AS in the upper half of its industry. The industry median 3-Year ROIIC % is 1.29. Carlsberg AS's value of 2.91 is 125.6% above this benchmark. While the company's 10-year median is 4.39 vs. the industry median of 1.29, 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 3-Year ROIIC % for a Beverages - Alcoholic company?
The median 3-Year ROIIC % among Beverages - Alcoholic companies is 1.29, based on 199 companies in the industry. Companies in the top quartile (top 25%) have a 3-Year ROIIC % significantly above this median, while those in the bottom quartile fall well below. However, 3-Year ROIIC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Carlsberg AS's current 3-Year ROIIC % of 2.91 is 125.6% 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 3-Year ROIIC % mean?
A high 3-Year ROIIC % can signal that a stock is expensive relative to its fundamentals. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Carlsberg AS and its competitors. For the Beverages - Alcoholic industry, the median 3-Year ROIIC % is 1.29 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Carlsberg AS's current 3-Year ROIIC % is 2.91, which is 34% below median its own 10-year median of 4.39. 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 Fairly Valued. The stock's GF Value™ is kr1,214.10, compared to a current price of kr1,125.00 — trading 7.3% below its estimated fair value. The current 3-Year ROIIC % is 2.91, which is 34% below median its 10-year median of 4.39 and 125.6% above the Beverages - Alcoholic industry median of 1.29. Carlsberg AS's overall GF Score™ is 82/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is 3-Year ROIIC % calculated?
3-Year ROIIC % is calculated from a company's financial statements. For Carlsberg AS (LTS:0AI3), the current 3-Year ROIIC % is 2.91 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 kr1,125.00 is trading 7.3% below its estimated GF Value™ of kr1,214.10.
GuruFocus considers Carlsberg AS to be Fairly Valued.
Key valuation signals for LTS:0AI3:
3-Year ROIIC %: 2.91 (34% below median its 10-year median of 4.39)
GF Value™: kr1,214.10 vs. price of kr1,125.00 (7.3% below fair value)
Industry Position: 125.6% above the Beverages - Alcoholic median (#91 of 199)
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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