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Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
Carlsberg AS's Sloan Ratio for the quarter that ended in Dec. 2025 was 18.07%.
As of Dec. 2025, Carlsberg AS has a Sloan Ratio of 18.07%, indicating there is a warning stage of accrual build up.
Carlsberg AS (LTS:0AI4) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Dec. 2025, Carlsberg AS has a Sloan Ratio of 18.07%, indicating there is a warning stage of accrual build up.
Carlsberg AS Sloan Ratio % Related Terms
Carlsberg AS Sloan Ratio % Historical Data
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The historical data trend for Carlsberg AS's Sloan 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 Sloan Ratio %, along with its competitors' market caps and Sloan 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 Sloan Ratio % vs Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Carlsberg AS's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Carlsberg AS's Sloan Ratio % falls into.
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
Carlsberg AS's Sloan Ratio for the fiscal year that ended in Dec. 2025 is calculated as
For company reported semi-annually, GuruFocus uses latest two semi-annual data as the TTM data.
Carlsberg AS's Net Income for the trailing twelve months (TTM) ended in Dec. 2025 was 3562 (Jun. 2025 ) + 2594 (Dec. 2025 ) = kr6,156 Mil.
Carlsberg AS's Cash Flow from Operations for the trailing twelve months (TTM) ended in Dec. 2025 was 5310 (Jun. 2025 ) + 7121 (Dec. 2025 ) = kr12,431 Mil.
Carlsberg AS's Cash Flow from Investing for the trailing twelve months (TTM) ended in Dec. 2025 was -32005 (Jun. 2025 ) + -2093 (Dec. 2025 ) = kr-34,098 Mil.
* 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.
Carlsberg AS (LTS:0AI4) has a Sloan Ratio % of 18.07% as of Dec. 2025. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Carlsberg AS and its competitors.
Is Carlsberg AS's Sloan Ratio % too high?
Carlsberg AS's current Sloan Ratio % is 18.07%. Overall, Carlsberg AS has a GF Score™ of 80/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Carlsberg AS's Sloan Ratio % compare to STZ and TAP?
Carlsberg AS's Sloan Ratio % of 18.07% can be compared against companies in the Beverages - Alcoholic industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Sloan Ratio % for a Beverages - Alcoholic company?
A good Sloan Ratio % depends on the Beverages - Alcoholic industry context. However, Sloan Ratio % 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 Sloan Ratio % mean?
A high Sloan Ratio % can signal that a stock is expensive relative to its fundamentals. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Carlsberg AS and its competitors. Carlsberg AS's current Sloan Ratio % is 18.07%. 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 kr1,101.00, compared to a current price of kr913.30 — trading 17% below its estimated fair value. The current Sloan Ratio % is 18.07%. Carlsberg AS's overall GF Score™ is 80/100 with 9 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Sloan Ratio % calculated?
Sloan Ratio % is calculated from a company's financial statements. For Carlsberg AS (LTS:0AI4), the current Sloan Ratio % is 18.07% 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 kr913.30 is trading 17% below its estimated GF Value™ of kr1,101.00.
GuruFocus considers Carlsberg AS to be Modestly Undervalued.
Key valuation signals for LTS:0AI4:
Sloan Ratio %: 18.07%
GF Value™: kr1,101.00 vs. price of kr913.30 (17% below fair value)
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%).
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