Carlsberg A/S (CARL-B) — Capital Reinvestment Ratio
Carlsberg A/S (CARL-B) has a Capital Reinvestment Ratio of 0.39x as of December 2025, meaning it reinvests 0% of its operating cash flow (Dkr7.41 Billion) in capital expenditures (Dkr2.88 Billion). Check Carlsberg A/S tangible equity quality to evaluate the tangible quality of the company's equity base.
Capital Reinvestment Ratio
Operating Cash Flow
Capital Expenditures
Data as of
Carlsberg A/S Capital Reinvestment Ratio (2002–2025)
This chart tracks Carlsberg A/S's Capital Reinvestment Ratio across 24 annual periods. For the full cash flow conversion analysis, see CARL-B cash flow conversion.
Annual Capital Reinvestment Ratio for Carlsberg A/S (2002–2025)
Year-by-year Capital Reinvestment Ratio for Carlsberg A/S from 2002 to 2025. See CARL-B cash flow after capex ratio to measure how efficiently the company converts operating cash flow to free cash.
| Year | Reinvestment Ratio | Operating CF (DKK) | Capital Expenditures | YoY Change |
|---|---|---|---|---|
| 2025 | 0.43x | Dkr13.04 Billion | Dkr5.59 Billion | ▲ +15.7% |
| 2024 | 0.37x | Dkr13.57 Billion | Dkr5.03 Billion | ▲ +1.4% |
| 2023 | 0.37x | Dkr11.61 Billion | Dkr4.24 Billion | ▲ +17.8% |
| 2022 | 0.31x | Dkr12.95 Billion | Dkr4.02 Billion | ▼ -2.5% |
| 2021 | 0.32x | Dkr13.26 Billion | Dkr4.22 Billion | ▼ -20.9% |
| 2020 | 0.40x | Dkr10.93 Billion | Dkr4.40 Billion | ▲ +7.2% |
| 2019 | 0.38x | Dkr12.24 Billion | Dkr4.59 Billion | ▲ +12.2% |
| 2018 | 0.33x | Dkr12.05 Billion | Dkr4.03 Billion | ▼ -2.4% |
| 2017 | 0.34x | Dkr11.83 Billion | Dkr4.05 Billion | ▼ -16.8% |
| 2016 | 0.41x | Dkr9.33 Billion | Dkr3.84 Billion | ▲ +0.6% |
| 2015 | 0.41x | Dkr10.14 Billion | Dkr4.15 Billion | ▼ -48.7% |
| 2014 | 0.80x | Dkr7.41 Billion | Dkr5.91 Billion | ▲ +24.8% |
| 2013 | 0.64x | Dkr9.08 Billion | Dkr5.81 Billion | ▲ +24.4% |
| 2012 | 0.51x | Dkr9.87 Billion | Dkr5.07 Billion | ▲ +3.8% |
| 2011 | 0.50x | Dkr8.81 Billion | Dkr4.37 Billion | ▲ +61.6% |
| 2010 | 0.31x | Dkr11.02 Billion | Dkr3.38 Billion | ▲ +32.4% |
| 2009 | 0.23x | Dkr13.63 Billion | Dkr3.15 Billion | ▼ -71.8% |
| 2008 | 0.82x | Dkr7.81 Billion | Dkr6.41 Billion | ▼ -29.1% |
| 2007 | 1.16x | Dkr4.84 Billion | Dkr5.60 Billion | ▲ +45.3% |
| 2006 | 0.80x | Dkr4.47 Billion | Dkr3.56 Billion | ▲ +18.3% |
| 2005 | 0.67x | Dkr4.73 Billion | Dkr3.19 Billion | ▲ +1168.0% |
| 2004 | 0.05x | Dkr3.81 Billion | Dkr202.00 Million | ▼ -80.3% |
| 2003 | 0.27x | Dkr4.52 Billion | Dkr1.22 Billion | ▼ -50.0% |
| 2002 | 0.54x | Dkr5.55 Billion | Dkr2.99 Billion | — |