Carlsberg A/S (CARL-B) — Cash Flow Quality Index
Carlsberg A/S (CARL-B) has a Cash Flow Quality Index of 2.86x as of December 2025. Operating cash flow of Dkr7.41 Billion exceeds net income of Dkr2.59 Billion, indicating high earnings quality where cash backs reported profits. Explore cash flow to debt ratio of Carlsberg A/S to assess how comfortably operating cash covers total debt obligations.
Cash Flow Quality Index
Operating Cash Flow
Net Income
Data as of
Carlsberg A/S Cash Flow Quality Index (2002–2025)
Historical Cash Flow Quality Index for Carlsberg A/S across 24 annual periods. Values consistently above 1.0x indicate high-quality earnings. For the full cash flow conversion analysis, see Carlsberg A/S cash flow conversion.
Annual Cash Flow Quality Index for Carlsberg A/S (2002–2025)
Year-by-year earnings quality comparison for Carlsberg A/S.
| Year | Quality Index | Operating CF (DKK) | Net Income | YoY Change |
|---|---|---|---|---|
| 2025 | 2.19x | Dkr13.04 Billion | Dkr5.96 Billion | ▲ +84.2% |
| 2024 | 1.19x | Dkr13.57 Billion | Dkr11.41 Billion | ▲ +13.8% |
| 2023 | 1.05x | Dkr11.61 Billion | Dkr11.11 Billion | ▼ -7.4% |
| 2022 | 1.13x | Dkr12.95 Billion | Dkr11.47 Billion | ▼ -7.5% |
| 2021 | 1.22x | Dkr13.26 Billion | Dkr10.86 Billion | ▲ +8.3% |
| 2020 | 1.13x | Dkr10.93 Billion | Dkr9.70 Billion | ▼ -3.7% |
| 2019 | 1.17x | Dkr12.24 Billion | Dkr10.46 Billion | ▼ -9.4% |
| 2018 | 1.29x | Dkr12.05 Billion | Dkr9.33 Billion | ▼ -3.1% |
| 2017 | 1.33x | Dkr11.83 Billion | Dkr8.88 Billion | ▲ +17.8% |
| 2016 | 1.13x | Dkr9.33 Billion | Dkr8.24 Billion | ▼ -5.6% |
| 2015 | 1.20x | Dkr10.14 Billion | Dkr8.46 Billion | ▲ +49.5% |
| 2014 | 0.80x | Dkr7.41 Billion | Dkr9.23 Billion | ▼ -13.1% |
| 2013 | 0.92x | Dkr9.08 Billion | Dkr9.84 Billion | ▼ -8.5% |
| 2012 | 1.01x | Dkr9.87 Billion | Dkr9.79 Billion | ▲ +12.3% |
| 2011 | 0.90x | Dkr8.81 Billion | Dkr9.82 Billion | ▼ -16.5% |
| 2010 | 1.08x | Dkr11.02 Billion | Dkr10.25 Billion | ▼ -25.9% |
| 2009 | 1.45x | Dkr13.63 Billion | Dkr9.39 Billion | ▲ +48.3% |
| 2008 | 0.98x | Dkr7.81 Billion | Dkr7.98 Billion | ▲ +6.5% |
| 2007 | 0.92x | Dkr4.84 Billion | Dkr5.26 Billion | ▼ -16.8% |
| 2006 | 1.10x | Dkr4.47 Billion | Dkr4.05 Billion | ▼ -17.9% |
| 2005 | 1.35x | Dkr4.73 Billion | Dkr3.52 Billion | ▲ +11.1% |
| 2004 | 1.21x | Dkr3.81 Billion | Dkr3.14 Billion | ▼ -15.2% |
| 2003 | 1.43x | Dkr4.52 Billion | Dkr3.16 Billion | ▼ -3.4% |
| 2002 | 1.48x | Dkr5.55 Billion | Dkr3.76 Billion | — |