Carlsberg A/S (CARL-B) — Free Cash Flow Generation Index
Carlsberg A/S (CARL-B) has a Free Cash Flow Generation Index of 0.61x as of December 2025. Free cash flow of Dkr4.53 Billion represents 1% of operating cash flow (Dkr7.41 Billion). Explore CARL-B capex to operating cash flow ratio to see what proportion of operating cash flow is directed to capital expenditures.
FCF Generation Index
Free Cash Flow
Operating Cash Flow
Capital Expenditures
Carlsberg A/S Free Cash Flow Generation Index (2002–2025)
Historical FCF Generation Index trend for Carlsberg A/S across 24 annual periods. For the full cash flow conversion analysis, see Carlsberg A/S cash flow conversion.
Annual Free Cash Flow Generation for Carlsberg A/S (2002–2025)
Year-by-year Free Cash Flow Generation Index for Carlsberg A/S. Check CARL-B cash flow reinvestment rate to assess the company's total reinvestment commitment from operating cash flow.
| Year | FCG Index | Free Cash Flow (DKK) | Operating CF | Capital Expenditures | YoY Change |
|---|---|---|---|---|---|
| 2025 | 0.57x | Dkr7.45 Billion | Dkr13.04 Billion | Dkr5.59 Billion | ▲ +23.4% |
| 2024 | 0.46x | Dkr6.28 Billion | Dkr13.57 Billion | Dkr5.03 Billion | ▼ -27.0% |
| 2023 | 0.63x | Dkr7.36 Billion | Dkr11.61 Billion | Dkr4.24 Billion | ▼ -8.0% |
| 2022 | 0.69x | Dkr8.93 Billion | Dkr12.95 Billion | Dkr4.02 Billion | ▲ +1.2% |
| 2021 | 0.68x | Dkr9.04 Billion | Dkr13.26 Billion | Dkr4.22 Billion | ▲ +14.0% |
| 2020 | 0.60x | Dkr6.53 Billion | Dkr10.93 Billion | Dkr4.40 Billion | ▼ -4.3% |
| 2019 | 0.62x | Dkr7.65 Billion | Dkr12.24 Billion | Dkr4.59 Billion | ▼ -6.1% |
| 2018 | 0.67x | Dkr8.02 Billion | Dkr12.05 Billion | Dkr4.03 Billion | ▲ +1.2% |
| 2017 | 0.66x | Dkr7.78 Billion | Dkr11.83 Billion | Dkr4.05 Billion | ▲ +11.7% |
| 2016 | 0.59x | Dkr5.49 Billion | Dkr9.33 Billion | Dkr3.84 Billion | ▼ -0.4% |
| 2015 | 0.59x | Dkr5.99 Billion | Dkr10.14 Billion | Dkr4.15 Billion | ▲ +192.2% |
| 2014 | 0.20x | Dkr1.50 Billion | Dkr7.41 Billion | Dkr5.91 Billion | ▼ -44.0% |
| 2013 | 0.36x | Dkr3.28 Billion | Dkr9.08 Billion | Dkr5.81 Billion | ▼ -25.8% |
| 2012 | 0.49x | Dkr4.80 Billion | Dkr9.87 Billion | Dkr5.07 Billion | ▼ -3.7% |
| 2011 | 0.50x | Dkr4.45 Billion | Dkr8.81 Billion | Dkr4.37 Billion | ▼ -27.2% |
| 2010 | 0.69x | Dkr7.64 Billion | Dkr11.02 Billion | Dkr3.38 Billion | ▼ -9.8% |
| 2009 | 0.77x | Dkr10.48 Billion | Dkr13.63 Billion | Dkr3.15 Billion | ▲ +327.9% |
| 2008 | 0.18x | Dkr1.40 Billion | Dkr7.81 Billion | Dkr6.41 Billion | ▲ +214.5% |
| 2007 | -0.16x | Dkr-759.00 Million | Dkr4.84 Billion | Dkr5.60 Billion | ▼ -177.0% |
| 2006 | 0.20x | Dkr911.00 Million | Dkr4.47 Billion | Dkr3.56 Billion | ▼ -37.7% |
| 2005 | 0.33x | Dkr1.55 Billion | Dkr4.73 Billion | Dkr3.19 Billion | ▼ -65.5% |
| 2004 | 0.95x | Dkr3.60 Billion | Dkr3.81 Billion | Dkr202.00 Million | ▲ +29.7% |
| 2003 | 0.73x | Dkr3.30 Billion | Dkr4.52 Billion | Dkr1.22 Billion | ▲ +58.4% |
| 2002 | 0.46x | Dkr2.56 Billion | Dkr5.55 Billion | Dkr2.99 Billion | — |