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). See CARL-B working capital ratio to evaluate short-term liquidity relative to the company's equity base.
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. Explore CARL-B debt coverage from operations to assess how comfortably operating cash covers total debt obligations.
Annual Free Cash Flow Generation for Carlsberg A/S (2002–2025)
Year-by-year Free Cash Flow Generation Index for Carlsberg A/S. For the full company profile including market capitalisation, see Carlsberg A/S market capitalisation.
| 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 | — |