Carlsberg A/S (CARL-A) - Net Assets

Latest as of December 2025: Dkr30.68 Billion DKK ≈ $4.80 Billion USD

Based on the latest financial reports, Carlsberg A/S (CARL-A) has net assets worth Dkr30.68 Billion DKK (≈ $4.80 Billion USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (Dkr153.96 Billion ≈ $24.09 Billion USD) and total liabilities (Dkr123.28 Billion ≈ $19.29 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check CARL-A PP&E to net assets ratio to assess the company's strategic physical and investment asset allocation.

Key Net Assets Metrics

Metric	Value
Current Net Assets	Dkr30.68 Billion
% of Total Assets	19.93%
Annual Growth Rate	2.53%
5-Year Change	-37.08%
10-Year Change	-42.82%
Growth Volatility	43.91

Carlsberg A/S - Net Assets Trend (2002–2025)

This chart illustrates how Carlsberg A/S's net assets have evolved over time, based on quarterly financial data. For live market cap and overall valuation, see Carlsberg A/S market cap and net worth.

Annual Net Assets for Carlsberg A/S (2002–2025)

The table below shows the annual net assets of Carlsberg A/S from 2002 to 2025. Also explore how fast is Carlsberg A/S growing its equity to track the company's year-over-year net asset growth rate.

Year	Net Assets	Change
2025-12-31	Dkr30.68 Billion ≈ $4.80 Billion	+0.21%
2024-12-31	Dkr30.61 Billion ≈ $4.79 Billion	+18.89%
2023-12-31	Dkr25.75 Billion ≈ $4.03 Billion	-25.84%
2022-12-31	Dkr34.72 Billion ≈ $5.43 Billion	-28.78%
2021-12-31	Dkr48.76 Billion ≈ $7.63 Billion	+12.44%
2020-12-31	Dkr43.36 Billion ≈ $6.78 Billion	-5.81%
2019-12-31	Dkr46.03 Billion ≈ $7.20 Billion	-3.87%
2018-12-31	Dkr47.89 Billion ≈ $7.49 Billion	-3.30%
2017-12-31	Dkr49.52 Billion ≈ $7.75 Billion	-7.69%
2016-12-31	Dkr53.65 Billion ≈ $8.39 Billion	+13.59%
2015-12-31	Dkr47.23 Billion ≈ $7.39 Billion	-15.65%
2014-12-31	Dkr56.00 Billion ≈ $8.76 Billion	-21.68%
2013-12-31	Dkr71.50 Billion ≈ $11.19 Billion	-2.92%
2012-12-31	Dkr73.65 Billion ≈ $11.52 Billion	+2.82%
2011-12-31	Dkr71.63 Billion ≈ $11.21 Billion	+2.87%
2010-12-31	Dkr69.63 Billion ≈ $10.89 Billion	+8.54%
2009-12-31	Dkr64.15 Billion ≈ $10.04 Billion	+5.59%
2008-12-31	Dkr60.75 Billion ≈ $9.50 Billion	+204.61%
2007-12-31	Dkr19.94 Billion ≈ $3.12 Billion	+5.04%
2006-12-31	Dkr18.99 Billion ≈ $2.97 Billion	-2.61%
2005-12-31	Dkr19.50 Billion ≈ $3.05 Billion	+21.05%
2004-12-31	Dkr16.11 Billion ≈ $2.52 Billion	-10.05%
2003-12-31	Dkr17.91 Billion ≈ $2.80 Billion	+3.59%
2002-12-31	Dkr17.29 Billion ≈ $2.70 Billion	--

Equity Component Analysis

This analysis shows how different components contribute to Carlsberg A/S's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

Retained earnings have grown by 244.2% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Retained Earnings	Dkr28.34 Billion	101.95%
Common Stock	Dkr2.65 Billion	9.54%
Other Comprehensive Income	Dkr-3.19 Billion	-11.49%
Total Equity	Dkr27.80 Billion	100.00%

Carlsberg A/S Competitors by Market Cap

The table below lists competitors of Carlsberg A/S ranked by their market capitalization.

Company	Market Cap
Do-Fluoride Chemicals Co Ltd SHE:002407	$5.62 Billion
Churchill Downs Incorporated NASDAQ:CHDN	$5.62 Billion
Shanghai Friendess Electronics Tech SHG:688188	$5.62 Billion
Ultrapar Participações S.A F:UGR	$5.62 Billion
Strathcona Resources Ltd. TO:SCR	$5.61 Billion
Corcept Therapeutics Incorporated NASDAQ:CORT	$5.61 Billion
Ormat Technologies Inc NYSE:ORA	$5.61 Billion
BRF S.A SA:BRFS3	$5.61 Billion

Equity Growth Attribution

This analysis shows how different factors contributed to changes in Carlsberg A/S's equity between the two most recent reporting periods.

Equity Growth Insights

From 2024 to 2025, total equity changed from 27,771,000,000 to 27,804,000,000, a change of 33,000,000 (0.1%).
Net income of 5,955,000,000 contributed positively to equity growth.
Dividend payments of 3,573,000,000 reduced retained earnings.
Share repurchases of 4,000,000 reduced equity.
Other comprehensive income decreased equity by 2,698,000,000.
Other factors increased equity by 353,000,000.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	Dkr5.96 Billion	+21.42%
Dividends Paid	Dkr3.57 Billion	-12.85%
Share Repurchases	Dkr4.00 Million	-0.01%
Other Comprehensive Income	Dkr-2.70 Billion	-9.7%
Other Changes	Dkr353.00 Million	+1.27%
Total Change	Dkr-	0.12%

Book Value vs Market Value Analysis

This analysis compares Carlsberg A/S's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

Current price-to-book ratio: 5.08x
The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
The price-to-book ratio has decreased from 18.31x to 5.08x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2002-12-31	Dkr58.17	Dkr1065.00	x
2003-12-31	Dkr61.62	Dkr1065.00	x
2004-12-31	Dkr144.53	Dkr1065.00	x
2005-12-31	Dkr173.94	Dkr1065.00	x
2006-12-31	Dkr171.06	Dkr1065.00	x
2007-12-31	Dkr182.58	Dkr1065.00	x
2008-12-31	Dkr423.40	Dkr1065.00	x
2009-12-31	Dkr359.17	Dkr1065.00	x
2010-12-31	Dkr420.07	Dkr1065.00	x
2011-12-31	Dkr430.96	Dkr1065.00	x
2012-12-31	Dkr459.62	Dkr1065.00	x
2013-12-31	Dkr442.97	Dkr1065.00	x
2014-12-31	Dkr342.70	Dkr1065.00	x
2015-12-31	Dkr285.10	Dkr1065.00	x
2016-12-31	Dkr332.50	Dkr1065.00	x
2017-12-31	Dkr307.02	Dkr1065.00	x
2018-12-31	Dkr295.88	Dkr1065.00	x
2019-12-31	Dkr287.30	Dkr1065.00	x
2020-12-31	Dkr267.86	Dkr1065.00	x
2021-12-31	Dkr304.51	Dkr1065.00	x
2022-12-31	Dkr228.14	Dkr1065.00	x
2023-12-31	Dkr170.73	Dkr1065.00	x
2024-12-31	Dkr208.93	Dkr1065.00	x
2025-12-31	Dkr209.78	Dkr1065.00	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Carlsberg A/S utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

Current Return on Equity (ROE): 21.42%
The company demonstrates strong efficiency in generating profits from shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 6.68%
• Asset Turnover: 0.58x
• Equity Multiplier: 5.54x
Recent ROE (21.42%) is above the historical average (6.36%), indicating improving capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2002	40.45%	4.99%	0.76x	10.61x	Dkr1.34 Billion
2003	37.00%	4.96%	0.74x	10.05x	Dkr1.25 Billion
2004	12.61%	4.45%	0.63x	4.46x	Dkr331.60 Million
2005	8.34%	3.60%	0.61x	3.79x	Dkr-273.00 Million
2006	13.40%	5.28%	0.70x	3.61x	Dkr550.30 Million
2007	15.01%	5.80%	0.73x	3.54x	Dkr866.20 Million
2008	6.37%	5.35%	0.42x	2.85x	Dkr-1.82 Billion
2009	7.60%	7.02%	0.44x	2.45x	Dkr-1.32 Billion
2010	9.28%	9.92%	0.42x	2.24x	Dkr-464.80 Million
2011	8.64%	8.96%	0.43x	2.24x	Dkr-894.60 Million
2012	7.98%	8.34%	0.44x	2.19x	Dkr-1.42 Billion
2013	8.07%	8.22%	0.44x	2.23x	Dkr-1.31 Billion
2014	8.42%	6.84%	0.47x	2.61x	Dkr-829.70 Million
2015	-5.94%	-3.95%	0.52x	2.87x	Dkr-6.93 Billion
2016	8.83%	7.16%	0.49x	2.50x	Dkr-595.10 Million
2017	4.40%	3.34%	0.54x	2.43x	Dkr-2.63 Billion
2018	11.72%	8.49%	0.53x	2.60x	Dkr778.80 Million
2019	15.12%	9.97%	0.54x	2.83x	Dkr2.22 Billion
2020	15.34%	10.30%	0.49x	3.02x	Dkr2.10 Billion
2021	15.58%	10.27%	0.53x	2.88x	Dkr2.45 Billion
2022	25.65%	11.65%	0.61x	3.62x	Dkr4.99 Billion
2023	-175.55%	-55.43%	0.66x	4.81x	Dkr-43.11 Billion
2024	32.83%	12.15%	0.66x	4.08x	Dkr6.34 Billion
2025	21.42%	6.68%	0.58x	5.54x	Dkr3.17 Billion

Industry Comparison

This section compares Carlsberg A/S's net assets metrics with peer companies in the Beverages - Brewers industry.

Industry Context

Industry: Beverages - Brewers
Average net assets among peers: $5,197,824,670
Average return on equity (ROE) among peers: -26.00%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Carlsberg A/S (CARL-A)	Dkr30.68 Billion	40.45%	4.02x	$5.62 Billion
Alefarm Brewing AS (ALEFRM)	$10.62 Million	-30.35%	0.16x	$6.41 Million
Carlsberg A/S (CARL-B)	$19.50 Billion	7.03%	2.20x	$13.33 Billion
Harboes Bryggeri A/S (HARB-B)	$709.85 Million	3.38%	0.82x	$68.95 Million
Royal Unibrew A/S (RBREW)	$574.83 Million	-84.05%	6.05x	$3.13 Billion

About Carlsberg A/S

CO:CARL-A Denmark Beverages - Brewers

Market Cap

$5.62 Billion

Dkr35.89 Billion DKK

Market Cap Rank

#3301 Global

#21 in Denmark

Share Price

Dkr1065.00

Change (1 day)

+1.43%

52-Week Range

Dkr842.00 - Dkr1150.00

All Time High

Dkr1510.00