Carlsberg A/S
Carlsberg A/S produces and markets beer, soft drinks, and other beverage products in Denmark, China, the United Kingdom, and internationally. The company offers abbey beer, alcohol-free drinks, ale, American dark lager, Belgian ale, Belgian pale ale, bock, Bosomian Pilsners, brown ale, cider, dark lager, dubbel, energy drink, English pale ale, European dark and strong lager, European lager and pa… Read more
Carlsberg A/S (CABJF) - Net Assets
Latest net assets as of December 2025: $30.61 Billion USD
Based on the latest financial reports, Carlsberg A/S (CABJF) has net assets worth $30.61 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 ($153.61 Billion) and total liabilities ($123.00 Billion). 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.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $30.61 Billion |
| % of Total Assets | 19.93% |
| Annual Growth Rate | 2.52% |
| 5-Year Change | -37.23% |
| 10-Year Change | -42.95% |
| 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. Explore and compare other companies by net assets.
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.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $30.61 Billion | -0.02% |
| 2024-12-31 | $30.61 Billion | +18.89% |
| 2023-12-31 | $25.75 Billion | -25.84% |
| 2022-12-31 | $34.72 Billion | -28.78% |
| 2021-12-31 | $48.76 Billion | +12.44% |
| 2020-12-31 | $43.36 Billion | -5.81% |
| 2019-12-31 | $46.03 Billion | -3.87% |
| 2018-12-31 | $47.89 Billion | -3.30% |
| 2017-12-31 | $49.52 Billion | -7.69% |
| 2016-12-31 | $53.65 Billion | +13.59% |
| 2015-12-31 | $47.23 Billion | -15.65% |
| 2014-12-31 | $56.00 Billion | -21.68% |
| 2013-12-31 | $71.50 Billion | -2.92% |
| 2012-12-31 | $73.65 Billion | +2.82% |
| 2011-12-31 | $71.63 Billion | +2.87% |
| 2010-12-31 | $69.63 Billion | +8.54% |
| 2009-12-31 | $64.15 Billion | +5.59% |
| 2008-12-31 | $60.75 Billion | +204.61% |
| 2007-12-31 | $19.94 Billion | +5.04% |
| 2006-12-31 | $18.99 Billion | -2.61% |
| 2005-12-31 | $19.50 Billion | +21.05% |
| 2004-12-31 | $16.11 Billion | -10.05% |
| 2003-12-31 | $17.91 Billion | +3.59% |
| 2002-12-31 | $17.29 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 243.4% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $28.28 Billion | 101.95% |
| Common Stock | $2.65 Billion | 9.54% |
| Other Comprehensive Income | $-3.19 Billion | -11.49% |
| Total Equity | $27.74 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 |
|---|---|
|
Centrais Electricas Brasileiras SA
NYSE:EBR
|
$11.68 Billion |
|
Hanwha Ocean Co., Ltd
KO:042660
|
$11.69 Billion |
|
The Ensign Group Inc
NASDAQ:ENSG
|
$11.71 Billion |
|
ASR Nederland NV
AS:ASRNL
|
$11.72 Billion |
|
Crown Holdings Inc
NYSE:CCK
|
$11.67 Billion |
|
Link Real Estate Investment Trust
PINK:LKREF
|
$11.66 Billion |
|
Concordia Financial Group Ltd
OTCGREY:CRDIY
|
$11.65 Billion |
|
Zhejiang Sanhua Co Ltd
SHE:002050
|
$11.62 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 27,741,022,000, a change of -29,978,000 (-0.1%).
- Net income of 5,941,512,000 contributed positively to equity growth.
- Dividend payments of 3,564,907,000 reduced retained earnings.
- Share repurchases of 4,000,000 reduced equity.
- Other comprehensive income decreased equity by 3,186,765,000.
- Other factors increased equity by 784,182,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $5.94 Billion | +21.42% |
| Dividends Paid | $3.56 Billion | -12.85% |
| Share Repurchases | $4.00 Million | -0.01% |
| Other Comprehensive Income | $-3.19 Billion | -11.49% |
| Other Changes | $784.18 Million | +2.83% |
| Total Change | $- | -0.11% |
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: 0.60x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has decreased from 2.17x to 0.60x 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 | $58.17 | $126.39 | x |
| 2003-12-31 | $61.62 | $126.39 | x |
| 2004-12-31 | $144.53 | $126.39 | x |
| 2005-12-31 | $173.94 | $126.39 | x |
| 2006-12-31 | $171.06 | $126.39 | x |
| 2007-12-31 | $182.58 | $126.39 | x |
| 2008-12-31 | $423.40 | $126.39 | x |
| 2009-12-31 | $359.17 | $126.39 | x |
| 2010-12-31 | $420.07 | $126.39 | x |
| 2011-12-31 | $430.96 | $126.39 | x |
| 2012-12-31 | $459.62 | $126.39 | x |
| 2013-12-31 | $442.97 | $126.39 | x |
| 2014-12-31 | $342.70 | $126.39 | x |
| 2015-12-31 | $285.10 | $126.39 | x |
| 2016-12-31 | $332.50 | $126.39 | x |
| 2017-12-31 | $307.02 | $126.39 | x |
| 2018-12-31 | $295.88 | $126.39 | x |
| 2019-12-31 | $287.30 | $126.39 | x |
| 2020-12-31 | $267.86 | $126.39 | x |
| 2021-12-31 | $315.30 | $126.39 | x |
| 2022-12-31 | $228.14 | $126.39 | x |
| 2023-12-31 | $170.27 | $126.39 | x |
| 2024-12-31 | $208.93 | $126.39 | x |
| 2025-12-31 | $209.90 | $126.39 | 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 (4.32%), 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 | $1.34 Billion |
| 2003 | 37.00% | 4.96% | 0.74x | 10.05x | $1.25 Billion |
| 2004 | 4.93% | 1.74% | 0.63x | 4.46x | $-644.40 Million |
| 2005 | 6.75% | 2.92% | 0.61x | 3.79x | $-534.00 Million |
| 2006 | 11.62% | 4.59% | 0.70x | 3.61x | $263.30 Million |
| 2007 | 13.28% | 5.13% | 0.73x | 3.54x | $567.20 Million |
| 2008 | 5.21% | 4.37% | 0.42x | 2.85x | $-2.41 Billion |
| 2009 | 6.57% | 6.07% | 0.44x | 2.45x | $-1.88 Billion |
| 2010 | 8.33% | 8.91% | 0.42x | 2.24x | $-1.07 Billion |
| 2011 | 7.82% | 8.10% | 0.43x | 2.24x | $-1.44 Billion |
| 2012 | 7.98% | 8.34% | 0.44x | 2.19x | $-1.42 Billion |
| 2013 | 8.07% | 8.22% | 0.44x | 2.23x | $-1.31 Billion |
| 2014 | 8.42% | 6.84% | 0.47x | 2.61x | $-829.70 Million |
| 2015 | -6.73% | -4.48% | 0.52x | 2.87x | $-7.27 Billion |
| 2016 | 8.83% | 7.16% | 0.49x | 2.50x | $-595.10 Million |
| 2017 | 2.68% | 2.04% | 0.54x | 2.43x | $-3.43 Billion |
| 2018 | 11.72% | 8.49% | 0.53x | 2.60x | $778.80 Million |
| 2019 | 15.12% | 9.97% | 0.54x | 2.83x | $2.22 Billion |
| 2020 | 15.34% | 10.30% | 0.49x | 3.02x | $2.10 Billion |
| 2021 | 15.05% | 11.39% | 0.48x | 2.78x | $2.30 Billion |
| 2022 | -3.33% | -1.51% | 0.61x | 3.62x | $-4.25 Billion |
| 2023 | -175.55% | -55.43% | 0.66x | 4.81x | $-43.11 Billion |
| 2024 | 32.83% | 12.15% | 0.66x | 4.08x | $6.34 Billion |
| 2025 | 21.42% | 6.68% | 0.58x | 5.54x | $3.17 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: $79,826,809,654
- Average return on equity (ROE) among peers: 8.70%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Carlsberg A/S (CABJF) | $30.61 Billion | 40.45% | 4.02x | $11.67 Billion |
| Asahi Group Holdings Ltd (ASBRF) | $577.70 Billion | 8.25% | 1.48x | $15.32 Billion |
| Budweiser Brewing Company APAC Limited (BDWBY) | $80.89 Billion | 5.53% | 0.63x | $7.10 Billion |
| Big Rock Brewery Inc (BRBMF) | $25.06 Million | 9.15% | 0.43x | $5.77 Million |
| Anheuser-Busch InBev SA/NV (BUDFF) | $24.43 Billion | 7.89% | 3.63x | $56.52 Billion |
| C&C Group plc (CCGPY) | $384.50 Million | 54.15% | 1.42x | $663.00 Million |
| China Resources Beer Holdings Co Ltd (CRHKF) | $19.31 Billion | -17.32% | 1.21x | $5.79 Billion |
| Entertainment Arts Research Inc (EARI) | $146.29K | 0.00% | 2.48x | $0.94 |
| Fomento Economico Mexicano (FMX) | $15.70 Billion | 10.67% | 0.85x | $37.66 Billion |
| Heineken N.V (HINKF) | $0.00 | 0.00% | 0.00x | $45.23 Billion |