Carlsberg A/S (CARL-B) — Tangible Net Worth Ratio
Carlsberg A/S (CARL-B) has a Tangible Net Worth Ratio of 22.1% as of December 2025. This metric is calculated by deducting intangible assets (Dkr23.91 Billion) from net assets (Dkr30.68 Billion) and expressing it as a percentage of total net assets. A higher ratio means that more of the company's equity is backed by tangible, balance-sheet-verifiable assets rather than goodwill, patents, or brand value. See working capital to net assets of Carlsberg A/S to evaluate short-term liquidity relative to the company's equity base.
Tangible NW Ratio
Net Assets (Equity)
Intangible Assets
Total Assets
Carlsberg A/S Tangible Net Worth Ratio (2002–2025)
This chart shows how Carlsberg A/S's Tangible Net Worth Ratio has changed across 24 annual periods from 2002 to 2025. As of December 2025, the ratio stands at 22.1%, reflecting net assets of Dkr30.68 Billion with intangible assets of Dkr23.91 Billion DKK. See CARL-B defensive interval ratio to measure how many days the company can operate on defensive assets alone.
Annual Tangible Net Worth Ratio for Carlsberg A/S (2002–2025)
The table below presents the year-by-year Tangible Net Worth Ratio for Carlsberg A/S from 2002 to 2025, covering 24 annual filings. Each row shows net assets, intangible assets, total assets, the tangible net worth ratio, and the change in percentage points versus the prior year. For the full company profile including market capitalisation, see Carlsberg A/S (CARL-B) market capitalisation.
| Year | Tangible NW Ratio | Net Assets (DKK) | Intangible Assets | Total Assets | Change (pp) |
|---|---|---|---|---|---|
| 2025 | 22.1% | Dkr30.68 Billion | Dkr23.91 Billion | Dkr153.96 Billion | ▼ -42.8 pp |
| 2024 | 64.8% | Dkr30.61 Billion | Dkr10.77 Billion | Dkr113.33 Billion | ▲ +6.7 pp |
| 2023 | 58.1% | Dkr25.75 Billion | Dkr10.79 Billion | Dkr111.83 Billion | ▼ -10.9 pp |
| 2022 | 69.0% | Dkr34.72 Billion | Dkr10.77 Billion | Dkr115.34 Billion | ▲ +1.8 pp |
| 2021 | 67.2% | Dkr48.76 Billion | Dkr15.99 Billion | Dkr126.38 Billion | ▲ +3.1 pp |
| 2020 | 64.1% | Dkr43.36 Billion | Dkr15.57 Billion | Dkr118.82 Billion | ▲ +0.8 pp |
| 2019 | 63.3% | Dkr46.03 Billion | Dkr16.90 Billion | Dkr123.12 Billion | ▼ -3.4 pp |
| 2018 | 66.7% | Dkr47.89 Billion | Dkr15.94 Billion | Dkr117.70 Billion | ▲ +1.6 pp |
| 2017 | 65.1% | Dkr49.52 Billion | Dkr17.30 Billion | Dkr114.25 Billion | ▲ +9.6 pp |
| 2016 | 55.5% | Dkr53.65 Billion | Dkr23.87 Billion | Dkr126.91 Billion | ▲ +3.5 pp |
| 2015 | 52.0% | Dkr47.23 Billion | Dkr22.65 Billion | Dkr124.90 Billion | ▲ +4.2 pp |
| 2014 | 47.8% | Dkr56.00 Billion | Dkr29.21 Billion | Dkr136.98 Billion | ▼ -3.4 pp |
| 2013 | 51.2% | Dkr71.50 Billion | Dkr34.86 Billion | Dkr151.14 Billion | ▲ +1.9 pp |
| 2012 | 49.4% | Dkr73.65 Billion | Dkr37.30 Billion | Dkr153.97 Billion | ▲ +73.7 pp |
| 2011 | -24.3% | Dkr71.63 Billion | Dkr89.04 Billion | Dkr147.71 Billion | ▲ +1.8 pp |
| 2010 | -26.1% | Dkr69.63 Billion | Dkr87.81 Billion | Dkr144.23 Billion | ▲ +1.1 pp |
| 2009 | -27.2% | Dkr64.15 Billion | Dkr81.61 Billion | Dkr134.51 Billion | ▲ +12.2 pp |
| 2008 | -39.4% | Dkr60.75 Billion | Dkr84.68 Billion | Dkr143.31 Billion | ▼ -33.1 pp |
| 2007 | -6.3% | Dkr19.94 Billion | Dkr21.20 Billion | Dkr61.22 Billion | ▲ +5.7 pp |
| 2006 | -12.1% | Dkr18.99 Billion | Dkr21.28 Billion | Dkr58.45 Billion | ▼ -6.0 pp |
| 2005 | -6.0% | Dkr19.50 Billion | Dkr20.67 Billion | Dkr62.36 Billion | ▼ -102.8 pp |
| 2004 | 96.7% | Dkr16.11 Billion | Dkr524.00 Million | Dkr56.73 Billion | ▼ -1.3 pp |
| 2003 | 98.0% | Dkr17.91 Billion | Dkr356.00 Million | Dkr46.71 Billion | ▲ +0.4 pp |
| 2002 | 97.6% | Dkr17.29 Billion | Dkr407.00 Million | Dkr46.52 Billion | — |