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Carlsberg A/S

CABGY
60
Beverages - Alcoholic · Consumer Defensive
Price
$29.43
-0.12 (-0.41%)
Market Cap
$19.45B
Exchange
Other OTC
Winston Score
60
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 9, 2026 · filings through Dec 31, 2025

Share count falling — buybacks

8.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 721.5M (2021) → 660.8M (2025)

Carlsberg A/S is a Danish company that makes and sells beer. It owns the Carlsberg brand, one of the most recognized beer names in the world, along with hundreds of other brands including Tuborg, Kronenbourg 1664, and Somersby cider. The company sells its drinks to bars, restaurants, grocery stores, and everyday consumers across more than 150 markets globally.

Carlsberg earns money by brewing and distributing beer and other alcoholic beverages, selling them through both retail stores and hospitality venues. It is one of the three largest beer companies in the world, giving it significant scale and bargaining power with suppliers and distributors. The company generates a large share of its revenue from Asia and Europe, with emerging markets like China and India representing key growth opportunities. A major risk is that beer consumption in Western markets has been gradually declining as consumers shift toward lower-alcohol or non-alcoholic options.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+19.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-21.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

Declining (-100% vs prior year)

0.0% of revenue

Below sector average (2%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

86.0%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$18.3B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Carlsberg A/S is a rare growth stock that's already generating positive cash flow while growing at 19%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin
44.2%
Healthy — 44.2% gross margin
Operating Margin
12.4%
Healthy — 12.4% operating margin
ROCE
5.6%
Weak — 5.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY
+60.1%
Fast-growing sales (+60.1% YoY)
EPS YoY
+20.6%
Earnings growing fast (+20.6% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
169%
Turns 169% of profit into real cash
FCF Margin
7.6%
Modest free cash flow (7.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
2.44
Heavy debt load (2.44)
Interest Cover
4.70x
Adequate interest coverage (4.7x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)
3.2x
Attractive valuation — P/E 3.2

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward
+1.2
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield
3.03%
Moderate income — 3.03% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth
+25.8%
Dividend growing fast (25.8% YoY)

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