To the full analysis
Carlsberg stock: balance sheet and debt
CARL-B.COCarlsberg has a debt to equity ratio of 2.3 and an interest coverage of 4.2x.
Daily figure as of 13 Nov 2026
Debt / Equity
2.3
Interest coverage
4.2x
Current ratio
0.6
Cash & equivalents
$1.42B
Total assets
$22.82B
Equity ratio
19.9%
Goodwill
$8.79B
Plus intangible assets of $3.54B
Net debt
$9.05B
Total assets and equity ratio
How large the balance sheet of Carlsberg A/S is, how much of it is equity and how much is goodwill from acquisitions.
Equity ratio
Figures as a table
| Year | Total assets | Goodwill and intangible assets | of which goodwill | Equity ratio | Net debt |
|---|---|---|---|---|---|
| 2006 | $8.66B | $3.15B | not split out | 30.1% | $3.01B |
| 2007 | $9.07B | $3.14B | not split out | 30.4% | $3.11B |
| 2008 | $21.24B | $12.55B | not split out | 38.7% | $6.77B |
| 2009 | $19.94B | $12.1B | not split out | 44.2% | $5.43B |
| 2010 | $21.38B | $13.02B | not split out | 48.3% | $5.01B |
| 2011 | $21.9B | $13.2B | not split out | 48.5% | $4.9B |
| 2012 | $22.82B | $13.52B | $7.99B | 47.8% | $5.08B |
| 2013 | $22.4B | $13.62B | $8.45B | 47.3% | $5.41B |
| 2014 | $20.31B | $12.12B | $7.79B | 40.9% | $5.65B |
| 2015 | $18.51B | $10.81B | $7.45B | 37.8% | $4.88B |
| 2016 | $18.81B | $11.37B | $7.84B | 42.3% | $3.96B |
| 2017 | $16.94B | $10.05B | $7.49B | 43.3% | $3.07B |
| 2018 | $17.45B | $9.91B | $7.55B | 40.7% | $2.73B |
| 2019 | $18.25B | $10.35B | $7.84B | 37.4% | $2.93B |
| 2020 | $17.61B | $9.79B | $7.48B | 36.5% | $3.28B |
| 2021 | $18.73B | $10.15B | $7.78B | 38.6% | $3.05B |
| 2022 | $17.1B | $7.3B | $5.7B | 30.1% | $3.04B |
| 2023 | $16.58B | $7.28B | $5.68B | 23.0% | $3.48B |
| 2024 | $16.8B | $7.77B | $6.17B | 27.0% | $3.93B |
| 2025 | $22.82B | $12.34B | $8.79B | 19.9% | $9.05B |
The equity ratio divides total equity, including non-controlling interests, by total assets. Net debt is debt minus cash and short-term investments; a negative figure means cash exceeds debt. In years without separate goodwill, the table shows the sum of goodwill and intangible assets, because the data do not list goodwill separately there.
Equity and debt
What the company owns and owes
- Cash & equivalents
- Equity
- Debt
Figures as a table
| Year | Cash & equivalents | Equity | Debt | Debt / Equity |
|---|---|---|---|---|
| 2006 | $370.29M | $2.4B | $3.38B | 1.3 |
| 2007 | $338.42M | $2.56B | $3.45B | 1.25 |
| 2008 | $424.54M | $7.45B | $7.19B | 0.87 |
| 2009 | $407.79M | $8.13B | $5.84B | 0.66 |
| 2010 | $410.46M | $9.52B | $5.42B | 0.52 |
| 2011 | $469.75M | $9.76B | $5.37B | 0.51 |
| 2012 | $856.93M | $10.41B | $5.94B | 0.54 |
| 2013 | $550.54M | $10.05B | $5.96B | 0.56 |
| 2014 | $358.43M | $7.77B | $6.01B | 0.72 |
| 2015 | $464.12M | $6.45B | $5.34B | 0.76 |
| 2016 | $519.11M | $7.53B | $4.48B | 0.56 |
| 2017 | $513.18M | $6.96B | $3.59B | 0.49 |
| 2018 | $828.47M | $6.72B | $3.56B | 0.5 |
| 2019 | $774.07M | $6.44B | $3.7B | 0.54 |
| 2020 | $1.2B | $5.83B | $4.48B | 0.7 |
| 2021 | $1.24B | $6.51B | $4.29B | 0.59 |
| 2022 | $1.21B | $4.73B | $4.25B | 0.83 |
| 2023 | $2.32B | $3.44B | $5.8B | 1.52 |
| 2024 | $1.72B | $4.12B | $5.65B | 1.25 |
| 2025 | $1.42B | $4.12B | $10.47B | 2.3 |
Debt to equity divides debt by total equity, including non-controlling interests, as S&P calculates it. The equity column shows the part that belongs to shareholders.
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Currency
- Amounts in US dollars, converted at the ECB reference rate of 12 Nov 2026 ($1 = DKK 6.7461)
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Neutral, published since 7 Nov 2026 (in the score history since 30 Apr 2024)
- Valuation signal Fairly valued since 7 Nov 2026
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.