1. Thailand Stocks

  2. •

    Consumer Defensive

  3. •

    Beverages - Non-Alcoholic
Carabao Group Public Company Limited

Carabao Group Public Company Limited

CBG-R.BK
Carabao Group Public Company LimitedTH flagStock Exchange of Thailand
49.25
THB
+0.50
- -
49.00BMarket Cap
Carabao Group Public Company Limited
CBG-R.BK
(Stock Exchange of Thailand)

Recent

price

49.25

P/E

ratio

- -

div

yld

- -

ROIC.AI

2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
4.96
6.86
9.94
7.75
9.94
12.9
14.42
14.93
17.23
17.36
19.22
18.85
20.96
22.04
22.03
Revenue per Share
0.14
0.51
1.22
1.26
1.49
1.25
1.16
2.51
3.53
2.88
2.29
1.92
2.84
2.32
2.17
Basic EPS, GAAP
-2.24
0.06
-0.45
1.42
-0.59
-2.75
-0.78
2.64
1.96
1.29
1.69
3.04
4.19
2.62
2.62
Free Cash Flow per Basic Share
- -
0.52
0.51
0.95
0.94
0.95
0.7
1.1
2.1
2.4
1.75
1.15
1.1
1.4
1.4
Dividend per Share
0.27
0.62
2.11
1.84
2.38
2.67
3.14
4.54
5.95
6.43
6.96
7.72
9.46
10.37
10.98
Book Value per Share
0.65
1.14
8.02
6.32
6.55
6.4
6.79
8.16
9.56
9.46
9.95
10.68
12.48
13.99
14.63
Tangible Book Value per Share
1,000
1,000
750
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
Basic Weighted Avg Shares
4,963
6,863
7,448
7,753
9,943
12,904
14,422
14,933
17,231
17,364
19,215
18,853
20,964
22,042
22,034
Sales/Revenue/Turnover
5.1
13.16
16.77
17.95
16.05
7.44
9.23
20.56
24.32
18.82
13.53
11.93
16.23
15.78
15
Operating Margin (%)
86
107
174
236
226
263
464
534
668
753
813
818
818
790
793
Depreciation Expense
141
512
913
1,256
1,490
1,246
1,159
2,506
3,525
2,881
2,286
1,924
2,843
2,320
2,170
Net Income, GAAP
24.82
20.25
19.05
14.28
16.53
24.55
27.72
18.6
15.79
15.29
16.13
15.06
17.97
24.33
25.74
Effective Tax Rate (%)
2.84
7.46
12.26
16.19
14.98
9.65
8.03
16.78
20.46
16.59
11.9
10.21
13.56
10.52
9.85
Profit Margin (%)
-551
-718
1,149
1,590
130
-1,047
-287
-580
-1,663
-46
-1,840
1,519
954
1,863
2,631
Working Capital
1,896
2,075
- -
- -
250
2,190
4,065
2,131
1,116
3,469
1,082
3,747
849
1,139
1,384
LT Debt
661
1,148
6,029
6,333
7,100
7,005
7,365
8,718
10,157
10,111
10,565
11,312
13,091
14,066
14,702
Total Equity
- -
19.32
19.47
18.9
18.06
7.67
8.32
19.36
24.52
16.84
12.3
10.77
16.38
15.55
13.64
Return on Invested Capital (%)
- -
15.14
34.02
73.36
57.92
36.12
20.45
31.42
36.24
24.71
17.65
15.3
23.06
19.06
16.87
Return on Capital (%)
- -
115.65
82.93
73.28
70.58
49.32
39.85
65.3
67.22
46.54
34.16
26.22
33.09
23.4
20.47
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
2,096
1,377
1,310
LT Borrowings
333
418
819
LT Finance Leases
730
721
564
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,000
1,000
1,000
Market Capitalization
54,750
43,500
38,250

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
5,444
5,389
6,571
Cash, Cash Equivalents & STI
1,604
1,483
2,433
Accounts Receivable, Net
1,148
1,452
1,471
Inventories
2,126
1,905
2,036
Total Current Liabilities
4,220
3,526
3,939
Payables & Accruals
1,827
1,919
2,313
ST Debt
2,096
1,377
1,310
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
8.51%
6.85%
7.45%
Free Cash Flow
-23.74%
15.47%
-37.52%
Net Income, GAAP
12.68%
-5.08%
-18.4%
Sales/Revenue/Turnover
11.46%
5.18%
5.14%
Total Cash Common Dividend
9.76%
-4.83%
27.27%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
4,935
4,954
5,098
5,978
20,964
2025
5,328
5,577
5,496
5,641
22,042
2026
5,321
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.63
0.69
0.74
- -
2.84
2025
0.76
0.8
0.62
- -
2.32
2026
0.61
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
0.5
0.6
- -
1.1
2025
- -
0.7
0.7
- -
1.4
2026
- -
- -
- -
- -
- -
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Business
Carabao Group Public Company Limited is a Thailand-based holding company that manufactures, markets, distributes, and sells energy drinks and other beverages through subsidiaries in Thailand and internationally; its core products include carbonated and non-carbonated energy drinks such as Carabao Dang, caffeine-herb mixed drinks, vitamin C drinks under Woody C+ Lock, sport drinks under Carabao Sport, ready-to-drink coffee, instant 3-in-1 coffee powder, and drinking water; the company also produces packaging materials including glass bottles via Asia Pacific Glass Co., Ltd., aluminum cans via Asia Can Manufacturing Co., Ltd., and other packaging via Asia Packaging Manufacturing Co., Ltd., alongside distribution services for third-party food and non-food products. Founded in 2001 and headquartered at 393 Silom Building, 7th-10th floors, Silom Road, Bangrak, Bangkok, the company operates primarily in the non-alcoholic beverages industry with a vertically integrated model spanning production to distribution, targeting consumers in Thailand where it holds over 26% energy drink market share and exports to CLMV countries, Cambodia, Vietnam, Greater China, and beyond. Recent developments include establishing Carabao Cambodia as a 60%-owned joint venture for a new factory commencing operations in December 2025 to bolster regional expansion; launching sugar tax-exempted beverage formulas, thinner packaging to cut raw material costs, and new projects in Myanmar; resuming growth in Vietnam via a new distribution partner; and reaffirming global leadership through participation in Asia CanTech 2025.