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Dutch-Belgian supermarket group operating grocery chains in the Netherlands, Belgium and the US East Coast.
Dutch-Belgian supermarket group operating grocery chains in the Netherlands, Belgium and the US East Coast.
Formed by the 2016 merger of Ahold and Delhaize, and the US banners provide the largest share of sales and profit. Earns from grocery sales at supermarkets and from online, including bol, a Dutch and Belgian online marketplace, plus advertising sold to food brands.
In one line: Owns US chains like Stop & Shop, Food Lion, Giant.
Moat: narrow (scale, distribution, brand). Local market density and store networks in the Netherlands, Belgium and US East Coast are costly to replicate.
Headquarters: Zaandam, Netherlands · Founded: 1887 · Employees: 222,000
Size Koninklijke Ahold Delhaize (AD.AS) is a Netherlands Consumer Staples company (Food Retail) with a market value of $33.3B, the 8th largest of 61 Netherlands companies the cockpit tracks. Shares closed at €34.22 on 6 Nov 2026.
Performance Over six months the shares fell 6.3%, against +15.6% for the median peer and +0.4% for the Netherlands market (cap-weighted) — 2nd lowest of 15 in its peer set.
Growth Revenue fell 0.2% over the last twelve months (peer median +3.7%); the operating margin is 3.6% (peer median 4.7%).
Valuation It trades at 12.7× forward earnings against a peer median of 19.4× (2nd cheapest of 14).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.2 points above its cost of capital (5.0% WACC).
Credit Koninklijke Ahold Delhaize has 2 bonds outstanding ($740M), rated BBB+ by the agencies and trading like BBB at a weighted spread of 103 bp.
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €91.4B | €92.4B | €89.4B | €88.7B | €87.0B |
| Revenue growth | — | +3% | +1% | +2% | — |
| Gross profit | €24.3B | €24.5B | €23.8B | €23.9B | €23.3B |
| EBITDA | €6.89B | €6.86B | €6.66B | €6.66B | €6.50B |
| Net income | €2.24B | €2.26B | €1.76B | €1.87B | €2.55B |
| Free cash flow | €3.89B | €4.32B | €3.91B | €3.99B | €3.54B |
| Capital expenditure | €2.57B | €2.56B | €2.30B | €2.43B | €2.49B |
| Total debt | €15.6B | €18.4B | €20.3B | €17.8B | €17.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Koninklijke Ahold Delhaize AD.AS | $33.3B | -6% | 0% | 4% | 12.7× | -7.0% |
| Kroger KR | $40.0B | +4% | +2% | 3% | 13.1× | -6.0% |
| Walmart WMT | $996B | -4% | +6% | 4% | 41.8× | 14.7% |
| Carrefour CA.PA | $11.1B | -21% | -8% | 3% | 8.4× | -1.2% |
| Tesco TSCO.L | $46.2B | +21% | +5% | 4% | 17.5× | 5.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AD.AS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.5% | +9.2% | 5th lowest of 15 |
| 6-month return | -6.3% | +15.6% | 2nd lowest of 15 |
| Distance from 52-week high | -19.6% | -5.5% | 2nd lowest of 15 |
| Revenue growth (TTM) | -0.2% | +3.7% | 3rd lowest of 15 |
| Operating margin | 3.6% | 4.7% | 4th lowest of 15 |
| Forward P/E | 12.7× | 19.4× | 2nd cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | -7.0% | 4.4% | 3rd least demanding of 15 |
| Growth delivered (Del g) | +4.3% | +4.5% | 8th highest of 15 |
| Hurdle (Req g minus delivered) | -11.3 pp | -4.9 pp | 2nd least demanding of 15 |
| ROIC minus cost of capital | +4.2 pp | +3.4 pp | 6th highest of 15 |
| EV / EBITDA | 6.1× | 9.0× | 2nd cheapest of 14 |
| Net debt / EBITDA | 1.8× | 2.4× | 3rd least indebted of 15 |
| Bond spread | 103 bp | 108 bp | 4th tightest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Koninklijke Ahold Delhaize AD.AS | Netherlands | $33.3B | -6% | 0% | 4% | 12.7× | -7.0% | +4.3% |
| Seven & I 3382.T | Japan | $31.7B | +16% | -11% | 4% | 17.4× | 4.0% | +12.6% |
| Woolworths WOW.AX | Australia | $35.8B | +29% | +4% | 4% | 28.8× | 8.8% | +5.1% |
| George Weston WN.TO | Canada | $29.0B | +15% | +4% | 9% | 21.0× | -7.3% | +3.9% |
| Kroger KR | United States | $40.0B | +4% | +2% | 3% | 13.1× | -6.0% | +2.2% |
| Tesco TSCO.L | United Kingdom | $46.2B | +21% | +5% | 4% | 17.5× | 5.9% | +5.0% |
| Coles COL.AX | Australia | $21.0B | +7% | +3% | 4% | 24.4× | 5.5% | +3.3% |
| Loblaw Companies L.TO | Canada | $57.0B | +16% | +4% | 7% | 26.1× | -1.0% | +3.9% |
| Metro MRU.TO | Canada | $14.6B | +11% | +3% | 6% | 19.4× | -0.7% | +4.1% |
| Uni-president Enterprises 1216.TW | Taiwan | $13.2B | +11% | +1% | 5% | 17.6× | 0.6% | +8.5% |
| Kesko KESKOA.HE | Finland | $11.3B | +23% | +6% | 5% | 20.6× | 4.8% | +3.2% |
| BBB Foods TBBB | United States | $10.8B | +72% | +52% | 1% | n/a | 49.9% | +37.1% |
| J Sainsbury SBRY.L | United Kingdom | $10.4B | +16% | -3% | 3% | 14.9× | 7.8% | +3.0% |
| Dino Polska DNP.WA | Poland | $9.36B | +31% | +14% | 6% | 22.2× | 17.9% | +27.1% |
| MIXUE 2097.HK | Hong Kong | $8.80B | -37% | +35% | 20% | 11.5× | -18.5% | +32.1% |
Koninklijke Ahold Delhaize has 2 bonds outstanding with $740M face value. The agencies rate it BBB+; its bonds trade like BBB. Weighted yield 5.94%, a spread of 103 bp over government bonds.