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Australian fuel refiner, distributor and convenience-retail operator, formerly branded Caltex Australia.
Australian fuel refiner, distributor and convenience-retail operator, formerly branded Caltex Australia.
Most of the fuel it sells in Australia is imported, so beyond its refinery it earns a margin on shipping, storing and selling fuel through terminals, trucks and service stations. The Lytton refinery receives support under the federal fuel-security scheme, which helps keep local refining open. The 2022 purchase of Z Energy added New Zealand.
In one line: Australia's Marathon Petroleum/Valero.
Moat: narrow (scale, installed base, brand). One of few remaining Australian refineries plus a large retail service-station network.
Headquarters: Sydney, Australia · Founded: 1900 · Employees: 9,500
Size Ampol (ALD.AX) is an Australia Energy company (Oil Refining/Marketing) with a market value of $5.95B, the 59th largest of 316 Australia companies the cockpit tracks. Shares closed at A$36.03 on 6 Nov 2026.
Performance Over six months the shares gained 5.9%, against +3.6% for the median peer and +4.1% for the Australia market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 14.9% over the last twelve months (peer median +18.2%); the operating margin is 6.5% (peer median 7.4%).
Valuation It trades at 10.8× forward earnings against a peer median of 6.7× (4th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about -14% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is -29 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 10.0 points above its cost of capital (6.4% WACC).
Credit Ampol has 1 bond outstanding ($343M).
Next results Next results expected around 22 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | A$36.2B | A$31.0B | A$34.5B | A$37.5B | A$38.2B |
| Revenue growth | — | -10% | -8% | -2% | — |
| Gross profit | A$4.26B | A$2.12B | A$1.91B | A$2.44B | A$2.44B |
| EBITDA | A$2.97B | A$753M | A$650M | A$1.25B | A$1.32B |
| Net income | A$1.47B | A$82.4M | A$122M | A$549M | A$757M |
| Free cash flow | A$343M | A$69.7M | A$234M | A$977M | A$578M |
| Capital expenditure | A$574M | A$701M | A$686M | A$539M | A$380M |
| Total debt | n/a | A$4.21B | A$4.08B | A$3.69B | A$3.61B |
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 |
|---|---|---|---|---|---|---|
| Ampol ALD.AX | $5.95B | +6% | +15% | 6% | 10.8× | -14.0% |
| Viva Energy VEA.AX | $3.04B | +19% | -2% | 4% | 7.8× | -15.1% |
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 | ALD.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -17.6% | -16.7% | 10th lowest of 21 |
| 6-month return | +5.9% | +3.6% | 9th highest of 21 |
| Distance from 52-week high | -20.8% | -24.5% | 7th highest of 21 |
| Revenue growth (TTM) | +14.9% | +18.2% | 8th lowest of 21 |
| Operating margin | 6.5% | 7.4% | 10th lowest of 21 |
| Forward P/E | 10.8× | 6.7× | 4th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | -14.0% | -10.3% | 5th least demanding of 15 |
| Growth delivered (Del g) | +15.4% | +13.7% | 6th highest of 15 |
| Hurdle (Req g minus delivered) | -29.3 pp | -23.6 pp | 5th least demanding of 15 |
| ROIC minus cost of capital | +10.0 pp | +9.6 pp | 11th highest of 21 |
| EV / EBITDA | 4.8× | 4.6× | 8th cheapest of 15 |
| Net debt / EBITDA | 1.8× | 1.3× | 7th most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ampol ALD.AX | Australia | $5.95B | +6% | +15% | 6% | 10.8× | -14.0% | +15.4% |
| PBF Energy PBF | United States | $8.16B | +65% | +32% | 8% | 2.6× | n/a | n/a |
| Hindustan Petroleum HINDPETRO.NS | India | $8.67B | -2% | +17% | 0% | n/a | 24.7% | +13.6% |
| S-Oil 010950.KS | South Korea | $9.00B | -21% | +19% | 10% | 3.5× | n/a | n/a |
| Delek US DK | United States | $3.92B | +39% | +11% | 6% | 3.2× | -10.1% | +8.0% |
| CVR Energy CVI | United States | $3.83B | +14% | +34% | 11% | 5.2× | -17.9% | +12.8% |
| Sinopec Shanghai Petrochemical 600688.SS | China | $3.75B | -5% | -4% | 0% | 59.0× | n/a | n/a |
| Cosmo Energy 5021.T | Japan | $3.74B | -10% | 0% | 9% | 7.0× | -18.5% | +3.7% |
| Idemitsu Kosan 5019.T | Japan | $9.54B | -9% | -3% | 6% | 7.1× | -12.8% | +12.2% |
| Calumet CLMT | United States | $3.48B | +24% | +13% | 1% | 9.1× | 39.0% | +12.8% |
| Par Pacific PARR | United States | $3.41B | +6% | +29% | 13% | 3.4× | n/a | n/a |
| Icahn Enterprises L.P IEP | United States | $3.38B | -41% | +16% | -7% | 9.5× | n/a | n/a |
| Mangalore Refinery & Petrochemicals MRPL.NS | India | $3.26B | +13% | +38% | 6% | 4.6× | -6.0% | +22.9% |
| DOF DOFG.OL | Norway | $3.24B | -12% | +22% | 26% | 7.8× | 0.9% | +28.0% |
| Viva Energy VEA.AX | Australia | $3.04B | +19% | -2% | 4% | 7.8× | -15.1% | +18.2% |
| SK Innovation 096770.KS | South Korea | $13.4B | -25% | +26% | 9% | 4.5× | n/a | n/a |
| Bharat Petroleum BPCL.NS | India | $14.7B | +4% | +22% | 3% | 23.1× | 5.7% | +14.5% |
| Chennai Petroleum CHENNPETRO.NS | India | $2.27B | +34% | +31% | 10% | 3.5× | -12.0% | +28.6% |
| HF Sinclair DINO | United States | $16.7B | +34% | +29% | 14% | 5.0× | -20.0% | +19.1% |
| Castrol India CASTROLIND.NS | India | $2.00B | +3% | +17% | 20% | 17.9× | 10.7% | +13.8% |
| Eneos 5020.T | Japan | $19.8B | -11% | +2% | 7% | 6.7× | -10.6% | +9.0% |
Ampol has 1 bond outstanding with $343M face value.