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Global convenience store and fuel retailer operating Circle K and other brands across North America, Europe and Asia.
Global convenience store and fuel retailer operating Circle K and other brands across North America, Europe and Asia.
Earns a thin margin on each litre of fuel sold and more on in-store food, drinks and tobacco, so forecourt traffic matters. It grew mainly by buying other chains, including CST Brands in 2017 and Topaz in 2020, and in 2024-25 bid for Japan's Seven & i, owner of 7-Eleven, before withdrawing. The founders keep influence through shares with extra votes.
In one line: Canada's answer to 7-Eleven..
Moat: narrow (scale, distribution, brand). Massive store count and fuel-purchasing scale drive procurement cost advantages small operators can't match.
Headquarters: Laval, Canada · Founded: 1980 · Employees: 145,000
Size Alimentation Couche-Tard (ATD.TO) is a Canada Consumer Discretionary company (Specialty Stores) with a market value of $54.5B, the 22nd largest of 420 Canada companies the cockpit tracks. Shares closed at C$83.20 on 6 Nov 2026.
Performance Over six months the shares gained 5.3%, against +19.6% for the median peer and +5.2% for the Canada market (cap-weighted) — 4th lowest of 10 in its peer set.
Growth Revenue grew 11.6% over the last twelve months (peer median +7.9%); the operating margin is 5.9% (peer median 8.8%).
Valuation It trades at 18.3× forward earnings against a peer median of 22.4× (3rd cheapest of 10).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.2 points above its cost of capital (6.7% WACC).
Credit Alimentation Couche-Tard has 7 bonds outstanding ($5.19B), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 113 bp.
Next results Next results expected around 24 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$112B | C$106B | C$102B | C$93.5B | C$95.5B |
| Revenue growth | — | +4% | +9% | -2% | — |
| Gross profit | C$17.1B | C$16.6B | C$15.2B | C$13.9B | C$14.0B |
| EBITDA | C$9.89B | C$9.64B | C$8.22B | C$7.55B | C$7.58B |
| Net income | C$4.42B | C$4.34B | C$3.60B | C$3.69B | C$4.11B |
| Free cash flow | C$5.11B | C$4.65B | C$3.78B | C$3.88B | C$3.38B |
| Capital expenditure | C$2.64B | C$2.75B | C$3.24B | C$2.62B | C$2.40B |
| Total debt | C$21.6B | C$22.4B | C$19.3B | C$20.2B | C$12.8B |
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 |
|---|---|---|---|---|---|---|
| Alimentation Couche-Tard ATD.TO | $54.5B | +5% | +12% | 6% | 18.3× | 1.3% |
| Seven & I 3382.T | $31.7B | +16% | -11% | 4% | 17.4× | 4.0% |
| Casey's CASY | $25.4B | -20% | +14% | 6% | 32.3× | 11.1% |
| Murphy USA MUSA | $9.45B | -10% | +20% | 4% | 17.5× | -9.4% |
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 | ATD.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.9% | +8.6% | 5th lowest of 10 |
| 6-month return | +5.3% | +19.6% | 4th lowest of 10 |
| Distance from 52-week high | -12.6% | -12.3% | 5th lowest of 10 |
| Revenue growth (TTM) | +11.6% | +7.9% | 2nd highest of 10 |
| Operating margin | 5.9% | 8.8% | 4th lowest of 10 |
| Forward P/E | 18.3× | 22.4× | 3rd cheapest of 10 |
| Growth the price implies (Req g, 7 yrs) | 1.3% | 7.1% | 3rd least demanding of 10 |
| Growth delivered (Del g) | +12.0% | +7.9% | 3rd highest of 10 |
| Hurdle (Req g minus delivered) | -10.7 pp | -3.8 pp | least demanding of 10 |
| ROIC minus cost of capital | +5.2 pp | +12.7 pp | 4th lowest of 9 |
| EV / EBITDA | 9.5× | 15.3× | cheapest of 8 |
| Net debt / EBITDA | 1.7× | 2.4× | 4th least indebted of 10 |
| Bond spread | 113 bp | 83 bp | 3rd widest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Alimentation Couche-Tard ATD.TO | Canada | $54.5B | +5% | +12% | 6% | 18.3× | 1.3% | +12.0% |
| AutoZone AZO | United States | $51.8B | -8% | +7% | 18% | 19.0× | -2.8% | +6.8% |
| O’Reilly Automotive ORLY | United States | $72.3B | -3% | +9% | 20% | 25.2× | 4.1% | +8.9% |
| Carvana CVNA | United States | $81.2B | -6% | +50% | 9% | 35.9× | 43.6% | +29.5% |
| Williams-Sonoma WSM | United States | $29.9B | +40% | +2% | 19% | 25.6× | 15.4% | +2.9% |
| Ulta Beauty ULTA | United States | $27.6B | +24% | +11% | 13% | 21.1× | 7.1% | +15.0% |
| Tractor Supply TSCO | United States | $18.9B | +20% | +4% | 9% | 18.0× | 4.1% | +7.9% |
| Wayfair W | United States | $15.3B | +69% | +8% | 2% | 29.6× | 47.7% | -2.5% |
| Penske Automotive PAG | United States | $13.9B | +22% | +6% | 3% | 15.2× | 12.6% | +9.2% |
| BJ's Wholesale Club BJ | United States | $13.8B | +18% | +9% | 4% | 22.4× | -0.7% | +6.8% |
Alimentation Couche-Tard has 7 bonds outstanding with $5.19B face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 4.97%, a spread of 113 bp over government bonds.