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French multinational grocery and hypermarket retailer operating stores globally.
French multinational grocery and hypermarket retailer operating stores globally.
Earns a thin margin on food, so profit depends on volume, buying scale and cost control, with extra income from own-brand products, financial services, retail media and renting space in its malls. France and Brazil's Atacadão cash-and-carry stores are among the largest parts.
Moat: none (scale, distribution, brand). Large store network and buying scale, but faces intense discounter and e-commerce competition.
Headquarters: Massy, France · Founded: 1959 · Employees: 298,604
Size Carrefour (CA.PA) is a France Consumer Discretionary company (Specialty Stores) with a market value of $11.1B, the 48th largest of 206 France companies the cockpit tracks. Shares closed at €13.64 on 6 Nov 2026.
Performance Over six months the shares fell 20.6%, against +20.9% for the median peer and -0.4% for the France market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue fell 7.8% over the last twelve months (peer median +7.0%); the operating margin is 2.7% (peer median 5.1%).
Valuation It trades at 8.4× forward earnings against a peer median of 17.1× (4th cheapest of 21).
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 +3%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.6 points below its cost of capital (6.3% WACC).
Credit Carrefour has 15 bonds outstanding ($10.1B), rated BBB by the agencies and trading like A+ at a weighted spread of 73 bp.
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €81.7B | €84.0B | €83.5B | €84.9B | €83.1B |
| Revenue growth | — | +1% | -2% | +2% | — |
| Gross profit | €13.4B | €14.0B | €14.2B | €14.6B | €14.3B |
| EBITDA | €4.51B | €4.58B | €4.58B | €4.56B | €4.61B |
| Net income | €750M | €319M | €723M | €1.66B | €1.35B |
| Free cash flow | €2.48B | €2.36B | €2.54B | €3.00B | €2.52B |
| Capital expenditure | €1.15B | €1.52B | €1.71B | €1.85B | €1.88B |
| Total debt | n/a | €21.1B | €21.5B | €20.1B | €19.2B |
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 |
|---|---|---|---|---|---|---|
| Carrefour CA.PA | $11.1B | -21% | -8% | 3% | 8.4× | -1.2% |
| Tesco TSCO.L | $46.2B | +21% | +5% | 4% | 17.5× | 5.9% |
| Walmart WMT | $996B | -4% | +6% | 4% | 41.8× | 14.7% |
| Koninklijke Ahold Delhaize AD.AS | $33.3B | -6% | 0% | 4% | 12.7× | -7.0% |
| Distribuidora Internacional de Alimentacion DIA.MC | $3.15B | +25% | +2% | 3% | 32.6× | 4.9% |
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 | CA.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.5% | +6.6% | 2nd lowest of 21 |
| 6-month return | -20.6% | +20.9% | 2nd lowest of 21 |
| Distance from 52-week high | -22.2% | -12.7% | 5th lowest of 21 |
| Revenue growth (TTM) | -7.8% | +7.0% | 2nd lowest of 21 |
| Operating margin | 2.7% | 5.1% | 3rd lowest of 21 |
| Forward P/E | 8.4× | 17.1× | 4th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -1.2% | 5.9% | 4th least demanding of 17 |
| Growth delivered (Del g) | +3.1% | +8.6% | 3rd lowest of 17 |
| Hurdle (Req g minus delivered) | -4.3 pp | -3.0 pp | 7th least demanding of 17 |
| ROIC minus cost of capital | -0.6 pp | +5.0 pp | 6th lowest of 20 |
| EV / EBITDA | 6.1× | 11.2× | 2nd cheapest of 17 |
| Net debt / EBITDA | 3.7× | 2.2× | 7th most indebted of 21 |
| Bond spread | 73 bp | 143 bp | tightest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Carrefour CA.PA | France | $11.1B | -21% | -8% | 3% | 8.4× | -1.2% | +3.1% |
| Nitori 9843.T | Japan | $11.7B | +47% | 0% | 13% | 20.0× | 2.7% | +4.9% |
| Dick's Sporting Goods DKS | United States | $12.5B | -35% | +54% | 6% | 11.8× | 8.7% | +12.4% |
| Sanrio 8136.T | Japan | $9.78B | +33% | +28% | 39% | 22.4× | 1.9% | +36.4% |
| Murphy USA MUSA | United States | $9.45B | -10% | +20% | 4% | 17.5× | -9.4% | +11.5% |
| BJ's Wholesale Club BJ | United States | $13.8B | +18% | +9% | 4% | 22.4× | -0.7% | +6.8% |
| Penske Automotive PAG | United States | $13.9B | +22% | +6% | 3% | 15.2× | 12.6% | +9.2% |
| Wayfair W | United States | $15.3B | +69% | +8% | 2% | 29.6× | 47.7% | -2.5% |
| CarMax KMX | United States | $7.31B | +28% | +4% | 2% | 15.5× | 17.6% | +6.7% |
| Pepco Group BV PCO.WA | Poland | $7.18B | +58% | -42% | 15% | 16.8× | 4.6% | +4.5% |
| Lithia Motors LAD | United States | $6.68B | +5% | +1% | 4% | 8.0× | n/a | n/a |
| Tractor Supply TSCO | United States | $18.9B | +20% | +4% | 9% | 18.0× | 4.1% | +7.9% |
| Kalyan Jewellers India KALYANKJIL.NS | India | $6.47B | +44% | +46% | 6% | 37.6× | n/a | n/a |
| Ultrapar Participacoes S.A. Sponsored ADR UGP | United States | $6.12B | -11% | +20% | 5% | 7.0× | -12.6% | +12.2% |
| AutoNation AN | United States | $5.88B | -11% | -2% | 5% | 8.3× | n/a | n/a |
| Frasers FRAS.L | United Kingdom | $5.64B | +44% | +8% | 7% | 9.1× | n/a | n/a |
| Rush Enterprises RUSHA | United States | $5.54B | +6% | -3% | 5% | 15.4× | 7.9% | +9.4% |
| PriceSmart PSMT | United States | $5.02B | +3% | +12% | 5% | 27.2× | 10.5% | +10.2% |
| Ulta Beauty ULTA | United States | $27.6B | +24% | +11% | 13% | 21.1× | 7.1% | +15.0% |
| Endeavour EDV.AX | Australia | $4.48B | +10% | +1% | 4% | 21.4× | 14.9% | +1.0% |
| Signet Jewelers SIG | United States | $4.37B | +34% | +1% | 7% | 9.4× | -1.3% | +5.4% |
Carrefour has 15 bonds outstanding with $10.1B face value. The agencies rate it BBB; its bonds trade like A+. Weighted yield 4.00%, a spread of 73 bp over government bonds.