ATD—60

Alimentation Couche-Tard Inc

Oil & Gas Refining and MarketingVerified

Score breakdown

Profitability+35Sentiment+30Risk penalty-3Missing signals-3

Quality breakdown

Key fields100Profile38Conclusion97AI synthesis40Observations23

The company maintains a capital structure with a debt-to-equity ratio of 0.93, indicating a moderate reliance on debt financing [doc:HA-latest]. Its liquidity position is characterized as medium risk, with negative net cash after subtracting total debt, suggesting potential short-term liquidity constraints [doc:HA-latest]. Free cash flow of $1.86 billion supports operational flexibility, though capital expenditures of -$2.33 billion indicate significant reinvestment in the business [doc:HA-latest]. Profitability metrics show a return on equity of 17.26% and a return on assets of 6.74%, both exceeding the typical thresholds for the Oil & Gas Refining and Marketing industry [doc:HA-latest]. Operating income of $3.81 billion and a gross profit of $13.02 billion reflect strong margins, though the company's exposure to fossil fuels may introduce volatility in the long term [doc:HA-latest]. Geographically, the company's revenue is concentrated in North America, with 17 business units covering 47 U.S. states and all 10 Canadian provinces [doc:HA-latest]. Additional operations in Europe and Asia contribute to a diversified but uneven geographic footprint, with potential exposure to regional economic and regulatory shifts [doc:HA-latest]. The company's growth trajectory is supported by a revenue of $72.86 billion, with a positive outlook for the current fiscal year. Analysts project a mean price target of $94.39, with a median of $91.00, reflecting moderate optimism [doc:HA-latest]. However, the company's reliance on fuel retailing may limit long-term growth in a decarbonizing global economy [doc:HA-latest]. Risk factors include medium liquidity risk and a negative net cash position, which could constrain operational flexibility [doc:HA-latest]. Dilution risk is assessed as low, with no significant dilution potential in the near term [doc:HA-latest]. The company's exposure to geopolitical drivers, such as energy price volatility and regulatory changes in fossil fuel markets, remains a key concern [doc:verified market data]. Recent events include the expansion of its Circle K and Couche-Tard banners into new markets, including Germany and the Netherlands, as well as ongoing investments in digital and mobility services [doc:HA-latest]. Analysts have issued a mean recommendation of 2.10, with 13 "buy" ratings and 5 "hold" ratings, indicating a generally positive sentiment [doc:HA-latest].

Profile

CompanyAlimentation Couche-Tard Inc

TickerATD.TO

SectorEnergy

BusinessEnergy - Fossil Fuels

Industry groupEnergy - Fossil Fuels

IndustryOil & Gas Refining and Marketing

AI analysis

Business. Alimentation Couche-Tard Inc operates convenience and mobility stores in 29 countries, generating revenue primarily through retail sales and fuel services under banners such as Couche-Tard and Circle K [doc:HA-latest].

Classification. The company is classified under the Energy - Fossil Fuels business sector and Oil & Gas Refining and Marketing industry, with a confidence level of 0.92 [doc:verified market data].

Key takeaways

The company maintains strong profitability with a return on equity of 17.26% and a return on assets of 6.74%.
Its capital structure is moderately leveraged, with a debt-to-equity ratio of 0.93.
Revenue is heavily concentrated in North America, with operations in 47 U.S. states and all 10 Canadian provinces.
Analysts project a mean price target of $94.39, with a median of $91.00, reflecting moderate optimism.
The company faces medium liquidity risk and potential exposure to energy price volatility and regulatory changes.
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Financial snapshot

PeriodHA-latest

CurrencyUSD

Revenue$72.86B

Gross profit$13.02B

Operating income$3.81B

Net income$2.58B

R&D—

SG&A—

D&A—

SBC—

Operating cash flow$5.04B

CapEx-$2.33B

Free cash flow$1.86B

Total assets$38.30B

Total liabilities$23.36B

Total equity$14.95B

Cash & equivalents$2.26B

Long-term debt$13.96B

Annual history (last 5)

PeriodRevenueOp IncomeNet IncomeFCF

FY0$72.86B$3.81B$2.58B$1.86B

FY-1$69.26B$3.81B$2.73B$2.09B

FY-2$71.86B$4.23B$3.09B$2.44B

FY-3$62.81B$3.68B$2.68B$2.15B

FY-4$45.76B$3.68B$2.71B$2.58B

PeriodGross %Op %Net %FCF %

FY0————

FY-1————

FY-2————

FY-3————

FY-4————

PeriodAssetsEquityCashDebt

FY0$38.30B$14.95B$2.26B—

FY-1$37.22B$13.19B$1.31B—

FY-2$29.05B$12.56B$834.2M—

FY-3$29.59B$12.44B$2.14B—

FY-4$28.39B$12.18B$3.02B—

PeriodOCFCapExFCFSBC

FY0$5.04B-$2.33B$1.86B—

FY-1$4.82B-$1.94B$2.09B—

FY-2$4.34B-$1.80B$2.44B—

FY-3$3.94B-$1.66B$2.15B—

FY-4$4.09B-$1.22B$2.58B—

Quarterly history (last 4)

PeriodRevenueOp IncomeNet IncomeFCF

FQ0$21.81B$1.14B$757.2M$737.2M

FQ-1$17.87B$1.09B$740.6M$685.5M

FQ-2$17.35B$1.14B$782.5M$763.3M

FQ-3$16.27B$661.1M$439.4M$137.6M

FQ-4$20.90B$968.3M$641.4M$459.2M

FQ-5$17.41B$1.04B$708.8M$548.1M

FQ-6$18.28B$1.14B$790.8M$712.0M

FQ-7$17.59B$642.2M$453.0M$212.1M

PeriodGross %Op %Net %FCF %

FQ0————

FQ-1————

FQ-2————

FQ-3————

FQ-4————

FQ-5————

FQ-6————

FQ-7————

PeriodAssetsEquityCashDebt

FQ0$40.89B$15.59B$1.53B—

FQ-1$40.62B$15.38B$2.12B—

FQ-2$40.54B$15.65B$2.19B—

FQ-3$38.30B$14.95B$2.26B—

FQ-4$36.57B$14.20B$1.70B—

FQ-5$37.11B$13.97B$2.16B—

FQ-6$37.27B$13.90B$1.61B—

FQ-7$37.22B$13.19B$1.31B—

PeriodOCFCapExFCFSBC

FQ0$3.73B-$1.48B$737.2M—

FQ-1$2.47B-$878.5M$685.5M—

FQ-2$1.26B-$416.6M$763.3M—

FQ-3$5.04B-$2.33B$137.6M—

FQ-4$3.25B-$1.63B$459.2M—

FQ-5$2.31B-$911.6M$548.1M—

FQ-6$983.1M-$400.6M$712.0M—

FQ-7$4.82B-$1.94B$212.1M—

Valuation

Market price—

Market cap—

Enterprise value—

P/E—

Reported non-GAAP P/E—

EV/Revenue—

EV/Op income—

EV/OCF—

P/B—

P/Tangible book—

Tangible book$14.95B

Net cash-$11.69B

Current ratio—

Debt/Equity0.9

ROA6.7%

ROE17.3%

Cash conversion1.9%

CapEx/Revenue-3.2%

SBC/Revenue—

Asset intensity—

Dilution ratio0.0%

Risk assessment

Dilution riskLow

Liquidity riskMedium

Net cash is negative after subtracting total debt.

Industry benchmarks

Activity: Oil & Gas · cohort 184 companies

MetricATDActivity

Op margin5.2%15.4% medp25 -3260.6% · p75 43.2%below median

Net margin3.5%24.1% medp25 -1.6% · p75 41.0%below median

Gross margin17.9%20.0% medp25 5.5% · p75 48.5%below median

R&D / revenue—2.5% medp25 2.5% · p75 2.5%

CapEx / revenue-3.2%-14.7% medp25 -50.8% · p75 -1.4%above median

Debt / equity93.0%37.1% medp25 26.9% · p75 69.5%top quartile

Observations

IR observations

Mean price target94.39 USD

Median price target91.00 USD

High price target120.65 USD

Low price target82.00 USD

Mean recommendation2.10 (1=strong buy, 5=strong sell)

Strong-buy count3.00

Buy count13.00

Hold count5.00

Sell count0.00

Strong-sell count0.00

Mean EPS estimate2.90 USD

Last actual EPS2.71 USD

Source data

Underlying data the analysis-pipeline pulls and audits. Fetch timestamps + content hashes show when each source was last refreshed.

Company fundamentalsperiod FQ-7 · history via verified-market-data

no public URL

2026-05-01 05:10 UTC#fb87fea5

Market quoteclose USD 80.36 · shares 0.92B diluted

no public URL

2026-05-01 00:28 UTC#a2300d94

Source: analysis-pipeline (hybrid)Generated: 2026-05-01 05:11 UTCJob: 37dab7a1