Alimentation Couche-Tard Inc. ATD
TorontoSpecialty retailFinancials to Jul 19, 2026 · Updated Oct 6, 2026
Moat ranks
Balance sheet
| $B | Apr 26 | Jul 19 |
|---|---|---|
| Cash | 3.1 | 3.2 |
| Securities | 0.0 | 0.0 |
| Debt | 11.3 | 10.3 |
| Net cash | -8.2 | -7.1 |
| Equity | 16.2 | 16.7 |
- Debt / EBITDA
- 1.45×
- Debt / equity
- 0.62×
- Leases (7/19/26)
- $5.0B
- Diluted shares
- 919M
- Book value / share
- $18.15
- Price / book
- 3.0×
- Net cash / share
- −$7.76
- Market cap
- $49.6B
- Enterprise value
- $56.8B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 25.1% | +30.2 pts | |
| Operating margin | 5.6% | -0.9 pts | |
| FCF margin | 5.3% | +0.5 pts | |
| Capex / revenue | 1.5% | -0.9 pts | |
| U.S. same-store merchandise sales growth | +2% | +1 pts | |
| U.S. merchandise and service gross margin | 34.1% | -0.5 pts | |
| U.S. same-store fuel volume growth | -2% | -1 pts | |
| Europe and other regions same-store fuel volume growth | -4% | -3 pts | |
| U.S. road fuel gross margin per gallon | 53 | +20% |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About ATD
Couche-Tard operates convenience stores and road fuel sites, mainly in North America and Europe. Its July 2026 network had 17,220 sites.
- Physical Network Density
The network had 17,220 sites at July 19, 2026, including 10,693 company-operated stores and 2,711 licensed Circle K sites.
- Operational Excellence
A decentralized operating model and best-practice sharing support acquisition integration.
- Supply Chain Control
Supply agreements, owned and joint-venture terminals in North America, owned terminals across Europe, leased capacity, and tanker distribution improve supply assurance and delivered cost versus smaller operators.
- Physical Network Density
Large number of fuel-dispensing sites and automated fuel stations supports volume scale and local convenience advantage in mobility retail.
- Oct 3, 2026
Lawmakers sought action over reported pricing errors.
- Sep 24, 2026
An investigation reported Circle K pricing errors; management says it corrects them.
- Jul 31, 2026
Couche-Tard proposed buying Żabka for about $8.6 billion with committed debt financing, adding a potential European neighborhood-store platform and financing risk.
- Apr 26, 2026 · Legal benefit +$261M
Settlements of payment-card interchange litigation, net of provisions for other legacy disputes, reduced operating expenses by $260.9 million. The recovery lifted profit beyond the gain from normal store operations.
- Nov 19, 2025
The FTC finalized the GetGo consent order requiring 34 Circle K store sales and one GetGo property sale; local antitrust review constrains consolidation.
Ownership
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On this page
Financial record
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM | Trend | Change 2017–26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share ($) | |||||||||||||
| Revenue | 33.29 | 45.33 | 52.31 | 48.14 | 41.35 | 59.06 | 71.18 | 71.54 | 76.64 | 82.04 | 88.00 | +10.5%/yr | |
| Cash flow | 1.69 | 1.91 | 2.73 | 3.31 | 3.69 | 3.71 | 4.30 | 4.98 | 5.30 | 5.75 | 6.09 | +14.6%/yr | |
| Earnings | 1.06 | 1.47 | 1.62 | 2.09 | 2.44 | 2.52 | 3.06 | 2.82 | 2.71 | 3.37 | 3.47 | +13.7%/yr | |
| Free cash flow | 0.82 | 0.88 | 1.72 | 2.06 | 2.62 | 2.14 | 2.52 | 2.97 | 2.85 | 3.62 | 4.01 | +18.0%/yr | |
| Capex | 0.87 | 1.03 | 1.01 | 1.25 | 1.07 | 1.57 | 1.79 | 2.01 | 2.45 | 2.13 | 2.07 | +10.4%/yr | |
| Dividends | 0.13 | 0.14 | 0.16 | 0.19 | 0.24 | 0.31 | 0.37 | 0.47 | 0.53 | 0.59 | 0.46 | +18.6%/yr | |
| Book value | 5.28 | 6.67 | 7.90 | 8.95 | 11.01 | 11.69 | 12.45 | 13.62 | 15.72 | 17.35 | 18.15 | +14.1%/yr | |
| Diluted shares (M) | 1,139 | 1,134 | 1,130 | 1,125 | 1,107 | 1,064 | 1,010 | 968 | 951 | 933 | 919 | -2.2%/yr | |
| Totals ($B) | |||||||||||||
| Revenue | 37.9 | 51.4 | 59.1 | 54.1 | 45.8 | 62.8 | 71.9 | 69.3 | 72.9 | 76.5 | 80.9 | +8.1%/yr | |
| Operating income | 1.7 | 2.0 | 2.5 | 3.2 | 3.7 | 3.7 | 4.2 | 3.8 | 3.8 | 4.6 | 4.7 | +11.8%/yr | |
| Net income | 1.2 | 1.7 | 1.8 | 2.4 | 2.7 | 2.7 | 3.1 | 2.7 | 2.6 | 3.1 | 3.2 | +11.2%/yr | |
| Free cash flow | 0.9 | 1.0 | 1.9 | 2.3 | 2.9 | 2.3 | 2.5 | 2.9 | 2.7 | 3.4 | 3.7 | +15.4%/yr | |
| Buybacks | 0.0 | 0.2 | 0.0 | 0.5 | 1.0 | 1.8 | 2.4 | 1.3 | 0.5 | 1.6 | 1.6 | – | |
| Dividends | 0.1 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.4 | 0.5 | 0.5 | 0.6 | 0.4 | +16.0%/yr | |
| Net cash | – | – | -5.9 | -4.1 | -3.4 | -3.8 | -5.1 | -8.5 | -7.2 | -8.2 | -7.1 | – | |
| Margins & returns (%) | |||||||||||||
| Operating margin | 4.5 | 4.0 | 4.2 | 5.8 | 8.0 | 5.9 | 5.9 | 5.5 | 5.2 | 6.1 | 5.8 | +1.6 pts | |
| Net margin | 3.2 | 3.3 | 3.1 | 4.3 | 5.9 | 4.3 | 4.3 | 3.9 | 3.5 | 4.1 | 3.9 | +0.9 pts | |
| FCF margin | 2.5 | 1.9 | 3.3 | 4.3 | 6.3 | 3.6 | 3.5 | 4.1 | 3.7 | 4.4 | 4.6 | +2.0 pts | |
| ROIC | – | – | 13.0 | 17.3 | 18.3 | 17.5 | 18.6 | 13.6 | 13.3 | 14.7 | 15.4 | – | |
| Return on equity | 20.1 | 22.1 | 20.6 | 23.4 | 22.2 | 21.6 | 24.6 | 20.7 | 17.3 | 19.4 | 19.1 | -0.7 pts | |
| Stock pay % of revenue | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | – | +0.0 pts | |
| Capex % of revenue | 2.6 | 2.3 | 1.9 | 2.6 | 2.6 | 2.7 | 2.5 | 2.8 | 3.2 | 2.6 | 2.4 | -0.0 pts | |
Change uses 2017 and 2026 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2017 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Competitive
- Durability
- durable
- Trajectory
- stable
- Pricing power
- weak
- Merchandise and services (in-store convenience retail)25.7%2 claims
- Road transportation fuel (retail fuel and related mobility services)73.5%2 claims
- Other revenues (ancillary energy and other income streams)0.8%No moat
Moat claims
- Applies to
- Merchandise and services (in-store convenience retail)
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
The network had 17,220 sites at July 19, 2026, including 10,693 company-operated stores and 2,711 licensed Circle K sites. Owned land and buildings reinforce local site control; the latest count alone does not prove superior local density.
The network remains large at 17,220 sites, but the quarter closed 80 sites and added only 24 through construction or affiliation; size does not prove a stronger local advantage.
- U.S. same-store merchandise sales growth+2%
- Total store network17,220-0%
- Shift of trips to delivery/quick-commerce
- Electric vehicle adoption reducing fuel-driven traffic
- Local competition replicating location coverage
- SourceCouche-Tard Fiscal 2026 Q4 and Full-Year Results - NetworkJun 22, 2026
- SourceCouche-Tard 2026 Annual Information Form - Real estate and leasesJun 22, 2026
- SourceCouche-Tard Q1 FY2027 resultsSep 1, 2026
- Applies to
- Merchandise and services (in-store convenience retail)
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 6, 2026
A decentralized operating model and best-practice sharing support acquisition integration. The realized TotalEnergies synergy run rate is meaningful, but one integration outcome does not establish a durable barrier and peers can copy operating practices.
U.S. same-store merchandise sales rose 1.7%, while merchandise margin fell to 34.1% from 34.6%; realized integration savings support execution, but current results do not show a widening cost gap.
- U.S. same-store merchandise sales growth+2%
- U.S. merchandise and service gross margin34.1%-0.5 pts
- Cultural dilution from rapid acquisition pace
- Labor inflation and higher turnover affecting execution
- IT/program execution risk (pricing/loyalty/operations tools)
- The proposed Zabka acquisition adds financing, regulatory approval and integration risk; its more than 13,000 stores are not yet part of the operating network.
- SourceCouche-Tard Fiscal 2026 Q4 and Full-Year ResultsJun 22, 2026
- NewsGuardian investigation into convenience-store price accuracySep 24, 2026
- NewsGuardian: lawmakers respond to convenience-store pricing reportsOct 3, 2026
- Applies to
- Road transportation fuel (retail fuel and related mobility services)
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 6, 2026
Supply agreements, owned and joint-venture terminals in North America, owned terminals across Europe, leased capacity, and tanker distribution improve supply assurance and delivered cost versus smaller operators.
U.S. fuel gross margin reached 52.61 cents per gallon, while same-store volumes fell 1.6%; supply and pricing capabilities remain useful, but a volatile spread does not prove a stronger cost barrier.
- U.S. same-store fuel volume growth-2%
- Europe and other regions same-store fuel volume growth-4%
- U.S. road fuel gross margin per gallon53+20%
- Refining/logistics disruptions and regulatory changes
- EV adoption structurally reducing fuel volumes over time
- Competitors with equal or greater scale (integrated oil, large chains)
- SourceCouche-Tard 2026 Annual Information Form - North American fuel procurementJun 22, 2026
- SourceCouche-Tard 2026 Annual Information Form - European fuel terminalsJun 22, 2026
- Applies to
- Road transportation fuel (retail fuel and related mobility services)
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
Large number of fuel-dispensing sites and automated fuel stations supports volume scale and local convenience advantage in mobility retail.
Same-store fuel volumes fell 1.6% in the U.S. and 4.3% in Europe and other regions; the sites remain hard to replace, but weak traffic argues against a widening network advantage.
- U.S. same-store fuel volume growth-2%
- Europe and other regions same-store fuel volume growth-4%
- Total store network17,220-0%
- Long-run demand decline from EV adoption
- Price wars in local markets compressing margins
- Environmental regulation increasing compliance capex
- SourceCouche-Tard Fiscal 2026 Q4 and Full-Year Results - Company profileJun 22, 2026
- SourceCouche-Tard Fiscal 2026 Q4 and Full-Year Results - NetworkJun 22, 2026
- SourceFTC final consent order in the Couche-Tard / Giant Eagle dealNov 19, 2025
Profile change log
- Oct 6, 2026 · analyst revision
Full-year FY2026 revenue weights replace quarter weights. Four claim trajectories, the operating debate, management and end-market context now test site density and execution against fuel volumes and store margins. The small ancillary category is verified without a moat based on standard fuel sales and rental contracts.
- Oct 6, 2026 · business change
Lawmakers sought action over reported pricing errors.
- Oct 6, 2026 · business change
An investigation reported Circle K pricing errors; management says it corrects them.
- Oct 6, 2026 · business change
Couche-Tard proposed buying Żabka for about $8.6 billion with committed debt financing, adding a potential European neighborhood-store platform and financing risk.
- Oct 6, 2026 · business change
The FTC finalized the GetGo consent order requiring 34 Circle K store sales and one GetGo property sale; local antitrust review constrains consolidation.
- Oct 6, 2026 · business change
Couche-Tard withdrew its Seven & i acquisition proposal, ending the attempted combination with its largest convenience-store rival.
- Oct 6, 2026 · business change
Couche-Tard bought 270 GetGo convenience and fuel sites for $1.6 billion, expanding its U.S. footprint while required local divestitures limit added density.
- Oct 6, 2026 · business change
Alex Miller became CEO, succeeding Brian Hannasch; the founder remains executive chairman rather than running day-to-day operations.
Industry & peers
Peer map
North American and European road motor-fuel retail
Retail gasoline and diesel sold to motorists and small fleets at convenience stores, service stations and unmanned sites in North America and Europe. Excludes refining, bulk wholesale trading, aviation fuel and truck-stop services outside retail fuel.
- 7-Eleven
- Alimentation Couche-Tard / Circle K
- Casey’s General Stores
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| ATD | 74 | – | 5.8% | |
| Industry median | 14 | 68 | 48.6% | 6.4% |
| Sector median | 85 | 74 | 55.5% | 16.9% |
| All stocks median | 398 | 76 | 52.9% | 19.6% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Wholesale oil and refined-product prices have a strong effect on revenue and short-term spreads, while pump affordability can suppress volumes.
- Commuting, tourism and freight have a moderate to strong effect on fuel demand; recession and remote work can reduce site visits.
- Terminal access, transport routes and diversified supply agreements help delivered costs and availability during disruptions.
- Local site coverage, permits and access roads matter because customers usually buy near their existing route.
- Vehicle electrification has a strong long-term effect on fuel demand, especially in Northern Europe; charging may create a different service business.
- Price transparency and low switching costs allow local rivals and warehouse clubs to compete away cost advantages.
- Environmental cleanup, fuel standards and site compliance can require material spending or constrain new locations.
- Competition authorities assess local markets: the GetGo transaction required 34 Circle K site sales and one GetGo property sale.
- Credit-card fees rise with fuel prices, and fuel inventory timing can change margins without stronger demand.
- Higher interest rates raise acquisition and infrastructure funding costs; currency swings change the dollar value of European and Canadian operations.
Bulls & bears
Can Couche-Tard grow profit from existing stores and acquired operations fast enough to offset declining fuel traffic and the debt required for Żabka?
Arguments
What to watch
- 1U.S. and European same-store fuel volumes
- 2U.S. same-store merchandise sales and merchandise contribution margin
- 3Realized integration savings, operating cash flow and borrowings after acquisitions
Next check: Q2 FY2027 results when announced, followed by Żabka tender and regulatory decisions before its proposed December 2026 completion.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 5, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 74/100 by <a href="https://www.findmymoat.com/stocks/XTSE:ATD">Find My Moat</a> (as of September 2026)Request update
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