Alimentation Couche-Tard Inc (TSE:ATD)
TSX:ATD
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Alimentation Couche-Tard Inc
(TSX:ATD)
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Rating:64Neutral
Price Target:
C$84.00
▲(6.69% Upside)
Action:ReiteratedDate:04/16/26
The score is driven primarily by solid financial performance (strong revenue growth and meaningful free cash flow), tempered by higher leverage and thin margins. Technical signals are mixed-to-weak (negative MACD and below the 50-day average), while valuation appears broadly reasonable (moderate P/E, but low dividend yield).
Positive Factors
Revenue & Free Cash Flow Growth
Sustained top-line expansion with rising free cash flow creates durable internal funding for renovations, network optimization and selective M&A. Strong revenue momentum combined with FCF growth supports capital allocation flexibility and resilience through retail and fuel cycles.
Negative Factors
Increased Leverage
Rising leverage weakens financial flexibility and raises sensitivity to higher interest costs. For a low-margin retail operator, elevated debt constrains ability to pursue opportunistic M&A, accelerate buybacks or absorb shocks without pressuring liquidity or requiring tougher cost cuts.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & Free Cash Flow Growth
Sustained top-line expansion with rising free cash flow creates durable internal funding for renovations, network optimization and selective M&A. Strong revenue momentum combined with FCF growth supports capital allocation flexibility and resilience through retail and fuel cycles.
Read all positive factors
Alimentation Couche-Tard Inc (ATD) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$70.46B
Dividend Yield1.08%
Average Volume (3M)1.53M
Price to Earnings (P/E)15.9
Beta (1Y)0.77
Revenue Growth-0.34%
EPS Growth7.11%
CountryCA
Employees149,000
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)1.11
Shares Outstanding918,230,100
10 Day Avg. Volume1,091,688
30 Day Avg. Volume1,527,454
Financial Highlights & Ratios
PEG Ratio-5.43
Price to Book (P/B)3.32
Price to Sales (P/S)0.68
P/FCF Ratio18.15
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$95.74Price Target Upside21.61% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering13
EPS Forecast (FY)2.9
Revenue Forecast (FY)C$75.07B
Alimentation Couche-Tard Inc Business Overview & Revenue Model
Company Description
Alimentation Couche-Tard Inc. operates and licenses convenience stores. Its convenience stores sell tobacco products, grocery items, candies and snacks, beer, wine, beverages, and fresh food offerings; road transportation fuels; and aviation fuels...
How the Company Makes Money
Couche-Tard generates revenue mainly through two interconnected retail activities: (1) in-store convenience retail sales and (2) road-transportation fuel (and related) sales. In-store revenue comes from selling consumer goods and prepared food/bev...
Alimentation Couche-Tard Inc Earnings Call Summary
Earnings Call Date:Nov 24, 2025
(Q2-2026)
| % Change Since: |
Next Earnings Date:Jun 30, 2026
Earnings Call Sentiment Positive
The earnings call reflected a strong quarter for Alimentation Couche-Tard with significant achievements in same-store sales growth and network expansion. The company showed resilience in the food category and successfully expanded its loyalty program. However, there were challenges in fuel volumes and specific market performance in the U.S. The positive aspects outweighed the lowlights, indicating a robust performance overall.Positive Updates
Positive Same-Store Sales Growth
For the second consecutive quarter, Alimentation Couche-Tard reported positive same-store sales across all geographies: U.S. up 1.2%, Canada up 5.4%, and Europe and other regions up 0.5%.
Negative Updates
Fuel Volume Decline in U.S. and Europe
Same-store road transportation fuel volumes were down 0.6% in the U.S. and 1.8% in Europe, although Canada saw an increase of 1.1%.
Read all updates
Q2-2026 Updates
Positive
Negative
Positive Same-Store Sales Growth
For the second consecutive quarter, Alimentation Couche-Tard reported positive same-store sales across all geographies: U.S. up 1.2%, Canada up 5.4%, and Europe and other regions up 0.5%.
Read all positive updates
Company Guidance
In the call, Alimentation Couche-Tard provided guidance reflecting strong performance in the second quarter of fiscal year 2026. Key metrics include sustained positive same-store sales growth in every geography, with the U.S. up 1.2%, Canada up 5.4%, and Europe and other regions up 0.5%. The company also highlighted their expansion efforts, with 29 new stores opened since May and an additional 73 stores under construction, aiming for over 100 new locations in North America this fiscal year. Fuel margins remained healthy, with road transportation fuel gross profit at $0.4586 per gallon in the U.S. and CAD 0.1507 per liter in Canada. The meal deals platform is a significant growth driver, reaching over 1 million deals sold per week in North America. Additionally, the company surpassed 12.5 million members in its Inner Circle loyalty program and is expanding its e-mobility network in Europe with nearly 3,900 charge points. The call also noted a focus on cost management and strategic investments, maintaining SG&A expenses in line with inflation.Alimentation Couche-Tard Inc Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
63
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Apr 2025 | Apr 2024 | Apr 2023 | Apr 2022 | Apr 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 73.29B | 72.86B | 69.26B | 71.86B | 62.81B | 45.76B |
| Gross Profit | 13.89B | 13.02B | 12.10B | 12.05B | 11.00B | 10.12B |
| EBITDA | 6.26B | 5.28B | 5.02B | 5.18B | 4.52B | 4.52B |
| Net Income | 2.72B | 2.58B | 2.73B | 3.09B | 2.68B | 2.71B |
Balance Sheet | ||||||
| Total Assets | 40.89B | 38.32B | 37.40B | 28.99B | 29.47B | 28.37B |
| Cash, Cash Equivalents and Short-Term Investments | 1.56B | 2.32B | 1.89B | 940.68M | 2.18B | 3.03B |
| Total Debt | 15.78B | 13.96B | 14.69B | 9.47B | 9.40B | 9.59B |
| Total Liabilities | 25.17B | 23.22B | 24.02B | 16.45B | 17.08B | 16.20B |
| Stockholders Equity | 15.59B | 14.95B | 13.25B | 12.53B | 12.39B | 12.17B |
Cash Flow | ||||||
| Free Cash Flow | 3.36B | 2.74B | 2.84B | 2.48B | 2.23B | 3.05B |
| Operating Cash Flow | 5.55B | 5.08B | 4.76B | 4.25B | 3.86B | 4.35B |
| Investing Cash Flow | -3.86B | -1.60B | -6.53B | -2.23B | -1.74B | -1.48B |
| Financing Cash Flow | -1.97B | -2.56B | 2.18B | -3.28B | -2.89B | -3.65B |
Alimentation Couche-Tard Inc Technical Analysis
Positive
78.73
Price Trends
80.34
Negative
77.14
Positive
74.22
Positive
Market Momentum
-0.51
Negative
50.01
Neutral
34.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ATD, the sentiment is Positive. The current price of 78.73 is above the 20-day moving average (MA) of 78.14, below the 50-day MA of 80.34, and above the 200-day MA of 74.22, indicating a neutral trend. The MACD of -0.51 indicates Negative momentum. The RSI at 50.01 is Neutral, neither overbought nor oversold. The STOCH value of 34.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:ATD.
Alimentation Couche-Tard Inc Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | C$70.46B | 15.86 | 17.36% | 1.08% | -0.34% | 7.11% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
56 Neutral | C$10.16B | 16.32 | 8.99% | 4.10% | -0.26% | -38.38% | |
55 Neutral | C$10.16B | 16.32 | 13.16% | 3.17% | -0.26% | -38.38% |
* Consumer Cyclical Sector Average
TSE:ATD
Alimentation Couche-Tard Inc
76.74
4.64
6.44%
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221.50
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Alimentation Couche-Tard Inc Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Couche-Tard Launches €750 Million Euro Senior Notes to Refinance Debt
Positive
Apr 15, 2026
Alimentation Couche-Tard Inc. has priced a €750 million private offering of euro-denominated senior unsecured notes due 2033, carrying a 3.901% annual coupon and sold at par. The notes, expected to close around April 21, 2026, will be direct...
Business Operations and StrategyFinancial Disclosures
Couche-Tard Delivers Strong Q3 2026 Earnings and Expands Store Network
Positive
Mar 17, 2026
Alimentation Couche-Tard reported a strong third quarter for fiscal 2026, with net earnings attributable to shareholders rising to $757.2 million, or $0.82 per diluted share, and adjusted net earnings up 17.2% year over year. Total merchandise and...
Business Operations and StrategyFinancial Disclosures
Couche-Tard Maps Out ‘Core + More’ Growth Strategy and Long-Term Financial Targets
Positive
Feb 12, 2026
Alimentation Couche-Tard unveiled its 2026 Business Strategy Update in Toronto, introducing a “Core + More” plan aimed at reinforcing its core convenience and fuel retail platforms while investing in new growth areas. Management says t...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.